TCREUR_Public/060131.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, January 31, 2006, Vol. 7, No. 22

                            Headlines

A Z E R B A I J A N

INTERNATIONAL BANK: Fitch Affirms Long-Term BB- Rating


G E R M A N Y

ANGERMEIER & REITZEL: Claims Filing Period Ends Feb. 23
BROKAT AG: Fitch Withdraws Long-Term Default Rating
B&S BEDACHUNGS: Essen Court Begins Bankruptcy Proceedings
DAIMLERCHRYSLER AG: Belies Report of Truck Unit Spin-0ff
EUCONFIN GMBH: Claims Filing Period Ends March 31

GVG GERABERG: Erfurt Court Calls in Administrator
NEUES BOVRIL: Charlottenburg Court to Verify Claims on June 8
SORAT HOTEL: Creditors Have Until April 12 to Register Claims
THERMOTECH WIEGAND: Gera Firm Under Bankruptcy Administration
VOLKSWAGEN AG: Appoints Porsche Chairman to Supervisory Board

VON SCHROTTER: Duesseldorf Court Sets Feb. 15 Claims Bar Date
WACHTBERGER EXKLUSIV: Bonn Company Falls Into Bankruptcy
WALLENSTEIN TRANSPORTE: Meeting of Creditors Slated for April 5


K A Z A K H S T A N

A-PETROL GROUP: Creditors' Claims Due Feb. 21
JIGER: Succumbs to Insolvency
KOKTEREK: Declares Company Insolvent
SCTRADE: Sets Proofs of Claim Deadline


L I T H U A N I A

SIAULIU BANKAS: Growing Franchise Spurs Fitch to Affirm Ratings


N E T H E R L A N D S

ROYAL SHELL: Buys Back Additional 675,000 'A' Shares


R U S S I A

ARARAT: Undergoes Bankruptcy Supervision in Saratov
GLAZUNOVKA ORLOVSHINY: Orel Court Brings In Insolvency Manager
KRASNOSELSKUP-OIL-GAS-SERVICE: Succumbs to Bankruptcy
OSTROVNOYE: Court Begins Bankruptcy Proceedings in Krasnoyarsk
PUSHKINSKIY DISTILLERY: Bankruptcy Hearing Set April 27

SEVER-GAS-SPETS-STROY: Court Begins Bankruptcy Proceedings
SHATSKIY LIQUER-VODKA: Under Bankruptcy Supervision
UST-ULIMSKIY MEAT: Insolvency Manager Takes Over Firm
VERKHNE-MAMON-AGRO-TRANS: Bankruptcy Hearing Set March 2
YADRINA-AGRO-SNAB: Claims Filing Period Ends Feb. 17


S P A I N

BANKINTER: Fitch Affirms Individual B Rating with Stable Outlook
CABLEUROPA S.A.: Fitch Rates EUR3.1 Billion Facilities at BB-
ONO FINANCE: Guaranteed Notes Get Expected B- from Fitch


U K R A I N E

AGRARIAN ASSOCIATION: Begins Liquidation Proceedings
A.K.S.: Liquidator Oleksandr Snizhko Takes Over Helm
BEZPEKA: Succumbs to Bankruptcy in Donetsk Region
ENERGY-MOTO: Fizzles Out Due to Bankruptcy
MELNIKIVTSI: Vinnitsya Court Begins Bankruptcy Supervision

UNIST: Lugansk Court Orders Debt Moratorium


U N I T E D   K I N G D O M

A TO Z SCAFFOLDING: DTI Files Petition to Dismantle Firm
ATR SCAFFOLDING: Faces Liquidation Following DTI Probe
BENBOW ASSOCIATES: Liquidating Assets in London
BIRMINGHAM MINT: Hires PricewaterhouseCoopers as Liquidator
BWL MOTORS: Creditors Meeting Set on Feb. 14

CHARGECHECK LIMITED: Hires Sale Smith to Administer Assets
D & G CLADDING: Administrator Takes Over Firm
EBIQUITA LIMITED: Meeting of Creditors Set Friday
FULHAM VEHICLE: Taps Andrew Whelan to Liquidate Assets
GENEVE INTERNATIONAL: Creditors Meeting Set Today

GENRISTO LIMITED: Calls In Administrator from Haines Watts
HAXBY'S OF PLYMOUTH: Cessation of Trading Affects 59 Workers
HERBAL APOTHECARY: In Administrative Receivership
I AM MOVING.COM: Hires Administrators from Kroll Limited
INSURANCE OMBUDSMAN: Appoints Stephen Paul Grant as Liquidator

ISIS IMPEX: Jewelry Importer Calls in Administrator
KITCHENHAUS LIMITED: Taps Ian Franses to Liquidate Assets
LASCO EUROPE: Hires BDO Stoy Hayward Administrator
LODESTAR ENGINEERS: Hires Liquidators from Ernst & Young
LOUIS DRAPKIN: National Westminster Bank Appoints Receiver

MBP (AGENTS): Creditors to Meet on Thursday
NORTHERN FOODS: Names New Executive Director for Chilled Unit
NYKREDIT FINANCE: Hires Deloitte & Touche as Liquidator
PHASE ONE: Financial Woes Prompt Voluntary Liquidation
PREMIER TRAVEL: Debt Claims Filing Period Ends Feb. 28

RANK GROUP: Ian Burke Succeeds Mike Smith as Chief Executive
SMP STEELWORK: Calls in Administrators from Begbies Traynor
T J MCCARTER: Creditors Meeting Set Today
ULTRASHIELD LIMITED: Taps M.C. Armstrong to Liquidate Assets
WEARDALE RAILWAYS: Creditors to Get 25 Pence Dividend Under CVA

* Large Companies with Insolvent Balance Sheets

     **********

===================
A Z E R B A I J A N
===================


INTERNATIONAL BANK: Fitch Affirms Long-Term BB- Rating
------------------------------------------------------
Fitch Ratings has affirmed the ratings of International Bank of
the Republic of Azerbaijan (IBAR) at Long-term 'BB-', Short-term
'B', Individual 'D/E', and Support '3'.  The Outlook on the
Long-term rating remains Stable.

