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        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

           Thursday, January 26, 2006, Vol. 7, No. 19

                            Headlines

G E R M A N Y

BO CONCEPT: Mannheim Court Calls in Administrator
BOCHNIG HEIZUNGS: Creditors to Meet Feb. 21
CARL SCHUETT: Hamburg Firm Under Bankruptcy Administration
CGM GMBH: Court Names Schultze & Braun to Take Over Firm
DAIMLERCHRYSLER AG: Sees $1.2-Bil Annual Savings in 20% Job Cuts

DL DIE: Claims Filing Period Ends Feb. 16
FLIESEN ARENA: Creditors Have Until Feb. 2 to Register Claims
GHJ GMBH: Submits to Bankruptcy Proceedings in Krefeld
OST-IMMOBILIEN: Leipzig Court Begins Bankruptcy Proceedings
STYLING CONNECTION: Meeting of Creditors Slated for March 21

SUS SUPERSOFT: Duesseldorf Court Appoints Administrator


H U N G A R Y

BKV RT: Begins Budapest's Fourth Tunnel Line Construction


I R E L A N D

CNG TRAVEL: Expects Breakeven in Second Half 2005


I T A L Y

ALITALIA SPA: Risks Collapse Due to Labor Strife, Says Minister


K A Z A K H S T A N

ALAUTRANSGAZ-VOSTOK: Creditors' Claims Due Next Month
ARDAK: Begins Bankruptcy Proceedings in Kostanai
DOSTAR JALAGASH: Claims Filing Deadline Slated for Feb. 21
KOMKOR STO: Pavlodar Court Sets Feb. 21 Claims Bar Date
SIBAN: Kostanai Court Opens Bankruptcy Proceedings in Kostanai


N E T H E R L A N D S

ROYAL SHELL: Exploring Cooperation Prospects with ONGC
ROYAL SHELL: Buys Back Additional 675,000 'A' Shares
VERSATEL TELECOM: F. Berglund Steps Down as Supervisory Director


R U S S I A

AGRO-PROM-ENERGO: Succumbs to Bankruptcy
BELOVO ZINC: Seeks Discharge from Bankruptcy
BUILDING COMPLEX: Undergoes Bankruptcy Supervision
COMFORT PLUS: Claims Filing Period Ends Feb. 17
DZERZHINSKOYE: Kaluga Court Brings In Insolvency Manager

KRIVTSY-WOOD: Under Bankruptcy Supervision
NOVO-MEDVENSKOYE: Court Names I. Merkulov as Insolvency Manager
NOVOTROITSKOYE: Sakhalin Court Opens Bankruptcy Proceedings
OAO LUKOIL: Moody's Changes Ba1 Corp. Rating Outlook to Positive
PETROVSK-AGRO-MONTAGE: Arbitration Court Pushes for Bankruptcy

ROMODANOV-AGRO-SNAB: Insolvency Manager Takes Over Firm
TNK-BP FINANCE: Moody's Revises Outlook to Positive
VOLKHOVSKIY: Bankruptcy Supervision Procedure Begins


U K R A I N E

ARMET: Temporary Insolvency Manager Takes Helm
DNIPRODZERZHINSK' SEWING: Tumbles Into Bankruptcy
ETALON-AVTO: Supervision Begins for Bankrupt Group
ORT: Insolvency Manager Takes Over Operations
PISARIVKA' ALCOHOL: Falls to Bankruptcy

SIMAKS-PLUS: Prepares for Liquidation in Lviv Region
STEEL-SERVICE: Bankruptcy Supervision Begins
TORGSERVICE: Kyiv Court Names A. Gunko to Liquidate Assets
UKRPAK: Court Appoints I. Gusak as Liquidator
ZERNOPRODUKT: Under Bankruptcy Supervision in Poltava


U N I T E D   K I N G D O M

AGRA RESTAURANTS: Taps Andreas Kakouri to Liquidate Assets
ALLWEILER PUMPS: Shareholders Vote to Wind Up Company
AP HYDRAULICS: Names PricewaterhouseCoopers Administrator
BEECHBOURNE LIMITED: Calls in Liquidator from Hazlewoods
BRITANNIA LEISURE: Names Timothy Hargreaves as Liquidator

C. BIRKS: Electrical Contractor Hires Administrator
CEEMA GROUP: Liabilities Prompt Voluntary Liquidation
CELLTRACKER LIMITED: Creditors Meeting Set Next Week
CFH LIMITED: Taps Grant Thorton to Administer Assets
CLSL LIMITED: Hires Poppleton & Appleby Administrator

C & N CONSTRUCTION: Appoints Administrator from Cresswall Firm
DRAX GROUP: Issuing Preliminary Results March 8
FOOD FERRY: Administrator Enters Firm
HOME INSURANCE: High Court Sanctions Scheme of Arrangement
IDESK MANAGED: Names David Rubin & Partners Administrator

LUMINAR PLC: Core Business Sales Down 1.7%
MARCONI CORPORATION: Renamed telent Following Disposal Closure
ORIAN PRECISION: Creditors Confirm S. Franklin as Liquidator
PARK & RIDE: Submits to Voluntary Liquidation
REFLEX WINDOWS: Names Administrators from Buchanans

RENTOKIL INITIAL: To Buy Ehrlich for US$141.8 Million
SNAPPER FROZEN: Administrator from Hazlewoods Moves In
SPIRENT PLC: Shareholders Okay Sale of HellermannTyton Division
TILANA FASHIONS: Taps UHY Hacker Young to Administer Assets
V & A MARKETING: Baby Product Maker Names Administrator

WH SMITH: Retail Like-for-Like Sales Down 5%
WOODSPRING WINDOWS: Hires Administrators from Mazars Firm
* U.K. Car Registrations Plunge 5% in 2005

     **********

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

BO CONCEPT: Mannheim Court Calls in Administrator
-------------------------------------------------
The District Court of Mannheim opened bankruptcy proceedings
against Bo Concept Bruehl GmbH on Jan. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 6, 2006, to register their
claims with court-appointed provisional administrator Gordon
Rapp.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Mannheim, 68149 Mannheim,
Schloss, Westfluegel, 2. Stockwerk, Raum 232, at 9:00 a.m., on
March 27, 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:  BO CONCEPT BRUEHL GmbH
          Contact:
          Sascha Jung and Martin Fritsch, Managers
          Mannheimer Landstrasse 5 c, 68782 Bruehl

          Gordon Rapp, Administrator
          Gaisbergstr. 6, 69115 Heidelberg
          Phone: 06221/97370


BOCHNIG HEIZUNGS: Creditors to Meet Feb. 21
-------------------------------------------
The District Court of Leipzig opened bankruptcy proceedings
against Bochnig Heizungs- u. Sanitar GmbH on Dec. 7.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 24, 2006,
to register their claims with court-appointed provisional
administrator Dr. Oliver Hartig.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Leipzig, Saal 145, at 10:15
a.m., on Feb. 21, 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:  BOCHNIG HEIZUNGS- U. SANITAR GmbH
          Contact:
          Jens Bochnig, Manager
          Landsberger Str. 20, 04159 Leipzig

          Dr. Oliver Hartig, Administrator
          Philipp-Mueller-Str. 44/I, 06110 Halle


CARL SCHUETT: Hamburg Firm Under Bankruptcy Administration
----------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Carl Schuett Baugeschaft (GmbH & Co.) on Jan. 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 17, 2006,
to register their claims with court-appointed provisional
administrator Dr. Achim Ahrendt.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Insolvenzgericht,
Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at
10:30 a.m., on March 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:  CARL SCHUETT BAUGESCHAFT (GmbH & Co.)
          Stader Strasse 274, 21075 Hamburg
          Contact:
          Bernd Westermann, Manager
          Herbert-Thorl-Weg 5, 21075 Hamburg
          Dr. Horst Labenzke and Christa Labenzke

          Dr. Achim Ahrendt, Administrator
          Albert-Einstein-Ring 11/15, 22761 Hamburg
          Phone: 899560
          Fax: 8995610


CGM GMBH: Court Names Schultze & Braun to Take Over Firm
--------------------------------------------------------
The District Court of Bremen opened bankruptcy proceedings
against cgm GmbH on Jan. 11.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until April 11, 2006, to register their claims
with court-appointed provisional administrator Edgar Gronda.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bremen, Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen, at
10:00 a.m., on March 16, 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 10:00 a.m., on May 4, 2006, at the
same venue.

CONTACT:  CGM GmbH
          Hannoversche Str. 88, 28309 Bremen
          Contact:
          Christoph Gerhard Muschner, Manager
          Bekassinenstr. 57, 28357 Bremen

          Edgar Gronda, Administrator
          Schultze & Braun
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100
          E-mail: InsOBremen@schubra.de
          Web site: http://www.schubra.de/


DAIMLERCHRYSLER AG: Sees $1.2-Bil Annual Savings in 20% Job Cuts
----------------------------------------------------------------
DaimlerChrysler AG will drop 20% of its administrative staff in
three years.  This translates to a loss of 6,000 workers and
annual savings of US$1.2 billion.  

The move, which is aimed at improving the carmaker's
competitiveness and profitability, will affect the accounting,
auditing and strategic planning areas.  Around 30% of the
management workforce will also be axed.

"The model is based on further integration of the company,
focusing operating areas completely on their core functions and
advancing cooperation," DaimlerChrysler said.

The carmaker has also unveiled plans to restructure its
commercial vehicles business, David McHugh of the Associated
Press reported.  The scheme will involve renaming the division
the truck group and subdividing it into North American
operations, including its Freightliner, Sterling and Thomas
Built lines, and Europe-Latin American division involving
Mercedes-Benz trucks.

Thomas Weber, a member of the DaimlerChrysler Management Board,
has been tasked to handle research and development activities
and the Mercedes division vehicle development, AP relates.  This
follows the reduction of board members from 12 to nine, which
will see Chief Executive Dieter Zetsche also running the
Mercedes unit.

