TCREUR_Public/060118.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

           Wednesday, January 18, 2006, Vol. 7, No. 13

                            Headlines

F R A N C E

EUROTUNNEL S.A.: Total Revenue Slightly Improves to GBP541 Mln
FRANCE SOIR: Administrators Grant More Time to Hunt for Buyers


G E R M A N Y

ABANOS VERMOGENSVERWALTUNG: Kuebler Administrator Takes Over
AGFAPHOTO GMBH: Group's Insolvency Hounds Former Parent
AUTO-FRIESENEGGER: Creditors' Claims Due Feb. 13
EASTSIDE DORINGBAU: Court to Verify Claims on April 6
FARBE UND RAUM: Frankfurt Firm Succumbs to Bankruptcy

GERLACH HYBRID: Creditors' Meeting Slated for Feb. 16
GRUNDSTUECKSGESELLSCHAFT FUERSTENWALDE: Calls in Administrator
HG+S HAUSGERATE: Taps Handschumacher & Merbecks as Administrator
INTERTAINMENT AG: Debt Repayment Failure Prompts Insolvency
NOWICOM GMBH: Meeting of Creditors Slated for March 7

PERI-WERK: Moody's Ups Corp. Family Rating Outlook to Positive
TEXTILE-CONCEPT: Taps Dr. Junker & Kollegen as Administrator
ZIMO VERWALTUNGS: Creditors Has Until Jan. 24 to Register Claims


H U N G A R Y

NABI RT: Posts Decline in 2005 Bus Sales


K A Z A K H S T A N

BANK CENTERCREDIT: Fitch Assigns Upcoming Eurobond Issue at BB-
KIRIKA-PLUS: Declared Insolvent
KOSPROM: Almaty Court Opens Bankruptcy Proceedings
SEIHAN: Creditors Have Until Feb. 10 to File Proofs of Claim
USHKUL: Specialized Economic Court Declares Bankruptcy


K Y R G Y Z S T A N

ALLIANCE-ASIA: Claims Bar Date Set for March 6
IDF: Gives Creditors Until March 6 to File Claims
KYRGYZ GER: Creditors Claim Due March


N E T H E R L A N D S

KONINKLIJKE AHOLD: Paying $1.1 B as Settlement for Class Action
KONINKLIJKE AHOLD: Trading Statement Correction Issued Jan. 12
KONINKLIJKE AHOLD: Moody's Revises Ratings Outlook to Positive
ROYAL SHELL: Cancels Another 550,000 'A' Shares


R U S S I A

AIR-ENGINES: Bankruptcy Supervision Procedure Begins
DALNEGORSKAYA: Primorye Court Opens Bankruptcy Proceedings
FOREST-INDUSTRY: Arbitration Court Begins Bankruptcy Proceeding
GAGARIN-AGRO-TEKH-SERVICE: Succumbs to Bankruptcy
INVESTMENT-BUILDING COMPANY: Under Bankruptcy Supervision

MECHANICAL PLANT: Insolvency Manager Takes over Firm
NEVELSKIY SHIPYARD: Sakhalin Court Brings-In Insolvency Manager
NIZHNEOMSKAYA SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set Feb. 28
OAO GAZPROM: Increased State Support Spurs S&P's BB+ Rating
PINE-TREE: Khabarovsk Court Begins Bankruptcy Proceedings

SIBERIAN OIL: S&P Affirms Long-term Corp. Credit Rating to BB
TYUMENSKAYA COMPLEX: Under External Management Procedure


S W E D E N

CONCORDIA BUS: Improved Liquidity Prompts S&P's B- Rating
ELECTROLUX AB: To Spin Off Outdoor Operation
SKANDIA INSURANCE: Old Mutual Gets 68.6% Valid Acceptances


U K R A I N E

AGROMIR: Donetsk Economic Court Begins Bankruptcy Proceedings
AVTOK: V. Rabushko Serves as Interim Insolvency Manager
ENERGOSERVICE: Succumbs to Insolvency
INTELMED: Under Bankruptcy Supervision
KYIVSTAR GSM: Strong Market Performance Prompts S&P's BB- Rating

MUNICIPAL TAXI: Declared Insolvent
OJSC NAFTOGAZ: Fitch Revises Outlook to Negative
PROGRES: Dnipropetrovsk Court Opens Bankruptcy Proceedings
REPAIR-BUILDING 2: Goes Into Liquidation
TEHNOPROMBUD: Court Names Roza Romashko Liquidator


U N I T E D   K I N G D O M

A H SMITH: Taps Steven Law as Administrator
BAGSHAWS OF MELTON: Winds Up Operations
CANTERBURY FOODS: Hires PricewaterhouseCoopers as Administrator
CARDOK LTD: Taps S. Girling & M. Roach as Joint Liquidators
COSTAIN GROUP: Consortium Wins GBP400 Million BSF Contract

EASYNET GROUP: Names Two New Executive Directors
EMPIRE TEMPORARY: Names Milner Boardman & Partners Administrator
ENERGY SOLUTIONS: Names David Hughes as Liquidator
FOCUS DIY: S&P Cuts GBP285-Mil Long-Term Debt Rating to B
GLENROSE PROPERTY: Creditors Meeting Set Next Week

GUY KREMER: Paul Williams & Jason Godefroy to Administer Assets
HEALTH CLUB: Administrators Enter Firm
INEOS GROUP: S&P Rates Proposed EUR3.1 Bln Notes at B-
KAYBE (CONVEYORS): Voluntarily Winds Up Operations
LADIES HEALTH: Meeting of Creditors Set for Friday

LEVACOM LIMITED: D L Evans Leads Liquidation Efforts
LUCKY LIZARD: Creditors Approved S Franklin as Liquidator
M L BUCKS: Claims Filing Period Ends Feb. 11
MOLYNEUX ENGINEERING: Creditors Confirm Liquidation Proceeding
NATIONAL AUSTRALIA: Agrees to Transfer U.K. Management Business

NEARTONE LIMITED: Winds Up Operations
ONEGARDEN LIMITED: Appoints Houghton Stone as Administrator
PES GROUP: Meeting of Creditors Set Next Week
RANK GROUP: Shareholders Okay Deluxe Film Disposal
SAMUEL BEN: In Administrative Receivership

SKYEPHARMA PLC: UBS Unveils 4.05% Equity Stake
SPECTRUM ARCHITECTURAL: Hires Administrator from Hazlewoods
STADIUM SEATING: Names Administrator from Smith & Williamson
THINKINGCAP TECHNOLOGY: Hires Liquidator from Tomlinsons
YZMA 001: Taps Mitchell Charlesworth as Joint Administrator


                          *********

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


EUROTUNNEL S.A.: Total Revenue Slightly Improves to GBP541 Mln
--------------------------------------------------------------
Eurotunnel S.A. has reported its 2005 traffic and revenue
figures.

Highlights

  (a) slight improvement in total revenue (+1%);
  
  (b) first increase in Shuttle revenues since 2002 (+4%); and
  
  (c) in total, almost 16 million passengers traveled through
      the Channel Tunnel in 2005:
  
        (i) 8.2 million Eurotunnel Shuttle Passengers*; and
         (ii) 7.5 million Eurostar Passengers.
  
The revenue for the year has gone up to GBP541 million, an
increase of 1% compared to 2004.

GBPmillion            2005              2004           2005/2004
                    unaudited         published         % change
Exchange rate EUR/GBP  1.465             1.466

Shuttle Services       295               285              +4%

Railways               235               234               0%

Transport activities   530               519              +2%

Non-transport
activities              11                19             -41%

Operating revenue      541               538              +1%


As exchange rates for 2004 and 2005 are essentially the same, it
was not judged useful to recalculate revenues in 2004 for
comparison purposes.

                        Shuttle Activity

The revenue from shuttle activity (GBP295 million) is up by 4%.  
This is the first increase in revenue from Eurotunnel's
principal activity since 2002.

This result is all the more encouraging as the Group's new
economic model favors increased operating margins and improved
profitability rather than the pursuit of volumes and market
share.

Truck traffic has grown slightly (+2%), accompanied by a
substantial increase in yield.

Car traffic has seen a decrease of 3%, in a market with surplus
capacity.  This 3% decline should be viewed in the context of a
voluntary reduction of about 20% in capacity during 2005, which
has the effect of significantly increasing shuttle load factors.

During the same period, coach traffic has increased by 22%.

                     Railway Activity

Railways revenues are stable at GBP235 million, and include
payment of GBP72 million under the Minimum Usage Charge (MUC) of
the Railway Usage Contract.  Payments from the MUC continue
until the end of November 2006.

Although Eurostar traffic continues to increase (+2%), rail
freight tonnage, transported by the railway operators EWS and
SNCF Freight, shows a decline of 16% for the year linked to,
among other causes, a reduction in inter-modal traffic.

Eurotunnel, EWS and the SNCF have decided to set up a working
group to explore, together, the means of increasing the volume
of rail freight carried through the Tunnel.

[*] These figures are calculated using an average of 2.52
passengers per car and 38.75 passengers per coach based on
surveys.

                  Non-transport Activities

The revenue from these activities has declined, partly as a
result of a reduction in 2005 of non-recurring revenues (land
sales) compared to 2004.

                     Eurotunnel Staff

Finally, at 31 December 2005, Eurotunnel had 2,590 members of
staff (compared to 3,205 in 2004).

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


FRANCE SOIR: Administrators Grant More Time to Hunt for Buyers
--------------------------------------------------------------
The administrators of ailing daily France Soir have extended the
deadline for finding a new buyer, Le Figaro says.

So far, five interested parties have lodged their bids: Managing
Director Eric Fauveau, Vincent Lalu, Jean-Pierre Brunois,
Georges Ghosn and ICM.  France Soir reportedly has enough cash
reserves to remain afloat until mid-February.

The commercial court in Bobigny had extended the deadline for
takeover offers from Dec. 30 to Jan. 12.  This was after 70%
owner Raymond Lakah questioned the court chairman's
impartiality.  Paris prosecutors have launched a preliminary
inquiry into parent Presse Alliance.  The probe will focus on
the 12-month period after Mr. Raymond Lakah took over Press
Alliance in October 2004.

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

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

CONTACT:  PRESSE ALLIANCE
          45 Avenue Victor Hugo
          93300 Aubervilliers

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


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


ABANOS VERMOGENSVERWALTUNG: Kuebler Administrator Takes Over
------------------------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against Abanos Vermogensverwaltung GmbH on Dec. 23, 2005.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 10, 2006,
to register their claims with court-appointed provisional
administrator Christian Heintze.      

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 10:30 a.m., at the district court
of Chemnitz, Saal 27, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee or opt to appoint a new insolvency manager.

CONTACT:  ABANOS VERMOGENSVERWALTUNG GmbH
          Contact:
          Volker Griesch, Manager
          Albrechtstrasse 26, 09130 Chemnitz

          Christian Heintze, Administrator
          Kuebler
          Kassbergstrasse 24, 09112 Chemnitz
          Web site: http://www.kuebler-gbr.de/


AGFAPHOTO GMBH: Group's Insolvency Hounds Former Parent
-------------------------------------------------------
AgfaPhoto GmbH's insolvency is still affecting former Belgian
parent Agfa-Gevaert N.V., Die Welt reports.

A court recently ruled in nine separate cases that Agfa-Gevaert
must honor and fulfill payment commitment to early and partial
retirement agreements.  The court said the Agfa-Gevaert failed
to sufficiently inform affected employees of the legal and
economic consequences when it sold AgfaPhoto to the management
and a group of financial investors for EUR112 million in
November 2004.  Agfa-Gevaert said it would appeal against the
decision.

In a span of six months after its sale, AgfaPhoto no longer had
enough cash to pay employees.  AgfaPhoto GmbH filed a petition
for insolvency in May 2005.  The insolvency proceedings in self-
administration were opened in August 2005.

The Cologne Local Court recently ended the insolvency
proceedings in self-administration for AgfaPhoto and ordered
statutory insolvency proceedings to be initiated.  Despite
efforts to stabilize and continue its operations, continuation
talks with buyers failed in October 2005.  The group halted
production at its Munich and Leverkusen sites in November 2005.

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

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


AUTO-FRIESENEGGER: Creditors' Claims Due Feb. 13
------------------------------------------------
The District Court of Augsburg opened bankruptcy proceedings
against Auto-Friesenegger GmbH on January 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until February 13, 2006, to register
their claims with court-appointed provisional administrator
Rainer U. Mueller.     

