TCREUR_Public/060120.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

            Friday, January 20, 2006, Vol. 7, No. 15

                            Headlines

C Z E C H   R E P U B L I C

VSEOBECNA ZDRAVOTNI: Josef Cekal Sits as Interim Chief


E S T O N I A

GALVEX HOLDINGS: Gives Case Summary, Largest Unsecured Creditors


F R A N C E

RHODIA S.A.: Organizational Shake-up Ongoing


G E R M A N Y

ADKURA GMBH: Has Until Feb. 13 to File Proofs of Claims
DAIMLERCHRYSLER AG: Chairman Faces Insider Trading Probe
DAIMLERCHRYSLER AG: Eyes Malaysian Site for S-Class Models
GLASMANUFAKTUR BEUEL: Bonn Court Names Administrator
H&T BAU: Creditors to Meet March 20

HANS-JUERGEN: Charlottenburg Court to Verify Claims on May 24
HELLE AUE: Court Begins Bankruptcy Proceedings
IMA-GMBH: Darmstadt Court Names Ulrich Bert as Administrator
KONIGLICHE PORZELLAN-MANUFAKTUR: J. Woltmann Eyes Takeover
PRO PRINT: Claims Filing Period Ends February 24

PROSIEBENSAT.1 MEDIA: Springer Withdraws Sale Offer
PROSIEBENSAT.1 MEDIA: Springer Mulls Ministerial Approval
R&M RATIONALISIERUNGS: Meeting of Creditors Slated for March 28
SYSTEAM EDV: Aachen Business Under Bankruptcy Administration
THOMAS COOK: Reviewing U.K. Businesses


K A Z A K H S T A N

FILODER: Creditors Have Until Feb. 14 to File Proofs of Claims
OPAL PLUS: Faces Insolvency Proceedings
TABYS LTD.: Gives Creditors Until Next Month to Register Claims
URALS: Succumbs to Insolvency


K Y R G Y Z S T A N

FERE: Creditors Have Until March 13 to File Proofs of Claims
KARDAR-TRADE: Claims Bar Date Set for March 13
REUT: Sets Proofs of Claim Deadline


N E T H E R L A N D S

ROYAL SHELL: Has 3.9 Billion Remaining 'A' Shares


R U S S I A

CYBER-COM: Moscow Court Opens Bankruptcy Proceedings
KODA-STROY-COMPLEX: Court Names S Abyshev as Insolvency Manager
MOTORIST: Insolvency Manager Takes Over Firm
PROM-SEVER-TRANS: Court Names R. Shafikov as Insolvency Manager
SOVETSKIY INTERREGIONAL: Faces Bankruptcy Proceedings in Kursk

TUKANSKOYE: Undergoes Bankruptcy Supervision Procedure
TYUMEN-OIL-GAS-MASH: Tyumen Court Brings In Insolvency Manager
UST-KILMEZSKIY REID: Faces Bankruptcy Proceedings in Kirov
VILYUYSKOYE ENTERPRISE: Bankruptcy Supervision Procedure Begins
WOOD LOGGING: Succumbs to Bankruptcy Proceedings in Irkutsk


S W E D E N

SKANDIA INSURANCE: FSA Okays Old Mutual Takeover Deal


U K R A I N E

BIKIVKA' GLASS: Under Bankruptcy Supervision
BILA TSERKVA MECHANICAL: Court Freezes Debt Payment
BOGUSLAVKA: D. Zheronkin Serves as Temporary Insolvency Manager
MAYAK: Herson Economic Court Begins Bankruptcy Proceedings
NADVIRNA NAFTOHIM: Succumbs to Insolvency

SAMADO: Liquidator Takes Over Operations
SPETSFORMPOSTACH: Kyiv Economic Court Begins Bankruptcy
UROZHAJ: Cherkassy Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

BERVIN TOOL: Meeting of Creditors Slated for Thursday
BRADSHAW PROPERTY: Bristol Registry Orders Liquidation
CHE HOTEL: Obtains 8.5% Acceptances under Open Offer
CHILTERN PLASTIC: Receives Winding-up Order
CLOTHCO 05008: Members Pass Wind Up Resolution

CLYDESDALE BANK: Parent to Shift Pension Schemes for Affiliates
DYNAPAC CONSTRUCTION: Appoints Ernst & Young as Liquidator
EGA SINTER: Metal Manufacturer Calls in Administrator
ETIX (UK): Ernst & Young Tapped to Liquidate Assets
GROSVENOR GRAIN: Calls in Liquidators from DTE Leonard Curtis

INDEPENDENT PETROLEUM: Claims Filing Period Ends Next Month
INEOS GROUP Moody's Rates EUR3.1 Billion Notes (P)B2
JCGS NO.1: Liquidator from Grant Thornton Enters Firm
LOS MARINOS: Appoints HJS Recovery as Administrator
MONEY SAVERS: Hires Leonard Curtis & Co. to Administer Assets

MOTORFAST LIMITED: Administrator Enters Firm
PETARDS GROUP: Grants Directors Share Options
STAMGATE LIMITED: Hires Administrator from Wilson Field
TITAN COMPUTING: Administrators Enter Firms
WOOLWORTHS GROUP: Appoints New Non-executive Director

WOOLWORTHS GROUP: Sales Down 0.8% Over Christmas & New Year
WRE DISPOSAL: Names Tenon Recovery as Administrator
ZENITH CONNECTIONS: Meeting of Creditors Set Today

     -  -  -  -  -  -  -  -

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


VSEOBECNA ZDRAVOTNI: Josef Cekal Sits as Interim Chief
------------------------------------------------------
Josef Cekal replaces Jirina Musilkova as bankrupt Vseobecna
zdravotni Pojistovna Ceske Republiky's (VZP) new chief, Czech
Happenings reports.

In a secret balloting at the lower house of the Chamber of
Deputies, 100 out of 170 deputies present voted in favor of Mr.
Cekal's appointment.  Mr. Cekal previously headed VZP Prague and
was a member of the forced administrator's team.

"I'd like the forced administration to end so that we can
stabilize VZP's operation, start working in a standard way and
prepare it for a new, regularly elected director," Mr. Cekal
said.

Mr. Cekal added that the forced administration should be lifted
immediately since it causes unrest among clients and employees.
The new chief believes that the group's financial management
could be stabilized in 2006, if:

   -- the government starts paying higher insurance fees for
      children, pensioners and the unemployed; and

   -- all collected insurance fees will be redistributed among
      health insurers.

Mr. Cekal will remain at the post until the Chamber of Deputies
name a new head through a selection process.  More candidates
will be considered in the new process, which might take months
to complete.  Mr. Cekal said he would also apply for the post.

Health Minister David Rath placed VZP under forced
administration on Nov. 10, citing a need to stabilize the
heavily indebted group.  VZP, which operates on an annual budget
of CZK200 billion, has racked up debt of CZK11 billion, which
Mr. Rath blamed on Ms. Musilkova's poor performance.  She,
however, denied the charges.

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


=============
E S T O N I A
=============

GALVEX HOLDINGS: Gives Case Summary, Largest Unsecured Creditors
----------------------------------------------------------------
Galvex Holdings Limited released the following information:

Lead Debtor: Galvex Holdings Limited
             7 Times Square, 35th Floor
             New York, New York 10036

Bankruptcy Case No.: 06-10083

Debtor affiliates filing separate Chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Galvex Capital, LLC                        06-10082
      Galvex Estonia OU                          06-10084
      Galvex Intertrade OU                       06-10085
      Galvex Trade Limited                       06-10086

Type of Business: The Galvex group of companies operates the
                  largest independent galvanizing line in
Europe.
                  The Debtors has offices in New York, Tallinn,
                  Bermuda, Finland, Ukraine, Germany and the
                  United Kingdom.  The Group is privately owned
                  but is backed by a cross of European syndicate
                  of banks.  See http://www.galvex.com/

Chapter 11 Petition Date: January 17, 2006

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Debtors' Counsel: David Neier, Esq.
                  Winston & Strawn
                  200 Park Avenue
                  New York, NY 10166-4193
                  Tel: (212) 294-5318
                  Fax: (212) 294-4700

Estimated Assets: More than $100 Million

Estimated Debts:  More than $100 Million

A. Galvex Holdings Limited's 9 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Coudert Brothers                 Trade Debt            $310,428
114 Avenue of the Americas
New York, NY 10036

Allen & Overy LLP                Trade Debt            $149,669
One New Change
London EC4M 9QQ
United Kingdom

Weil Gotshal & Manges            Trade Debt            $105,079
767 Fifth Avenue
New York, NY 10153

LeBeof Lamb Green MacRae         Trade Debt             $71,731
No. 1 Minster Court
Mincing Lane
London EC3R 7AA
United Kingdom

Drinker Biddle & Reath           Trade Debt             $33,608

Holman Fenwick & Willan          Trade Debt             $28,473

Orrick Herrington & Sutcliffe    Trade Debt             $10,688

Marsh Inc.                       Trade Debt              $6,382

Tark & Co.                       Trade Debt              $2,529

B. Galvex Capital, LLC's 14 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Drinker Biddle & Reath           Trade Debt             $33,608
One Logan Square
18th and Cherry Streets
Philadelphia, PA 19103

Boston Properties                Trade Debt             $24,024
599 Lexington Avenue
New York, NY 10022

New York State Dep't. of Labor   Trade Debt              $1,953

New York State Insurance Funds   Trade Debt              $1,946

Symantec                         Trade Debt              $1,929

Verizon Wireless                 Trade Debt              $1,858

Marsh Canada Ltd.                Trade Debt              $1,758

T-Mobile                         Trade Debt              $1,443

Verizon                          Trade Debt                $671

Speakeasy                        Trade Debt                $530

Chelsea Computers                Trade Debt                $350

CT Corporation                   Trade Debt                $309

RCN                              Trade Debt                $236

New York State Insurance Funds   Trade Debt                $106

C. Galvex Estonia OU's 20 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Allando Trailways AS             Trade Debt             $60,570
Narva MNT. 53-11
10152 Tallinn, Estonia