United Press International, in another report, disclosed the
reduction plans reflect Mr. Zetche's effort to eliminate
management redundancies that will "create a lean, agile
structure, with streamlined and stable processes that will
unleash DaimlerChrysler's full potential."

"Beyond that, you will also see more examples of clearly defined
'project houses' where engineers from different divisions work
together for the benefit of the whole company," UPI cited Mr.
Zetsche as saying.

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


DL DIE: Claims Filing Period Ends Feb. 16
-----------------------------------------
The District Court of Esslingen opened bankruptcy proceedings
against dl die Luftschleier GmbH on Jan. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 16, 2006, to register their
claims with court-appointed provisional administrator Mr.
Schneeberger.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Esslingen, Ritterstr. 5
(Eingang Strohstrasse), 1. OG, Saal 1, at 9:45 a.m., on March
22, 2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  DL DIE LUFTSCHLEIER GmbH
          Contact:
          Dieter Harlos, Manager
          Max-Eyth-Str. 5, 72636 Frickenhausen

          Mr. Schneeberger, Administrator
          Olgastr. 54, 70182 Stuttgart
          Phone: 165530
          Fax: 16553-99


FLIESEN ARENA: Creditors Have Until Feb. 2 to Register Claims
-------------------------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
Fliesen Arena Schluerscheid GmbH on Dec. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 2, 2006, to register their
claims with court-appointed provisional administrator Karl-
Dieter Sommerfeld.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koln, Hauptstelle,
Luxemburger Strasse 101, 50939 Koln, 12. Etage, Raum 1240, at
9:50 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:  FLIESEN ARENA SCHLUERSCHEID GmbH
          Zehntweg 23, 51467 Bergisch Gladbach
          Contact:
          Siegbert Schluerscheid, Manager
          Dellbruecker Strasse 95, 51469 Bergisch Gladbach

          Karl-Dieter Sommerfeld, Administrator
          Hammerweg 3, 51766 Engelskirchen
          Phone: 02263/9039-0
          Fax: +492263903910


GHJ GMBH: Submits to Bankruptcy Proceedings in Krefeld
------------------------------------------------------
The District Court of Krefeld opened bankruptcy proceedings
against GHJ GmbH on Jan. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until April 10, 2006, to register their claims
with court-appointed provisional administrator Eberhard Stock.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Krefeld, Nordwall 131,
47798 Krefeld, 1. Etage, Sitzungssaal H 131, at 10:15 a.m., on
April 7, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report at 11:10
a.m., on May 26, 2005, at the same venue.

CONTACT:  GHJ GmbH
          Kuhstr. 4, 47918 Tonisvorst
          Contact:
          Guido Janssen, Manager
          Heckerweg 9, 47918 Tonisvorst

          Eberhard Stock, Administrator
          Wilhelmshofallee 75, 47800 Krefeld


OST-IMMOBILIEN: Leipzig Court Begins Bankruptcy Proceedings
-----------------------------------------------------------
The District Court of Leipzig opened bankruptcy proceedings
against Ost-Immobilien GmbH i.L. on Jan. 11.  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 Dr. Lucas
F. Flother.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Leipzig, Saal 145, at 9:00
a.m., on March 27, 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:  OST-IMMOBILIEN GmbH i.L.
          Carl-Magirius-Str. 6, 04808 Wurzen
          Contact:
          Juergen Wilms, Manager

          Dr. Lucas F. Flother, Administrator
          Nikolaistrasse 3-5, 04109 Leipzig


STYLING CONNECTION: Meeting of Creditors Slated for March 21
------------------------------------------------------------
The District Court of Hannover opened bankruptcy proceedings
against Styling Connection GmbH on Jan. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 14, 2006, to register their
claims with court-appointed provisional administrator Peter
Baumgarte.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hannover, Dienstgebaude
Hamburger Allee 26, 30161 Hannover, at 10:10 a.m., on March 21,
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:  STYLING CONNECTION GmbH
          Hildesheimer Str. 220, 30519 Hannover
          Contact:
          Julia Kutschkarjow, Manager

          Peter Baumgarte, Administrator
          Lange-Hop-Strasse 158, 30539 Hannover
          Phone: 0511/954750
          Fax: 0511/9547599


SUS SUPERSOFT: Duesseldorf Court Appoints Administrator
-------------------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against SUS SUperSoft Unternehmensberatung GmbH on Jan. 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 1, 2006,
to register their claims with court-appointed provisional
administrator Dr. Onno Klopp.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Hauptstelle,
Muehlenstrasse 34, 40213 Duesseldorf, 4. OG. Altbau, A 409, at
9:30 a.m., on March 15, 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:  SUS SUPERSOFT UNTERNEHMENSBERATUNG GmbH
          Schneiderstr. 63, 40764 Langenfeld
          Contact:
          Wolfgang Schmuecker, Manager
          Rietherbach 26, 40764 Langenfeld
          Herbert Herbert Ulrich, Manager
          Broichgasse 31, 53332 Bornheim

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


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

BKV RT: Begins Budapest's Fourth Tunnel Line Construction
---------------------------------------------------------
The construction of Budapesti Kozlekedesi Vallalat (BKV) Rt.'s
fourth underground line has started, Budapest Business Journal
reports.

BKV signed a HUF52.9 billion contract Monday with Bamco, a
consortium of European builders that include France's Vinci, the
Austrian, German and Hungarian units of Strabag, and Hungary's
Hidepito Rt. to drill two 7.3-kilometer tunnels side by side,
the paper relates.  The consortium will also build a station at
Gellert Square.

According to project manager Laszlo Gulyas, drilling would begin
in the summer after building plans and schedules have been
completed.  BBJ suggested that the tunnel would be completed at
the end of 2008, or after 143 weeks.  

                      Bankruptcy Threat

As reported in the Troubled Company Reporter-Europe on Jan. 24,
2006, the state aid-deprived transport operator might go bust in
the first half of 2007 after the city government of Budapest
refused to allocate finances to BKV.  

BKV posted HUF13.7 billion in losses for the first half of 2005,
14% more than forecasted.  BKV Rt. serves around 1.4 billion
passengers daily on 224 bus routes, 35 tram routes, 14
trolleybus routes, three Metro lines and five suburban railway
routes.  The group employs around 13, 500 people.

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


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


CNG TRAVEL: Expects Breakeven in Second Half 2005
-------------------------------------------------
Following a difficult first half of trading in 2005, CNG Travel
Group PLC expects to break even in the second half of that year,
before exceptionals; this is a significant and encouraging
improvement on the first half pro forma operating loss of
US$3.3 million.

                        Operations

The company's principal business, Tzell Travel, continues to
trade satisfactorily in the U.S. corporate travel market and
expects to maintain this progress in 2006.  This will be
achieved through a combination of organic growth and adding
travel agencies, which can efficiently adopt Tzell's proven and
successful business model.

TLC

The TLC desktop application will be discontinued as part of the
company's cost saving measures.  Technology resources will be
refocused on providing technology enhancements to the Tzell
business process, which can be improved through further business
automation.

The "Kalypso" commission settlement program has shown growth
since its inception and the company's future strategy in this
market is presently the subject of review.

                           Strategy

The key corporate event in the second half was the sale of CNG's
lossmaking Leisure Division, announced in September, for an
initial cash consideration of US$2.5 million.  This was
accompanied by an asset impairment charge of US$12.8 million.  
In November, the company announced that discussions in relation
to an approach for the Company had been terminated.  Management
time is now focused exclusively on developing and growing the
Company.

The restructuring and cost reduction program, announced in
September following a strategic review, is already having a
positive impact.  Major savings have been achieved in lowering
central and administrative costs and by February 2006, CNG
anticipates eliminating all costs associated with non-profitable
activities.

                      Board & Executive

Michael Smurfit will retire as a non-executive director
effective Jan. 20, 2006.  Dr. Smurfit, aged 69, has been
appointed chairman of the expanded Smurfit Kappa Corporation.  
Michael Smurfit, Jr. will replace his father on the board.  Dr.
Smurfit remains a significant shareholder in the company.  The
Board thanks Dr. Smurfit for his services as a director and
knows that he will continue to take a keen interest in the
future development of the company.

Zara Stassin will step down from her executive role but remains
on the Board as a non-executive director.

P J King has been formally appointed as CEO of the company.

P J King said, "We have ended a very difficult year on a
positive note.  The disposal of the lossmaking Leisure Division
was a turning point and this, coupled with a major cost
reduction program, has put the Group in a much sounder
condition."

Headquartered in Kenmare, Ireland, CNG Travel Group --
http://www.cngtravel.com/-- develops and markets travel-related  
computer softweare and books corporate travel. The company
markets computer softweare for bookign hotel reservations at
discount rates and makes travel arrangements for companies
through its office in New York, USA.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 24,
2005, CNG, which had already sold loss-making Places to Stay
venture, tried to break even in 2005.  Since, listing on the
Alternative Investment Market in May last year, its shares have
lost 80% of their value.  The main reasons for this were the
profit warning in June 2005 and the exit of founder and former
Chief Executive Finbarr Power.  Losses for 2004 widened to
EUR6 million from over EUR2 million the previous year.


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

ALITALIA SPA: Risks Collapse Due to Labor Strife, Says Minister
---------------------------------------------------------------
Alitalia S.p.A. might end up in bankruptcy if the current labor
unrest refuses to subside, according to La Republicca, citing
Welfare Minister Roberto Maroni.

Alitalia's employees have been critical of the group's
restructuring plan, despite the recent success of its EUR1.009
billion capital increase, since it entails massive job cuts for
the troubled Italian national carrier.  Mr. Maroni expects the
government to block the plan since it "will only lead Alitalia
towards bankruptcy," AFX reports.

Mr. Maroni believes Alitalia's bankruptcy would allow for the
carrier's complete overhaul.  He noted that since the
government's stake in the carrier is now below 49.9%, it is the
management that would decide Alitalia's strategy.

