TCREUR_Public/060127.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, January 27, 2006, Vol. 7, No. 20

                            Headlines

C R O A T I A

AGROKOR D.D.: Moody's Cuts Corporate Family Rating to B2


F R A N C E

EUROTUNNEL S.A.: Transports 10 Millionth Truck Amid Crisis


G E R M A N Y

ABH BRANDSCHUTZ: Duisburg Court Begins Bankruptcy Proceedings
AEG HASUGERATE: Logistics Staff Protest Action Brews
BLECHTEC VERWALTUNGS: Dresden Court Names HWW as Administrator
BREUER & SCHRODER: Creditors Have Until Feb.22 to File Claims
FLIESEN BUESGEN: Koln Firm Under Bankruptcy Administration

GILDEMEISTER AG: Moody's Revises Ratings Outlook to Negative
GLASKLAR GMBH: Meeting of Creditors Slated for March 31
IKS INNOVATIVE: Bankruptcy Proceedings Commence in Halle
INFINEON TECHONOLOGIES: Net Loss Grows by 83%
KEF. SALES: Braunschweig Court Calls in Administrator

LANDHOTEL AUERHAHN: Claims Filing Period Ends Feb. 24
MICHEN-SONDERPOSTEN: Dresden Court Appoints Derra Administrator
PERI-WERK ARTUR: S&P Affirms BB Sr. Unsecured Debt Rating
RI IMMOBILIENFONDS: Hagen Business Falls into Bankruptcy


I R E L A N D

DEPFA BANK: Fitch Affirms Individual 'B' Rating


I T A L Y

ALITALIA SPA: Strikes Temporarily Called Off; Unrest Persists


K A Z A K H S T A N

AKJAR-SERVICE: Creditors' Claims Due Feb. 21
ATYGAI-2: Gives Creditors Until Next Month to File Claims
KOJEVENO-SYRIEVOI: Court Begins Bankruptcy Proceedings
SHUBAR: Enters Bankruptcy in Akmola Region
TANDEM: Proofs of Claim Due Feb. 21


N E T H E R L A N D S

ALMATIS HOLDING: S&P Withdraws B+ Long-Term Corp. Credit Rating
CHEYNE CREDIT: Fitch Puts BB Rating to EUR30-Mil Class V Notes
ENNA AEROSOLS: EUR4.4 Million Debt Spurs Bankruptcy Proceedings
ROYAL SHELL: Further Cancels 675,000 'A' Shares


R U S S I A

AK BARS: Long-Term Credit Rating Gets Fitch's B+
BUILDING MATERIALS: Insolvency Manager Takes Over Firm
FLOUR MILL: Proofs of Claim Deadline Nears
KARELSKIY GRANITE: Bankruptcy Hearing Set April 5
KHOLOD-MASH: Bankruptcy Supervision Begins in Yaroslavl

KRASNOKAMSKIY: Claims Filing Period Ends Feb. 17
ORENBURGSKIY: Orenburg Court Opens Bankruptcy Proceedings
TOMSKAYA: Arbitration Court Declares Fuel Company Insolvent
UKHRA-WOOD: Succumbs to Bankruptcy in Yaroslavl Region
VOROVSKIY: Claims Filing Deadline Set for Feb. 17

YANAULSKIY: Bashkortostan Court Brings in Insolvency Manager


S W E D E N

SAS GROUP: Takes Pilots to Legal Battleground


U K R A I N E

AGROTEKS: Kyiv Court Begins Bankruptcy Proceedings
BUDKONTRAKT: Temporary Insolvency Manager Comes In
FINANCIAL CONSULTING: Succumbs to Bankruptcy in Kyiv Region
HENSY GROUP: Court Taps V. Letskan to Liquidate Assets
MONOLIT: Under Bankruptcy Supervision

NAFTOGAZPOSTACH: I. Kapelushnij Leads Liquidation Proceedings
REGION-TRADE: Liquidator Takes Over Helm
SERVICE DOLINSHINI: Declared Insolvent
UKRSPETSPOSTACH: Succumbs to Bankruptcy in Kyiv Region
VITYAZ: V. Letskan Named Temporary Insolvency Manager


U N I T E D   K I N G D O M

BRADFORD COMMUNITY: Hires XL Business Solutions Administrator
BRITISH NUCLEAR: Names Toshiba Corporation as Preferred Bidder
CHARACTER GROUP: Disposes of Digital Unit for US$16 Million
CHESTER PROPERTIES: Claims Bar Date Slated for April 4
DREAMPALM LIMITED: Retailer Taps Deloitte as Administrator

EUROMONEY INSTITUTIONAL: Approves All Resolutions at AGM
H BRAZIER: Financial Woes Prompt Voluntary Liquidation
HYACINTH LIMITED: Furniture Company Opts to Liquidate Assets
INTERV8 LIMITED: Taps E. Walls as Liquidator
KEMP STORAGE: Names Administrator from Moore Stephens

MAG CONTRACTS: Appoints Moore Stephens Administrator
NANOMAGNETICS LIMITED: Appoints Administrator
O YES: Software Supplier Contacts Administrator from Lameys
PAN PLANET: Begins Liquidation Process in Brighton
RENTOKIL INITIAL: Operations Closure Could Leave 1,700 Jobless

ROUBI L'ROUBI: Creditors Meeting Set Next Week
SECURITY INDUSTRIES: Liquidator from Mazars Enters Firm
SKY LINER: Creditors Confirm Redman Nichols as Liquidator
SMB ENGINEERING: Administrators Enter Firm
TONIK BAR: Hires Cresswall Associates Limited Administrator

TOSHIBA ELECTRONICS: Names Ernst & Young as Liquidator
TRIO GROUP: Hires Grant Thornton Administrator
UTILITY LINK: Administrators Take Over Firm
WEBLEY & SCOTT: Meeting of Creditors Slated for Feb. 3
* British Motor Industry Sees 7.9% More Business Failures

        **********

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C R O A T I A
=============


AGROKOR D.D.: Moody's Cuts Corporate Family Rating to B2
--------------------------------------------------------
Moody's downgraded the corporate family rating of Agrokor D.D.
to B2 from B1.  The outlook is stable.  This downgrade concludes
the rating review initiated on 19 October 2005.

Affected ratings:

  (a) The Corporate Family Rating is lowered to B2 from B1; and

  (b) The ratings on the Euro 230 million Senior Notes due 2007
      are lowered to B2 from B1.

The downgrade reflects:

  (a) the company's credit metrics, which have progressively
      weakened as a result of its acquisitive expansion strategy
      in recent years, both domestic and foreign, requiring
      significant external debt financing;
  
  (b) the likelihood that free cash flow generation will be
      limited due to ongoing investments which will be required
      to retain the company's market leadership positions in
      both food and retail, as well as financial commitments
      related to recent acquisitions;
  
  (c) the likelihood that Agrokor will face increasing
      competition in the hypermarket segment, an area in which
      it currently has a limited, albeit growing, presence;
  
  (d) the company's limited financial flexibility within the
      covenants of its existing bond.
  
The stable outlook reflects Moody's expectation that the
company's future growth, mainly in retail, will be largely
financed through internally generated cash flows, which would
represent a significant slowdown in investments over recent
years.  The stable outlook further takes into account the stable
growth outlook for the Croatian economy, which should provide
the company with ongoing potential for organic growth.  A
reduction of the company's adjusted total debt/EBITDA level to
below 4.0x and an increase of its sustainable RCF/Net Adjusted
debt ratio to the low teens could lead to an upward revision of
the ratings.  Agrokor's ratings would likely face further
downward pressure if Adjusted Total Debt/EBITDAR were to exceed
6.0x, either due to a continuation of investments at the same
pace as in recent years, or slower than anticipated organic
growth.

The company's expansion has led to free cash flows reaching a
deficit of nearly HRK1 billion in 2004, with a similar outflow
likely to be reported in 2005.  The increased indebtedness of
the company coupled with a significant increase in working
capital outflows in 2004/05 resulted in a reduction of the
RCF/Net Adjusted debt ratio to 3.0% in the last twelve months to
September 2005 from 32.8% in 2003.  The Adjusted total
debt/EBITDA ratio is likely to finish 2005 at close to 5x,
versus 3.85x in 2003 and 4.69x in 2004.

At September 2005, Agrokor had HRK265 million in cash on hand,
and short-term financial liabilities amounting to more than
HRK1.6 billion.  Short-term debt is expected to grow
significantly in the second quarter on account of the company's
EUR 230 million 11% bonds due in April 2007.  Moody's
understands that the company is currently seeking to refinance
its short-term liabilities, including the pending Eurobond,
which would remove short-term liquidity risk.  The stable
outlook assumes an early refinancing of the 2007 Eurobond, which
Moody's will monitor.  Should this not occur in a timely manner,
there would likely be further downward pressure on the rating.

Agrokor, based in Zagreb, Croatia, is the largest food producing
and retailing group in Croatia and the largest privately owned
company in the country.  Agrokor D.D., the parent and holding
company, is fully owned by Ivica Todoric, the founder of the
Group.  In the first nine months of 2005 the company reported
revenues of HRK8.9 billion (EUR1.3 billion) and operating
profits of HRK426 million (c. EUR 61 million).


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


EUROTUNNEL S.A.: Transports 10 Millionth Truck Amid Crisis
----------------------------------------------------------
Eurotunnel S.A. carried its 10 millionth truck, just days after
it warned of a possible collapse around this time next year sans
an agreement with creditors, Business World reports.

The Channel Tunnel operator, which has been in the business
since July 1994, owes creditors around GBP6.4 billion.  Chairman
Jacques Gounon revealed over the weekend that he was negotiating
an outline deal on debt restructuring with creditors to avoid
going bust, the paper added.

Eurotunnel transported 1,308,786 trucks equal to 17 million
tonnes of goods last year.  Spain-based Capitrans holds the
honor of owning the 10 millionth truck to be transported by the
world's leader in piggyback transport.  Located in the province
of Murcia, the company operates 20 trips daily, carrying fruit
and vegetables to the U.K.

                        Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faces
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.  In
January Fitch mentioned that the real crunch for the company
looms by 2007 when junior debt amortizations become burdensome.

The company began negotiations with an ad-hoc committee,
representing majority of junior creditors, namely European
Investment Bank, Franklin Mutual Advisers LLC, MBIA and Oaktree
Capital Management in April of last year.