The Long-term, Short-term and Support ratings of IBAR reflect
the moderate probability of support from the Azerbaijani
authorities being forthcoming, if needed.  While they may have a
strong propensity to provide support, based on IBAR's important
role in the country's economy and banking system, Fitch Ratings
also considers the ability of the Azerbaijani state to provide
support, as reflected in the sovereign's Long-term Issuer
Default Rating of 'BB'.

The gradual privatization of the Azerbaijani Ministry of
Finance's current 50.2% stake in the bank is a policy objective,
but this may be difficult to realize in the near term.  
Furthermore, progress with privatisation would be unlikely, at
least initially, to have a substantial impact on the likelihood
of state support for IBAR, and hence on the bank's ratings, in
light of its dominant market position.

The Individual rating takes into account IBAR's small size by
international standards; heavy lending and funding
concentrations, which also raise corporate governance concerns,
and the bank's significant undercapitalization.  However, Fitch
also notes the low level of loan impairment in recent years and
the breadth of the bank's local franchise.

In 2004, the National Bank of Azerbaijan granted to IBAR waivers
from compliance with regulatory capitalization and credit risk
concentration requirements, valid until mid-2006 and end-2008,
respectively.  As a result, at end-2005 IBAR had several
borrowers with exposures in excess of the 25%-of-equity
regulatory limit, although all but one of these were state-
guaranteed.  One loan exposure, maturing in mid-2006, was equal
to approximately 2.5 times the bank's equity.

The total BIS capital adequacy ratio was a low 8.5% at end-H105,
and the regulatory capital ratio was below the 12% minimum,
starting from November 2004 and up to date.  A AZM100 billion
(the equivalent of US$20 million) equity injection is expected
to be completed by mid-2006, bringing capital ratios back into
line with regulatory requirements.  However, fixed assets and
long-term investments limit free capital and internal capital
generation has been low due to moderate performance and high
dividend payout rates.

IBAR was established in 1992 as the successor to the Azerbaijani
branch of Vnesheconombank.  It is the country's dominant bank
and has a developed branch network, serving large corporates
(mainly state-controlled to date) and, to a much lesser extent,
individuals.  Although its positions are gradually being
squeezed by other (mainly privately owned) banks in Azerbaijan,
IBAR aims to retain a leading position in all banking segments
in the mid-term.  At end-10M05, it had a 46% share of the
Azerbaijani banking sector loan market, a 78% share of deposits
from corporates and a 32% share of individual customer deposits.  
By comparison, no other bank in Azerbaijan had more than an 8%
share in any of these markets.

CONTACT:  FITCH RATINGS
          Olga Budovnits
          James Watson, Moscow
          Phone: +7 495 956 99 01

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

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


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


ANGERMEIER & REITZEL: Claims Filing Period Ends Feb. 23
-------------------------------------------------------
The District Court of Darmstadt opened bankruptcy proceedings
against Angermeier & Reitzel GmbH on Jan. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 23, 2006, to register their
claims with court-appointed provisional administrator Rudolf
Reitzel.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Darmstadt, Zimmer 4-309, 4.
OG, Gebaude D, Mathildenplatz 15, 64283 Darmstadt, at 10:00
a.m., on April 6, 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:  ANGERMEIER & REITZEL GmbH
          Bruchwiesenweg 9, 64380 Rossdorf
          Contact:
          Rudolf Reitzel, Manager

          Georg Caps, Administrator
          Holzstrasse 2, 64283 Darmstadt
          Phone: 06151/1522290
          Fax: 06151/1522299


BROKAT AG: Fitch Withdraws Long-Term Default Rating
--------------------------------------------------
Fitch Ratings has withdrawn the Long-term rating of 'D' for
Brokat AG.  It will no longer provide ratings or analytical
coverage of this issuer.

CONTACT:  FITCH RATINGS
          Mike Dunning, London
          Phone: +44 (0) 20 7417 6343

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


B&S BEDACHUNGS: Essen Court Begins Bankruptcy Proceedings
---------------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against B&S Bedachungs GmbH on Jan. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 16, 2006, to register their
claims with court-appointed provisional administrator Angela
Gerigk.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Hauptstelle,
Zweigertstr. 52, 45130 Essen, I.OG, gelber Bereich, Saal 185, at
8:50 a.m., on March 3, 2006, at which time the administrator
will present his first report on the insolvency proceedings.  
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  B&S BEDACHUNGS GmbH
          Schwickingsfeld 20, 46284 Dorsten
          Contact:
          Heidrun Buecker, Manager

          Angela Gerigk, Administrator
          Recklinghauser Strasse 17, 46282 Dorsten
          Phone: 02362/993480
          Fax: 02362/993481


DAIMLERCHRYSLER AG: Belies Report of Truck Unit Spin-0ff
--------------------------------------------------------
DaimlerChrysler AG has brushed aside a report that it mulls
spinning off its truck unit.

