TCREUR_Public/060125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, January 25, 2006, Vol. 7, No. 18

                            Headlines


C Z E C H   R E P U B L I C

VSEOBECNA ZDRAVOTNI: Interim Chief Averse to Bridging Loan


G E R M A N Y

ASH ANNABERGER: Chemnitz Court Calls in Administrator from HWW
BIFFAR: Administrator Staying Positive Despite Insolvency
FRU-MEI IMPORT: Creditors Have Until Feb. 8 to File Claims
DAIMLERCHRYSLER AG: CEO to Unveil Job Reduction Plans Today  
DAIMLERCHRYSLER AG: Commercial Vehicle Sales Up 16% in 2005

HARTWIG LIEGENSCHAFTSVERWALTUNGS: Begins Bankruptcy Proceedings
KTFE KONIGSTEINER: Dresden Court Names KRS as Administrator
LEXA GMBH: Claims Filing Period Ends Thursday
M&M BAUUNTERNEHMEN: Creditors to Meet on March 20
OBJEKTGESELLSCHAFT ALBRECHTSTRASSE: Court to Verify Claims June

R&P BAUUNTERNEHMUNG: Court Names J. Klefisch as Administrator
SENATOR ENTERTAINMENT: To Emerge from Insolvency in March
VOLKSWAGEN AG: P. Mosch Replaces X. Meier to Supervisory Board


H U N G A R Y

EXCEL CSEPEL: Files for Bankruptcy Protection in Budapest
NABI RT: Selling Assets to Creditors in Stock & Cash Deal
TRANSELEKTRO HOLDING: Creditors to Extend Support


I R E L A N D

ELAN CORPORATION: FDA Advisory Panel to Review New MS Drug


K A Z A K H S T A N

AIS-KYZYLORDA: Kyzylorda Court Opens Bankruptcy Proceedings
ASTANA FINANCE: Moody's Rates Senior Unsecured Notes at Ba1
ASTANA FINANCE: Fitch Assigns Long-term BB+ Rating
ARGOS-ASTANA: Gives Creditors Until Mid-February to File Claims
DORINVEST LTD.: Succumbs to Insolvency

KR-KONSALTING: Claims Filing Period Ends Feb. 15
SARISA: Creditors' Claims Due Next Month
TAIM-2005: Bankruptcy Proceedings Begin


N E T H E R L A N D S

KONINKLIJKE AHOLD: Selling Two U.S. Facilities for $90 Million


R U S S I A

AGRO-PROM-KHIMIYA: Adygeya Court Opens Bankruptcy Proceedings
DOR-REM-STROY: Undergoes Bankruptcy Supervision Procedure
KIROVOGRAD-MEZH-RAY-GAS: Declared Insolvent
MOROZOVSK-AGRO-KHIM-SERVICE: Succumbs to Bankruptcy
PYATEROCHKA HOLDING: S&P Assigns BB- Long-term Rating

SEVER-SNAB: Claims Filing Period Ends Feb. 10
SOV-TRANS-AUTO: Bankruptcy Hearing Slated for May 15
STAVROPOL-TRANS-METAL: Bankruptcy Supervision Procedure Begins
TATARSTAN-GEOLOGY: Insolvency Manager Takes Helm
TATSINSK-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set Feb. 21

URYUPINSKIY: Volgograd Court Brings In Insolvency Manager


S W I T Z E R L A N D

SWISS INTERNATIONAL: Friday Delisting of Shares Foreseen


U K R A I N E

DIMITRIVSKA: Zaporizhya Court Begins Bankruptcy Proceedings
LOZOVA' BLACKSMITH-MECHANICAL: Succumbs to Bankruptcy
OFFICE CENTER: Insolvency Manager Comes In
PROMPOSTAVKA: Under Bankruptcy Supervision
PROMTEHNIKA: Bankruptcy Supervision Starts

REINFORCED METAL: Court Orders Debt Moratorium
SEVERODONETSK' AUTO 10920: Bankruptcy Begins in Lugansk
VELIKA OLEKSANDRIVKA: Enters Bankruptcy


U N I T E D   K I N G D O M

ATLAS TIMBER: Creditors Meeting Set Next Week
CANDY DEVELOPMENTS: Hires Atherton Bailey to Administer Assets
CES RETAIL: Debt Claims Due Today
CONSTRUCTION AGRICULTURAL: Names Sanderlings LLP Administrator
DFS (2006): Liquidators Take Over Firm

EMI GROUP: Names Ex-PwC Media Head as New Non-executive Director
ESSENTIS LIMITED: Calls In Chantrey Vellacott Administrator
GIZMONDO (EUROPE): Files for Administration in UK High Court
GMG (1994): PwC's T. Walsh & J. Sisson to Liquidate Assets
GOLDEN DYNASTY: Restaurant Calls In Administrator

HARPER COONEY: Taps Jacksons Jolliffe Cork as Administrator
IMSECO INVESTMENTS: Shareholders Recommend Wind Up
LABOURSITE LIMITED: Administrators from KPMG Enter Firm
M FIRKIN: Confectionary Hires Administrators from Stoy Hayward
OCEAN HORIZONS: Creditors Meeting Set Next Week

PREMIER FOODS: Amends Standard Life's Notifiable Interest
PROFILE MEDIA: Creditor Agrees to Defer GBP3-Mil Debt Repayment
ROYAL SHELL: 3.9 Billion 'A' Shares Remain Amid Buyback Scheme
SKYEPHARMA PLC: Ian Gowrie-Smith Steps Down as Chairman
SPIRENT PLC: Inks CHF90.5-Mil. Takeover Deal with SwissQual

VEDANTA RESOURCES: Posts Third Quarter 2005 Financial Results
VIA CAPITAL: Names Ernst & Young Liquidator
WARWICK GROUP: In Administrative Receivership

     **********      

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


VSEOBECNA ZDRAVOTNI: Interim Chief Averse to Bridging Loan
----------------------------------------------------------
Vseobecna zdravotni Pojistovna Ceske Republiky (VZP) acting
General Director Josef Cekal has ruled out a bridging loan to
remain operative, Czech Happenings says.

Mr. Cekal revealed in a televised debate that it is not yet
necessary for VZP to look for new financing, but admitted the
ailing insurance group cannot erase its CZK11 billion debt
alone.  

"I don't think it would be appropriate for VZP to take out a
bridging loan," Mr. Cekal disclosed to the Czech media.  "The
health insurance plan will end in a surplus this year."

Amidst delayed payments to doctors and hospitals, Health
Minister David Rath proposed that VZP avail of a loan since the
group's 2006 budget provides only for expenses CZK1 billion
lower than its revenues.  He noted that VZP's debts have been
rising since VZP spent more than it collected in insurance fees.

Mr. Rath revealed that VZP would receive CZK3 billion in health
insurance fees for pensioners, children, the unemployed and
students.  The group would also get another CZK2 billion from
the redistribution of the fees collected by all health insurers.  
VZP is the country's largest insurer and has the largest number
of "expensive" clients from the upper class.

Meanwhile, Vlastimil Tlusty, deputies' group chairman of the
Civic Democrat (ODS) party, said it is inappropriate for VZP to
take out a loan since "debts cannot be settled by contracting
further debts."  He added a new loan would amount to fraud since
VZP has nothing to repay it.

Health Minister David Rath placed Vseobecna zdravotni Pojistovna
Ceske Republiky -- http://www.vzp.cz/-- under forced  
administration on Nov. 10, 2005, 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 received.


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

ASH ANNABERGER: Chemnitz Court Calls in Administrator from HWW
--------------------------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against ASH Annaberger Sanitar- und Heizungsfachgrosshandel GmbH
on Dec. 30.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 15, 2006, to register their claims with court-appointed
provisional administrator Ruediger Wienberg.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Chemnitz, Saal 24, im
Gerichtsgebaude, Fuerstenstrasse 21, in Chemnitz, at 10:00 a.m.,
on March 29, 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:  ASH ANNABERGER SANITAR- UND HEIZUNGSFACHGROSSHANDEL
          GmbH
          Attn: Christian Frost and Reiner Rossler, Managers
          Gewerbering Nr. 8, 09456 Annaberg-Buchholz

          Ruediger Wienberg, Administrator
          HWW Wienberg Wilhelm
          Michaelstr. 71, 09116 Chemnitz
          Web site: http://www.hww-kanzlei.de/


BIFFAR: Administrator Staying Positive Despite Insolvency
---------------------------------------------------------
German manufacturer Biffar has filed for insolvency, Frankfurter
Allgemeine Zeitung says.

However, its administrator is confident the company will
continue to operate, as parties interested in acquiring the
company have emerged.  Stable orders are also expected.

Biffar manufactures door, window and canopy.  It employs 400
workers.


FRU-MEI IMPORT: Creditors Have Until Feb. 8 to File Claims
----------------------------------------------------------
The District Court of Braunschweig opened bankruptcy proceedings
against Fru-Mei Import Obst-Gemuese-Suedfruechte GmbH on
Dec. 29.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 8, 2006, to register their claims with court-appointed
provisional administrator Peter Steuerwald.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Braunschweig, E 01, An der
Martinikirche 8, 38100 Braunschweig, at 10:30 a.m., on March 8,
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:  FRU-MEI IMPORT OBST-GEMUESE-SUEDFRUECHTE GmbH
          Broitzemer Strasse 202, 38118 Braunschweig
          Contact:
          Wilhelm Peter Kremer, Manager
          Ziegel 43, 38228 Salzgitter

          Peter Steuerwald, Administrator
          Bruchtorwall 6, D-38100 Braunschweig
          Phone: (0531) 2448030
          Fax: (0531) 2448080


DAIMLERCHRYSLER AG: CEO to Unveil Job Reduction Plans Today  
-----------------------------------------------------------
Dieter Zetsche, chief executive of DaimlerChrysler AG, is set to
reveal the carmaker's job reduction plans today, Jan. 25, AFX
News reports citing company sources.

