TCREUR_Public/060124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, January 24, 2006, Vol. 7, No. 17

                            Headlines

C Z E C H   R E P U B L I C

VSEOBECNA ZDRAVOTNI: Releases CZK5.3 Billion Insurance Payment
VSEOBECNA ZDRAVOTNI: Finance Ministry Expresses Dismay


F R A N C E

GERARD PASQUIER: Huge Sales Drop Prompts Administration


G E R M A N Y

AUTOHAUS ROTH: Meeting of Creditors Slated for May 4
COMBICK AUSSENHANDELSGESELLSCHAFT: Court Begins Bankruptcy
DAIMLERCHRYSLER AG: Suspends Managers Amid U.N. Scandal Probe
EXTRA BAU: Claims Filing Period Ends Feb. 21
FARMER & TRADER: Hamburg Court to Verify Claims on March 14

IMBAC IMMOBILIENENTWICKLUNGS: Under Bankruptcy Administration
INM NUMERICAL: Frankfurt Court Appoints Administrator
KARL-JOSEF: Creditors to Meet on March 20
TISCHLEREI BEHRENS: Court Begins Bankruptcy Proceedings
VOLKSWAGEN AG: Two Porsche Execs Set to Join Supervisory Board

VRANCKEN LOGISTICS: Creditors Have Until April 1 to File Claims


H U N G A R Y

BKV RT: Bankruptcy Threat Looms Amid Absent State Support
HUMET RT: Trims Costs & Earns HUF18 Million Profit in 2005


I T A L Y

FIAT S.P.A.: Market Stabilization Prompts Fitch's Stable Outlook


K A Z A K H S T A N

ADAI-PV: Sets Proofs of Claim Deadline for Feb. 14
LIGHT GROUP: Insolvency Dims Future
LINK: Gives Creditors Until Mid-February to File Claims
STROI SERVICE: Declares Insolvency
VETO-M: Insolvency Proceedings Begins


L U X E M B O U R G

MILLICOM INT'L: S&P Places B+ Long-Term Rating on CreditWatch


N E T H E R L A N D S

EURAMAX INTERNATIONAL: Moody's Confirms Stable Outlook
ROYAL SHELL: Share Buyback Scheme Ongoing
ROYAL SHELL: Venezuela Cuts Back Tax Bill to US$13 Million


R U S S I A

ALIKOVO-AGRO-PROM-SNAB: Claims Filing Period Ends Feb. 10
ARARAT: Court Sets Bankruptcy Hearing for Apr. 6
BANK AVANGARD: Fitch Withdraws Low-B Long-term Ratings
CHEBOKSARSKAYA MILL: Succumbs to Bankruptcy
KUYBYSHEVSKOYE: Undergoes Bankruptcy Supervision Procedure

PETROZAVODSKIY: Court Names E. Idelchick as Insolvency Manager
PUSHKINSKIY DISTILLERY: Insolvency Manager Takes Over Firm
SHATSKIY LIQUER-VODKA: Bankruptcy Supervision Procedure Begins
STARODUBSKIY: Submits to Bankruptcy Proceedings in Bryansk
STERLITAMAK-STROY: Bashkortostan Declares Company Insolvent

VERKHNE-MAMON-AGRO-TRANS: Bankruptcy Hearing Set March 2


U K R A I N E

DMITRIVSKE: Court Appoints Oleksandr Osipenko as Liquidator
DNIPROPETROVSK' PIPES: Insolvency Manager Comes In
ENERGO-SPETSBUD: Harkiv Court Opens Bankruptcy Proceedings
HARKIV-NEOPLASTIK: Declared Insolvent
RESOURCE ENGINEERING: Succumbs to Insolvency Proceedings


U N I T E D   K I N G D O M

ALEXON GROUP: Cancels 125,000 Shares at 231.5 Pence Each
ALLIANCE BANK: Wants Standard Bank to Arrange $50 Million Loan
APM (UK): Appoints Menzies Corporate Restructuring Administrator
BIGLAND WINE: Hires PKF Firm to Liquidate Assets
BRENT LEISURE: Liquidators from KPMG Enter Firm

CIARA'S LIMITED: Creditors Meeting Set Next Week
DUSMO FARINOL: Ian Pattinsons Hired to Administer Assets
ECP REALISATIONS: Appoints Joint Administrative Receivers
FOCUS DIY: Fitch Cuts Mezzanine Notes to CCC+ from B-
FORMICA LIMITED: Moody's Assigns B2 Ratings to US$60-Mil Loan

IRONFIRM LTD: Names Businesscare Solutions Limited Administrator
JESSCAM ENGINEERING: Administrators from DTE Leonard Move In
METROPOLITAN & DISTRICT: Administrators Take Over Firm
POSITIVELY MAD: T. Yearsley & C. Jackson Serve as Administrators
PREMIER FOODS: Standard Life Buys 14% Equity Stake

R & W GRIFFITHS: Last Day for Filing Debt Claims is Today
SET MEALS: Caterer Contacts Administrator
SKYEPHARMA PLC: 13% Shareholder Group Eyes Director's Removal
STANDARD BANK: Alliance Bank Wants $50 Million Loan Arranged
STANDARD BANK: Moody's Assigns Ba3 Rating to Upcoming LPN Issue

TINGLEY PARTITIONS: Administrators Move In
UDS LIMITED: Names Menzies Corporate Administrator
VEDANTA RESOURCES: Increased Fin'l. Risks Spur S&P's BB Rating
WILLOWBANK JOINERY: Appoints W.A. Batty to Administer Assets
* Large Companies with Insolvent Balance Sheets

     **********

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


VSEOBECNA ZDRAVOTNI: Releases CZK5.3 Billion Insurance Payment
--------------------------------------------------------------
Bankrupt Vseobecna zdravotni Pojistovna Ceske Republiky (VZP)
started paying CZK5.3 billion in state insurance payments to
medical institutions, Czech Happenings reports.

The amount consists of:

   -- CZK2.3 billion in advance payments; and
   -- CZK3 billion

in regular monthly payment for students, pensioners and the
unemployed.  Recently appointed VZP head Josef Cekal said the
insurance group has already been sending the money to the given
accounts.

VZP asked the government to release the insurance payments in
advance to abate growing tensions among doctors.  Doctors across
the Czech republic had threatened to launch protest actions if
the payment delay continues.  The Health Ministry said the
release would give doctors' associations no real reason to
protest since the payment will cut delay from 50 to just 15 or
16 days.  The state usually sends part of the payments for
summer months when insurance firms incur lower expenses than in
the winter.

"Some facilities have not even received payments for October,"
Milan Kudyn of the Association of General Practitioners for
Children and Youth said.  "We will definitely wait, minimally
two months, to see whether payments will really arrive according
to the contracts."

General Practitioners' Association will decide whether to call
off its strike threat this weekend, deputy head Jan Jelinek
revealed.

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/


VSEOBECNA ZDRAVOTNI: Finance Ministry Expresses Dismay
------------------------------------------------------
Finance Minister Bohuslav Sobotka thinks the findings on the
financial and operational condition of collapsed Vseobecna
zdravotni Pojistovna Ceske Republiky (VZP) is alarming.

Speaking before the lower house investigative commission, Mr.
Sobotka revealed that the current review on VZP's finances and
activities has found several problematic areas.

According to the Finance Minister, some of these were the
contracts that seemed to involve a conflict of interests,
particularly related to:

   (a) IZIP Internet medical files;
   (b) VZP spokesman Jiri Suttner; and
   (c) Morsky Konik Therapeutic Seaside Stays for Children.

Kvetuse Marikova, the head of the Health Ministry control group,
supported Mr. Sobotka's statement saying that Morsky Konik
contracts seem to be very disadvantageous.

Though finance and health ministries controlled the VZP, Mr.
Sobotka added, these irregularities only came out after the
group went under forced administration.  He said, "If this
information had been released or revealed earlier, it would have
definitely changed the opinion on the VZP activity long time
ago."

The Finance Minister also noted that VZP failed to lower its
CZK11 billion debt despite earning CZK200 billion yearly.  Mr.
Sobotka said the group could have slashed it debts by CZK2
billion annually.  The problem is, he stressed, that VZP's debt
had been accumulating.

Mr. Sobotka likewise enumerated several reasons for VZP's
increasing debt, including the declining state insurance
payments.  He noted that the insurance is not well adjusted to
limited financial resources and that it is undefined what
particular care the standard insurance covers.

Former VZP director Jirina Musilkova, who was present at the
meeting, dismissed the revelations.  She condemned the leakage
of the results to the media before the review was completed.
Ms. Musilkova, however, said she appreciates Mr. Sobotka's
overall view.  She likewise said that VZP has cited the same
list of reasons but that "the ministries didn't believe our
numbers and analyses."