The report is "speculation that lacks any foundation," Thomas
Froehlich, a spokesman for the carmaker, said in a phone
interview with Bloomberg News.  "The unit is an 'integrated'
part of the company," he added.

Mr. Froehlich was referring to a report by Focus magazine which
said that DaimlerChrysler may dispose of the unit as part of its
restructuring measures.  Focus did not reveal sources of the
information.

According to AFX News, Focus also ran in its report that at
least one management board member will be dropped in the
following months.  However, AFX quoted a DaimlerChrysler
spokesman as saying this was "pure speculation."

Earlier, DaimlerChrysler revealed it will drop 20% of its
administrative staff in three years.  The move, which is aimed
at improving the carmaker's competitiveness and profitability,
will result to a loss of 6,000 workers and annual savings of
US$1.2 billion.  

The carmaker has also unveiled plans to reduce the size of its
management board to nine from 12 members, and to restructure its
commercial vehicles business that includes renaming the division
the Truck group and subdividing it into North American
operations and Europe-Latin American division.

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


EUCONFIN GMBH: Claims Filing Period Ends March 31
-------------------------------------------------
The District Court of Frankfurt am Main opened bankruptcy
proceedings against EuConFin GmbH Steuerberatungsgesellschaft on
Jan. 9.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 31, 2006, to register their claims with court-appointed
provisional administrator Claudia Jansen.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt am Main, Saal 2,
Geb. F, Klingerstr. 20, 60313 Frankfurt, at 9:35 a.m., on
April 25, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  EUCONFIN GmbH STEUERBERATUNGSGESELLSCHAFT
          Offenbacher Landstrasse 70, 60599 Frankfurt am Main

          Claudia Jansen, Administrator
          Bockenheimer Landstrasse 20, 60323 Frankfurt/Main
          Phone: 069/4272686-5270
          Fax: 069/42726865555


GVG GERABERG: Erfurt Court Calls in Administrator
-------------------------------------------------
The District Court of Erfurt opened bankruptcy proceedings
against GVG Geraberg mbH & Co. Immobilien KG on Jan. 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 28, 2006,
to register their claims with court-appointed provisional
administrator C. Bloss.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Erfurt, Justizzentrum,
Rudolfstr. 46, 99092 Erfurt, Saal 6, at 11:00 a.m., on March 29,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  GVG GERABERG mbH & Co. IMMOBILIEN KG
          Rasenweg 10, 98716 Geschwenda

          C. Bloss, Administrator
          Charlottenstr. 7, 99096 Erfurt


NEUES BOVRIL: Charlottenburg Court to Verify Claims on June 8
-------------------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Neues Bovril Kaffeehaus GmbH on Jan. 12.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 13, 2006,
to register their claims with court-appointed provisional
administrator Rolf Nacke.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 10:10
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 10:00 a.m., on June 8, 2006, at the same venue.

CONTACT:  NEUES BOVRIL KAFFEEHAUS GmbH
          Kurfuerstendamm 184,10707 Berlin

          Rolf Nacke, Administrator
          Gross-Berliner Damm 73 c, 12487 Berlin


SORAT HOTEL: Creditors Have Until April 12 to Register Claims
-------------------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Sorat Hotel-Verwaltungs-GmbH & Co. Stolpe-
Sued KG on Jan. 16.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until April 12, 2006, to register their claims with court-
appointed provisional administrator Joachim Voigt-Salus.     

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 9:05
a.m., on March 1, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 9:05 a.m., on June 7, 2006, at the same venue.

CONTACT:  SORAT HOTEL-VERWALTUNGS-GmbH & Co. STOLPE-SUED KG
          Bayreuther Str.46,10787 Berlin
          
          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


THERMOTECH WIEGAND: Gera Firm Under Bankruptcy Administration
-------------------------------------------------------------
The District Court of Gera opened bankruptcy proceedings against
THERMOTECH Wiegand & Partner GmbH on Jan. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 28, 2006, to register their
claims with court-appointed provisional administrator Dr. H.
Hess.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Gera, Rudolf-Diener-Str. 1,
Zimmer 317, at 1:25 p.m., on March 28, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  THERMOTECH WIEGAND & PARTNER GmbH
          Breite Str. 10, 07749 Jena

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


VOLKSWAGEN AG: Appoints Porsche Chairman to Supervisory Board
-------------------------------------------------------------
The Braunschweig District Court appointed Dr.-Ing. Wendelin
Wiedeking, Chairman of the Board of Management of Dr. Ing. h.c.
F. Porsche Aktiengesellschaft, as member of the Supervisory
Board of Volkswagen AG on Jan. 25, 2006, upon the latter's
request.

He succeeds Lord David Simon of Highbury, CBE, who has left the
Supervisory Board.

                        About the Company

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

                        *     *     *

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

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

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


VON SCHROTTER: Duesseldorf Court Sets Feb. 15 Claims Bar Date
-------------------------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against von Schrotter & Partner GmbH i.L. on Jan. 18.  
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 Georg Kreplin.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Hauptstelle,
Muehlenstrasse 34, 40213 Duesseldorf, 4. OG. Altbau, at 8:05
a.m., on March 17, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and/or opt to appoint a new insolvency
manager.