Refetra AS                       Trade Debt             $58,610
Koorma 17
74102 Tallinn, Estonia

Boliden Commercial AB            Trade Debt             $48,427
SE-932, 81 Skelleftehamn
Sweden

Eesti Gaas AS                    Trade Debt             $45,141
Liivalaia 9
10118 Tallinn, Estonia

Eesti Gaas AS                    Trade Debt             $40,730
Parnu MNT. 139F
11317 Tallinn, Estonia

Eesti Energia AS                 Trade Debt             $36,368
Laki 24
12915 Tallinn, Estonia

Ahola Transport OY               Trade Debt             $33,915

R.R.S. NV                        Trade Debt             $24,225

MSC Eesti AS                     Trade Debt             $23,333

SP Transit Eesti AS              Trade Debt             $17,933

Falck Eesti AS                   Trade Debt             $12,994

Technomar & Adrem AS             Trade Debt             $12,176

Quadri Grupi AS                  Trade Debt             $11,577

Pohivork OU                      Trade Debt             $11,308

Dispera Baltic OU                Trade Debt             $10,938

Elisa Mobiilsideteenused AS      Trade Debt              $9,228

Puumerkki AS                     Trade Debt              $8,193

Skanska EMV AS                   Trade Debt              $8,008

Kindlused Puhastus OU            Trade Debt              $6,220

Akson Metallitood TU             Trade Debt              $5,343

D. Galvex Trade Limited's 4 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
A/S Severstallat                 Trade Debt          $5,761,983
201 Brivibas Avenue
Rig LV-1039
Latvija

Salzgitter Mannesmann            Trade Debt          $5,228,000
International
Schwannstraus 12
Dusseldorf 40476
Germany

Stemcor UK Ltd.                  Trade Debt            $624,757
Level 27, CityPoint I
Ropemaker Street
London EC2Y 9ST
United Kingdom

Kibar Dis Ticaret A.S.           Trade Debt            $745,689
Tersane Cad.
Bakir Sok.Assan han No. 19
8000 Karakoy, Istanbul
Turkey

CONTACT:  GALVEX ESTONIA
          Koorma 5, 74115
          Maardu, Tallinn, Estonia
          Phone: +372 6056 600
          Fax: +372 6056 601


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

RHODIA S.A.: Organizational Shake-up Ongoing
--------------------------------------------
To speed up the implementation of its strategic goals, Rhodia
S.A. is continuing its drive to simplify its organization and
announcing several appointments as of Jan. 1, 2006.

The Group now comprises seven Enterprises grouped into three
clusters: Performance Materials (Polyamide, Acetow);
Applications Chemistry (Novecare, Silcea); and Organics &
Services (Eco Services, Organics, Energy Services).

Energy Services, which manages the Group's energy supplies, will
be responsible for the projects developed by Rhodia to reduce
its greenhouse gas emissions within the framework of the Kyoto
Protocol.

Most of the activities of the former Coatis Enterprise are being
transferred to Organics, which will also assume responsibility
for Rhodia Pharma Solutions' activities excluded in the
transaction with Shasun Chemicals & Drugs.

                  Executive Appointments

In light of this new organization, four appointments have been
made:

  (a) Olivier Caix, President of Organics Enterprise;

  (b) Patrick Koller, Group Vice President, Manufacturing and
      Purchasing, will also assume responsibility for the
      "operational excellence" approach in industrial and supply
      chain processes;

  (c) Philippe Rosier, President of the Energy Services
      Enterprise; and

  (d) Laurent Schmitt, President of the Polyamide Enterprise.

The Group's senior management team is organized around a General
Management Committee and an Executive Committee.

The General Management Committee organization includes:

  (a) Jean-Pierre Clamadieu, Chief Executive Officer;

  (b) Gilles Auffret, Chief Operating Officer;

  (c) Yves Boisdron, Group Executive Vice President, Strategy;

  (d) Pascal Bouchiat, Group Executive Vice President and Chief
      Financial Officer;

  (e) Bernard Chambon, Group Executive Vice President, HR,
      Communications & Sustainable Development; and

  (f) Jean-Pierre Labroue, Group Executive Vice President,
      General Counsel and Corporate Secretary.

In addition to the senior managers listed above, the Executive
Committee includes:

The Group's Enterprise Presidents:

  (a) Michel Audoin, Acetow;
  (b) Olivier Caix, Organics;
  (c) Olivier de Clermont Tonnerre, Silcea;
  (d) Mike Deruosi, Novecare;
  (e) James Harton, Eco Services;
  (f) Philippe Rosier, Energy Services;
  (g) Laurent Schmitt, Polyamide;

The Support Function Group Vice Presidents:

  (a) Paul-Joel Derian, Research & Development;
  (b) Jacques Kheliff, Sustainable Development;
  (c) Patrick Koller, Manufacturing & Industry; and
  (d) Xavier Rambaud, Information Systems;

The Zone Presidents:

  (a) James Harton, North America;
  (b) Marcos de Marchi, Latin America; and
  (c) Michel Ybert, Asia-Pacific.

                        About the Company

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

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

                        Restructuring Plan

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

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

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

                         Status to date

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

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

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


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

ADKURA GMBH: Has Until Feb. 13 to File Proofs of Claims
-------------------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against adkura GmbH on January 9.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 13, 2006, to register their claims
with court-appointed provisional administrator Friedrich Knoop.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Hauptstelle,
Muehlenstrasse 34, 40213 Duesseldorf, 3.OG Altbau, A 388, at
9:15 a.m., on March 6, 2006, at which time the administrator
will present his first report on 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:  ADKURA GmbH
          Kaiserswerther Str. 115, 40880 Ratingen
          Contact:
          Mario Danielsky, Manager
          Am Ritterskamp 27, 40489 Duesseldorf

          Friedrich Knoop, Administrator
          Robertstrasse 3, 40229 Duesseldorf


DAIMLERCHRYSLER AG: Chairman Faces Insider Trading Probe
--------------------------------------------------------
DaimlerChrysler AG Chairman Hilmar Kopper is subject to an
investigation by German prosecutors for possible insider
trading.

The probe was opened in Stuttgart and passed to Frankfurt
prosecutors, who were deciding to accept it, Stephen Graham of
the Associated Press cited Tomke Beddies, a spokeswoman for the
Stuttgart prosecutor's office, as saying.

"I can confirm that we have launched an investigation (against)
Mr. Kopper on suspicion that he violated insider trading
regulations," Ms. Beddies said refusing to provide further
details.

The probe on the German-U.S. automaker opened in September 2005,
which focused on whether Mr. Kopper had tipped off Deutsche Bank
Chief Executive Josef Ackerman about the planned exit of former
DaimlerChrysler Chief Executive Juergen Schrempp, according to
Stuttgarter Zeitung, in another report.  The announcement of Mr.
Schremmp's departure on July 28 prompted a 10% rise in
DaimlerChrysler shares.

Mr. Kopper previously served as Deutsche Bank's chairman.

Deutsche Bank, which had cut its DaimlerChrysler stake to 6.9%
from 10.4% amid the share rally, declined to comment on the
report, while Mr. Kopper was not available for interview.

Stuttgarter Zeitung revealed the probe came following the report
by German financial sector regulator BaFin.  A spokeswoman for
the agency noted inquiry into transactions surrounding Mr.
Schremmp's resignation was ongoing.

Meanwhile, DaimlerChrysler Spokesman Thomas Froehlich said the
carmaker had no comment, according to the Associate Press.  Mr.
Froehlich added he failed to immediately communicate with Mr.
Kopper.

In November, Stuttgart prosecutors closed their insider trading
investigation against DaimlerChrysler Board Member Ruediger
Grube and Communications Chief Hartmut Schick.  Spokesman Toni
Melfi said prosecutors have found no evidence of wrongdoing by
the two managers.  Prosecutors began the investigation in
September after BaFin said they found "grounds" to suspect
illegal trades surrounding Mr. Schrempp's exit.

Also in November, a United Nations-backed probe identified
DaimlerChrysler as among the companies that paid Saddam
Hussein's regime kickbacks and illegal surcharges.  The report
disclosed that about half of the 4,500 companies involved in the
U.N. oil-for-food program paid US$1.8 billion in bribe and other
illegal fees.  DaimlerChrysler is also being investigated by the
U.S. Justice Department over bribery claims at the Mercedes Car
Group.

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


DAIMLERCHRYSLER AG: Eyes Malaysian Site for S-Class Models
----------------------------------------------------------
DaimlerChrysler AG plans to set up a manufacturing facility for
its Mercedes Benz S-Class in Malaysia by 2007.

The company disclosed that it might begin production in the
middle of 2007.  Information on volume or sales targets was not
disclosed.

DaimlerChrysler, with sites established in Thailand, Vietnam and
Indonesia, assembles its E-Class and C-Class models in Malaysia.

The Associated Press relates that many auto manufacturers build
assembly facilities in Southeast Asia to avoid paying import
taxes on vehicles.

Meanwhile, AFX News revealed DaimlerChrysler Malaysia Sdn Bhd
plans to assemble the S-Class models at its plant in Pekan,
Pahang.  The Sun newspaper quoted the company's President and
Chief Executive Officer Frank Steinleitner as saying it will put
in MYR35 million this year to upgrade facilities at the Pekan
plant.  The site, which has a 5,000-vehicle yearly production
capacity, assembles about 3,000 units every year.