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 9:50 a.m. at the District Court of
Augsburg, Justizgebaude, Sitzungssaal 162, 1. Stock, Am Alten
Einlass 1, 86150 Augsburg, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  AUTO-FRIESENEGGER GmbH
          Oberlanderstr. 1, 86438 Kissing
          Contact:
          Rudolf Friesenegger, Manager
          Schlesienstr. 11 a, 82278 Althegnenberg

          Rainer U. Mueller, Administrator
          Schiessstattenstr. 15, 86159 Augsburg


EASTSIDE DORINGBAU: Court to Verify Claims on April 6
-----------------------------------------------------
The District Court of Frankfurt opened bankruptcy proceedings
against Eastside Doringbau GmbH on January 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 2, 2006 to register their
claims with court-appointed provisional administrator Thomas
Wulsten.     

Creditors and other interested parties are encouraged to attend
the meeting on April 6, 2006, 11:00 a.m. at the district court
of Frankfurt, Muellroser Chaussee 55, 15236 Frankfurt (Oder),
Saal 401, 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:  EASTSIDE DORINGBAU GmbH
          Dorfstrasse 3 a, 15537 Gruendheide/OT Freienbrink

          Thomas Wulsten, Administrator
          Gross-Berliner Damm 73c, 12487 Berlin


FARBE UND RAUM: Frankfurt Firm Succumbs to Bankruptcy
-----------------------------------------------------
The District Court of Frankfurt opened bankruptcy proceedings
against farbe und raum Strausberg eG on January 5.  
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 Falk Eppert.     

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2006, 10:35 a.m. at the District Court
of Frankfurt, Muellroser Chaussee 55, 15236 Frankfurt (Oder),
Saal 401, 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:  FARBE UND RAUM STRAUSBERG eG
          Kastanienallee 48, 15344 Strausberg

          Falk Eppert, Administrator
          Vietmannsdorfer Str. 23, 17268 Templin


GERLACH HYBRID: Creditors' Meeting Slated for Feb. 16
-----------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Gerlach Hybrid Organ GmbH on January 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 20, 2006,
to register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubruegger.      

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2006, 9:20 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 April
20, 2006, 9:55 a.m. at the same venue.

CONTACT:  GERLACH HYBRID ORGAN GmbH
          Kopischstr. 10, 10965 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


GRUNDSTUECKSGESELLSCHAFT FUERSTENWALDE: Calls in Administrator
--------------------------------------------------------------
The District Court of Aachen opened bankruptcy proceedings
against Grundstuecksgesellschaft Fuerstenwalde Seelower Strasse
6 - 8 GmbH on January 2.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until February 10, 2006 to register their claims with
court-appointed provisional administrator Jens Olinger.     

Creditors and other interested parties are encouraged to attend
the meeting on March 27, 2006, 9:20 a.m. at the District Court
of Aachen, Augustastrasse 78-80, 52070 Aachen, 1. Etage,
Sitzungssaal 14, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  GRUNDSTUECKSGESELLSCHAFT FUERSTENWALDE SEELOWER
          STRASSE 6 - 8 GmbH
          Postfach 180164, 40568 Duesseldorf
          Contact:
          Christian Faber, Manager
          Auf dem Ufer 1, 40593 Duesseldorf

          Jens Olinger, Administrator
          Eupener Strasse 181, 52066 Aachen


HG+S HAUSGERATE: Taps Handschumacher & Merbecks as Administrator
----------------------------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against hg+s hausgerate und service sachsen GmbH on December 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 1,
2006 to register their claims with court-appointed provisional
administrator Markus M. Merbecks.      

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2006, 10:45 a.m. at the District Court
of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  HG+S HAUSGERATE UND SERVICE SACHSEN GmbH
          Contact:
          Peter Schluttig and Jens Wolf, Managers
          Muellerstrasse 26, 09111 Chemnitz

          Markus M. Merbecks, Administrator
          Handschumacher & Merbecks
          Ludwigstrasse 58, 09113 Chemnitz
          Web site: http://www.handschumacher.de


INTERTAINMENT AG: Debt Repayment Failure Prompts Insolvency
-----------------------------------------------------------
Troubled film distributor Intertainment AG has declared
insolvency after failing to repay a EUR10 million loan to local
bank HypoVereinsbank (HVB).

According to Borsen Zeitung, it had been apparent before
Christmas that the film rights trader would succumb to
insolvency after losing a EUR10 million-recovery suit filed by
HVB.  Intertainment had threatened to file for insolvency if it
loses its lawsuit against the bank.  Days later, a Munich court
ordered affirmed the decision.

In September, HVB filed a partial claim for payment of EUR10
million against the group and its unit, Intertainment Licensing
GmbH.  The partial claim relates to a loan amounting to around
EUR14 million taken out by Intertainment Licensing from HVB.  
The loan is guaranteed by Intertainment AG.  At the end of
September, the group's liquidity fell EUR0.1 million from EUR1.7
million at the end of 2004.  Nine-month turnover also dropped
drastically from EUR17.4 million in 2004 to EUR1 million this
year, mainly due to legal disputes in the U.S.  For the third
quarter of 2005, Intertainment posted EUR1 million in losses but
had EUR66.7 million in receivables.

Intertainment recently won a US$122 million case against U.S.
film producer Franchise Pictures.  Franchise Pictures, however,
declared bankruptcy shortly afterwards, making it unclear how
much money Intertainment could recover.

                    About the Company

Intertainment has specialized in acquiring theatrical, video and
television film rights with large commercial potential, which it
markets in Germany and in other European countries (including
Eastern Europe).  Among its customers are the most important
media enterprises.  At the same time Intertainment also acquired
the rights to commercialize very viable films for the People's
Republic of China, as this huge market (with about 1.3 billion
people) is currently practically untapped but in the medium term
will realize its big potential.  Through its subsidiary
Intertainment Animation & Merchandising GmbH, it markets
interesting cartoons as well as commercially viable
merchandising rights.

CONTACT:  INTERTAINMENT AG
          Investor Relations
          Frauenplatz 7,
          80331 Munich
          Phone: +49 (0) 89 21699-0
          Fax: +49 (0) 89 21699-11
          E-mail: investor@intertainment.de
          Web site: http://www.intertainment.de/


NOWICOM GMBH: Meeting of Creditors Slated for March 7
-----------------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against Nowicom GmbH on December 21.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until January 24, 2006 to register their claims
with court-appointed provisional administrator Dr. Axel
Fohrmann.     

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 1:00 p.m. at the District Court of
Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  NOWICOM GmbH
          Weststrasse 49, 09112 Chemnitz
          Contact:
          Sebastian Meyer, Manager

          Dr. Axel Fohrmann, Administrator
          Dresdner Str. 86, 09130 Chemnitz


PERI-WERK: Moody's Ups Corp. Family Rating Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service changed the outlook on the ratings of
Peri-Werk Artur Schwoerer GmbH & Co.  KG (Peri or), the German-
based formwork and scaffolding company, to positive from stable.

Ratings affected:

(a) Peri-Werk Artur Schwoerer GmbH & Co. KG: Long-term corporate
    family rating: Ba2

(b) Peri GmbH: EUR250 million of Senior Notes maturing in two
    tranches in 2009 and 2011: Ba3

The change in outlook reflects Peri's strengthened financial key
metrics and Moody's expectation that these will continue to
strengthen moderately going forward based on the combination of
buoyant end markets and broad geographic diversity.  
Profitability margins and leverage improved during the first
nine months of 2005, notwithstanding the strong growth in
revenue over the same period, which, in Moody's view, suggests
that Peri's management is remaining prudent in its control of
working capital and capital spending.

In the first nine months of 2005, Peri's sales increased by 22%
year-on-year to EUR544 million while EBITDA rose 30% to EUR190
million and adjusted retained cash flow after changes of working
capital (adj.  RCF) improved by EUR32.3 million to EUR89.1
million.  One of Moody's key ratios, adj.  RCF to adjusted net
debt, improved from 17.4% at the end of 2004 to 23.0% by end-
September 2005.  In this context, Moody's notes that, in the
event that, contrary to current expectations, demand subsides
Peri would have a degree of flexibility to adapt the capital
expenditures for its rental assets.  In such a scenario, Moody's
would expect the company to generate free cash flow that could
be applied to reduce debt.

A rating upgrade would be considered if Peri succeeded in
continuing to manage its sales growth without adversely
impacting double-digit profitability margins and retained cash
flows when adding additional production and rental capacities to
provide for future expansion.  In addition, a consistent level
of adjusted retained cash flow to net adjusted debt above 20% at
existing or higher debt levels would support Moody's assumption
that cash flow is sustainable.

Peri's liquidity profile is viewed as solid for the next twelve
months, with limited debt maturities expected that should be
sufficiently covered by gross cash flows.  Peri's balanced debt
maturity schedule -- with the syndicated loan maturing in 2008,
the Senior Notes' two tranches not maturing until 2009 and with
headroom under the respective covenants -- supports Moody's
favourable liquidity assessment of the company.

Peri is one of the world's leading developers, manufacturers and
suppliers of formwork systems for cast-in-place concrete and
providers of related engineering and technical services.  A
family-owned business based in Weissenhorn, Germany, Peri
employs over 4,000 staff and engages in the direct sale and
rental of formwork systems and scaffolding systems to the
construction industry and also offers supporting services which
complement its core businesses.  With more than 70 sales-and-
rental parks located around the world, Peri operates one of the
largest rental stocks of formwork systems, enabling it to offer
just-in-time delivery to its more than 25,000 customers.  The
company generated net sales of approximately EUR610 million in
the fiscal year ended 31 December 2004 (EUR544 million in the 9
months to 30 September 2005).

CONTACT:  MOODY'S DEUTSCHLAND GmbH (FRANKFURT)
          Michael West, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Matthias Hellstern, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


TEXTILE-CONCEPT: Taps Dr. Junker & Kollegen as Administrator
------------------------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against Textile-Concept GmbH on December 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 26, 2006 to register their
claims with court-appointed provisional administrator Dr.
Christoph Junker.       

Creditors and other interested parties are encouraged to attend
the meeting on March 9, 2006, 9:45 a.m. at the District Court of
Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee or opt to appoint a new insolvency manager.

CONTACT:  TEXTILE-CONCEPT GmbH
          Contact:
          Werner Kordel, Manager
          Am Steigerwald 9, 09456 Annaberg-Buchholz

          Dr. Christoph Junker, Administrator
          Dr. Junker & Kollegen
          Karcherallee 25a, 01277 Dresden
          Web site: http://www.junker-kollegen.de


ZIMO VERWALTUNGS: Creditors Has Until Jan. 24 to Register Claims
----------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against ZIMO Verwaltungs-GmbH on December 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 24, 2006, to register
their claims with court-appointed provisional administrator
Steffen Klein.      

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 11:45 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ZIMO VERWALTUNGS-GmbH
          Contact:
          Rainer Vietze, Manager
          Norbert Gurn, Birkenweg 2, 08058 Zwickau

          Steffen Klein, Administrator
          Poetenweg 36, 08056 Zwickau
          Web site: http://www.RAKLEIN-ZWICKAU@T-ONLINE.DE/


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


NABI RT: Posts Decline in 2005 Bus Sales
----------------------------------------
In 2005, the NABI Group delivered 851 buses to its customers on
the U.S., the U.K. and Hungarian markets.

Number of Bus Deliveries According to Market and Type

Market        Bus Type             2005        2004        2003
                                   12/31       12/31       12/31

U.S.A.

        30-foot (medium duty)         0           1          70
        
        35/40-foot (heavy duty)     305         468         483

        60-foot (heavy duty)        138         133          76

        40/45-foot CompoBus          46          84          57

        Market Total:               489         685         686

Hungary Market Total

        Single deck over 7.5t        12          22          19

Grand Total (w/o Optare)            501         707         705

Discontinued Operation (Optare)     350*        520         444

Grand Total:                        851       1,227       1,149

    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* From January to July 2005
    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The U.S. market continued to be slow after a period of
contraction that began in 2001.  As the majority of transit bus
procurements depend upon Federal funding assistance requiring
local "match-funding," State and local economies continue to
affect bus acquisitions.  Although many states appear to be
emerging from widespread budget shortages over the last years,
widespread recovery is not yet being seen in spending on
transportation projects.  As more stringent emissions standards
for urban buses will become effective in 2007, it appears likely
that uncertainties over such matters, or decisions to defer bus
purchases until new, "cleaner and greener" engines are available
may be a part of such delayed reaction to improving local
economies.