CONTACT:  VON SCHROTTER & PARTNER GmbH i.L.
          Cimbernstrasse 31, 40545 Duesseldorf
          Contact:
          Hermann von Schrotter, Manager
          Cimbernstrasse 31, 40545 Duesseldorf

          Georg Kreplin, Administrator
          Berliner Allee 21, 40212 Duesseldorf


WACHTBERGER EXKLUSIV: Bonn Company Falls Into Bankruptcy
--------------------------------------------------------
The District Court of Bonn opened bankruptcy proceedings against
Wachtberger Exklusiv-Haus GmbH on Jan. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 24, 2006, to register their
claims with court-appointed provisional administrator Peter
Staroselski.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bonn, Insolvenzgericht,
Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126, at 9:20
a.m., on March 31, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and/or opt to appoint a new insolvency
manager.

CONTACT:  WACHTBERGER EXKLUSIV-HAUS GmbH
          Siebengebirgsblick 26, 53343 Wachtberg
          Contact:
          Hans-Peter Hunfeldt, Manager
          Liessemer Strasse 8, 53343 Wachtberg

          Peter Staroselski, Administrator
          Godesberger Allee 125-127, 53175 Bonn
          Phone: 8100045
          Fax: 8100020


WALLENSTEIN TRANSPORTE: Meeting of Creditors Slated for April 5
---------------------------------------------------------------
The District Court of Bielefeld opened bankruptcy proceedings
against Wallenstein Transporte GmbH on Jan. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 15, 2006, to
register their claims with court-appointed provisional
administrator Frank M. Welsch.     

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 9:00 a.m., on
April 5, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  WALLENSTEIN TRANSPORTE GmbH
          Neuenkirchener Str. 207 A, 33397 Rietberg
          Contact:
          Ursula and Manfred Wallenstein, Managers
          Neuenkirchener Str. 207 A, 33397 Rietberg

          Frank M. Welsch, Administrator
          Barkeystrasse 30, 33330 Guetersloh


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


A-PETROL GROUP: Creditors' Claims Due Feb. 21
---------------------------------------------
LLC A-Petrol Group has declared insolvency.  Proofs of claim
will be accepted at Almaty, Nauryzbai batyr Str. 21 on or before
Feb. 21, 2006.

CONTACT:  A-PETROL GROUP
          Almaty,
          Nauryzbai batyr Str. 21


JIGER: Succumbs to Insolvency
-----------------------------
LLC Jiger has declared insolvency.  Proofs of claim will be
accepted at Almaty, Shevchenko Str. 102-25 on or before Feb. 21,
2006.

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


KOKTEREK: Declares Company Insolvent
------------------------------------
LLC Kokterek has declared insolvency.  Proofs of claim will be
accepted at Almaty, micro district Orbita-1 34-32 on or before
Feb. 21, 2006.

The company can be contacted at 8 (3272) 50-63-03 for more
information.


SCTRADE: Sets Proofs of Claim Deadline
--------------------------------------
LLC Sctrade has declared insolvency.  Proofs of claim will be
accepted at Almaty, Jandosova Str. 58 on or before Feb. 21,
2006.

The company can be contacted at 8 (3272) 95-23-08 for more
information.


=================
L I T H U A N I A
=================


SIAULIU BANKAS: Growing Franchise Spurs Fitch to Affirm Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Lithuania's Siauliu
Bankas at Long-term 'B+', Short-term 'B', Individual 'D' and
Support '5'.  The Outlook is Stable.

SB's ratings reflect its established position in its home region
and a small though expanding SME franchise throughout Lithuania.  
They also reflect the pressure seen on core profitability,
decreasing margins and concentrations in the loan portfolio.  
More positively, SB should benefit from its deepened
relationship with the European Bank for Reconstruction and
Development ("EBRD", rated 'AAA'/ Outlook Stable).

"Siauliu Bankas should leverage the EBRD's expertise
particularly by improving credit risk management procedures and
structures," says Tim Beck, Director in Fitch's Financial
Institutions Group in London.  "The success of this is key for
the bank as it aims to continue its high levels of loan growth."

SB's profitability is fairly low, dampened by the costs of
expanding its branch network, which has yet to achieve
sufficient economies of scale.  With expansion largely complete,
profitability should start to improve as the bank grows its loan
book, which is planned to more than double within the next three
years.  However, competition may depress margins further should
the larger banks move their focus from the larger corporates to
SMEs.

SB is Lithuania's sixth largest bank.  EBRD became the bank's
largest shareholder in August 2005, taking a 16% stake.  The
remaining shareholders are fairly dispersed.  EBRD has an
agreement with other shareholders (currently holding 36% of the
bank) and this group has ratified the bank's three-year business
plan and has agreed to maintain their shareholdings over this
period.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 20 7417 3460
          Banu Cartmell
          Phone: +44 20 7417 4373

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


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


ROYAL SHELL: Buys Back Additional 675,000 'A' Shares
----------------------------------------------------
Royal Dutch Shell plc purchased 425,000 'A' Shares for
cancellation at EUR27.29 per share on Jan. 27.  It further
purchased 250,000 'A' Shares for cancellation at 1,871.00 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,928,157,974.

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
Feb. 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
===========


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

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

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

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


GLAZUNOVKA ORLOVSHINY: Orel Court Brings In Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Glazunovka Orlovshiny after finding the open
joint stock company insolvent.  The case is docketed as A48-
6386/05-20b.  Mr. A. Panshin has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 141075,
Russia, Moscow region, Korolev, Post User Box 135.

