TCREUR_Public/060130.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

            Monday, January 30, 2006, Vol. 7, No. 21

                            Headlines

D E N M A R K

TDC A/S: S&P Lowers Long-Term Corporate Credit Rating to BB


F R A N C E

COMPAGNIE GENERALE: Planned $165MM Notes Get Moody's Ba3 Rating
COMPAGNIE GENERALE: S&P Assigns BB- Rating on $165 Mln Notes
EUTELSAT COMMUNICATIONS: Moody's Pegs Corp. Family Rating at Ba3


G E R M A N Y

ALU-SYTEC: Koln Court Begins Bankruptcy Proceedings
CS SERVICE: Creditors Have Until March 1 to Register Claims
DRACHENLADEN WINDVOGEL: Names Oelbermann + Partner Administrator
ELRISOL GMBH: Court Calls in Administrator from Tiefenbacher
H&P FERTIGUNGSTECHNIK: Claims Filing Period Ends Feb. 27

MUSKAU - RESTAURANT: Court to Verify Claims on July 10
POLYUNION KUNSTSTOFFWERK: Creditors to Meet on March 30
TECWOOD VERTRIEBS: Passau Firm Under Bankruptcy Administration
USCHMANN GMBH: Erfurt Business Succumbs to Bankruptcy
WAO PROJEKT: Bankruptcy Proceedings Commence in Charlottenburg


I T A L Y

ALITALIA SPA: Holds Off Wildcat Strikes to Continue Service


K A Z A K H S T A N

AIGUL: Creditors Have Until Feb. 21 to File Proofs of Claim
BATYSSTROISERVICE: Sets Proofs of Claim Deadline
ARBA SERVICE: Succumbs to Insolvency
KOMEK-BATYS: Court Sets Feb. 21 as Claims Bar Date


N E T H E R L A N D S

ROYAL SHELL: Share Buyback Program Moving Ahead


R U S S I A

ADYGEYSKIY: Under External Management Bankruptcy
BANK SYSTEMS: Moscow Arbitration Court Begins Bankruptcy Process
GAS-SERVICE: Court Names T. Karandaeva as Insolvency Manager
KARPINSKIY: Engineering Plant Goes Bankrupt
KRASNOCHETAYSKIY: Under Bankruptcy Supervision in Chuvashiya

MARIA: Insolvency Manager Takes Over Firm
MDM-BANK: Mulls Over US$150 Million Loan Borrowing
MOSCOW CITY TELEPHONE: Gets Moody's Ba3 Corp. Family Rating
MOSKVORETSKIY BREWERY: Bankruptcy Hearing Set April 25
OAO SEVERSTAL: Fitch Upgrades Senior Unsecured Rating to BB-

ONEZHSKOYE MILK: Claims Filing Period Ends Feb. 17
ORLOVSKIY AGRO-COMBINE: Bankruptcy Supervision Begins
REM-MELIO-MASH: L. Tomilova as Temporary Insolvency Manager


S P A I N

CABLEUROPA S.A.U.: Moody's Rates Proposed Notes at (P)B3


S W E D E N

SKANDIA INSURANCE: Old Mutual Declares Offer Unconditional


T U R K E Y

TEKFENBANK A.S.: Fitch Affirms Long-Term B Rating
TURKISH BANKS: S&P Raises Seven Banks' Ratings


U K R A I N E

BOLGRAD' AUTO 1507: Odessa Court Declares Company Insolvent
POLLAKS: Under Bankruptcy Supervision in Kyiv
POLLAKS COMMERCIAL: Court Names Ivan Gusar as Insolvency Manager
PROEKT: Insolvency Manager Takes Over Operations
SPETSKOMPLEKT: Court Begins Bankruptcy Process in Kyiv

TAVRIYA: Court Names Yurij Ulyanchuk to Liquidate Assets


U N I T E D   K I N G D O M

ACCODA LIMITED: Hires RSM Robson Rhodes Administrator
BELL'S OF TOLWORTH: Meeting of Creditors Slated for Feb. 7
BIG BOTTLES: Appoints Begbies Traynor Administrator
BLACK MOUNTAIN: Liquidators Take Over Firm
BOLTON TIMBER: Administrators Enter Firm

BRITISH NUCLEAR: Board Approves Toshiba's Bid for Westinghouse
CHESTER PROPERTIES: Names Alan Tomlinson as Liquidator
DANKA BUSINESS: Hosting Third Quarter Conference Call on Feb. 7
ENRICI POWER: Administrators from PwC Move In
FIELD AND TREK: Outdoor Clothing Retailer Hires Administrator

HENNELLYS UTILITIES: Taps Hurst Morrison to Administer Assets
INTERTEK GROUP: Buying AKZO Nobel's EMC Unit for EUR13 Million
LANGBAR INTERNATIONAL: Sets Meeting to Tackle Investor Queries
LIZBAN PRESS: Administrators from Moore Stephens Enter Firm
MINORPLANET SYSTEMS: Directors Optimistic About Firm's Future

MISYS PLC: To Issue Interim Dividend on April 7
PARITY GROUP: Sells European Units to GFT for EUR7.7 Million
RELISYS LIMITED: Hires Administrators from PKF Firm
SKIPLINE WASTE: Creditors Meeting Set Thursday
STANBROOK ELECTRICAL: Calls in Liquidator

VARIOPAK LIMITED: Claims Filing Deadline Set for Feb. 28
W.R.CARPENTER: Hires PricewaterhouseCoopers as Liquidator

     ********

=============
D E N M A R K
=============


TDC A/S: S&P Lowers Long-Term Corporate Credit Rating to BB
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on Danish
telecommunications service provider TDC A/S to 'BB' from 'BBB+'.
The downgrade follows the announcement by Nordic Telephone Co.
ApS (NTC) that it has received 88.2% acceptance of its offer to
TDC's shareholders, which is in excess of the minimum tender
threshold of 85%.

The long-term ratings remain on CreditWatch with negative
implications, where they were placed on Oct. 6, 2005, following
TDC's announcement to the Danish Stock Exchange confirming that
it had received and was exploring nonbinding indications of
interest.  Standard & Poor's will seek to resolve the
CreditWatch placement shortly after completion of the
acquisition and following a review of the terms of the financing
structure to be implemented.

At the same time, the short-term corporate credit and commercial
paper ratings on TDC were lowered to 'B' from 'A-2' and removed
from CreditWatch.

"The downgrade to the high-yield category reflects our
expectations that the new shareholders of TDC will implement a
highly leveraged financial structure for the group," said
Standard & Poor's credit analyst Leandro de Torres Zabala.
"After a preliminary analysis of the public terms of the
proposed transaction and based on an expectation that TDC's
post-acquisition leverage (that is, lease-adjusted gross debt to
EBITDA) could be approximately 6x, we believe that the long-term
ratings are most likely to be downgraded again by at least one
notch."

In addition, the funding of the acquisition through significant
secured debt could create contractual subordination for any
remaining outstanding bonds, likely triggering a further
notching downwards, of up to two notches, of the rating on the
group's senior unsecured notes in relation to the corporate
credit rating.  The notes are currently rated at the same level
as the corporate credit rating, at 'BB'.

Certain critical aspects of the new group's business and
financial strategies will have to be considered, which will
affect the rating outcome.  Swing factors include the
confirmation by the new owners of the final financial structure
that they will implement at TDC; the new financial policy of the
group, including its dividend distribution policy and
deleveraging plans; and any potential change in the group's
business strategies and international asset base.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com/It can also be found at
http://www.standardandpoors.com Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5914; or Moscow (7) 495-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  TDC A/S
          Web site: http://tdc.com/


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


COMPAGNIE GENERALE: Planned $165MM Notes Get Moody's Ba3 Rating
---------------------------------------------------------------
Moody's Investors Services assigned a rating of (P)Ba3, stable
outlook, to Compagnie Generale de Geophysique's proposed new
Senior Notes of US$165 million due May 2015.  The final
confirmation of the rating is subject to signing of the offering
circular.

Moody's last rating action on CGG was on Dec. 21, 2005, when the
rating agency affirmed CGG's ratings and changed the outlook to
stable from negative.

The new notes will refinance the remaining part of the US$375
million bridge credit facility raised by CGG to finance the
acquisition of Exploration Resources in September 2005.  The
terms and conditions of the new notes are expected to be
identical to those of the existing US$165 million Senior Notes
due May 2015 and rated Ba3, stable outlook, by Moody's.  The new
notes will be issued by CGG and are expected to benefit from
upstream guarantees from certain operating subsidiaries based in
the U.S., Canada, Australia and Norway.  The guarantees will be
on an unsecured senior basis.  The guarantor group contributed
approximately 49% of CGG group ORBDA in 2004.  Although the
group's senior secured facility of US$60 million (currently
undrawn) is not rated, it ranks ahead of both the new and
existing notes, as do any capital leases and other senior bank
debt outstanding at operating company level.  Moody's has
therefore notched the new notes one level below the corporate
family rating to reflect the existence of priority debt in the
capital structure.

Compagnie Generale de Geophysique, headquartered in Massy,
France, is a leading global seismic services provides and
manufacturer of seismic equipment.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Stuart Lawton, Managing Director
          European Corporates
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Paul Marty, Analyst
          European Corporates
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


COMPAGNIE GENERALE: S&P Assigns BB- Rating on $165 Mln Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating to the $165 million senior unsecured bond due 2015,
to be issued by France-based Compagnie Generale de Geophysique
(BB-/Stable/--), a leading global provider of seismic services
and equipment for the oil and gas industry.  The bond will be a
tack-on to the $165 million bond issued on April 28, 2005,
having the same contractual terms and maturity.

The bulk of the bond proceeds will be used to refinance the
remaining outstandings under the $375 million short-term bridge
facility, which was put in place in September 2005 to finance
the acquisition of Exploration Resources.  The other part of the
facility was repaid in December 2005, following CGG's successful
capital increase of EUR209 million.  Subsequently, on Dec. 12,
2005, Standard & Poor's affirmed CGG's ratings and removed them
from CreditWatch.  The rating affirmation reflected a general
improvement in CGG's profitability over the first nine months of
2005 as well as the expected reduction in CGG's year-end 2005
net leverage (defined as unadjusted net debt to unadjusted net
debt plus equity) back to previous levels of about 30% (from 57%
at end-September 2005).