Also for the U.S. market, new legislation was enacted in August
of 2005 to guarantee federal funding for transportation projects
over the next six years.  The Safe, Accountable, Flexible, and
Efficient Transportation Equity Act -- A Legacy for Users
(SAFETEA-LU) will provide US$822 million in federal funds for
bus and bus facilities in 2006.  This assures transit
authorities federal money for the acquisition of buses for fleet
and service expansion and bus related facilities as local
funding of public transportation projects resumes.  SAFETEA-LU
will give operators over US$52.6 billion for public
transportation projects through FY 2009, suggesting a period of
forthcoming expansion.

Thirty NABI 60-BRT articulated buses began revenue service on
Los Angeles' 14-mile Bus Rapid Transit corridor, a dedicated
bus-way, at the end of October.  Since that time Los Angeles
Metro has experienced double the expected ridership; with 16,400
passenger boarding per day after two months of revenue service.  
An additional 170 60-BRT buses, supplied by NABI, are being
deployed incrementally onto some of Los Angeles County's busiest
rapid bus corridors.  The unusually quiet, low-floor NABI buses
are helping boost ridership in the heavily congested Los Angeles
metropolitan area.  Interest in high-capacity BRT operations
continues to expand, with the Los Angeles experience serving as
a model for other operators.

Purchases in 2003 and 2004 in the Hungarian market were very low
compared to previous years' figures. This unfortunate trend
continued during 2005 as well.  BKV was the only public transit
company with significant vehicle purchases in 2005. A
centralized tender invitation was anticipated for a long time.
In November, the Volan companies received around HUF9 billion in
equity increase to be spent on rolling stock purchase.  The
tender invitation was published on the European Union's web site
on the last day of the year.  Three separate categories were
specified, the total quantity being 219 (add/subtract 30%)
units.

As announced earlier, on July 28, 2005, the NABI Group sold its
UK subsidiary-Optare Holdings, Ltd. The above table contains
Optare bus sales performance figures for the period of January
to July 2005 as a separate item.

As of December 31 2005, NABI's order book contained 281 firm
orders in the U.S.A. Approximately 640 buses can be ordered
under options.

                            *   *   *

                       Debt Restructuring

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

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

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

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

CONTACT:  NABI RT.
          45 Ujszasz u.
          Budapest 1165
          Phone:  +36-1-401-7399
          Fax: +36-1-407-2931
          E-mail: nabihq@nabi.hu
          Web site: http://www.nabi.hu/

          Andras Bodor
          Corporate Affairs Director
          Phone: +36-1-401-7100
          E-mail: andras.bodor@nabi.hu


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


BANK CENTERCREDIT: Fitch Assigns Upcoming Eurobond Issue at BB-
---------------------------------------------------------------
Fitch Ratings has assigned CenterCredit International B.V.'s
upcoming issue of a Eurobond an expected Long-term 'BB-' rating.  
The notes are to be used solely for financing a deposit with
Kazakhstan's Bank CenterCredit (BCC, rated Long-term 'BB-') with
Stable Outlook, Short-term 'B', Individual 'D', and Support
'3').

CenterCredit International B.V., a Netherlands-domiciled special
purpose vehicle (SPV), will only pay noteholders principal and
interest received from BCC.  In addition, BCC unconditionally
and irrevocably guarantees the timely and full repayment of the
notes in the trust deed between the bank and the trustee,
Deutsche Trustee Company Limited.  The final rating is
contingent upon receipt of final documentation conforming
materially to information already received.

The terms and conditions of the notes specify that they will
rank at least pari passu with the claims of other unsecured
creditors of the issuer and that the obligations of BCC under
the guarantee will rank at least pari passu with claims of other
unsecured creditors of BCC, save those preferred by relevant
(bankruptcy, liquidation etc.) laws.  Under Kazakh law, the
claims of retail depositors rank above those of other senior
unsecured creditors.  At end-9M05, retail deposits accounted for
25% of BCC's total liabilities, according to the bank's
unaudited IFRS financial statements.

Covenants prevent BCC from entering into transactions of US$7
million or more on other than market terms, restrict dividend
payments to 50% of net income, and oblige the bank to maintain a
total capital ratio of at least 10%, as calculated in accordance
with the Basel Committee's recommendations.

The terms and conditions of the notes also contain a cross
default clause and a negative pledge clause, the latter of which
allows for a degree of securitization by BCC.  Should any
securitization be undertaken, Fitch comments that the nature and
extent of any overcollateralization would be assessed by the
agency for any potential impact on unsecured creditors.

Additionally, noteholders can put the bonds if BCC's rating is
withdrawn or downgraded by more than one notch as a result of
either a merger or the sale by BCC of all, or a substantial part
of, its assets to another entity.

BCC is one of the six largest banks in Kazakhstan with assets of
KZT258 billion (USD1,926 million) as of 30 September 2005,
focusing primarily on business with SMEs and retail customers.

CONTACT:  BANK CENTERCREDIT
          100, Shevchenko Str. 050022
          Almaty, Republic of Kazakhstan
          Phone: +7(3272) 58-41-58
          Fax: +7(3272) 58-45-10
          E-mail: info@centercredit.kz
          Web site: http://www.centercredit.kz/

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

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


KIRIKA-PLUS: Declared Insolvent
-------------------------------
LLC Kirika-Plus has declared bankruptcy.  Creditors may submit
their proofs of claim to Almaty region, Karasaisk district,
Kaskelen, Jangozina Str. 8.

Call 8 (3272) 30-99-15 for more information.


KOSPROM: Almaty Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
commenced bankruptcy proceedings against LLC Kosprom.

CONTACT:  KOSPROM
          Almaty,
          Auezova Str. 67


SEIHAN: Creditors Have Until Feb. 10 to File Proofs of Claim
------------------------------------------------------------
LLC Seihan has declared insolvency.  Creditors may submit their
proofs of claim to Almaty, Kunayeva Str. 64 on or before
February 10, 2006.

Call 8 (3272) 30-25-14 for more information.


USHKUL: Specialized Economic Court Declares Bankruptcy
------------------------------------------------------
The Specialized Inter-Regional Economic Court on North
Kazakhstan Region has declared LLC Ushkul bankrupt.  The proofs
of claim will be accepted at Petropavlovsk, Jumabayeva Str. 109-
506 on or before Feb. 13, 2006.

CONTACT:  USHKUL
          Petropavlovsk,
          Jumabayeva Str. 109-506


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


ALLIANCE-ASIA: Claims Bar Date Set for March 6
----------------------------------------------
Alliance-Asia West, which recently became insolvent, will accept
proofs of claim on or before March 6, 2006.

Call (+996 312) 62-46-86 for more information.


IDF: Gives Creditors Until March 6 to File Claims
-------------------------------------------------
IDF, which recently became insolvent, will accept proofs of
claim on or before March 6, 2006.

Call (+996 312) 62-46-09 for more information.


KYRGYZ GER: Creditors Claim Due March
-------------------------------------
Joint Stock Commercial Bank Kyrgyz Ger, which recently became
insolvent, will accept proofs of claim by March 6, 2006.

CONTACT:  KYRGYZ GER
          Bishkek, Chui ave., 114
          Phone: (+996 312) 62-70-09


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


KONINKLIJKE AHOLD: Paying $1.1 B as Settlement for Class Action
---------------------------------------------------------------
The U.S. District Court for the District of Maryland ordered
Koninklijke Ahold to begin a multi-national notification program
to alert investors, brokers, financial institutions and other
nominees who bought or received as a dividend Royal Ahold N.V.
common stock and/or American Depository Receipts (ADRs) from
July 30, 1999 through February 23, 2003 about a $1.1 billion
settlement of a class action lawsuit against Royal Ahold and
numerous co-defendants.

On February 24, 2003, Royal Ahold had allegedly inflated
earnings by at least $500 million based on conduct of U.S.
Foodservice, Inc., Ahold's wholly owned subsidiary.  On Feb. 24,
2003, Ahold also informed investors that Ahold would restate
previously announced revenues that it improperly consolidated
from certain joint ventures.  Following Ahold's Feb. 24, 2003,
announcement, the value of Ahold common stock and ADRs declined
in value by more than 60%.

According to the class action lawsuit, Ahold eventually
announced restatements exceeding $24 billion in revenues and
$1.1 billion in income.  The lawsuit alleged that the
defendants' conduct presented a misleading financial picture of
Ahold to investors, and artificially inflated the price of
Ahold's common stock and ADRs during the period from July 30,
1999 through February 23, 2003.

The Court defined "Class Members" in the Settlement to include
all people and entities who bought or received as a dividend
Royal Ahold N.V. common stock and/or ADRs from July 30, 1999
through February 23, 2003, regardless of where such people live
or purchased their shares of Royal Ahold.

Notices informing Class Members about their legal rights will be
mailed, and are scheduled to appear in publications in
approximately 24 countries and 14 languages, leading up to a
hearing on June 16, 2006, when the Court will consider whether
to approve the Settlement.

In November 2003, the Court appointed the law firm of Entwistle
& Cappucci LLP, of New York, NY to represent the Class.  That
firm has been litigating this case known as In re Royal Ahold
Securities and "ERISA" Litigation, MDL 1539 since that time, and
they negotiated the Settlement.

Those affected by this Settlement can send in a claim form to
ask for a payment, or they can ask to be excluded from, or
object to, the Settlement and its terms.  The deadline for
exclusions and objections is May 12, 2006.

Payment amounts will depend on the number of valid claim forms
that Class Members send in, how many shares of Ahold stock they
bought or received as a dividend, and when they bought and sold
them. The deadline to file claims is Aug. 18, 2006.

Notices, claim form, the Plan of Allocation and the Settlement
Agreement is available at http://www.AholdSettlement.com/ Those  
affected may also write to Ahold Claims Administrator, PO Box
9000 #6378, Merrick, NY 11566-9000, USA.

                    Country         Toll Free Number
                    -------         ----------------
                    Australia       0011 800 1020 4060
                    Austria         00 800 1020 4060
                    Belgium         00 800 1020 4060
                    Canada          1 888 410 0027
                    Denmark         00 800 1020 4060
                    England         00 800 1020 4060
                    Finland         00 800 1020 4060
                    France          00 800 1020 4060 (France  
                                                      Telecom)
                                    40 800 1020 4060 (TELE 2)
                                    50 800 1020 4060 (Omnicom)
                                    70 800 1020 4060 (Le 7
                                                      Cegetel)
                                    90 800 1020 4060 (9 Telecom)
                    Germany         00 800 1020 4060
                    Hong Kong       00 800 1020 4060
                    Ireland         00 800 1020 4060
                    Italy           00 800 1020 4060
                    Japan           00 800 1020 4060
                    Liechtenstein   809 2288, then when prompted
                                     enter 800 467 8208
                    Luxembourg      00 800 1020 4060
                    Netherlands     00 800 1020 4060
                    Norway          00 800 1020 4060
                    Portugal        00 800 1020 4060
                    Scotland        00 800 1020 4060
                    Singapore       001 800 1020 4060 (Singtel  
                                                       IDD)
                                    002 800 1020 4060 (MobileONE  
                                                       IDD)
                                    008 800 1020 4060 (Starhub
                                                       IDD)
                                    013 800 1020 4060 (Singtel
                                                       Budget   
                                                       Call)
                                    018 800 1020 4060 (Starhub
                                                       I-Call)
                                    019 800 1020 4060 (Singtel
                                                       V019)
                    Spain           00 800 1020 4060
                    Sweden          00 800 1020 4060
                    Switzerland     00 800 1020 4060
                    United States   1 888 410 0027

From any other country, Class Members may place a toll call to
the Claims Administrator in the U.S. by calling +1-941-906-4864.

Press contact: Class Counsel, Andrew J. Entwistle, Entwistle &
Cappucci LLP, +1-212-894-7200


KONINKLIJKE AHOLD: Trading Statement Correction Issued Jan. 12
--------------------------------------------------------------
Koninklijke Ahold disclosed that its Trading Statement for the
2005 fourth quarter issued on Jan. 12 reported incorrect figures
for comparable sales growth for Stop & Shop and Giant-Landover
for Q4 2005 and Full Year 2005.