German magazine Spiegel earlier said the company's head office
in Stuttgart, which employs around 5,000 people, will be
affected by "significant" job cuts.  Mr. Zetsche will unveil
these plans to company executives today, sources told dpa news
agency.  However, a spokesman for the carmaker refused to
comment.

In December, the Associated Press said DaimlerChrysler sent home
5,000 workers from its Mercedes venture through voluntary
retirements.  This followed the company's announcement in
September of its redundancy plans affecting 8,500 jobs to cut
cost at the luxury car unit.  "This means that around 60% of the
twelve-month target has been achieved just three months after
starting the voluntary program," the company revealed in a
statement.

                    Further Reductions

German newspapers also reported that DaimlerChrysler was
considering further job reductions.  Stuttgarter Nachrichten
said the management committee headed by outgoing Chief Executive
Juergen Schrempp has recommended additional cuts at a meeting of
the board of directors.  The paper added the company was eyeing
to cut by 6,000 its global workforce of 390,000 through
attrition or voluntary retirement.  Stuttgarter Zeitung, in
another report, said the company's board has agreed to cut 7,500
workers over the next two years.

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


DAIMLERCHRYSLER AG: Commercial Vehicle Sales Up 16% in 2005
-----------------------------------------------------------
DaimlerChrysler AG had a record year for commercial vehicle
sales in 2005, posting a 16% rise from 2004 figures.

Without revealing any financial information, the carmaker
disclosed sales of 824,900 trucks, buses and vans last year, up
from the 712,000 units sold in 2004.

In Western Europe, DaimlerChrysler's biggest market, 2005 sales
increased from 274,400 to 277,000, while in the U.S., Canada and
Mexico, it disposed of 217,800 vehicles, an improvement from
177,1000 in 2004.  Positive results in the Asian region also
boosted overall gains, with 2005 sales growing to 165,600 from
119,400 from the year earlier.

"We will face the challenges of the years ahead with initiatives
to optimize operations, to (fuel) growth in new and existing
markets and with fascinating new products such as the new
Mercedes-Benz Sprinter," Division Chief Andreas Renschler told
Reuters.

                    Passenger Car Sales

Earlier this month, DaimlerChrysler said worldwide sales of
passenger cars rose by 3.8% to 4,046,700 units in 2005 (2004:
3,897,800), surpassing the 4-million mark for the first time.

The Chrysler Group was once again very successful in the highly
competitive U.S. market, where the company's sales grew faster
than the market overall.  Worldwide sales for the Chrysler Group
were up 4.7% to 2,826,100 units in 2005 (2004: 2,697,300).  

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

Meanwhile, with record sales in December (116,100 units; up 10%)
worldwide deliveries of Mercedes-Benz passenger cars increased
in 2005 by 1.6% to 1,077,600 units (2004: 060,900 units).  In
the U.S., the brand with the star sold 224,400 passenger cars
and recorded its twelfth consecutive annual sales increase in
that market.  In the Asia-Pacific region, DaimlerChrysler
delivered 97,200 Mercedes-Benz passenger cars, 10% more than in
2004.  

                      "Tarnished" Brand

While Chrysler is slowly recuperating, the market share of
Mercedes Benz continues to slip.  Mercedes has been described as
a "tarnished" brand in the wake of slipups in design and
engineering.  Losses incurred by Mercedes were also blamed for
the 30% drop in DaimlerChrysler's 2005 first-quarter earnings.  
The poor result was mostly due to the EUR512 million spent to
revamp its losing Smart venture, which has yet to post a profit.

DaimlerChrysler projects 2004's EUR5.75 billion operating profit
to double by 2008, with Mercedes booking operating profit of
EUR4.7 billion in four years.  Chrysler group aims to book
EUR2.3 billion in profit on top of the EUR2 billion and EUR2.2
billion from the commercial vehicles business and services
operations.

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


HARTWIG LIEGENSCHAFTSVERWALTUNGS: Begins Bankruptcy Proceedings
---------------------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Hartwig Liegenschaftsverwaltungs-GmbH on
Jan. 9.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
April 20, 2006, to register their claims with court-appointed
provisional administrator Dr. Wolfgang Schroder.     

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 10:15
a.m., on March 8, 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 May 24, 2006, at the same venue.

CONTACT:  HARTWIG LIEGENSCHAFTSVERWALTUNGS-GmbH
          Schaumburgallee 12,14052 Berlin

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


KTFE KONIGSTEINER: Dresden Court Names KRS as Administrator
-----------------------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against KTFE Konigsteiner Tourismusforderungs- und
Entwicklungsgesellschaft mbH on Jan. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 8, 2006, to register their
claims with court-appointed provisional administrator Hermann
Kulzer.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Saal D131,
Olbrichtplatz 1, 01099 Dresden, at 9:00 a.m., on March 2, 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:  KTFE KONIGSTEINER TOURISMUSFORDERUNGS-
          UND ENTWICKLUNGSGESELLSCHAFT mbH
          Schandauer Str. 47 in 01824 Konigstein

          Hermann Kulzer, Administrator
          Rechtsanwalte Kulzer Rottger Scheeff
          Konigstrasse 25, 01097 Dresden
          Web site: http://www.krsdresden.de/


LEXA GMBH: Claims Filing Period Ends Thursday
---------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against LEXA GmbH on Dec. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until Jan. 26, 2006, to register their claims
with court-appointed provisional administrator Hubert Haarbeck.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Saal D131,
Insolvenzgericht, Olbrichtplatz 1, 01099 Dresden, at 9:10 a.m.,
on Feb. 17, 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:  LEXA GmbH
          Radeburger Str. 211, 01109 Dresden
          Contact:
          Alexander Wilczynski, Manager

          Hubert Haarbeck, Administrator
          Anton-Graff-Strasse 17, 01309 Dresden


M&M BAUUNTERNEHMEN: Creditors to Meet on March 20
-------------------------------------------------
The District Court of Bielefeld opened bankruptcy proceedings
against M&M Bauunternehmen GmbH on Jan. 12.  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 Hans-Peter
Burghardt.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bielefeld, Gerichtstrasse
6, 33602 Bielefeld, 4. Ebene, Saal 4065, at 11:15 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:  M&M BAUUNTERNEHMEN GmbH
          Hellerweg 34a, 32052 Herford
          Contact:
          Sebastian Mattheus and Guenter Moss, Managers

          Hans-Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford


OBJEKTGESELLSCHAFT ALBRECHTSTRASSE: Court to Verify Claims June
---------------------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Objektgesellschaft Albrechtstrasse GmbH on
Jan. 11.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
April 12, 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 9:00
a.m., on March 1, 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 June 7, 2006, at the same venue.

CONTACT:  OBJEKTGESELLSCHAFT ALBRECHTSTRASSE GmbH
          Schuetzallee 2,14169 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


R&P BAUUNTERNEHMUNG: Court Names J. Klefisch as Administrator
-------------------------------------------------------------
The District Court of Aachen opened bankruptcy proceedings
against R&P Bauunternehmung GmbH on Jan. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 15, 2006, to register their
claims with court-appointed provisional administrator Johannes
Klefisch.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Aachen, Augustastrasse 78-
80, 52070 Aachen, 2. Etage, Sitzungssaal 21, at 11:00 a.m., on
March 28, 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:  R&P BAUUNTERNEHMUNG GmbH
          In den Atzenbenden 29, 52088 Aachen
          Contact:
          Hubertus Marie Roger Bogman, Manager
          Hommerter Allee 37, 6436 AP Amsterade/Niederlande

          Johannes Klefisch, Administrator
          Rotter Bruch 6, 52068 Aachen


SENATOR ENTERTAINMENT: To Emerge from Insolvency in March
---------------------------------------------------------
Troubled films right distributor Senator Entertainment will
likely exit insolvency at the end of March, Suddeutsche Zeitung
says, citing an unidentified press source.

Senator is reportedly confident in its new films' potential
success.  The paper reported that new owner HSW, a German-U.S.
investment group headed by lawyer Helge Sasse and film producer
Marcso Weber, will sell a 10% Senator stake to a group of
investors headed by Thomas Middleholf, chief executive of
likewise-troubled department store and mail order group,
KarstadtQuelle AG.

Senator Entertainment, the country's second-largest film
producer and distributor, applied for insolvency protection in
April 2004 after suffering massive write-downs.  


VOLKSWAGEN AG: P. Mosch Replaces X. Meier to Supervisory Board
--------------------------------------------------------------
The Braunschweig District Court appointed Peter Mosch, Chairman
of the General Works Council of Audi AG, as member of the
Supervisory Board of Volkswagen AG on Jan. 23, 2006, upon the
latter's request.

He succeeds workers' representative Xaver Meier who left the
group on Dec. 31, 2005.

                        About the Company

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading  
automobile manufacturers and the largest carmaker in Europe.  
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November, Volkswagen maintained its 2005 earnings guidance
amid rumors it may lower targets.  The company predicts a year-
on-year improvement in both operating profit after special items
and profit before tax this year.  Rumors flew that the company
would slash full-year earnings forecast due to higher
restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.  


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

EXCEL CSEPEL: Files for Bankruptcy Protection in Budapest
---------------------------------------------------------
Machine tools group Excel Csepel Kft. has filed for bankruptcy
with the Economics Section of the Budapest Municipal Court,
Budapest Business Journal says.

Shareholder Csepel Holding has already directed Excel's
management to draft a winding-up plan to ensure a smooth
liquidation.  

Controlled by Singaporean group Excel Machine Tools, Excel
activities include:

    -- Machine tools manufacturing;
    -- Sub-contract machining;
    -- Machine overhaul, servicing, spare parts; and
    -- Machine tools trading (MAZAK, EMT, KIWA).

The 142-employee group posted HUF51 million in losses and
HUF634 million in revenues in the first half of 2005.