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com/It can also be found at
http://www.standardandpoors.com/Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  COMPAGNIE GENERALE DE GEOPHYSIQUE
          1, rue Leon Migaux,
          91341 Massy Cedex, France
          Phone: +33-1-64-47-3000
          Fax: +33-1-64-47-3970


EUTELSAT COMMUNICATIONS: Moody's Pegs Corp. Family Rating at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
to Eutelsat Communications SA (previously SatBirds SAS) and
withdrew the previous B1 corporate family rating at SatBirds
Capital Participations SCA.  At the same time the rating agency
upgraded to B1 (from B2) the rating on the Senior Secured Credit
Facility and withdrew the B3 rating on the Second Lien Facility
at SatBirds Finance, an intermediate financing vehicle set up in
the context of Eutelsat S.A.'s leveraged recapitalization.  The
rating action concludes a rating review initiated on 1 December
2005.

The outlook for all ratings is positive.

The upgrade acknowledges the material reduction in Eutelsat's
absolute debt levels and improvements in group's overall capital
structure following the application of EUR860 million of gross
proceeds from the company's recent IPO and the company's
commitment not to return to previous higher debt levels.
Further, the upgrade reflects the positive effect on the group's
financial leverage of the resolution of the dispute with ALS
S.p.A. over the Atlantic Bird 1 satellite (net debt reduction in
excess of EUR100 million).  The ratings continue to acknowledge
Eutelsat's strong business position based on its joint (together
with SES Global SA) market leadership in satellite-distributed
video content in Europe, a substantial, mainly video-based
contract back-log, one of the industry's youngest satellite
fleets (and consequently limited near-term capex needs) and
strong distribution partners.

However, Moody's notes that Eutelsat's ratings also reflect the
risks associated with the launches of two key satellites (Hot
Bird 7A and Hot Bird 8) over the next months and factor in
Eutelsat's exposure to sector-typical technological risk such as
the recent incident experienced by the company's W1 satellite in
August 2005.  In addition, the ratings continue to factor in
financial risks from the still significant consolidated leverage
at the Eutelsat Communication level, with pro forma adjusted net
debt (including performance incentives) to EBITDAR (post-IPO and
Atlantic Bird 1 agreement) as of June 30 2005 of approximately
4.1x and the fact that the senior credit facilities at SatBirds
Finance have only an equity claim over Eutelsat SA's assets and
are therefore dependent on the indirect dividend flow from
Eutelsat SA to service the rated debt.

The positive outlook reflects potential for upward ratings
development in the near-term, which should be achievable
following the successful launches of two key satellites (Hot
Bird 7A and Hot Bird 8), assuming operating performance remains
in line with guidance and the company remains on a deleveraging
trajectory.  Conversely, the ratings could come under pressure
should the company pursue larger debt-financed acquisitions that
push leverage to in excess of 5x (measured as described above).


Net proceeds from Eutelsat's IPO (EUR826 million) have been used
to repay its PIK loan facility (EUR325 million including accrued
interest) and its Second Lien facility (EUR475.0 million).  As a
result of the IPO, net adjusted debt (adjusted for leases and
satellite incentive payments) / EBITDAR would have been 4.3x
(pre Atlantic Bird 1 settlement).  In addition, in November
2005, Eutelsat reached an agreement with ALS S.p.A., beneficial
owner of the Atlantic Bird 1, resulting in the acquisition of
the satellite by Eutelsat SA.  The resolution resulted in the
cancellation of EUR166.9 million of financial leases and accrued
interests on Eutelsat's balance sheet.

However, Moody's expects the company to distribute a significant
dividend going forward which would be a constraint on Eutelsat's
capacity to further diminish on balance sheet financial
obligations.  Moody's observes that the notching on the senior
credit facility reflects the structurally subordinated position
of the instrument to all obligations of Eutelsat SA.

More positively, Eutelsat SA's ability to upstream dividends to
serve the group's debt obligations, which is limited by the
availability of annual distributable profits recorded in
Eutelsat SA's statutory account, has been significantly improved
through a capital reduction in the nominal value of Eutelsat SA
shares effected in December 2005.  As a result Eutelsat SA's
distributable reserves, which had been fully depleted by its
December 2005 dividend payment, have increased by approximately
EUR347 million.

Moody's also notes that Vivendi Universal (Baa2/stable), M6
(unrated by Moody's) and TF1 (unrated by Moody's) on January 9,
2006 announced the finalisation of the agreement to combine
French pay-TV operators Group Canal+ and TPS within a group 85%
controlled by Vivendi Universal.  As of June 2005, TPS is one of
the larger users, via a distributor, of Eutelsat's capacity
(2.7% of total revenues).  While it is too early to tell what
impact, if any, the envisaged business combination will have on
Eutelsat's French market position, Moody's will carefully
monitor further developments.

Finally, Moody's also acknowledges the technical incident
experienced by W1 in August 2005, which caused an estimated
reduction of the satellite's operating capacity resulting in a
decrease of its useful economic life.  As a consequence,
Eutelsat recorded an impairment of EUR30.4 million to the value
of the satellite.

During the last fiscal year ending 30 June 2005, Eutelsat SA's
recorded revenues of EUR750.2 million were down by 1.3% compared
to the previous year.  This decrease was mainly due to lower
indemnity payments for late delivery of satellites and a decline
in multi-usage revenue.  Excluding indemnities, revenues have
increased by 0.5%.  Eutelsat's total revenue backlog was EUR3.1
billion as of June 30, 2005 (this figure does not include new
contracts concluded post closing of the accounts and increasing
the backlog by approximately EUR1 Billion).  Moody's notes that
value-added services revenues increased by 80.7% due to the
strong growth of broadband applications (including D-STAR) and
sustained demand for mobile services.  However, in Moody's
opinion, a degree of uncertainty remains regarding the level of
sustainable return on the company's broadband investment.

Eutelsat Communications SA is a holding company, which
indirectly owns Eutelsat SA.  Eutelsat SA is a leading,
internationally operating supplier of fixed satellite services.
The companies are headquartered in Paris, France.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


          Christian Rauch, Senior Vice President
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


ALU-SYTEC: Koln Court Begins Bankruptcy Proceedings
---------------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
Alu-SyTec GmbH Profile und Bauelemente on Jan. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 15, 2006,
to register their claims with court-appointed provisional
administrator Dr. Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koln, Hauptstelle,
Luxemburger Strasse 101, 50939 Koln, 12. Etage, Raum 1240, at
10:10 a.m., on March 1, 2006, at which time the administrator
will present his first report on the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  ALU-SYTEC GmbH PROFILE UND BAUELEMENTE
          Robert-Bosch-Str. 6, 50181 Bedburg
          Contact:
          Heinz Larisch, Manager
          Anne-Frank-Weg 9, 41519 Grevenbroich

          Dr. Ruediger Werres, Administrator
          Friesenplatz 17 a, 50672 Koln
          Phone: 0221/95 14 46 - 20
          Fax: +4922195144690


CS SERVICE: Creditors Have Until March 1 to Register Claims
-----------------------------------------------------------
The District Court of Wilhelmshaven opened bankruptcy
proceedings against CS Service Aller-Weser Ltd. Niederlassung
Deutschland on Jan. 10.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until March 1, 2006, to register their claims with court-
appointed provisional administrator Dr. Dirk Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Wilhelmshaven, Saal 109,
Altbau, Marktstrasse 15, 26382 Wilhelmshaven, 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:  CS SERVICE ALLER-WESER LTD. NIEDERLASSUNG DEUTSCHLAND
          Dodoweg 17, 26386 Wilhelmshaven
          Contact:
          Hanno Heine, Manager

          Dr. Dirk Rueffert, Administrator
          Donnerschweer Str. 398, 26123 Oldenburg
          Phone: 0441/340770
          Fax: 0441/34077343
          E-mail: dirk.rueffert@rueffert-rechtsanwalte.de


DRACHENLADEN WINDVOGEL: Names Oelbermann + Partner Administrator
----------------------------------------------------------------
The District Court of Bremen opened bankruptcy proceedings
against Drachenladen Windvogel GmbH on Jan. 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 4, 2006, to
register their claims with court-appointed provisional
administrator Stefanie Luethje.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bremen, Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen, at
11:00 a.m., on Feb. 23, 2006, at which time the administrator
will present his first report on the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report at 11:00 a.m., on April 27, 2006, at the
same venue.

CONTACT:  DRACHENLADEN WINDVOGEL GmbH
          Marterburg 30/31, 28195 Bremen
          Contact:
          Guenter Hachmann, Manager
          Ellhornstr. 27/29, 28195 Bremen

          Stefanie Luethje, Administrator
          Oelbermann + Partner
          Ostertorsteinweg 74/75, 28203 Bremen
          Phone: 792570
          Fax: 7925757
          E-mail: Luethje@oelb.de
          Web site: http://www.oelb.de/


ELRISOL GMBH: Court Calls in Administrator from Tiefenbacher
------------------------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against ELRISOL GmbH on Jan. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 15, 2006, to register their claims
with court-appointed provisional administrator Frank Ruediger
Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Saal D132,
Olbrichtplatz 1, 01099 Dresden, at 9:30 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:  ELRISOL GmbH
          Grossenhainer Str. 21 in 01097 Dresden

          Frank Ruediger Scheffler, Administrator
          Tiefenbacher
          C.-D.-Friedrich-Str. 6, 01219 Dresden
          Web site: http://www.tiefenbacher.de/


H&P FERTIGUNGSTECHNIK: Claims Filing Period Ends Feb. 27
--------------------------------------------------------
The District Court of Bielefeld opened bankruptcy proceedings
against H&P Fertigungstechnik GmbH on Jan. 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 27, 2006, to
register their claims with court-appointed provisional
administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bielefeld, Gerichtstrasse
6, 33602 Bielefeld, 4. Ebene, Saal 4065, at 11:45 a.m., on
March 20, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  H&P FERTIGUNGSTECHNIK GmbH
          Im Meisenfeld 6, 32602 Vlotho
          Contact:
          Axel Fasse, Manager
          Im Meisenfeld 6, 32602 Vlotho

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


MUSKAU - RESTAURANT: Court to Verify Claims on July 10
------------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Muskau - Restaurant GmbH on Jan. 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 11, 2006,
to register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 9:25
a.m., on Feb. 20, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 9:00 a.m., on July 10, 2006, at the same venue.