Comparable sales for Stop & Shop for Q4 2005 increased by 1.3%,
not 1.8% as reported. Comparable sales for Giant-Landover for Q4
2005 decreased by 0.7%, not 0.4% as reported.

Comparable sales for Stop & Shop for FY 2005 increased by 0.7%,
not 0.8% as reported. Comparable sales for Giant-Landover for FY
2005 were correctly reported at a decrease of 2.4%.

The discrepancies occurred as a result of a manual calculation
error.  The identical sales percentages are as reported.

Ahold apologizes for the incorrect figures reported.

The net sales figures presented in the Trading Statement are
preliminary and unaudited.

                       About the Company

Ahold got in trouble in 2003 when it admitted a US$500 million
overstated 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


KONINKLIJKE AHOLD: Moody's Revises Ratings Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family
Rating and the Senior Unsecured Long-Term Rating of Koninklijke
Ahold N.V. (Ahold).  The outlook is positive.

The upgrade reflects Moody's expectation that Ahold's credit
metrics will continue to improve significantly over the short
term on the back of the completion of the divestment program,
the proceeds of which were allocated to debt reduction and which
will enable management to refocus its attention on the company's
core businesses.  The Ba1 Corporate Family Rating additionally
recognizes the scale of Ahold's key U.S. food retail segment and
the earnings generated by this business segment.  It also
reflects Ahold's scale in food retail in the Netherlands and its
position as the second largest operator in the Foodservice
segment in the U.S.  

The rating additionally takes account of:

  (a) Ahold's achievements in exceeding the EUR2.5 billion
      target of its planned disposals program (having achieved
      EUR3.1 billion in gross proceeds);

  (b) Moody's expectation that Ahold's group operating margins
      will recover towards 2002 levels due to the disposal of
      non-core operations (most of which are low-margin or loss-
      making); and

  (c) The agency's view that recent management initiatives at US
      Foodservice have established a platform that should
      support a gradual turnaround in the operating performance
      of this business.

The Ba1 rating anticipates that Ahold's financial profile should
continue to improve over the intermediate term.  In Moody's
view, the disposals strategy should not only facilitate an
improvement in the company's financial profile but should also
result in a group with greater earnings predictability as Ahold
exits its emerging markets.  At the same time, the disposal of
the weaker businesses in its mature markets should allow
management to spend more time focusing on its more profitable
businesses and driving improvements in those businesses that
have the potential for growth.

Nonetheless, Moody's expects that improvements in group
operating margins will be constrained by the following factors:

  (a) Increased competition facing its key U.S. food retail
      segment;

  (b) The continuing price war in the Netherlands, coupled with
      weak economic conditions and discount sector growth across
      Europe;

  (c) The increase in energy prices, pension and insurance costs
      in the U.S. that can no always be passed on to customers.  
      Moreover, Moody's believes that the company still has to
      complete the integration of the large number of companies
      that were acquired over time in order to extract synergies
      and further improve infrastructure costs (including IT and
      real estate).

Moody's expects Ahold's credit metrics to improve significantly
over the intermediate term, with adjusted Retained Cash Flow pre
working capital/Net lease and pension adjusted debt to be in the
high teens percent (17%-19%), net lease and pension adjusted
debt to EBITDAR falling to around 4 and total coverage migrating
to 2.5.

Although there is no notching between the Corporate Family
Rating and the Senior Unsecured Rating, Moody's notes that the
debt located at the operating subsidiaries amounts to roughly
EUR3 billion, i.e. more than 30% of the group's gross debt.  
Given the de-leveraging at the parent company level, Moody's
does not anticipate a decrease in the level of structural
subordination over the medium term.

Ahold's liquidity profile is very strong, and is underpinned by
a EUR2 billion-syndicated loan (undrawn with the exception of
less than EUR700 million letters of credit outstanding),
moderately freely available cash balances, and debt repayments
limited to EUR227 million in 2006.

Uncertainty over the outcome of the ongoing investigations was
eliminated with the November 2005 settlement of the class action
lawsuit.  While Moody's recognizes that the cost of this
settlement (EUR945 million) is significant, it views the
definitive resolution of the pending investigations against the
firm as a positive development, given that they had been a
material drain on management's time.

Based in Amsterdam, the Netherlands, Koninklijke Ahold N.V. is a
leading international food provider, with operations in Europe
and the United States.  In 2004, the company reported revenues
of EUR52 billion.

CONTACT:  MOODY'S FRANCE S.A. (PARIS)
          Eric de Bodard, Managing Director
          European Corporates Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Myriam Durand, Vice President - Senior Analyst
          European Corporates Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


ROYAL SHELL: Cancels Another 550,000 'A' Shares
-----------------------------------------------
Royal Dutch Shell plc purchased for cancellation 400,000 'A'
Shares at a price of EUR26.98 per share, on Jan. 16, 2006.  It
further purchased for cancellation 150,000 'A' Shares at a price
of 1,851.25 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,934,177,974.

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/


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


AIR-ENGINES: Bankruptcy Supervision Procedure Begins
----------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on close joint stock company Air-Engines.  
The case is docketed as A02-3486/05.  Mr. A. Yakovlev has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 656056, Russia,
Barnaul, Post User Box 102.  A hearing will take place on
January 17, 2006.

CONTACT:  AIR-ENGINES
          649000, Russia, Gorno-Altaysk,
          Kommunisticheskiy Pr. 53

          A. YAKOVLEV
          Temporary Insolvency Manager
          656056, Russia, Barnaul,
          Post User Box 102


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

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


FOREST-INDUSTRY: Arbitration Court Begins Bankruptcy Proceeding
---------------------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Forest-Industry after finding the close
joint stock company insolvent.  The case is docketed as A04-
420/04-6/26 "B".  Mr. Y. Babinets has been appointed insolvency
manager.  A hearing will take place on April 27, 2006.

CONTACT:  FOREST-INDUSTRY
          676080, Russia, Amur region,
          Tynda, Sovetskaya Str. 53

          Y. BABINETS
          Insolvency Manager
          675000, Russia, Amur region,
          Blagoveshensk, Post User Box 233


GAGARIN-AGRO-TEKH-SERVICE: Succumbs to Bankruptcy
-------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
proceedings against Gagarin-Agro-Tekh-Service after finding the
open joint stock company insolvent.  The case is docketed as A-
62-1175/2005 (627-N/05).  Mr. P. Protsenko has been appointed
insolvency manager.

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

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


INVESTMENT-BUILDING COMPANY: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Investment-Building Company.  The case is docketed as A45-
21533/05-27/289.  Mr. A. Demidov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 630060, Russia,
Novosibirsk, Post User Box 132.  A hearing will take place on
April 3, 2006, 2 p.m. at Russia, Novosibirsk region, Kirova
Str. 3, Room 915.

CONTACT:  INVESTMENT-BUILDING COMPANY
          Russia, Novosibirsk region,
          Dimitrova Str. 17-61

          A. DEMIDOV
          Temporary Insolvency Manager
          630060, Russia, Novosibirsk region,
          Post User Box 132


MECHANICAL PLANT: Insolvency Manager Takes over Firm
----------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Mechanical Plant after finding the open
joint stock company insolvent.  The case is docketed as #A33-
15918/2005.  Mr. E. Katser has been appointed insolvency
manager.

CONTACT:  MECHANICAL PLANT
          662100, Russia, Krasnoyarsk region,
          Achinsk, Pionerskaya Str. 2

          E. KATSER
          Insolvency Manager
          660041, Russia, Krasnoyarsk region,
          Post User Box 12161

          ARBITRATION COURT OF KRASNOYARSK REGION
          660021, Russia, Krasnoyarsk region,
          Lenina Str. 143


NEVELSKIY SHIPYARD: Sakhalin Court Brings-In Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Nevelskiy Shipyard (TIN 6505000476) after
finding the open joint stock company insolvent.  The case is
docketed as A59-1235/05-S12.  G. Dolin has been appointed
insolvency manager.

CONTACT:  NEVELSKIY SHIPYARD
          694740, Russia, Sakhalin region,
          Nevelsk, Sovetskaya Str. 28

          G. DOLIN
          Insolvency Manager
          693013, Russia, Yuzhno-Sakhalinsk,
          Komsomolskaya Str. 280


NIZHNEOMSKAYA SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set Feb. 28
---------------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on open joint stock company Nizhneomskaya
Sel-Khoz-Tekhnika.  The case is docketed as K/E-154/05.  Mr. A.
Shipitsyn has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 644043, Russia,
Omsk region, Post User Box 5222.  A hearing will take place on
February 28, 2006.

CONTACT:  NIZHNEOMSKAYA SEL-KHOZ-TEKHNIKA
          Russia, Omsk region, Nizhnyaya Omka,
          Transportnaya Str. 57

          A. SHIPITSYN
          Temporary Insolvency Manager
          644043, Russia, Omsk region,
          Post User Box 5222


OAO GAZPROM: Increased State Support Spurs S&P's BB+ Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russia-based gas company OAO Gazprom
to 'BB+' from 'BB', in view of an increase in state support, and
following the $7 billion purchase of the company's treasury
stock by the Russian state-owned special-purpose vehicle
Rosneftegas.  The outlook is positive.

The rating upgrade reflects the cash payment from Rosneftegas,
which, together with higher export prices, has allowed Gazprom
to limit increases in year-end parent debt to about $23 billion
(closer to $28-$30 billion including subsidiary debt).  In
particular, this helped the company to prepay $8 billion of the
$13 billion loan raised to finance the acquisition of Sibneft by
the end of 2005.

"We also expect Gazprom to benefit from a greater degree of
state support as its links with the government become stronger,
and in view of recent improvement in the sovereign credit
quality," said Standard & Poor's credit analyst Elena Anankina.
The foreign currency ratings on the Russian Federation were
raised to 'BBB/Stable/A-2' on Dec. 15, 2005.

As the key government-related entity in Russia's strategic oil
and gas sector, Gazprom enjoys a strong hold on new hydrocarbon
projects in the country; and substantial bargaining power in
structuring consortiums for oil and gas projects with
international partners, as well as negotiating gas supply and
transit contracts.  The Russian government has demonstrated a
policy of increasing its presence in the country's key oil and
gas sector through state-owned entities--a position illustrated
by the increase of its holding in Gazprom to 50% from 39%, in
2005.  The situation with regard to the recent dispute on gas
transit and supply terms with Ukraine (foreign currency BB-
/Stable/B; local currency BB/Stable/B) also evidences the close
links with, and support from, the Russian government.
Accordingly, our corporate credit rating on Gazprom currently
includes one notch of state support.

Gazprom remains subject to general political and emerging market
risks related to Russia, however.  The unpredictable nature of
Russian government policy, potential investment mandates and
still very low regulated domestic gas prices (averaging $36/mcm
in 2005), together with substantial financial debt levels,
remain key constraints on the rating on Gazprom.  At June 30,
2005, Gazprom had $22.7 billion of consolidated on-balance-sheet
debt, $2.7 billion in guarantees, and about $1 billion of
postretirement liabilities.

"A one-notch upgrade of the long-term corporate credit rating on
Gazprom is possible, based on continued evidence of state
support, or on likely further improvement of its stand-alone
credit quality," said Ms. Anankina.  Gazprom's debt maturity
profile should benefit from the expected refinancing of the
short-term Sibneft acquisition debt, and higher free cash flow
generation in light of an increase in gas prices for 2006.  
Increases in debt, ambitious further acquisitions, or a higher
share of short-term debt or annual debt maturities, could limit
upside potential for the ratings.  
  
CONTACT:  OAO GAZPROM
          16 Nametkina
          117997 Moscow, V-420,
          Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru/


PINE-TREE: Khabarovsk Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Pine-Tree after finding the open joint stock
company insolvent.  The case is docketed as A73-8798/2005-38.  
K. Podskrebyshev has been appointed insolvency manager.

CONTACT:  PINE-TREE
          Russia, Khabarovsk region,
          Krasnyj Luch, Zarechnaya Str. 29

          K. PODSKREBYSHEV
          Insolvency Manager
          680013, Russia, Khabarovsk region,
          Lenina Str. 75-331


SIBERIAN OIL: S&P Affirms Long-term Corp. Credit Rating to BB
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russia-based OAO Siberian Oil Co. to
'BB' from 'BB-', following the upgrade of its 76% parent, OAO
Gazprom, to 'BB+' from 'BB'.  The outlook is positive.  At the
same time, the Russia national scale rating on Sibneft was
raised to 'ruAA' from 'ruAA-'.