CONTACT:  EXCEL CSEPEL KFT.
          H-1211 Budapest
          Gyepsor u. 1
          Web site: http://www.excel-csepel.hu/

          Mr. Zoltan Parkanyi, Managing director
          Phone: + 36 1/278 5817
          Fax: + 36-1/425 7605; +36-1/425 7606
          E-mail: z.parkanyi@excel-csepel.hu


NABI RT: Selling Assets to Creditors in Stock & Cash Deal
---------------------------------------------------------
The Board of Directors for NABI Autobuszipari Rt (NABI Rt.)
approved the entry into a preliminary agreement between NABI Rt.
and NABI Gyarto es Kereskedelmi Kft and Homerica Investments
B.V. for the acquisition of all of the stock of NABI Inc. and
substantially all of the business and assets of NABI Rt.

The acquisition is to be implemented through:

  (a) the acquisition by the purchasers of US$81.1 million of
      debt owed by NABI Rt and NABI Inc (together, NABI), the
      debt being a joint and several obligation of NABI Rt and
      NABI Inc from NABI's current lenders (the lenders will
      also receive the net proceeds from the sale of NABI Rt's
      ownership interest in its idle Kaposvar facility); and

  (b) the assumption of that debt by the purchasers and the
      payment of US$2.0 million in cash in exchange for the
      acquisition of the stock of NABI Inc. and NABI Rt's
      business and operating assets together with the assumption
      of its operating liabilities.  

Following the closing of the transactions, NABI Inc will owe its
debt to the purchasers and NABI Rt will be debt free.

NABI and the purchasers have signed binding preliminary
agreements for the transactions and have agreed to final
definitive documentation.  NABI is notifying its employees of
the proposed transfer and has initiated consultations with its
trade unions and work council.  The execution of the final
documentation is subject to remaining due diligence and the
completion of the consultation process.  The date of the signing
of the final binding agreements and the effective transfer of
NABI Inc's stock and NABI Rt's business to the purchasers is
expected to be on or about January 31, 2006.  

Following the closing of the transactions and after NABI Rt's
winding-up is completed the remaining cash at NABI Rt will be
distributed to its shareholders of record.

The Board has approved these transactions after an exhaustive
effort to find alternative ways to address NABI's debt and
liquidity problems.  The Board believes that, under the
circumstances, the proposed transactions are the best solution
available for NABI and its stakeholders -- employees, creditors,
shareholders, customers and suppliers.  The Board believes that
in the absence of the transactions described above it is likely
that NABI would be determined to be insolvent.

NABI's advisors conducted an aggressive marketing of NABI's
business contacting a large number of potential buyers and
received numerous indications of interest, most of which
included terms unfavorable to the creditors and NABI.

The Master Support Agreement (providing temporary waivers for
NABI's defaults under its financing agreements and setting out a
roadmap for its debt restructuring) dated May 26, 2005,
originally due to expire on November 30, 2005 was extended
several times, most recently until January 31, 2006.  In the
absence of the MSA, the lenders could declare all of NABI's debt
immediately due and payable because of NABI's defaults and could
enforce their security interests, thereby causing liquidation
and acquiring all of the assets proposed to be sold to the
purchasers, but without the obligation to assume any
liabilities, hire employees or pay any cash consideration.

The Board's action helps to preserve value for employees,
creditors, customers and suppliers and to avoid any potential
insolvency proceeding of NABI Rt. and the further deterioration
of its business.  Shareholders' equity at NABI Rt. are currently
negative but as a result of this transaction, NABI Rt will
likely be able to return some value to its shareholders.

The Board believes that the transfer of ownership to the
purchasers provides assurances that NABI will continue in
business, meeting the needs of its customers and creditors.  The
new owners are committed to completing existing contracts and
honoring all warranty claims.

As soon as practicable following the transaction the Board
intends to convene a shareholders meeting and propose to the
shareholders the solvent liquidation of NABI Rt, subject to the
time limitations agreed with the purchasers.  The Board's aim is
to distribute as soon as practicable and as much as possible of
the US$2 million consideration to the shareholders.  However,
the purchasers have agreed to pay a further US$200 thousand
purchase price to NABI at the beginning of 2007, if NABI has at
least US$1 million of cash reserves on November 30, 2006.  

Although the purchasers have agreed to provide certain services
free of charge and bear certain costs relating to NABI's ongoing
operation and winding-up, this cash consideration will be
decreased by operational and winding up expenses and potential
contractual claims under the transaction documents.  
Notwithstanding this, the Board still believes that a
significant portion of the cash consideration may be distributed
to the shareholders if no unforeseen difficulties arise in the
winding up.

NABI is currently negotiating a sale of its Kaposvar facility,
which is expected to complete on or prior to the completion of
the above transaction.  The proceeds of such sale will be used
to repay debt to the lenders.

The Board believes that shareholders and other stakeholders will
understand the Board's decisions were made in the interest of
all stakeholders of the company, after diligent investigations
and deliberation of the available options and the outcome of
this transaction.

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

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


TRANSELEKTRO HOLDING: Creditors to Extend Support
-------------------------------------------------
The government has struck a deal with creditors of debt-laden
Transelektro Holding to keep the troubled group afloat, Budapest
Business Journal says.

According to Minister of Economy and Transport Janos Koka,
Transelektro CEO Peter Szekely was able to convince its
creditors to extend further financial support, the Journal
relates, in an effort to save the company and thus protect jobs
and investments.  

Mr. Koka revealed that state-owned banks MFB and Eximbank would
reschedule their loans to the group, but noted that Transelektro
has no problem repaying them.  Transelektro owes a total of
HUF47 billion, of which HUF22 billion are to state-owned banks.  

Creditors, which will name a crisis management team to
Transelektro, will reveal Monday its decision on further
financing.

The Transelektro Group -- http://www.transelektro.hu/-- is  
comprised of more than 20 companies, with fields on energetics,
real-estate development and investment, and public transport.


=============
I R E L A N D
=============

ELAN CORPORATION: FDA Advisory Panel to Review New MS Drug
----------------------------------------------------------
Biogen Idec and Elan Corporation received notification from the
U.S. Food and Drug Administration that the Peripheral and
Central Nervous System Drugs Advisory Committee will review
TYSABRI(R) (natalizumab) for the treatment of multiple sclerosis
on March 7, 2006.

On Sept. 26, 2005, the companies submitted to the FDA a
supplemental Biologics License Application (sBLA) for TYSABRI.  
Subsequently, the FDA designated TYSABRI for Priority Review.  
The FDA grants Priority Review status to products that are
considered to be potentially significant therapeutic
advancements over existing therapies that address an unmet
medical need.  Based on the FDA's designation of Priority Review
for TYSABRI in MS, the companies anticipate action by the Agency
approximately six months from the submission date, or by late
March 2006.

The sBLA includes two-year data from the Phase III AFFIRM
monotherapy trial and SENTINEL add-on trial with AVONEX(R)
(Interferon beta-1a) in MS, a revised label and risk management
plan, and an integrated safety assessment of TYSABRI clinical
trial patients.  Biogen Idec and Elan also recently completed a
comprehensive safety evaluation of more than 3,000 TYSABRI
patients in collaboration with leading experts in progressive
multifocal leukoencephalopathy (PML) and MS.  The results
yielded no new confirmed cases of PML beyond the three
previously reported.

                     About Biogen Idec

Biogen Idec (NASDAQ: BIIB) -- http://www.biogenidec.com/--  
creates new standards of care in oncology, neurology and
immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.   

                        About Elan

Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a  
neuroscience-based biotechnology company.   Elan shares trade on
the New York, London and Dublin Stock Exchanges.

                        *     *     *

Moody's Investors Service rates Elan's long-term corporate
family rating at Ba3.  The company's long-term foreign issuer
credit rating and long-term local issuer credit rating carry
Standard & Poor's single-B rating.

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to
Tysabri(TM).  Total revenue decreased 31% to US$102.7 million in
the first quarter of 2005 from US$148.3 million in the first
quarter of 2004.


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

AIS-KYZYLORDA: Kyzylorda Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region commenced bankruptcy proceedings against LLC Ais-
Kyzylorda on Dec. 13, 2005.  A hearing was held in the
Specialized Inter-Regional Economic Court of Kyzylorda region on
December 23, 2005.

CONTACT:  AIS-KYZYLORDA
          Kyzylorda, Aitike bi Str. 29


ASTANA FINANCE: Moody's Rates Senior Unsecured Notes at Ba1
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 long-term rating to
the senior unsecured foreign currency notes expected to be
issued by Astana Finance B.V. (Netherlands), a wholly owned
subsidiary of Kazakhstan's Astana Finance (Ba1 issuer rating
with stable outlook).  

The issue is planned to be unconditionally and irrevocably
guaranteed by Kazakhstan's Astana Finance.  The outlook is
stable.  The rating is subject to a review of the final
documentation on the transaction.

The Ba1 rating incorporates a high level of support from the
City of Astana (rated Ba1 with a stable outlook) due to:

  (a) Its position as a non-controlling but key shareholder as
      well as an important creditor of Astana Finance (on more
      favorable than arms-length conditions);

  (b) The city's successive capital injections in order to
      remain a key shareholder, and its presence and active
      participation on the Board of Directors;

  (c) Astana City's declared unconditional support in the event
      that Astana Finance were unable to meet its obligations;
      and

  (d) The role still played by Astana Finance in the city's
      economic and social development.

Under the terms of the bond issue, both the issuer (Astana
Finance B.V.) and the guarantor (Kazakhstan's Astana Finance)
must comply with certain covenants, such as negative pledge,
certain limitations such as the limitation on payment of
dividends on sale of assets, and the ratio of consolidated
shareholders' equity and subordinated debt to consolidated total
assets, among others.