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.  She turned the blamed on the
Health Ministry's regulations that made the company pay out more
than it receives.

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


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


GERARD PASQUIER: Huge Sales Drop Prompts Administration
--------------------------------------------------------
The Commercial Court of Paris placed Gerard Pasquier under
court-supervised administration on Dec. 22, Nadine Bayle of Les
Echos reports.

The company's administrator believes that a huge drop in sales
in 2005 forced the company to declare insolvency.  In 2004, the
ready-to-wear women's clothing company reported sales of
EUR27.5 million, compared to EUR13.6 million in 2005.

CONTACT:  GERARD PASQUIER
          Web site: http://www.gerard-pasquier.fr/


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


AUTOHAUS ROTH: Meeting of Creditors Slated for May 4
----------------------------------------------------
The District Court of Frankfurt am Main opened bankruptcy
proceedings against Autohaus Roth 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. Jan Roth.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt am Main, Saal 1,
Geb. F, Klingerstrasse 20, 60313 Frankfurt, at 8:30 a.m., on May
4, 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:  AUTOHAUS ROTH GmbH
          Elisabethenstrasse 1, 65719 Hofheim am Taunus

          Dr. Jan Roth, Administrator
          Pfingstweidstr. 3, 60316 Frankfurt am Main
          Phone: 069/209739-0
          Fax: 069/20973929


COMBICK AUSSENHANDELSGESELLSCHAFT: Court Begins Bankruptcy
----------------------------------------------------------
The District Court of Frankfurt am Main opened bankruptcy
proceedings against COMBICK Aussenhandelsgesellschaft mbH on
Dec. 28.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 22, 2006, to register their claims with court-appointed
provisional administrator Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt am Main, Saal 2,
Geb. F, Klingerstr. 20, 60313 Frankfurt, at 9:30 a.m., on
April 5, 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:  COMBICK AUSSENHANDELSGESELLSCHAFT mbH

          Ulrike Hoge-Peters, Administrator
          447, Cronstettenstrasse 30, D-60322 Frankfurt am Main
          Phone: 069/9591100
          Fax: 069/959110-12


DAIMLERCHRYSLER AG: Suspends Managers Amid U.N. Scandal Probe
-------------------------------------------------------------
DaimlerChrysler AG has suspended at least six high-ranking
officials following an internal probe into claims the carmaker
paid Saddam Hussein's regime kickbacks and illegal surcharges,
Richard Milne and Mark Turner of the Financial Times reports.

The suspensions involve up to 10 managers in the company's
overseas division, people privy to the matter said. The move,
understood to please anti-corruption campaigners, is one of the
first public steps carried out by one of the 4,500 companies
linked to the U.N. oil-for-food program scandal, Messrs. Milne &
Turner relates.

Former U.S. Federal Reserve Chairman Paul Volcker alleged that
firms, including DaimlerChrysler, had bribed Saddam Hussein's
regime and paid other illegal fees.  DaimlerChrysler disclosed
that it is coordinating with the U.S. Securities and Exchange
Commission and the Department of Justice, both conducting
inquiries into the scam.  Though it declined to comment about
any suspensions, the company told FT that its internal
investigations are underway.

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


EXTRA BAU: Claims Filing Period Ends Feb. 21
--------------------------------------------
The District Court of Bonn opened bankruptcy proceedings against
EXTRA Bau + Hobby Handels GmbH on Jan. 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 Siegfried
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bonn, Insolvenzgericht,
Wilhelmstrasse 21, 53111 Bonn, 2. Stock, Saal S 2.22, at 9:10
a.m., on March 31, 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:  EXTRA BAU + HOBBY HANDELS GmbH
          Auf den Steinen 3, 53902 Bad Muenstereifel
          Contact:
          Lutz Matheis, Manager
          Hauptstrasse 1, 53498 Waldorf

          Siegfried Mueller, Administrator
          Zum Markt 10, 53894 Mechernich
          Phone: 02443 / 98120
          Fax: 0244398 12 19


FARMER & TRADER: Hamburg Court to Verify Claims on March 14
-----------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Farmer & Trader Verwaltungs GmbH on Jan. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 14, 2006,
to register their claims with court-appointed provisional
administrator Karsten Totter.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Insolvenzgericht,
Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at
10:20 a.m., on March 14, 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:  FARMER & TRADER VERWALTUNGS GmbH
          Contact:
          Heinrich Eckhoff, Manager

          Karsten Totter, Administrator
          Speersort 4/6, 20095 Hamburg
          Phone: 040/303010
          Fax: 30301246


IMBAC IMMOBILIENENTWICKLUNGS: Under Bankruptcy Administration
-------------------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against IMBAC Immobilienentwicklungs und -
verwaltungs GmbH on Jan. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 24, 2006, to register their claims
with court-appointed provisional administrator Dr. Dirk
Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 10:35
a.m., on Feb. 22, 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 at 10:30 a.m. on April 26, 2006, at the same venue.

CONTACT:  IMBAC IMMOBILIENENTWICKLUNGS UND -VERWALTUNGS GmbH
          Oeserstr. 85,13509 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


INM NUMERICAL: Frankfurt Court Appoints Administrator
-----------------------------------------------------
The District Court of Frankfurt am Main opened bankruptcy
proceedings against inm numerical magic gesellschaft fuer neue
medien mbH on Jan. 2.  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 Karl-Heinz Trebing.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt am Main, Saal 2,
Geb. F, Klingerstr. 20, 60313 Frankfurt, at 9:25 a.m., on April
25, 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:  INM NUMERICAL MAGIC GESELLSCHAFT FUER NEUE MEDIEN mbH
          Daimlerstrasse 32, 60314 Frankfurt am Main

          Karl-Heinz Trebing, Administrator
          Hanauer Landstrasse 287-289, 60314 Frankfurt am Main
          Phone: 069/15051300
          Fax: 069/15051400


KARL-JOSEF: Creditors to Meet on March 20
-----------------------------------------
The District Court of Arnsberg opened bankruptcy proceedings
against Karl-Josef Loer GmbH on Jan. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 28, 2006, to register their
claims with court-appointed provisional administrator Martin
Buchheister.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Arnsberg, Eichholzstrasse
4, 59821 Arnsberg, EG, 328, at 9:30 a.m., on March 20, 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:  KARL-JOSEF LOER GmbH
          Ronkhauser Strasse 31, 59757 Arnsberg
          Contact:
          Karl-Josef Loer, Manager
          Morickestrasse 7, 59846 Sundern

          Martin Buchheister, Administrator
          Rathausplatz 21-23, 58507 Ldenscheid
          Phone: 02351-36530


TISCHLEREI BEHRENS: Court Begins Bankruptcy Proceedings
-------------------------------------------------------
The District Court of Braunschweig opened bankruptcy proceedings
against Tischlerei Behrens GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 27, 2006, to register their
claims with court-appointed provisional administrator Jorg
Trittermann.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Braunschweig, An der
Martinikirche 8, 38100 Braunschweig, Saal E 01, at 11:15 a.m.,
on Feb. 22, 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 at
9:00 a.m., on March 29, 2006, at the same venue.

CONTACT:  TISCHLEREI BEHRENS GmbH
          Lesser Strasse 21, 38228 Salzgitter
          Contact:
          Joachim Neumann, Manager

          Jorg Trittermann, Administrator
          Lessingplatz 9, D-38100 Braunschweig
          Phone: (0531) 1206875
          Fax: (0531) 1206880


VOLKSWAGEN AG: Two Porsche Execs Set to Join Supervisory Board
--------------------------------------------------------------
A neutral third party is set to replace Ferdinand Piech, the
supervisory board chairman of Volkswagen AG, in 2007, Richard
Milne of the Financial Times reports.

The appointment is part of an agreement to end the dispute
between the carmaker's two biggest investors -- Porsche AG and
Lower Saxony -- which together hold 36.7% of Volkswagen.

Porsche comes out the winner, as the compromise deal will see
its Chief Executive Wendelin Wiedeking joining Volkswagen's
supervisory board immediately.  In addition, Porsche's chief
financial officer, Holger Harter, is set for election to the
board during Volkswagen's annual meeting scheduled in May.

Porsche has paid over EUR3 billion to raise its Volkswagen stake
to 18.5% amid criticism from some shareholders, including Lower
Saxony, over corporate governance.  Mr. Piech is a major
investor in Porsche and also a member of its supervisory board.

Several hostile shareholders have reportedly accepted the
agreement.

"It is a step in the right direction.  It is clearly a
compromise but it is important that Piech, who was probably the
most disruptive force, is going," William Browne, managing
director of Tweedy Browne, told FT.

Mr. Wiedeking will also take over former British Minister Lord
Simon's place on Volkswagen's board, while Mr. Harter will
succeed Gerhard Cromme who has opted not to stand again for
re-election.