Unions have been staging a strike against Alitalia, forcing the
latter to cancel hundreds of flights and lose money everyday.

Alitalia S.p.A. has cancelled 225 flights as of 7:00 p.m.,
Monday, Jan. 23, out of the 250 scheduled cancellations over the
whole network.

The airline's cabin crews and ground staff protested over pay
cuts, working conditions and management strategy in a series of
wildcat strikes since Thursday.  The industrial unrest prompted
225 flight cancellations as of Monday, out of the 250 scheduled
over the whole network.

                        About the Company

Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy,
Alitalia S.p.A. -- http://www.alitalia.it/-- generates more  
than EUR4 billion in annual revenue and employs more than 20,000
people.  As of December 2004, group net debt stood at EUR1.76
billion in 2004.  Alitalia flies to about 80 destinations in
more than 60 countries from its hubs in Rome and Milan and
operates a fleet of about 185 aircraft.  Despite a EUR1.4
billion state-backed restructuring in 1997 and a EUR1.4 billion
capital injection two years ago, the carrier remains in deep
financial crisis.  Alitalia has posted an annual profit only
four times in the past 16 years.


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


ALAUTRANSGAZ-VOSTOK: Creditors' Claims Due Next Month
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
region declared OJSC Alautransgaz-Vostok bankrupt on Oct. 22,
2005.  Proofs of claim will be accepted at East Kazakhstan
region, Ust-Kamenogorsk, Krylova Str. 92-1 office 1 on or before
Feb. 21, 2006.
  
The company can be contacted at 8 (3232) 25-12-13.


ARDAK: Begins Bankruptcy Proceedings in Kostanai
------------------------------------------------
The Specialized Inter-Regional Economic Court on Kostanai region
commenced bankruptcy proceedings against LLC Ardak on Nov. 28,
2005, Kostanai, Baitursyova Str. 70.

CONTACT:  ARDAK
          Kostanai, Baitursyova Str.70.


DOSTAR JALAGASH: Claims Filing Deadline Slated for Feb. 21
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region declared LLC Dostar Jalagash of Jalagash district
bankrupt on November 3, 2005.  Proofs of claim will be accepted
at Kyzylorda, Abai ave. 48 on or before February 21, 2006.

The company can be contacted (3242) 23-56-11.


KOMKOR STO: Pavlodar Court Sets Feb. 21 Claims Bar Date
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar region
declared LLC Komkor Sto bankrupt on Nov. 17, 2005.  Proofs of
claim will be accepted at Pavlodar, Satpayeva Str. 36/1 on or
before Feb. 21, 2006.

Call 8 (3182) 32-36-09 for more information.


SIBAN: Kostanai Court Opens Bankruptcy Proceedings in Kostanai
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court on Kostanai region
commenced bankruptcy proceedings against LLC Siban on Nov. 28,
2005, Kostanai, Baitursyova Str.70.

CONTACT:  SIBAN
          Kostanai, Baitursyova Str. 70


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

ROYAL SHELL: Exploring Cooperation Prospects with ONGC
------------------------------------------------------
Oil and Natural Gas Corporation Ltd. and Shell Exploration
Company B.V. signed a Memorandum of Understanding to examine
significant opportunities for future cooperation both in India
and other regions across the world.

The signing ceremony was presided over by the Minister of
Petroleum and Natural Gas Shri Mani Shankar Aiyar.  The
agreement was signed by ONGC Chairman & Managing Director, Subir
Raha and Vikram Singh Mehta, chairman, Shell Companies in India
in the presence of Linda Cook, executive director, Gas and
Power, Royal Dutch Shell plc.

The MoU covers possible areas of cooperation across the full
range of upstream and downstream activities, including
exploration and production, coal gasification, natural gas, oil
products and refining and petrochemicals.

The agreement is one of the most comprehensive of its type and
marks the start of a joint effort by both companies to achieve
significant growth of their respective businesses in both India
and internationally.

"Today, our footprint extends beyond India," ONGC Chairman &
Managing Director Subir Raha said.  "To succeed swiftly on a
global scale, ONGC needs to exploit operational and strategic
synergies between ONGC and Shell.  This is what the MoU sets out
to do.  By combining the strengths, knowledge and experiences of
both companies, we can create a partnership that will become a
competitive and dynamic force in the industry."

Shell Executive Director Linda Cook said, "India is an important
country for Shell and we are keen to explore additional
partnership opportunities to help develop its enormous energy
potential.  The signing (of this agreement) is an important step
towards that goal."

Shell India Chairman Vikram Mehta said, "India is a
strategically important country for Shell, and ONGC is a company
with vast experience.  We look forward to working in partnership
with ONGC towards the objective of securing new energy supplies
for India and beyond."

Shell and ONGC will now set up a joint steering committee to
manage cooperation between the two companies and identify those
opportunities which will be further developed into binding
agreements and full-scale projects.

                        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.


ROYAL SHELL: Buys Back Additional 675,000 'A' Shares
----------------------------------------------------
Royal Dutch Shell plc purchased 425,000 'A' Shares for
cancellation at EUR26.70 per share on Jan. 24.  It further
purchased 250,000 'A' Shares for cancellation at 1,836.06 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,930,182,974.

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.


VERSATEL TELECOM: F. Berglund Steps Down as Supervisory Director
----------------------------------------------------------------
Fredrik Berglund resigned as supervisory director at Versatel
Telecom International N.V. due to family reasons.

Mr. Berglund, who also functioned as executive vice president
sales and marketing of Tele2 AB, has resigned from his position
at Tele2 for the same reason.  Versatel does not intend to
replace Mr. Berglund.

Furthermore, Versatel will release its fourth quarter and full
year 2005 results on March 1, 2006.

                        About the Company

Versatel Telecom International N.V. (Euronext: VRSA) --
http://www.versatel.com/or http://www.tele2.com/-- based in  
Amsterdam, is a competitive communications network operator and
a leading alternative to the former monopoly telecommunications
carriers in its target market of Benelux.  Founded in October
1995, the Company has approximately 1,100 employees and holds
full telecommunication licenses in The Netherlands and Belgium.
Versatel operates a facilities-based local access broadband
network that uses the latest network technologies to provide
business customers with high bandwidth voice, data and Internet
services.  Versatel is a publicly traded company on Euronext
Amsterdam under the symbol "VRSA".


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


AGRO-PROM-ENERGO: Succumbs to Bankruptcy
----------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Agro-Prom-Energo after finding
the close joint stock company insolvent.  The case is docketed
as A43-4266/2905,33-163.  Ms. Y. Gerasimova has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 603155, Russia, Nizhniy Novgorod region.

CONTACT:  AGRO-PROM-ENERGO
          Russia, Nizhniy Novgorod region,
          Vetluga, Ter. STKh

          Y. GERASIMOVA
          Insolvency Manager
          603155, Russia, Nizhniy Novgorod region


BELOVO ZINC: Seeks Discharge from Bankruptcy
--------------------------------------------
The Arbitration Court in Kemerovo extended the five-year
bankruptcy proceedings of Belovo Zinc Plant through Feb. 2,
Interfax reports.

The court appointed Yevgeny Karachurin to replace Viktor
Markelov as receiver.  Karachurin has until April 7 to seek a
discharge from bankruptcy.

The zinc plant fell into administration in 1999 after incurring
RUB148 million in debt, Interfax relates.  The court then
declared the company bankrupt on Dec. 1, 2000 and ordered the
sale of its core assets to a new company, Belovo Lead and Zinc
Combine between 2003 and 2004.  These assets netted
RUB15 million.

CONTACT:  BELOVO ZINC PLANT
          Kuzbasskaya Street, 37,
          Belovo town, Kemerovo oblast', 652611,
          Russia
          Phone: +7 (38452) 1-59-83
          Fax: +7 (38452) 1-59-83
          E-mail: cof@belovo.net.ru


BUILDING COMPLEX: Undergoes Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision on limited liability company Building
Complex #7.  The case is docketed as A76-30005/05-48-157.  Ms.
T. Geft has been appointed temporary insolvency manager.  

Creditors may submit their proofs of claim to:

  (a) BUILDING COMPLEX #7
      454071, Russia, Chelyabinsk region,
      Geroyev Tankograda Str. 53
  
  (b) T. GEFT
      Temporary Insolvency Manager
      454091, Russia, Chelyabinsk region,
      Post User Box 13263


COMFORT PLUS: Claims Filing Period Ends Feb. 17
-----------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Comfort Plus after finding the close joint
stock company insolvent.  The case is docketed as K/E-134/04.  
Mr. A. Kuzmin has been appointed insolvency manager.  Creditors
have until Feb. 17, 2006 to submit their proofs of claim to
644042, Russia, Omsk region, K. Marksa Pr. 34A - 508.

CONTACT:  COMFORT PLUS
          Russia, Novosibirsk, Kuprina Str. 4

          A. KUZMIN
          Insolvency Manager
          644042, Russia, Omsk region,
          K. Marksa Pr. 34A - 508


DZERZHINSKOYE: Kaluga Court Brings In Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Kaluga region commenced bankruptcy
proceedings against Dzerzhinskoye (RIN 4004002648) after finding
the open joint stock company insolvent.  The case is docketed as
A23-1297/02B-7-27.  Mr. V. Borodavko has been appointed
insolvency manager.  Creditors have until Feb. 17, 2006 to
submit their proofs of claim to 248030, Russia, Kaluga, Suvorova
Str. 31, Apartment 44.

CONTACT:  DZERZHINSKOYE
          Russia, Kaluga region,
          Dzerzhinskiy region, Galkino

          V. BORODAVKO
          Insolvency Manager
          248030, Russia, Kaluga region,
          Suvorova Str. 31, Apartment 44


KRIVTSY-WOOD: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision on open joint stock company Krivtsy-Wood.  
The case is docketed as A26-9781/2005-183.  Mr. I. Monakov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 185035, Russia,
Kareliya republic, Gogolya Str. 56, Room 6.  A hearing will take
place on April 5, 2006, 12:00 noon at the Arbitration Court of
Kareliya republic.