Moody's notes that there are rating triggers related to:

  (a) A merger event resulting in a rating downgrade;
  
  (b) An asset sale resulting in a rating downgrade;
  
  (c) Change of control (means the city of Astana ceases to own
      at least 25% of the issued voting share capital of the
      guarantor).  

However, in Moody's opinion, this last trigger does not affect
the rating since the City of Astana currently owns 30.12% of
Astana Finance's share capital and has expressed "for the
benefit of the noteholders, willingness to maintain and continue
its ownership of a blocking interest of Astana Finance, meaning
a shareholding of more than 25%".

Astana Finance, incorporated in Astana, capital of Kazakhstan,
reported under IFRS total assets and total capital funds of
US$298 million and US$100 million respectively as of 30
September 2005.


ASTANA FINANCE: Fitch Assigns Long-term BB+ Rating
--------------------------------------------------
Fitch Ratings has assigned ratings to Kazakhstan's JSC Astana
Finance of Long-term 'BB+' with Stable Outlook, Short-term 'B',
Individual 'D/E' and Support '3'.  At the same time, Fitch has
assigned an expected 'BB+' rating to Astana Finance B.V.'s
(AFBV) upcoming, debut US$-denominated eurobond, which will be
guaranteed unconditionally and irrevocably by AF.  The final
rating to the eurobond is contingent upon receipt of final
documentation conforming materially to information already
received.

AF's Long-, Short-term and Support ratings reflect Fitch's
opinion that there is a moderate likelihood that support would
be made available to it from the municipality of Astana or
potentially the Kazakhstani sovereign (rated Long-term Foreign
Currency Issuer Default Rating 'BBB'), should support be
required.  This opinion is based on Fitch's assessment of the
propensity and ability of the municipality of Astana or the
Kazakhstani sovereign to support AF.  AF is a non-bank financial
institution that is 30.1%-owned by the municipality of Astana.  
Part of its activity is the provision of development finance
(debt and equity) in Astana, the capital of Kazakhstan, and the
surrounding Akmola region.

The municipality of Astana has been supportive of AF to-date in
terms of equity injections, subsidized funding, first refusal on
investments, etc.  It has also provided Fitch with a strong
letter of comfort in respect of AF.  The same letter will be
included in the eurobond prospectus, addressed to the trustees
and for the benefit of noteholders.

However, the municipality of Astana itself has relatively
limited funds specifically set aside that might be used to
support AF.  Consequently, sovereign support could be necessary,
should more significant support be needed by AF than can be
diverted at short notice from other municipal resources.  Given,
among other factors, the moral obligation the comfort letter
creates on the country's flagship capital city to support AF,
Fitch believes there is also a moderate probability that support
might flow through from the Kazakhstani sovereign.

AF's Individual rating reflects its small size, weak underlying
profitability, substantial loan book concentrations and low
capitalization targets.  Its loan book is very concentrated,
both by individual name and on the agriculture and
construction/real estate sectors.  While asset quality has been
good to date, the loan book has been growing fast, so impaired
loans could rise as loans season.  In light of concentration
risk, rapid loan growth and the potentially volatile economy,
AF's impairment allowance/gross loans ratio is also low.

Any movement in AF's Long-term rating would reflect a change in
our opinion regarding the propensity or ability of the
municipality of Astana and/or the Kazakhstani sovereign to
provide timely support to AF.  An improvement in AF's Individual
rating is unlikely without an improvement in underlying
performance, revenue quality, free capital and lower loan
concentrations.

The terms and conditions of AFBV's notes state that AF's
obligations under its guarantee will rank at least pari passu in
right of payment with all its other present and future unsecured
and unsubordinated obligations, save those preferred by relevant
(bankruptcy, liquidation etc.) laws.

Eurobond covenants limit asset sales and mergers by AF.  
Financial covenants include requirements to maintain a minimum
equity plus subordinated debt/assets ratio of 8%; consolidated
tangible net worth of at least US$15 million; liquid assets in
excess of 30% of six-month liabilities; and financial assets in
excess of 70% of consolidated assets.  There is a cross default
clause and investors have a put option in the event that AF's
Long-term rating is withdrawn or downgraded by at least two
notches as a result of a merger or asset sale, or should the
municipality of Astana's stake in AF fall below 25%.

JSC Astana Finance -- http://www.af.kz/-- was created in 1997  
by the municipality of Astana to facilitate development finance
for Astana, the rapidly growing new capital of Kazakhstan and
for the surrounding Akmola region.  It has since diversified
geographically.  AF's main businesses are lending (mainly long-
term leasing, project finance and mortgage lending) and making
equity investments.


ARGOS-ASTANA: Gives Creditors Until Mid-February to File Claims
---------------------------------------------------------------
LLC ARGOS-ASTANA has declared insolvency.  Proofs of claim may
be submitted on or before Feb. 22, 2006.

Call 8 (3172) 24-19-36, 24-19-70 for more information.


DORINVEST LTD.: Succumbs to Insolvency
--------------------------------------
LLC Dorinvest Ltd. has declared insolvency.  Proofs of claim may
be submitted to Kostanai, Krasnoarmeiskaya Str. 7, 2nd floor on
or before February 15, 2006.

CONTACT:  DORINVEST LTD.
          Kostanai,
          Krasnoarmeiskaya Str. 7, 2nd floor


KR-KONSALTING: Claims Filing Period Ends Feb. 15
------------------------------------------------
LLC KR-Konsalting has declared insolvency.  Proofs of claim may
be submitted to Almaty, Jeltoksan Str. 166-74 on or before
Feb. 15, 2006.

CONTACT:  KR-KONSALTING
          Almaty, Jeltoksan Str. 166-74


SARISA: Creditors' Claims Due Next Month
----------------------------------------
LLC Sarisa has declared insolvency.  Proofs of claim may be
submitted to Pavlodar, Transportnaya Str. 25 on or before
February 15, 2006.

CONTACT:  SARISA
          Pavlodar, Transportnaya Str. 25


TAIM-2005: Bankruptcy Proceedings Begin
---------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
commenced bankruptcy proceedings against LLC Taim-2005 on
November 28, 2005, Kostanai, Baitursyova Str.70.

CONTACT:  TAIM-2005
          Kostanai, Baitursyova Str. 70


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

KONINKLIJKE AHOLD: Selling Two U.S. Facilities for $90 Million
--------------------------------------------------------------
Koninklijke Ahold NV is selling two distribution facilities in
the United States belonging to its wholly owned subsidiaries,
Stop & Shop and Giant-Landover.  An affiliate of Pennsylvania-
based Preferred Real Estate Investments is buying the facilities
in a combined real estate transaction, the value of which
amounts to approximately US$90 million.

As disclosed in May 2005, Giant-Landover is selling its current
Landover, Maryland distribution facility property and offices
and expects to relocate its regional headquarters to a site in
close proximity.

Stop & Shop intends to close its North Haven, Connecticut
distribution facility by mid-2006 as part of steps to improve
the efficiency of its New England distribution network and
deliver improved customer value.  The distribution of goods
currently handled in that facility will be shifted to Stop &
Shop's distribution center in Freetown, Massachusetts and to a
third-party supplier.

The North Haven closure will result in the loss of approximately
850 jobs, although staffing at the Freetown facility will
increase to take on the additional work.

                      About the Company

Koninklijke Ahold NV -- http://www.ahold.com/-- retails food  
through supermarkets, hypermarkets and discount stores in
Northand South America, Europeand Asia.  The company's chain
stores includes Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                   Restructuring Program

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

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.  
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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

AGRO-PROM-KHIMIYA: Adygeya Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Arbitration Court of Adygeya republic commenced bankruptcy
proceedings against Agro-Prom-Khimiya after finding the limited
liability company insolvent.  The case is docketed as A01-B-
1357-2005-8.  Mr. R. Khasanov has been appointed insolvency
manager.  Creditors have until Feb. 10, 2006 to submit their
proofs of claim to Russia, Adygeya republic, Krasnogvardeyskoye,
Festivalnaya Str. 5.

CONTACT:  AGRO-PROM-KHIMIYA
          Russia, Adygeya republic,
          Krasnogvardeyskoye, Festivalnaya Str. 5

          R. KHASANOV
          Insolvency Manager
          Russia, Adygeya republic,
          Krasnogvardeyskoye, Festivalnaya Str. 5


DOR-REM-STROY: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Dor-Rem-Stroy.  The case is docketed as A43-38616/2005,24-549.  
Ms. N. Sotneva has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 603018, Russia,
Nizhniy Novgorod, Post User Box 15.  A hearing will take place
on April 11, 2006, 11:30 a.m.

CONTACT:  DOR-REM-STROY
          Russia, Nizhniy Novgorod region,
          Shakhunya, Yranskoye Shosse, 7

          N. SOTNEVA
          Temporary Insolvency Manager
          603018, Russia, Nizhniy Novgorod region,
          Post User Box 15


KIROVOGRAD-MEZH-RAY-GAS: Declared Insolvent
-------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Kirovograd-Mezh-Ray-Gas after finding the
open joint stock company insolvent.  The case is docketed as
A60-7494/2005-S3.  Mr. V. Kevarkov has been appointed insolvency
manager.  Creditors have until Feb. 10, 2006, to submit their
proofs of claim to 6200075, Russia, Ekaterinburg, Gorkogo
Str. 31.

CONTACT:  KIROVOGRAD-MEZH-RAY-GAS
          624142, Russia, Sverdlovsk region,
          Kirovograd, Kirovogradskaya Str. 1

          V. KEVARKOV
          Insolvency Manager
          6200075, Russia,
          Ekaterinburg, Gorkogo Str. 31


MOROZOVSK-AGRO-KHIM-SERVICE: Succumbs to Bankruptcy
---------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Morozovsk-Agro-Khim-Service (TIN 6121006495,
KPP 612101001) after finding the open joint stock company
insolvent.  The case is docketed as A53-10663/2005-S2-30.  Mr.
M. Makhnev has been appointed insolvency manager.  