CONTACT:  GLAZUNOVKA ORLOVSHINY
          Russia, Orel region,
          Glazunovka, Veselyj Per. 16

          A. PANSHIN
          Insolvency Manager
          141075, Russia, Moscow region,
          Korolev, Post User Box 135


KRASNOSELSKUP-OIL-GAS-SERVICE: Succumbs to Bankruptcy
-----------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Krasnoselskup-Oil-Gas-
Service after finding the open joint stock company insolvent.  
The case is docketed as A81-730/2005.  Mr. E. Ospanov has been
appointed insolvency manager.  Creditors have until Feb. 17,
2006 to submit their proofs of claim to 625046, Russia, Tyumen,
Motorostroiteley Str. 14, Building 1, Office 1.

CONTACT:  KRASNOSELSKUP-OIL-GAS-SERVICE
          Russia, Yamalo-Nenetskiy autonomous region,
          Krasnoselkup

          E. OSPANOV
          Insolvency Manager
          625046, Russia, Tyumen region,
          Motorostroiteley Str. 14, Building 1, Office 1


OSTROVNOYE: Court Begins Bankruptcy Proceedings in Krasnoyarsk
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Ostrovnoye after finding the open joint
stock company insolvent.  The case is docketed as A33-
18723/2005.  Mr. A. Gafarov has been appointed insolvency
manager.  Creditors have until Feb. 17, 2006, to submit their
proofs of claim to 660017, Russia, Krasnoyarsk region, Post User
Box 20647.

CONTACT:  OSTROVNOYE
          Russia, Krasnoyarsk region,
          Bogotolskiy region, Aleksandrovskoye

          A. GAFAROV
          Insolvency Manager
          660017, Russia, Krasnoyarsk region,
          Post User Box 20647


PUSHKINSKIY DISTILLERY: Bankruptcy Hearing Set April 27
-------------------------------------------------------
The Arbitration Court of Lipetsk region has commenced bankruptcy
supervision on Pushkinskiy Distillery (TIN 4804004450, KPP
480401001).  The case is docketed as A36-4360/2005.  Mr. G.
Nosikov has been appointed temporary insolvency manager.

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

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

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


SEVER-GAS-SPETS-STROY: Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Sever-Gas-Spets-Stroy
after finding the close joint stock company insolvent.  The case
is docketed as A81-2782/2005.  Mr. V. Pochuev has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 610014, Russia, Kirov region, Protrebkooperatsii Str. 6.

CONTACT:  SEVER-GAS-SPETS-STROY
          629730, Russia, Yamalo-Nenetskiy autonomous region,
          Nadym, 8th Proezd

          V. POCHUEV
          Insolvency Manager
          610014, Russia, Kirov region,
          Protrebkooperatsii Str. 6


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

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


UST-ULIMSKIY MEAT: Insolvency Manager Takes Over Firm
-----------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Ust-Ulimskiy Meat Combine (TIN 3817019396)
after finding the close joint stock company insolvent.  The case
is docketed as A19-33101/05-37.  Mr. V. Trofimenko has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 665717, Russia, Irkutsk region, Bratsk-17, Post User
Box 920.

CONTACT:  UST-ULIMSKIY MEAT COMBINE:
          Russia, Irkutsk region, Ust-Ulimsk,
          Promzona, Post User Box 567

          V. TROFIMENKO
          Insolvency Manager
          665717, Russia, Irkutsk region,
          Bratsk-17, Post User Box 920


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

Creditors may submit their proofs of claim to 394000, Russia,
Voronezh region, Main Post Office, Post User Box 42.  A hearing
will take place on March 2, 2006, 11 a.m. at the Arbitration
Court of Voronezh region at Russia, Voronezh region,
Srednemoskovskaya Str. 77, Room 601.

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

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


YADRINA-AGRO-SNAB: Claims Filing Period Ends Feb. 17
----------------------------------------------------
The Arbitration Court of Chuvashiya republic commenced
bankruptcy proceedings against Yadrina-Agro-Snab (TIN
2119000393) after finding the open joint stock company
insolvent.  The case is docketed as A79-4157/2005.  Mr. E.
Filipyev has been appointed insolvency manager.  Creditors have
until Feb. 17, 2006, to submit their proofs of claim to 603005,
Russia, N. Novgorod, Post User Box 51.

CONTACT:  YADRINA-AGRO-SNAB
          Russia, Chuvashiya republic,
          Yadrin, Saddovaya Str. 19 "B"

          E. FILIPYEV
          Insolvency Manager
          603005, Russia, N. Novgorod region,
          Post User Box 51


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


BANKINTER: Fitch Affirms Individual B Rating with Stable Outlook
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Bankinter at Long-term
'A+', Short-term 'F1', Individual 'B' and Support '3'.  The
rating Outlook is Stable.

The Long-term, Short-term and Individual ratings of Bankinter
reflect its sound domestic retail franchise and profitability,
dynamic and innovative commercial approach, flexible operating
structure and generally low risk profile.  They also consider
funding concentration from securitizations and relatively tight
capital adequacy levels.

The Stable Outlook reflects Fitch's opinion that it should
continue to report sound profitability; any upward ratings
potential is constrained by its size.  Downside risk would
mostly arise from a deterioration of capital adequacy and from a
sudden slowdown in the Spanish housing market.  However, the
latter risk is currently limited by the combination of low
interest rates and unemployment.