                     About the Company

Headquartered in Stuttgart, Germany, DaimlerChrysler AG produces
cars and trucks under the brands Chrysler, Dodge, Jeep,
Mercedes-Benz, Smart, and Maybach, among others.

A merger of equals between U.S.-based Chrysler Corporation and
Germany's Daimler-Benz was announced in 1998.  In 2003, Detroit
News revealed that the transaction was, in fact, a buyout of
Chrysler by the German firm.  The alleged deception set off
several lawsuits, one of which by billionaire Kirk Kerkorian was
dismissed by the court in April.

In 2000, DaimlerChrysler's U.S. finance arm was accused of
discriminating against African Americans and Hispanics.  A
settlement required the carmaker to offer several billion
dollars in loans.

The carmaker is also a subject of several investigations.
German financial services regulator BaFin has started a formal
probe on alleged illegal trades involving Daimler stocks, which
went up prior to the announcement of Juergen Schrempp's
resignation as chief executive.  It is also being investigated
by the U.S. Justice Department over bribery claims at the
Mercedes Car Group.

While its Chrysler unit is slowly recuperating, the market share
of Mercedes Benz continues to slip.  Mercedes has been described
a "tarnished" brand in the wake of slipups in design and
engineering.  Losses incurred by Mercedes were also blamed for
the 30% drop in DaimlerChrysler's first-quarter earnings.  The
poor result was mostly due to the EUR512 million spent to revamp
its losing Smart venture, which has yet to post a profit.

DaimlerChrysler projects last year's EUR5.75 billion operating
profit to double by 2008, with Mercedes booking operating profit
of EUR4.7 billion in four years.  Chrysler group aims to book
EUR2.3 billion in profit on top of the EUR2 billion and EUR2.2
billion from the commercial vehicles business and services
operations.

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


GLASMANUFAKTUR BEUEL: Bonn Court Names Administrator
----------------------------------------------------
The District Court of Bonn opened bankruptcy proceedings against
Glasmanufaktur Beuel GmbH on January 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 24, 2006, to register their
claims with court-appointed provisional administrator Dr.
Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bonn, Insolvenzgericht,
Wilhelmstrasse 21, 53111 Bonn, 1 Stock, Saal W126, at 11:45 a.m.
on March 30, 2006, 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:  GLASMANUFAKTUR BEUEL GmbH
          Karl-Hass-Str. 17, 53859 Niederkassel
          Contact:
          Dr. Joachim Leonard Schober, Manager
          Anemonenweg 14, 63263 Neu-Isenburg

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


H&T BAU: Creditors to Meet March 20
-----------------------------------
The District Court of Bonn opened bankruptcy proceedings against
H&T Bau GmbH on January 5.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 20, 2006, to register their claims
with court-appointed provisional administrator Jens Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting on March 20, 2006, 10:30 a.m. at the District Court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, Saal
S 2.18, 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:  H&T BAU GmbH
          Am Heidchen 18, 51570 Windeck-Rosbach
          Contact:
          Klaus Heinz Hundhausen, Manager
          Zum Hof 20, 51570 Windeck

          Jens Fahnster, Administrator
          Kolnstrasse 135, 53757 Sankt Augustin
          Phone: 02241 / 90600
          Fax: 02241906062


HANS-JUERGEN: Charlottenburg Court to Verify Claims on May 24
-------------------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Hans-Juergen Schmid Dachdeckerei und
Bauklempnerei GmbH on January 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 31, 2006, to register their claims
with court-appointed provisional administrator Dr. Wolfgang
Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on February 22, 2006, 10:25 a.m. at the District
Court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
May 24, 2006, 10:20 a.m. at the same venue.

CONTACT:  HANS-JUERGEN SCHMID DACHDECKEREI
          UND BAUKLEMPNEREI GmbH
          Zietenstr. 11,12249 Berlin

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


HELLE AUE: Court Begins Bankruptcy Proceedings
----------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Helle Aue Grundbesitz GmbH & Co. KG on
January 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 31, 2006 to register their claims with court-appointed
provisional administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on February 22, 2006, 10:30 a.m. at the District
Court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
May 24, 2006, 10:25 a.m. at the same venue.

CONTACT:  HELLE AUE GRUNDBESITZ GmbH & Co. KG
          Dessauer Strasse 28/29,10963 Berlin

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


IMA-GMBH: Darmstadt Court Names Ulrich Bert as Administrator
------------------------------------------------------------
The District Court of Darmstadt opened bankruptcy proceedings
against IMA-GmbH on January 5.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 1, 2006, to register their claims with
court-appointed provisional administrator Ulrich Bert.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 2006, 9:30 a.m. at the District Court
of Darmstadt, Zimmer 109, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  IMA-GmbH
          Am Mainufer 18, 65462 Ginsheim-Gustavsburg
          Contact:
          Jorg Daber, Manager
          Am Schafersberg 40, 65527 Niedernhausen

          Ulrich Bert, Administrator
          Birkenweg 24, 64295 Darmstadt
          Phone: 06151/66729-0
          Fax: 06151/66729-20


KONIGLICHE PORZELLAN-MANUFAKTUR: J. Woltmann Eyes Takeover
----------------------------------------------------------
German businessman Jorg Woltmann plans to take over Konigliche
Porzellan-Manufaktur (KPM), reports Suddeutsche Zeitung.

The company will avoid insolvency and prevent 170 job cuts if an
agreement, which is under negotiations, is reached.

Mr. Woltmann intends to invest EUR5 million in the struggling
German porcelain company confident that he can bring the company
back into the black within three years.

According to reports, KPM decline to reveal any details about
the negotiations but indicated that an announcement will be made
soon.

CONTACT:  KPM-KONIGLICHE PORZELLAN-MANUFAKTUR BERLIN GMBH
          Wegelystrasse 1
          10623 Berlin, Germany
          Phone: +49.30.39009.0
          Fax: +49.30.3919034
          E-mail: info@kpm-berlin.de
          Web site: http://www.kpm-berlin.de/


PRO PRINT: Claims Filing Period Ends February 24
------------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against PRO PRINT & KOMMUNIKATION GmbH on January 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 24,
2006, to register their claims with court-appointed provisional
administrator Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on March 24, 2006, 8:30 a.m. at the District Court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  PRO PRINT & KOMMUNIKATION GmbH
          Bilker Allee 217, 40215 Duesseldorf
          Contact:
          Hans-Peter Arend, Manager
          Obere Talstrasse 37, 40822 Mettmann
          Dieter Maassen, Manager
          Hunsrckstrasse 20, 40822 Mettmann
          Rainer Stabiszewski, Manager
          Sternstrasse 74, 40479 Duesseldorf

          Dr. Biner Bahr, Administrator
          Jagerhofstrasse 21, 40479 Duesseldorf


PROSIEBENSAT.1 MEDIA: Springer Withdraws Sale Offer
---------------------------------------------------
Publishing group Axel Springer Verlag will not sell one of
ProSiebenSat.1 Media AG's major channels after all, Borsen
Zeitung reports.

Springer earlier offered to sell ProsiebenSat.1's ProSieben
channel to secure approval from the Cartel Office
(Bundeskartellamt) and media authority Kommission zur Ermittlung
der Konzentration im Medienbereich (KEK) for a merger.  Both the
anti-trust office and KEK conditioned their approval of the
merger on the sale of one of ProSiebenSat.1's channels.

Reportedly the Cartel Office will veto the merger due to the
offer pullout.  Despite expectations that Springer will not
legally challenge the Cartel Office's veto, Springer reserved
the right to do so.  Bundeskartellamt said a channel sale should
happen before the merger, contrary to Springer's plan to sell
Prosieben after the takeover.

Springer already controls a majority stake in ProsiebenSat.1,
which it acquired for EUR3.5 billion from a group of investors
led by Haim Saban.  ProSiebenSat.1 was formed in 2000 with the
merger of Germany's leading broadcasters ProSieben Media AG and
Sat.1.  It is the largest and most successful television
corporation in Germany with four stations -- Sat.1, ProSieben,
kabel eins and N24.

Headquartered in Munich, Germany, ProSiebenSat.1 Media AG's main
activity is the broadcasting and production of television
programs through four German language television channels as
well as a range of ancillary activities.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Medienallee 7
          85774 Unterfohring
          Phone: +49 (89) 95 07-11 80
          Fax: +49 (89) 95 07-11 84

          AXEL SPRINGER VERLAG AG
          Axel-Springer-Str. 65
          10888 Berlin, Germany
          Phone: +49-30-2591-0
          Web site: http://www.asv.de/

          KOMMISSION ZUR ERMITTLUNG DER KONZENTRATION IM
          MEDIENBEREICH (KEK)
          Helene-Lange-Strasse 18 a
          14469 Potsdam
          Phone: +49 (331) 2 00 63 60
          Fax: +49 (331) 2 00 63 70
          E-mail: info@kek-online.de
          Web site: http://www.kek-online.de/

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 11,
2005, Moody's Investors Service placed on review for possible
downgrade the Ba1 senior unsecured and corporate family ratings
of ProSiebenSat.1 Media AG.

The rating action followed the announcement that Axel Springer
AG (Axel Springer, not rated by Moody's) was to be the new
majority owner of ProSiebenSat.1 following its agreement to
acquire all the common and preferred stock in ProsiebenSat.1
held by P7S1 Holding, and that Axel Springer had in addition
made a voluntary cash tender offer to public shareholders.
Moody's noted that both the share purchase agreement and the
voluntary public tender offer were subject to obtaining
necessary clearances under cartel and media-supervision law in
Germany.