Creditors may submit their proofs of claim to 344010, Russia,
Rostov-na-Donu, Nakhichevanovskiy Per. 64.  A hearing will take
place on Feb. 8, 2005, 10:30 a.m. at Russia, Rostov-na-Donu,
Stanislavskogo Str. 8a.

CONTACT:  MOROZOVSK-AGRO-KHIM-SERVICE
          347210, Russia, Rostov region,
          Morozovsk, Zelenovskogo Str. 5

          M. MAKHNEV
          Insolvency Manager
          344010, Russia, Rostov-na-Donu,
          Nakhichevanovskiy Per. 64


PYATEROCHKA HOLDING: S&P Assigns BB- Long-term Rating
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to the owner of Russia's largest grocery
retail network, Pyaterochka Holding N.V.  The outlook is stable.

At the same time, Standard & Poor's assigned its 'BB-' long
term-corporate credit and 'ruAA-' Russia national scale ratings
to Pyaterochka's operating subsidiary OOO Agrotorg.  Standard &
Poor's also assigned its 'ruAA-' Russia national scale rating to
related entity Pyaterochka Finance's Russian ruble (RUR) bond
issues, series 1 and 2, issued in the amount of RUR1.5 billion
and RUR3.0 billion, respectively.

Pyaterochka and its operating subsidiary Agrotorg own the
largest network of grocery retail stores (with estimated 2005
net annual turnover of more than $1.3 billion) in Russia,
supported by its own logistical network.

"The ratings on Pyaterochka are constrained by the group's
aggressive growth appetite, which inevitably leads to an
increasing need for capital," said Standard & Poor's credit
analyst Lorenzo Sliusarev.  "Furthermore, there is the potential
for intensifying competition that could create pressure on the
group's operating margins."

The ratings are further constrained by the uncertainties
associated with Russia's administrative, economic, and social
environment; and the group's exposure to the complex and
nontransparent Russian real-estate industry.

"Moderating these risks is the group's leading market position
as the largest grocery retailer in a retail market that has
sound growth potential and continuing solid revenue,
profitability, and cash flow growth," added Mr. Sliusarev.  "In
addition, Pyaterochka has a proven effectiveness in cost control
and logistics management, which has been complemented by the
strategic ownership and expansion of relevant infrastructure."

Standard & Poor's expects Pyaterochka to be capable of combining
its fairly aggressive growth ambitions with an adequate
financial policy and traditional attention to cost control.  The
group's currently manageable exposure to financial risk and
maintenance of adequate credit-protection metrics are expected
to remain fairly stable and appropriate for the current rating
category.

At the same time, substantial cash needs for expansion of the
group's retail chain is expected to result in free operating
cash flow remaining negative in the medium term.  The ratings
and the outlook currently do not factor any substantial debt-
financed acquisitions, which, if they occur, will be assessed
additionally.

Although currently not an issue, development of strong
competitive pressures or adverse industry changes could
negatively affect Pyaterochka's currently favorable operating
performance and could lead to downward pressure on the group's
credit profile. Conversely, the group's ability to demonstrate a
resilient performance trend, while avoiding any increase in
financial risk exposure, could have a positive effect on the
ratings.


SEVER-SNAB: Claims Filing Period Ends Feb. 10
---------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Sever-Snab after
finding the open joint stock company insolvent.  The case is
docketed as A81-4123/2005.  Mr. S. Chepik has been appointed
insolvency manager.   Creditors have until Feb. 10, 2006, to
submit their proofs of claim to 625048, Russia, Tyumen,
Stankostroiteley Str. 1, Office 305a.

CONTACT:  SEVER-SNAB
          Russia, Yamalo-Nenetskiy autonomous region,
          Krasnouralskoye, Polyarnaya Str. 4

          S. CHEPIK
          Insolvency Manager
          625048, Russia, Tyumen region,
          Stankostroiteley Str. 1, Office 305a


SOV-TRANS-AUTO: Bankruptcy Hearing Slated for May 15
----------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company Sov-Trans-Auto
- Rostov.  The case is docketed as A53-26560/2005-S2-7.  Ms. O.
Ryabokon has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

         (a) SOV-TRANS-AUTO - ROSTOV
             344720, Russia, Rostov region,
             Aksay, Promyshlennaya Str. 2
         
         (b) O. RYABOKON
             TEMPORARY INSOLVENCY MANAGER
             344720, Russia, Rostov region,
             Aksay, Promyshlennaya Str. 2
         
         (c) ARBITRATION COURT OF ROSTOV REGION
             Russia, Rostov-na-Donu,
             Stanislavskogo Str. 8a

The Court will convene a hearing on May 15, 2006, 2:00 p.m., to
address the matter.


STAVROPOL-TRANS-METAL: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision on close joint stock company Stavropol-
Trans-Metal.  The case is docketed as A63-266/05-S5.  Mr. Y.
Karpenko has been appointed temporary insolvency manager.  
Creditors may submit their proofs of claim to Russia, Stavropol
region, Lermontova Str. 343, Office 4.

CONTACT:  STAVROPOL-TRANS-METAL
          Russia, Stavropol region, Dovatortsev Str. 52

          Y. KARPENKO
          Temporary Insolvency Manager
          Russia, Stavropol region,
          Lermontova Str. 343, Office 4


TATARSTAN-GEOLOGY: Insolvency Manager Takes Helm
------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Tatarstan-Geology (TIN 1660077386, KPP
166001001) after finding the open joint stock company insolvent.   
The case is docketed as A65-7499/2005-SG4-16.  Mr. V. Mikhajlov
has been appointed insolvency manager.  Creditors have until
Feb. 10, 2006 to submit their proofs of claim to 420061, Russia,
Tatarstan republic, Kazan, Kosmonavtov Str. 59.

CONTACT:  TATARSTAN-GEOLOGY
          420061, Russia, Tatarstan republic,
          Kazan, Kosmonavtov Str. 59

          V. MIKHAJLOV
          Insolvency Manager
          420061, Russia, Tatarstan republic,
          Kazan, Kosmonavtov Str. 59


TATSINSK-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set Feb. 21
---------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company Tatsinsk-Sel-
Khoz-Khimiya (TIN 6134000388).  The case is docketed as A53-
27014/2005-S2-30.  Mr. N. Lemaev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 347060, Russia,
Rostov region, Tatsinskaya St., Vostochnyj Per. 2.  A hearing
will take place on Feb. 21, 2006, 11:30 a.m.

CONTACT:  TATSINSK-SEL-KHOZ-KHIMIYA
          347060, Russia, Rostov region,
          Tatsinskaya St., Vostochnyj Per. 2

          N. LEMAEV
          Temporary Insolvency Manager
          347060, Russia, Rostov region,
          Tatsinskaya St., Vostochnyj Per. 2


URYUPINSKIY: Volgograd Court Brings In Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision on open joint stock company Uryupinskiy.  
The case is docketed as A12-30632/05-s50.  Mr. P. Bashmakov has
been appointed temporary insolvency manager.  
Creditors may submit their proofs of claim to 400005, Russia,
Volgograd region, Post User Box 251.

CONTACT:  URYUPINSKIY
          Russia, Volgograd region,
          Uryupinsk, Vostochnaya gora

          P. BASHMAKOV
          Temporary Insolvency Manager
          400005, Russia, Volgograd region,
          Post User Box 251


=====================
S W I T Z E R L A N D
=====================


SWISS INTERNATIONAL: Friday Delisting of Shares Foreseen
--------------------------------------------------------
The squeeze-out procedure begun in August 2005 has reached a
successful conclusion.  Through Air Trust AG, Lufthansa and the
Almea Foundation now hold 100% of Swiss International Air Lines
Ltd. shares.  The delisting of the SWISS shares from the SWX
(Swiss Stock Exchange) is set to take place Jan. 27.  The final
day of trading will be tomorrow, Jan. 26.

The Basel-Stadt Civil Court formally approved the submission by
AirTrust AG to declare invalid any SWISS shares.

The concerned public shareholders of SWISS receive the same
compensation for the SWISS shares they held as that received by
those shareholders who offered their SWISS shares for sale to
AirTrust AG during the public purchase offer period.  
Shareholders who keep their SWISS shares in bank safe-custody
accounts will automatically have the compensation amount of CHF
8.96 per share credited to their accounts.  

Lufthansa currently holds 49% of AirTrust AG; the remaining 51%
is held by the Almea Foundation, whose object is to retain this
holding until Lufthansa can acquire a controlling interest in
SWISS.  Once negotiations to secure traffic rights have been
concluded and the relevant agreements are in place, Lufthansa
will acquire 100% of SWISS (end of 2006 at the earliest).  Once
the shares held by Almea can be transferred to Lufthansa
ownership, the foundation, having served its purpose, will be
dissolved.

CONTACT:  DEUTSCHE LUFTHANSA AG
          Corporate Communications
          Phone: +49 69 696 - 51014
          Fax: +49 69 696 - 95428
          Web sites: http://presse.lufthansa.com
                     http://www.lufthansa.com/

          SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 (0) 61 582 3554
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


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

DIMITRIVSKA: Zaporizhya Court Begins Bankruptcy Proceedings
-----------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Dimitrivska on Dec. 5, 2005, after finding
the limited liability company insolvent.  The case is docketed
as 19/172 (05).  Mr. U. Arhipov has been appointed
liquidator/insolvency manager.

CONTACT:  DIMITRIVSKA
          70534, Ukraine, Zaporizhya region,
          Orihiv district, Dimitrove, Centralna Str. 1

          Mr. U. Arhipov
          Liquidator/Insolvency Manager
          69013, Ukraine, Zaporizhya region,
          Radishev Str. 85
          Phone: 8 (0612) 17-98-59

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


LOZOVA' BLACKSMITH-MECHANICAL: Succumbs to Bankruptcy
-----------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Lozova' Blacksmith-Mechanical
Plant on Nov. 18, 2005.  The case is docketed as B-39/126-05.  
Mr. A. Fedorchenko has been appointed temporary insolvency
manager.