                      About the Company


Headquartered in Folkestone, United Kingdom, Eurotunnel S.A. --
http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle  
trains which carry cars, coaches and trucks.  It manages the
infrastructure of the Channel Tunnel and receives toll revenues
from train operating companies whose trains pass through the
Tunnel.  

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.


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

ABH BRANDSCHUTZ: Duisburg Court Begins Bankruptcy Proceedings
-------------------------------------------------------------
The District Court of Duisburg opened bankruptcy proceedings
against ABH Brandschutz- und Industrieservice GmbH on Jan. 12.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 8, 2006,
to register their claims with court-appointed provisional
administrator Thomas Schmitz.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duisburg, Nebenstelle,
Kardinal-Galen-Strasse 124-130, 47058 Duisburg, III. Etage, Raum
315, at 11:00 a.m., on March 30, 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:  ABH BRANDSCHUTZ- UND INDUSTRIESERVICE GmbH
          Borsigstr. 23, 47169 Duisburg
          Contact:
          Frank Wieczorek, Manager
          Kurt-Huber-Str. 14, 46485 Wesel

          Thomas Schmitz, Administrator
          Am Flohbusch 1, 47802 Krefeld


AEG HASUGERATE: Logistics Staff Protest Action Brews
----------------------------------------------------
Appliance group AEG Hausgerate is facing another industrial
action, this time from its logistics unit, Suddeutsche Zeitung
says.

The IG Metall union, which represents AEG's workers at the unit,
claims that due to a spin-off operation initiated by parent
company Electrolux AB, the employees of the now independent
logistics division are now covered by the collective pay
agreement for wholesale trade and foreign trade.  IG Metall said
the agreement lead to a massive drop in income for the unit's
nearly 200 employees.  IG Metall added it would launch a strike
ballot following the failure of pay negotiations.

AEG's employees at its Nuremberg site has been on an indefinite
strike after Swedish parent Electrolux decided with finality to
close the plant by 2007.  Electrolux plans to ship production to
Poland and Italy.  Despite the strikes, the parent still refused
to reverse the decision.  AEG said it would continue talks with
the employees and hopes to seal a deal on or before spring.  

AEG has been experiencing difficulties in the European market,
especially in Germany.  The group's main site in Nuremberg has
not been fully operating and has lost its competitiveness after
suffering from the current price war in the domestic appliance
market.  The site, which manufactures washing machines and
dishwashers, employs 1,750 people.  Part of Electrolux since
1994, AEG is one of the leading brands in Germany.

CONTACT:  AEG HAUSGERATE GmbH
          Muggenhofer Strasse 135
          D-90429 Nuremberg
          Phone: (0911) 323-0
          Fax: (0911) 323-1770
          Web site: http://www.aeg-electrolux.co.uk/


BLECHTEC VERWALTUNGS: Dresden Court Names HWW as Administrator
--------------------------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against Blechtec Verwaltungs-GmbH on Dec. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 1, 2006, to register their
claims with court-appointed provisional administrator Henning
Schorisch.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Saal D131,
Olbrichtplatz 1, 01099 Dresden, at 9:00 a.m., on March 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:  BLECHTEC VERWALTUNGS-GmbH
          Altweixdorf 19 in 01108 Dresden

          Henning Schorisch, Administrator
          HWW Wienberg Wilhelm
          Wasastrasse 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de/


BREUER & SCHRODER: Creditors Have Until Feb.22 to File Claims
-------------------------------------------------------------
The District Court of Duisburg opened bankruptcy proceedings
against Breuer & Schroder Werbeagentur GmbH on Jan. 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 22, 2006,
to register their claims with court-appointed provisional
administrator Dr. Wolf-Ruediger.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duisburg, Nebenstelle,
Kardinal-Galen-Strasse 124-130, 47058 Duisburg, II. Etage,
Zimmer 207, at 10:30 a.m., on March 10, 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:  BREUER & SCHRODER WERBEAGENTUR GmbH
          William-Shakespeare-Ring 9, 45470
          Muelheim an der Ruhr
          Contact:
          Bettina and Frank Breuer, Managers

          Dr. Wolf-Ruediger von der Fecht, Administrator
          Goldstr. 1, 47051 Duisburg


FLIESEN BUESGEN: Koln Firm Under Bankruptcy Administration
----------------------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
Fliesen Buesgen GmbH on Jan. 10.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 7, 2006, to register their claims
with court-appointed provisional administrator Dirk-Henning
Tonnesmann.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koln, Hauptstelle,
Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14, at
11:00 a.m., on March 28, 2006, at which time the administrator
will present his first report on the insolvency proceedings.  
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  FLIESEN BUESGEN GmbH
          Gartenstrasse 8, 50189 Elsdorf
          Contact:
          Christian Peter Buesgen, Manager

          Dirk-Henning Tonnesmann, Administrator
          Josef-Ruhr-Str. 30, 53879 Euskirchen
          Phone: 02251/65081-22
          Fax: +4922516508125


GILDEMEISTER AG: Moody's Revises Ratings Outlook to Negative
------------------------------------------------------------
Moody's Investors Service changed the outlook on the ratings of
Gildemeister AG (Gildemeister) to negative from stable.  

Ratings affected:

  (a) Corporate Family Rating at Ba3;
  
  (b) EUR175 million of senior subordinated notes due 2011 at
      B2; and
  
  (c) Issuer Rating at B3.
  
The change in outlook reflects Moody's concerns regarding the
company's operating performance and cash flow metrics which have
been below the rating agency's expectations, particularly given
the positive stage of the industry cycle.

Margins have been negatively impacted by the intense competition
that Gildemeister has been facing, predominantly from the
ongoing aggressive price competition from Japanese competitors,
which have been offering significant discounts within the German
market as well as extended financing terms.  Gildemeister has
taken countermeasures by assisting customers in organizing
financing via external leasing companies.  Furthermore, rising
raw material costs, of which steel accounts for 15%-20% of cost
of goods sold, have also negatively impacted margins in 2005 and
subsequently cash flows.

Moody's views the company's liquidity as currently satisfactory,
with unrestricted cash balances of EUR15.7 million and
availability under bank financing of EUR42.9 million as at 30
September 2005.  The senior secured credit facilities contain a
material adverse change clause and drawings are also conditional
on, inter alia, compliance with financial covenants, which
currently are in compliance and have sufficient headroom.  The
senior secured credit facilities mature in 2007, which exposes
the company to refinancing risk, although it is Moody's
understanding that Gildemeister expects to have new financing in
place by mid-2006.

With Adjusted Total Debt / EBITDAR approaching 5x for the LTM
ended 30 September 2005, financial leverage is viewed as high
albeit consistent with the Ba3 rating.  Cash flow generation is
viewed as weak and Moody's notes that there is the potential for
future cash flow to be constrained by the resumption of dividend
payments combined with discretionary capex (e.g. on new
facilities).  Furthermore, in order to maintain its
technological expertise, the company must continue to invest in
research and development, which will continue to impact cash
flows.

Moreover, in light of the cyclical nature of a number of
industries, which it supplies (e.g. mechanical engineering and
automotive industries) and the high capital investment
associated with machine tool purchases, Gildemeister faces
volatile demand for its products.  As a result, the company's
earnings and cash flow are liable to be severely impacted in
weak economic environments.

More positively, Gildemeister's Ba3 rating is underpinned by the
company's position as a leading global supplier of metal cutting
machines tools (e.g. milling machines and lathes).  Its
leadership position is supported by its strong technological
expertise, which enables Gildemeister to continually update its
products in order to increase the productivity of its customers.

Gildemeister also benefits from its global presence (which
includes a sales and services network in more than 30
countries), since this enables it to provide its customers with
a high level of after-sales service and product training
(service sales represented c. 29% of sales as at September 30,
2005 and generally benefit from higher margins and less
cyclicality than new machine sales).  Furthermore, the company
has a stable and broad customer base (in 2004, Gildemeister's
top five customers represented around 7% of sales).

The ratings would be likely to come under downward pressure in
the event that margins deteriorate with an ensuing negative
impact on cash flow, resulting in negative free cash flow
excluding financing activities.

Conversely the rating outlook would likely be changed back to
stable if Gildemeister shows a sustained improvement in
operating cash flow, with Retained Cash Flow (pre Working
Capital) to Net Adjusted Debt in the mid teens (for the LTM
ended 30 September 2005, Retained Cash Flow (pre Working
Capital)/Net Adjusted Debt was 12%).

Headquartered in Bielefeld, Germany, Gildemeister is a worldwide
leading manufacturer of metal cutting machine tools (both
milling machines and lathes).  For the nine months ended
September 30, 2005, Gildemeister generated revenues of
EUR792.6 million.


GLASKLAR GMBH: Meeting of Creditors Slated for March 31
-------------------------------------------------------
The District Court of Bonn opened bankruptcy proceedings against
Glasklar GmbH & Co. KG on Jan. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until Feb. 24, 2006, to register their claims
with court-appointed provisional administrator Ingrid Trompertz.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bonn, Insolvenzgericht,
Wilhelmstrasse 21, 53111 Bonn, 2. Stock, Saal S 2.22, at 9:20
a.m., on March 31, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and/or opt to appoint a new insolvency
manager.

CONTACT:  GLASKLAR GmbH & Co. KG
          Genker Strasse 10, 53842 Troisdorf

          Ingrid Trompertz, Administrator
          Sternstr. 79, 53111 Bonn
          Phone: 94 59 820
          Fax: 94 59 729


IKS INNOVATIVE: Bankruptcy Proceedings Commence in Halle
--------------------------------------------------------
The District Court of Halle-Saalkreis opened bankruptcy
proceedings against IKS Innovative Karosserie- &
Sicherheitstechnik GmbH on Jan. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until Feb. 28, 2006, to register their claims
with court-appointed provisional administrator Dr. Juergen
Wallner.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Halle-Saalkreis, Saal
1.044, Justizzentrum, Thueringer Str. 16, 06112 Halle, at 10:15
a.m., on March 28, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and/or opt to appoint a new insolvency
manager.