CONTACT:  KRIVTSY-WOOD
          186170, Russia, Kareliya republic,
          Krivtsy, Gagarina Str. 4

          I. MONAKOV
          Temporary Insolvency Manager
          185035, Russia, Kareliya republic,
          Gogolya Str. 56, Room 6


NOVO-MEDVENSKOYE: Court Names I. Merkulov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Novo-Medvenskoye after finding the close
joint stock company insolvent.  The case is docketed as A68-
32/B-05.  Mr. I. Merkulov has been appointed insolvency manager.  
Creditors have until Feb. 17, 2006 to submit their proofs of
claim to 300026, Russia, Tula region, Ryazanskaya Str. 1, Room
601.

CONTACT:  NOVO-MEDVENSKOYE
          Russia, Tula region,
          Leninskiy region, Sovetskiy, 49

          I. MERKULOV
          Insolvency Manager
          300026, Russia, Tula region,
          Ryazanskaya Str. 1, Room 601
          Phone/Fax: (0872) 35-66-43


NOVOTROITSKOYE: Sakhalin Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Novotroitskoye after finding the company
insolvent.  The case is docketed as A59-4618/05-S16.  Mr. V.
Glik has been appointed insolvency manager.

CONTACT:  V. GLIK
          Insolvency Manager
          693008, Russia, Yuzhno-Sakhalinsk,
          Pobedy Pr. 65, Room 24


OAO LUKOIL: Moody's Changes Ba1 Corp. Rating Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service has changed the outlook of OAO
LUKOIL's (Lukoil) Ba1 Corporate Family Rating and Ba2 Issuer
Rating to positive from stable.

Moody's last rating action on LUKOIL was on 26 April 2005, when
the agency upgraded the company's ratings from Ba2/Ba3 to
Ba1/Ba2.

The change in outlook to positive reflects:

  (a) LUKOIL's ongoing strong financial performance, as
      evidenced in its recent results for the first 9 months of
      2005, assisted both by higher crude and product price
      realizations and greater operational efficiency; and

  (b) Moody's view of the moderate improvement in Russia's
      operating environment as far as private enterprise is
      concerned, following the state's assumption of a greater
      role in core strategic industries.

According to Moody's, LUKOIL's credit profile continues to
improve, both financially and operationally.  The group's recent
nine-month results show stronger cash flow and profitability
metrics, as wells as ongoing improvements to costs, water cut
and average flow rates per well.  Overall EBITDA per barrel of
oil produced increased from US$7.86 to US$10.94 and retained
cash flow (RCF) was around US$3.5 billion, which is the same
level reported for the entire 2004 financial year.  Despite
LUKOIL's acquisition of Nelson Resources in Kazakhstan for US$
2.0 billion in October last year, Moody's expects LUKOIL's
retained cash flow to net adjusted debt at year end 2005 to be
around 90% from 78% in 2004.

Moody's also emphasizes the ongoing improvements that LUKOIL has
made in improving its corporate governance and financial
transparency standards, which rank amongst the strongest in
Russia.  This has been further supported by the involvement of
ConocoPhillips (rated A1, stable outlook), which owns a 16.1%
stake in LUKOIL (which may rise to 20%) and is represented on
LUKOIL's Board of Directors.

The change in outlook has also been supported by Moody's view of
moderate improvements to Russia's operating environment for
private oil & gas companies.  Moody's states that despite the
government's greater presence in one of Russia's most strategic
industries and higher tax, excise and socio-political burdens
facing the industry today, the Russian government has given
supportive signs to stem investor confidence, notably the recent
share liberalisation of Gazprom (rated Baa1/Baa2, stable
outlook).  

Moody's also states that the risk of substantial back tax claims
is lower today, given that tax authorities seem close to
finalising their investigations of critical years.  LUKOIL in
particular has not had meaningful back tax claims raised against
it and was not an aggressive user of past tax optimization
schemes, making it less vulnerable.

Moody's states that LUKOIL's ratings continue to be underpinned
by the group's substantial scale in terms of reserves,
production and crude distillation capacity, which positions
LUKOIL amongst some of the world's largest integrated oil & gas
companies.  Ratings also benefit from LUKOIL's strong downstream
presence, its growing geographic diversification outside Russia
as demonstrated in the acquisition of Nelson Resources last year
and some growing downstream presence in parts of Central Europe
and the US, and its modest debt levels, underpinned by a
generally conservative 30% leverage target.

At the same time, ratings are constrained by the expectation of
rising capital investments going forward to enhance the recovery
from existing mature fields, primarily in Western Siberia, and
the development of new regions in Timan-Pechora, Yamal, the
Caspian and internationally.  Further large-scale investments
are likely to be necessary to upgrade existing refineries.  
Furthermore, Moody's believes that LUKOIL will continue to make
acquisitions when opportunities arise.  At present, ratings
assume that management will maintain their leverage target of
30% when pursuing investment opportunities.  Ratings are also
constrained by low, though improving, domestic oil & gas prices,
as well as LUKOIL's comparatively lower profitability than some
domestic and most large international peers.

LUKOIL's senior unsecured ratings are presently notched from the
Corporate Family Rating to reflect the relatively high
proportion of secured and subsidiary debt in relation to total
debt, and the resulting weaker position of potential unsecured
parent company creditors vis-a-vis secured creditors.

Moody's states that there remains upside pressure on LUKOIL's
ratings, which could intensify and thus result in an upgrade
over the short to medium term.  Such action could be supported
by:

  (a) Maintenance of LUKOIL's strong financial and operational
      metrics as evidenced in cash flow generation, production
      costs, improved per barrel margins, production growth and
      capital efficiency;

  (b) LUKOIL's ongoing ability to capture profitable netback
      channels, resulting in further improvements to
      profitability;

  (c) Sustained evidence of LUKOIL's unimpaired ability to
      operate without substantial political or bureaucratic
      interference;

  (d) Evidence of largely equal treatment of private and state-
      owned companies in competition for new license areas or
      acquisitions; and

  (e) Ongoing commitment to growing the business in a debt-
      conscious manner, despite management's ambitious growth
      strategy.

OAO LUKOIL, headquartered in Moscow, Russia, is the country's
largest vertically integrated oil & gas company in terms of
reserves, and one of the largest oil & gas companies in the
world.  In the first 9 months of 2005, the group produced 1.92
million barrels of oil equivalent (boe) per day and in 2004 had
refinery throughput of 44 million tons.  Total SPE reserves in
2004 were just over 20 billion boe.  The group's 9M2005 revenues
were US$40.6 billion.


PETROVSK-AGRO-MONTAGE: Arbitration Court Pushes for Bankruptcy
--------------------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Petrovsk-Agro-Montage after finding the open
joint stock company insolvent.  The case is docketed as A57-
646/05-32.  Mr. S. Shulgin has been appointed insolvency
manager.  Creditors have until Feb. 17, 2006, to submit their
proofs of claim to 410028, Russia, Saratov, Beloglinskaya Str.
8a.

CONTACT:  PETROVSK-AGRO-MONTAGE:
          412520, Russia, Saratov region,
          Petrovsk, Shamaeva Str. 3a

          S. SHULGIN
          Insolvency Manager
          410028, Russia, Saratov region,
          Beloglinskaya Str. 8a


ROMODANOV-AGRO-SNAB: Insolvency Manager Takes Over Firm
-------------------------------------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against Romodanov-Agro-Snab after finding the open
joint stock company insolvent.  The case is docketed as A39-
1277/05-107/6.  Mr. S. Kolekin has been appointed insolvency
manager.  Creditors have until Feb. 17, 2006 to submit their
proofs of claim.

CONTACT:  ROMODANOV-AGRO-SNAB:
          Russia, Mordoviya republic, Romodanovo


TNK-BP FINANCE: Moody's Revises Outlook to Positive
---------------------------------------------------
Moody's Investors Service has changed the outlook to positive
from stable on TNK-BP's ratings.  These include the Ba1 long
term corporate family rating of TNK-BP International Ltd (TNK-
BP), the Ba2 senior unsecured rating of the US$5.0 billion debt
issuance program issued by TNK-BP Finance SA ("TNK-BP Finance")
and the Ba2 senior unsecured rating on JSC Tyumen Oil Company's
(OAO TNK) US$700 million loan participation notes due 2007.

Moody's last rating action on TNK-BP was on 15 December 2004,
when the agency upgraded TNK-BP's ratings to Ba1/Ba2.  The
senior unsecured ratings are notched to reflect the relatively
high level of secured debt within the group, which puts
unsecured creditors in a subordinated position to secured
creditors.

The change of outlook is reflected by:

  (a) The company's ongoing strong cash flow generation,
      supported by both high oil prices and improvements to
      operating performances and processes;
  
  (b) Improved corporate structure following recent
      streamlining, as well as further strengthening of
      corporate governance and financial transparency standards;
      and
  
  (c) Moody's view of recent moderate improvements in Russia's
      operating environment for private companies and the
      support afforded by TNK-BP's political endorsement,
      despite some ongoing uncertainties.

Moody's believes that the company's credit profile has continued
to improve, given its strong financial performance, underpinned
by a combination of rising Urals prices and improved and
flexible techniques to capture profitable netbacks, as well as
steady production growth, and low cost operations.  In 2004,
TNK-BP generated US$6.2 billion of operating cash flow and US$
6.4 billion in the first 9 months of 2005.  Consequently,
Moody's expects TNK-BP's retained cash flow to net adjusted debt
to reach a fairly solid 40% for the full year.

Moody's adds that the company's corporate governance and
financial transparency have highly improved over recent years,
and particularly following the restructuring of the group's
complex structure to bring most Russian operating subsidiaries
under one domestic holding company.  In addition, the management
is optimizing capital efficiency by implementing a divestment
program of non-strategic assets.  In concomitance with the
restructuring of its operations and asset portfolio, TNK-BP's
strategy is geared towards increasing the long term
recoverability of its mature assets, growing via the acquisition
of new licenses and the development of green field projects.