Bankinter was Spain's 10th-largest banking group by assets at
end-2004 with loan and deposit market shares of around 2.2%
each.  It has a retail multi-channel approach, which includes
internet/telephone-based units, 314 retail branches, 36 centers
for private banking, 94 SME centers, 41 corporate management
centers and a network of 1,045 agents at end-Q305.

CONTACT:  FITCH RATINGS
          Cristina Torrella
          Carmen Munoz, Barcelona
          Phone: +34 93 323 84 00

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


CABLEUROPA S.A.: Fitch Rates EUR3.1 Billion Facilities at BB-
-------------------------------------------------------------
Fitch Ratings assigned an expected 'B-' rating to ONO Finance II
PLC's EUR270 million notes maturing 2014.  The notes are
guaranteed on a subordinated basis by Spain-based Cableuropa
S.A. and its subsidiary, Auna Telecomunicaciones S.A.U.  The
rating is contingent upon receipt of final documents conforming
to information already received.  The ratings of Cableuropa are
affirmed at Senior Unsecured and Short-term 'B'.  The Outlook is
Positive.

At the same time, Fitch has affirmed Cableuropa's EUR3.1 billion
senior secured bank facilities at 'BB-' and its subordinated
facilities 'B-'.  

The 'BB-' rating on Cableuropa's senior secured facilities are
two notches higher than the Senior Unsecured rating.  The
facilities benefit from a security package consisting of
security over the shares in Cableuropa and Auna.  Fitch
considers that, in a potential distress scenario, a sale of the
business as a going concern would deliver most value for
lenders.  While Fitch's recovery analysis implies full recovery
for the senior lenders, notching is capped at two notches in
line with the agency's approach to the rating of secured
corporate obligations in Spain.

The 'B-' rating on the subordinated facilities and the high-
yield notes is a notch below the Senior Unsecured rating,
reflecting the contractual and structural subordination (in the
event of enforcement) to the senior secured facilities and other
obligations.  Fitch's analysis indicates that recovery rates for
the subordinated and high-yield lenders would be below average
in a distress scenario.

Cableuropa is a Spanish broadband service provider and the
intermediate holding company for the ONO group.  Its core
business consists of the offering of integrated
telecommunications, cable television and broadband Internet
services to residential and business customers.  Following the
Auna acquisition, the company had pro-forma 9 month revenues to
September 2005 of EUR1,301 million and pro-forma EBITDA of
EUR342 million (reflecting a margin of 26.2%).

CONTACT:  FITCH RATINGS
          Stuart Reid, London
          Phone: +44 207 417 4323
          Mike Dunning
          Phone: +44 207 417 6343
          Erwin van Lumich, Barcelona
          Phone: +34 93 323 8403

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


ONO FINANCE: Guaranteed Notes Get Expected B- from Fitch
--------------------------------------------------------
Fitch Ratings has assigned an expected 'B-' rating to ONO
Finance II PLC's EUR270 million notes maturing 2014.  The notes
are guaranteed on a subordinated basis by Spain-based Cableuropa
S.A. and its subsidiary, Auna Telecomunicaciones S.A.U.  The
rating is contingent upon receipt of final documents conforming
to information already received.  The ratings of Cableuropa are
affirmed at Senior Unsecured and Short-term 'B'.  The Outlook is
Positive.

The ratings of ONO Finance PLC, and its guaranteed notes are
affirmed at 'B-'.

CONTACT:  FITCH RATINGS
          Stuart Reid, London
          Phone: +44 207 417 4323
          Mike Dunning
          Phone: +44 207 417 6343
          Erwin van Lumich, Barcelona
          Phone: +34 93 323 8403

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


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


AGRARIAN ASSOCIATION: Begins Liquidation Proceedings
----------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against LLC Agrarian Association (code EDRPOU
33011040) on Dec. 8, 2005, after finding the limited liability
company insolvent.  The case is docketed as 22/2 b.  Mr. Naumov
Dmitro has been appointed liquidator/insolvency manager.  The
company holds account number 26001040720051 at JSCIB UkrSibbank,
MFO 302568.

CONTACT:  AGRARIAN ASSOCIATION
          94313, Ukraine, Lugansk region,
          Perevalskij district, Artemivsk,
          Stahanov Str. 3/4

          Mr. Naumov Dmitro
          Liquidator/Insolvency Manager
          91016, Ukraine, Lugansk region,
          3-tya Donetska Str. 1/2

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


A.K.S.: Liquidator Oleksandr Snizhko Takes Over Helm
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against A.K.S. (code EDRPOU 31246599) on November
30, 2005 after finding the limited liability company insolvent.  
The case is docketed as 23/415-b.  Mr. Oleksandr Snizhko has
been appointed liquidator/insolvency manager.

CONTACT:  A.K.S.
          01013, Ukraine, Kyiv region,
          Hutir Ostriv, 13

          Mr. Oleksandr Snizhko
          Liquidator/Insolvency Manager
          03127, Ukraine, Kyiv region,
          40-richya Zhovtnya Avenue 126/8

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


BEZPEKA: Succumbs to Bankruptcy in Donetsk Region
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Bezpeka (code EDRPOU 31492586) on
Nov. 18, 2005.  The case is docketed as 27/153 B.  Ms. Ludmila
Nesvit has been appointed temporary insolvency manager.