CONTACT:  LOZOVA' BLACKSMITH-MECHANICAL PLANT
          Ukraine, Harkiv region,
          Lozova, Svobodi Str. 2a

          Mr. A. Fedorchenko, Temporary Insolvency Manager
          61058, Ukraine, Harkiv region,
          S. Gritsevtsya Str. 24/15

          Mr. S. Rud, Sanction Manager
          Ukraine, Harkiv region,
          Lozova, Svobodi Str. 2a

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


OFFICE CENTER: Insolvency Manager Comes In
------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Office Center on Dec. 7, 2005, after finding
the limited liability company insolvent.  The case is docketed
as 27/144 B.  Mr. Streblyanskij Svyatoslav has been appointed
liquidator/insolvency manager.

CONTACT:  OFFICE CENTER
          Ukraine, Donetsk region,
          Illich Avenue 89

          Mr. Streblyanskij Svyatoslav
          Liquidator/Insolvency Manager
          83032, Ukraine, Makiyivka region,
          Centralnij Square 9/151

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


PROMPOSTAVKA: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Private Enterprise Production-
Commercial Firm Prompostavka.  The case is docketed as 42/193 B.  
Mr. Lavrinenko S. has been appointed temporary insolvency
manager.

CONTACT:  PROMPOSTAVKA
          Ukraine, Donetsk region,
          Shahtarsk, micro-region Zhuravlivka, 28/44

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


PROMTEHNIKA: Bankruptcy Supervision Starts
------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Scientific-Production Enterprise
Promtehnika (code EDRPOU 32400978).  The case is docketed as B
26/142/05.  Mr. V. Gulyaev (License Number AA 249945) has been
appointed temporary insolvency manager.

CONTACT:  PROMTEHNIKA
          51906, Ukraine, Dnipropetrovsk region,                     
          Dniprodzerzhinsk, Dunajska Str. 43/51

          Mr. V. Gulyaev
          Temporary Insolvency Manager
          51935, Ukraine, Dnipropetrovsk region,
          Dniprodzerzhinsk, a/b 1032

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


REINFORCED METAL: Court Orders Debt Moratorium
----------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Reinforced Metal Constructions
Plant on Nov. 24, 2005.  The Court also ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
5/190 B.  Ms. Tetyana Pashkova has been appointed temporary
insolvency manager.  The company holds account number
26004959676516 at First Ukrainian International Bank, Donetsk
branch, MFO 335537.

CONTACT:  Ms. Tetyana Pashkova
          Temporary Insolvency Manager
          83112, Ukraine, Donetsk region,
          Kujbishev Str. 240/50

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


SEVERODONETSK' AUTO 10920: Bankruptcy Begins in Lugansk
-------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Severodonetsk' Auto Transport
Enterprise 10920 on Dec. 2, 2005.  The case is docketed as
19/137 b.  Mr. Maxim Sivolobov (License Number AA 783237 of June
24, 2004) has been appointed temporary insolvency manager.

CONTACT:  SEVERODONETSK' AUTO TRANSPORT ENTERPRISE 10920
          93400, Ukraine, Lugansk region,
          SeveroDonetsk region, Zavodska Str. 45

          Mr. Maxim Sivolobov
          Temporary Insolvency Manager
          Ukraine, Lugansk region,
          Dilyanka Tupova, 22

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV Square 3a


VELIKA OLEKSANDRIVKA: Enters Bankruptcy
---------------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against Velika Oleksandrivka' Repair-Transport
Enterprise after finding the open joint stock company insolvent.  
The case is docketed as 6/89-B-05.  Mr. Oleksandr Starostenko
(License Number AA 719881) has been appointed
liquidator/insolvency manager.

CONTACT:  VELIKA OLEKSANDRIVKA' REPAIR-TRANSPORT ENTERPRISE
          74100, Ukraine, Herson region,
          Velika Oleksandrivka, Yarmarkova Str. 11

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


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

ATLAS TIMBER: Creditors Meeting Set Next Week
---------------------------------------------
Creditors of Atlas Timber Imports Ltd (Reg No 04683026) will
meet on Jan. 31, 2006, 11 a.m. at BDO Stoy Hayward LLP, Fourth
Floor, One Victoria Street, Bristol BS1 6AA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. Roach, joint administrator of BDO Stoy Hayward
LLP, Fourth Floor, One Victoria Street, Bristol BS1 6AA not
later than 12 noon, Jan. 30, 2006.

                            *   *   *

Atlas Timber Imports Ltd imports softwood.

CONTACT:  ATLAS TIMBER IMPORTS LTD.
          Unit 1 Tiverton Way
          Tiverton Business Park
          Tiverton, Devon EX16 6TG
          United Kingdom
          Phone: 01884 242412
          Fax: 01884 243525  
          E-mail: atlastimber@btconnect.com

          BDO STOY HAYWARD
          Fourth Floor
          One Victoria Street
          Bristol BS1 6AA
          Phone: 0117 934 2800
          Fax: 0117 922 5191


CANDY DEVELOPMENTS: Hires Atherton Bailey to Administer Assets
--------------------------------------------------------------
James Stephen Pretty of Atherton Bailey was appointed
administrator of Candy Developments Limited on Jan. 11.  
The company's registered office is at Suite 9, Prudential
Buildings, 16 Guildhall Walk, Portsmouth, Hampshire PO1 2DD.  
The company offers general construction and civil engineering
services.

CONTACT:  CANDY DEVELOPMENTS
          10 Guildhall Walk,
          Portsmouth, PO1 2DD
          Phone: 023 9237 5566

          ATHERTON BAILEY
          113 Leith Road,
          Eastleigh, Hampshire SO50 9DS


CES RETAIL: Debt Claims Due Today
---------------------------------
Creditors of Ces Retail Support Limited will meet on Jan. 26,
2006, 10 a.m. at Vantis Business Recovery, Torrington House, 47
Holywell Hill, St Albans, Hertfordshire AL1 1HD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. W. Young, joint administrator of Vantis
Business Recovery, Torrington House, 47 Holywell Hill, St
Albans, Hertfordshire AL1 1HD not later than 12 noon, Jan. 25,
2006.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Phone: 01727 811111
          Fax: 01727 810057
          E-mail: nhamiltons@aol.com
          Web site: http://www.vantismt.com/


CONSTRUCTION AGRICULTURAL: Names Sanderlings LLP Administrator
--------------------------------------------------------------
Andrew Fender of Sanderlings LLP was appointed administrator of
Construction Agricultural UK Limited on Jan. 9.  Its registered
office is at Morgans Court, Severn Drive, Tewkesbury,
Gloucestershire GL20 8GD.  

CONTACT:  CONSTRUCTION AGRICULTURAL UK LIMITED
          Morgans Court, The Courtyard,
          Severn Drive, Tewkesbury,
          Gloucestershire, GL20 8GD

          SANDERLINGS LLP
          Sanderling House,
          1071 Warwick Road,
          Acocks Green, Birmingham B27 6QT


DFS (2006): Liquidators Take Over Firm
--------------------------------------
C. J. Radford, director of DFS (2006) Limited (fka Derbyshire
Financial Services Limited), informs that the special and
ordinary resolutions to wind up the firm were passed at an EGM
held on Jan. 12.  Paul Finnity and Peter A. Blair of Begbies
Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU were
appointed joint liquidators.

Creditors are required on or before April 30, 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 Paul Finnity.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


EMI GROUP: Names Ex-PwC Media Head as New Non-executive Director
----------------------------------------------------------------
EMI Group PLC appointed Kevin Carton, the former global leader
of PricewaterhouseCoopers' entertainment and media practice, as
a non-executive director of the company effective Feb. 1.

Mr. Carton spent 38 years with PwC in New York where he advised
top media and entertainment companies from around the world on
strategies to succeed in the rapidly changing environment of the
entertainment, media, information and communication industries.  
He retired from PwC in 2004.

Eric Nicoli, chairman of EMI Group, said, "I'm very pleased to
welcome Kevin to EMI's board.  His experience will be of immense
benefit to the company as we move forward.  He has been at the
heart of the global media and entertainment industry for many
years and his understanding and strategic perspective of the
issues facing the sector will be invaluable to us."

Mr. Carton, 62, joined Price Waterhouse after graduating from
Rutgers University in his native New Jersey with a BA and MBA,
becoming a partner at the firm in 1977.  He founded the highly
respected annual reference publication "PwC Entertainment &
Media Five-Year Outlook" and has hosted "Entertainment and
Media Summits" in the U.S., Europe, Asia-Pacific, South America
and South Africa to discuss with executives the challenges and
opportunities of these markets.

As well as EMI, Mr. Carton also serves on the boards of
executive recruitment firm Russell Reynolds Associates,
technology infrastructure company BrainShield Technologies and
New York City social service and youth development agency Good
Shepherd Services.

It is envisaged that in due course Mr. Carton will become the
chairman of EMI's audit committee, succeeding Kathleen O'Donovan
who completes her third three-year term as a non-executive
director of EMI in November of this year.

EMI Group PLC is the world's largest independent music company,
operating directly in 50 countries and with licensees in a
further 20 and employing over 6,600 people.  Revenues in the
last financial year were nearly GBP2 billion, generating
operating profit of over GBP225 million.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Dec. 2,
2005, Standard & Poor's Ratings Services revised to negative
from stable its outlook on U.K.-based music major EMI Group PLC,
reflecting concerns over the company's rising debt.  At the same
time, Standard & Poor's affirmed its 'BB+' corporate credit
rating on EMI.