                  JP Morgan Recommendations

Last year, JP Morgan advised Volkswagen against the appointment
of any Porsche shareholder or member of its management to the
board.  However, Porsche officials, who also commissioned an
international law firm to look into the matter, believed the
recommendations by the bank have no legal basis.  JP Morgan has
also called on Ferdinand Piech to resign as supervisory board
chairman of Volkswagen, citing conflicts of interest as reason.

Meanwhile, Fitch Ratings has said an increase in Porsche's stake
may improve bondholders' long-term protection despite corporate
governance issues.  Markus Leitner, director in Fitch's European
Industrials team, said, "With the increased Porsche ownership,
(Volkswagen) has increased its protection from takeover,
reducing the risk of a lower-rated company gaining control."

However, Fitch notes Porsche's greater dominance could reduce
the influence of many institutional investors, which have been
urging Volkswagen to carry out corporate restructuring to
improve results.

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

          PORSCHE AG
          Porscheplatz 1
          D-70435 Stuttgart, Germany
          Phone: +49-711-911-0
          Fax: +49-711-911-5777
          Web site: http://www.porsche.com/


VRANCKEN LOGISTICS: Creditors Have Until April 1 to File Claims
---------------------------------------------------------------
The District Court of Krefeld opened bankruptcy proceedings
against Vrancken Logistics GmbH on Jan. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 1, 2006, to register their
claims with court-appointed provisional administrator Eberhard
Stock.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Krefeld, Nordwall 131,
47798 Krefeld, 1. Etage, Sitzungssaal H 131, at 10:05 a.m., on
April 7, 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 at 11:00
a.m. on May 26, 2006, at the same venue.

CONTACT:  VRANCKEN LOGISTICS GmbH
          Diessemer Bruch 73, 47805 Krefeld
          Contact:
          Ulrich Wessels and Ingo Vrancken, Managers

          Eberhard Stock, Administrator
          Wilhelmshofallee 75, 47800 Krefeld


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

BKV RT: Bankruptcy Threat Looms Amid Absent State Support
---------------------------------------------------------
State aid-deprived BKV Rt. might go bust in the first half of
2007, Nepszabadsag reports.

Supervisory board member Miklos Szalka revealed that the city
government of Budapest refused to allocate finances to BKV.  The
city usually augments the bulk of its HUF15 billion public
transportation fund to BKV and is backing a loan of similar
amount for the group.  The government also took over HUF38
billion of BKV's debts in 2002.

BKV posted HUF13.7 billion in losses for the first half of 2005,
14% more than forecasted.

BKV Rt. serves around 1.4 billion passengers daily on 224 bus
routes, 35 tram routes, 14 trolleybus routes, three Metro lines
and five suburban railway routes.  The group employs around 13,
500 people.

CONTACT:  BKV RT.
          1980 Budapest, Pf. 11
          Phone: +36 1 461 6500
          E-mail: bvkrt@bkv.hu
          Web site: http://www.bkv.hu/


HUMET RT: Trims Costs & Earns HUF18 Million Profit in 2005
----------------------------------------------------------
Dietary supplement maker Humet Rt. battled and conquered
bankruptcy in 2005, Budapest Business Journal says.

Humet slashed HUF193 million in losses it posted in 2004, then
climbed to a HUF18 million profit in 2005.  The group said it
trimmed its monthly cost HUF3 million through cutting production
and general expenses.  Humet revealed this allowed it to post
HUF17.9 million in operating profit in 2005, a far cry from
HUF172.8 million in operating losses in 2004.

The group, however, noted that revenues dropped from HUF101.4
million to HUF63.1 million.  The group's balance sheet shows
HUF137,000 in liquid assets at the end of 2005.  Its registered
capital also soared from HUF21.6 million to HUF89.2 million as a
result of a HUF7.2 million debt-for-equity swap.

Humet was placed under bankruptcy protection in May 2004.

CONTACT:  HUMET P.L.C.
          Phone: (+36 1) 39 22 61
          Fax: (+36 1) 39 22 65
          E-mail: humet@humet.hu
          Web site: http://www.humet.hu/


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


FIAT S.P.A.: Market Stabilization Prompts Fitch's Stable Outlook
----------------------------------------------------------------
Fitch Ratings has changed the Outlook on Fiat S.p.A.'s 'BB-'
Senior Unsecured rating to Stable from Negative.  The agency has
at the same time affirmed the Senior Unsecured and Short-term
'B' ratings.  EUR6 billion of debt is affected by this Rating
action.  The Outlook change is underpinned by early signs that
the restructuring plan is on track, the stabilization of Fiat
Auto's market shares in late 2005 and the successful resolution
of a number of credit issues.

"We believe that the trough has been reached, both from a
financial and business perspective, and that the group has
initiated a rebound," says Emmanuel Bulle, director in Fitch's
European Corporates group.

In 2005, Fiat untangled its relationship with General Motors
(GM - 'B+'/Rating Watch Negative).  Joint ventures between both
groups have been dissolved.  Fiat also managed to make GM pay
EUR1.55 billion to cancel the put option and GM also returned
its 10% stake to Fiat.  Fiat subsequently exercised its option
to sell its stake in Italenergia to EDF, resulting in EUR1.8
billion debt reduction and an EUR850 million net capital gain.
Finally, the EUR3 billion Mandatory Convertible Facility agreed
three years ago in a deal with eight banks was converted into
equity in September 2005.

From a financial standpoint, numerous asset sales, the
resolution of the credit issues and restructuring actions,
notably at Fiat Auto, have had a positive impact on the group's
credit profile.  Net debt from industrial activities has been
halved in 2005 to EUR4.7 billion at Q3 2005 and now appears more
manageable.  From a results perspective, the margin trend has
been largely improving at Fiat Auto since 2002.  Cash flow
generation was strong in 2005 on the back of extraordinary items
and operating cash flow should be positive in 2006.

However, Fitch cautions that several threats to a complete
recovery of the group remain.  Most of Fiat's divisions, and in
particular Fiat Auto, operate in a very difficult environment
with weak growth prospects and intense competition.  Not only
has Fiat Auto's market share plummeted in Europe, but it did so
in its traditional core segment and end markets.  The new Grande
Punto will be crucial to regaining market share but it is
arriving on the market at the same time as several other
competitors' bestsellers.

Fitch believes that it will be extremely difficult for Fiat to
regain domestic customers from competitors now that they are
increasingly accustomed to the presence of international brands.
The trend is set to reverse in 2006 with the arrival of new Fiat
models, but there are high risks associated with this scenario.
Fiat's ability to recover some of the lost market shares in
Europe, and in Italy in particular, will be a key factor in
assessing Fiat's rating.

Fiat's product mix is heavily skewed towards small cars with
lower margins.  These lower margins are usually compensated by
high volumes, hence the perilous situation of Fiat when market
shares are falling.  Besides, fierce competition and the global
fight to at least maintain market share drive an overall pricing
decline. Fiat will need to restore its image in customers'
minds, which is a demanding and long process, in order to reach
incremental revenue with more options and to gradually increase
prices.

CONTACT:  FIAT S.p.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com/

          FITCH RATINGS
          Emmanuel Bulle, Paris
          Phone: +33 1 44 29 91 84
          Elisabetta Zorzi, Milan
          Phone: +39 02 87 90 87 213

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


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


ADAI-PV: Sets Proofs of Claim Deadline for Feb. 14
--------------------------------------------------
LLC Adai-PV has declared insolvency.  Proofs of claim may be
submitted to Pavlodar, Amangeldi Str. 17-3 on or before Feb. 14,
2006.

CONTACT:  ADAI-PV
          Pavlodar, Amangeldi Str. 17-3


LIGHT GROUP: Insolvency Dims Future
-----------------------------------
LLC LIGHT GROUP has declared insolvency.  Proofs of claim may be
submitted to Almaty, Mendeleev Str. 2 on or before Feb. 15,
2006.

CONTACT:  LIGHT GROUP
          Almaty, Mendeleev Str. 2


LINK: Gives Creditors Until Mid-February to File Claims
-------------------------------------------------------
LLC Link has declared insolvency.  Proofs of claim may be
submitted to Almaty, Adi Sharipova Str. 32-48 on or before
Feb. 15, 2006.

CONTACT:  LINK
          Almaty, Adi Sharipova Str. 32-48


STROI SERVICE: Declares Insolvency
----------------------------------
LLC Stroi Service Almaty has declared insolvency.  Proofs of
claim may be submitted to Almaty, Bostandyksk district, 16-Linia
Str. 190 on or before Feb. 15, 2006.

CONTACT:  STROI SERVICE ALMATY
          Almaty, Bostandyksk district,
          16-Linia Str. 190


VETO-M: Insolvency Proceedings Begins
-------------------------------------
LLC VETO-M has declared insolvency.  Proofs of claim may be
submitted to Almaty, Bogenbai Batyr Str. 94-9 on or before
Feb. 15, 2006.