CONTACT:  IKS INNOVATIVE KAROSSERIE- & SICHERHEITSTECHNIK GmbH
          Delitzscher Strasse 1, 06188 Landsberg (HRB 12223)
          Contact:
          Bernd Gehlmann, Manager
          Dr. Ing. Andreas Kehrel, Manager

          Dr. Juergen Wallner, Administrator
          Delitzscher Strasse 70, 06112 Halle
          Phone: 0345/614080
          Fax: 0345/6140810


INFINEON TECHONOLOGIES: Net Loss Grows by 83%
---------------------------------------------
For the first quarter of the 2006 financial year, Infineon
Technologies AG (FSE/NYSE:IFX) reported a decrease in revenues
compared to the prior quarter, primarily driven by a strong
decrease in average selling prices of DDR2 memories in the
Memory Products segment.  Revenues in the Automotive, Industrial
and Multi-market segment as well as in the Communication segment
increased sequentially.

The EBIT loss in the first quarter of the 2006 financial year
increased sequentially, driven primarily by weaker results in
the Memory Products segment as a consequence of the strong
decrease in average selling prices and higher cost-per-bit.  In
total, the logic segments achieved positive EBIT.

EBIT in the Automotive, Industrial and Multi-market segment
increased significantly quarter-over-quarter mainly due to
higher EBIT in the automotive business and a reduced EBIT loss
in the security and chip-card business.  In the company's
Communication segment, the EBIT loss decreased significantly in
the first quarter.  This was due to impairment charges of EUR14
million in the fourth quarter of the 2005 financial year that
did not recur in the first quarter of the 2006 financial year.  
In addition, the segment's EBIT loss was positively influenced
by increased sales and a further optimization of research and
development expenditures.

"We are on track with our restructuring measures.  In our
segment Communication, and in our security and chip card
business, we were able to reduce the EBIT loss in the first
quarter, leading to a combined positive EBIT of the logic
segments," said Dr. Wolfgang Ziebart, CEO and President of
Infineon Technologies AG.

               Second Quarter 2006 Outlook

In the second quarter of the 2006 financial year, Infineon
expects combined revenues in the logic segments to remain
broadly stable and EBIT to decline compared to the first
quarter.  In its Memory Products segment, the company expects to
increase its bit production by more than 20 percent based on
additional capacities.  Infineon will continue the phase-out of
production at its Munich-Perlach facility, construction of its
new production site in Kulim, Malaysia, and ramp-up of its 300-
millimeter production facility in Richmond.  Additional details
concerning the outlook can be found in the segments' section

Segments' 2006 First Quarter Performance and Outlook

Following a reorganization of its segment structure, Infineon
began to report its results of operations in accordance with
this new organizational structure during the second quarter of
the 2005 financial year.  The former mobile business and the
Wireline Communication segment were combined into the new
Communication segment to align the company's structure with
market developments.  At the same time, the company's security
and chip-card activities and the ASIC & Design Solutions
business were integrated into the extended Automotive,
Industrial and Multi-market segment.  The results of operations
of all periods presented have been reclassified to be consistent
with the revised reporting structure and presentation, as well
as to facilitate analysis of current and future operating
segment information.

Automotive, Industrial and Multi-market

In the first quarter of the 2006 financial year, revenues in the
Automotive, Industrial and Multi-market segment increased
compared to the previous quarter, mainly due to increased sales
in the automotive business, in particular in automotive power
products, and due to typically high seasonal sales in power
management semiconductors and the ASIC & Design Solutions
business.  In the security and chip-card business, revenues
decreased, as anticipated, mainly due to continued strong price
declines.  EBIT in the Automotive, Industrial and Multi-market
segment increased significantly quarter-over-quarter, driven
mainly by increased EBIT in the automotive business and cost
management measures.  Despite continued price declines, the EBIT
loss in the security and chip-card business decreased due to a
reduction of fixed costs, improved cost structure and product
mix.

Automotive, Industrial and Multi-market's outlook for the Second
Quarter of the 2006 Financial Year

Infineon expects the Automotive, Industrial and Multi-market
segment's revenues to increase slightly in the second quarter of
the 2006 financial year, and anticipates a decline in EBIT
compared to the first quarter.  The company expects increased
revenues in its automotive and security and chip-card
businesses, but a seasonal decline in demand for industrial
semiconductors.  

The EBIT decline in the second quarter is expected to be
primarily driven by a planned increase in research and
development expenses for automotive as well as a seasonal
decline in the industrial power management and ASIC & Design
Solutions businesses, which are to some extent related to the
computing and consumer segment.  In addition, the segment's EBIT
will continue to be impacted by planned expenses for the phase-
out of production at the Munich-Perlach facility and by
increasing start-up costs for the new production site in Kulim,
Malaysia.

Communication

In the Communication segment, revenues increased slightly
compared to the previous quarter, primarily due to strength in
demand for radio-frequency transceiver and broadband-access
solutions.  The EBIT loss decreased significantly compared to
the previous quarter.  This was due to impairment charges of
EUR14 million occurring in the fourth quarter of the 2005
financial year that did not recur in the first quarter of the
2006 financial year.  In addition, the segment's EBIT loss was
positively influenced by slightly higher sales, in particular
radio-frequency transceivers and broadband access devices, and a
further optimization of research and development expenditures.  
The company's wire-line broadband-access business continued to
be profitable in the first quarter.

Communication's outlook for the second quarter of the 2006
financial year

In the second quarter of the 2006 financial year, the company
expects revenues of its Communication segment to decline
compared to the first quarter due to seasonal weakness in the
wireless industry.  The company expects the segment's EBIT loss
to increase in the second quarter, as previously implemented
improvements of cost structures leave operating results to be
driven predominantly by revenue development.

Memory Products

In the first quarter of the 2006 financial year, revenues in the
Memory Products segment decreased sequentially, mainly due to a
strong decrease in average selling prices of DDR2 memories, to
which Infineon has a relatively high exposure.  In addition, the
company deliberately limited shipments of DDR2 products, as a
reaction to the considerable price decline and weak demand.

As a result of the strong decrease in average selling prices,
EBIT in the first quarter decreased significantly compared to
the previous quarter.  Cost-per-bit increased temporarily due to
increased research and development expenses and higher
manufacturing costs associated with the ramp-up of the
production facility in Richmond, and product diversification.

Memory Products' Outlook for the Second Quarter of the 2006
Financial Year

In the second quarter of the 2006 financial year, Infineon
expects to increase its bit production by more than 20 percent
based on additional capacities at its 300-millimeter production
facility in Richmond and from silicon foundries.  The company
also anticipates higher bit shipments than in the previous
quarter.

Other Operating Segments

EBIT in the first quarter of the 2006 financial year improved
compared to the fourth quarter of the 2005 financial year,
mainly due to the non-recurrence of impairment charges of EUR10
million incurred in the fourth quarter of the 2005 financial
year.

Corporate and Reconciliation

Sequential EBIT loss decreased in the first quarter of the 2006
financial year.  During the first quarter, Infineon began to
expense the cost of share-based compensation, which aggregated
to EUR7 million.  Previous quarter EBIT had been negatively
impacted by charges resulting primarily from the restructuring
activities in connection with the planned phase-out of
production at the Munich-Perlach facility.

                        About Infineon

Headquartered in Munich, Germany, Infineon Technologies AG --
http://www.infineon.com/-- offers semiconductor and system  
solutions for automotive, industrial and multi-market sectors,
for applications in communication, as well as memory products.  
With a global presence, Infineon operates through its
subsidiaries in the U.S. from San Jose, CA, in the Asia-Pacific
region from Singapore and in Japan from Tokyo.  Infineon is
listed on the DAX index of the Frankfurt Stock Exchange and on
the New York Stock Exchange (ticker symbol: IFX).

In the 2005 financial year, group revenues were EUR6.76 billion,
down 6 percent year-on-year; net loss amounted to EUR312
million, compared to net income of EUR61 million in the 2004
financial year; and free cash flow in 2005 was -EUR281 million,
a decrease from EUR206 million in 2004.


KEF. SALES: Braunschweig Court Calls in Administrator
-----------------------------------------------------
The District Court of Braunschweig opened bankruptcy proceedings
against kef. Sales & Technology GmbH on Jan. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 8, 2006, to
register their claims with court-appointed provisional
administrator Christoph Kirchberg.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Braunschweig, E 01, An der
Martinikirche 8, 38100 Braunschweig, at 11:00 p.m., on March 8,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  KEF. SALES & TECHNOLOGY GmbH
          Bohlweg 47, 38100 Braunschweig
          Contact:
          Alexander Freise, Manager

          Christoph Kirchberg, Administrator
          Bruchtorwall 12, 38100 Braunschweig
          Phone: 0531/242250
          Fax: 0531/2422525


LANDHOTEL AUERHAHN: Claims Filing Period Ends Feb. 24
-----------------------------------------------------
The District Court of Gera opened bankruptcy proceedings against
Landhotel Auerhahn & Sorbitzgrund GmbH on Jan. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 24, 2006, to
register their claims with court-appointed provisional
administrator Dr. H. Hess.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Gera, Rudolf-Diener-Str. 1,
Zimmer 317, at 1:00 p.m., March 28, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  LANDHOTEL AUERHAHN & SORBITZGRUND GmbH
          Contact:
          C. Schachtzabel, Manager
          Ortsstr. 10, 07429 Rohrbach

          Dr. H. Hess, Administrator
          Barbarrossahof 4-5, 99092 Erfurt


MICHEN-SONDERPOSTEN: Dresden Court Appoints Derra Administrator
---------------------------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against Michen-Sonderposten-GmbH on Jan. 3.  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 Gunter
Tarkotta.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Saal D132,
Olbrichtplatz 1, 01099 Dresden, at 9:00 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:  MICHEN-SONDERPOSTEN-GmbH
          Richard-Mueller-Strasse 7 in 02708 Lobau

          Gunter Tarkotta, Administrator
          Derra, Meyer & Partner
          Konigsbruecker Str. 61, 01099 Dresden
          Web site: http://www.derra.de/


PERI-WERK ARTUR: S&P Affirms BB Sr. Unsecured Debt Rating
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Germany-based construction equipment company Peri-Werk Artur
Schworer GmbH & Co. KG and its operating company Peri GmbH to
positive from stable, reflecting its solid operating
performance.  At the same time, the 'BB+' long-term corporate
credit ratings on the entities and the 'BB' rating on the senior
unsecured debt issued by Peri GmbH were affirmed.