"Sibneft is Gazprom's strategic asset in the oil sector," said
Standard & Poor's credit analyst Elena Anankina. "The company
would also likely be considered a material subsidiary under the
terms of Gazprom's medium-term notes program, and hence would be
subject to cross default, thereby increasing Gazprom's economic
incentive to support it."

With a 76% stake, Gazprom has full control over Sibneft's
management and strategy (the blocking stake under Russian law is
25%).  The shareholding by Gazprom (in turn, majority
government-owned), with strong bargaining power, will likely
help reduce Sibneft's exposure to the risk of sovereign
interference once the state effectively controls Sibneft through
Gazprom.

The difference between the corporate credit rating on Sibneft
and that on its parent reflects the fact that Gazprom's strategy
regarding Sibneft has yet to be been finalized, and that the
integration process has not yet been completed.  Sibneft
currently operates quite autonomously from other Gazprom assets,
its debt is not guaranteed by the parent, and it has substantial
minority shareholders.  Distressed Russian oil company OAO NK
Yukos (D) owns a 20% stake in Sibneft, the status of which
remains unclear, as it has been frozen by the Russian courts
against claims on Yukos.

"The rating on Sibneft could be further raised in the event of a
minority buyout, or if Gazprom's strategy results in closer
integration within the Gazprom group and stronger parental
support," said Ms. Anankina.  Standard & Poor's will consider
the relative status of Sibneft's creditors compared with those
of Gazprom, and the future strategic importance of Sibneft's oil
business to the Gazprom group and its integration within the
group, before it considers equalizing the ratings on the two
companies.

CONTACT:  OAO SIBERIAN OIL CO.
          Sadovnicheskaya St. 4
          115035 Moscow, Russia  
          Phone: +7-095-777-3152
          Fax: +7-095-777-3151


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

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

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

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


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


CONCORDIA BUS: Improved Liquidity Prompts S&P's B- Rating
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Swedish bus-services provider
Concordia Bus AB to 'B-' from 'CC' and removed the rating from
CreditWatch, where it was placed with positive implications on
Oct. 7, 2005, following the agreed annulment of the group's
EUR160 million senior subordinated notes.  The outlook is
negative.

At the same time, Standard & Poor's raised its senior secured
debt rating on the EUR130 million secured notes issued by
Concordia's wholly owned indirect subsidiary Concordia Bus
Nordic AB, to 'CCC+' from 'C' and also removed the rating from
CreditWatch. Concordia provides a guarantee in favor of the
notes.

The notes are rated one notch below the long-term corporate
credit rating of Concordia to reflect structural subordination
to operating lease providers.  At Nov. 30, 2005, the group
reported total debt unadjusted for operating leases of EUR178
million.

"The upgrade reflects Concordia's improvement of its distressed
liquidity position and moderate strengthening of a weak capital
structure, following the conclusion of the group's financial
restructuring," said Standard & Poor's credit analyst Leigh
Bailey.  "The negative outlook, however, reflects that
Concordia's operating track record is poor and financial
flexibility is limited.  Leverage remains high and liquidity
could be threatened if the group is unable to improve its
operating performance and cash flows over the next 12 months."

Concordia's restructuring has improved its liquidity position
through the utilization of a new EUR45 million mezzanine
facility that had strengthened the group's unrestricted cash
balances to Swedish krona (Skr) 302 million at Nov. 30, 2005.
This level of cash resources should be sufficient for the
group's operating requirements over the next 12 months and is
the principal factor behind the raising of the ratings.  The
group's financial profile has also improved, following the
conversion of EUR160 million subordinated notes to equity.  The
reduced debt burden and significant decrease in debt service
costs should allow the group to strengthen weakened coverage
ratios.

Concordia's poor operating track record and highly leveraged
financial structure could compromise the group's liquidity
position if financial performance does not improve over the next
12 months.  The ratings could be pressured in the event that the
group fails to reverse operating losses and/or liquidity becomes
stretched.

"There is scope for the revision of the outlook to stable if the
performance of the group's contract portfolio can be improved
sufficiently to strengthen financial ratios and stabilize
current liquidity levels," said Mr. Bailey.

CONTACT:  CONCORDIA BUS NORDIC AB
          Ragnar Norback, CEO
          Phone: + 46 701 87 10 40

          Per Skargard, CFO
          Phone: + 46 701 87 10 52


ELECTROLUX AB: To Spin Off Outdoor Operation
--------------------------------------------
Peter Nyquist has replaced Asa Stenqvist as Investor Relations
vice president for Electrolux AB.  Ms. Stenqvist has been
appointed as head of Communications for the company's outdoor
operation, which will be spun off as a separate entity.

Mr. Nyquist reports to Lars Goran Johansson, head of
Communications and Branding.

Asa Stenqvist will be responsible for Communications and
Investor Relations for the new Outdoor company and be part of
the management team.  She reports to Bengt Andersson, head of
Outdoor Products.  Ms. Stenqvist has been with Electrolux since
1982.

Mr. Nyquist has for the past 10 years been with SCA, an
international paper company.  His most recent position there was
Head of Communications and Investor Relations.

                            *   *   *

After a six-month long investigation, Electrolux AB on Dec. 12
decided to close its appliances factory in Nuremberg, Germany.
Production will gradually be moved to Italy and Poland.  Closure
of the factory is expected to be completed by the end of 2007.

"This was one of the most difficult decisions I ever experienced
during my time at Electrolux.  I am aware that this decision
will affect, in a very negative way, many individuals, their
families and relatives.  However we finally had to conclude that
there is no way to bridge the large cost gap that would make
production in Nuremberg competitive," says Johan Bygge, head of
Electrolux Major Appliances Europe and Asia Pacific.

The factory in Nuremberg has approximately 1,750 employees.  The
closure of the factory will incur a total cost of approximately
SEK2.3 billion, which will be taken as a charge against
operating income in the fourth quarter of 2005.

Electrolux also decided to initiate an investigation about a
potential closure of the compact appliances factory in Torsvik,
Sweden, which has 190 employees.  The restructuring cost for a
potential factory closure will be communicated when the
investigation is completed.

The Electrolux Group is the world's largest producer of powered
appliances for kitchen, cleaning and outdoor use, such as
refrigerators, washing machines, cookers, vacuum cleaners,
chainsaws, lawn mowers, and garden tractors.  Every year,
customers in more than 150 countries buy more than 55 million
Electrolux Group products for both consumer and professional use
sold under famous brands such as AEG, Electrolux, Zanussi,
Frigidaire, Eureka and Husqvarna.  In 2004, Electrolux had sales
of SEK121 billion and 72,000 employees.

CONTACT:  ELECTROLUX AB
          Goransgatan
          Stockholm SE- 105 45 Sweden
          Phone: +46 8 738 6494
          Fax: +46 8 738 7090
          E-mail: ir@electrolux.se
          Web site: http://www.electrolux.com/

          Peter Nyquist
          Phone: +46 70 575 2906

          Asa Stenqvist
          Phone: +46 70 540 3343


SKANDIA INSURANCE: Old Mutual Gets 68.6% Valid Acceptances
----------------------------------------------------------
Old Mutual plc disclosed that acceptances of its Offer have now
been validated.  The acceptances represent 68.6% of the total
number of shares and votes in Skandia Insurance Co. Ltd. on a
fully diluted basis.  

The offer for Skandia has also been extended until Jan. 23
pending receipt of the remaining clearances and approvals.  
Other acceptances are in the process of calculation and
validation and a further announcement shall have been made on
Tuesday, Jan. 17.

The process of obtaining regulatory approval from financial
regulators continues to advance.  Approvals have now been
received from financial regulators in Sweden and most other
jurisdictions.  Currently, approval from the U.K. and a small
number of other jurisdictions remain outstanding.  These
approvals are expected to be received shortly and settlement is
anticipated to begin by the end of January.  Old Mutual has
received all relevant anti-trust clearances.

All the outstanding terms and conditions of the Offer, including
those terms and conditions mentioned in Old Mutual's press
release of 20 December 2005, are unchanged and continue to apply
during the extended acceptance period.  Old Mutual reserves the
right, at the end of the extended acceptance period, not to
extend the acceptance period any further and to close the Offer
for acceptance, notwithstanding the fact that all outstanding
clearances and approvals may not have been received at that
time.  The Offer would then be subject only to the satisfaction
of such clearances and approvals.  Once the Offer is closed for
acceptance, shareholders will no longer be able to tender or
withdraw any Skandia shares.  Old Mutual reserves the right to
extend the Offer beyond Jan. 23, 2006 and/or to defer the date
for settlement pending receipt of the remaining clearances and
approvals and subject to compliance with applicable laws and
regulations.

In another statement, Skandia Insurance revealed that under the
condition that Old Mutual receives approval in the outstanding
regulatory matters, Old Mutual will be Skandia's principal
shareholder.  Skandia continues to be a listed company that is
subject to the rules of the Stockholm Stock Exchange.  As
previously announced, Skandia shareholders will continue to have
the right to withdraw tendered shares during the extension
period.

Skandia's customer relations will remain unchanged with Old
Mutual as the principal owner.

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

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

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

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


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


AGROMIR: Donetsk Economic Court Begins Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Agromir (code EDRPOU 31660150) on Nov. 28,
2005, after finding the private enterprise insolvent.  The case
is docketed as 27/136 B.  Mr. Tkachenko P. (License Number AB
216865) has been appointed liquidator/insolvency manager.

CONTACT:  AGROMIR
          Ukraine, Donetsk region,
          Livoberezhna Str. 62

          Mr. Tkachenko P.
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Livoberezhna Str. 62

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


AVTOK: V. Rabushko Serves as Interim Insolvency Manager
-------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Avtok (code EDRPOU 24519250).  The
case is docketed as 25/237.  Mr. V. Rabushko has been appointed
temporary insolvency manager.  The company holds account number
26005130601 or 26061130601 at JSB AvtoZAZbank, Melitopol branch.

CONTACT:  AVTOK
          72319, Ukraine, Zaporizhya region,
          Melitopol, Kirov Str. 40

          Mr. V. Rabushko
          Temporary Insolvency Manager
          72315, Ukraine, Zaporizhya region,
          Melitopol, Fuchik Str. 11

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


ENERGOSERVICE: Succumbs to Insolvency
-------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Energoservice (code EDRPOU 32217160) on
December 1, 2005 after finding the limited liability company
insolvent.  The case is docketed as 21/254-05-10414.  Sergij
Gusakov has been appointed liquidator/insolvency manager.

  (a) ENERGOSERVICE
      65013, Ukraine, Odessa region,
      Chornomorskogo Kozatstva Str. 141

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


INTELMED: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on Intelmed (code EDRPOU 22974300).  The
case is docketed as 43/873.  Svitlana Gritsaj (License Number AA
719865) has been appointed temporary insolvency manager.  The
company holds account number 2600102000076 at JSCB Pravex-Bank,
Kyiv branch, MFO 300487.

CONTACT:  INTELMED
          01000, Ukraine, Kyiv region,
          Pecherskij Str. Institutska Str. 25

          Ms. Svitlana Gritsaj
          Temporary Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 38

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


KYIVSTAR GSM: Strong Market Performance Prompts S&P's BB- Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM to 'BB-' from
'B+'.  The outlook is stable.

At the same time, the long-term senior unsecured debt rating on
the company's loan-participation notes issued by Dresdner Bank
AG (A/Stable/A-1) was raised to 'BB-' from 'B+'.

"The rating action reflects Kyivstar's continued strong market
performance," said Standard & Poor's credit analyst Michael
O'Brien.  "It also reflects growth in subscribers, EBITDA, and
operating cash flow generation in excess of earlier
expectations."

Faster-than-anticipated growth has primarily been driven by
accelerated mobile penetration growth in Ukraine, which has been
triggered by increased competition.  Kyivstar has successfully
defended its strong market position, with 13.9 million
subscribers at year-end 2005, and maintained solid EBITDA
profitability margins of 55.8% for the nine months to Sept. 30,
2005.

Significant growth potential in the 52% penetrated Ukrainian
market (at Oct. 31, 2005) remains, indicating further cash flow
growth potential for mobile operators.