CONTACT:  MUSKAU - RESTAURANT GmbH
          Muskauer Str. 9,10997 Berlin

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


POLYUNION KUNSTSTOFFWERK: Creditors to Meet on March 30
-------------------------------------------------------
The District Court of Muenster opened bankruptcy proceedings
against POLYUNION Kunststoffwerk GmbH on Jan. 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 9, 2006, to
register their claims with court-appointed provisional
administrator Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Muenster, Gerichtsstr. 2 -
6, 48149 Muenster, Sitzungssaal Saal 101 B, at 9:00 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:  POLYUNION KUNSTSTOFFWERK GmbH
          Moorstrasse 49, 48432 Rheine
          Contact:
          Dorothea Klugermann, Manager

          Andreas Sontopski, Administrator
          Gnoiener Platz 1, 48493 Wettringen


TECWOOD VERTRIEBS: Passau Firm Under Bankruptcy Administration
--------------------------------------------------------------
The District Court of Passau opened bankruptcy proceedings
against TECWOOD Vertriebs GmbH on Jan. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 10, 2006, to register their
claims with court-appointed provisional administrator Dr. Klaus
Reischl.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Passau, Sitzungssaal/Zi.
Nr. 214/II. OG, Schustergasse 4, at 11:30 a.m., on Feb. 24,
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 on April
28, 2006, at the same venue.

CONTACT:  TECWOOD VERTRIEBS GmbH
          Maria am Sand 4 in 94152 Neuhaus

          Dr. Klaus Reischl, Administrator
          Residenzplatz 10, 94032 Passau
          Phone: 0851/9890589
          Fax: 0851/9890599


USCHMANN GMBH: Erfurt Business Succumbs to Bankruptcy
-----------------------------------------------------
The District Court of Erfurt opened bankruptcy proceedings
against Uschmann GmbH on Jan. 11.  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 Alter.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Erfurt, Saal 6,
Justizzentrum Erfurt, Rudolfstr. 46, 99092 Erfurt, at 8:30 a.m.,
March 29, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  USCHMANN GmbH
          Contact:
          Peter Uschmann, Manager
          Ottenhauser Strasse 1, 99631 Weissensee

          Thomas Alter, Administrator
          Schillerstr. 2, 99096 Erfurt


WAO PROJEKT: Bankruptcy Proceedings Commence in Charlottenburg
--------------------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against WAO Projekt GmbH on Jan. 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 10, 2006, to
register their claims with court-appointed provisional
administrator Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 9:50
a.m., on March 2, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 9:10 a.m., on May 18, 2006, at the same venue.

CONTACT:  WAO PROJEKT GmbH
          Siegfriedstrasse 46-48,10365 Berlin

          Knut Rebholz, Administrator
          Cicerostrasse 22, 10709 Berlin


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


ALITALIA SPA: Holds Off Wildcat Strikes to Continue Service
-----------------------------------------------------------
Operations at ailing Italian flag carrier Alitalia are going
back to normal following a week-long truce of a series of
wildcat strikes by employees, Reuters reports.

Unions, however, warned that the call-off was directed at the
consumers caught in the protest.  According to Reuters,
employees said they would resume their protest action after the
government-brokered Feb. 1 meeting between Alitalia and labor
representatives.

Unions have been critical of Alitalia's restructuring plan,
which entails deconsolidation of its ground operations to state-
owned Fintecna S.p.A. and around 3,700 job cuts.  They are
worried that the carrier's restructuring might not end up in
profit as planned.  The unions are primarily opposed to
splitting off ground operations, fearing that it would reduce
their bargaining power.

Italy, however, said there is no other way to keep Alitalia
alive but to follow and implement its turnaround plan, drafted
by Chief Executive Giancarlo Cimoli, since the European
Commission disallows further state aid through its "one time,
last time" rule.

Economy Minister Giulio Tremonti said, "That plan is the only
way to save Alitalia with the backing of the European Union."

Strikes had crippled hundreds of Alitalia flights since Jan. 19,
costing the carrier around EUR10 million a day.

                        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/(Phone: +39 06 6562
2151, Fax: +39 06 6562 4733) -- 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
===================


AIGUL: Creditors Have Until Feb. 21 to File Proofs of Claim
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of the West
Kazakhstan region declared LLC Aigul bankrupt on November 23,
2005.  Proofs of claim will be accepted at Uralsk, Dostyk-Drujba
ave. 215, office 411 on or before Feb. 21, 2006.

The company can be contacted at 8 (3112) 50-35-97.


BATYSSTROISERVICE: Sets Proofs of Claim Deadline
------------------------------------------------
The Specialized Inter-Regional Economic Court of the West
Kazakhstan region declared LLC Batysstroiservice bankrupt on
November 29, 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.


ARBA SERVICE: Succumbs to Insolvency
------------------------------------
LLC ARBA SERVICE has declared insolvency.  Proofs of claim will
be accepted at Almaty, Seifulina Str. 577/89-21 on or before
Feb. 21, 2006.

The company can be contacted at 8 (3272) 76-74-98.


KOMEK-BATYS: Court Sets Feb. 21 as Claims Bar Date
--------------------------------------------------
The Specialized Inter-Regional Economic Court of the West
Kazakhstan region declared LLC Komek-Batys bankrupt on Nov. 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.


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


ROYAL SHELL: Share Buyback Program Moving Ahead
-----------------------------------------------
Royal Dutch Shell plc purchased 425,000 'A' Shares for
cancellation at EUR26.73 per share on Jan. 26.  It further
purchased 250,000 'A' Shares for cancel at 1,833.00 pence per
share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,928,832,974.

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
===========


ADYGEYSKIY: Under External Management Bankruptcy
------------------------------------------------
The Arbitration Court of Adygeya republic has commenced external
management bankruptcy on open joint stock company Adygeyskiy.
The case is docketed as A01-B/248-2005-11.  Mr. S. Romanchin has
been appointed external insolvency manager.

CONTACT:  ADYGEYSKIY
          385140, Russia, Adygeya republic, Takhtamukayskiy
          region, Yablonovskiy, Promyshlennaya Str. 2

          S. ROMANCHIN
          External Insolvency Manager
          302004, Russia, Orel region,
          3rd Kurskaya Str. 15


BANK SYSTEMS: Moscow Arbitration Court Begins Bankruptcy Process
----------------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Bank Systems And Service Basis after finding
the close joint stock company insolvent.   The case is docketed
as A40-67359/05-38.  Ms. O. Dolina has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 240016,
Russia, Kaluga, M. Gorkogo Str. 4/26, Apartment 39.

CONTACT:  BANK SYSTEMS AND SERVICE BASIS
          101000, Russia, Moscow region,
          Balchug Str. 22

          O. DOLINA
          Insolvency Manager
          240016, Russia, Kaluga region,
          M. Gorkogo Str. 4/26, Apartment 39


GAS-SERVICE: Court Names T. Karandaeva as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Chuvashiya republic commenced
bankruptcy proceedings against Gas-Service after finding the
limited liability company insolvent.  The case is docketed as
A79-13680/2005.  Ms. T. Karandaeva has been appointed insolvency
manager.

CONTACT:  GAS-SERVICE
          428900, Russia,
          Chuvashiya republic, Novocheboksarsk

          T. KARANDAEVA
          Insolvency Manager
          428900, Russia,
          Chuvashiya republic, Novocheboksarsk


KARPINSKIY: Engineering Plant Goes Bankrupt
-------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Karpinskiy after finding the engineering
plant insolvent.  The case is docketed as A60-6080/05-S2.  Mr.
S. Malygin has been appointed insolvency manager.  Creditors
have until Feb. 17, 2006 to submit their proofs of claim to
620062, Russia, Ekaterinburg, Post User Box 206.

CONTACT:  KARPINSKIY
          624480, Russia, Sverdlovsk region,
          Karpinsk, Prom.area

          S. MALYGIN
          Insolvency Manager
          620062, Russia, Ekaterinburg,
          Post User Box 206


KRASNOCHETAYSKIY: Under Bankruptcy Supervision in Chuvashiya
------------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision on limited liability company
Krasnochetayskiy.  The case is docketed as A79-7963/2005.  Mr.
V. Alalykin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to: 610000, Russia,
Kirov region, Moskovskaya Str. 25a.

CONTACT:  KRASNOCHETAYSKIY
          Russia, Chuvashiya republic,
          Krasnye Chetai

          V. ALALYKIN
          Temporary Insolvency Manager
          610000, Russia, Kirov region,
          Moskovskaya Str. 25a


MARIA: Insolvency Manager Takes Over Firm
-----------------------------------------
The Arbitration Court of Mariy El republic has commenced
bankruptcy supervision procedure on open joint stock company
Maria.  The case is docketed as A38-1871-11/43-05.  Mr. A.
Nekerov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 610000, Russia,
Kirov region, Post User Box 37.  A hearing will take place on
Dec. 15, 2006, 10:00 a.m.

CONTACT:  MARIA
          Russia, Mariy El republic, Gornomariyskiy region,
          Kozmodemyansk, Gagarina Str. 25

          A. NEKEROV
          Temporary Insolvency Manager
          610000, Russia, Kirov region,
          Post User Box 37


MDM-BANK: Mulls Over US$150 Million Loan Borrowing
--------------------------------------------------
MDM-Bank disclosed plans to borrow up to a US$150 million one-
year term syndicated loan facility, AK&M cited a source familiar
to the matter.