"The negative outlook reflects our concerns about EMI's ability
to improve its stretched financial profile in challenging market
conditions," said Standard & Poor's credit analyst Patrice
Cochelin. "Recent free cash flow generation has been limited,
and dividends are expected to stay at a relatively high level,
limiting the scope for debt reduction from internally generated
funds."  The ratings could be lowered if prospects for a
material improvement recede further.  Conversely, the outlook
could return to stable if the company shows significant free
cash flow improvement and debt reduction.


ESSENTIS LIMITED: Calls In Chantrey Vellacott Administrator
-----------------------------------------------------------
William John Turner and Kevin Anthony Murphy (IP Nos 9049, 8349)
of Chantrey Vellacott DFK were appointed joint administrators of
Essentis Limited (Company No 04779364) on Dec. 19.

CONTACT:  ESSENTIS LTD
          4th floor, Edward Hyde Building 38
          Clarendon Road Watford WD17 1SG
          United Kingdom
          Phone: +44 (0) 1923 422510
          Fax: +44 (0) 1923 422555

          CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          Web site: http://www.cvdfk.com/


GIZMONDO (EUROPE): Files for Administration in UK High Court
------------------------------------------------------------
Gizmondo (Europe) Limited, a wholly owned subsidiary of Tiger
Telematics, Inc., filed a High Court application for
administration in the United Kingdom on Jan. 20, 2006.

The filing provides Gizmondo Europe with a moratorium in order
to effect a financial restructuring of the business.  Gizmondo
Europe will have a court hearing on Jan. 31, 2006, to ask for
the administration order.  During the interim period, Gizmondo
Europe will immediately be subject to protection of the UK Court
and all enforcement actions of creditors are automatically
stayed.

Tiger intends to use funds from its recently disclosed $5
million bridge loan to reinvest in the business in the UK and to
restructure the overall debt of the European business.  Gizmondo
Europe made a reduction in payroll of approximately 50% of
monthly staff costs during the week prior to the court
application to reduce overall operating expenses of the business
and significantly improve its prospects for a successful
turnaround.

Gizmondo Europe continues to trade normally during this interim
period.  The Company anticipates a similar action in Sweden for
the game subsidiary of Gizmondo Europe and for the Company's
Gizmondo Studios, Sweden AB subsidiary within the next few days.

Tiger Telematics, Inc., is the parent company of several
subsidiaries, including Gizmondo Europe Ltd., the developer of
the multi-entertainment wireless handheld gaming device called
the Gizmondo.  The Company historically has been in the retail
flooring business and a designer, developer and marketer of
mobile telematics systems and services that combine global
positioning and voice recognition technology to locate and track
vehicles and people down to the street level in countries
throughout the world.

As of Sept. 30, 2005, the company has a $66,418,283
stockholders' equity deficit compared to a $16,214,762
stockholders' equity deficit at Dec. 31, 2004.

                            *   *   *

                       Going Concern Doubt

Goldstein Golub Kessler LLP in Manhattan raised substantial
doubt about Tiger Telematics, Inc., and its subsidiaries'
ability to continue as a going concern after Goldstein Golub
audited their financial statements for the years ended Dec. 31,
2004, and 2003.  GOLDSTEIN GOLUB pointed to the companies
recurring losses from operations and net working capital
deficiency.


GMG (1994): PwC's T. Walsh & J. Sisson to Liquidate Assets
----------------------------------------------------------
At a meeting of GMG (1994) Limited held on Jan. 13, the special
and ordinary resolutions to wind up the firm were passed.  Tim
Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP, Benson
House, 33 Wellington Street, Leeds LS1 4JP were appointed joint
liquidators.

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


GOLDEN DYNASTY: Restaurant Calls In Administrator
-------------------------------------------------
Gerald Maurice Krasner of Bartfields (UK) Limited was appointed
administrator of Golden Dynasty Restaurant Limited on Jan. 10.

CONTACT:  BARTFIELDS (UK) LIMITED
          Burley House
          12 Clarendon Road
          Leeds, West Yorkshire LS2 9NF
          Phone: 0113 244 9051
          Fax: 0113 234 3208
          E-mail: gerald.krasner@bartfield.co.uk


HARPER COONEY: Taps Jacksons Jolliffe Cork as Administrator
-----------------------------------------------------------
David Antony Willis and Matthew Colin Bowker (IP Nos 9180, 8106)
of Jacksons Jolliffe Cork were appointed administrators of
Harper Cooney (Ripon) Limited (Company No 03715478) on Jan. 9.  
The company sells cars.

CONTACT:  JACKSONS JOLLIFFE CORK
          35 East Parade,
          Harrogate HG1 5LQ


IMSECO INVESTMENTS: Shareholders Recommend Wind Up
--------------------------------------------------
Shareholders of Imseco Investments Limited and Imseco Medical
Services Limited passed a resolution to wind up the companies at
an Extraordinary General Meeting held on Jan. 10 at Ettington,
Warwickshire.  Richard Paul Rendle and Guy Edward Brooke Mander
of Baker Tilly at City Plaza, Temple Row, Birmingham B2 5AF were
appointed joint liquidators.

Creditors are required on or before Feb. 15, 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 Richard Paul Rendle.

CONTACT:  BAKER TILLY
          3rd & 4th Floors
          Temple Plaza
          Temple Row
          Birmingham
          West Midlands B2 5AF
          Phone: 0121 214 3100
          Fax: 0121 214 3101
          E-mail: hedleybrunt@hotmail.com


LABOURSITE LIMITED: Administrators from KPMG Enter Firm
-------------------------------------------------------
Myles Antony Halley and David John Crawshaw of KPMG LLP were
appointed administrators of Laboursite Limited on Jan. 10.  Its
registered office is at 376-378 Pinner Road, Harrow, Middlesex.  

CONTACT:  LABOURSITE LIMITED  
          376-378 Pinner Road,
          GB-MA2 6DZ North Harrow,
          United Kingdom  
          Phone: 0044/208/8619212
          Fax: 0044/208/8613243

          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.


M FIRKIN: Confectionary Hires Administrators from Stoy Hayward
--------------------------------------------------------------
Christopher Kim Rayment and Dermot Justin Power of BDO Stoy
Hayward LLP were appointed joint administrators of M Firkin
Limited on Jan. 10.  The company sells bread, fresh pastry and
cakes.

CONTACT:  M. FIRKIN LTD
          Black Lake
          West Bromwich
          West Midlands B70 0PJ
          United Kingdom
          Phone: 0121-553 2881
          Fax: 0121-525 2083

          BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham, B3 3SD
          Phone: 0121 200 4600
          Fax: 0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk/

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


OCEAN HORIZONS: Creditors Meeting Set Next Week
-----------------------------------------------
Creditors of Ocean Horizons Limited will meet on Feb. 2, 2006,
10 a.m. at Vantis Numerica, 66 Wigmore Street, London W1U 2SB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to S. Glyn, joint administrator of Vantis Numerica,
66 Wigmore Street, London W1U 2SB not later than 12 noon, Feb.
1, 2006.

CONTACT:  VANTIS NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.vantisnumerica.com/


PREMIER FOODS: Amends Standard Life's Notifiable Interest
---------------------------------------------------------
Citibank, N.A. London Branch has corrected Standard Life
Investments' notifiable interest in Premier Foods PLC from
20,788,997 (as earlier reported) to 34,285,549 ordinary 1 pence
shares representing 14% of the issued share capital.

The 34,285,549 shares were registered in the name of Vidacos
Nominees.

                      About the Company

Headquartered in Birmingham, Premier Foods --
http://www.premierfoods.co.uk/-- manufactures some of United  
Kingdom's favorite foods like Ambrosia custard and rice pudding,
Branston pickle, Hartley's jams and marmalade and Sarsons
vinegar.

In July 2004, Premier was successfully floated on the London
Stock Exchange, with an initial market capitalisation of
GBP526 million.

Since the floatation, the company said it has pursued its
strategy of organic branded sales growth combined with improved
operating efficiency.  

                        *     *     *

In July 2005, Premier Foods admitted trading conditions
continued to be difficult at its unit MBM Produce Ltd. and it
did not anticipate 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 planned to use
the proceeds to reduce net debt.  As a result of the sale,
Premier's remaining beverages business, including the Cadbury
manufacturing license, was to be incorporated into the Spreads
and Desserts product group.  Following the disposal, the 2004
pro forma branded sales mix of the group dropped from 61% to
59%.


PROFILE MEDIA: Creditor Agrees to Defer GBP3-Mil Debt Repayment
---------------------------------------------------------------
Profile Media Group PLC has been exploring the possibility of
reaching an agreement with its historic creditors including Eden
Invest Ltd. (Eden) for some weeks.  

Eden has the benefit of first ranking security over the
company's assets.  Profile Media's outstanding debt to Eden is
approximately GBP3 million.  It has been successful in its
discussions and has obtained the consent of Eden to defer
repayment of the majority of the secured debt.

This has allowed the company to prepare proposals to be placed
before its creditors to implement a Company Voluntary
Arrangement.

If approved, the Company will move forward with a substantially
enhanced balance sheet.  The Company has received approval "in
principle" from a majority of its creditors and on that basis
anticipates formal approval at the meeting of creditors convened
for the purposes of considering the proposals, which is to be
held on Feb. 8, 2006.

                        About the Company

Headquartered in London, Profile Media Group --
http://www.profilemediagroup.co.uk/-- is made up of a number of  
different companies specializing in a range of products and
services from custom publishing and distribution to multi-
channel customer contact and integrated fulfillment.  It formed
Profile Pursuit in 1993 to offer a range of innovative
publishing solutions in the U.S. and U.K.  The U.S. subsidiary,
Profile Pursuit Inc., has been sold to Healthspring
Communications LLC.

Profile Media predicted losses of at least GBP4 million in 2005.
It has been looking at options to raise debt and equity finance
to inject additional funding to the group.