CONTACT:  8 (3272) 91-85-61


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


MILLICOM INT'L: S&P Places B+ Long-Term Rating on CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'B-' senior unsecured debt ratings
on Luxembourg-headquartered emerging-markets wireless
telecommunications operator Millicom International Cellular S.A.
on CreditWatch with developing implications.  This follows the
company's decision to review its strategic options, and its
appointment of a financial advisor.

Although there is no certainty of any transaction--such as the
sale of all or part of the company--arising from the strategic
review, any potential transaction could have either positive or
negative implications for the ratings.

"The hypothetical sale of the entire company to an entity that
could guarantee its outstanding debt or provide strong financial
support could have positive implications for the ratings," said
Standard & Poor's credit analyst Michael O'Brien.  "Conversely,
the purchase of Millicom by an entity with a weaker credit
standing could have a negative impact on the ratings."

Millicom's $550 million notes, maturing in 2013, contain a
change-of-control clause that requires the company to repurchase
outstanding notes in the event of a trigger event. Accordingly,
although a change in control resulting in the ratings being
raised would not trigger repayment of outstanding notes, a
change of control causing a downgrade would trigger repayment.
This provides protection to noteholders, in view of their right
to have their notes repurchased, although it does not guarantee
that any potential acquirer with a weaker credit standing than
Millicom would be in a position to repurchase or refinance the
notes, based on its cash position or access to capital markets.

Furthermore, any transaction incorporating the sale of
particular assets or subsidiaries of Millicom--and not the whole
group--could have negative implications for the ratings as the
credit profile and cash generating ability of the remaining
group might differ from that of the group in its current form.

"We will likely resolve the CreditWatch placement upon review of
any information forthcoming from Millicom's strategic review,"
added Mr. O'Brien.

"Retention of the existing structure or ownership of the company
could lead to an affirmation of the ratings, subject to our
evaluation of the company's ongoing performance."

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


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


EURAMAX INTERNATIONAL: Moody's Confirms Stable Outlook
------------------------------------------------------
Moody's Investors Service has affirmed the long-term debt
ratings of Euramax International, Inc.  The ratings outlook is
stable.

Ratings affirmed:

Euramax International, Inc. and co-issuer Euramax International
Holdings B.V.:

   (a) B2 - Guaranteed first lien senior secured tranche B term
       loan, US$332 million due 2012; and

   (b) Caa1 - Guaranteed second lien senior secured term loan,
       US$190 million due 2012.

Euramax Netherlands B.V., Euramax Holdings Limited (UK), Euramax
Europe B.V.:

   (a) B2 - Guaranteed first lien senior secured tranche B
       term \ loan, US$118 million due 2012

Euramax International, Inc., co-issuer Euramax International
Holdings B.V., Euramax Holdings Limited (UK), Euramax Europe
B.V., Euramax Netherlands B.V.:

   (a) B2 - Guaranteed first lien senior secured revolving
       credit facility, US$80 million due 2011

Euramax International, Inc.

   (a) B2 - Corporate Family Rating

Euramax's B2 corporate family rating incorporates its leading
market position in a number of niche markets, including roof
drainage products and fabricated aluminum, steel, fiberglass,
and vinyl products for construction and recreation vehicles, as
well as its ability to consistently generate free cash flow
despite high financial leverage.  Moody's believes that
operating margins will remain relatively stable despite the
strain from raw material inflation, increased labor costs, and
competitive pressures.  The ratings also capture Euramax's high
degree of financial leverage, vulnerability to cyclical end-use
markets and raw material price volatility, and significant
customer concentration risks with retail home centers.

The stable outlook reflects Moody's belief that despite
prospects for continued weakness should home repair and
remodeling activity wane as interest rates increase and the
potential negative impact that higher fuel costs could have on
RV sales, Euramax will continue to generate free cash flow in
FY2006.  However, given recent weak operating performance,
Moody's believes the company could have limited capacity to
increase borrowings under its senior secured revolver due to
potentially narrow compliance with restrictive financial
covenants during the 1st and 2nd quarters of 2006 given seasonal
working capital needs.  Factoring in next year's expected level
of EBITDA, free cash flow and debt amortization requirements,
the stable outlook is predicated on Euramax maintaining EBITDA
margins of approximately 10%, debt-to-EBITDA under 6.0x (or
approximately 6.5x including the holding company PIK note) and
free cash flow-to-debt of at least 4%.

The rating affirmation reflects Moody's belief that despite the
unlikely near-term prospect the company will be able to
refinance its outstanding holding company PIK notes and 2nd lien
debt with US$315 million in operating company subordinated debt
as was planned back in September 2005 when Moody's downgraded
the company's ratings, the company's equity sponsors have
clearly demonstrated their intention to place the additional
financial leverage on the operating company given the 1st lien
credit agreement amendment permitting the issuance of
subordinated debt remains in place.

In addition, while the 2nd lien credit agreement does not permit
the issuance of subordinated debt and would have to be
refinanced with the proceeds of any such capital markets
transaction, Moody's believes that the company's credit metrics
will not improve as anticipated when the initial ratings were
assigned in June 2005 due to weak sales in roof drainage
products in home retail centers and in fabricated aluminum and
steel roofing and siding to rural contractors and depressed
margins resulting from higher raw material and operating costs
and a competitive pricing environment.

At this time, Moody's does not see any upward rating pressure.
However, the ratings could come under additional pressure if the
company liquidity position is weakened by lower than anticipated
free cash flow generation and/or a furthering narrowing in
covenant compliance due to weak operating performance or high
seasonal working capital needs over the next 6 months.

The two-notch differential between the first and second lien
senior secured term loans reflect contractual subordination and
poor recovery prospects in the event of a default given the high
level of first lien debt compared to tangible assets or even
enterprise value.

Headquartered in Norcross, Georgia, Euramax International Inc.
is an international producer of value-added aluminum, steel,
vinyl and fiberglass products.  The company reported revenues of
US$1.1 billion for the LTM ended September 30, 2005.

CONTACT:  MOODY'S INVESTORS SERVICE (NEW YORK)
          David Hamburger, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653

          Mark Gray, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


ROYAL SHELL: Share Buyback Scheme Ongoing
-----------------------------------------
Royal Dutch Shell plc purchased 675,000 'A' Shares for
cancellation at EUR26.94 per share on Jan. 20, 2006.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,931,507,974.

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 buyback program with 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 last year.

                        About the Company

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

                           The Trouble

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

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


ROYAL SHELL: Venezuela Cuts Back Tax Bill to US$13 Million
----------------------------------------------------------
Venezuela has cut its demand for back taxes against a unit of
Royal Dutch Shell to US$13 million, following the oil company's
appeal, Reuters reports.

Authorities reduced the amount that Shell de Venezuela owed last
year from the original US$131 million bill involving back taxes,
fines and interest after the latter submitted further evidence
during the appeal process.

Venezuela has been demanding payments from other international
oil firms since its investigation into the taxes paid by the
energy sector from 2001 to 2004.  The probe involved companies
that were under contract with PDVSA (Petroleos de Venezuela,
S.A.) since the 1990s.  It came after President Hugo Chavez
ordered the companies to ink joint venture agreements giving
PDVSA a controlling stake in the deals.

                        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
===========


ALIKOVO-AGRO-PROM-SNAB: Claims Filing Period Ends Feb. 10
---------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on Alikovo-Agro-Prom-Snab (TIN
2102000042, OGRN 1022102031456).  The case is docketed as A79-
4454/2005.  Mr. S. Fedotov has been appointed temporary
insolvency manager.  Creditors have until Feb. 10, 2006, to
submit their proofs of claim to 428018, Russia, Cheboksary,
Pirogova Str. 4, Office 3.

CONTACT:  ALIKOVO-AGRO-PROM-SNAB
          429250, Russia, Chuvashiya republic,
          Alikovskiy region, Alikovo

          S. FEDOTOV
          Temporary Insolvency Manager
          428018, Russia, Cheboksary,
          Pirogova Str. 4, Office 3

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


ARARAT: Court Sets Bankruptcy Hearing for Apr. 6
------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on close joint stock company Ararat.  The
case is docketed as A57-645B/05-31.  Mr. A. Gurchenko has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 410012, Russia,
Saratov, Bolshaya Kazachya Str. 23/27, Office 28-32.  A hearing
will take place on April 6, 2006, 2:45 p.m.