"The positive outlook reflects the possibility that the ratings
could be raised by one notch over the medium term if the group
continues its revenue growth and consistent profitability, if
free cash flow generation starts to outpace discretionary
capital spending, and excess cash flows are dedicated to
permanent strengthening of the financial profile," said Standard
& Poor's credit analyst Izabela Listowska.

PERI has demonstrated consistent revenue and earnings growth
over the past few years, and an ongoing conservative operating
strategy, which is reflected in steady financial measures. This
has driven a meaningful improvement in the group's business risk
profile, which is now strong enough to support a low-end
investment-grade corporate credit rating.  We expect that a
continuation of these trends would support further improvement
in credit measures over the medium term, even though free cash
flows will continue to be primarily absorbed by business growth.

The ratings reflect PERI's exposure to markets that are
cyclical, competitive, and fragmented; its limited
diversification by product and end-market; and its moderately
aggressive financial profile.  These negative factors are
mitigated, however, by PERI's leading position in the market for
concrete formwork systems, its strong product portfolio and
business know-how, a combination of rental and sales income, and
its strong geographic and customer diversification.
     
"To secure an upgrade, fully adjusted FFO to total debt should
be maintained at more than 30% and fully adjusted total debt to
EBITDA should be less than 2.5x, said Ms. Listowska. Conversely,
the outlook could be revised to stable if discretionary spending
were to materially exceed expectations.  The ratings could come
under pressure if business conditions deteriorated unexpectedly,
leading to a weakening in credit measures.

CONTACT:  PERI GmbH
          P. O. 12 64
          89259 Weissenhorn, Germany
          Phone: +49 (0) 73 09 / 9 50 - 0
          Fax: +49 (0) 73 09 / 9 51 - 0
          E-mail: info@peri.de
          Web sites: http://www.peri.de
                     http://www.peri-up.com


RI IMMOBILIENFONDS: Hagen Business Falls into Bankruptcy
--------------------------------------------------------
The District Court of Hagen opened bankruptcy proceedings
against RI Immobilienfonds Beteiligungs- und Verwaltungs GmbH on
Jan. 16.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 10, 2006, to register their claims with court-appointed
provisional administrator Uwe Kuhmann.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hagen, Haupthaus (Neubau),
Heinitzstrasse 42, 58097 Hagen, Etage 2, Raum 283, at 9:30 a.m.,
on March 3, 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:  RI IMMOBILIENFONDS BETEILIGUNGS- UND VERWALTUNGS GmbH
          Rosenweg 15, 58239 Schwerte
          Contact:
          Peter Titze, Manager
          Birkenufer 18, 44287 Dortmund

          Uwe Kuhmann, Administrator
          Hochstr. 124, 58095 Hagen
          Phone: 02331 / 971040
          Fax: +4923319710411


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


DEPFA BANK: Fitch Affirms Individual 'B' Rating
-----------------------------------------------
Fitch Ratings has affirmed Ireland-based DEPFA Bank PLC's
(DEPFA) ratings at Long-term 'AA-' with Stable Outlook, Short-
term 'F1+', Individual 'B', and Support '3'.  

At the same time, Fitch has affirmed DEPFA Deutsche
Pfandbriefbank's (DPB) ratings at Long-term 'AA-' (AA minus)
with Stable Outlook and Short-term 'F1+'.  Its Support rating is
affirmed at '1'.  

The agency has also affirmed the ratings of DEPFA ACS Bank at
Long-term 'AA-' with Stable Outlook and Short-term 'F1+',
upgraded its Support rating to '1' from '3' and withdrawn its
Individual rating of 'B'.

The change of the Support rating of DEPFA ACS Bank reflects what
Fitch regards as an extremely high probability of support from
its parent, Depfa Bank plc, should it ever be needed, while the
withdrawal of the bank's Individual rating acknowledges its
status as an issuing vehicle.

The ratings of DEPFA reflect its minimal credit risk and the
bank's expertise in its chosen business, consisting exclusively
of public sector finance, mainly in Europe but gradually on a
global basis as well.  They incorporate its good performance,
reasonable capital ratios and its relatively small equity base
and its controlled exposure to market risks.

DEPFA serves as an intermediary between public sector borrowers
and the capital markets.  The bank's performance has been
consistently strong.  Its sustained profitability relies on
processing large volumes of low margin assets and obtaining
cheap funding.  Its lean cost structure, absence of loan loss
provisions and low tax rate help compensate for narrow interest
rate spreads, as do the bank's sizeable capital markets
activities.

Market risk is the bank's major risk and DEPFA is more active in
capital markets activities than most similarly sized commercial
banks.  These activities are well managed and have generated
large, sustainable and not volatile earnings from a variety of
sources.  DEPFA's almost exclusive exposure to public sector
counterparties generates assets with minimal credit risk and low
risk weightings.  Fitch comments that while the group is exposed
to operational risk from the large volume and complex nature of
some transactions the risks are also well managed.  Equity has
grown substantially, but in absolute terms remains small for an
important player in the global debt capital markets.

DPB is fully owned by DEPFA and is rated at the same level as
its parent bank to reflect the fundability of assets,
liabilities and capital in the group.  In July 2005, DEPFA and
DPB entered into a control agreement (Beherrschungsvertrag),
which entitles DEPFA to issue instructions to the management
board of DPB regarding management of its business.  During the
term of the agreement DEPFA is obliged to compensate DPB for any
losses sustained.

DEPFA ACS Bank is fully owned by DEPFA and is rated at the same
level as its parent bank to reflect its status as an issuing
vehicle for covered bonds, fully integrated into DEPFA's
strategy and operations.


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


ALITALIA SPA: Strikes Temporarily Called Off; Unrest Persists
-------------------------------------------------------------
The government failed Wednesday to quell the ongoing labor
unrest at troubled national carrier Alitalia S.p.A., The Wall
Street Journal reports.

Gianni Letta, Prime Minister Silvio Berlusconi's top aide,
revealed that unions need more time to calm their members.  
During the talks, the government convinced some unions to halt
their strike, but it remains uncertain whether Alitalia could
resume normal service within the next few days, the Journal
relates.  The government and the unions will return to the
negotiating table on Feb. 1, Alitalia's management included.

Alitalia's restructuring plan entails deconsolidation of its
ground operations to state-owned Fintecna S.p.A. and around
3,700 job cuts.  The plan aims to return the carrier into
profitability this year.  The plan has enabled Alitalia to
attract investors to participate in its recently concluded EUR1
billion capital increase, which saw Italy's 62% stake in the
carrier fall to less than 50%.

Unions are primarily opposed to splitting off ground operations,
fearing that it would reduce their negotiating clout.  Strikes
had crippled hundreds of Alitalia flights since Jan. 19, causing
fear that it future protest actions might disrupt travel during
the Turin Winter Olympics, which would commence on Feb. 10.  

                       Bankruptcy Threat

As reported in the Troubled Company Reporter-Europe on Jan. 26,
2005, Welfare Minister Roberto Maroni warned that Alitalia might
end up in bankruptcy if the current labor unrest refuses to
subside.  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.

                         About Alitalia

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, its net debt stood at EUR1.76
billion in 2004.  Alitalia flies to about 80 destinations in
more than 60 countries from 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, it remains financially troubled.  It
has posted a profit only four times in the past 16 years.


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


AKJAR-SERVICE: Creditors' Claims Due Feb. 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola region
declared LLC Akjar-Service of Kokshetau bankrupt on Nov. 24,
2005.  Proofs of claim will be accepted at Kokshetau, Auelbekova
Str. 139a, room 228 on or before February 21, 2006.

The company can be contacted at 8 (3162) 25-79-32.


ATYGAI-2: Gives Creditors Until Next Month to File Claims
---------------------------------------------------------
LLC ATYGAI-2 has declared insolvency. Proofs of claim will be
accepted at Akmola region, Kokshetau, Gorkogo Str. 21-23 on or
before February 21, 2006.

The company can be contacted at 8 (3162) 23-08-27.


KOJEVENO-SYRIEVOI: Court Begins Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of the West
Kazakhstan region declared OJSC Kojeveno-Syrievoi Zavod bankrupt
on November 28, 2005.  Proofs of claim will be accepted at
Uralsk, Narimanov Str. 19-92 on or before Feb. 21, 2006.

The company can be contacted at 8 (3112) 50-02-73.


SHUBAR: Enters Bankruptcy in Akmola Region
------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola region
declared LLC Shubar of Selinagrad district bankrupt on November
24, 2005.  Proofs of claim will be accepted at Kokshetau,
Auelbekova Str. 139a, room 228 on or before Feb. 21, 2006.

The company can be contacted at Call 8 (3162) 25-79-32.


TANDEM: Proofs of Claim Due Feb. 21
-----------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region commenced bankruptcy proceedings against LLC Tandem on
December 9, 2005.  Proofs of claim will be accepted at
Kyzylorda, Aitike bi Str. 29 on or before February 21, 2006.

CONTACT:  TANDEM
          Kyzylorda, Aitike bi Str.29


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


ALMATIS HOLDING: S&P Withdraws B+ Long-Term Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B+' long-
term corporate credit rating on Dutch specialty materials
manufacturer Almatis Holding B.V., at the company's request.

At the same time, the 'B-' issue rating on the EUR150 million 9%
corporate bonds due 2012 was also withdrawn, following their
early and full redemption, which took place on Jan. 24, 2006.

This redemption accompanies a recapitalization decided in
January by Almatis' two private equity shareholders (Rhone
Capital, which holds the biggest stake, and the Ontario
Teachers' Pension Plan) after plans to sell the business to
Investcorp group (another private equity house) fell through in
early December 2005, chiefly on price.

CONTACT:  ALMATIS HOLDING B.V.
          Theemsweg 30
          Botlek Rotterdam 3197 KM
          Netherlands


CHEYNE CREDIT: Fitch Puts BB Rating to EUR30-Mil Class V Notes
--------------------------------------------------------------
Fitch Ratings has assigned Cheyne Credit Opportunity CDO I
B.V.'s upcoming issue of EUR1,000 million notes due 2021
expected ratings.