PROSIEBENSAT.1 MEDIA: Springer Mulls Ministerial Approval
---------------------------------------------------------
Axel Springer Verlag is reportedly considering a ministerial
approval of its merger with TV group ProSiebenSat.1, Suddeutsche
Zeitung reports.

According to sources privy to the matter, Springer has
approached government representatives about the possibility of a
ministerial approval.   The group recently withdrew its offer to
sell ProSiebenSat.1's ProSieben channel, a condition set by the
Cartel Office (Bundeskartellamt) for the merger's approval.  An
insider from the Social Democratic (SPD) party, a member of the
ruling coalition, said an approval is not possible without
conditions.  The Cartel Office will rule on the matter Jan. 27.

TCR Europe reported on Dec. 22, 2005, that in the event of a
negative ruling by the anti-trust authority, Springer would then
seek approval from Economic Affairs Minister Michael Glos and
challenge the Cartel Office's decision in court.  A ministerial
approval takes about four months to be granted.

Media authority Kommission zur Ermittlung der Konzentration im
Medienbereich (KEK) recently blocked Springer's bid to acquire
ProSiebenSat.1.  Springer, however, can still avail of a veto by
the regional media offices, which directors will meet on Jan. 31
to review the case.

Springer already controls a majority stake in ProsiebenSat.1,
which it acquired for EUR3.5 billion from Haim Saban's group.
ProSiebenSat.1 was formed in 2000 with the merger of Germany's
leading broadcasters ProSieben Media AG and Sat.1.  It is the
largest and most successful television corporation in Germany
with four stations -- Sat.1, ProSieben, kabel eins and N24.

Headquartered in Munich, Germany, ProSiebenSat.1 Media AG's main
activity is the broadcasting and production of television
programs through four German language television channels as
well as a range of ancillary activities.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Medienallee 7
          85774 Unterfohring
          Phone: +49 (89) 95 07-11 80
          Fax: +49 (89) 95 07-11 84

          AXEL SPRINGER VERLAG AG
          Axel-Springer-Str. 65
          10888 Berlin, Germany
          Phone: +49-30-2591-0
          Web site: http://www.asv.de/

          KOMMISSION ZUR ERMITTLUNG DER KONZENTRATION IM
          MEDIENBEREICH (KEK)
          Helene-Lange-Strasse 18 a
          14469 Potsdam
          Phone: +49 (331) 2 00 63 60
          Fax: +49 (331) 2 00 63 70
          E-mail: info@kek-online.de
          Web site: http://www.kek-online.de/

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 11,
2005, Moody's Investors Service placed on review for possible
downgrade the Ba1 senior unsecured and corporate family ratings
of ProSiebenSat.1 Media AG.

The rating action followed the announcement that Axel Springer
AG (Axel Springer, not rated by Moody's) was to be the new
majority owner of ProSiebenSat.1 following its agreement to
acquire all the common and preferred stock in ProsiebenSat.1
held by P7S1 Holding, and that Axel Springer had in addition
made a voluntary cash tender offer to public shareholders.
Moody's noted that both the share purchase agreement and the
voluntary public tender offer remained subject to obtaining
necessary clearances under cartel and media-supervision law in
Germany.


R&M RATIONALISIERUNGS: Meeting of Creditors Slated for March 28
---------------------------------------------------------------
The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against R&M Rationalisierungs- und Maschinenbau GmbH
on January 9.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 21, 2006, to register their claims with court-appointed
provisional administrator Dr. Karsten Forster.

Creditors and other interested parties are encouraged to attend
the meeting on March 28, 2006, 11:30 a.m. at the District Court
of Frankfurt (Oder), 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:  R&M RATIONALISIERUNGS- UND MASCHINENBAU GmbH
          Friedrich-Ebert-Strasse 20, 15234 Frankfurt (Oder)

          Dr. Karsten Forster, Administrator
          Herbert-Jensch-Strasse 111, 15234 Frankfurt (Oder)


SYSTEAM EDV: Aachen Business Under Bankruptcy Administration
------------------------------------------------------------
The District Court of Aachen opened bankruptcy proceedings
against SysTeam EDV-Systeme GmbH on January 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 15, 2006, to
register their claims with court-appointed provisional
administrator Dr. Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting on March 27, 2006, 10:00 a.m. at the District Court
of Aachen, Augustastrasse 78-80, 52070 Aachen, 2. Etage,
Sitzungssaal 21, 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:  SYSTEAM EDV-SYSTEME GmbH
          Heider-Hof-Weg 23, 52080 Aachen
          Contact:
          Markus Hundt, Manager
          Heider-Hof-Weg 37, 52080 Aachen
          Wolfram Szentiks, Manager
          Augustinerweg 26, 52076 Aachen

          Dr. Martin Dreschers, Administrator
          Juelicher Strasse 116, 52070 Aachen


THOMAS COOK: Reviewing U.K. Businesses
--------------------------------------
Troubled tour operator Thomas Cook AG is currently reviewing its
U.K. operations amid reports of a possible sale of its Club
18-30 unit, Daily Post Liverpool says.

The group has hired accountancy firm Ernst & Young to conduct a
strategic review of its U.K. and Ireland businesses.  A
spokeswoman, however, declined to comment what units are
involved in the review and whether Thomas Cook is planning to
sell off some of them.

Recent reports say that Thomas Cook will dispose of four U.K
businesses including:

   -- Club 18-30, which provides tours to Ibiza and Tenerife;
   -- Neilson, the group's sailing subsidiary;
   -- Style, the company's villa holidays division; and
   -- Irish unit Sun World.

Thomas Cook also operates 600 high street travel agencies in the
United Kingdom.

Thomas Cook has been selling its unit as part of its
reorganization and recovery program.  Lufthansa and
KarstadtQuelle jointly own Thomas Cook, Europe's No. 2 travel
agency.

CONTACT:  THOMAS COOK AG
          Zimmersmuehlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de/


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


FILODER: Creditors Have Until Feb. 14 to File Proofs of Claims
--------------------------------------------------------------
LLC Filoder has declared insolvency.  Proofs of claim may be
submitted to Karaganda, Yazeva Str. 8/43 on or before Feb. 14,
2006.

CONTACT:  FILODER
          Karaganda, Yazeva Str. 8/43


OPAL PLUS: Faces Insolvency Proceedings
---------------------------------------
LLC Opal Plus has declared insolvency.  Proofs of claim may be
submitted to Karaganda, Buhar-Jirau Ave. 54 b on or before
Feb. 14, 2006.

CONTACT:  OPAL PLUS
          Karaganda, Buhar-Jirau Ave. 54 b


TABYS LTD.: Gives Creditors Until Next Month to Register Claims
---------------------------------------------------------------
LLC Tabys Ltd. has declared insolvency.  Creditors may submit
their written proofs of claim to South Kazakhstan region,
Shymkent, Micro District Karasu 85-12 by the Feb. 14, 2006,
deadline.

CONTACT:  TABYS LTD.
          South Kazakhstan region,
          Shymkent, Micro District Karasu 85-12


URALS: Succumbs to Insolvency
-----------------------------
LLC URALS has declared insolvency.  Proofs of claim may be
submitted to Karaganda, micro district Stepnoi-4 16-75 on or
before February 14, 2006.

Call 8 (3212) 43-47-37 for more information.


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


FERE: Creditors Have Until March 13 to File Proofs of Claims
------------------------------------------------------------
LLC Fere, which recently became insolvent, will accept proofs of
claim on or before March 13, 2006.

CONTACT:  FERE
          Bishkek, Chui Ave. 230, Office 7
          Phone: (+996 312) 65-33-34


KARDAR-TRADE: Claims Bar Date Set for March 13
----------------------------------------------
LLC Kardar-Trade, which recently became insolvent, will accept
proofs of claim on or before March 13, 2006.

CONTACT:  KARDAR-TRADE
          Bishkek, Matyeva str., 236


REUT: Sets Proofs of Claim Deadline
-----------------------------------
LLC Reut, which recently became insolvent, will accept proofs of
claim on or before March 13, 2006.

CONTACT:  REUT
          Bishkek, Bektenova Str. 10


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


ROYAL SHELL: Has 3.9 Billion Remaining 'A' Shares
-------------------------------------------------
Royal Dutch Shell plc purchased for cancellation 495,000 'A'
Shares at a price of EUR26.93 per share on Jan. 18.  The company
additionally purchased 165,000 'A' Shares for cancellation at a
price of 1,848.70 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,932,857,974.

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 expected to continue
its buyback program in 2006 and planned to provide an update on
the 2006 buy back program prior to the full year results
announcement on February 2, 2006.

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

                        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
===========


CYBER-COM: Moscow Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Cyber-Com after finding the close joint stock company
insolvent.  The case is docketed as A40-57198/05-103-106 "B".
Ms. N. Sotneva has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 6003018, Russia, Nizhniy
Novgorod, Post User Box 15.

CONTACT:  CYBER-COM
          Russia, Moscow region,
          16th Parkovaya Str. 21, Building 1

          N. SOTNEVA
          Insolvency Manager
          6003018, Russia, Nizhniy Novgorod region,
          Post User Box 15


KODA-STROY-COMPLEX: Court Names S Abyshev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Koda-Stroy-Complex
after finding the close joint stock company insolvent.  The case
is docketed as A-75-4682/2005.  Mr. S. Abyshev has been
appointed insolvency manager.

CONTACT:  KODA-STROY-COMPLEX
          628100, Russia, Khanty-Mansiyskiy autonomous region,
          Oktyabrskiy region, Oktyabrskoye, Kalinina Str. 44-7

          S. ABYSHEV
          Insolvency Manager
          628100, Russia, Khanty-Mansiyskiy autonomous region,
          Oktyabrskiy region, Oktyabrskoye, Kalinina Str. 44-7


MOTORIST: Insolvency Manager Takes Over Firm
--------------------------------------------
The Arbitration Court of Karachaevo-Cherkessiya republic has
commenced bankruptcy supervision procedure on open joint stock
company Motorist.  The case is docketed as 25-2329.  Mr. E.
Valyuzhinich has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Stavropol,
Lermontova Str. 343.