CONTACT:  ARARAT
          Russia, Saratov region,
          Sakko-i-Vantsetti Str. 65

          A. GURCHENKO
          Temporary Insolvency Manager
          410012, Russia, Saratov region,
          Bolshaya Kazachya Str. 23/27, Office 28-32


BANK AVANGARD: Fitch Withdraws Low-B Long-term Ratings
------------------------------------------------------
Fitch Ratings has withdrawn Russia-based Bank Avangard's ratings
of Long-term 'B-', Short-term 'B', Support '5', Individual 'D'
and National Long-term 'BB+(rus)'.  Fitch will no longer provide
ratings or analytical coverage of this issuer.

CONTACT:  BANK AVANGARD
          Web site: http://www.avangard.ru/

          FITCH RATINGS
          Dmitriy Piskulov
          James Watson, Moscow
          Phone: +7 095 956 9901

          Media Contact
          Alla Izmailova, Moscow
          Phone: +7 095 956 9901/03
          E-mail: alla.izmailova@fitchratings.com

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


CHEBOKSARSKAYA MILL: Succumbs to Bankruptcy
-------------------------------------------
The Arbitration Court of Chuvashiya republic commenced
bankruptcy proceedings against Cheboksarskaya Mill after finding
the close joint stock company insolvent.  The case is docketed
as A79-3838/2005.  Mr. Y. Stepanov has been appointed insolvency
manager.  Creditors have until Feb. 10, 2006 to submit their
proofs of claim to Russia, Chuvashiya republic, Cheboksary,
Gremyachevskiy Proezd, 7.

CONTACT:  Y. STEPANOV
          Insolvency Manager
          Russia, Chuvashiya republic, Cheboksary,
          Gremyachevskiy Proezd, 7

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


KUYBYSHEVSKOYE: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Kuybyshevskoye.  The case is docketed as A65-33390/2005-SG4-27.
Mr. L. Safin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420039, Russia,
Tatarstan republic, Kazan, Post User Box 143.  A hearing will
take place on March 21, 2006.

CONTACT:  KUYBYSHEVSKOYE
          422840, Russia, Bolgar, Gordeeva Str. 1

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


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

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

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


PUSHKINSKIY DISTILLERY: Insolvency Manager Takes Over Firm
----------------------------------------------------------
The Arbitration Court of Lipetsk region has commenced bankruptcy
supervision procedure on Pushkinskiy Distillery (TIN 4804004450,
KPP 480401001).  The case is docketed as A36-4360/2005.  Mr. G.
Nosikov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 398059, Russia,
Lipetsk, Kommunalnaya Str. 9, Office 407.  A hearing will take
place on April 27, 2006, 9:20 a.m.

CONTACT:  PUSHKINSKIY DISTILLERY
          399441, Russia, Lipetsk region,
          Dobrinskiy region, Pushkino

          G. NOSIKOV
          Temporary Insolvency Manager
          398059, Russia, Lipetsk region,
          Kommunalnaya Str. 9, Office 407.


SHATSKIY LIQUER-VODKA: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on open joint stock company Shatskiy
Liquer-Vodka Distillery.  The case is docketed as A54-3874/2005
S1.  Mr. S. Poryadin has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 390005,
Russia, Ryazan region, 2nd Liniya Str. 25

CONTACT:  S. PORYADIN
          Temporary Insolvency Manager
          390005, Russia, Ryazan region,
          2nd Liniya Str. 25


STARODUBSKIY: Submits to Bankruptcy Proceedings in Bryansk
----------------------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Starodubskiy (TIN 3227001036) after finding
the company insolvent.  The case is docketed as A09-3360/05-26.
Mr. S. Chernobrovenko has been appointed insolvency manager.
Creditors have until Feb. 10, 2006, to submit their proofs of
claim to Russia, Belgorod region, Dubovoye, Zelenaya Str. 3v,
Office 14.

CONTACT:  STARODUBSKIY
          Russia, Bryansk region,
          Repyevskiy region, Rossosh

          S. CHERNOBROVENKO
          Insolvency Manager
          Russia, Belgorod region, Dubovoye,
          Zelenaya Str. 3v, Office 14


STERLITAMAK-STROY: Bashkortostan Declares Company Insolvent
-----------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Sterlitamak-Stroy (TIN
0268008134, OGRN 1020202081283) after finding the open joint
stock company insolvent.  The case is docketed as A07-8799/05-G-
ADM.  Ms. I. Yusupova has been appointed insolvency manager.
Creditors have until Feb. 10, 2006 to submit their proofs of
claim to 450077, Russia, Bashkortostan republic, Ufa, Engelsa
Str. 1/1.

CONTACT:  STERLITAMAK-STROY
          453107, Russia, Bashkortostan republic,
          Sterlitamak, Lenina Pr. 2

          I. YUSUPOVA
          Insolvency Manager
          450077, Russia, Bashkortostan republic,
          Ufa, Engelsa Str. 1/1


VERKHNE-MAMON-AGRO-TRANS: Bankruptcy Hearing Set March 2
--------------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on open joint stock company
Verkhne-Mamon-Agro-Trans.  The case is docketed as A14-21195-
2005/164/20b.  Mr. I. Ageev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 394000, Russia,
Voronezh, Main Post Office, Post User Box 42.  A hearing will
take place on March 02, 2006 at 11.00 a.m. at the Arbitration
Court of Voronezh region at Russia, Voronezh, Srednemoskovskaya
Str. 77, Room 601.

CONTACT:  VERKHNE-MAMON-AGRO-TRANS
          Russia, Voronezh region, Verkhniy Mamon

          I. AGEEV
          Temporary Insolvency Manager
          394000, Russia, Voronezh region,
          Main Post Office, Post User Box 42


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


DMITRIVSKE: Court Appoints Oleksandr Osipenko as Liquidator
-----------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Dmitrivske (code EDRPOU 30316099) after
finding the limited liability company insolvent.  The case is
docketed as 25/112.  Mr. Oleksandr Osipenko (License Number AA
783079) has been appointed liquidator/insolvency manager.

CONTACT:  DMITRIVSKE
          71000, Ukraine, Zaporizhya region,
          Berdyansk district, Dmitrivka, Pratsi Str. 3

          Mr. Oleksandr Osipenko
          Liquidator/Insolvency Manager
          72100, Ukraine, Zaporizhya region,
          Primorsk, Shevchenko Str. 76

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


DNIPROPETROVSK' PIPES: Insolvency Manager Comes In
--------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Dnipropetrovsk' Special Pipes Plant (code
EDRPOU 32193009) on December 1, 2005 after finding the limited
liability company insolvent.  The case is docketed as B
24/270/05.  Mr. Talan Rostislav (License Number AA 779211) has
been appointed liquidator/insolvency manager.

CONTACT:  DNIPROPETROVSK' SPECIAL PIPES PLANT
          49000, Ukraine, Dnipropetrovsk region,
          Geroiv Stalingradu Str. 122

          Mr. Talan Rostislav
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region, a/b 158
          Phone: (056) .370-74-70

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


ENERGO-SPETSBUD: Harkiv Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Energo-Spetsbud (code EDRPOU 22712994) after
finding the joint stock company (close type) insolvent.  The
case is docketed as B-48/46-05.  Mr. O. Sutuzhno (License Number
AA 783115) has been appointed liquidator/insolvency manager.

CONTACT:  Mr. O. Sutuzhno
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Sadovij lane, 1/29

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square 5, Derzhprom 8th Entrance


HARKIV-NEOPLASTIK: Declared Insolvent
-------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Harkiv-Neo-Plastik (code EDRPOU 23918315) on
December 1, 2005 after finding the joint stock company (close
type) insolvent.  The case is docketed as B 24/109-05.  Mr.
Sergij Puzenko (License Number AB 216711) has been appointed
liquidator/insolvency manager.

CONTACT:  HARKIV-NEO-PLASTIK
          Ukraine, Harkiv region,
          Zalutinska Str. 4

          Mr. Sergij Puzenko
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Geroiv Pratsi Str. 48/124

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square 5, Derzhprom 8th Entrance


RESOURCE ENGINEERING: Succumbs to Insolvency Proceedings
--------------------------------------------------------
The Economic Court of Kyiv region declared LLC Resource
Engineering Group (code EDRPOU 33107193) on December 1, 2005
after finding the limited liability company insolvent.
The case is docketed as 44/481-b.  Mr. Oleg Bliznyuk has been
appointed liquidator/insolvency manager.

CONTACT:  RESOURCE ENGINEERING GROUP
          Ukraine, Kyiv region,
          Ivan Mikitenko Str. 21/1

          Mr. Oleg Bliznyuk
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Kutuzov Str. 19/83

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


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


ALEXON GROUP: Cancels 125,000 Shares at 231.5 Pence Each
--------------------------------------------------------
Alexon Group PLC has purchased 125,000 ordinary shares for
cancellation at 231.5 pence per share through Investec
Securities.

Following this purchase, the Company will have 58,033,843
ordinary shares of 10 pence in issue.