Furthermore, although Kyivstar's credit quality is primarily
analyzed on a standalone basis, the one-notch upgrade also takes
into account the company's 56.52% ownership by Telenor ASA (A-
/Negative/A-2).  Although there is no financial support from
Telenor formally embedded into Kyivstar's current financing, we
nevertheless expect Telenor to provide a reasonable degree of
support to Kyivstar.  We would expect Telenor to take action, if
necessary, to maintain the value of its stake in Kyivstar, whose
financial performance now represents a material part of Telenor
group profits.  We also note that some of Telenor's outstanding
debt and future potential outstanding debt under its U.S. dollar
program includes a cross-default clause related to principal
subsidiaries such as Kyivstar.  This implies that a default on
Kyivstar's obligations could represent a direct risk for
Telenor. Overall, these factors imply an important financial
support for Kyivstar from its parent company, if required.

"Kyivstar is well placed to sustain its current credit quality,
due to its solid business position, controlled business
strategy, and manageable financial policy with regard to
investments and dividend payments to shareholders," added Mr.
O'Brien. "The outlook assumes that the political environment and
related economic situation in Ukraine will remain relatively
stable."

We do not expect dividend payments to put a strain on the
company's liquidity and debt repayment capacity. Kyivstar will
be free cash flow negative in the near term due to the size and
pace of its network capacity investments.  The financial
discipline of the company's management and shareholders, with
which Standard & Poor's has been satisfied to date, therefore
remains a key rating factor.

Any significant and durable deviation from Standard & Poor's
expectations in terms of cash flow generation could lead to the
outlook being revised to negative, as could any negative
financial effects resulting from shareholder disputes or
regulatory intervention.  Conversely, sustainable positive free
cash flow generation over time and an end to shareholder
disputes could have a positive effect on the outlook or ratings.

CONTACT:  CJSC KYIVSTAR GSM
          Phone: (044) 466 0 466
          Web site: http://www.kyivstar.net/


MUNICIPAL TAXI: Declared Insolvent
----------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Municipal Taxi (code EDRPOU 25029559) on
December 1, 2005, after finding the limited liability company
insolvent.  The case is docketed as 21/252-05-10129.  Valentina
Yegorova has been appointed liquidator/insolvency manager.

  (a) MUNICIPAL TAXI
      Ukraine, Odessa region,
      Bunin Str. 10

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


OJSC NAFTOGAZ: Fitch Revises Outlook to Negative
------------------------------------------------
Fitch Ratings has revised the Outlook on OJSC Naftogaz of
Ukraine's Long-term local and foreign currency 'BB-' ratings to
Negative from Stable.  This is to reflect the medium- to-long-
term negative credit implications for the company and its US$500
million Eurobond from the recent significant increase in the
pricing of natural gas imports from Central Asia, specifically
Turkmenistan.

Although the recent price increase will be partly mitigated by
higher transportation tariffs Naftogaz earns to transport
Russian gas across the territory of Ukraine, Fitch did not
envisage that the negotiated price increase would affect imports
from Turkmenistan.

Naftogaz is now to pay US$95 per 1,000 cubic meters (cm) of gas,
up from US$50/1,000 cm paid to Gazprom and US$44/1000 cm paid to
Turkmenistan in return for US$1.60/1,000cm/100km transportation
tariff from Gazprom.  At these prices, total cost increases to
Naftogaz for Russian gas are approximately US$200 million-250
million, which in Fitch's view are not enough to warrant a
change in the company's ratings.

Jeffery Woodruff, director in Fitch's Energy team, said, "The
problem is, however, that the increased pricing to US$95 per
1,000 cm does not only affect the approximately 25 billion cm of
gas Ukraine imports from Russia, but also applies to the
approximately 35 billion cm the country imports from
Turkmenistan."

At the new price of US$95/1,000 cm, Naftogaz's net gas bill
(total gas costs less earnings for transportation) for 2006 is
expected to rise by nearly US$1.8 billion-2.0 billion.  This
amount could vary slightly, depending on the degree to which
Naftogaz varies the mix between Russian and Central Asia gas,
but Fitch bases its analysis using the average price of
US$95/1,000 cm on the Russian-Ukrainian border to import 60
billion cubic meters of gas.

The Negative Outlook is also affected by the new agreement
reached with Gazprom over the terms and conditions of the
contract.  Under this agreement, Gazprom's transportation tariff
through Ukraine is fixed for five years, whereas gas prices for
Ukraine could be reviewed every six months.  This effectively
puts a cap on Naftogaz's ability to recover any additional cost
increases from Gazprom and could place downward pressure on the
company's ratings.  Of additional concern to Fitch is the
inability of Naftogaz to pass on these cost increases to
industry and utilities in Ukraine's fixed domestic price
environment.  Politics are also expected to play a significant
role in protecting industrial users from sharp price increases
that may cause financial problems leading to layoffs and social
unrest in an election year.  A rating downgrade would likely
result from an inability to adequately offset rising costs,
resulting in a deterioration of the company's key cash flow and
credit metrics.

The Outlook could return to Stable if Naftogaz were able to
demonstrate an ability to offset rising natural gas costs either
through a renegotiation in prices, an increase in transportation
tariffs, or an ability to pass on these costs to domestic end
users.  Additionally, Fitch factors in a degree of state
support, as Naftogaz is 100% state-owned and is a vital part of
the country's gas transportation infrastructure.  Fitch
anticipates that some kind of sovereign support could be
forthcoming to help offset some of these negative cost
implications.

CONTACT:  OJSC NAFTOGAZ
          6-B, Khmelnytski Str.
          Kyiv 01001
          Ukraine
          Phone: (+ 380 44) 4612333
          Fax: (+380 44) 2294579
          E-mail: ngu@naftogaz.net
          Web site: http://www.naftogaz.com/

          FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7-095-956-9986
          Andrew Steel, London
          Phone: +44-207-862-4086

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


PROGRES: Dnipropetrovsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Progres (code EDRPOU 31585979) on Nov. 28,
2005 after finding the private scientific-production enterprise
insolvent.  The case is docketed as B 29/228/05.  Ms. Roza
Romashko has been appointed liquidator/insolvency manager.

CONTACT:  PROGRES
          49000, Ukraine, Dnipropetrovsk region,
          Komsomolska Str. 52/108

          Ms. Roza Romashko
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          Moskovska Str. 6/301, 305
          Phone: 8 (056) 778-12-49
                         778-12-46

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


REPAIR-BUILDING 2: Goes Into Liquidation
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against OJSC Repair-Building Department 2 (code
EDRPOU 05456650) after finding the limited liability company
insolvent.  The case is docketed as 24/442-B.  Mr. D. Maltsev
(License Number AB 176269 of October 17, 2005) has been
appointed liquidator/insolvency manager.  The company holds
account number 260003911 at JSPPB Aval, MFO 300335.

CONTACT:  REPAIR-BUILDING DEPARTMENT 2
          Ukraine, Kyiv region,
          Alishera Navoyi Str. 1-a

          Mr. D. Maltsev
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Mikilsko-Slobidska Str. 6-a/19
          Phone/Fax: (044) 253-55-61

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


TEHNOPROMBUD: Court Names Roza Romashko Liquidator
--------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Private Enterprise Tehnoprombud (code EDRPOU
32410970) on November 29, 2005, after finding the limited
liability company insolvent.  The case is docketed as B
29/235/05.  Ms. Roza Romashko has been appointed
liquidator/insolvency manager.

  (a) TEHNOPROMBUD
      50053, Ukraine, Dnipropetrovsk region,
      Krivij Rig, Pyatihatska Str. 19

  (b) Ms. Roza Romashko
      Liquidator/Insolvency Manager
      49000, Ukraine, Dnipropetrovsk region,
      Moskovska Str. 6/301, 305
      Phone: 8 (056) 778-12-49
                     778-12-46

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


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


A H SMITH: Taps Steven Law as Administrator
-------------------------------------------
Steven Law (IP No 008727) of Ensors was appointed administrator
of A H Smith & Sons Limited (Company No 03943603) on Jan. 6.

CONTACT:  AH SMITH AND SONS LTD.
          Unit 10, Hainault Road
          The Sidings
          London E11 1HD
          Phone: 020 8539 0545

          ENSORS
          Cardinal House
          46 St Nicholas Street
          Ipswich, Suffolk IP1 1TT
          Phone: 01473 220022
          Fax: 01473 220033
          Web site: http://www.ensors.co.uk/


BAGSHAWS OF MELTON: Winds Up Operations
---------------------------------------
Bagshaws of Melton Limited informs that a resolution to wind up
the company was passed at an EGM held on Dec. 8, 2005, at Insol
House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP.

Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators.

CONTACT:  BAGSHAWS OF MELTON LIMITED
          Gas Showroom
          Dixons Yard Leicester Road
          MELTON MOWBRAY
          Leicestershire, LE13 0DA
          Phone: 01455 558 052
          Web site: http://www.insheds.co.uk/


CANTERBURY FOODS: Hires PricewaterhouseCoopers as Administrator
---------------------------------------------------------------
Ian David Green and Stephen Andrew Ellis (IP Nos 1328, 1264) of
PricewaterhouseCoopers LLP were appointed joint administrators
of Canterbury Foods Group Plc and Canterbury Realisations
Limited on Jan. 3.

Canterbury Foods Group Plc -- http://www.canterburyfoodsgroup-
plc.com/ -- imports, exports and sells meat and meat products,
food processing.  It also manufactures and markets specialist
food products, offers port services, stevedoring, storage and
distribution and mechanical handling.  Canterbury Realisations
Limited registered is engaged in processing and selling quality
meat-based products.

CONTACT:  CANTERBURY FOODS GROUP PLC
          Liverpool Street
          Hull HU3 4HW
          Phone: 01482 326234
          Fax: 01482 210375

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


CARDOK LTD: Taps S. Girling & M. Roach as Joint Liquidators
-----------------------------------------------------------
K. Webb, chairman of CARDOK LTD, informs that resolutions to
wind up the company were passed at an EGM held on Dec. 15, 2005,
at BDO Stoy Hayward LLP, in One Victoria Street, Bristol BS1
6AA.

Simon Girling and Mark Roach, of BDO Stoy Hayward LLP, were
appointed Joint Liquidators.


CONTACT:  CARDOK LTD
          2 All Saints Court
          Bristol, Avon BS1 1JN
          Phone: 0117-925 0088


COSTAIN GROUP: Consortium Wins GBP400 Million BSF Contract
----------------------------------------------------------
Costain Group plc, as part of the Integrated Bradford
consortium, has been selected by Bradford Council to deliver its
Building Schools for the Future (BSF) program.  The partnership
with Bradford Council calls for the delivery of 21st-century
learning environments to the city of Bradford.  The partnership
is worth approximately GBP400 million to the consortium over a
30-year period.

The first phase of the project will deliver three fully
operational new schools by 2008, with a second phase creating
further new schools that integrate special needs facilities with
mainstream secondary education.  The construction services will
be delivered by Costain in joint venture with Ferrovial Agroman.

Following the construction phases of the contract, the
consortium will take responsibility for the facilities
management of the schools, incorporating services from
caretaking through to cleaning, ground maintenance and security.

Once negotiations are complete, the Council, together with the
Integrated Bradford consortium and Partnerships for Schools, the
Government's Non-Departmental Public Body established to deliver
the BSF program, will form and jointly own a Local Education
Partnership, which will plan and implement the Council's
education transformation program.

"This program will generate significant improvements in the
opportunities for young people in Bradford as well as providing
modern education facilities that will benefit the wider
community," Alistair Handford, Costain PFI director, said.

Andrew Wyllie, Costain chief executive, said, "We are delighted
to be Preferred Bidder on this prestigious contract.  Bradford
is only the second Local Authority in the UK to appoint a BSF
private sector partner, and following our contract wins towards
the end of last year in Ealing and Kent is a testament to our
growing presence in both the education and PFI sectors."

BSF is the Government's biggest investment in education for half
a century, intended to promote a new approach to the design,
construction and operation of secondary schools.  During the
next 10-15 years, the program will renew and rebuild all the
secondary schools in England, creating learning facilities that
exploit information and communications technology, supported by
operational services that allow teachers to focus on teaching.

                     About the Company

Costain collapsed under heavy debt in the mid-1990s after
venturing into U.S. mining.  It is still trying to recover with
its first dividend in years expected this year or next.  Its
core U.K. business reported a GBP10.5 million profit last year
after plunging into a EUR5 million loss in 2000.