CONTACT:  MOTORIST
          Russia, Karachaevo-Cherkessiya republic,
          Ust-Dzheguta

          E. VALYUZHINICH
          Temporary Insolvency Manager
          Russia, Stavropol region,
          Lermontova Str. 343


PROM-SEVER-TRANS: Court Names R. Shafikov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Prom-Sever-Trans after
finding the close joint stock company insolvent.  The case is
docketed as A-75-5861/2005.  Mr. R. Shafikov has been appointed
insolvency manager.

CONTACT:  PROM-SEVER-TRANS
          Russia, Khanty-Mansiyskiy autonomous region - Yugra,
          Nizhnevartovsk, Samotlornaya Str. 20

          R. SHAFIKOV
          Insolvency Manager
          628624, Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk, Druzhby Narodov Str. 31, Apartment 93
          Phone/Fax: (8-3466) 129-791


SOVETSKIY INTERREGIONAL: Faces Bankruptcy Proceedings in Kursk
--------------------------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Sovetskiy Interregional Building
Organization after finding the open joint stock company
insolvent.  The case is docketed as A35-2214/05 "g".  Mr. A.
Fomin has been appointed insolvency manager.

CONTACT:  SOVETSKIY INTERREGIONAL BUILDING ORGANIZATION
          306600, Russia, Kursk region, Sovetskiy region,
          Kshenskiy, Sverdlova Str. 1

          A. FOMIN
          Insolvency Manager
          107045, Russia, Moscow region,
          Sretenskiy Avenue, 5, Post User Box 161


TUKANSKOYE: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on limited liability company
Tukanskoye (TIN 0256007936).  The case is docketed as A07-
11915/05-G-KhRM/FLE.  Mr. D. Karavaev has been appointed
temporary insolvency manager.

CONTACT:  TUKANSKOYE
          453500, Russia, Bashkortostan republic,
          Beloretskiy region, Tukan, Matrosova Str. 1

          D. KARAVAEV
          Temporary Insolvency Manager
          450057, Russia, Bashkortostan republic, Ufa,
          Oktyabrskoy Revolyutsii Str. 65, Room 14


TYUMEN-OIL-GAS-MASH: Tyumen Court Brings In Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on limited liability company Tyumen-Oil-
Gas-Mash.  The case is docketed as A-70-8586/3-05.  Ms. T.
Isaeva has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 625046, Russia,
Tyumen, Motostroiteley Str. 14, Building 1, Office 1.  A hearing
will take place on Jan. 12, 2006, 10:30 a.m. at Russia, Tyumen
region, Khokhryakova Str. 77.

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


UST-KILMEZSKIY REID: Faces Bankruptcy Proceedings in Kirov
----------------------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Ust-Kilmezskiy Reid (TIN 4334001593) after
finding the open joint stock company insolvent.  The case is
docketed as A28-61/05-106/10.  Mr. A. Krotov has been appointed
insolvency manager.

CONTACT:  UST-KILMEZSKIY REID
          Russia, Kirov region, Urzhumskiy region,
          Donaurovo, Lesnaya Str. 25

          A. KROTOV
          Insolvency Manager
          610014, Russia, Kirov region,
          Shorsa Str. 95-117


VILYUYSKOYE ENTERPRISE: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------------
The Arbitration Court of Sakha republic - Yakutiya has commenced
bankruptcy supervision procedure on open joint stock company
Vilyuyskoye Enterprise #1.  The case is docketed as A58-5815/05.
Mr. A. Lebedev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

  (a) VILYUYSKOYE ENTERPRISE #1
      Russia, Sakha republic - Yakutiya,
      Vilyuysk, Amosova Str. 14

  (b) A. LEBEDEV
      Temporary Insolvency Manager
      677015, Russia, Sakha republic - Yakutiya,
      Yakutsk, 8th March Str. 65

The Court will convene a hearing at 10:15 a.m. on Jan. 27, 2006.


WOOD LOGGING: Succumbs to Bankruptcy Proceedings in Irkutsk
-----------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Wood Logging And Mining Company after
finding the limited liability company insolvent.  The case is
docketed as A19-34706/05-29.  Mr. P. Prudskiy has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 664003, Russia, Irkutsk region, K. Marksa Str. 26-b.

CONTACT:  WOOD LOGGING AND MINING COMPANY
          Russia, Irkutsk region,
          Dzerzhinskogo Str. 21

          P. PRUDSKIY
          Insolvency Manager
          664003, Russia, Irkutsk region,
          K. Marksa Str. 26-b


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


SKANDIA INSURANCE: FSA Okays Old Mutual Takeover Deal
-----------------------------------------------------
The U.K. Financial Services Authority approved the acquisition
of Skandia Insurance Co. Ltd. by Old Mutual plc.

Approval from a small number of other jurisdictions now remains
outstanding, with approvals expected to be received shortly.
The Offer for Skandia will remain open for acceptances until
Jan. 23, 2006.

                   Confirmed Acceptances

Old Mutual plc confirmed Tuesday that acceptances of its Offer
have now been validated in respect of 718,531,850 shares in
Skandia Insurance Co. Ltd. representing approximately 69.7% of
the total number of shares and votes in Skandia (on a fully
diluted basis).  Approvals have been received from financial
regulators in Sweden and most other jurisdictions.  Old Mutual
has received all relevant anti-trust clearances.

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 maintain 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
=============


BIKIVKA' GLASS: Under Bankruptcy Supervision
--------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on OJSC Bikivka' Glass Products Plant
(code EDRPOU 05766132).  The case is docketed as 3/101 B.  Mr.
Oleg Shklyar (License Number AA 630142) has been appointed
temporary insolvency manager.  The company holds account number
26002871 at JSPPB Aval, MFO 311528.

CONTACT:  BIKIVKA' GLASS PRODUCTS PLANT
          13012, Ukraine, Zhitomir region,
          Romanivskij district, Bikivka, Lenin Str. 1

          Mr. Oleg Shklyar
          Temporary Insolvency Manager
          10002, Ukraine, Zhitomir region,
          Putyatinskij Square 2/304
          Phone: (0412) 34-04-44

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


BILA TSERKVA MECHANICAL: Court Freezes Debt Payment
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on OJSC Bila Tserkva' Mechanical Plant
(code EDRPOU 00152454) and ordered a moratorium on satisfaction
of creditors' claims was entered.  The case is docketed as
275/3b-05.  Mr. Sergij Kitsul (License Number AA 5487782) has
been appointed temporary insolvency manager.  The company holds
account number 260066057 at JSPPB Aval, BilaTserkva branch, MFO
321121.

CONTACT:  BILA TSERKVA' MECHANICAL PLANT
          09114, Ukraine, Kyiv region,
          Bila Tserkva, Levanevskij Str. 87

          Mr. Sergij Kitsul
          Temporary Insolvency Manager
          Ukraine, Kyiv region,
          Liskivska Str. 28/15
          Phone: +38 (067) 295-08-03

          ECONOMIC COURT OF KYIV REGION
          01032, Ukraine, Kyiv region,
          Komintern Str. 165


BOGUSLAVKA: D. Zheronkin Serves as Temporary Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Boguslavka (code EDRPOU 31322999).
The case is docketed as 226/14 b-05.  Mr. D. Zheronkin (License
Number AA 783042 of March 30, 2004) has been appointed temporary
insolvency manager.  The company holds account number 2604678105
at JSPPB Aval, MFO 321585.

CONTACT:  BOGUSLAVKA
          09700, Ukraine, Kyiv region,
          Boguslavskij district, Hohitva

          Mr. D. Zheronkin
          Temporary Insolvency Manager
          Ukraine, Kyiv region,
          Borispil district, Proliski,
          Morozov Str. 13/47

          ECONOMIC COURT OF KYIV REGION
          01032, Ukraine, Kyiv region,
          Komintern Str. 165


MAYAK: Herson Economic Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against Fish Processing Combine Mayak (code EDRPOU
31347568) after finding the limited liability company insolvent.
The case is docketed as 5/99-B-05.  Mr. Kosenko Sergij (License
Number AB 216842) has been appointed liquidator/insolvency
manager.

CONTACT:  MAYAK
          Ukraine, Herson region,
          Skadovsk, Naberezhna Str. 2

          Mr. Sergij Kosenko
          Liquidator/Insolvency Manager
          73000, Ukraine, Herson region,
          Vijskovij Avenue 6
          Phone: 8 (0552) 49-02-76

          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


NADVIRNA NAFTOHIM: Succumbs to Insolvency
-----------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Trade House Nadvirna Naftohim
(code EDRPOU 30496946) on December 6, 2005, after finding the
limited liability company insolvent.  The case is docketed as B-
11/203-3/272.  Mr. Yashishin Oleg (License Number AA 783175 of
May 18, 2004) has been appointed liquidator/insolvency manager.

CONTACT:  NADVIRNA NAFTOHIM
          Ukraine, Ivano-Frankivsk region,
          Nadvirna, Majdanska Str. 5

          Mr. Yashishin Oleg
          Liquidator/Insolvency Manager
          76000, Ukraine, Ivano-Frankivsk region,
          G. Mazepa Str. 17B/7
          Phone: 8 (050) 373-27-67

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


SAMADO: Liquidator Takes Over Operations
----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Samado (code EDRPOU 32023851) on November
25, 2005 after finding the limited liability company insolvent.
The case is docketed as 6/114-05.  Ms. Naumova Olga has been
appointed liquidator/insolvency manager.  The company holds
account number 26004301703888 at Prominvestbank, Sumi central
branch, MFO 337278.