The Bank was granted a one-year term loan facility of up to
US$179.5 million in November 2005, cBonds reports.  The loan
accrues 1.5% interest at Libor.  The lead-managers were Standard
Bank, Dresdner Kleinwort Wasserstein, Natexis Banques
Populaires, SMBC and WestLB.

MDM Financial Group provides banking services operating in
Russia.  The bank's three core business areas are corporate
banking, investment banking and financial markets and retail
banking and MDM bank's clients include approximately 50 of
Russia's top 100 corporates.

                        *     *     *

MDM Bank's 7-1/2% senior unsecured rating due 2007 carry Moody's
Investors Service's Ba2 rating, Standard & Poor's B+ rating and
Fitch's BB- rating.

As reported in TCR Europe on Dec. 5, 2005, Moody's Investors
Service assigned long- and short-term foreign currency ratings
of Ba2/Not Prime to MDM's US$2 billion Programme for the
Issuance of Loan Participation Notes.

The Notes will be issued by, but with limited recourse to, MDM
International Funding Plc (Ireland) for the sole purpose of
financing advances to Joint-Stock Commercial Bank "Moscow
Business World" (MDM Bank) -- the largest entity in MDM
Financial Group, comprising 95% and 98%, respectively, of the
group's total IFRS-consolidated assets and shareholders' equity.
The Notes will represent an unsubordinated and unsecured claim
on MDM Bank.  The tenor, which may vary from seven days to 30
years, and the price of the notes will be defined individually
for each tranche.  Moody's said the outlook for the ratings is
stable.


MOSCOW CITY TELEPHONE: Gets Moody's Ba3 Corp. Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to the Public Joint Stock Company Moscow City Telephone
Network.  The outlook on the rating is stable.  At the same
time, Moody's Interfax Rating Agency, which is majority owned by
Moody's, has assigned Aa3.ru long-term national scale credit
rating (NSR) to the company.

According to Moody's and Moody's Interfax, the Ba3 global scale
rating reflects the company's global default and loss
expectation, while the Aa3.ru national scale rating reflects the
standing of the company's credit quality relative to its
domestic peers.

                     Rating Rationale

The Ba3 corporate family and the Aa3.ru national scale ratings
factor in:

  (a) The company's leading market position and its ownership of
      the local loop infrastructure in Moscow;

  (b) Relatively benign competitive environment;

  (c) Growth potential in broadband and long distance
      interconnect as well as potential benefits from up-selling
      its services through Comstar United TeleSystems (Comstar),
      its immediate shareholder;

  (d) The company's position as one of the key
      telecommunications assets of its ultimate shareholder --
      Joint Stock Financial Corporation Sistema (rated B1 /
      Stable outlook); and

  (e) its relatively conservative financial policy.


At the same time, the rating reflects:

  (a) MGTS' heavy investment requirements in broadband and new
      generation network (NGN) resulting in an expectation for
      negative free cash flow generation over the medium term;

  (b) Ongoing threat from fixed-to-mobile substitution;

  (c) Increasing competition from cable and other alternative
      operators for the provision of broadband and data
      services;

  (d) Highly uncertain regulatory environment and the risk of
      future tariff increases lagging inflation; and 6) low
      personal computer penetration, which could limit the
      growth of broadband services going forward.

MGTS currently owns over 90% of the residential access lines in
Moscow whilst its share of active lines in business segment is
close to 40%.  The Ba3 rating reflects MGTS' ownership of the
"last mile" in Moscow and the unlikely liberalization of the
local loop infrastructure over the medium term.

MGTS enjoys a relatively benign competitive environment.  The
company is a leader in the service provision to the residential
customers albeit it faces increasing competition from
alternative providers for the provision of broadband services.
Moody's, however, notes that the market for the residential
broadband services is relatively fragmented thus somewhat
mitigating competitive threat of alternative providers.  For the
business customers, the company predominantly competes with
Golden Telecom, one of the largest alternative providers active
on this market.  With MGTS' integration into Comstar UTS, it is
envisaged that Comstar and its subsidiary MTU-Intel will
increase their focus on business customers by utilizing MGTS'
infrastructure.

MGTS has been exposed to the fixed-to-mobile substitution, which
impacted the number of its potential customers.  Going forward,
it is reasonably likely that the effect of fixed-to-mobile
substitution will lessen given that mobile penetration in Moscow
is over 100%.

Moody's notes that MGTS' residential tariffs do not fully cover
costs associated with the provision of services to its
residential customers.  Given the track record of consistent
tariff increases in the past, Moody's expects the company to
reach the break-even point for its residential services over the
medium term.

The Ba3 rating takes into account high regulatory uncertainty in
Russia, which results in some unpredictability in MGTS' revenues
going forward.  From January 2006, a number of regulatory
initiatives will be introduced in Russia, including
liberalization of services for domestic long distance and
international long distance calls.  Although it is somewhat
difficult at this stage to quantify the potential impact of this
initiative on MGTS' revenues, Moody's expects it to be
favourable to the company.

MGTS is also well positioned to benefit from the potential
growth in broadband Internet as well as from up-selling its
services through Comstar UTS, its immediate shareholder.
Moody's however cautions that, although the current broadband
penetration is still relatively low in Moscow, any growth
potential in broadband services could be limited by the
comparatively low PC penetration.

MGTS also plans to pursue a sizeable capital expenditure program
to continue digitization of its network and to invest into the
new generation network.  The planned capital expenditure program
will rely on supportive tariff evolution to be implemented in
full.  However, a large component of this spending relates to
development initiatives, which could be curtailed or postponed
in the event current tariff expectations do not materialize.
Moody's, however, notes relatively low digitization of MGTS
network (30% by the end of 2005), which could potentially impede
provision of value added services.

As a result of the capital expenditure program, Moody's expects
MGTS to be free cash flow negative over the medium term.  The
Ba3 rating, however, relies on the expectations that the free
cash flow deficits will not be sizeable and that the company
will be able to finance the majority of its capex through
internally generated cash flow thus limiting debt incurrence in
the future.  The Ba3 rating factors in limited financial
flexibility for debt incurrence.


MGTS is an indirect subsidiary of AFK Sistema which implemented
consolidation of its fixed-line assets under the umbrella of
Comstar with a view to pursue an initial public offering of
Comstar in the near team.  The rating assumes maintenance of a
conservative dividend policy going forward (including dividends
to the company's preferred shareholders in the amount of up to
10% of the net income under Russian accounting standards).

                       Rating Outlook

The stable outlook on the rating reflects Moody's expectations
that the company will be able to achieve further tariff
increases to fund its operating expenses and to a large degree
its capital expenditures.  The outlook on the rating relies on
the expectations that the company will not incur any material
amount of debt over the medium term.

Furthermore, Moody's notes that due to Sistema's restructuring
of its fixed line assets MGTS is now directly controlled by
Comstar (a 56% stake) with Sistema now owning MGTS in part
indirectly though its c. 80% ownership in Comstar.  MGTS also
owns a c. 19% stake in Comstar.  The rating reflects Moody's
expectations that any further corporate restructuring of the
group, including commercial relations within the group, will be
neutral to MGTS' credit profile.

The rating assumes that MGTS' dividend policy will not change
were Comstar to be successful in acquiring Svyazinvest's 28%
stake in MGTS through either a debt or equity financed
transaction.  Furthermore, Moody's assumes that MGTS' strategic
focus within the Comstar group will remain broadly unchanged and
that it will continue to be strategically managed on a stand-
alone basis over the medium term.

Headquartered in Moscow, Russia, MGTS is the incumbent fixed-
line operator in the Moscow metropolitan area with a population
of over 10 million.  In 2004, the company generated USD 480.8
million of revenue and USD 167.5 million of EBITDA.

                        Issuer profile

Public Joint Stock Company Moscow City Telephone Network is one
of the largest wire telecom operators not only in Russia, but
Europe-wide too.  In 2003, the installed capacity of the Network
was initially estimated to have increase by 35.7 thousand and
stood at 4.37 million numbers.  The telephone density in Moscow
conforms to the European rate, i.e. 52 PJSC MGTS telephones per
100 Moscow inhabitants.  At the present time, the share of the
Company in the Moscow fixed line communication market is about
80%.

                     Outstanding issues

   Two issue(s) outstanding worth RUR 3,000,000,000

                     Issuer's rating

   Standard & Poor's   BB-/Stable   Int. Scale (foreign curr.)
   03/24/2005

   Standard & Poor's   BB-/Stable   Int. Scale (loc. curr.)
   03/24/2005

   Standard & Poor's   ruAA-        National Scale (Russia)
   03/24/2005

   Moody's             Ba3/Stable   Int. Scale (foreign curr)
   01/19/2006

   Moody's Interfax    Aa.ru3       National Scale (Russia)
   Rating Agency
   01/19/2006

CONTACT:  MOODY'S INVESTORS SERVICE LTD.
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


MOSKVORETSKIY BREWERY: Bankruptcy Hearing Set April 25
------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision on open joint stock company Moskvoretskiy Brewery.
The case is docketed as A40-50096/05-38-95B.  Mr. K.
Chernyavskiy has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

   (a) MOSKVORETSKIY BREWERY
       115201, Russia, Moscow region,
       Varshavskiy Proezd, 1A

   (b) K. CHERNYAVSKIY
       Temporary Insolvency Manager
       105064, Russia, Moscow region,
       Basmannyj Tupik, 6-6a, Building 1

   (c) ARBITRATION COURT OF MOSCOW REGION
       107996, Russia, Moscow region,
       N. Basmannaya Str. 10

A hearing will take place on April 25, 2006.


OAO SEVERSTAL: Fitch Upgrades Senior Unsecured Rating to BB-
------------------------------------------------------------
Fitch Ratings has upgraded OAO Severstal's Senior Unsecured
rating to 'BB-' from 'B+' and National Unsecured Rating to
'A+(rus)' from 'A(rus)'.  A Stable Outlook has been assigned.
At the same time, Fitch has affirmed Severstal's Short-term 'B'
rating.  Approximately US$700 million of public debt is covered
by this rating action.