  * EUR552.0 million Class IA floating-rate notes: 'AAA'
  * EUR138.0 million Class IB floating-rate notes: 'AAA'
  * EUR40.0 million Class II floating-rate notes: 'AA'
  * EUR40.0 million Class III floating-rate notes: 'A'
  * EUR60.0 million Class IV floating-rate notes: 'BBB'
  * EUR30.0 million Class V floating-rate notes: 'BB'

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The expected ratings of the Class IA, IB and II notes address
ultimate repayment of principal at maturity and timely payment
of interest when due.  For the Class III, IV and V notes, which
can defer interest, the expected ratings address ultimate
payment of principal and interest, including deferred interest,
at maturity.

The expected ratings are based on the quality and diversity of
the portfolio of assets, which will be selected by the
collateral manager subject to the guidelines outlined in the
collateral management agreement.  The said guidelines limit the
collateral manager's portfolio allocations with respect to
obligor, industry, country and asset type.  The expected ratings
are also based on the credit enhancement provided to the various
Classes of notes in the form of subordination, structural
protection covenanted by the documents and excess spread.  
Expected subordination for the Class IA notes totals 44.8%, and
is provided by the Class IB notes (13.8%), the Class II notes
(4.0%), the Class III notes (4.0), the Class IV notes (6.0%),
the Class V notes (3.0%) and the Class VI subordinated notes
(14.0%).

Cheyne Credit Opportunity CDO I B.V. is a company with limited
liability, incorporated under the laws of the Netherlands.  The
proceeds from the note issuance will be used to purchase a
portfolio of primarily European senior secured, senior
unsecured, second lien and mezzanine leveraged loans.  At
closing the portfolio will be approximately 15% ramped-up with
the remainder being purchased during the initial ramp-up period
of maximum of two years.  Afterwards, the portfolio will be
actively managed by Cheyne Capital Management Limited over the
five-year initial ramp-up and reinvestment period.

The transaction benefits from a principal deficiance ledger
(PDL) mechanism that covers the initial fees and expenses as
well as potential negative carry during the initial ramp-up
period.  Before payments to the Class VI subordinated
noteholders may be made the PDL balance must be reduced to zero.  
The transaction also benefits from the variable funding of the
Class IA and Class VI subordinated notes and the requirement to
comply with a ramp-up schedule that reduces the cost of
potential negative carry during the ramp-up.


ENNA AEROSOLS: EUR4.4 Million Debt Spurs Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court at Leeuwarden declared Enna Aerosols
bankrupt on Jan. 5, Chemical Business Newsbase reports.

The company has accumulated EUR4.4 million in debt and has not
paid workers their wages since December.

CONTACT:  ENNA AEROSOLS BV
          Holwerderweg 11
          Dokkum 9101 PA
          Nederland
          Phone: +31 519-228600
          Web site: http://www.trost-group.com/


ROYAL SHELL: Further Cancels 675,000 'A' Shares
-----------------------------------------------
Royal Dutch Shell plc purchased 500,000 'A' Shares for
cancellation at EUR26.67 per share on Jan. 25, 2006.  It further
purchased 175,000 'A' Shares for cancellation at 1,831.21 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,929,507,974.

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

                            *   *   *

In 2005, Shell returned US$5 billion to shareholders 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.


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


AK BARS: Long-Term Credit Rating Gets Fitch's B+
------------------------------------------------
Fitch Ratings has assigned Ak Bars Bank's upcoming three-year
RUB1.5 billion bond issue a National Long-term 'A-(rus)' rating.  
Ak Bars is rated Long-term 'B+', Short-term 'B', Individual 'D',
Support '4', and National Long-term 'A-(rus)'.  The Outlooks on
both the Long-term and the National Long-term ratings are
Stable.

The bank's obligations under the issue will rank at least pari
passu with the claims of other senior unsecured creditors of Ak
Bars, save those preferred by relevant legislation.  Under
Russian law, the claims of retail depositors rank above those of
other senior unsecured creditors.  At end-H105, retail deposits
accounted for 24% of Ak Bars' total liabilities, according to
the bank's reviewed IFRS accounts.

Ak Bars was founded by the government of Republic of Tatarstan
in 1993.  It is the largest bank in the region by assets and one
of the 20 largest Russian banks.  The government ultimately
controls, through ministries, government agencies and related
companies, around 93% of the bank's voting shares.


BUILDING MATERIALS: Insolvency Manager Takes Over Firm
------------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision on limited liability company Building
Materials.  The case is docketed as A14-8883-2005/78-7 "B".  Mr.
E. Feoktistov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

      (a) BUILDING MATERIALS
          Russia, Voronezh region,
          Kalach, 1st Maya Str. 33
      
      (b) E. FEOKTISTOV
          Temporary Insolvency Manager
          308002, Russia, Belgorod region,
          Post User Box 36
      
      
FLOUR MILL: Proofs of Claim Deadline Nears
------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision on open joint stock company
Flour Mill.  The case is docketed as A20-6741/05.  Mr. Kh.
Khutezhev has been appointed temporary insolvency manager.  
Creditors have until Feb. 17, 2006, to submit their proofs of
claim to 360000, Russia, Kabardino Balkariya republic, Nalchik,
Malbakhova Str. 11.

CONTACT:  KH. KHUTEZHEV
          Temporary Insolvency Manager
          360000, Russia, Kabardino Balkariya republic,
          Nalchik, Malbakhova Str. 11


KARELSKIY GRANITE: Bankruptcy Hearing Set April 5
-------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision on limited liability company Karelskiy
Granite.  The case is docketed as A26-9461/2006-13.  Mr. I.
Benyaminov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 185035, Russia,
Petrozavodsk, Post User Box 8.  A hearing will take place on
April 5, 2006.

CONTACT:  KARELSKIY GRANITE
          Russia, Kareliya republic,
          Kondopoga, Petrozavodskoye Shosse, 3

          I. BENYAMINOV
          Temporary Insolvency Manager
          185035, Russia, Petrozavodsk,
          Post User Box 8


KHOLOD-MASH: Bankruptcy Supervision Begins in Yaroslavl
-------------------------------------------------------
The Arbitration Court of Yaroslavl region has commenced
bankruptcy supervision on open joint stock company Kholod-Mash.  
The case is docketed as A82-17100/05-3-B/71.  Mr. E. Ryndenko
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 152930, Russia,
Yaroslavl region, Rybinsk, Post User Box 13.  A hearing will
take place on April 11, 2006, 10:00 a.m. at the Arbitration
Court of Yaroslavl region.

CONTACT:  KHOLOD-MASH
          150061, Russia, Yaroslavl region,
          Gromova Str. 9

          E. RYNDENKO
          Temporary Insolvency Manager
          152930, Russia, Yaroslavl region,
          Rybinsk, Post User Box 13


KRASNOKAMSKIY: Claims Filing Period Ends Feb. 17
------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Krasnokamskiy after finding the open joint
stock company insolvent.  The case is docketed as A50-
15018/2005-B.  Mr. P. Plisetskiy has been appointed insolvency
manager.  Creditors have until Feb. 17, 2006, to submit their
proofs of claim to 614022, Russia, Perm region, Dekabristov
Pr. 3, Apartment 123.

CONTACT:  KRASNOKAMSKIY
          617060, Russia, Perm region,
          Krasnokamsk, Geofizikov Str. 3

          P. PLISETSKIY
          Insolvency Manager
          614022, Russia, Perm region,
          Dekabristov Pr. 3, Apartment 123


ORENBURGSKIY: Orenburg Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Orenburgskiy (TIN 5611002427) after finding
the open joint stock company insolvent.  The case is docketed as
A47-6357/2005-14GK.  Ms. O. Shevtsova has been appointed
insolvency manager.  Creditors have until Feb. 17, 2006, to
submit their proofs of claim to 460006, Russia, Orenburg,
Komsomolskaya Str. 126-51.

CONTACT:  ORENBURGSKIY
          460000, Russia, Orenburg region,
          Myasokombinata Per. 2

          O. SHEVTSOVA
          Insolvency Manager
          460006, Russia, Orenburg region,
          Komsomolskaya Str. 126-51
          Phone: (3532) 73-23-01
          Fax: (3532) 36-13-37


TOMSKAYA: Arbitration Court Declares Fuel Company Insolvent
-----------------------------------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
proceedings against Tomskaya after finding the fuel company
insolvent.  The case is docketed as A67-9743/05.  Mr. I.
Odintsov has been appointed insolvency manager.

Creditors have until Feb. 17, 2006, to submit their proofs of
claim to:

      (a) I. ODINTSOV
          Insolvency Manager
          634059, Russia, Tomsk region,
          Festivalnaya Str. 16/1
      
      (b) ARBITRATION COURT OF TOMSK REGION
          634050, Russia, Tomsk region, Kirova Pr. 10
      

UKHRA-WOOD: Succumbs to Bankruptcy in Yaroslavl Region
------------------------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
proceedings against Ukhra-Wood after finding the close joint
stock company insolvent.  The case is docketed as A82-1869/05-
56-B/7.  Ms. L. Mochalina has been appointed insolvency manager.   
Creditors may submit their proofs of claim to 115432, Russia,
Moscow region, Trofimova Str. 21, Building 2.

CONTACT:  UKHRA-WOOD
          152900, Russia, Yaroslavl region,
          Rybinsk, Krestovaya Str. 74

          L. MOCHALINA
          Insolvency Manager
          115432, Russia, Moscow region,
          Trofimova Str. 21, Building 2


VOROVSKIY: Claims Filing Deadline Set for Feb. 17
-------------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Vorovskiy after finding the glass factory
insolvent.  The case is docketed as A11-1694/2005-K1-35B.  Mr.
A. Alimov has been appointed insolvency manager.  Creditors have
until Feb. 17, 2006, to submit their proofs of claim to 600017,
Russia, Vladimir region, Post User Box 94.

CONTACT:  VOROVSKIY
          Russia, Vladimir region,
          Sudogonskiy region, Vorovskogo

          A. ALIMOV
          Insolvency Manager
          600017, Russia, Vladimir region,
          Post User Box 94


YANAULSKIY: Bashkortostan Court Brings in Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Yanaulskiy (TIN0271002795) after
finding the open joint stock company insolvent.  The case is
docketed as A07/4859/03-G-MOG.  Mr. K. Golubev has been
appointed insolvency manager.  Creditors have until Feb. 17,
2006 to submit their proofs of claim to 123100, Russia, Moscow,
A. Zhivova Str. 6, Room 5, Building 3.