CONTACT:  SAMADO
          Ukraine, Sumi region,
          Miru Str. 9/44

          Ms. Naumova Olga
          Liquidator/Insolvency Manager
          40012, Ukraine, Sumi region,
          Harkivska Str. 122, third floor

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


SPETSFORMPOSTACH: Kyiv Economic Court Begins Bankruptcy
-------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC SPETSFORMPOSTACH (code EDRPOU 32829093)
on Dec. 6, 2005, after finding the limited liability company
insolvent.  The case is docketed as 15/876-b.  Mr. Denisenko
Viktor has been appointed liquidator/insolvency manager.

CONTACT:  SPETSFORMPOSTACH
          03190, Ukraine, Kyiv region,
          Tsurupinska Str. 3/27

          Mr. Denisenko Viktor
          Liquidator/Insolvency Manager
          03113, Ukraine, Kyiv region,
          Peremogi Avenue 57, 10th floor

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


UROZHAJ: Cherkassy Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against LLC Urozhaj (code EDRPOU 03791048) after
finding the limited liability company insolvent.  The case is
docketed as 01/4200.  Umanska State Tax Inspection has been
appointed liquidator/insolvency manager.  The company holds
account number 26002300144 at OJSC Oshadbank, Zhashkivske branch
2980, MFO 354541.

CONTACT:  UROZHAJ
          19251, Ukraine, Cherkassy region,
          Zhashkivskij district, Konela

          Liquidator/Insolvency Manager
          20300, Ukraine, Cherkassy region,
          Uman, Lenin Square 1

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue 307


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


BERVIN TOOL: Meeting of Creditors Slated for Thursday
-----------------------------------------------------
Creditors of Bervin Tool & Die Co. Limited (Company No 1099643)
will meet on January 26, 2006, 11 a.m. at 85-89 Colmore Row,
Birmingham B3 2BB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to J. M. Titley, joint administrator of DTE Leonard
Curtis, DTE House, Hollins Mount, Hollins Lane, Bury BL9 8AT not
later than 12:00 noon, Jan. 25, 2006.

CONTACT:  BERVIN TOOL & DIE CO. LIMITED
          Crown Street
          Wolverhampton WV1 1PX
          United Kingdom
          Phone: (01902) 352382
          Fax: (01902) 352398
          Web site: http://www.bervintoolanddie.co.uk/

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


BRADSHAW PROPERTY: Bristol Registry Orders Liquidation
------------------------------------------------------
The Bristol District Registry issued a winding-up order against
Bradshaw Property Consultants Ltd. on Jan. 4, 2006.  The
winding-up petition was filed Oct. 14, 2005.

CONTACT:  BRADSHAW PROPERTY CONSULTANTS LTD.
          17 Worbeck Road
          London SE20 7SW
          Phone: 020 8659 6630

          Official Receiver
          21 Bloomsbury Street,
          London, WC1B 3SS
          Phone: 020 7637 1110
          Fax: 020 7637 6390


CHE HOTEL: Obtains 8.5% Acceptances under Open Offer
----------------------------------------------------
CHE Hotel Group plc disclosed a Placing and Open Offer of
48,780,488 ordinary shares of 10 pence each at an issue price of
41 pence per share to raise GBP20 million (before expenses of
GBP1.4 million).  The Placing and Open Offer was fully
underwritten by KBC Peel Hunt.

Under the terms of the placing agreement, KBC Peel Hunt had
conditionally placed with institutional investors 35,866,515 new
ordinary shares firm (Firm Placed Shares) and 12,913,973 new
ordinary shares (Open Offer Shares) which were subject to
clawback to satisfy valid applications by qualifying
shareholders under the Open Offer at 41 pence per share.
Qualifying Shareholders were invited to apply for Open Offer
Shares on the basis of 1 Open Offer Share for every 3 existing
Ordinary Shares held.

As a result of the Open Offer, which closed at 11:00 a.m. on
Tuesday, Jan. 17, valid applications have been received in
respect of 10,523,196 of the 12,913,973 Open Offer Shares
(representing approximately 81.5% of the Open Offer Shares
available under the Open Offer).  These amounts include
applications from certain existing shareholders for 5,148,760
Open Offer Shares in excess of their pro rata entitlement.  All
such applications will be settled in full.

The remaining 2,390,777 New Shares not subscribed under the Open
Offer will be subscribed, together with the Firm Placed Shares,
by institutional investors pursuant to the placing agreement.

The Placing and Open Offer remains conditional, inter alia, upon
the special resolution to be proposed at the Company's
Extraordinary General Meeting to be held at 10:30 a.m. on
Jan. 18, 2006, being duly passed and admission of the New Shares
to trading on the London Stock Exchange and listing on the
Official List of the U.K. Listing Authority becoming effective.

The New Shares, when issued and fully paid, will rank pari passu
in all respects with the existing ordinary shares.  Subject to
the passing of the Special Resolution at the Extraordinary
General Meeting, admission of the New Shares is expected to take
place on Jan. 19, 2006.

CONTACT:  CHE HOTEL GROUP PLC
          Phone: 020 8233 2001
          Contact:
          David Cook, Chief Executive
          Paul Mitchell, Finance Director

          KBC PEEL HUNT
          Phone: 020 7418 8900
          Contact:
          Jonathan Marren

          WAUGHTON
          Phone: 020 7796 9999
          Robin Hepburn


CHILTERN PLASTIC: Receives Winding-up Order
-------------------------------------------
The Bristol District Registry issued a winding-up order against
Chiltern Plastic and Timber Roofing Services Limited on Jan. 4,
2006.  The winding-up petition was filed Aug. 31, 2005.

CONTACT:  CHILTERN PLASTIC AND TIMBER ROOFING SERVICES LIMITED
          Granville House,
          16 Granville Street,
          Aylesbury HP20 2JR
          Phone: 01296 422356
          Fax: 01296 422347

          Official Receiver
          1st Floor, Trident House,
          42-48 Victoria Street,
          St Albans AL1 3HR
          Phone: 01727 832233
          Fax: 01727 732400


CLOTHCO 05008: Members Pass Wind Up Resolution
----------------------------------------------
M. Clare, chairman of Clothco 05008 Limited, informs that the
special resolution to wind up the firm was passed at an EGM held
on Jan. 4 at RMT, Gosforth Park Avenue, Newcastle upon Tyne NE12
8EG.  A. A. Josephs and L. A. Farish of RMT, Gosforth Park
Avenue, Newcastle upon Tyne NE12 8EG were appointed joint
liquidators.

CONTACT:  RMT
          Gosforth Park Avenue
          Newcastle Upon Tyne
          Tyne And Wear NE12 8EG
          Phone: 0191 256 9500
          E-mails: linda.farish@r-m-t.co.uk
                   ajosephs@r-m-t.co.uk


CLYDESDALE BANK: Parent to Shift Pension Schemes for Affiliates
---------------------------------------------------------------
Clydesdale Bank and Yorkshire Bank, the UK subsidiaries of
National Australia Bank, are terminating their final-salary
pension schemes by the end of March 2006, Martin Flanagan of The
Scotsman reports.

NAB proposes to move its UK pension schemes from a final-salary
structure to a career average structure in an attempt to reduce
a GBP426 million deficit in its pension.

The reforms were "designed to put UK pension arrangements on a
secure and sustainable footing," Mr. Flanagan cited David
Thorburn, Clydesdale's chief operating officer, as saying.

Under the new program, members will earn blocks of pension each
year rather than one based solely on retirement salary. NAB sent
out the proposals to be voted upon by members from
Feb. 22 through March 15.  Clydesdale and Yorkshire Bank have
about 3,500 members in its final-salary scheme.

As previously reported in TCR Europe, NAB is cutting the number
of Clydesdale banks from 217 to 153 as people abandon
traditional banking to Internet and telephone method of
transacting business.  It is closing 30 branches in Scotland,
and 17 in England.

CONTACT: CLYDESDALE BANK
         Banking Hall
         30 St. Vincent Place
         Glasgow G1 2HL
         Phone: 0141 951 7000
         Web site: http://www.cbonline.co.uk/


DYNAPAC CONSTRUCTION: Appoints Ernst & Young as Liquidator
----------------------------------------------------------
M. Walsh, chairman of Dynapac Construction Equipment Limited,
informs that the special resolutions to wind up the firm were
passed at an EGM held on Jan. 4 at Metso Minerals (UK) Limited,
Parkfield Road, Rugby, Warwickshire CV21 1QJ.  Ian Best and
Tomislav Lukic of Ernst & Young LLP, One Bridewell Street,
Bristol BS1 2AA were appointed liquidator.

CONTACT:  DYNAPAC CONSTRUCTION EQUIPMENT LIMITED
          Parkfield Road
          Rugby, Warwickshire CV21 1QJ

          ERNST & YOUNG LLP
          One Bridewell Street,
          Bristol BS1 2AA
          Phone: +44 [0] 117 981 2050
          Fax:   +44 [0] 117 981 2051
          Web site: http://www.ey.com/


EGA SINTER: Metal Manufacturer Calls in Administrator
-----------------------------------------------------
Shaun Neil Adams (IP No 8568) and Tyrone Shaun Courtman
(IP No 7237) of Cooper Parry LLP were appointed administrators
of Ega Sinter Limited (Company No 02643311) on Jan. 4.  The
company manufactures metal products.