The rating upgrades reflect Severstal's demonstrated ability to
manage a strong financial profile thanks to its significant
shareholder control of raw materials, diversified geographical
sales and revised acquisition policy based on prudent financial
metrics.  This is at the backdrop of improvements in Russian
macroeconomic fundamentals since the rating was initially
assigned in March 2004 as the bulk of production assets are
based in Russia.  Furthermore, the company was able to deliver
on its key synergies from its U.S. operations, following the
acquisition of Rouge Industries in FY04 despite competitive
market pressure faced by steel-makers linked to US automotive
industry.

"Severstal's ratings reflect its focus on a value-added product
mix dominated by flat steel products aimed to automotive
industry," said Sonya Dilova, associate director in Fitch's
Corporate Group in London.  "The ratings also take into account
the company's strong credit ratios and profitability compared
with its domestic and international peers."

However, Fitch Ratings remains concerned about Severstal's
largely concentrated ownership structure which encourages
transactions with related parties as demonstrated by Lucchini's
S.p.A. acquisition in FY05 but comfort is gained from their
relatively low scale and limited occurrence.

Severstal has carved strong domestic market positions, which, in
turn, will benefit from further Russian economic growth.  While
the company's strategic focus on the domestic market remains,
Severstal benefits from a balanced geographical distribution of
sales thanks to economies of scales.  Nevertheless, the company
remains exposed to cyclicality of the steel industry due to its
embedded fragmentation and commodity nature.  Fitch expects,
however, the company's vertically integrated business model,
which underpins its low-cost production to provide some
resilience to cyclical downturns.

The Stable Outlook reflects Fitch Ratings' expectation that
Severstal will maintain a satisfactory financial and business
profile in the future despite the continued cyclical nature of
the industry.  The company's scale, its track record in
integrating new businesses, its low-cost structure, diversity of
sales and production capacity, coupled with its healthy
financial profile, will help to support its future performance.

Severstal is Russia's third largest steel producer and 20th
largest in the world.  The bulk of its production is flat-steel
products.


ONEZHSKOYE MILK: Claims Filing Period Ends Feb. 17
--------------------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Onezhskoye Milk after finding the limited
liability company insolvent.  The case is docketed as A13-
5016/2005-22.  Mr. A. Kalachev has been appointed insolvency
manager.  Creditors have until February 17, 2006 to submit their
proofs of claim to 160035, Russia, Vologda region, Pobedy Pr.
55-7.

CONTACT:  ONEZHSKOYE MILK
          Russia, Vologda region,
          Vyterga, Leningradskiy Trakt, 23

          A. KALACHEV
          Insolvency Manager
          160035, Russia, Vologda region,
          Pobedy Pr. 55-7


ORLOVSKIY AGRO-COMBINE: Bankruptcy Supervision Begins
-----------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision on open joint stock company Orlovskiy Agro-Combine.
The case is docketed as A48-7181/05-17B.  Mr. A. Evseev has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

   (a) ORLOVSKIY AGRO-COMBINE
       302028, Russia, Orel region,
       S. Shaumyana Str. 35

   (b) A. EVSEEV
       Temporary Insolvency Manager
       302004, Russia, Orel region,
       3rd Kurskaya Str. 15

   (c) ARBITRATION COURT OF OREL REGION
       302028, Russia, Orel region,
       M. Gorkogo Str. 42

A hearing will take place on April 28, 2006.


REM-MELIO-MASH: L. Tomilova as Temporary Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on open joint stock company Rem-Melio-
Mash.  The case is docketed as A28-402/05-301/6.  Ms. L.
Tomilova has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 610002, Russia,
Kirov region, Orlovskaya Str. 20a.  A hearing will take place on
May 15, 2006.

CONTACT:  REM-MELIO-MASH
          610925, Russia, Kirov, Novovyatskiy region,
          Raduzhnyj, Industrialnaya Str. 11

          L. TOMILOVA
          Temporary Insolvency Manager
          610002, Russia, Kirov region,
          Orlovskaya Str. 20a


=========
S P A I N
=========


CABLEUROPA S.A.U.: Moody's Rates Proposed Notes at (P)B3
--------------------------------------------------------
Moody's Investors Service has assigned a (P)B3 rating the
proposed issuance of EUR270 million senior bonds by Ono Finance
II Plc.  The issuance is in line with the expectations factored
into the rating action in December 2005.

The notes will be issued by Ono Finance II plc, a finance
vehicle incorporated in Ireland.  The new notes will rank pari-
passu both structurally and contractually with the existing
EUR280 million notes maturing in 2014.  Both instruments will be
guaranteed on a senior subordinated basis by Cableuropa S.A.U.
(Cableuropa or ONO) and Auna Telecomunicaciones, S.A.U.  (Auna).

Concurrently, Moody's has withdrawn the B1 corporate family
rating at the level of Ono Finance Plc and has assigned the same
rating to Cableuropa.  The assignment of the corporate family
rating at Cableuropa reflects the fact that the notes issued by
both finance vehicles rely on a Cableuropa's guarantee.

The outlooks on the ratings are stable.

Headquartered in Madrid, Spain, ONO owns and operates a number
of cable communications franchises.  The combined group of Ono
and Auna is the second largest operator in Spain with 1.6
million customers.  For the nine months 2005, the combined group
generated on a pro-forma basis EUR1.3 billion in revenue and
EUR342 million in pro-forma EBITDA.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Jenya Brown, Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


SKANDIA INSURANCE: Old Mutual Declares Offer Unconditional
----------------------------------------------------------
Acceptances of Old Mutual PLC's offer have been validated
representing 72.3% of all the shares in Skandia Insurance
Company Ltd.  Old Mutual declared the offer unconditional and
extended the acceptance period until Feb. 9, 2006.

In consultation with Old Mutual, Skandia's board has decided
that an extraordinary general meeting will be held on Tuesday,
Feb. 21, 2006, at 4:30 p.m.  The extraordinary general meeting
will involve election of a new board for Skandia.  Notices of
the meeting will only be made in daily newspapers.

The record date for the right to attend the meeting will be
Feb. 10, 2006, at which time nominee-registered shares must be
re-registered in the owner's name.

                       Yearend Report 2005

Skandia's yearend report will be released earlier than
scheduled, on Feb. 21, 2006.  The report will be available to
the market prior to the opening of the Stockholm Stock Exchange,
and a press conference along with a live webcast will be held at
Skandia at 10:30 a.m. on that day.

                          Market Shares

On Wednesday, Feb. 15, 2006, the Swedish Insurance Federation
will report on market shares for the Swedish life assurance
market.  In connection with this, Skandia will present sales
figures for the group as a whole and comment on the company's
market shares in Sweden.

                       Regulatory Approval

In another statement, Old Mutual disclose the only remaining
outstanding condition for its Offer -- regulatory approval from
the insurance regulator in Poland (Komisja Nadzoru Ubezpieczen I
Funduszy Emerytalnych) -- was waived.  Failure to receive
approval from the Polish insurance regulator would only have a
minimal effect on the financial performance of the enlarged
group.

As a consequence of the Offer being declared wholly
unconditional, shareholders are no longer able to withdraw any
Skandia Shares in respect of which valid acceptances have been
received.  Skandia Shareholders who have already accepted the
Offer and who wish to receive delivery of their New Old Mutual
Shares through the U.K. clearing system, CREST, rather than
through the VPC in Sweden, and who have not previously made an
election to do so, should contact Handelsbanken or their
custodian as soon as possible to obtain and submit the necessary
form of election before the close of business on Friday, Jan.
27, 2006.

Settlement in respect of valid acceptances received by 2:00 p.m.
(U.K. time) on Jan. 26, 2006 was expected to take place on Feb.
1, 2006 for those Shares to be settled through CREST, and on
Feb. 2, 2006 for those settled through the VPC.
Trading in the newly issued Old Mutual Shares on the London
Stock Exchange is expected to begin on Feb. 1, 2006, and trading
in Old Mutual Shares on the Stockholm Stock Exchange is expected
to begin on Feb. 2, 2006.

The Offer will remain open for final acceptance until close of
business on Feb. 9, 2006 and final settlement in respect of
valid acceptances received during the extended Offer period is
expected to take place by Feb. 17, 2006.

In accordance with Swedish Takeover Rules, Old Mutual reserves
the right to acquire additional Skandia Shares on the market
based on certain conditions.

                        About the Company

Based in Stockholm, Sweden, Skandia Insurance Company Limited --
http://www.skandia.com/-- is one of the world's leading
independent providers of quality solutions for long-term
savings.  With operations in 20 countries and approximately
5,800 employees, Skandia offers products and services catering
to customers' needs for savings solutions and financial security
in various phases of life.  In 2004, the company reported sales
of SEK98 billion, and a net result of -SEK139 million.

                          2003 Scandal

Before falling prey to Old Mutual, Skandia had struggled to save
itself from a damaging scandal in 2003.  Then-Chief Executive
Lars Erik Petersson faced charges of fraud for allegedly issuing
huge bonuses to other executives without the board's consent.
The blow saw the insurer become more independent on its U.K.
operations, and disputes between its Swedish and British
management widened.  A disastrous share price performance, the
failure of a costly expansion into the U.S. and sustained
criticism in the Swedish media over internal dealings between
the parent company and its life insurance arm, Skandia Liv,
didn't help Skandia's reputation, either.


===========
T U R K E Y
===========


TEKFENBANK A.S.: Fitch Affirms Long-Term B Rating
-------------------------------------------------
Fitch Ratings affirmed Turkey-based Tekfenbank A.S.'s
(Tekfenbank) ratings at Long-term and Short-term foreign and
local currency ratings 'B', Individual 'D', Support '5' and
National Long-term 'BBB (tur)'.  The Outlook on Long-term
ratings is Stable.  At the same time, Fitch has withdrawn all
the ratings.  The agency will no longer provide ratings or
analytical coverage of this issuer.