The company has moved into asset management of water utilities
from civil engineering.  In May, the special resolution
approving the reduction of share capital and cancellation of
share premium account in the company was approved by the
Companies Court and registered at Companies House.

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44-1628-842-444
          Fax: +44-1628-674-477
          Web site: http://www.costain.com/

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444


EASYNET GROUP: Names Two New Executive Directors
------------------------------------------------
The Board of Directors for Easynet Group plc disclosed the
resignation of Thomas Keith Todd, Anthony Lindsay Caplin, David
John Fletcher and Philip Roy Mullan as directors, effective
Jan. 13, 2006.  Easynet has appointed James Murdoch and Jeremy
Darroch as executive directors, effective Jan. 13, 2006.

In connection with those appointments, there are no details that
are required to be disclosed by paragraphs 9.6.11 or 9.6.13 of
the Listing Rules of the U.K. Listing Authority, save that James
Murdoch and Jeremy Darroch are currently directors of British
Sky Broadcasting Group plc and, in addition, within the last
five years Jeremy Darroch has been, but is no longer, a director
of DSG International plc (formerly Dixons Group plc).

The Board changes are made as a result of the recent takeover
bid by Sky Broadband Services Limited, a wholly owned subsidiary
of British Sky Broadcasting Group plc, for Easynet.  The Offer
was declared unconditional in all respects on Jan. 6, 2006.

                            *   *   *

                        Sky Takeover Bid

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 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.

On 21 October 2005, Lazard & Co., Limited and Morgan Stanley &
Co. Limited made a recommended cash offer on behalf of Sky
Broadband Services Limited entire issued and to be issued share
capital of Easynet.  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.

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


EMPIRE TEMPORARY: Names Milner Boardman & Partners Administrator
----------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) of Milner
Boardman & Partners were appointed joint administrators of
Empire Temporary Staff Limited (Company No 03798710) on Jan. 6.  
Its registered office is at Minerva House, 5 Chorley New Road,
Bolton BL1 1BN.

Empire Temporary Staff Ltd -- http://www.empiretemps.com/10.html
-- specializes in the recruitment of permanent and temporary
staff.   They supply industrial and engineering staff to
companies in the North West for well over 10 years.

CONTACT:  EMPIRE TEMPORARY STAFF LIMITED
          601 Bury Road
          Breightmet
          Bolton BL2 6HZ
          Phone: 01204 525263
          Fax: 01204 373563

          MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk/


ENERGY SOLUTIONS: Names David Hughes as Liquidator
--------------------------------------------------
R. Clark, chairman of Energy Solutions (Lighting) Ltd disclosed
that a resolution to wind up the company was passed at an EGM
held on Dec. 16, 2005, at Owen House, in Trinity Lane,
Cheltenham, Gloucestershire GL52 2NT.

David Hughes is appointed as Liquidator to wind up the company's
business.

CONTACT:  ENERGY SOLUTIONS LIGHTING LTD
          The Old Off Licence
          Pershore, Worcestershire
          WR10 2EE                   
          Phone: 01905 841978
          Fax: 01905 841672
          E-mail: marketing@universallighting.co.uk  
          Web site: http://www.universallighting.co.uk/


FOCUS DIY: S&P Cuts GBP285-Mil Long-Term Debt Rating to B
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Focus DIY (Finance) PLC and Focus
DIY (Investments) Ltd., the parent companies of U.K.-based home-
improvement retailer Focus, to 'B-' from 'B'. The outlook is
negative.

Standard & Poor's also lowered its long-term debt rating on
Focus DIY (Investments) Ltd.'s GBP285 million ($504 million)
senior secured bank loan to 'B' from 'B+'-- which is one notch
above the corporate credit rating -- with a recovery rating of
'1', indicating our expectation of full recovery of principal
for senior lenders in the event of a payment default.  Both the
recovery rating and secured debt rating remain under pressure,
however--a situation that would be exacerbated by further weak
trading performance.  In addition, the long-term debt rating on
Focus DIY (Finance) PLC's GBP100 million second-lien mezzanine
senior subordinated notes was lowered to 'CCC' from 'CCC+'.

At the same time, all ratings were removed from CreditWatch with
negative implications, where they had been placed on Sept. 16,
2005, in anticipation of significant operating underperformance,
and in view of concerns over compliance with financial covenants
under the senior secured facilities.  All ratings remain subject
to the successful finalization of financial covenant changes
with senior lenders, and the satisfactory review, by Standard &
Poor's, of any revised documentation.

"We expect Focus' leverage to remain significant over the medium
term, owing to a substantial decline in sales and earnings in
financial 2005, and the likelihood of a difficult U.K. home-
improvement market over the next 12 months," said Standard &
Poor's credit analyst Sunita Kara.

Net debt (adjusted for operating leases) to EBITDAR is likely to
continuously exceed 6.0x over the medium term, owing to reduced
profits from home-improvement trading.  Furthermore, intense
competition, driven by significant promotional activity by the
larger home-improvement retailers--which are substantially
better financially resourced than Focus--is likely to continue,
placing further pressure on the group's profitability.  Focus'
financial profile and liquidity position remain vulnerable to
any negative industry developments.

The ratings on Focus continue to reflect the group's very high
leverage, and its reliance on the decorative segment of the DIY
market, which is more competitive and exposed to retail
consumption trends than the building trade segment.  These
factors are partly offset by the positive long-term fundamentals
of the U.K. home-improvement market.  

"In view of the group's reduced earnings base and high
operational gearing, a moderately adverse swing in trading could
impair its liquidity position, putting pressure on the ratings,"
said Ms. Kara.  "An outlook revision to stable is highly
unlikely in the short term."

CONTACT:  FOCUS DIY
          Gawsworth House, Westmere Drive,
          Crewe, Cheshire, CW1 6XB
          Phone: 01270 501555


GLENROSE PROPERTY: Creditors Meeting Set Next Week
--------------------------------------------------
Creditors of Glenrose Property Services Limited will meet on
January 23, 2006, 12 noon at The Old Town Hall, 29 The Broadway,
Stratford, London E15 4BQ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to J. P. Bradney, joint administrator of Berg Kaprow
Lewis LLP, 35 Ballards Lane, London N3 1XW not later than 12
noon, Jan. 20, 2006.

CONTACT:  BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121


GUY KREMER: Paul Williams & Jason Godefroy to Administer Assets
---------------------------------------------------------------
Paul Williams and Jason Godefroy (IP Nos 9294, 9097) of Menzies
Corporate Restructuring were appointed administrators of
Guy Kremer Haircare Products Ltd (Company No 05098693) on
Jan. 4.  

Guy Kremer Haircare Products Ltd -- http://www.guykremer.com/--  
sells perfume and cosmetics.

CONTACT:  GUY KREMER SALON
          Stonemasons Court
          67 Parchment St.
          Winchester, Hampshire SO23 8AT
          Phone: +44 (0) 1962 863 827
          Fax: +44 (0) 1962 854 835
  
          MENZIES CORPORATE RESTRUCTURING
          43/45 Portman Square
          London W1H 6LY
          Phone: 020 7487 7240  


HEALTH CLUB: Administrators Enter Firm
--------------------------------------
Richard Frank Simms and Martin Richard Buttriss (IP Nos 9252,
9291) of F A Simms & Partners Plc were appointed joint
administrators of The Health Club (Walthamstow) Limited (Company
No 5020503) on Dec. 23.  Its registered office is at 135 Wadham
Road, Walthamstow, London E17 4HR.

CONTACT:  F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


INEOS GROUP: S&P Rates Proposed EUR3.1 Bln Notes at B-
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
debt rating and '5' recovery rating to the proposed equivalent
EUR3.1 billion fixed- and floating-rate subordinated notes
issued by Ineos Group Holdings PLC (B+/Stable/--), the parent of
Ineos Holdings Ltd. (B+/Stable/--), the U.K.-based chemicals
group.
  
The '5' recovery rating on the proposed notes indicates our
expectation of negligible recovery of principal (0%-20%) for
noteholders in the event of a payment default.  The notes are
rated 'B-', two notches below the 'B+' corporate credit rating
on Ineos, because noteholders benefit from a second-priority
security package that is significantly weaker than that of the
senior secured debtholders. The facilities are being arranged to
refinance a high-yield bridge loan put in place as part of
Ineos' acquisition of Innovene from BP PLC (AA+/Stable/A-1+).
  
The ratings on the Ineos group reflect its aggressive financial
policy, marked by substantial debt-funded external growth and
resulting weak cash flow coverage; cyclical markets; and free
operating cash flow that is vulnerable to potentially higher
capital expenditures, higher restructuring costs, or lower
savings than anticipated in the business plan for Innovene.
These factors are partially offset by fair diversification, the
group's management's track record in acquiring and boosting
assets, and positive cycle prospects for the next few years.
  
                     Recovery Analysis

With the proposed note issues, Ineos' debt facilities are
expected to comprise:
  
   * Senior secured loans including:

    (a) Tranche A (EUR1.57 billion, amortizing and maturing in
        seven years);

    (b) Tranche B (EUR1.60 billion, bullet maturing in eight
        years);
  
    (c) Tranche C (EUR1.60 billion, bullet maturing in nine
        years);
  
    (d) Borrowing base facility (EUR1.3 billion, bullet maturing
        in seven years); and
  
    (e) Revolving credit facility (EUR0.7 billion, bullet
        maturing in seven years).
    
   * Subordinated debt including:

     -- EUR3.1 billion equivalent fixed- and floating-rate notes
        ranking pari passu with each other.
  
When estimating recoveries, Standard & Poor's simulates a
default scenario.  "We used an enterprise valuation approach as
we believe the group, with its fair business profile, would most
likely default as a result of its high leverage, and lenders
would achieve greater value through reorganization than through
a liquidation of assets.  Standard & Poor's simulated default
scenario assumed a potential combination of these factors:

  (a) Increased stress on the length and depth of the various
      down-cycles and recovery period forecast by management,
      particularly in the petrochemicals businesses, a key
      profit driver for the group;
  
  (b) Incremental raw-material cost increases;
  
  (c) Reductions in the amount and timeliness of the business
      plan cost savings, although some credit has been given for
      Ineos' track record in cost cutting.  The cost savings are
      key to offsetting expected falls in profitability as the
      pricing cycle turns; and
  
  (d) Increases in interest margins and cost of funding (taking
      into account expected hedging of 50% of the senior secured
      debt) needed to secure waivers or amendments.
    
In addition, S&P made the following assumptions:

  (a) The revolving facility is assumed to be fully drawn at the
      point of default;
  
  (b) The borrowing base facility is assumed to have been
      prepaid and converted into an accounts receivable
      securitization; and
  
  (c) Outstanding senior pari passu liabilities are expected to
      be at the maximum level permitted under the financing
      documentation.
    
Under its simulated scenario and using primarily a discounted
cash flow valuation analysis, a payment default is unlikely to
occur before 2009.

For the senior secured debtholders, taking into account other
material pari passu senior obligations and prior-ranking
liabilities, Standard & Poor's anticipates recovery in the 80%-
100% range, indicating substantial recovery of principal and
resulting in a recovery rating of '2'.
  
Using the same valuation approach, this leaves negligible
coverage available for noteholders.  Additionally, with a
security package that is significantly more limited in scope
than that available to the senior debtholders and limited to
second-priority ranking, Standard & Poor's expects marginal
prospects for recovery for noteholders in the 0%-20% range
leading to a recovery rating of '5'.
  
Both recovery ranges take into consideration the potential for
cross-jurisdictional issues that may affect ultimate recoveries
and the inherent volatility in some of the group's operations.
  
The full report, titled "Recovery Analysis: Ineos Holdings Ltd.
EUR6.77 billion Senior Secured Bank Financing And Ineos Group
Holdings PLC Proposed EUR3.1 billion Fixed- And Floating- Rate
Notes," will be available on Jan. 17, 2006, on RatingsDirect,
Standard & Poor's Web-based credit analysis system.  This is a
new style of report that examines the recovery prospects of the
transaction.  We will be publishing "Recovery Analysis" reports
in the future for other prominent transactions.