CONTACT:  YANAULSKIY
          452800, Russia, Bashkortostan republic,
          Yanaul, Krizavodskaya Str. 17

          K. GOLUBEV
          Insolvency Manager
          123100, Russia, Moscow, A. Zhivova Str. 6,
          Room 5, Building 3
          Phone: (095) 707-28-78


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


SAS GROUP: Takes Pilots to Legal Battleground
---------------------------------------------
Troubled carrier SAS Group has taken legal action to stop an
ongoing pilots' strike, Reuters reports.

SAS asked the Swedish labor court to declare the strike illegal
and order pilots to return to work.  It also sought up to a
SEK10,000 damage per pilot.  The pilots were protesting the
carrier's plan to decentralize operational structure and shift
the employment status to national level.  They believed that any
changes in the contracts will worsen their terms of employment,
making them more vulnerable to job cuts.

The strike, initiated by Danish pilots, has crippled all flights
out of Denmark.  Swede pilots working in Denmark also joined the
strike.  The dissenting atmosphere also reached the carrier's
Norwegian unit with pilots calling in sick, forcing it to cancel
several flights.

SAS will resume talks with pilots today.


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


AGROTEKS: Kyiv Court Begins Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Agroteks.  The case is docketed as
44/512-b.  Mr. A. Gunko has been appointed temporary insolvency
manager.

CONTACT:  AGROTEKS
          01133, Ukraine, Kyiv region,
          Lesya Ukrainka Boulevard 20/61

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

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


BUDKONTRAKT: Temporary Insolvency Manager Comes In
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Private Enterprise Budkontrakt.  The
case is docketed as 44/513-b.  Mr. A. Gunko has been appointed
temporary insolvency manager.  The company holds account number
26005000321001 at JSC Ukrinbank, Kyiv region branch, MFO 300250.

CONTACT:  BUDKONTRAKT
          01133, Ukraine, Kyiv region, Shors Str. 29

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

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


FINANCIAL CONSULTING: Succumbs to Bankruptcy in Kyiv Region
-----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on JSCCT Financial Consulting Group on
Nov. 29, 2005.  The case is docketed as 15/838-b.  Mr. Oleksandr
Palshin has been appointed temporary insolvency manager.

CONTACT:  FINANCIAL CONSULTING GROUP
          01012, Ukraine, Kyiv region,
          Hreshatik Str. 16, room 707

          Mr. Oleksandr Palshin
          Temporary Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 254

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


HENSY GROUP: Court Taps V. Letskan to Liquidate Assets
------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Hensy Group after finding the limited
liability company insolvent.  The case is docketed as 15/564.  
Mr. V. Letskan has been appointed liquidator/insolvency manager.

CONTACT:  HENSY GROUP
          01133, Ukraine, Kyiv region,
          Lihachov Boulevard 9

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


MONOLIT: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Private Enterprise Monolit (code EDRPOU
31838861. The company holds account number 26007370006427/980 at
JSCB Forum, Kyiv region branch, MFO 356007).  The case is
docketed as 44/512-b.  Mr. A. Gunko has been appointed temporary
insolvency manager.

CONTACT:  MONOLIT
          01042, Ukraine, Kyiv region,
          Patris Lumumba Str. 13

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

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


NAFTOGAZPOSTACH: I. Kapelushnij Leads Liquidation Proceedings
-------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Naftogazpostach after finding the limited
liability company insolvent.  The case is docketed as 23/60.  
Mr. I. Kapelushnij has been appointed liquidator/insolvency
manager.

CONTACT:  NAFTOGAZPOSTACH
          01023, Ukraine, Kyiv region,
          Pervomajskij Str. 11

          Mr. I. Kapelushnij
          Liquidator/Insolvency Manager
          Phone: (044) 249-34-03

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


REGION-TRADE: Liquidator Takes Over Helm
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Region-Trade on after finding the limited
liability company insolvent.  The case is docketed as 43/495.  
Mr. I. Kapelushnij has been appointed liquidator/insolvency
manager.

CONTACT:  REGION-TRADE
          01021, Ukraine, Kyiv region,
          Institutska Str. 25

          Mr. I. Kapelushnij
          Liquidator/Insolvency Manager
          Phone: (044) 249-34-03

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


SERVICE DOLINSHINI: Declared Insolvent
--------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Service Dolinshini on Dec. 2,
2005, after finding the production-commercial firm insolvent.  
Mr. Martinuk Vasil has been appointed liquidator/insolvency
manager.

CONTACT:  SERVICE DOLINSHINI
          Ukraine, Ivano-Frankivsk region,
          Dolina, Grushevskij Str. 11

          Mr. Martinuk Vasil
          Liquidator/Insolvency Manager
          76010, Ukraine, Ivano-Frankivsk region,
          Pivdennij Boulevard 42/9

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


UKRSPETSPOSTACH: Succumbs to Bankruptcy in Kyiv Region
------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrspetspostach after finding the limited
liability company insolvent.  The case is docketed as 43/663.  
Mr. V. Letskan has been appointed liquidator/insolvency manager.

CONTACT:  UKRSPETSPOSTACH
          01042, Ukraine, Kyiv region,
          Druzhbi Narodiv Boulevard 19

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


VITYAZ: V. Letskan Named Temporary Insolvency Manager
-----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Joint Ukrainian-Belorussian
Enterprise.  The case is docketed as 43/659.  Mr. V. Letskan has
been appointed temporary insolvency manager.

CONTACT:  VITYAZ
          01030, Ukraine, Kyiv region,
          Saksaganskij Str. 28

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


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


BRADFORD COMMUNITY: Hires XL Business Solutions Administrator
-------------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Limited was
appointed administrator of Bradford Community Transport on
Jan. 12.  

CONTACT:  BRADFORD COMMUNITY TRANSPORT
          Seymour Street
          Bradford, West Yorkshire BD3 9RT
          Phone: (01274 733252)

          X L BUSINESS SOLUTIONS LTD
          46 Moorlands Business Centre
          Balme Road
          Cleckheaton BD19 4EW
          West Yorkshire
          Phone: 01274 870 101
          Fax: 01274 870 606
          E-mail: jbleazard@XLBS.co.uk   


BRITISH NUCLEAR: Names Toshiba Corporation as Preferred Bidder
--------------------------------------------------------------
British Nuclear Fuels PLC selected Toshiba Corporation, the
highest bidder, as the preferred bidder for the sale of
Westinghouse Electric Company.

"This bid is a win-win.  We are pleased that by selecting
Toshiba we have achieved our dual objectives of doing the best
for our employees and the British taxpayers," said Mike Parker,
BNFL's chief executive officer.  "Toshiba is a strong company
with a long record of business success, and will ensure that the
decades-long contributions of Westinghouse to the nuclear
industry -- and to the U.S. and global economies -- continue to
grow."

BNFL conducted a fair bidding process designed to ensure a level
playing field and secure the best business result.  The
announcement comes after multiple rounds of bidding that began
in the autumn.  BNFL expects the sales contract to be signed in
the near future.

"This sale will ensure Westinghouse's continued leadership in
the commercial nuclear industry.  Westinghouse is built on
generations of American ingenuity and we will continue to grow
and serve the U.S. and the world as nuclear energy becomes ever
more important," said Steve Tritch, president and CEO of
Westinghouse Electric Company.

The Toshiba bid will be recommended for approval by the BNFL
Group Board this week.

                     About Westinghouse

Westinghouse Electric Company --
http://www.westinghousenuclear.com/-- provides fuel, services,  
technology, plant design, and equipment to utility and
industrial customers in the worldwide commercial nuclear
electric power industry.

                        About BNFL

Headquartered in Warrington, United Kingdom, British Nuclear
Fuels plc -- http://www.bnfl.com/-- is the holding company for  
British Nuclear Group, Westinghouse and Nexia Solutions. As of
1st April 2005 all the UK assets have been transferred to the
Nuclear Decommissioning Authority.


CHARACTER GROUP: Disposes of Digital Unit for US$16 Million
-----------------------------------------------------------
The Character Group PLC agreed to sell its Digital business,
trading under the name World Wide Licences Limited, to  
Flextronics Sales and Marketing (A-P) Limited.

The Digital business is valued at US$16 million for the goodwill
and an additional sum for the closing inventory, which will be
determined on completion of the transaction in February.

WWL, based in Hong Kong, is a wholly owned subsidiary of the
group and is engaged in the design, development and manufacture
of digital products, which principally consist of digital
cameras in addition to managing the Hong Kong and Chinese
logistics for the overall group.  Character Group shall continue
to operate in Hong Kong, which together with its new facilities
in Shenzhen, China will enable the group to continue the growth
of its Toys, Games and Gifts business.

               Statement of Chairman Richard King

The sale of the Digital business will allow the Group to focus
entirely upon the development of its toys, games and gifts
business which has, and continues to have, a number of very
exciting opportunities to build on our strong performance to
last Christmas.

The Directors also consider that a sale is a better option for
the Group than a de-merger, which was previously under
consideration.

The Board is confident that Flextronics is uniquely placed to
develop the digital business to a far higher level than
Character could achieve in the same timescale.

The proposed sale of the Digital business is believed to be in
the best interests of the Group's shareholders but, as
importantly, it gives more opportunity and future development
for the employees within WWL who have played a significant role
in developing the business to date.

Peter Tan, president and managing director of Flextronics Asia,
said, "We are delighted that The Character Group plc has
accepted our offer to purchase its digital business."

"WWL's talents will provide us with an exciting opportunity to
further enhance our capabilities that further support our
penetration into the consumer products market," he added.

The proposed sale of the Digital business of WWL is subject to
shareholder approval.  A Circular, containing full details of
the proposed sale of the Group's Digital business together with
details of the EGM, will be posted to shareholders shortly.

CONTACT:  CHARACTER GROUP PLC
          2nd Floor
          86-88 Coombe Road
          New Malden
          Surrey, KT3 4QS
          Registered No: 3033333
          Phone: 44 (0) 20 8949 5898
          Fax: 44 (0) 20 8336 2585
          Web site: http://www.charactergroup.plc.uk/


CHESTER PROPERTIES: Claims Bar Date Slated for April 4
------------------------------------------------------
Shareholders of Chester Properties (Packhorse Walk) Limited
passed a resolution to wind up the company at an Extraordinary
General Meeting held on Jan. 4 at Knowle Hill Park, Fairmile
Lane, Cobham, Surrey KT11 2PD.  Alan H. Tomlinson of Tomlinsons,
St John's Court, 72 Gartside Street, Manchester M3 3EL was
appointed liquidator.