The change in outlook also reflects Moody's view of some gradual
improvements in the overall Russian operating environment for
private companies in the oil and gas sector.  Moody's states
that despite the government's greater presence in one of
Russia's most strategic industries and higher tax, excise and
socio-political burdens facing the industry today, the Russian
government has given supportive signs to stem investor
confidence, notably the recent share liberalization of Gazprom
(rated Baa1/Baa2, stable outlook).  Moody's also adds that the
risk of substantial back tax claims is lower today, given that
tax authorities seem close to finalizing their investigations of
critical years.  While some uncertainty concerning back tax
demands for the years 2002 and 2003 for TNK-BP remains, the
rating agency does not expect final settlements to be excessive.  
This view is supported by TNK-BP's recent settlement of its 2001
tax claim for US$247 million, which was significantly below the
originally demanded amount of US$938 million.  License renewal
and ownership disputes remain prevalent in Russia, but Moody's
notes TNK-BP's good track record to date of winning license
allocations.

TNK-BP's ratings remain underpinned by the group's significant
scale in terms of reserves and production, which position it as
Russia's second largest integrated oil & gas company.  The
ratings are also supported by the company's low cost production
and the high level of integration with its downstream business.

Conversely, ratings remain constrained by some field
concentration, given that three fields account for ca. 60% of
reserves, and the need for license extension at its vast
Samotlor field, which expires in 2013.  At the same time, TNK-
BP's ratings incorporate the expectation of a gradual increase
in debt to finance new investments in both new and mature fields
in the coming years, though not beyond its leverage target of
25-35%.  Ratings also assume that management will retain
flexibility in its dividend policy to ensure a certain level of
stability in its retained cash flow, depending on the oil price
and investment requirements.

Moody's states that there remains upside pressure on TNK-BP's
ratings, which could intensify and thus result in an upgrade
over the short to medium term.  Such action could be supported
by:

  (a) Further strengthening of TNK-BP's financial and operating
      metrics as evidenced in cash flow generation, production
      costs, per barrel margins, production growth and capital
      efficiency;
  
  (b) TNK-BP's ongoing ability to capture profitable netback
      channels;
  
  (c) Sustained evidence of TNK-BP's unimpaired ability to
      operate without substantial political or bureaucratic
      interference, as well as the finalization of tax audits
      related to 2002 and 2003; and
  
  (d) Evidence of largely equal treatment of private and state-
      owned companies in competition for new license areas or
      acquisitions, and particularly sustained progress in the
      extension of the group's Samotlor license.

TNK-BP International is the principal holding company in the
group, and is guarantor of the rated debt issued by OAO TNK and
TNK-BP Finance.  TNK-BP International is wholly owned by TNK-BP
Ltd, the ultimate holding company of the group.  The scope of
consolidation for both TNK-BP International and TNK-BP Ltd is
largely identical (98% of assets) as the remaining 25% stake in
Sidanco previously held by TNK-BP Ltd has been transferred to
TNK-BP International.

Headquartered in the British Virgin Islands, TNK-BP is one of
the largest oil companies in Russia, jointly owned by BP Plc and
Alfa Access/Renova.  At year-end 2004, the group had just above
8 billion barrels of proved SEC (to economic life of fields)
reserves and in the first 9 months of 2005 produced close to
1.56 million barrels of oil per day.  TNK-BP generated revenues
of US$14.3 billion in 2004.


VOLKHOVSKIY: Bankruptcy Supervision Procedure Begins
----------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision on close joint stock company Volkhovskiy.  The case
is docketed as A48-6977/05-176.  Mr. A. Volchkov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

      (a) VOLKHOVSKIY
          303142, Russia, Orel region,
          Volkhov, K. Marksa Str. 2
      
      (b) A. VOLCHKOV
          Temporary Insolvency Manager
          302004, Russia, Orel region,
          3rd Kurskaya Str. 15
      
      (c) ARBITRATION COURT OF OREL REGION
          302028, Russia, Orel region,
          M. Gorkogo Str. 42
      
A hearing will take place on April 10, 2006.


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


ARMET: Temporary Insolvency Manager Takes Helm
----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Private Enterprise Armet.  The case is
docketed as B 24/246/05.  Mr. E. Shevtsov has been appointed
temporary insolvency manager.

CONTACT:  ARMET
          49000, Ukraine, Dnipropetrovsk region,
          Chervonopartizanska Str. 1

          Mr. E. Shevtsov
          Temporary Insolvency Manager
          49069, Ukraine, Dnipropetrovsk region, a/b 3925
          Phone: (056) 744-19-31

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


DNIPRODZERZHINSK' SEWING: Tumbles Into Bankruptcy
-------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Dniprodzerzhinsk' Sewing Combine.  
The case is docketed as B 29/151/05.  Mr. Yevgen Shevtsov has
been appointed temporary insolvency manager.  The company holds
account number 26005346542011 at CB Privatbank, Dniprodzerzhinsk
branch, MFO 305965.

CONTACT:  DNIPRODZERZHINSK' SEWING COMBINE
          51921, Ukraine, Dnipropetrovsk region,           
          Dniprodzerzhinsk, Sportivna Str. 36

          Mr. Yevgen Shevtsov
          Temporary Insolvency Manager
          49069, Ukraine, Dnipropetrovsk region, a/b 3925

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


ETALON-AVTO: Supervision Begins for Bankrupt Group
--------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on CJSC Etalon-Avto-Odesa.  The case is
docketed as 32/175-05-8623.

CONTACT:  ETALON-AVTO-ODESA
          Ukraine, Odessa region,
          Hutorska Str. 101

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


ORT: Insolvency Manager Takes Over Operations
---------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Ort (code EDRPOU 32389499) on November 21,
2005 after finding the limited liability company insolvent.  The
case is docketed as 42/201 B.  Mr. K. Kosuhin has been appointed
liquidator/insolvency manager.

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


PISARIVKA' ALCOHOL: Falls to Bankruptcy
---------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on State Enterprise Pisarivka' Alcohol
Plant.  The case is docketed as 32/93-04-3524.  Mr. Oleg
Adamenko has been appointed temporary insolvency manager.  The
company holds account number 26000054402232 at CB Privatbank,
MFO 328704.

CONTACT:  PISARIVKA' ALCOHOL PLANT
          66031, Ukraine, Odessa region,
          Kodimskij district, Pisarivka

          ECONOMIC COURT OF ODESSA REGION
          65119, Ukraine, Odessa region,
          Shevchenko Avenue 29


SIMAKS-PLUS: Prepares for Liquidation in Lviv Region
----------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Simaks-Plus after finding the limited
liability company insolvent.  The case is docketed as 6/86-4/54.  
Mr. Gula Yaroslav has been appointed liquidator/insolvency
manager.

CONTACT:  SIMAKS-PLUS
          82000, Ukraine, Lviv region,
          Starij Sambir, Vitovskij Str. 41/1

          Mr. Gula Yaroslav
          Liquidator/Insolvency Manager
          Ukraine, Lviv region, Polubotok Str. 11/71

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


STEEL-SERVICE: Bankruptcy Supervision Begins
--------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on Steel-Service (code EDRPOU 30009348).  
The case is docketed as 02/180 b.  Mr. Andrij Kolezhuk (License
Number AB 176255) has been appointed temporary insolvency
manager.

CONTACT:  STEEL-SERVICE
          91000, Ukraine, Lugansk region,
          Sosura Str. 137

          Mr. Andrij Kolezhuk
          Temporary Insolvency Manager
          Ukraine, Lugansk region,
          Gayovogo quarter 1/6

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


TORGSERVICE: Kyiv Court Names A. Gunko to Liquidate Assets
----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Torgservice on after finding the private
enterprise insolvent.  The case is docketed as 43/496.  Mr. A.
Gunko has been appointed liquidator/insolvency manager.  

CONTACT:  TORGSERVICE
          01010, Ukraine, Kyiv region,
          Moskovska Str. 7

          Mr. A. Gunko
          Liquidator/Insolvency Manager
          Phone: (044) 219-12-53, 455-99-07

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


UKRPAK: Court Appoints I. Gusak as Liquidator
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrpak after finding the limited liability
company insolvent.  The case is docketed as 24/234-b.  Mr. I.
Gusak has been appointed liquidator/insolvency manager.

CONTACT:  UKRPAK
          03127, Ukraine,
          Kyiv region, 40-richya
          Zhovtnya Avenue 120

          Mr. I. Gusak, Liquidator/Insolvency Manager
          02660, Ukraine, Kyiv region,
          Kolektorna Str. 38/40

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


ZERNOPRODUKT: Under Bankruptcy Supervision in Poltava
-----------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on LLC Zernoprodukt on Nov. 24, 2005.  The
case is docketed as 7/109.  Mr. V. Nesvit has been appointed
temporary insolvency manager.  The company holds account number
26044000855001 at JSC Industrial-export Bank, Poltava branch,
MFO 331601.

CONTACT:  ZERNOPRODUKT
          Ukraine, Poltava region,
          Chornuhinskij district, Kizlivka

          Mr. V. Nesvit
          Temporary Insolvency Manager
          36003, Ukraine, Poltava region,
          Nezalezhnosti Square 1-B, room 18
          Phone/Fax: 50-80-67

          ECONOMIC COURT OF POLTAVA REGION
          36000, Ukraine, Poltava region,
          Zigina Str. 1


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

AGRA RESTAURANTS: Taps Andreas Kakouri to Liquidate Assets
----------------------------------------------------------
Agra Restaurants Ltd. voluntarily liquidated its assets after
members voted for the wind up of the company's operations during
an EGM held on Dec. 21 in London.

Company Chairman S. Subhan disclosed that Andreas Georgiou
Kakouri is appointed Liquidator after members found out that the
company cannot continue its business due to its surmounting
liabilities.