CONTACT:  INEOS GROUP
          Richard Longden
          Phone: 0238 0287081
          Web site: http://www.ineos.com/


KAYBE (CONVEYORS): Voluntarily Winds Up Operations
--------------------------------------------------
D Cockayne, director of Kaybe (Conveyors) Limited, disclosed
that resolutions to wind up the company were passed at an EGM
held on Nov. 30, 2005, at 43 Amber Close, Tamworth Business
Park, Tamworth, Staffordshire.

C H I Moore is appointed as Liquidator to wind up the company's
operations.

CONTACT:  KAYBE (CONVEYORS) LTD  
          Amber Close Unit 46
          Amber Close Tamworth B77 4RP
          UNITED KINGDOM
          Phone: +44 1827-76-15-82
          Fax: +44 1827-31-06-39


LADIES HEALTH: Meeting of Creditors Set for Friday
--------------------------------------------------
Creditors of Ladies Health & Fitness Club Limited will meet on
Friday, Jan. 20, 2006, 11 a.m. at Smith & Williamson Limited, 25
Moorgate, London EC2R 6AY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to I. J. Allan and H. A. Shinners, joint
administrative receivers of Smith & Williamson Limited, 25
Moorgate, London EC2R 6AY not later than 12:00 noon, January 19,
2006.

CONTACT:  SMITH & WILLIAMSON
          25 Moorgate
          London EC2R 6AY
          Inner London  
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: henry.shinners@smith.williamson.co.uk


LEVACOM LIMITED: D L Evans Leads Liquidation Efforts
----------------------------------------------------
Members of Levacom Limited passed a resolution to wind up the
company during an EGM on Dec. 14, 2005, at Risborough House, 38-
40 Sycamore Road, Amersham, Buckinghamshire HP6 5DZ.

D L Evans, Levacom's chairman, disclosed that the company cannot
continue its business due to its liabilities.

Stephen Paul Grant, of Wilkins Kennedy, is appointed Liquidator.  

Levacom Limited makes standard and customized monopoles, lattice
towers, camouflage/stealth solutions and other site
infrastructure products for telecommunications, cellular,
microwave, military, radar and broadcast use.

CONTACT:  LEVACOM LIMITED
          Old Bank House
          39 High Street
          High Wycombe
          Buckinghamshire
          HP11 2AG
          Tel: 01494 513 999
          Fax: 01494 440 600
          info@levacom.com
          http://www.levacom.com/


LUCKY LIZARD: Creditors Approved S Franklin as Liquidator
---------------------------------------------------------
A. McMillan, chairman of Lucky Lizard Limited, disclosed that a
resolution to wind up the company was passed at an EGM held on
Dec. 13, 2005, at Albany House in 18 Theydon Road, London E5
9NZ.

S Franklin, of Panos Eliades, Franklin & Co., is appointed
Liquidator.  Creditors confirmed the appointment at a meeting
held on the same day.

Lucky Lizard Limited offers project management and budget
reports for playgrounds.  

CONTACT:  Lucky Lizard Limited
          Attn: Allesandro Mc Millan
          Broadley House
          48 Broadley terrace
          London NW1 6LG
          Tel: 020 7258 0324
          Fax: 020 7724 2361
          E-mail: al@luckylizard.co.uk
          Web site: http://www.luckylizard.co.uk/


M L BUCKS: Claims Filing Period Ends Feb. 11
--------------------------------------------
M. E. D. Sheppard, chairman of M L Bucks Limited, informs that
the special resolution to wind up the company was passed at an
EGM held on Jan. 3 at Gossoms End, Berkhamsted, Hertfordshire
HP4 1HU.  Anthony David Kent of Maidment Judd, 60-62 High
Street, Harpenden, Hertfordshire AL5 2SP was appointed
liquidator.

Creditors are required on or before February 11, 2006, to send
in their full forenames and surnames, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any), to Anthony David Kent.

CONTACT:  MAIDMENT JUDD
          60/62 High Street
          Harpenden
          Hertfordshire AL5 2SP
          Phone: 01582 469700
          Fax: 01582 460674
          E-mail: akent@maidmentjudd.co.uk


MOLYNEUX ENGINEERING: Creditors Confirm Liquidation Proceeding
--------------------------------------------------------------
R J Molyneux, chairman of Molyneux Engineering Limited,
disclosed that a resolution to wind up the company was passed at
an EGM held on Dec. 13, 2005, at 93 Queen Street, Sheffield S1
1WF.

Allan Cooper and John Russell, of The P&A Partnership, were
appointed Liquidators.  Creditors confirmed the liquidation and
appointment during the meeting of creditors held subsequently.

CONTACT:  MOLYNEUX ENGINEERING LTD  
          Darley Dale Molyneux Business Park
          Whitworth Road, Matlock DE4 2HJ
          UNITED KINGDOM
          Tel: +44 (1629) 73-48-23
          Fax: +44 (1629) 73-48-22


NATIONAL AUSTRALIA: Agrees to Transfer U.K. Management Business
---------------------------------------------------------------
National Australia Bank reached an agreement to transfer the
management of its U.K. Clydesdale and Yorkshire Bank
Discretionary Investment Management portfolios to Tilney
Investment Management.

The Clydesdale and Yorkshire Bank Discretionary Investment
Management operation has over 1500 customer portfolios with an
approximate value of funds under management of GBP300 million.

Tilney is one of the largest independent wealth managers in the
U.K., with over 12,000 clients and assets under management in
excess of GBP5 billion.

The sale is expected to be completed prior to June 2006.

Terms of transaction are commercial in confidence but are not
material to NAB.

CONTACT:  NATIONAL AUSTRALIA BANK LTD.
          Level 24, 500 Bourke Street,
          Melbourne, Victoria, Australia, 3000
          Phone (head office): (03) 8641-4160
          Fax (head office): (03) 8641-4927
          Web site: http://www.national.com/


NEARTONE LIMITED: Winds Up Operations
-------------------------------------
A. Baguley, chairman of Neartone Limited, disclosed that a
resolution to wind up the company was passed at an EGM held on
Dec. 16, 2005, at Gateway Hotel in Nottingham NG8 6AZ.

S Franklin, of Panos Eliades, Franklin & Co., is appointed
Liquidator.  Creditors confirmed the appointment at a meeting
held on the same day.

CONTACT:  NEARTONE LTD  
          Arnold 16 Catton Rd.
          Nottingham NG5 7JD
          UNITED KINGDOM
          Tel: +44 (115) 967-03-17
          Fax: +44 (115) 967-03-79   


ONEGARDEN LIMITED: Appoints Houghton Stone as Administrator
-----------------------------------------------------------
Simon Thornton (IP No 9031) of Houghton Stone Business Recovery
was appointed joint administrators of Onegarden Limited (Company
No 04314384) on Jan. 4.  The company operates a garden center.

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


PES GROUP: Meeting of Creditors Set Next Week
---------------------------------------------
Creditors of Pes Group Limited (Company No 002692496) will meet
on January 25, 2006, 11:30 a.m. at Bourne Hall, Spring Street,
Ewell, Surrey KT17 1UF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to G P Petersen and J P Vahey, joint administrators
of Benedict Mackenzie LLP, 5-6 The Courtyard, East Park,
Crawley, West Sussex RH10 6AG not later than 12:00 noon, on
Jan. 24, 2006.

Park Electrical Services -- http://www.pes-group.co.uk/--  
specializes in industrial electrical components.


CONTACT:  PARK ELECTRICAL SERVICES
          3 Hertford House,
          Farm Close, Shenley,
          Herts, WD7 9AB
          Phone: (01923) 853434
          Fax: (01923) 289888
          E-mail: kevin.mcdermot@pes-group.co.uk

          BENEDICT MACKENZIE
          5-6 The Courtyard
          East Park
          Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mail: m.fillmore@benemack.com


RANK GROUP: Shareholders Okay Deluxe Film Disposal
--------------------------------------------------
Rank Group plc has revealed that the resolution to approve the
proposed disposal of Deluxe Film to DX III Holdings Corporation,
a wholly owned indirect subsidiary of MacAndrews & Forbes
Holdings Inc., and the associated increase in the permitted
borrowing powers was passed by the Company's shareholders at the
EGM held Monday.  The Disposal is still conditional, among other
things, upon obtaining clearance from Spanish anti-trust
authorities and is expected to complete on 27 January 2006.

A copy of the resolution passed at the Company's EGM has been
submitted to the U.K. Listing Authority and will shortly be
available for inspection at the U.K. Listing Authority's
Document Viewing Facility, which is situated at the Financial
Services Authority, 25 The North Colonnade, Canary Wharf, London
E14 5HS (Phone: 020 7676 1000), during normal business hours on
any weekday (public holidays excepted).

The resolution proposed at the Company's EGM was carried on a
show of hands.  The proxy figures for the resolutions will
shortly be displayed on the Company's corporate Web site at
http://www.rank.com/

                            *   *   *

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

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

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


SAMUEL BEN: In Administrative Receivership
------------------------------------------
Regency Factors Plc appointed Gary Corbett and Colin Burke
(Office Holder Nos 9018 and 8803) of Milner Boardman & Partners
joint administrative receivers of Samuel Ben David Limited (Reg
No 02715151) on Jan. 3.  The company was formerly named
Vitalpost Limited.

CONTACT:  SAMUEL BEN DAVID LTD.
          13 Broughton Lane,
          Manchester, Lancashire M8 9TY
          Phone: 01618347940

          MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk/


SKYEPHARMA PLC: UBS Unveils 4.05% Equity Stake
----------------------------------------------
In accordance with the Companies Act 1985 (as amended) the
Company was informed on 13 January 2006 that UBS AG and its
subsidiaries (UBS) held a notifiable interest in 30,544,717
ordinary shares of 10 pence each, representing 4.05% of the
issued share capital of the Company.

                            *   *   *

On 17 November 2005 the Board of SkyePharma disclosed 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 Dec. 8, SkyePharma also disclosed 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/

          UBS AG  
          Bahnhofstrasse 45
          CH-8098 Zurich
          Switzerland
          Phone: +41-44-234-4111
          Fax: +41-44-234-3415
          Web site: http://www.ubs.com/


SPECTRUM ARCHITECTURAL: Hires Administrator from Hazlewoods
-----------------------------------------------------------
Philip John Gorman (IP No 8069) of Hazlewoods LLP was appointed
administrator of Spectrum Architectural Coatings Ltd (Company No
03138470) on Jan. 4.  Its registered office is at Qualtronyc
Business Park, High Street, Princes End, Tipton, West Midlands
DY4 9HG.  

CONTACT:  HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk/


STADIUM SEATING: Names Administrator from Smith & Williamson
------------------------------------------------------------
Neil Francis Hickling (IP No 5449) of Smith & Williamson Limited
was appointed administrator of Stadium Seating Limited (Company
No 03472990) on Jan. 6.  The company supplies stadium seats.

CONTACT:  SMITH & WILLIAMSON
          1 St Swithin Street
          Worcester
          Worcestershire WR1 2PY
          Phone: 01905 730100
          Fax: 01905 723502
          E-mail: nfh@smith.williamson.co.uk


THINKINGCAP TECHNOLOGY: Hires Liquidator from Tomlinsons
--------------------------------------------------------
C. Cussons, chairman of Thinkingcap Technology Limited, informs
that the special and ordinary resolution to wind up the company
were passed at an EGM held on Dec. 20 at 100 The London Fruit &
Wool Exchange, Third Floor, Brushfield Street, London E1 6EX.  
Alan H. Tomlinson of Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL was appointed liquidator.

Creditors are required on or before February 28, 2006, to send
in their full forenames and surnames, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) to Alan H. Tomlinson.

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


YZMA 001: Taps Mitchell Charlesworth as Joint Administrator
-----------------------------------------------------------
Jeremy Paul Oddie and Geoffrey Michael Weisgard (IP Nos 008918,
002781) of Mitchell Charlesworth were appointed joint
administrators of YZMA 001 Limited (Company No 03304602) on Dec.
23.  Its trading address is at McDonald House, Cobden Street,
Salford M6 6NA.  The company is previously named McDonald's
Doors Limited.

CONTACT:  MITCHELL CHARLESWORTH
          6th Floor
          Brazennose House West
          Brazennose Street
          Manchester M2 5FE
          Phone: 0161 817 6100
          Fax: 0161 817 6102
          E-mails: Jeremy.Oddie@mitchellcharlesworth.co.uk
                   geoff.weisgard@mitchellcharlesworth.co.uk


                            *********                            


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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Copyright 2006.  All rights reserved.  ISSN 1529-2754.

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