ROYAL SHELL: 3.9 Billion 'A' Shares Remain Amid Buyback Scheme
--------------------------------------------------------------
Royal Dutch Shell plc purchased 545,000 'A' Shares for
cancellation at EUR26.68 per share on Jan. 23, 2006.  It further
purchased 105,000 'A' Shares for cancellation at 1,836.14 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,930,857,974.

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

                            *   *   *

In 2005, Shell returned US$5 billion to shareholders 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

Headquartered in The Hague and incorporated in England and
Wales, Royal Dutch Shell plc -- http://www.shell.com/-- has  
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
company is listed on the London, Amsterdam, and New York stock
exchanges.

                           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.


SKYEPHARMA PLC: Ian Gowrie-Smith Steps Down as Chairman
-------------------------------------------------------
Ian Gowrie-Smith has resigned as chairman of SkyePharma PLC.

A new chairman will be appointed at the company's next Board
meeting on Feb. 1.  It is also Mr. Gowrie-Smith's intention not
to stand for re-election as a director of the company at
SkyePharma's 2006 Annual General Meeting.

Mr. Gowrie-Smith, who founded SkyePharma in 1996, stepped down
from the role of executive chairman to a non-executive
chairmanship in 2004.  It has been Mr. Gowrie-Smith's intention
since early 2005 to continue this process by resigning at an
appropriate time, both as chairman and as a director.  

A search for a new chairman was therefore initiated in 2005, but
was put on hold while the company's Strategic Review and search
for a new chief executive was ongoing.  The search resulted in
the identification of a number of excellent candidates for both
positions.  The Board would like to make clear that it will
strenuously oppose any attempts to force a candidate onto the
Board.

The Strategic Review of the company continues and further
announcements will be made in due course.

                  Statement of Ian Gowrie-Smith

   "I have decided to resign in the interest of all
   shareholders.  This expedites a process that was already
   ongoing and hopefully will bring to an end the recent
   acrimonious period and spare shareholders and the company the
   expense and distraction of an Extraordinary General Meeting.  
   It is unfortunate that the short-term interests of a small
   group of shareholders can cause such disruption to the
   development of a company where real achievements are often
   measured in decades.  Building a pharmaceutical company is a
   long-term business and it is not surprising or unreasonable
   for investor patience to be tested from time to time.  

   "However, in ten years SkyePharma has come a very long way
   and now faces an exciting future with important products in
   late-stage development. SkyePharma is already a world leader
   in drug delivery and has the potential to become a major
   force in pharmaceuticals.  I am very proud of what we have
   achieved and thank shareholders for their support and
   employees worldwide for their dedication.

   "I have devoted over ten years to establishing and building
   SkyePharma, and perhaps that is long enough for anyone in
   such a demanding role.  However, since I moved to become non-
   executive Chairman I have widened my business interests and I
   look forward to the new challenges they will bring.

                        About the Company

Headquartered in London, SkyePharma plc --
http://www.skyepharma.com/-- 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.

                        *     *     *

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.


SPIRENT PLC: Inks CHF90.5-Mil. Takeover Deal with SwissQual
-----------------------------------------------------------
Spirent PLC entered into an agreement to acquire SwissQual
Holding AG, a Swiss-based provider of innovative test and
measurement solutions for wireless telecoms markets.

Highlights of the Acquisition

  (a) agreement to acquire SwissQual for an initial
      consideration of CHF62.5 million (GBP27.7 million),
      payable in cash on completion with up to a further
      CHF28.0 million (GBP12.4 million) payable depending on
      revenue growth and various technical and financial
      milestones;
  
  (b) SwissQual brings to Spirent world-class products and
      talent in the development of voice and video solutions
      that analyze, measure and improve the quality of
      experience for users of wireless applications and
      services;
  
  (c) SwissQual will enhance Spirent's wireless market presence
      principally by:
  
      (i) bringing it into a new and growing market -
          "Subscriber Experience Management" for wireless
          networks;
  
     (ii) enabling Spirent's entry into the video intensive
          handset applications testing market through access to
          new technology; and
  
    (iii) broadening its geographic coverage and expanding its
          customer base;
  
  (d) SwissQual will be incorporated within the Performance
      Analysis division and its experienced management team will
      continue to manage the business;
  
  (e) the acquisition is expected to be earnings enhancing in
      Spirent's current financial year ended Dec. 31, 2006;
  
  (f) the acquisition will be financed from Spirent's cash
      resources and bank facilities; and
  
  (g) SwissQual is a profitable and fast growing business,
      reporting EBITA of CHF5.5 million on revenues of CHF32.1
      million in its financial year ended 31 December 2005, up
      38% compared to 2004.
  
"Spirent's transformation continues with the acquisition of
SwissQual now following the recent announcement of the proposed
disposal of HellermannTyton," Anders Gustafsson, chief
executive, said.  "The acquisition is in line with our strategy
to expand our wireless communications business, drive profitable
growth and deliver shareholder value."

"SwissQual will broaden our wireless footprint and accelerate
our entry into a new and growing market.  It is expected to be
earnings enhancing in 2006 and should provide good organic
growth opportunities and deliver synergies with our existing
portfolio of businesses," he added.

                        About the Company

Spirent -- http://www.spirent.com/-- is a communications  
technology company, which provides performance analysis and
service assurance solutions that enable the development and
deployment of next-generation networking technologies such as
broadband services, Internet telephony, 3G wireless and web
applications and security testing.  The group has about 4,400
employees in 30 countries, including 6 sites in the U.K.

Some 180 workers at Spirent plc's Service Assurance business
could lose their jobs as part of the firm's restructuring
measures.  For the first of half of 2005, the division reported
an operating loss of about GBP9 million blamed on customers
delaying capital spending, and the latest mergers among
telecommunication firms in the U.S.  The company revealed the
restructuring could result to annualized cost savings of about
GBP8 million, of which GBP3 million will affect the second half
of 2005.

Spirent also revealed losses of GBP34.1 million from 2004's
profit of GBP16.7 million.  Net debt increased to GBP42.4
million (Dec. 31, 2004 GBP26.4 million) due to a reduction in
operating cash flow, including the cash cost of restructuring,
increased capital expenditure and a GBP5.1 million currency
translation impact.


VEDANTA RESOURCES: Posts Third Quarter 2005 Financial Results
-------------------------------------------------------------
Vedanta Resources Plc reported unaudited financial results for
the third quarter and nine-month period ended Dec. 31, 2005.  

For the third quarter and the nine months period ended Dec. 31,
2005, group revenues were US$974.7 million and US$2,359.3
million respectively, an increase of 78% and 92%, compared with
revenues of US$548.6 million and US$1,226.0 million during the
corresponding periods in the prior year.

EBITDA was US$264.6 million and US$601.1 million for the third
quarter and the nine months period ended December 31, 2005
respectively, an increase of 121% and 115%, compared with EBITDA
of US$120.0 million and US$280.0 million during the
corresponding periods in the prior year.

Revenues and EBITDA rose primarily due to higher prices and
volume growth across all our metals.

"Higher production volumes together with rising metal prices
have contributed to the strong set of third quarter results,"
said Anil Agarwal, Executive Chairman, Vedanta Resources PLC.   
"Growth projects are all on track and we continue to improve on
our volumes and efficiencies."

A total of 144 pots have been commissioned at the new aluminium
smelter at Korba.  Three out of four captive power plant units
are online and the fourth unit is expected to be online in the
fourth quarter.  The ramp up of the 170,000 tpa zinc smelter at
Chanderiya is progressing on schedule.

During the quarter, the company's Board approved a USUS$2.1
billion green-field 500,000 tpa aluminum smelter project
together with an associated 1,215 MW captive thermal power plant
in Jharsuguda, Orissa as well as a US$125 million expansion of
KCM's Nkana smelter to increase smelting capacity in Zambia to
300,000 tpa.

                       Growth Projects

During the quarter, the Board also approved a US$2.1 billion
green-field 500,000 tpa aluminum smelter project together with
an associated 1,215 MW captive thermal power plant in
Jharsuguda, Orissa in India.  Preparatory work in terms of
vendor selection and ordering equipment has commenced.

Preliminary work on the US$400 million Konkola Deep Mines
expansion project, aimed to increase copper ore output at KCM,
commenced during the third quarter.  Short-listing of vendors
for civil and mechanical contracts for the US$125 million Nkana
smelter expansion project has also started.

Preliminary work on the new 170,000 zinc smelter project at
Chanderiya has commenced with construction orders currently
being placed with suppliers.

A copy of Vedanta's nine-month financial results is available at
http://bankrupt.com/misc/vedanta_9m2005.htm

Vedanta Resources PLC -- http://www.vedantaresources.com/-- is  
a London listed diversified metals and mining group.  Its
principal operations are located throughout India, with further
operations in Zambia and Australia.  The major metals produced
are aluminum, copper, zinc and lead.  

                        *     *     *

As reported in the Troubled Company Reporter-Europe yesterday,
Standard & Poor's Ratings Services lowered its long-term foreign
currency and senior unsecured debt ratings on Vedanta Resources
PLC to 'BB' from 'BB+'.  S&P said the outlook remains negative.


VIA CAPITAL: Names Ernst & Young Liquidator
-------------------------------------------
Aareal Bank AG, shareholder of Via Capital Limited, informs that
the special, extraordinary and ordinary resolutions to wind up
the company were appointed at a general meeting.  Elizabeth Anne
Bingham and Patrick Joseph Brazzill of Ernst & Young LLP, 1 More
London Place, London SE1 2AF were appointed joint liquidators.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com/


WARWICK GROUP: In Administrative Receivership
---------------------------------------------
Mark Simpson appointed Andrew Appleyard of Haines Watts
administrative receiver of Warwick Group Construction Limited on
Jan. 12.

CONTACT:  HAINES WATTS
          Canterbury House
          85 Newhall Street
          Birmingham
          West Midlands B3 1LH
          Phone: 0121 212 4477
          Fax: 0121 212 4459

                            *********                            


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.

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