CONTACT:  Agra Restaurants Ltd
          135-137 Whitfield St.
          Camden, London
          W1T 5ER
          Tel: 020 7387-8833


ALLWEILER PUMPS: Shareholders Vote to Wind Up Company
-----------------------------------------------------
Shareholders of Allweiler Pumps Limited passed a resolution to
wind up the company at a meeting held on Jan. 5.  Peter Hall and
Peter Whalley of Buchanans Plc were appointed liquidators.

CONTACT:  ALLWEILER PUMPS LTD.
          Unit 6
          Ventura Centre
          Factory Road
          Upton, Poole
          Dorset BH16 5JW
          United Kingdom
          Phone: 01202 632 992
          Fax: 01202 631 008
          Web site: http://www.allweiler.com/

          BUCHANANS PLC
          Latimer House
          5 Cumberland Place
          Southampton SO15 2BH
          Phone: 023 8022 1222
          E-mail: peter.whalley@buchanans.com


AP HYDRAULICS: Names PricewaterhouseCoopers Administrator
---------------------------------------------------------
David Matthew Hammond and Edward Mark Shires of
PricewaterhouseCoopers LLP were appointed administrators of AP
Hydraulics Limited and Aptec Technologies Limited on Jan. 10.  
Its registered office is at P.O. Box 2805, Tachbrook Road,
Leamington Spa, Warwickshire CV31 3ZL.  These firms manufacture
automotive parts.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com/


BEECHBOURNE LIMITED: Calls in Liquidator from Hazlewoods
--------------------------------------------------------
J. Whitbread, chairman of Beechbourne Limited, informs that the
special and ordinary resolutions to wind up the company was
passed at an EGM held on Jan. 10 at Lower Preshaw House, Upham,
Southampton SO32 1HP.  Philip John Gorman of Hazlewoods LLP,
Windsor House, Barnett Way, Barnwood, Gloucester GL4 3RT was
appointed liquidator.

Creditors are required on or before March 31, 2006, to send
their names and addresses, together with particulars of debts or
claims and the names and addresses of Solicitors, if any, to
Philip John Gorman.

CONTACT:  BEECHBOURNE LTD.
          Exchange House, Station Road,
          Liphook, Hampshire GU30 7ER
          Phone: 01428722996

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


BRITANNIA LEISURE: Names Timothy Hargreaves as Liquidator
---------------------------------------------------------
Members of Britannia Leisure Services Limited appointed Timothy
Hargreaves of T. H. Associates Insolvency Practitioners to
liquidate the company's assets.

Parties recommended the voluntarily wind up of the company's
operations after determining that the company's liabilities
hinder its ability to continue its business.  The wind up
resolution was passed on Dec. 19, 2005, during an Extraordinary
General Meeting held in Leigh.

CONTACT:  Britannia Leisure Services Limited
          1 Codalhurst Lane, Astley
          Manchester, M29 7BS
          Tel: 0194 2877844
          Fax: 0194 2888966
          Attn: Paul F. Thompson
          Director & Shareholder  
          E-mail: paulthompson@britleisure.co.uk


C. BIRKS: Electrical Contractor Hires Administrator
---------------------------------------------------
S. R. Thomas and S. Burkett-Coltman of Tenon Recovery were
appointed administrators of electrical contractor C. Birks
Limited on Jan. 13.  

CONTACT:  C BIRKS LTD.
          5 Dovecot Road
          High Wycombe
          Buckinghamshire HP13 5HL
          United Kingdom
          Phone: (01494) 530968

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


CEEMA GROUP: Liabilities Prompt Voluntary Liquidation
-----------------------------------------------------
Ceema Group Limited is liquidating its assets after members
voted to wind up the company's operations during an
Extraordinary General Meeting on Dec. 12, 2005, in Central
Milton Keynes.

B. Fletcher, chairman of Ceema Group Limited, disclose that the
company cannot continue its business due to its surmounting
debts.  

Graham Paul Bushby and Guy Edward Brooke from Baker Tilly are
appointed as Joint Liquidators.

                       About the Company

Ceema Group Ltd. provides mechanical, electro-mechanical and
electronic design, CAD design support and technical recruitment.  
The company also offers a broad technical capability to its
customers across commercial, defence, transport, scientific,
civil and public sectors.

CONTACT:  Ceema Technology
          4 The Omega Centre
          Stratton Business Park
          Biggleswade, Bedfordshire
          SG18 8QB
          Tel: 01767 319800 / 318707
          Fax: 01767 317621


CELLTRACKER LIMITED: Creditors Meeting Set Next Week
----------------------------------------------------
Creditors of Celltracker Limited (Company No 03269266) will meet
on Jan. 31, 2006, 10:30 a.m. at 109 Swan Street, Sileby,
Leicestershire LE12 7NN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to P. A. Saxton, joint administrator of Elwell
Watchorn & Saxton LLP, 109 Swan Street, Sileby, Leicestershire
LE12 7NN not later than 12 noon, Jan. 30, 2006.

CellTracker -- http://www.CellTracker.com/-- is a fully  
independent company providing network rollout management
systems.  It was formed in 1996 and is the only major provider
in the sector that has been financed through the successful
delivery of solutions that meet customer requirements.

CONTACT:  CELLTRACKER LTD.
          Arden House
          West Street
          Leighton Buzzard
          Bedfordshire LU7 1DD
          England
     Tel: +44 (0) 1525 24 38 00
               +44 (0) 1525 24 38 24
          Fax: +44 (0) 1525 24 38 01

          ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk/


CFH LIMITED: Taps Grant Thorton to Administer Assets
----------------------------------------------------
Leslie Ross and Duncan Swift of Grant Thornton UK LLP were
appointed administrators of CFH Limited, Cook Enterprises
Limited and Country Foods Limited on Jan. 6.  These companies
manufacture frozen food products.

CONTACT:  COOK ENTERPRISES LTD.
          Enterprise House, Lakeside Industrial Estate
          Cotswold Dean, Standlake
          Witney OX29 7PJ
          Oxfordshire
          Phone: 01865 300608
          Fax: 01865 300901

          GRANT THORNTON
          Heron House, Albert Square
          MANCHESTER M60 8GT
          Phone: 0161 834 5414
          Fax: 0161 832 6042
          Web site: http://www.grant-thornton.co.uk/


CLSL LIMITED: Hires Poppleton & Appleby Administrator
-----------------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
were appointed administrators of CLSL Limited (fka Cheers Liquor
Stores Ltd) on Dec. 22.

CONTACT:  CHEERS LIQUOR STORE
          64 Spotland Road,
          Rochdale, Lancashire OL12 6PQ
          Phone: 01706340630

          POPPLETON & APPLEBY
          32 High Street
          Manchester
          Greater Manchester M4 1QD
          Phone: 0161 834 7025
          Fax: 0161 833 1548
          E-mail: insol@pandamanchester.co.uk


C & N CONSTRUCTION: Appoints Administrator from Cresswall Firm
--------------------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited was appointed administrators of C & N Construction
(Midlands) Limited on Dec. 6.

CONTACT:  C & N CONSTRUCTION (MIDLANDS) LTD
          4, Castle St
          Rugby Warwickshire CV21 2TP
          Phone: 01788 576897

          CRESSWALL ASSOCIATES LIMITED
          Maple View,
          White Moss Business Park,
          Skelmersdale WN8 9TG


DRAX GROUP: Issuing Preliminary Results March 8
-----------------------------------------------
Drax Group PLC will report its preliminary results for the year
ended Dec. 31, 2005, on Wednesday, March 8, 2006.

Drax Group plc was admitted to the Official List of the U.K.
Listing Authority and its ordinary shares commenced trading on
the London Stock Exchange on Dec. 15, 2005.

                        About the Company

Headquartered in Selby, North Yorkshire, United Kingdom, Drax
Group operates the largest coal-fire power plant in Europe.  Its
primary subsidiary, Drax Power, operates the Drax Power Station
in North Yorkshire England.

                     Financial Restructuring

Drax Group underwent a financial restructuring in 2003 after its
largest customer, TXU Europe, filed for administrative
protection.  Its former project creditors took control of the
firm from owner U.S. energy generator AES.  In December 2004, it
secured an agreement for a GBP348 million claim from TXU.  It
received a first distribution of some GBP214 million at the end
of March.  Succeeding payments were made in 2005 and are
expected in 2006.  The company is using its money to discharge B
debt.


FOOD FERRY: Administrator Enters Firm
-------------------------------------
Carl Stuart Jackson and Tina Yearsley of Tenon Recovery were
appointed administrators of The Food Ferry Company Limited on
Jan. 11.  

The Food Ferry was set up in 1990 as a home-delivery supermarket
operating in Central London.

CONTACT:  THE FOOD FERRY CO LTD.
          Units B 24 - 27,
          New Covent Garden Market,
          Nine Elms Lane, London SW8 5HH

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


HOME INSURANCE: High Court Sanctions Scheme of Arrangement
----------------------------------------------------------
The English High Court of Justice entered an order sanctioning a
scheme of arrangement for The Home Insurance Company pursuant to
Section 425 of the Companies Act 1985 on Nov. 10, 2005.  The
firm's creditors hold claims arising out of American Foreign
Insurance Association treaty business written by the company.

The Scheme became effective on Dec. 20, 2005, following the
satisfaction of the conditions specified in the Scheme and the
delivery of the order sanctioning the Scheme to the Registrar of
Companies of England and Wales.

In order to qualify for payment under the Scheme, creditors will
need to:

  (a) have filed a proof of claim with the company's liquidator
      in New Hampshire by the June 13, 2004, bar date (although
      a proof of claim received after the date may, by statute,
      be accepted by the company's liquidator in New Hampshire
      in certain circumstances); and
  
  (b) have had their claim finally and conclusively established
      in the New Hampshire liquidation of the company.

Creditors may file written proofs of claim with:

            The Home Insurance Company in Liquidation
            P.O. Box 1720, Manchester
            New Hampshire 03105
            U.S.A.