TURKISH BANKS: S&P Raises Seven Banks' Ratings
----------------------------------------------
Standard & Poor's Ratings Services revised its outlook to
positive from stable on seven Turkish banks:

   -- T.C. Ziraat Bankasi A.S.,
   -- Trkiye Is Bankasi A.S.,
   -- Trkiye Garanti Bankasi A.S.,
   -- Garanti Finansal Kiralama A.S.,
   -- Kocbank,
   -- Trkiye Vakiflar Bankasi T.A.O., and
   -- OYAK Bank A.S.

Standard & Poor's also affirmed its 'BB-/B' long- and short-term
counterparty credit ratings on Ziraat, Isbank, Garanti Leasing,
Ko‡bank, VakifBank, and OYAK Bank.  The 'BB-' long-term
counterparty credit rating on Garanti was affirmed as well.

The outlook revisions reflect the improved economic environment
in Turkey, as well as positive trends in the Turkish banking
sector.  The banks' improving financial profiles and
performances enhance prospects for upgrades.  Our outlook
revision to positive this week on the Republic of Turkey
(foreign currency BB-/Positive/B; local currency BB/Positive/B)
reflected the government's continued commitment to prudent
macroeconomic policies that have strengthened domestic and
international confidence in the economy, in turn reinforcing
domestic demand, improving the country's financing conditions,
and strengthening the currency.

Improvements in the banks' asset quality, profitability, and
capitalization have been strong over the past three years.  As
gains on government securities are declining, banks are moving
their business models toward deeper customer intermediation.
New opportunities, including mortgage lending, will arise for
leading Turkish financial institutions if the positive economic
developments in the country continue.  Growing foreign direct
investment in the banking sector, also a sign of strengthening
health, is driving improvements in corporate governance,
management, and systems, and could ultimately bring potential
financial support if needed (see "Turkish Banking Sector Growth
Potential Leads To Significant Foreign Investment From West"
published Jan. 16, 2005, on RatingsDirect).  At the same time,
however, Turkish banks will remain challenged by the still-risky
economic environment, their large holdings of government debt,
the increasingly competitive environment, and the difficult task
of adapting their business models.

The ratings on all of the banks primarily reflect the still
risky financial and economic environment in Turkey.  They also
specifically reflect:

  (a) For Ziraat, on the one hand, the challenges faced by the
      bank related to its ongoing restructuring, limited revenue
      diversification, and declining capitalization,
      counterbalanced on the other hand by its government
      ownership, large retail funding base, adequate liquidity,
      and limited single-party concentration risks;

  (b) For Isbank, its leading commercial position and adequate
      financial profile and liquidity position;

  (c) For Garanti, a strong commercial position, good
      management, and improving financial profile and
      performance.  The bank's shareholding structure changed
      dramatically in Dec. 2005, when General Electric Co.
      (AAA/Stable/A-1+) acquired 25.5% of Garanti's ordinary
      shares from Dogus Holding A.S. (BB-/Stable/B).  Both
      institutions now hold equal shares in Garanti;

  (d) For Garanti Leasing, the company's small size, limited
      business and geographic diversification, and weak funding
      profile on the one hand, counterbalanced on the other by
      Garanti's ownership and strong expected financial support
      if necessary, owing to the institutions' close commercial
      links and high integration;

  (e) For Ko‡bank, the potential risks linked to the bank's
      ambitious expansion strategy, but also its adequate
      financial position, strong brand name and group franchise,
      and wealthy and supportive shareholders;

  (f) For VakifBank, vulnerable asset quality and tight
      capitalization, counterbalanced by indirect state
      ownership and association with charitable foundations, a
      good customer franchise, and a strong--albeit
      concentrated--deposit base; and

  (g) For OYAK Bank, a moderate business position in an
      increasingly competitive market, but also the commercial
      and legal advantages deriving from a strategically
      important role within OYAK (Ordu Yardimlasma Kurumu,
      BB-/Stable/B), one of Turkey's largest financial-
      industrial conglomerates.

                           Ratings List

                                      To                From
                                 -------------     ------------
  T.C. Ziraat Bankasi A.S.
  Trkiye Is Bankasi A.S.
  Garanti Finansal Kiralama A.S.
  Ko‡bank
  Trkiye Vakiflar Bankasi T.A.O.
  OYAK Bank A.S.
    Counterparty credit rating   BB-/Positive/B    BB-/Stable/B
    Certificates of deposit      BB-/B             BB-/B

  Trkiye Garanti Bankasi A.S.
    Counterparty credit rating   BB-/Positive/--   BB-/Stable/--


Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com/It can also be found at
http://www.standardandpoors.com/Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5914; or Moscow (7) 495-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com


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


BOLGRAD' AUTO 1507: Odessa Court Declares Company Insolvent
-----------------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against OJSC Bolgrad' Auto Transport Enterprise 1507
(code EDRPOU 22500826) after finding the open joint stock
insolvent.  The case is docketed as 24/138-05-5496.  Mr.
Vladislav Ivanov has been appointed liquidator/insolvency
manager.

CONTACT:  BOLGRAD' AUTO TRANSPORT ENTERPRISE 1507
          68700, Ukraine, Odessa region,
          Bolgrad, Transportna Str. 3

          Mr. Vladislav Ivanov
          Liquidator/Insolvency Manager
          65011, Ukraine, Odessa region, a/b 46

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


POLLAKS: Under Bankruptcy Supervision in Kyiv
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Private Enterprise Pollaks (code EDRPOU
30440804).  The case is docketed as 15/688-b.  Mr. Ivan Gusar
has been appointed temporary insolvency manager.  The company
holds account number 26005100125001 at JSB Privatinvest, Kyiv
region branch, MFO 380021.

CONTACT:  POLLAKS
          Ukraine, Kyiv region,
          V. Hvojki Str. 18/14

          Mr. Ivan Gusar
          Temporary Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 29
          Phone/Fax: (044) 236-11-17

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


POLLAKS COMMERCIAL: Court Names Ivan Gusar as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Commercial House Pollaks (code
EDRPOU 32378775).  The case is docketed as 15/687-b.
Mr. Ivan Gusar has been appointed temporary insolvency manager.
The company holds account number 26002100292001 at JSB
Privatbank, Kyiv region branch, MFO 380021.

CONTACT:  POLLAKS
          Ukraine, Kyiv region,
          Alisher Navoya Str. 76

          Mr. Ivan Gusar
          Temporary Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 29
          Phone/Fax: (044) 236-11-17

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


PROEKT: Insolvency Manager Takes Over Operations
------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Proekt (code EDRPOU 30490185) after finding
the limited liability company insolvent.  The case is docketed
as 6/79-05.  Mr. I. Filenko has been appointed
liquidator/insolvency manager.

CONTACT:  PROEKT
          42700, Ukraine, Sumi region,
          Ohtirka, Zhovtneva Str. 31

          Mr. I. Filenko
          Liquidator/Insolvency Manager
          40021, Ukraine, Sumi region,
          Malinovskij Str. 12

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


SPETSKOMPLEKT: Court Begins Bankruptcy Process in Kyiv
------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Spetskomplekt (code EDRPOU 31410200) on
December 8, 2005 after finding the limited liability company
insolvent.  The case is docketed as 15/834-b.  Ms. Drugova Irina
has been appointed Liquidator/Insolvency Manager.

CONTACT:  SPETSKOMPLEKT
          Ukraine, Kyiv region,
          Narodnogo Opolchennya Str. 1

          Ms. Drugova Irina
          Liquidator/Insolvency Manager
          51931, Ukraine, Dnipropetrovsk region,
          Dniprodzerzhinsk, a/b 820
          Phone: 8 (0569) 53-13-06

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


TAVRIYA: Court Names Yurij Ulyanchuk to Liquidate Assets
--------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Tavriya (code EDRPOU 32310633) on Dec. 7,
2005 after finding the limited liability company insolvent.  The
case is docketed as 19/74.  Mr. Yurij Ulyanchuk has been
appointed liquidator/insolvency manager.

CONTACT:  TAVRIYA
          01103, Ukraine, Kyiv region,
          Perspektivna Str. 9/11

          Mr. Yurij Ulyanchuk
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Sichnevogo Povstannya Str. 11-a/54

          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
===========================


ACCODA LIMITED: Hires RSM Robson Rhodes Administrator
-----------------------------------------------------
David Michael Riley and Charles William Anthony Escott of RSM
Robson Rhodes LLP were appointed joint administrators of Accoda
Limited (Company No 03265127) on Jan. 16.  Its registered office
is at The Post House, Mill Street, Congleton, Cheshire CW12 1AB.

Headquartered in Cheshire, United Kingdom, Accoda Limited --
http://www.accoda.com/-- designs and manufactures networking
products, backup & reliability systems, remote monitoring &
alarm management systems and special product development.  It
also has regional facilities in Farnborough, Hampshire and
London.

CONTACT:  ACCODA LIMITED
          Meridian House
          Winsford Industrial Estate
          Winsford, Cheshire CW7 3QG
          United Kingdom
          Phone: +44 (0) 1606 557559
          Fax: +44 (0) 1606 863700
          E-mail: website.enquiry@accoda.com

          RSM ROBSON RHODES LLP
          Colwyn Chambers,
          19 York Street,
          Manchester M2 3BA
          Phone: +44 (0) 161 236 3777
          Fax:   +44 (0) 161 455 3444
          Web site: http://www.robsonrhodes.co.uk/


BELL'S OF TOLWORTH: Meeting of Creditors Slated for Feb. 7
----------------------------------------------------------
Creditors of Bell's Of Tolworth Limited (Company No 01166014)
will meet on Feb. 7, 2006, 10 a.m. at Vantis, 4th Floor,
Southfield House, 11 Liverpool Gardens, Worthing, West Sussex
BN11 1RY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Colin Ian Vickers, joint administrator of Vantis,
4th Floor, Southfield House, 11 Liverpool Gardens, Worthing,
West Sussex BN11 1RY not later than 12 noon, Feb. 6, 2006.