CONTACT:  EGA SINTER LIMITED
          Lows Lane
          Stanton By Dale
          Ilkeston
          Derbyshire DE7 4QU
          Phone: 0115 9300900
          Fax: 0115 9443037

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


ETIX (UK): Ernst & Young Tapped to Liquidate Assets
---------------------------------------------------
M. Walsh, chairman of Etix (UK) Limited, informs that the
special resolutions to wind up the firm were passed at an EGM
held on Jan. 4 at Metso Minerals (UK) Limited, Parkfield Road,
Rugby, Warwickshire CV21 1QJ.  Ian Best and Tomislav Lukic of
Ernst & Young LLP, One Bridewell Street, Bristol BS1 2AA were
appointed joint liquidators.

CONTACT:  ETIX UK LTD.
          Parkfield Road
          Rugby, Warwickshire CV21 1QJ
          Phone: 0178 85 42 405
          Fax: 0178 85 42 698

          ERNST & YOUNG LLP
          One Bridewell Street,
          Bristol BS1 2AA
          Phone: +44 [0] 117 981 2050
          Fax:   +44 [0] 117 981 2051
          Web site: http://www.ey.com


GROSVENOR GRAIN: Calls in Liquidators from DTE Leonard Curtis
-------------------------------------------------------------
C. G. E. Richards, chairman of Grosvenor Grain & Feed Co.
Limited, informs that the special, ordinary and extraordinary
resolutions to wind up the firm were passed at an EGM held on
Jan. 4 at DTE House, Hollins Mount, Hollins Lane, Bury BL9 8AT.
Andrew Poxon of DTE Leonard Curtis, DTE House, Hollins Mount,
Hollins Lane, Bury BL9 8AT was appointed liquidator.

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


INDEPENDENT PETROLEUM: Claims Filing Period Ends Next Month
-----------------------------------------------------------
W. J. Hadeed, chairman of Independent Petroleum Group Of Kuwait
(London) Limited, informs that the special resolution to wind up
the firm was passed at an EGM held on Dec. 9 at Area 1-A, Block
52, 7th Street, Building No 18, 4th Ring Road, Jabriya, Kuwait.
Martin Henry Linton has been appointed liquidator.

Creditors are required to send in their full surnames, addresses
and descriptions, full particulars of debts or claims and the
names and addresses of solicitors, if any, to Martin Henry
Linton of Leigh & Co, Brentmead House, Britannia Road, London
N12 9RU, on or before Feb. 28, 2006.

CONTACT:  LEIGH & CO
          Brentmead House,
          Britannia Road, London N12 9RU


INEOS GROUP Moody's Rates EUR3.1 Billion Notes (P)B2
----------------------------------------------------
Moody's Investors Service assigned a (P)B2 rating to the
EUR3,105 million of senior secured notes of Ineos Group Holdings
Plc.  Outlook is stable.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the final
documentation, Moody's will endeavor to assign a definitive
rating to the securities.  A definitive rating may differ from a
provisional rating.

On Oct. 7, 2005, Ineos announced the acquisition of Innovene,
BP's olefins and derivatives subsidiary, for approximately $9
billion cash consideration.  The transaction closed and was
funded on Dec. 16, 2005.  The funding of the consideration
included EUR6,770 million in senior secured facilities and a
EUR3,105 million subordinated bridge facility.

On Dec. 20, 2005, Moody's lowered the Corporate Family Rating of
Ineos Group Holding Plc to Ba3 and assigned a (P)Ba3 rating to
the EUR6,770 million Senior Secured Credit Facilities at Ineos
Holding Limited, a subsidiary of Ineos Group Holding Plc.  The
proposed EUR3,105 million senior notes will refinance the
subordinated bridge facility.

The (P)B2 rating assigned to the EUR3,105 million senior notes
recognizes the effective and contractual subordination of the
notes in relation to the EUR6,770 million secured bank
facilities (and some secured suppliers), reflected in:

  (a) The covenants and provisions of the Senior Secured Credit
      Facilities designed to limit the ability of Ineos Holdings
      Limited and some of its subsidiaries to make payments and
      distributions required to support debt service obligations
      of Ineos Group Holdings Plc;

  (b) The junior ranking of the unsecured Senior Subordinated
      Guarantees provided by Ineos Holdings Limited and some of
      its subsidiaries for the benefit of the noteholders; and

  (c) The second lien over shares in Ineos Holdings Limited and
      proceeds of the unsecured high yield funding loan.

Moody's notes that lenders under the Senior Secured Credit
Facilities also benefit from the pledge of all material assets
of Ineos Holdings Limited and its subsidiaries.  In addition,
Moody's notes that local laws in some countries can often limit
the efficiency of the security and guarantees at the time of
enforcement.

Ineos has access to an undrawn EUR700 million revolving credit
facility and EUR125 million undrawn securitization facilities.

The stable outlook continues to reflect an expectation that the
current momentum in petrochemical pricing will continue to
benefit cash generation of the group over the next one to two
years, allowing for the de-leveraging planned by the new
shareholders, as well as contributing to the group's adequate
headroom position in relation to the bank's covenants.

Ineos Group Holdings Plc is a diversified and integrated
chemicals group headquartered in Southampton, the United
Kingdom.  In 2004, Ineos reported sales of EUR3.4 billion.
Following the completion of the Innovene acquisition, the group
is estimated to have a turnover of EUR22 billion and is likely
to become the 3rd largest global petrochemicals company.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Elena Nadtotchi, Vice President - Senior Analyst
          Corporate Finance Group
          Phone:  (Journalists) 44 20 7772 5456
                  (Subscribers) 44 20 7772 5454

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


JCGS NO.1: Liquidator from Grant Thornton Enters Firm
-----------------------------------------------------
J. Clark, director of JCGS No.1 Limited, informs that the
resolution to wind up the company was passed at a meeting held
on Jan. 5.  Roy Welsby of Grant Thornton UK LLP, 31 Carlton
Crescent, Southampton SO15 2EW was appointed liquidator.

Creditors are required on or before February 28, 2006, to send
in their full surnames, addresses and descriptions, full
particulars of debts or claims and the names and addresses of
solicitors, if any, to Roy Welsby.

CONTACT:  GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk/


LOS MARINOS: Appoints HJS Recovery as Administrator
---------------------------------------------------
Gordon John Johnston (IP No 8616) of hjs Recovery was appointed
administrator of Los Marinos Waterfront Limited (Company No
02904110) on Jan. 6.  The company operates a bar and restaurant.

CONTACT:  LOS MARINOS WATERFRONT LTD.
          Suite 9,
          Canutes Pavilion,
          Ocean Village,
          Southampton, Hampshire SO14 3JS
          Phone: 023 8033 5045

          HJS
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.co.uk


MONEY SAVERS: Hires Leonard Curtis & Co. to Administer Assets
-------------------------------------------------------------
N. A. Bennett and A. Poxon (IP Nos 9083, 8620) of Leonard Curtis
& Co were appointed administrators of Money Savers (Birmingham)
Limited (Company No 02243028) on Jan. 6.  The company sells
textiles and clothing.

CONTACT:  MONEY SAVERS (BIRMINGHAM) LTD.
          Market Street,
          Kidderminster, Worcestershire DY10 1AB
          Phone: 01562-825041

          LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk/


MOTORFAST LIMITED: Administrator Enters Firm
--------------------------------------------
M. C. Kienlen (IP No 9367) of Armstrong Watson was appointed
joint administrator of haulage contractor Motorfast Limited
(Company No 04243285) on Jan. 6.  Its registered office is at 5
Melrose Court, Thurcroft, Rotherham, South Yorkshire S66 9ES.

CONTACT:  ARMSTRONG WATSON
          Central House
          47 St Paul's Street
          Leeds LS1 2TE
          West Yorkshire
          Phone: 0113 384 3840
          Fax: 0113 384 3841
          E-mail: mike.lienlen@armstrongwatson.co.uk


PETARDS GROUP: Grants Directors Share Options
---------------------------------------------
Petards Group plc revealed Wednesday the following grants of
options over new ordinary shares in the Company were made on
Jan. 17, 2006, to the directors of Petards.

Grants made under the Petards Group plc Enterprise Management
Incentive Plan:

                  Number of     Exercise
      Name        options       price         Exercise period
  -------------   ---------     --------   -------------------
Bill Conn        1,523,115        1p      Jan. 17, 2009 through
                                              Jan. 16, 2016

Andy Wonnacott   1,984,665        1p      Jan. 17, 2009 through
                                              Jan. 16, 2016

Grants made under the Petards 2001 Unapproved Share Option Plan:

                  Number of     Exercise
      Name        options       price         Exercise period
--------------   ---------     --------   ---------------------
David Hayes      2,798,730        1p      Jan. 17, 2009 through
                                              Jan. 16, 2016

The exercise of all of the options granted is subject to the
satisfaction of performance criteria.

                        About the Company

Petards combine a wide portfolio of market-leading products and
two decades of technical integration expertise to create and
deliver tailored solutions to clients' security and surveillance
challenges.  The company is listed on the London Stock Exchange
Alternative Investment Market (AIM) and operates from sites in
the U.K. and U.S.A.

It has reported operating profit of GBP272,000 (2004:
GBP1,340,000 loss) and loss before tax of GBP68,000 (2004:
GBP1,156,000 loss) for the six months ended 30 June 2005.

Tim Wightman, Chairman, said, "The markets in which the Group
operates provide significant opportunities.  The recent
terrorist events in London have further highlighted to
government agencies at home and abroad the critical role that
advanced security and surveillance systems can play in tackling
such threats.  The Group has made good progress over recent
months.  However, it is taking longer than we expected to
overcome the effect of its past difficulties within some of our
markets."