                -- and --

            ACE-INA Services UK Limited
            Attn: Mike Durkin, Esq.
            Kent House, Romney Place
            Maidstone, England

After filing a proof of claim, creditors must send all claims-
related correspondence in support of the claim, to:

            Nick Tyndall
            Claims Manager
            ACE-INA Services UK Limited
            The London Underwriting Centre
            3 Minster Court,
            Mincing Lane, London
            EC3R 7DD England

The Joint Provisional Liquidators for the company can be
contacted at:

            Ernst & Young LLP
            c/o Matthew Harrison
            More London Place
            London SEI 2AF
            Tel: +44 020-7951-1195
            Fax: +44 020-7951-9002


IDESK MANAGED: Names David Rubin & Partners Administrator
---------------------------------------------------------
Paul Appleton and Asher Miller of David Rubin & Partners were
appointed administrators of Idesk Managed Services Limited and
Idesk Systems Limited on Jan. 11.

Idesk Managed Services Limited and Idesk Systems Limited --
http://www.idesk.com/-- offer computer services in the United  
Kingdom.  

CONTACT:  IDESK SYSTEMS LTD
          No 1 Olympic Way
          Wembley, Middlesex HA9 0NP
          Phone: +44 (0) 20 8537 7575
          Fax: +44 (0) 20 8537 7650
          E-mail: info@idesk.com

          DAVID RUBIN & PARTNERS
          26-28 Bedford Row, London WC1R 4HE
          E-mail: info@davidhornerandco.co.uk
          Web site: http://www.davidhornerandco.co.uk/


LUMINAR PLC: Core Business Sales Down 1.7%
------------------------------------------
Luminar PLC released a trading update for the five weeks through  
Jan. 2, 2006.

Trading during the important Christmas and New Year period was
mixed highlighted by continued strong performance from the
Dancing Division.  Trading in the Entertainment Division and
non-core estate was below expectations.

Dancing Division like-for-like sales for the five-week period
increased 2.3% with the branded units up 6.8% partially offset
by weaker performances from the unbranded units.  Like-for-like
sales in the Entertainment Division fell by 8.0% primarily
driven by the continued decline in the Jumpin Jaks units.  

Operating profit in the Chicago Rock Cafe estate strengthened
over the same period last year.   Overall like-for-like sales
from the core business for the 5 weeks to Jan. 2, 2006 fell
1.7%.  The year to date like-for-like sales are down marginally
by 0.3%.  Gross margins were stable in all segments of the
business.

Cashflow from operations and non-core asset disposals has
remained strong.  The company continues to make progress in
disposing of non-core units and has completed or exchanged
contracts on eight properties and expects to exchange contracts
on a further six properties prior to yearend.  Net debt at the
yearend will be in line with or less than the GBP120 million
level previously indicated.

Management will be accelerating the branding of the unbranded
estate in the new financial year.  Any conclusions to be drawn
from this year's shift in Christmas trading patterns and the
changes in licensing will be covered within the company's
Preliminary Results Statement in May 2006.  While trading over
the Christmas period was below expectations, it endorses the
strategy to strengthen the company's position as the U.K.'s
leading branded late night entertainment operator.

CONTACT:  LUMINAR PLC
          Registered Office
          41 King Street
          Luton
          Bedfordshire
          United Kingdom
          LU1 2DW
          Phone: +44 1582 589 400
          Fax: +44 1582 589 667
          Web site: http://www.luminar.co.uk/


MARCONI CORPORATION: Renamed telent Following Disposal Closure
--------------------------------------------------------------
With all relevant conditions precedent having been satisfied,
the disposal of Marconi Corporation PLC's telecommunications
equipment and international services businesses to LM Ericsson
has been completed.

The company will change its name to telent PLC.  From Jan. 25,
2006, telent's ordinary shares will trade in London under the
ticker TLNT.

As set out in the circular to shareholders on Nov. 25, 2005,
Master Closing constitutes closing of the transfer of the
relevant businesses of the company to Ericsson in Italy,
Germany, the United Kingdom, the United States and the majority
of the other jurisdictions.  The remainder of the closings in
the other jurisdictions will take place over the coming months.

As detailed in the circular, the Return of Cash and related
Share Consolidation are expected to take place in the first
quarter of 2006.  The exact timing of the Return of Cash and
related Share Consolidation will be notified by an announcement
on RNS.  That announcement will also set out the record date for
the entitlement to the Return of Cash and the Share
Consolidation and give the date on which dealings in the shares
(ex-dividend and post share consolidation) are expected to
commence.

                     About telent PLC

telent PLC -- http://www.telent.com/-- supplies a broad range  
of communications support services to telecommunications
operators, as well as to large enterprises and government
agencies in the U.K. and Germany, leveraging its accumulated
knowledge of customers' networks, its expert field force, its
scale and reputation for quality.

Formerly the U.K. and German services business of Marconi
Corporation PLC, the company is now to be renamed telent PLC on
the sale of the telecommunications equipment and international
services business to Ericsson.  The company will be listed on
the London Stock Exchange under the symbol TLNT.  

                        *     *     *

In October 2005, Financial Times reported more than 1,3OO
workers at Marconi Corporation plc could lose their jobs in the
GBP1.2 billion takeover deal with LM Ericsson.

Ericsson Chief Executive Carl-Henric Svanberg has said job cuts
were inevitable after the company acquired Marconi's equipment
and international services businesses.  He added the reductions
could affect around 15%-20% of Marconi's workforce.

Under the deal, which will also see the transfer of 6,670
Marconi employees to Ericsson, the latter will obtain Marconi's
optical networks operations, the bulk of its network access
unit, and its international services business.  These ventures
bring in a total of GBP1 billion in yearly sales.  Marconi will
be left with a services business, which will be renamed Telent
and will concentrate on the U.K. market.

Telegraph, in another report, quoted Marconi Chief Executive
Mike Parton as saying Telent is eyeing redundancies of less than
100 among 2,100 staff it will retain.  Most of these employees
will be based in the U.K., with only around 100 to be assigned
in Germany.  They will provide basic installation and
maintenance services.

Telent will also absorb Marconi's existing net cash of GBP275
million, and receive Ericsson's final payment of GBP223 million,
of which GBP100 million will cover tax on the transaction and
restructuring costs.


ORIAN PRECISION: Creditors Confirm S. Franklin as Liquidator
------------------------------------------------------------
Orian Precision Components Limited is liquidating its operations
after creditors passed a resolution to voluntarily wind up the
company at an EGM held on Dec. 16 in Nottingham.

S. Franklin of Panos Eliadis, Franklin & Co., is appointed
Liquidator, Company Chairman R.G. Vickers disclose.  Creditors
confirmed His appointment at a meeting of creditors held the
same day.

CONTACT:  Orian Precision Components Ltd
          Eagle Road
          Quarry Hill Industrial Park
          Ilkeston
          DE7 4RB(Road Map)
          Derbyshire
          Tel: 0115 944 1236
          Fax: 0115 944 0651
          Internet: http://www.orian.co.uk/


PARK & RIDE: Submits to Voluntary Liquidation
---------------------------------------------
Members of Park & Ride (Bristol) Limited passed a resolution
calling for the company's voluntary wind up of its operations on
Dec. 15, 2005.  

T. Barnes, Director of Park & Ride, disclosed that the company
cannot continue its business due to its surmounting debts.  The
members appointed Simon Thornton to liquidate the company's
assets.

CONTACT:  Park & Ride Ltd
          The Park & Ride Ashton Rd
          Bristol, BS3 2EA, United Kingdom
          Tel: 0117 966 0399


REFLEX WINDOWS: Names Administrators from Buchanans
---------------------------------------------------
Alan Peter Whalley and Peter Anthony Hall of Buchanans Plc were
appointed joint administrators of Reflex Windows And Doors
Limited on Jan. 12.  

CONTACT:  REFLEX WINDOWS AND DOORS
          Unit A, Butterick Building,
          New Lane, Havant, PO9 2ND
          Phone: 023 9247 7003

          BUCHANANS PLC
          Latimer House
          5 Cumberland Place
          Southampton SO15 2BH
          Phone: 023 8022 1222


RENTOKIL INITIAL: To Buy Ehrlich for US$141.8 Million
-----------------------------------------------------
Rentokil Initial PLC agreed to acquire J.C. Ehrlich Co. Inc. for
US$141.8 million (GBP80.1 million).  

Ehrlich is the largest independently owned pest control company
in the U.S. and the fourth largest pest control company in the
U.S. overall.  The transaction will be financed from available
cash resources.

Pest Control is one of Rentokil Initial's main business drivers,
along with Washrooms and Textiles, for the creation of
sustainable, profitable growth.  Rentokil Initial is already the
European market leader in pest control and has strong market
positions in Asia Pacific and South Africa.  The proposed
acquisition of Ehrlich will significantly increase the company's
scale in the attractive North American market, where Rentokil's
existing operations have been growing strongly.

Ehrlich, based in Reading, Pennsylvania, was established in 1928
by Julius C. Ehrlich and has been owned and managed by the
descendants of the family for four generations.  It operates 42
branches across seven Eastern states, providing a full range of
pest control services to commercial and residential customers.  
In the year ended Dec. 31, 2005, Ehrlich had revenues of
US$124.0 million (GBP70.0 million).

Rentokil Initial's North American pest control operations, with
revenues in 2005 of approximately US$26.0 million (GBP14.7
million), are currently focused on commercial customers in
complementary geographic regions.  The combined business will
provide Rentokil Initial with a platform for further growth,
building on both companies' strong customer service ethos and
technological innovation.

Victor Hammel, currently president of Ehrlich, will assume the
role of CEO of the combined pest control operations which will
be based at Ehrlich's existing headquarters in Reading,
Pennsylvania.  Kevin Ward, current president of Rentokil's pest
control operations in North America, will join the combined
organization's senior management team.