CONTACT:  BEZPEKA
          83048, Ukraine, Donetsk region,
          Srtema Str. 144

          Ms. Ludmila Nesvit
          Temporary Insolvency Manager
          83056, Ukraine, Donetsk region,
          M. Mametova Str. 8/2

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


ENERGY-MOTO: Fizzles Out Due to Bankruptcy
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Energy-Moto (code EDRPOU 31628933).  
The case is docketed as 43/832.  Mr. Letskan Vyacheslav has been
appointed temporary insolvency manager.  The company holds
account number 26008700027601 at JSCB Kyiv region, Kyiv region
branch, MFO 300799.

CONTACT:  ENERGY-MOTO
          04119, Ukraine, Kyiv region,
          Simyi Hohlovih Str. 8

          Mr. Letskan Vyacheslav
          Temporary Insolvency Manager
          Ukraine, Kyiv region,
          Dovzhenko Str. 16-V/42

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


MELNIKIVTSI: Vinnitsya Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure on Agricultural LLC Agrofirm Melnikivtsi
(code EDRPOU 31365131) on Nov. 14, 2005.  The case is docketed
as 5/225-05.  Mr. Sergij Sklyar has been appointed temporary
insolvency manager.

CONTACT:  MELNIKIVTSI
          22860, Ukraine, Vinnitsya region,
          Nemiriv district, Melnikivtsi

          Mr. Sergij Sklyar
          Temporary Insolvency Manager
          Ukraine, Vinnitsya region,
          Chervonih Partizan Str. 11/6
          Phone: 57-97-98

          ECONOMIC COURT OF VINNITSYA REGION
          21036, Ukraine, Vinnitsya region,
          Hmelnitske Shose 7


UNIST: Lugansk Court Orders Debt Moratorium
-------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Unist (code EDRPOU 14312766) and
ordered a moratorium on satisfaction of creditors' claims was
entered.  The case is docketed as 20/173 b.  Mr. O. Panasenko
has been appointed temporary insolvency manager.  

CONTACT:  UNIST
          94400, Ukraine, Lugansk region
          Krasnodon, 60-richya SRSR Avenue 40

          Mr. O. Panasenko
          Temporary Insolvency Manager
          Ukraine, Luganks region,
          Yuvilejne, Sadova Str. 2/37

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


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


A TO Z SCAFFOLDING: DTI Files Petition to Dismantle Firm
--------------------------------------------------------
The Department of Trade and Industry filed a petition in the
High Court to wind up A to Z Scaffolding Limited, Creditman
reports.

The Norfolk-based firm offers scaffolding services to the
construction industry mainly in Cambourne, near Cambridge.  The
hearing of the winding-up petition, which followed a probe by
the DTI's Companies Investigation Branch under Section 447 of
the Companies Act 1985, was scheduled on March 8.

The Official Receiver was appointed as the provisional
liquidator of A to Z Scaffolding on Jan. 25.  Its role is to
preserve the firm's assets following the petition.  

All public enquiries concerning the business affairs of A to Z
Scaffolding must be made to the Official Receiver at:  

          The Insolvency Service
          Public Interest Unit
          P.O. Box 326
          17-21 Chorlton Street
          Manchester M60 3ZZ

CONTACT:  A TO Z SCAFFOLDING LIMITED
          Hereford Way
          Hardwick Marrows Industrial Estate
          Kings Lynn, Norfolk PE30 4JD


ATR SCAFFOLDING: Faces Liquidation Following DTI Probe
------------------------------------------------------
ATR Scaffolding Limited is facing liquidation proceedings after
the Department of Trade and Industry filed a petition in the
High Court against the scaffolding firm, said Creditman.

The company, which traded from Kings Lynn, offers scaffolding
services to the construction industry mainly in Cambourne, near
Cambridge.  On Jan. 14, 2005, ATR Scaffolding fell into
Creditors Voluntary Liquidation with liabilities reaching
GBP405,425.

The winding-up petition was filed following investigations by
the DTI's Companies Investigation Branch under Section 447 of
the Companies Act 1985 (as amended).  The Court will convene a
hearing about the case on March 8, 2006.

On Jan. 25, the Court named the Official Receiver as provisional
liquidator, whose role was to protect ATR's assets.  All public
enquiries concerning the business affairs of the firm should be
addressed to:

          The Insolvency Service
          Public Interest Unit
          P.O. Box 326
          17-21 Chorlton Street
          Manchester M60 3ZZ

CONTACT:  ATR SCAFFOLDING LIMITED
          39 Castle Street, Leicester
          Leicestershire LE1 5WN


BENBOW ASSOCIATES: Liquidating Assets in London
-----------------------------------------------
Benbow Associates Limited is liquidating its assets after
members elected to wind up the company's operations during an
extraordinary general meeting held on Dec. 21, 2005, in London.

Company Chairman S. Khan informs that Arif Anwar of Rifsons has
been appointed as liquidator.

CONTACT BENBOW ASSOCIATES LTD.
           Kingsland High Street
      London
      E8 2NS
           Tel: 020 7254 2960
           Fax: 020 7249 7865


BIRMINGHAM MINT: Hires PricewaterhouseCoopers as Liquidator
-----------------------------------------------------------
Shareholders of Birmingham Mint Employee Trustees Limited, BMG 1
Limited and The Birmingham Mint Group Limited passed a
resolution to wind up the companies at an Extraordinary General
Meeting held on Jan. 18.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall Street,
Birmingham B3 2DT were appointed joint liquidators.