Creditors are required on or before April 4, 2006, to send their
names and addresses, together with particulars of debts or
claims and the names and addresses of Solicitors, if any, to A.
H. Tomlinson.

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


DREAMPALM LIMITED: Retailer Taps Deloitte as Administrator
----------------------------------------------------------
Neville Barry Kahn, Nicholas James Dargan and Lee Antony Manning
of Deloitte and Touche LLP were appointed administrators of
Dreampalm Limited on Jan. 13.  Its registered office is at 3rd
Floor, 125 Kensington High Street, London W8 5SU.  The company
sells clothing.

CONTACT:  DREAMPALM LIMITED
          3rd Floor,
          125 Kensington High Street,
          London, W8 5SU

          DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


EUROMONEY INSTITUTIONAL: Approves All Resolutions at AGM
--------------------------------------------------------
At the Annual General Meeting of Euromoney Institutional
Investor PLC, all resolutions were duly passed.

Copies of the resolutions passed have been submitted to the U.K.
Listing Authority and are available for inspection at the U.K.
Listing Authority's Document Viewing Facility, which is situated
at: Financial Services Authority, 25 The North Colonnade, Canary
Wharf, London E14 5HS (Phone: 020 7676 1000).

The resolutions passed are:

(As ordinary business)

  (a) to receive and adopt the reports of the directors and the
      auditors and the accounts of the Company for the
      year ended Sept. 30, 2005;
  
  (b) to approve the Directors' Remuneration Report for the year
      ended Sept. 30, 2005;
  
  (c) to declare a final dividend for the year ended Sept. 30,
      2005 of 11.00 pence on each of the ordinary shares of 0.25   
      pence;
  
  (d) to re-elect six directors who retire under Article 105;
  
  (e) to re-elect JP Williams and JC Botts as directors.
  
  (f) to re-appoint Deloitte & Touche LLP as auditors of the
      Company from the conclusion of the Annual General Meeting
      until the conclusion of the next Annual General Meeting of
      the Company and to authorize the directors to agree their
      remuneration;
  
  (As special business)
  
  (g) that the Company be and is hereby authorized to purchase
      its own fully paid ordinary shares by way of market
      purchase upon and subject to certain conditions;
  
  (h) that the directors be and are hereby generally and
      unconditionally authorized pursuant to Section 80 of the
      Act to exercise all powers of the Company to allot, grant
      options over, offer or otherwise deal with or dispose of
      relevant securities (within the meaning of the said
      Section 80) up to an aggregate nominal value of GBP58,019
      provided that this authority shall expire at the
      conclusion of the next Annual General Meeting of the
      Company after the passing of this Resolution or any
      adjournment thereof or April 24, 2007 whichever is the
      sooner, unless renewed or extended prior to or at such
      meeting, save that the Company may, before the expiry of
      such period, make any offer or agreement which would or
      might require relevant securities to be allotted after the
      expiry of such period and the directors may allot relevant
      securities in pursuance of any such offer or agreement as
      if the authority hereby conferred had not expired; and
  
  (i) That, subject to the passing of Resolution 14 above, the
      directors be and are hereby empowered pursuant to
      Section 95 of the Act to allot equity securities (within
      the meaning of Section 94 of the Act) for cash pursuant to
      the authority conferred on them in that behalf by
      Resolution 14 above (as varied from time to time by the
      Company in general meeting) and to sell treasury shares
      that are equity securities for cash as if sub-section (1)
      of Section 89 of the Act did not apply to any such
      allotment or sale provided that (without prejudice to the
      authority conferred by Resolution 14 above) the power
      conferred by this Resolution shall be to certain
      conditions.
  
CONTACT:  EUROMONEY INSTITUTIONAL INVESTOR PLC
          Nestor House, Playhouse Yard
          London
          EC4V 5EX, United Kingdom
          Phone: +44-20-7779-8888
          Fax: +44-20-7779-8656
          Web site: http://www.euromoneyplc.com/


H BRAZIER: Financial Woes Prompt Voluntary Liquidation
------------------------------------------------------
H Brazier (Metal Spinners) Ltd. is voluntarily liquidating its
assets after members determined that the company could not
continue its business due to surmounting liabilities.

The company's members passed a resolution for the winding-up
proceedings at an extraordinary general meeting held on Dec. 20,
2005, in Birmingham, Director C E Stanier discloses.

Gerald Frederick Davis is appointed Liquidator.

CONTACT:  H BRAZIER (METAL SPINNERS) LTD
          P.O. Box 234
          109-111 Sydenham Road
          Sparkbrook, Birmingham
          B11 1DB
          Tel: 0121 7721661
          Fax: 0121 7667594
          E-mail: info@HBrazier.co.uk


HYACINTH LIMITED: Furniture Company Opts to Liquidate Assets
------------------------------------------------------------
Members of Hyacinth Limited passed a resolution for the
company's voluntary liquidation during an extraordinary general
meeting held on Dec. 20, 2005, in Liphook, Hampshire.  

Hyacinth Chairman M Easton discloses that the company cannot
continue running its operations due to its liabilities.  Barry
P. Knights of Knights & Company in Salisbury, Wiltshire is
appointed Liquidator.

CONTACT:  HYACINTH LIMITED
          The Rickyard
          Eashing Lane, Eashing
          Godalming, Surrey
          United Kingdom
          Gu7 2QA
          Phone: 01483 417 851
          E-mail: sales@hyacinth.uk.com
          Web site: http://hyacinth.uk.com/


INTERV8 LIMITED: Taps E. Walls as Liquidator
--------------------------------------------
K W Wallis, Chairman of Interv8 Limited informs that a
resolution to wind up the company was passed during an EGM on
Dec. 20, 2005, held at The Menzies Silverlink Park Hotel in
Newcastle.

The members appointed E. Walls as Liquidator.

CONTACT:  INTERV8 LIMITED
          Aurora Court
          Barton Road
          Riverside Park
          Middlesbrough
          TS2 1RY
          Tel: 0845 7 715 715
          Fax: 01642 216 201
          Email: info@interv8.co.uk


KEMP STORAGE: Names Administrator from Moore Stephens
-----------------------------------------------------
Simon G. Paterson (IP No 6856) of Moore Stephens LLP was
appointed administrator of Kemp Storage Equipment Limited
(Company No 04763463) on Jan. 8.

CONTACT:  KEMP STORAGE EQUIPMENT LTD
          4 Faraday Close
          Drayton Fields Industrial Estate
          Daventry NN11 5RD
          Northamptonshire
          Phone: 01327 878666
          Fax: 01327 876799
          E-mail: info@kempstorage.com
          Web site: http://www.kemp-storage.com/

          MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com/


MAG CONTRACTS: Appoints Moore Stephens Administrator
----------------------------------------------------
M. H. Abdulali and Nigel Price of Moore Stephens were appointed
joint administrators of Mag Contracts Limited and Mag Interior
Contracts Limited on Jan. 10.  These firms manufacture kitchens.

CONTACT:  MAG INTERIOR CONTRACTS LIMITED
          Unit 2 Stafford Court
          Industrial Estate Fordhouses
          Wolverhampton
          West Midlands WV10 7EL

          MOORE STEPHENS
          6 Ridge House
          Ridge House Drive
          Festival Park
          Stoke On Trent
          Staffordshire ST1 5TL
          Phone: 01782 201120
          Fax: 01782 286695
          E-mail: mustafa.abdulali@moorestephens.com  

          MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk/


NANOMAGNETICS LIMITED: Appoints Administrator
---------------------------------------------
Henry Shinners and Anthony Spicer of Smith & Williamson Limited
were appointed joint administrators of Nanomagnetics Limited on
Jan. 11.

NanoMagnetics -- http://www.nanomagnetics.com/-- is a materials  
solutions provider driving new developments in water
purification, data storage, medical imaging and diagnostics.  
Its extensive intellectual property platform enables enhanced
performance across a range of applications.

CONTACT:  NANOMAGNETICS LTD.
          108 Longmead Rd
          Emerald Park East
          Emersons Green, Bristol BS16 7FG
          United Kingdom
          Phone: 44.1179.104160
          Fax: 44.1179.104161

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


O YES: Software Supplier Contacts Administrator from Lameys
-----------------------------------------------------------
Christopher Jeffrey Lamey of Lameys was appointed administrator
of O Yes Show And TV Limited on Jan. 6.  Its registered office
is at The Old Library, 6 Linden Road, Clevedon, Somerset BS21
7SN.  The company supplies software.

CONTACT:  O YES SHOW AND TV LTD.
          The Old Library
          6 Linden Road
          Clevedon
          Avon BS21 7SN

          LAMEYS
          1 Courtenay Park
          Newton Abbot
          Devon TQ12 2HD
          Phone: 01626 366117
          Fax: 01626 201196
          E-mail: enquiries@lameys.co.uk


PAN PLANET: Begins Liquidation Process in Brighton
--------------------------------------------------
Pan Planet Limited is liquidating its assets voluntarily after
members passed a winding-up resolution at an extraordinary
general meeting held on Dec. 19, 2005, in Brighton.

Company Director M Ganski discloses that the company cannot
continue its business due to its liabilities.  G W Rhodes of
Begbies Traynor in Brighton is appointed as the company's
Liquidator.

CONTACT:  PAN PLANET LIMITED
          Home Farm/By-Pass Rd
          Hurtmore, Godalming
          Surrey GU8 6AD
          Tel :01483 811766


RENTOKIL INITIAL: Operations Closure Could Leave 1,700 Jobless
--------------------------------------------------------------
Rentokil Initial PLC will shut down the lossmaking U.K. Linen
and Workwear operations of Initial Hygiene U.K. to focus on its
market-leading U.K. Washroom and Dustmat business.  Having
explored thoroughly all options for exiting the lossmaking
operations, the Company said these operations will be closed on
April 30, 2006.

A full consultative process with customers and affected
employees will begin immediately to ensure continuity of service
with alternative suppliers and to minimize the potential
redundancies resulting from the closure.