                            *   *   *

In April, Alexon warned that the collapse of department store
chain Allders could hit its earnings by GBP3 million in 2005.
The group, which owned 118 concessions in Allders outlets, has
already lost GBP2.2 million from money owed and stock and
fixtures write-downs.

The blow came amid sluggish trading at the group's Bay Trading
Fashion chains, which saw same-store sales slide 1.3% in the
last financial year.  Profits for the year ended 29 January 2005
dropped to GBP26.9 million against GBP29.4 million a year
earlier.  Like-for-like sales in the first nine weeks of the
current financial year were three percent down.

CONTACT:  ALEXON GROUP PLC
          40-48 Guildford Street
          Luton
          Bedfordshire
          England
          LU1 2PB
          Phone: +44 1582 723131
          Fax: +44 1582 399864


ALLIANCE BANK: Wants Standard Bank to Arrange $50 Million Loan
--------------------------------------------------------------
Alliance Bank ordered Standard Bank to arrange a one-year
Islamic finance facility for $50 million, Cbonds disclosed.

The bullet loan, likely to be launched this week, carries a 364-
day extension option and will be used for trade finance
purposes.

                        *     *     *

Alliance Bank's 9% senior unsecured notes due June 27, 2008,
carry Fitch's BB- rating.  On Dec. 20, 2005, the company also
received a BB- long-term credit rating and a B short-term credit
rating from Fitch.


APM (UK): Appoints Menzies Corporate Restructuring Administrator
----------------------------------------------------------------
Andrew John Duncan and Paul John Clark (IP Nos 9319, 8570) of
Menzies Corporate Restructuring were appointed joint
administrators of APM (UK) Limited (Company No 05293809) on
Jan. 10.  Its registered office is at 1st Floor, 1 Great
Cumberland Place, London W1H 7AL.

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


BIGLAND WINE: Hires PKF Firm to Liquidate Assets
------------------------------------------------
A. Bigland, director of Bigland Wine Services Ltd., informs that
the special and ordinary resolutions to wind up the firm was
passed at an EGM held on Jan. 9 at The Strands, Penny Bridge,
Ulverston, Cumbria.  Jonathan D. Newell and Kerry F. Bailey of
the firm of PKF (UK) LLP, 5 Temple Square, Temple Street,
Liverpool L2 5RH were appointed joint liquidators.

Creditors are required on or before Feb. 28, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to Jonathan D. Newell.

CONTACT:  BIGLAND WINE SERVICES LTD.
          The Strands, Penny Bridge,
          Ulverston, Cumbria LA12 8HA
          Phone: 01229-861944


BRENT LEISURE: Liquidators from KPMG Enter Firm
-----------------------------------------------
M. Nevin, chairman of Brent Leisure Limited, informs that the
special and ordinary resolutions to wind up the firm were passed
at an EGM held on Jan. 5 at Namco House, Acton Park Estate, The
Vale, London W3 7QE.  Jeremy Simon Spratt and Finbarr Thomas
O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB were
appointed joint liquidators.

CONTACT:  BRENT LEISURE LTD
          Unit 1 Brent Crescent,
          London NW10 0QT
          Phone: 0181-965-0550
          Fax: 0181-961-0574

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


CIARA'S LIMITED: Creditors Meeting Set Next Week
------------------------------------------------
Creditors of Ciara's Limited (Company No 04081658) will meet on
Jan. 30, 2006, 10:30 a.m. at Newcastle Marriott Gosforth Park
Hotel, Gosforth Park, High Gosforth, Newcastle upon Tyne NE3
5HN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. D. Kelly, joint administrator of Tait Walker,
Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3
3LS.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk/


DUSMO FARINOL: Ian Pattinsons Hired to Administer Assets
--------------------------------------------------------
Ian Pattinson (IP No 004422) of Pattinsons was appointed
administrator of Dusmo Farinol Limited (Company No 00940768) on
Jan. 9.  Its registered office is at Michaelmas House, Royal Oak
Way North, Daventry, Northamptonshire NN11 8PQ.

Dusmo Farinol Limited -- http://www.interfaceltd.com/--  
manufactures and distributes cleaning materials.

CONTACT:  DUSMO FARINOL LIMITED
          Michaelmas House
          Royal Oak Way North
          Daventry
          Northamptonshire NN11 8PQ
          United Kingdom
          Phone: (01327) 877474
          Fax: (01327) 300003

          PATTINSONS
          Kings Business Centre
          90-92 King Edward Road
          Nuneaton
          Warwickshire CV11 4BB
          Phone: 024 7637 5777
          Fax: 024 7638 7587
          E-mail: insol@pattinsons.co.uk


ECP REALISATIONS: Appoints Joint Administrative Receivers
---------------------------------------------------------
Bibby Financial Services, fka Enhanced Creative Productions
Ltd., appointed Stephen John Tancock and Anthony Cliff Spicer
(Office Holder Nos 9206, 9071) of Smith & Williamson Limited
joint administrative receivers of ECP Realisations Limited (Reg
No 03704736) on Dec. 23.

CONTACT:  E C P REALISATIONS LTD.
          Unit 11 Venguard Trading Centr,
          16 Marshgate Lane, London E15 2NH
          Phone: 020-8534-0674

          SMITH & WILLIAMSON
          The Meeting House
          Little Mount Sion
          Tunbridge Wells
          Kent TN1 1YS
          Phone: 01892 529922
          Fax: 01892 521225
          E-mails: Anthony.spicer@smith.williamson.co.uk
                   sjt@smith.williamson.co.uk


FOCUS DIY: Fitch Cuts Mezzanine Notes to CCC+ from B-
-----------------------------------------------------
Fitch Ratings has downgraded Focus DIY (Finance) plc's mezzanine
notes to 'CCC+' from 'B-'.  At the same time, the agency has
downgraded Focus DIY (Investments) Ltd.'s Senior Unsecured
rating to 'B-' from 'B' and its senior secured debt to 'B' from
'B+'.  The Short-term rating has been affirmed at 'B'.  The
Outlook remains Negative.  This rating action resolves the
Rating Watch Negative (RWN) assigned to all the ratings on 30
September 2005.

The rating actions follow the disclosure of the terms agreed
with senior lenders regarding the new covenant tests.  This
follows the sharp deterioration in profitability in FY05 (ended
October) prompted by the slowdown in consumer sentiment in the
U.K., which affected the operating performance of all do-it
yourself (DIY) operators.

"While the renegotiation of its covenants is a positive signal
and will allow Focus some breathing space, as yet the market
shows no sign of improvement, or even stabilization" says Pablo
Mazzini, Director in Fitch's Leveraged Finance team in London.
"Therefore the question remains as to whether access to funding
will remain available in the medium term, hence the Negative
Outlook.  However, should performance stabilize in the next
twelve months, the agency could consider revising the Outlook to
Stable."

Recent data suggests that non-food retail spending is picking
up, but largely due to price deflation and discounts.  Signs of
recovery in the housing market do not appear strong enough due
to the uncertain trend in interest rates, while U.K. consumer
confidence (as the main forward looking indicator in non-food
retailing) in December 2005 hit its lowest level since March
2003, signaling poor demand outlook for large ticket items.

While Fitch believes that the long-term DIY demand drivers
remain intact, it remains to be seen how Focus will emerge from
the current trough in sales.  It is also unclear at this stage
how Focus will gain the flexibility to compete effectively
against B&Q and Homebase, given its highly leveraged balance
sheet and the need to comply with a more demanding debt
amortization schedule from FY07 onwards.  The likelihood of a
continuing sales shortfall in the short term could restrict cash
flow available for debt service from FY07, despite the
reasonable level of liquidity, which will need to be retained to
take account of seasonal effects.  Fitch will monitor cash flow
performance closely.  Any additional shortfall in performance in
the critical Easter and summer seasons could add further
downward pressure on the ratings.

The agency recognizes the efforts in rationalizing the cost base
as well as the improvements in the supply chain.  However, there
seems to be limited scope to continue to reduce costs
indefinitely.  Annualized cost savings achieved in FY05, while
ahead of plan, will likely be offset by pricing pressure exerted
by its main competitors and perhaps additional shortfalls in
sales volumes.

In addition, the lack of saleable assets leaves management
reliant on re-gearing operating leases as the main source of
non-traditional funding in the current downturn.  While this
provides much needed cash in the short term, in the agency's
view, it does not appear sustainable in the longer term.

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


FORMICA LIMITED: Moody's Assigns B2 Ratings to US$60-Mil Loan
-------------------------------------------------------------
Moody's Investors Service has assigned B2 corporate family
rating to Formica Corporation, a subsidiary of Formica Bermuda
Holdings Ltd., to reflect the company's high leverage, short
post bankruptcy operating history, and low margins.  The ratings
benefit from the company's impressive brand name recognition and
significant market share.