"I reported in May that the performance of the Group in the
second half would depend upon our ability to convert
opportunities into orders and then deliver them before the year
end.  In the event, while we have been successful in securing a
number of orders and establishing our strong position in the
markets we serve, many are not deliverable before the yearend.
We therefore expect the outcome for the year to be a
considerable improvement over prior years, but to fall short of
market expectations.  The Board is confident, however, that with
the current strong order book, the momentum of improvement in
profitability will be maintained in 2006.

"The Board continues to seek to enhance shareholder value. The
Directors, with our advisors, are undertaking a strategic review
of all of the options available to enable the Group to maximize
its many strengths."

CONTACT:  PETARDS GROUP PLC
          Petards House
          Windmill Business Village
          Brooklands Close
          Sunbury-on-Thames
          Middlesex TW16 7DY
          Phone: +44 (0) 1932 788288
          Fax: +44 (0) 1932 788322


STAMGATE LIMITED: Hires Administrator from Wilson Field
-------------------------------------------------------
David Elliot and Lisa Hogg (IP Nos 5632, 9037) of Wilson Field
were appointed joint administrators of Stamgate Limited (Company
No 03521340) on Jan. 6.  The company's trading name is Rowantree
Construction.

CONTACT:  WILSON FIELD
          The Annexe
          The Manor House
          260 Ecclesall Road South
          Sheffield
          South Yorkshire S11 9UZ
          Phone: 0114 235 6780
          Fax: 0114 262 0661


TITAN COMPUTING: Administrators Enter Firms
-------------------------------------------
Martin A. Shaw and Charles M. Brook (IP Nos 6334, 9157) of Tenon
Recovery were appointed administrators of Titan Computing
Limited, Titan Service Limited, and Titan Support Limited on
Dec. 30.  These firms are engaged in software consultancy and
supply.

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


WOOLWORTHS GROUP: Appoints New Non-executive Director
-----------------------------------------------------
Woolworths Group plc has appointed Fru Hazlitt as a non-
executive Director of the Company, effective Jan. 17, 2006.

Ms. Hazlitt is Chief Executive of Virgin Radio (a division of
SMG plc) and previously held senior positions at the internet
services business, Yahoo! (including as Managing Director U.K.
and Ireland 2003 - 2005) and at Capital Radio (Sales Director
1997 - 2000).  She is also a non-executive Director of Betfair,
the online betting exchange.

"Fru brings to the Board a dynamic approach and an in-depth
understanding of how consumer facing businesses meet and
overcome new challenges," Chairman Gerald Corbett, said.  "She
is also a mother of young children and will help ensure that
Woolworths continues to appeal to this core customer."

There are no matters to be disclosed in respect of this
appointment otherwise required by 9.6.13 R (2) to 9.6.13 R (6)
of the Listing Rules.

                        *     *     *

In September, Woolworths Group plc reported interim results for
the 26 weeks ended 30 July 2005.  First half loss from
continuing operations (before tax, amortization of joint venture
intangibles and exceptional items) increased by GBP3.0 million
to GBP35.9 million; and group sales from continuing operations
were down 2.9% to GBP1,037.6 million, while net debt was down
GBP38.1 million to GBP93.8 million.

CONTACT:  WOOLWORTHS GROUP PLC
          Woolworth House, 242-246 Marylebone Rd.
          London
          NW1 6JL, United Kingdom
          Phone: +44-20-7262-1222
          Fax: +44-20-7706-5416
          Web site: http://www.woolworthsgroupplc.com/


WOOLWORTHS GROUP: Sales Down 0.8% Over Christmas & New Year
-----------------------------------------------------------
Woolworths Group plc has provided an update on its trading
performance over the Christmas period and for the 50 weeks to
Jan. 14, 2006.

Despite a competitive environment, Christmas trading across the
Group has proved satisfactory.  It is anticipated that the year-
end profit out-turn will be towards the upper end of the current
range of market estimates of GBP50 million to GBP60 million
(U.K. GAAP).  This profit delivery has been achieved by
balancing sales and margin alongside careful control of costs
and stocks.

In the 6 weeks covering the key Christmas and New Year trading
period ending 14 January 2006, like-for-like sales in Woolworths
Mainchain including MCR were down 0.8%.  The 10/10-store refit
program continues to deliver the anticipated improvements in
sales and gross margin.

Our approach going into the key Christmas trading period was to
maximize full price sales, to drive margin and to manage our
product mix carefully.  The gross margin over the Christmas and
New Year period was 40 basis points higher than the prior year.
The full year position is expected to finish slightly ahead of
last year.

Sales were stronger in December and January, particularly in
toys, stationery and computer games, after a comparatively
weaker period in October and November, when sales were held back
by fewer blockbuster DVD releases, shortages of computer game
products and a well documented shift towards on-line sales among
consumers.

Within Woolworths, our on-line sales grew significantly and at
levels ahead of the market albeit off a low base.  Overall, this
Multi-Channel Retail (MCR) strategy, which sees the integration
of the Woolworths on-line and in-store ordering offer, had a
very successful Christmas season with MCR sales up over 200% on
last year and representing up to 4% of weekly sales.

In the 50 weeks to 14th January 2006, total Group sales under
U.K. GAAP, including share of joint ventures, were down by 4.1%
with the Entertainment Wholesale and Publishing businesses up by
10.6% and Retail down by 8.6% reflecting the cut down of the
former big W estate and sale of MVC.  Like-for-like sales in
Woolworths Mainchain including MCR were down 3.9%.

2entertain, our joint venture with BBC Worldwide has enjoyed a
strong Christmas, with titles including Little Britain 2, Jeremy
Clarkson Heaven & Hell, The Catherine Tate Show, Dr. Who and The
Chronicles of Narnia performing strongly.

Entertainment U.K. performed well, with increased sales from new
customers and overall demand for games offsetting the weaker
music and DVD release schedule.  EUK continues to seek further
third party business.

Since August 2004, a joint EUK/Tesco working party has been
looking to identify supply chain efficiencies and options for
the servicing of the Tesco business going forward.  Tesco and
EUK have agreed new terms to continue the current ways of
working until the end of the contract on 28 February 2007.
These new trading terms, together with a decline in the
entertainment market and other pressures within the business,
will lead to reduced profits for EUK in 2006/7 of approximately
GBP10 million.  It is currently uncertain whether the contract
will be renewed beyond that date.  If it is not renewed there
would be a further reduction of EUK profits in 2007/8 along with
associated restructuring costs.  A substantial reduction in
working capital would also be facilitated during 2007/8 in this
event.

The yearend cash position will be ahead of last year.

Trevor Bish-Jones, chief executive, said, "By taking early
action on costs, keeping stocks under control and carefully
balancing sales and margin we have turned in a satisfactory
performance in our key trading period.  In the coming year we
believe the retail environment will be challenging through a
combination of weak consumer demand and rising costs such as
rents and energy.  In the short term, the focus will be on
configuring the Group for the difficult environment we are
facing and continuing to generate cash.  Over the medium and
longer term, we see encouraging opportunities for growth through
continued investment in our stores and on-line offer."

The Group intends to announce its preliminary results for the
year to 28 January 2006 on 29th March 2006.

Changes to International Financial Reporting Standards (IFRS)

The Group previously published its accounts for the year ended
29 January 2005 restated under IFRS.  The International
Financial Reporting Interpretations Committee (IFRIC) recently
clarified that leases, which contain fixed or minimum uplifts on
rentals must be accounted for on a straight line basis over the
life of the lease and not in line with the cash payments due.

This means that the rental charge under IFRS will be increased
by GBP12.1 million in 2004/5.  The increase in 2005/6 will be
approximately GBP11 million.  This increase largely relates to
the leases entered into in 2001 prior to demerger and the P&L
impact will reduce over the next 7 years then reversing over the
subsequent 12 years.

This change will mean that the effect of restating the Group's
2004/5 results under IFRS will be an overall reduction in profit
before tax, exceptional items and 2entertain joint venture
intangible amortisation of GBP18.3 million and in 2005/6 an
expected reduction of approximately GBP17 million.  The increase
in the accounting charge has no effect on the cash payment due
under the leases and hence no effect on the Group's cashflow.

CONTACT:  WOOLWORTHS GROUP PLC
          Woolworth House, 242-246 Marylebone Rd.
          London
          NW1 6JL, United Kingdom
          Phone: +44-20-7262-1222
          Fax: +44-20-7706-5416
          Web site: http://www.woolworthsgroupplc.com/


WRE DISPOSAL: Names Tenon Recovery as Administrator
---------------------------------------------------
Tina Yearsley (IP No 9298) and Simon Robert Thomas (IP No 1289)
of Tenon Recovery were appointed joint administrators of WRE
Disposal Services Limited (Company No 5349856) on Jan. 9.

CONTACT:  WRE DISPOSAL SERVICES LIMITED
          20 Hagley Mews, Hagley Hall
          Worcestershire DY9 9LQ

          TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com/

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


ZENITH CONNECTIONS: Meeting of Creditors Set Today
--------------------------------------------------
Creditors of Zenith Connections Limited (Company No 04760155)
will meet on Jan. 20, 2006, 3 p.m. at Vantis, 4th Floor,
Southfield House, 11 Liverpool Gardens, Worthing, West Sussex
BN11 1RY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to C. I. Vickers, joint administrator of Vantis, 4th
Floor, Southfield House, 11 Liverpool Gardens, Worthing, West
Sussex BN11 1RY.

CONTACT:  ZENITH CONNECTIONS LTD.
          P.O. Box 7943, London SE1 9ZT

          VANTIS NUMERICA
          4th Floor, Southfield House,
          11 Liverpool Gardens, Worthing, West Sussex
          Phone: 01903 222500
          Fax:   01903 207009
          Web site: http://www.vantisnumerica.com/


                            *********


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

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

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