The Linen and Workwear operations currently employ some 2,000
people across the U.K. and up to 1,700 positions could be made
redundant.  An employee consultation process will be undertaken
and the Company will make all efforts to minimize redundancies
including considering alternative employment within the Rentokil
Initial Group.  No final decisions as to numbers of redundancies
will be made until the conclusion of the collective and
individual consultation processes.

Rentokil Initial plc announced in November 2004 that it had
decided to exit the lossmaking Linen and Workwear elements of
Initial Hygiene U.K.  The U.K. Linen and Workwear business has
been significantly underinvested, is based on an inefficient
distribution structure and historically has pursued a flawed
commercial strategy.  The Company will continue to develop its
U.K. Washroom and Dustmat business, Washroom Solutions U.K.,
which has a strong and profitable market position.  To that end,
management started the complex and lengthy process of separating
the plant and delivery mechanisms relating to Linen and Workwear
from the activities being retained.  This separation was finally
completed in Dec. 2005.

In parallel with the operational separation, the Company
explored in detail how best to structure an exit and so stem
increasing losses, while protecting the value of the on-going
U.K. Washroom and Dustmat business.  In particular, the Company
examined whether it was possible to sell the business to one or
more third parties while ensuring an orderly and controlled
transfer of customer contracts.  However, the serious risk of
regulatory intervention and the consequent uncertainty in terms
of timing, costs and eventual exit, has led the Board
reluctantly to conclude that a third party sale is not feasible
and that closure is the only viable option.

Customers of the U.K. Linen and Workwear services have been
notified of the decision and the Company will provide
comprehensive support to them in sourcing alternative supply.

The U.K. Linen and Workwear activities' 2004 turnover was GBP55
million with operating losses of GBP5 million.  In 2005,
turnover is broadly similar with operating losses of circa GBP9
million.  An exceptional asset impairment charge of GBP28
million was reported in the first half of 2005 and further
reorganization costs of GBP4 million have been incurred in the
second half.  At the half year it was announced that total one
off exit costs were expected to be in the range of GBP40 million
to GBP45 million (in addition to operating losses to the point
of exit).  The impact of closing rather than selling this
activity is expected to increase these costs to GBP45 million to
GBP50 million.  Included in this amount is GBP13 million to
GBP18 million of cash costs to be incurred in the first half of
2006.  These will be significantly offset by the sale of surplus
property and other assets during 2006 and 2007.

             Statement of Chief Executive Doug Flynn

Our U.K. Linen and Workwear activities have sustained
considerable losses for several years and the need to exit this
operation has been clear for some time.  It is always a
difficult decision to close an operation, especially one that
employs so many people.  We are committed to doing all we can to
minimize the level of redundancies and to support all our
employees and customers affected by the closure.

(This) announcement does not impact our Linen and Workwear
operations in continental Europe where we have built up a number
of profitable and growing businesses.  In the U.K., our focus is
now on delivering the opportunity we have in washrooms and
dustmats by improving efficiency and service to our customers.

                        About the Company

Rentokil Initial plc is one of the largest business services
companies in the world, operating in all 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.

The U.K. Hygiene business has traditionally provided four
services: linen, workwear, washroom, and dustmats.  The business
services U.K. customers through a nationwide network comprising
12 plants and 35 dedicated service centers, and employs around
4,000 people.  Key customer groups include hospitality,
educational, retail and office based businesses.

Following the closure of the Linen and Workwear operations, the
business will trade as Initial Washroom Solutions, focused on
providing innovative washroom management services featuring
exclusive products for hand drying and washing, air care,
sanitary disposal and washroom sanitization.  Dustmats will be
provided on a rental basis.  Additional services will include
the provision of a specialist high care and clean room laundry
operation servicing industries such as pharmaceutical companies
and food manufacturers.

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com/


ROUBI L'ROUBI: Creditors Meeting Set Next Week
----------------------------------------------
Creditors of Roubi L'Roubi Limited will meet on Feb. 3, 11 a.m.
at Tenon Recovery, 73 Baker Street, London W1U 6RD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy form must be submitted together with written
debt claims to S. R. Thomas and S. J. Parker, joint
administrators of Tenon Recovery, Sherlock House, 73 Baker
Street, London W1U 6RD not later than 12 noon, Feb. 2, 2006.

CONTACT:  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/


SECURITY INDUSTRIES: Liquidator from Mazars Enters Firm
-------------------------------------------------------
P. Goodman, chairman of Security Industries Specialist Services
Limited, informs that the subjoined special resolution to wind
up the firm was passed at an EGM held on Jan. 10 at 10 King
William Street, London EC4N 7TW.  Roderick John Weston of Mazars
LLP, 24 Bevis Marks, London EC3A 7NR was appointed liquidator.

CONTACT:  MAZARS
          24 Bevis Marks,
          London EC3A 7NR
          Phone: (44) 20 73 77 10 00
          Fax:   (44) 20 73 77 89 31
          Web site: http://www.mazars.com/


SKY LINER: Creditors Confirm Redman Nichols as Liquidator
---------------------------------------------------------
Creditors of Sky Liner Travel (Hull) Ltd confirmed the
appointment of Andrew James Nichols of Redman Nichols to
liquidate the company's assets.  

Parties elected to wind up the company's operations voluntarily
during an extraordinary general meeting on Dec. 16, 2005, in
Driffield, East Yorkshire.

CONTACT:  SKY LINER TRAVEL (HULL) LTD
          64 Spring Street
          Hull HU2 8RB
          Tel: 01482 334 533
          Fax: 01482 334 531


SMB ENGINEERING: Administrators Enter Firm
------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
were appointed joint administrators of SMB Engineering Services
Limited on Jan. 13.  Its registered office is at Sterling House,
Middleton Road, Chadderton OL9 9LY.

CONTACT:  S M B ENGINEERING SERVICES
          Unit G Oldham Central Trading Park
          Coulton Close
          Oldham OL1 4EB
          Lancashire
          Phone: 0161 627 4640
          Fax: 0161 652 2222

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


TONIK BAR: Hires Cresswall Associates Limited Administrator
-----------------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited were appointed joint administrators of Tonik Bar Limited
on Dec. 20.

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


TOSHIBA ELECTRONICS: Names Ernst & Young as Liquidator
------------------------------------------------------
Shareholders of Toshiba Electronics (UK) Limited passed a
resolution to wind up the company at a meeting held on Jan. 10.  
Patrick Joseph Brazzill and Elizabeth Anne Bingham of Ernst &
Young LLP, 1 More London Place, London SE1 2AF were appointed
liquidators.

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


TRIO GROUP: Hires Grant Thornton Administrator
----------------------------------------------
Nigel Morrison and Simon Morris of Grant Thornton were appointed
administrators of Trio Group Sales Limited and Trio Spares &
Service Limited on Dec. 19.  Its registered office is at Rouse &
Co, 55 Station Road, Beaconsfield, Buckinghamshire HP9 1QL.

Trio Group Sales Limited -- http://www.triogroup.co.uk/-- sells  
skip and hook loaders while Trio Spares & Service Limited offers
maintenance and repair of motor vehicles.

CONTACT:  TRIO GROUP SALES LTD.
          1 Summerson Road
          Bleak Hall
          Milton Keynes
          Bucks MK6 1LE
          Phone: 01908 222743
          Fax: 01908 222842

          GRANT THORNTON U.K. LLP
          43 Queen Square
          Bristol BS1 4QR
          Phone: 0117 926 8901
          Fax: 0117 926 5458
          Web site: http://www.grant-thornton.co.uk

          GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk/


UTILITY LINK: Administrators Take Over Firm
-------------------------------------------
Jeremiah Anthony O'Sullivan and Samuel Jonathan Talby of Bishop
Fleming were appointed joint administrators of Utility Link
Limited on Jan. 17.  

CONTACT:  UTILITY LINK LTD.
          16 Avon Reach
          Monkton Hill
          Chippenham SN15 1EE
          Phone: +44 (0) 1249 705570
          Fax: +44 (0) 1249 705585
          E-mail: enquiries@utility-link.com

          BISHOP FLEMING
          16 Queen Square,
          Bristol BS1 4NT


WEBLEY & SCOTT: Meeting of Creditors Slated for Feb. 3
------------------------------------------------------
Creditors of Webley & Scott Limited will meet on Feb. 3, 11 a.m.
at 85-89 Colmore Row, Birmingham B3 2BB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. Poxon, joint administrator of DTE Leonard
Curtis, DTE House, Hollins Mount, Bury BL9 8AT not later than
12:00 noon, Feb. 2, 2006.

Webley and Scott -- http://www.webley.co.uk/-- is based in  
Birmingham.  It has been supplying guns to the public and to the
government for over 200 years.  It ceased production of firearms
in 1979, concentrating instead on its range of air pistols and
rifles that it is today famous for.

CONTACT:  WEBLEY & SCOTT LIMITED
          Frankley Industrial Park
          Tay Road
          Birmingham B45 0PA
          United Kingdom
          Phone: +44 (0) 121 453 1864
          Fax: +44 (0) 121 457 7846
          E-mail: guns@webley.co.uk

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


* British Motor Industry Sees 7.9% More Business Failures
---------------------------------------------------------
The number of company failures in the U.K.'s automotive sector
rocketed 7.9% in 2005, global information solutions company
Experian revealed.

British motor traders who went bust last year went up from 241
in 2004 to 260 last year, the highest recorded since 2001, which
had 250 cases.

"The automotive industry has been affected by a slowdown in
consumer spending and by inflation.  New car sales saw a 5% drop
in 2005 and forecasters are predicting a further 2.5% to 5% drop
in 2006," said Rob Whalley, managing director at Experian's
Automotive division.

Mr. Whalley added that supply will continue to prevail over
demand as manufacturers' targets stay high and more new models
are being released in the market.

While the number of company breakdowns saw a decline from 2002
to 2003, and between October and December last year, the figure
increased overall in 2004 and is expected to carry on into 2006,
Experian noted.

Based on its survey of 34 U.K. industries, Experian said 2005
has been a difficult year for the economy as companies going
bust across all sectors rose 11%, with the trend predicted to
continue this year.

"The (companies') ability to make a profit will become even more
important -- and difficult -- in 2006.  Those dealers who
understand their customers and use new and innovative methods to
reach them will help to prevent them from appearing on the list
of business failures in 2006," Mr. Whalley added.

                             *********                            


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
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The TCR Europe subscription rate is US$575 per half-year,
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* * * End of Transmission * * *