The agreement is subject to customary closing conditions
including confirmation of the financial results of Ehrlich for
the year ending Dec. 31, 2005, and on the expiry of the waiting
period under the Hart Scott Rodino Antitrust Improvements Act of
1976.  Completion of the acquisition is expected before the end
of the first quarter.

"We are delighted to announce the proposed acquisition of
Ehrlich which has an excellent reputation and a strong market
position in the growing U.S. pest control industry," Doug Flynn,
chief executive of Rentokil Initial, said.  "This transaction is
a major development in our global pest control strategy and
significantly improves our scale and opportunity in this
attractive market."

"Ehrlich brings us a substantial business with a strong customer
service culture.  Both Ehrlich and our own U.S. businesses are
well managed and have shown solid growth over the last few
years.  When combined they will create a strong platform from
which to develop an expanded position in the U.S. pest control
market," he added.

Victor Hammel, current president of Ehrlich and CEO designate
for the combined pest control operation, said, "Our relationship
with Rentokil Initial will be beneficial for both companies.  
Rentokil Initial has a reputation for quality that is very
similar to ours and we believe there is a great deal we can
learn from each other.  Over the next few months, we will
consider how to meld the best practices from each organization
so we can better serve our residential and commercial
customers."

Bobby Hammel, co-owner of Ehrlich, said: "We chose Rentokil
Initial because they respected the culture we have cultivated
over the past 78 years.  The future well-being of our co-workers
is of the utmost importance to us, and we feel that this
expanded organization will offer them many new opportunities."

                        About the Company

Rentokil Initial -- http://www.rentokil-initial.com/-- is one  
of the largest business services companies in the world,
operating in the major economies of Europe, North America, Asia
Pacific and Africa.  The company has some 90,000 employees
providing a range of support services in over 40 countries.

Rentokil's restructuring took effect in June 2005 and the New
Rentokil Initial shares were admitted to the Official List and
to trading on the London Stock Exchange's market for listed
securities at that time.

In August 2005, the company reported that turnover in the first
half of 2005 was up 3.2% to GBP1,167.2 million, while operating
income was down 33% to GBP119.2 million.  Profit before tax
plunged 40.3% to GBP93.2 million.


SNAPPER FROZEN: Administrator from Hazlewoods Moves In
------------------------------------------------------
Philip John Gorman of Hazlewoods LLP was appointed administrator
of Snapper Frozen Foods Limited on Jan. 11.  Its registered
office is at Unit 31, Woodcock Industrial Estate, Warminster,
Wiltshire BA12 9DX.

CONTACT:  SNAPPER FROZEN FOODS LTD.
          Unit 29-33 Woodcock Industrial,
          Woodcock Road, Warminster,
          Wiltshire BA12 9DX
          Phone: 01985217046

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


SPIRENT PLC: Shareholders Okay Sale of HellermannTyton Division
---------------------------------------------------------------
At the Extraordinary General Meeting of Spirent PLC,
shareholders passed the ordinary resolution approving the
proposed disposal of the HellermannTyton Division, as set out in
the Notice of EGM dated Dec. 15, 2005.

Completion of the disposal is conditional upon the fulfillment
of certain anti-trust regulatory clearances and is expected as
soon as possible thereafter.

                        About the Company

Spirent PLC -- 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.

CONTACT:  SPIRENT PLC
          Spirent House
          Crawley Business Quarter
          Fleming Way
          Crawley
          West Sussex RH10 9QL
          Phone: +44 (0)1293 767676
          Fax: +44 (0) 1293 767677
          E-mail: media@spirent.com

          Rupert Young
          Brunswick Group Limited
          16 Lincoln 's Inn Fields
          London WC2A 3ED
          Phone: +44 (0)20 7404 5959
          E-mail: ryoung@brunswickgroup.com


TILANA FASHIONS: Taps UHY Hacker Young to Administer Assets
-----------------------------------------------------------
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed administrators of clothing retailer Tilana Fashions
Limited on Jan. 12.

CONTACT:  TILANA FASHIONS LIMITED
          22-28 London Lane,
          London E8 3PR

          UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159


V & A MARKETING: Baby Product Maker Names Administrator
-------------------------------------------------------
Richard Hawes and Nigel Morrison (IP Nos 8954, 8938) of Grant
Thornton UK LLP were appointed administrators of V & A Marketing
Limited (Company No 02253638) on Jan. 10.  Its registered office
is at Charlesworth House, Andrews Road, Llandaff North, Cardiff
CF4 2JP.  The company manufactures baby products.

CONTACT:  V & A MARKETING LTD.
          Charlesworth House,
          Cardiff CF14 2JP
          Phone:  029 2057 5600

          GRANT THORNTON UK LLP
          11-13 Penhill Road
          Cardiff CF11 9UP
          Phone: 02920 235591
          Fax: 02920 383803
          E-mails: richard.m.hawes@gtuk.com  
                   nigel.morrison@gtuk.com


WH SMITH: Retail Like-for-Like Sales Down 5%
--------------------------------------------
WH Smith PLC has provided an update on its Christmas trading
performance for the 7 weeks to Jan. 21, 2006 and the 21 weeks to
Jan. 21, 2006.

             Statement of Chief Executive Kate Swann

We expected the Christmas trading period to be challenging for
sales, but our focus has remained on Group profitability, which
has improved year on year in line with our expectations.  This
performance has been driven by the continued implementation of
the High Street Retail recovery plan, resulting in strong gross
margins from mix changes and tight cost control.  Travel Retail
continued its strong performance and News Distribution made
steady progress.

Retail

Total Retail like for like (LFL) sales were down 5% for the 7
and 21 weeks.

In High Street Retail LFL sales for the 7 and 21 weeks were down
6%; however, gross margin improved by around 250 basis points
due to mix management, better buying and Far East sourcing, and
markdown management.

In Travel Retail, LFL sales for the 7 and 21 weeks were up 3%,
accompanied by an improvement in gross margin of around 100
basis points.

News Distribution

In the 21 weeks to 21 January 2006, LFL sales for WHSmith News
were down 2% as the monthly magazine and part-work markets
remained subdued.  We expect our focus on customer service and
cost efficiency to continue to deliver a strong financial and
operational performance.

Looking ahead, we remain cautious about consumer spending and
our plans reflect this.

WH Smith PLC will announce its Interim Results 2006 on Thursday,
April 13, 2006.  All future results will be prepared on an IFRS
basis.

Headquartered in London, WH Smith PLC, one of the UK's leading
retail groups, is made up of two core businesses - WHSmith
Retail and WHSmith News.  WHSmith Retail has 542 high street
stores and 127 travel stores at airport and station locations
across the UK, and WHSmith Direct -- http://www.whsmith.co.uk/-
- serving customers on the internet 24 hours a day.  High Street
Retail sells a wide range of newspapers, magazines, stationery,
books and entertainment products.  Travel Retail sells a
tailored range of newspapers, magazines, books and confectionery
products for people on the move.  Delivering to 22,000 customers
daily, WHSmith News is the UK's market leader in newspaper and
magazine distribution.  Through its 47 distribution centres
across England and Wales, it serves both independent and
multiple retailers.  WH Smith PLC is listed on the London Stock
Exchange (SMWH) and is part of the FTSE mid 250 index.


WOODSPRING WINDOWS: Hires Administrators from Mazars Firm
---------------------------------------------------------
T. C. H. Ball and L. A. Field of Mazars LLP were appointed joint
administrators of Woodspring Windows And Conservatories Limited
on Jan. 3.  The company installs double-glazing window units and
conservatories.

CONTACT:  WOODSPRING WINDOWS & CONSERVATORIES LTD.
          67 Gazelle Rd,
          Weston-super-Mare BS24 9ES
          Phone: 0808-155 3172

          MAZARS LLP
          Clifton Down House
          Beaufort Buildings
          Clifton Down, Clifton
          Bristol, Avon BS8 4AN
          Phone: 0117 973 4481
          Fax: 0117 974 5203
          E-mail: tim.ball@mazars.co.uk
          Web site: http://www.mazars.co.uk/


* U.K. Car Registrations Plunge 5% in 2005
------------------------------------------
The U.K. car market booked a 5% drop in registration last year,
while Germany steered the other way, posting a 1.6% growth in
2005.  France marked the biggest improvement in Europe with a
2.7% increase in annual registrations.

According to Tire Review, although U.K. showed strong figures in
December 2005 with 158,866 units compared to 144,453 in 2004, it
was a tough year all in all.  Its total market size of 2,439,717
placed fifth among European countries.

The collapse of MG Rover has influenced the 5% decrease in the
annual figure.  An analysis by SMMT (Society of Motor
Manufacturers And Traders) showed that "the loss of MG Rover
represented the equivalent of 37.4% of the total market's
downturn in 2005 and 98.8% of the drop in the volume of U.K.
built cars in the year."

Ford Focus stayed as U.K.'s bestseller for the seventh year in a
row, followed by Vauxhall Astra.  Small family cars in the lower
medium segment were up 32,212 vehicles last year as well as the
4x4 segment, rising 7,953 units to 187,392.  The private market
also influenced the overall slowdown in the new car market in
2005, falling 10.3% to 123,553 units due to the weaker economy
and growing concerns over cost pressures.

On Dec. 16, 2005, TCR-Europe reported that SMMT expected last
year's new car market to fall below 2.5 million for the first
time since 2000, citing the MG Rover crisis as a major factor.  

SMMT Chief Executive Christopher Macgowan said: "Total
registrations stayed at near record levels through 2005 and
should hold close to 2004 volumes.  But consumer caution in an
economically tougher year has dented business confidence and
slowed investment a little.  High energy prices will carry this
uncertainty into 2006."

CONTACT:  SOCIETY OF MOTOR MANUFACTURERS AND TRADERS
          Contact:
          Robin Dickeson
          Phone: +44 (0)2 073 449 222
          Mobile: +44 07 974 435 641
          E-mail: rdickeson@smmt.co.uk


                            *********                            


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

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

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

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

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

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


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