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


BIG BOTTLES: Appoints Begbies Traynor Administrator
---------------------------------------------------
John Wynn Davies and David Hill of Begbies Traynor were
appointed joint administrators of Big Bottles Limited (Company
No 4687610) on Jan. 11.  Its registered office is at Unit 4C,
Caldicot Way, Avondale Industrial Estate, Cwmbran, Torfaen NP44
1VF.

Big Bottles Limited -- http://www.bigbottles.co.uk/--  
manufactures the highest quality water cooler bottles.

CONTACT:  BIG BOTTLES LTD.
          Unit 4C, Calicott Way
          Avondale Industrial Estate
          Cwmbran NP44 1UF
          Gwent
          Phone: 0870 950 4010
          Fax: 0870 950 4011

          BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


BLACK MOUNTAIN: Liquidators Take Over Firm
------------------------------------------
Shareholders of Black Mountain International (2000) Limited
passed a resolution to wind up the company at an Extraordinary
General Meeting held on Jan. 12 at 25 Moorgate, London EC2R 6AY.
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Limited were appointed joint liquidators.

CONTACT:  BLACK MOUNTAIN INTERNATIONAL (2000)
          30 Marsh Wall
          London E14 9TP
          Phone: 020 75159679

          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


BOLTON TIMBER: Administrators Enter Firm
----------------------------------------
Stephen L. Conn and David P. Appleby of Begbies Traynor were
appointed joint administrators of Bolton Timber Company Limited
(Company No 01781353) on Jan. 11.  The company supplies timber.

CONTACT:  BOLTON TIMBER CO. LTD.
          Belgrave Street
          207 Wigan Road
          Atherton, Manchester M46 0GD
          United Kingdom
          Phone: (01942) 876000

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com/


BRITISH NUCLEAR: Board Approves Toshiba's Bid for Westinghouse
--------------------------------------------------------------
The Board of Directors for British Nuclear Fuels PLC confirmed
Toshiba Corporation as the preferred bidder for Westinghouse
Electric Company, paving the way for what BNFL Chief Executive
Mike Parker predicted will be a "smooth, expeditious" sale.
Toshiba offered the highest bid for Westinghouse.

"With the endorsement of the Board of Directors, we now look
forward to a smooth, expeditious sale.  This was a
straightforward decision due to the strength of Toshiba's bid,
and the care BNFL has taken to ensure every potential concern is
addressed responsibly," Mr. Parker said.

"Toshiba offered not only the highest price but also the best
value, making this the clear-cut best result for our business,
for our employees and for the British taxpayers," BNFL Board
Chairman Gordon Campbell said.

Toshiba is now engaged in additional due diligence, examining
Westinghouse's business records as a formal step toward a final
contract, which the parties hope to sign next month.

                       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
April 1, 2005 all the U.K. assets have been transferred to the
Nuclear Decommissioning Authority.


CHESTER PROPERTIES: Names Alan Tomlinson as Liquidator
------------------------------------------------------
Shareholders of Chester Properties (Blantyre) Limited and
Chester Properties (Huddersfield) Limited passed a resolution to
wind up the companies 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.

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/


DANKA BUSINESS: Hosting Third Quarter Conference Call on Feb. 7
---------------------------------------------------------------
Danka Business Systems PLC will release its third quarter
results at 1:30 p.m. U.K. time on Tuesday, Feb. 7, 2006, and
will have a conference call at 3:00 p.m. U.K. time (10:00 a.m.
EST) that day.

To participate in the conference call, U.S. and Canada callers
can dial (800) 309-1555 and U.K. and International callers can
dial +1 (706) 643-7754.  Reference conference ID is #4831368
when prompted.  The live audio broadcast of the call also can be
accessed from Danka's web site at http://www.danka.com/

                        About the Company

Headquartered in London and St. Petersburg, Florida, Danka
Business Systems plc -- http://www.danka.com/-- is an
independent provider of enterprise imaging systems and services.
With a worldwide workforce of 9,500, the company delivers value
to clients worldwide by using its expert technical and
professional services to implement effective document
information solutions.

                        *     *     *

In July, Danka Business reported first-quarter revenue of
GBP166.8 million, gross margins of 33.7% and a loss from
continuing operations before tax and finance costs of GBP2.3
million, including a cost restructuring charge of GBP3.0
million.

For the full year, Danka reported turnover of GBP668.2 million
and operating losses of GBP22.8 million excluding exceptional
items.  Danka's fourth quarter turnover was GBP158.6 million and
operating losses were GBP27.1 million excluding exceptional
items.  The results include a GBP9.4 million provision for U.S.
trade debtors in the fourth quarter.  Including the exceptional
restructuring charges of GBP5.1 million and GBP4.0 million, the
Group reported operating losses of GBP27.9 million for the full
year and GBP31.0 million for the fourth quarter respectively.


ENRICI POWER: Administrators from PwC Move In
---------------------------------------------
Steven Anthony Pearson and Anthony John Kett of
PricewaterhouseCoopers LLP were appointed joint administrators
of Enrici Power Marketing Limited (Company No 02554618) on
Jan. 12.  Its registered office is at Enron House, 40 Grosvenor
Place, London SW1X 7EN.  The company is engaged in electricity
marketing in the United Kingdom.

CONTACT:  ENRICI POWER MARKETING LIMITED
          Enron House
          40 Grosvenor Place,
          London, SW1X 7EN

          PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com/


FIELD AND TREK: Outdoor Clothing Retailer Hires Administrator
-------------------------------------------------------------
Mark Robert Fry and David Paul Hudson of Begbies Traynor Field
And Trek Plc (Company No 01090449) on Jan. 12.  Its registered
office is at Matrix House, 12-16 Lionel Road, Canvey Island,
Essex SS8 9DE.

Field And Trek Plc -- http://www.fieldandtrek.com/-- was
established in 1973.  It offers the widest range of outdoor
clothing and equipment from the world's finest brands.

CONTACT:  FIELD & TREK
          Langdale House, Sable Way,
          Laindon, Essex SS15 6SR,
          England
          Phone: 0870 777 1071

          BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com/


HENNELLYS UTILITIES: Taps Hurst Morrison to Administer Assets
-------------------------------------------------------------
Gareth Wyn Roberts and Paul William Ellison of Hurst Morrison
Thomson Corporate Recovery LLP were appointed joint
administrators of Hennellys Utilities Limited (Company No
03514230) on Jan. 17.

Hennellys Utilities Limited -- http://www.hennellys.com/-- was
founded in 1975.  The company first acquired excavators and
associated plant and equipment to work on civil engineering
contracts with major clients including Amey, Amec, Balfour
Beatty, Costain and John Laing.

CONTACT:  HENNELLYS UTILITIES LTD
          10 Park Avenue
          Southall
          Middlesex UB1 3AD
          United Kingdom
          Phone: (020) 8571 1811
          Fax: (020) 8571 0771

          HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


INTERTEK GROUP: Buying AKZO Nobel's EMC Unit for EUR13 Million
--------------------------------------------------------------
Intertek Group PLC agreed to acquire the Electro Magnetic
Compatibility business of AKZO Nobel in Japan for EUR13 million
(GBP9 million) in cash.  Completion of the acquisition is
expected to take place by Feb. 22, 2006.

The business being acquired was created in 1983, operates out of
four sites near Tokyo and now enjoys a strong local market
position.  It provides a full range of EMC testing services
including emissions and immunity testing to major Japanese
manufacturers of electrical and electronic goods.

This acquisition provides an excellent platform for further
growth of Intertek in a key target country and market.

                        About the Company

Headquartered in London, Intertek Group PLC --
http://www.intertek.com/-- is an international testing,
inspection and certification organization, which assesses
customers' products and commodities against a wide range of
safety, regulatory, quality and performance standards and
certifies the management systems of customers.  Intertek has 294
laboratories and over 13,500 people around the world and is
increasingly undertaking outsourced testing work for its
customers.

At the end of 2004, Intertek's shareholders' funds remained
negative at GBP3.6 million, but down from -GBP43.1 million at
Dec. 31, 2003.  The deficit stems principally from the write-off
of goodwill in 1996 when the Group was purchased from its former
owners.  This amounted to GBP229.9 million at Dec. 31, 2004.
The Group's net debt at Dec. 31, 2004, was GBP112.4 million
compared to GBP132.2 million.


LANGBAR INTERNATIONAL: Sets Meeting to Tackle Investor Queries
--------------------------------------------------------------
An informal meeting of the shareholders of Langbar International
Limited will take place at The New Connaught Rooms, 61-65 Great
Queen Street, Covent Garden, London WC2B 5DA, at 10:00 a.m., on
Feb. 14, 2006.  This is to update shareholders on the position
of the Company and answering their queries.

Any shareholder who wishes to attend should bring with him/her
satisfactory proof of his/her shareholding and personal
identification.  A shareholder may appoint a person to attend
the meeting on his/her behalf.  Any person attending on behalf
of a shareholder should bring with him/her written authority
from the shareholder to attend the meeting, satisfactory proof
of the shareholder's shareholding and personal identification.

                      About the Company

Headquartered in Bermuda, Langbar International Limited --
http://www.langbar.com/-- is an independent management and
investment firm.  Formerly Crown Corporation, it was renamed
Langbar after Stuart Pearson became chief executive in June.
Langbar International operates internationally, and is listed in
London on the Alternative Investment Market of the London Stock
Exchange.  It has investments in Argentina, Canada, Russia,
Eastern Europe, Spain and Portugal.

The company is under investigation for fraud in relation to the
disappearance of the firm's GBP365 million cash deposits in
Banco do Brazil in Sao Paulo.  It has replaced Spanish firm
Gironella Velasco with Deloitte as auditor.


LIZBAN PRESS: Administrators from Moore Stephens Enter Firm
-----------------------------------------------------------
Simon G. Paterson and David R. Elliott of Moore Stephens LLP
were appointed joint administrators of Lizban Press Limited
(Company No 03367756) on Jan. 16.