Ratings assigned:

  (a) US$60 million Revolving Credit Facility, rated B2;
  (b) US$210 million First Lien Term Loan, rated B2; and
  (c) Corporate Family Rating, rated B2.

Proceeds from the debt issuance will primarily go towards
refunding existing debt and to pay a US$30 million dividend.
The company's largest shareholders are the investment firms
Cerberus Capital Management, L.P.  and Oaktree Capital
Management, LLC.

Moody's understands that the company does not expect to rely on
the revolver except for unanticipated seasonal working capital
needs.  The company's covenants are currently being set and are
anticipated to give the company a good cushion.  The company's
restricted payments basket was an important consideration in the
rating as it limits the maximum dividend to US$30 million.

The ratings consider the company's high leverage, history of
weak free cash flow generation, and low return on assets.  The
ratings also reflect the difficulty in projecting the company's
long term performance given recent years' volatile financial
performance, the competitive climate, its cost structure, and
various trends in new products including the move from laminates
to solid surfacing, engineered stone, and granite.  Moody's
current expectation is for Formica's average revenue growth over
the next five years to be in the low to mid single digits.

The company's pro forma FYE 2005 debt to EBITDA, as calculated
by Moody's (including adjustments for leases and pension
liabilities), is approximately 4.8 times and debt to
capitalization for the same period is approximately 74%.
Moody's notes that the company's financial statements are
adjusted by using standard adjustments per Moody's Ratings
Methodology report dated July 2005.  Moody's also notes that the
company's anticipated leverage ratios, interest coverage, and
overall business outlook is more optimistic than those
incorporated by Moody's into the rating.

The company's ratings benefit from the sponsor's equity
investment, Formica's well-known brand name, and an extensive
international presence with distribution networks on four
continents.  The assigned ratings also benefit from a broad
product line that includes HPL (high pressure laminates) that is
primarily offered to the non-residential marketplace.  Required
investments in machinery as well as distribution networks
combined with probable low return on investment reduce the
likelihood of new competition.  The company's balance sheet
benefits from "fresh-start" accounting that was effective May
31, 2004 for financial reporting purposes.

The stable ratings outlook reflects the expectation that the
company should improve its price competitiveness through greater
outsourcing of its manufacturing process.  Also, Moody's
believes that the company's limited exposure to the residential
construction segment should limit some of the negative impact
from higher interest rates on the company's revenues.

Formica Corporation U.S., Formica Canada, Inc., Formica Limited
U.K., and Formica S.A. (Spain) are co-borrowers under the
facility.  The U.S. borrower's credit facilities are guaranteed
by the material U.S. domestic subsidiaries and the borrowings of
the foreign borrowers are guaranteed by the material U.S.
domestic and material foreign subsidiaries of Formica Bermuda
Holdings Ltd.  The secured credit facilities are secured by a
first priority lien and security interest in all present and
future capital stock of the company's present and future
subsidiaries with various exceptions including those for
controlled foreign corporations where 65% of the voting stock
will be pledged.

The ratings on the secured credit facility are the same as the
Corporate Family Rating's.  This reflects the preponderance of
debt at the senior secured level and the lack of tangible assets
that can be relied upon in a distressed scenario.  Moody's notes
that approximately 55% of the company's sales are outside of
North America and various manufacturing facilities are located
overseas.

Headquartered in Cincinnati, Ohio, Formica Corporation was
founded in 1913 it is one of the largest producers of decorative
high-pressure laminates in the world and a leading brand name in
the decorative surfacing products market.  Revenues for 2004
were approximately US$704 million.


IRONFIRM LTD: Names Businesscare Solutions Limited Administrator
----------------------------------------------------------------
Peter Adrian Finn and Martin Christopher Hepworth (IP Nos 8098,
9229) of Businesscare Solutions Limited were appointed
administrators of Ironfirm Ltd. (t/a Excel Engineering - Company
No 01735074) on Jan. 9.  Its registered office is at 708 Banbury
Avenue Trading Estate, Slough SL1 4LH.

CONTACT:  IRONFIRM LTD.
          708 - 710 Banbury Avenue Trad,
          Slough, Berkshire SL1 4LH
          Phone: 01753-824961

          BUSINESSCARE SOLUTIONS LIMITED
          Four the Chandlery,
          40 Gowers Walk, London E1 8BH


JESSCAM ENGINEERING: Administrators from DTE Leonard Move In
------------------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) of DTE Leonard
Curtis were appointed joint administrators of Jesscam
Engineering Limited (Company No 04567045) on Jan. 6.

CONTACT:  JESSCAM ENGINEERING LTD.
          Gannow Lane, Burnley,
          Lancashire BB12 6HY
          Phone: 01282431389

          DTE LEONARD CURTIS
          24 Wellington Street,
          St John's, Blackburn,
          Lancashire BB1 8AF
          Web site: http://www.dtegroup.com


METROPOLITAN & DISTRICT: Administrators Take Over Firm
------------------------------------------------------
Christopher Michael White and Philip Andrew Revill (IP Nos 9374,
6421) of The P&A Partnership were appointed joint administrators
of holding company Metropolitan & District Developments Limited
(Company No 02578886) on Jan. 6.

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


POSITIVELY MAD: T. Yearsley & C. Jackson Serve as Administrators
----------------------------------------------------------------
Tina Yearsley and Carl Stuart Jackson (IP Nos 1480, 8860) of
Tenon Recovery were appointed joint administrators of Positively
Mad Works Limited (Company No 4323584) on Jan. 9.

The company is engaged in promoting personal development and
accelerated learning techniques in education.

CONTACT:  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


PREMIER FOODS: Standard Life Buys 14% Equity Stake
--------------------------------------------------
Standard Life Investments has acquired 7,722 Premier Foods PLC
shares on behalf of Standard Life Group and therefore, had a
notifiable interest (including material and non-material
interests) in 20,788,997 ordinary 1 pence Premier Foods shares
representing 14% of the issued share capital.

Citibank, N.A. London Branch notified Premier Foods of the
transaction on Jan. 19.  The 20,788,997 shares were registered
in the name of Vidacos Nominees.

                            *   *   *

In July, Premier Foods admitted trading conditions continue to
be difficult at its unit MBM Produce Ltd. and it does not
anticipate seeing any improvement until 2006.

It completed the disposal of its tea business to Apeejay
International Tea Limited, a subsidiary of the Apeejay Surrendra
Group, for GBP80 million in November.  Premier will use the
proceeds to reduce net debt.  As a result of the sale, Premier's
remaining beverages business, including the Cadbury
manufacturing license, will be incorporated into the Spreads and
Desserts product group.  Following the disposal, the 2004 pro
forma branded sales mix of the group will drop from 61% to 59%.

CONTACT:  PREMIER FOODS PLC
          28 The Green, Kings Norton
          Birmingham
          B38 8SD, United Kingdom
          Phone: +44-1727-815-850
          Fax: +44-1727-815-982
          Web site: http://www.premierfoods.co.uk/

          Robert Schofield, Chief Executive
          Paul Thomas, Finance Director
          Gwyn Tyley, Investor Relations Manager
          Phone: +44 (0) 20 7638 9571

          CITIBANK, N.A. LONDON BRANCH
          Citigroup Centre
          Canada Square, Canary Wharf
          London E14 5LB


R & W GRIFFITHS: Last Day for Filing Debt Claims is Today
---------------------------------------------------------
Creditors of R & W Griffiths Limited (Company No 04402462) will
meet on Jan. 25, 2006, 10 a.m. at 11 Clifton Moor Business
Village, James Nicolson Link, York YO30 4XG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to D. A. Horner, administrator of David Horner & Co,
11 Clifton Moor Business Village, James Nicolson Way, Clifton
Moor, York YO30 4XG not later than 12:00 noon today, Jan. 24,
2006.

CONTACT:  R & W GRIFFITHS LIMITED
          37 Ashton Road, Leeds
          West Yorkshire LS8 5JQ
          Phone: 0113 235 0020
          Fax: 0113 235 0020

          DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk/


SET MEALS: Caterer Contacts Administrator
-----------------------------------------
David Harry Gilbert and Shay Bannon (IP Nos 2376/01, 8777/01) of
BDO Stoy Hayward LLP were appointed joint administrators of Set
Meals Limited (Company No 2220689) on Jan. 6.

Set Meals -- http://www.setmeals.co.uk/-- was established since
1985, and offered a new standard of mobile location catering
within the film and television industry including 'Saving
Private Ryan', 'Gladiator', 'Tomb Raider' and 'Captain Corelli's
Mandolin.'