CONTACT:  LIZBAN PRESS
          Block 2, Dockyard Industrial Estate
          Woolwich SE18 5PQ
          London
          Phone: 020 8316 1230
          Fax: 020 8316 4004

          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/


MINORPLANET SYSTEMS: Directors Optimistic About Firm's Future
-------------------------------------------------------------
At the Annual General Meeting of Minorplanet Systems PLC,
Chairman David Perry said the results for the new financial year
continued to be ahead of budget.  He added that the Board was
pleased with the Company's progress and that the directors
remained confident about the future.

All the resolutions proposed at the AGM were duly passed.

                        About the Company

Minorplanet Systems PLC -- http://www.minorplanet.com/-- is
headquartered in Leeds and has operations in five countries: the
United Kingdom, Germany, Holland, Australia and Ireland.
Minorplanet's largest geographic market by revenue is the United
Kingdom.  Its principal activity is the development and sale of
technology-based fleet management systems.

In October, the company narrowly avoided bankruptcy after
individual and institutional investors coughed up the money to
repay an outstanding loan.  The company needed to raise GBP13.5
million to repay a GBP4.82 million funding provided by majority
shareholder GE Capital Equity and Chief Executive Terry Donovan;
and GBP500,000 by other investors in April.  The loans payable
totaled GBP6.5 million, according to The Guardian.  Proceeds of
the placing and open offer will be used as working capital to
complete the firm's turnaround initiatives, accelerate its
growth plans and provide financial stability.


MISYS PLC: To Issue Interim Dividend on April 7
-----------------------------------------------
Misys PLC will release its interim dividend for the year ending
May 31, 2006, on Friday, April 7, 2006.  Ex dividend and record
dates were set on Feb. 1 and Feb. 3, 2006, respectively.

                        About the Company

Headquartered in the U.K., Misys PLC -- http://www.misys.com/--
is one of the largest and strongest vendors of industry-specific
software products and solutions in the world.  It employs over
6,500 people.

On Sept. 15, TCR-Europe reported that first-half performance at
the company's banking division will be adversely affected by two
factors: a delay in revenue recognition and the increased
investment in the business.  As a result, the company's earnings
per share in the first half are likely to fall below last year.
It also said that any profit shortfall in the first half may not
be fully recovered in the second.

Following the profit warning, the Association of British
Insurers investment committee summoned Executive Chairman Kevin
Lomax and Sir Dominic to explain the company's situation and to
know the chairman's succession plans.  Mr. Lomax has expressed
his intentions to resign as executive chairman to serve as part-
time non-executive by 2008.


PARITY GROUP: Sells European Units to GFT for EUR7.7 Million
------------------------------------------------------------
Parity Group PLC unveiled the sale of substantially all of its
continental European operations.

Parity has agreed with GFT Technologies AG, a listed German
Corporation, under which GFT will acquire the issued share
capital of a number of Parity's European subsidiaries in Germany
and France.  GFT will acquire Parity's German business, Parity
Beteiligungsgesellschaft GmbH, and its subsidiaries and Parity's
French business, Parity Eurosoft SARL, (together Parity Europe)
for a total cash payment of EUR7.7 million as well as assumption
of external borrowings expected to amount to EUR0.7 million.

The cash payment involves EUR5.9 million for the share capital
of Parity Europe and the settlement of EUR1.8 million of intra
group and third party debt.  Parity Europe will be sold on a
cash free basis together with existing bank borrowings, which,
at completion, are estimated to amount to EUR0.7 million.
Completion is expected to take place on Jan. 31, 2006.

Based on the statutory accounts for the companies being sold,
Parity Europe reported profits before tax for the year ended
Dec. 31, 2004 of EUR0.6 million (GBP0.4 million) on turnover of
EUR33.7 million (GBP22.9 million).  The value of the gross
assets of Parity Europe as at Dec. 31, 2004 was EUR10.4 million
(GBP7.4 million).

The disposal of Parity Europe is in line with the Group's stated
strategy of disposing of its non-U.K. businesses, focusing its
operations on the U.K. and reducing the Group's indebtedness.
Following the Disposal, Parity's remaining operations in
continental Europe will be in Holland, Belgium and Switzerland
and the Group continues to consider its options in relation to
these businesses.

This disposal is also consistent with the announcement made by
the Group on Dec. 9, 2005, in which it indicated that the Board
is focusing on the reduction of the Group's indebtedness.  The
proceeds of the Disposal will be used for this purpose but, as
stated, in order to grow the business, the balance sheet must be
strengthened further and as previously indicated the Board will
be progressing discussions with shareholders to this end.

                        About the Company

Parity Group PLC -- http://www.parity.net/-- operates from over
30 offices across the U.K., mainland Europe and the U.S.A.
Listed on the London Stock Exchange, Parity offers a range of
IT, staffing and learning solutions, from the development of
true end-to-end business systems to the resourcing of key IT
skills and the training of IT and business professionals.

                        *     *     *

On Dec. 13, TCR-Europe reported that in the past twelve months,
the Company's new management has set about reorganizing the
Group following several years of poor performance in order to
return to profitability.  The Board intends to appoint a new
Chief Operating Officer and Financial Director in the first
quarter of 2006 to complete the rebuilding of the management
team.

Operationally, there has been significant restructuring, with
new management appointments across the Group.  Costs have been
reduced both in overhead and operational areas, serious
litigation has been resolved and excess property sublet wherever
possible, a process which management is continuing.  The
financial function has been centralized under a new Head of
Finance with a consequent improvement in both forecasting and
control.


RELISYS LIMITED: Hires Administrators from PKF Firm
---------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (UK) LLP were
appointed joint administrators of Relisys Limited (Company No
04357000) on Jan. 12.  Its registered office is at Synergy
House, Manchester Science Park, Guildhall Close, Greater
Manchester M15 6SY.

Headquartered in Manchester, London, Relisys Limited --
http://www.relisys.com/-- is part of the TECO Group, one of
Taiwan's largest conglomerates.  The company supplies display
solutions, which are marketed under the RELISYS brand.  Its
portfolio currently consists of CRT & LCD monitors, plasma
displays; LCDs with TV tuners, projectors, DVD recorders,
digital cameras and windows based terminals.

CONTACT:  RELISYS LTD.
          Synergy House, Guildhall Close
          Manchester Science Park
          Manchester M15 6SY
          Lancashire
          Phone: 0161 232 6000
          Fax: 0161 232 8131

          PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk/

          PKF
          5 Temple Square
          Temple Street
          Liverpool L2 5RH
          Phone: 0151 237 4500
          Fax: 0151 237 4545
          E-mail: jon.newell@uk.pkf.com
          Web site: http://www.pkf.co.uk/


SKIPLINE WASTE: Creditors Meeting Set Thursday
----------------------------------------------
Creditors of Skipline Waste Management Limited (Company No
04874846) will meet on Feb. 2, 10 a.m. at Haines Watts, First
Floor, Park House, Park Square West, Leeds LS1 2PS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Timothy Calverley of Haines Watts, First Floor,
Park House, Park Square West, Leeds LS1 2PS not later than 12
noon, Feb. 1, 2006.

CONTACT:  SKIPLINE WASTE MANAGEMENT LTD.
          Milners Rd Ind Est
          Leeds, Yeadon LS19 7JE
          Phone: 0113-250 3400

          HAINES WATTS
          First Floor, Park House,
          Park Square West, Leeds LS1 2PS
          Phone: 0113 398 1100
          Fax:   0113 398 1101
          Web site: http://www.hwca.com/


STANBROOK ELECTRICAL: Calls in Liquidator
-----------------------------------------
Stanbrook Electrical Services Limited appointed Alison M. Byrne
to liquidate the company's assets after creditors elected to
wind up the company during an extraordinary general meeting held
on Nov. 30 in Gloucester.

Creditors are required on or before Feb. 20 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of the
Solicitors (if any), to Alison M. Byrne.

CONTACT:  STANBROOK ELECTRICAL SERVICES
          22, The Chase
          Gloucester
          Gloucestershire GL4 4WP
          Phone: 01452 381993
          E-mail: info@stanbrookelectricalservices.co.uk

          BYRNE ASSOCIATES
          Suite 3 Farleigh House
          Farleigh Court
          Old Weston Road
          Flax Bourton
          Bristol, Avon BS48 1UR
          Phone: 01275 464 038
          Fax: 01275 462 937
          E-mail: alisonbyrne@byrneassociates.co.uk


VARIOPAK LIMITED: Claims Filing Deadline Set for Feb. 28
--------------------------------------------------------
A. W. Korstanje, chairman of Variopak Limited, informs that the
special and ordinary resolutions to wind up the firm were passed
at an EGM held on Jan. 5 at Binderskampweg 28, Nijmegen.  Robin
David Allen and Andrew Philip Peters of Deloitte & Touche, 3
Rivergate, Temple Quay, Bristol BS1 6GD were appointed joint
liquidators.

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

VarioPak Limited -- http://www.variopak.ru/-- supplies and
manufactures packaging and packaging materials.

CONTACT:  VARIOPAK LIMITED
          Russia, Saint-Petersburg
          Phone: +7 (812) 320-7118
          E-mail: office@variopak.ru

          DELOITTE & TOUCHE LLP
          3 Rivergate,
          Temple Quay,
          Bristol BS1 6GD
          Web site: http://www.deloitte.com/


W.R.CARPENTER: Hires PricewaterhouseCoopers as Liquidator
---------------------------------------------------------
Shareholders of W.R.Carpenter & Company (London) Limited passed
a resolution to wind up the company at a meeting held on
Jan. 12.  Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT was
appointed liquidator.

CONTACT:  W R CARPENTER & COMPANY (LONDON) LTD
          8 Stanford Terrace,
          Station Approach West,
          Hassocks, West Sussex BN6 8JF
          Phone: 01273841941

          PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com/


                            *********


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

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

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

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

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

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


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