CONTACT:  SET MEALS LTD
          Unit 7
          Tower Workshops
          London SE1 3DG
          United Kingdom
          Phone: (0845) 345 7715
          Fax: (020) 7231 8477

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk/


SKYEPHARMA PLC: 13% Shareholder Group Eyes Director's Removal
-------------------------------------------------------------
SkyePharma PLC has expressed disappointment over the press
release issued by North Atlantic Value LLP and two other
institutional investors Friday.  The investors intended to call
for an Extraordinary General meeting to propose the removal of
Ian Gowrie-Smith as a director of SkyePharma and his replacement
by a candidate of their own.

While the Board's evaluation and Strategic Review are still
ongoing, the Board believes that it is premature for the NAV
syndicate, which represents a little over 13% of the Company's
issued share capital, to call an EGM for the purpose of
proposing a single candidate to join the Board.  Furthermore,
the continuing media speculation while these processes are
continuing, which is likely to be exacerbated by the call for an
EGM, is damaging to the company's business and to the interests
of shareholders.

                            *   *   *

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

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

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

                        About the Company

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

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


STANDARD BANK: Alliance Bank Wants $50 Million Loan Arranged
------------------------------------------------------------
Alliance Bank ordered Standard Bank to arrange a one-year
Islamic finance facility for $50 million, Cbonds disclosed.

The bullet loan, likely to be launched this week, carries a 364-
day extension option and will be used for trade finance
purposes.

                        *     *     *

Moody's Investors Service and Fitch Ratings have assigned junk
ratings to Standard Bank Plc's individual financial strength.


STANDARD BANK: Moody's Assigns Ba3 Rating to Upcoming LPN Issue
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the
upcoming issue of Loan Participation Notes (LPN) to be issued on
a limited recourse basis by Standard Bank Plc for the sole
purpose of financing a subordinated loan to Privatbank
(Ukraine).

The issuer will be accountable to the noteholders only for the
amounts actually received from the bank in accordance with the
subordinated loan agreement.  The amount and maturity will be
determined by market conditions.  The outlook for the rating is
stable.

Moody's explains that the Ba3 rating assigned to the notes is
based on the fundamental credit strength of PrivatBank, the
largest bank in the Ukrainian banking system, as captured by its
Baa3 (stable) global local currency rating, and pierces the B1
country ceiling for foreign currency bonds.  The bank's global
currency rating is notched down to reflect the subordinated
nature of payments under the loan agreement underlying the
notes.  Further, the rating also reflects the probability of a
sovereign default implied by Ukraine's B1 (stable outlook)
foreign currency bond rating, and the likelihood that the
Ukrainian government could impose a debt moratorium in the event
of default on its own foreign currency obligations.

The rating also addresses the risk that such a moratorium might
include foreign currency loans and that these notes in
particular, being dependent upon loan payments by PrivatBank,
might be affected.  Given that the banking system is an arm of
the government's monetary and foreign exchange policy, Moody's
believes that credits dependent on bank performance may have a
lower probability of having such payments exempted from a
moratorium than would, for example, those of a major exporter.

The Ba3 rating thus indicates the joint probabilities of default
that are captured in the foreign currency ceiling and the
standalone rating of the security.  A discussion of the
rationale behind these credit evaluations can be found in
Moody's Rating Methodology entitled "Revised Country Ceiling
Policy".

Moody's notes that the subordinated loan agreement contains an
interest suspension clause subject to which, under certain
conditions, PrivatBank may defer interest payments if requested
to do so by the National Bank of Ukraine.  The subordinated loan
agreement stipulates a number of conditions which may trigger
interest suspension, such as deterioration in the bank's
financial position evidenced by a breach of certain of NBU's
requirements, material impairment of the bank's assets (measured
by a specific ratio of negatively classified assets after
provisions), net loss incurred for the period preceding the
interest payment, as well as some other conditions.  However,
should the interest be suspended, the bank's obligation to pay
it is not cancelled and the interest will be payable within 30
days from the time when the condition giving rise to the
suspension has been rectified. According to Moody's, expected
loss from the interest suspension (which is deemed to be a
remote event) is captured in the Ba3 rating level.

Headquartered in Dnipropetrovsk, Ukraine, PrivatBank reported
total consolidated assets of US$ 4.165 billion in accordance
with IFRS (unaudited) as of 30 June 2005.


TINGLEY PARTITIONS: Administrators Move In
------------------------------------------
R. D. Smailes and S. B. Ryman (IP Nos 8975, 4731) of Rothman
Pantall & Co were appointed administrators of Tingley Partitions
& Ceilings Ltd (Company No 04456553) on Jan. 3.  Its registered
office is at 5 North Street, Hailsham, East Sussex BN27 1DQ.

CONTACT:  TINGLEY PARTITIONS & CEILINGS LTD.
          6 Hammonds Drive,
          Eastbourne,
          East Sussex BN23 6PW
          Phone: 01323 733321
          Fax: 01323 723020

          ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk/


UDS LIMITED: Names Menzies Corporate Administrator
--------------------------------------------------
Andrew John Duncan and Paul John Clark (IP Nos 9319, 8570) of
Menzies Corporate Restructuring were appointed administrators of
UDS Limited (Company No 02152923) on Jan. 10.  Its registered
office is at 1 Great Cumberland Place, London W1H 7AL.  The
company is a distributor and wholesaler of alcoholic drinks.

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


VEDANTA RESOURCES: Increased Fin'l. Risks Spur S&P's BB Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
currency and senior unsecured debt ratings on Vedanta Resources
PLC to 'BB' from 'BB+'.  The outlook remains negative.

"The action reflects a downward shift in Vedanta's credit
profile due to increased business and financial risks following
the company's December 2005 announcement of a new US$2.1 billion
aluminum smelter and power plant project in the Indian state of
Orissa," said Standard & Poor's credit analyst Anshukant Taneja.
This investment, which is in addition to the US$825 million
outlay announced in the past six months, would be partly funded
by additional long-term borrowings.  As a result, Vedanta's
total debt is expected to increase by about US$700 million,
after incorporating the refinancing proposed by the company.

Given the size of these outlays, and the uncertainties
associated with greenfield projects, the latest expansion plan
has a material adverse impact on the overall business profile of
Vedanta.  "The company's revised plan deviates from earlier
expectations of a steady improvement in its overall risk
profile, even after factoring in the positive impact of timely
completion of earlier projects and the recently favorable price
environment," said Mr. Taneja.  The risk profile had been
expected to improve upon completion of the original US$2.2
billion investment plan, which was announced during the
company's IPO in December 2003.

The rating continues to derive support from Vedanta's integrated
operations, strong competitive position in zinc, efficient low-
cost position in copper, and technical capability in the
construction of new production facilities.  The company's
current comparative cost position in aluminum, however, is weak.
While a majority of the incremental investment is in the
aluminum business, it could potentially emerge as a significant
contributor to Vedanta's profitability and cash flows only in
the medium to long term.

The large scale of the new smelter project and long construction
period also pose new challenges in its implementation. In the
interim, Standard & Poor's is concerned that softening demand
for metals may result in lower-than-expected cash flows for
partially funding these US$2.9 billion projects, thus weakening
credit protection parameters.  Oversupply conditions in domestic
markets, capacity additions proposed by other Indian
manufacturers, and the possibility of further reduction in
import duties would expose Vedanta to increased competition.

Vedanta is a diversified integrated metals and mining group
headquartered in London.  The majority of its production
facilities and 60% of its sales are in India.  The company is
involved in zinc and lead, aluminum production, and copper
mining and refining.  For the nine months ended Dec. 31, 2005,
Vedanta reported revenues of US$2.3 billion and EBITDA of US$601
million.

The outlook on the rating remains negative, reflecting the
persistent uncertainty in obtaining the licenses for mining
bauxite in Orissa.  Bauxite is a key component of Vedanta's
ambitious expansion in the aluminum segment.

CONTACT:  VEDANTA RESOURCES PLC
          44 Hill Street Mayfair
          London
          United Kingdom
          W1J 5NX
          Phone: +44 20 7629 6070
          Fax: +44 20 7629 7426
          Web site: http://www.vedantaresources.com/


WILLOWBANK JOINERY: Appoints W.A. Batty to Administer Assets
------------------------------------------------------------
William Antony Batty (IP No 1049) of Antony Batty & Company was
appointed administrator of Willowbank Joinery Company Limited
(Company No 03592259) on Jan. 6.

CONTACT:  WILLOWBANK JOINERY CO. LTD.
          Unit 3 Gawcott Fields Farm, Gawcott Road,
          Buckingham,
          Buckinghamshire MK18 1TN
          Phone: 01280 821002

          ANTONY BATTY & COMPANY
          3 Field Court
          Grays Inn
          London WC1R 5EF
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                 Shareholders   Total    Working
                                    Equity      Assets   Capital
                         Ticker     (US$MM)    (US$MM)   (US$MM)
                         ------   -----------  -------   -------

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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

                            *********

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

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

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

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

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

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


* * * End of Transmission * * *