CONTACT:  BIRMINGHAM MINT EMPLOYEE TRUSTEES LTD.
          96 Icknield Street,
          Hockley, Birmingham,
          West Midlands B18 6RX
          Phone: 01212374800

          PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Tel: 44 121 200 3000
          Fax: 44 121 200 2464
          Web site:  http://www.pwc.com/


BWL MOTORS: Creditors Meeting Set on Feb. 14
--------------------------------------------
Creditors of BWL Motors Limited will meet on Feb. 14, 2006,
10:30 a.m. at Station House, Midland Drive, Sutton Coldfield,
West Midlands B72 1TU.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to G. Irwin, administrator of Irwin & Company,
Station House, Midland Drive, Sutton Coldfield, West Midlands
B72 1TU not later than 12 noon, Feb. 13, 2006.

CONTACT:  B W L MOTORS
          450 Stoney Stanton Road,
          Coventry, West Midlands CV6 5DG
          Phone: 02476685019

          IRWIN & COMPANY
          Station House
          Midland Drive
          Sutton Coldfield
          Birmingham
          West Midlands B72 1TU
          Phone: 08700 111812
          Fax: 08700 111813
          E-mail: mail@irwinuk.net


CHARGECHECK LIMITED: Hires Sale Smith to Administer Assets
----------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co Limited was appointed
administrator of Chargecheck Limited (Company No 03242843) on
Jan. 6.  The company installs and designs kitchen.

CONTACT:  CHARGECHECK LTD.
          213-217 Walton Road,
          Liverpool, Merseyside L4 1AJ

          SALE SMITH & CO LIMITED
          30 Derby Street,
          Ormskirk L39 2BY
          E-mail: etfs@salesmith.demon.co.uk  


D & G CLADDING: Administrator Takes Over Firm
---------------------------------------------
A. J. Clark of Carter Clark was appointed administrators of D &
G Cladding Limited (Company No 2861008) on Jan. 18.

CONTACT:  D & G CLADDING LTD.
          34 Roneo Corner,
          Hornchurch, Essex RM12 4TN
          Phone: 01708453232

          CARTER CLARK
          Meridian House
          62 Station Road
          North Chingford
          London E4 7BA
          Phone: 020 8524 1447
          Fax: 020 8524 1457
          E-mail: recovery@carterclark.co.uk


EBIQUITA LIMITED: Meeting of Creditors Set Friday
-------------------------------------------------
Creditors of Ebiquita Limited (Company No 05264981) will meet on
Feb. 3, 11 a.m., at Tenon Recovery, Charnwood House, Gregory
Boulevard, Nottingham NG7 6NX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to P. Ellward, joint administrator of Tenon
Recovery, Charnwood House, Gregory Boulevard, Nottingham NG7 6NX
not later than 12 noon, Feb. 2, 2006.

CONTACT:  EBIQUITA LTD.
          Chase Park Daleside Road,
          Nottingham NG2 4GT
          Phone: +44 (0) 115 852 6870
          Fax: +44 (0) 115 947 5320

          TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com/


FULHAM VEHICLE: Taps Andrew Whelan to Liquidate Assets
------------------------------------------------------
Fulham Vehicle Windows Limited appointed Andrew John Whelan of
Marks Bloom to liquidate its assets after members passed a
resolution to wind up the company.

Company Director D. Richens disclosed that the company cannot
continue its operations due to surmounting liabilities.

CONTACT:  FULHAM VEHICLE WINDOWS LIMITED
     Unit 8 Glenville Mews
     London
     SW 184NJ
          Tel: 020 8875 0123
     Fax: 020 8875 0303


GENEVE INTERNATIONAL: Creditors Meeting Set Today
-------------------------------------------------
Creditors of Geneve International Limited (Company No 02026988)
will meet on Jan. 31, 10:30 a.m., at Newcastle Marriott Gosforth
Park Hotel, Gosforth Park, High Gosforth, Newcastle upon Tyne,
NE3 5HN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Gordon S. Goldie and Allan David Kelly, joint
administrators of Tait Walker, Bulman House, Regent Centre,
Gosforth, Newcastle upon Tyne NE3 3LS.

CONTACT:  GENEVE INTERNATIONAL LTD
          Unit 9a, North Tyne Industrial Estate,
          Newcastle Upon Tyne, Tyne & Wear NE12 9SZ
          Phone: 01912159911

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


GENRISTO LIMITED: Calls In Administrator from Haines Watts
----------------------------------------------------------
Andrew Appleyard of Haines Watts was appointed administrator of
Genristo Limited (Company No 00248245) on Jan. 13.  Its
registered office is at Units 43-45 Evelyn Street, Beeston,
Nottingham NG9 2EU.  The company manufactures electrical
equipment.

CONTACT:  GENRISTO LTD.
          Units 43-45, Evelyn Street
          Beeston
          Nottingham NG9 2EU
          Nottinghamshire
          Phone: 0115 922 5022
          Fax: 0115 922 7840

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


HAXBY'S OF PLYMOUTH: Cessation of Trading Affects 59 Workers
------------------------------------------------------------
Richard Hill and David Crawshaw of KPMG Corporate Recovery were
appointed joint administrators for Haxby's of Plymouth, on
Wednesday, Jan. 25, 2006.

Haxby's is a family-run business dealing in new and used car
sales, trading from two sites in Plymouth, Devon.  Dealerships
include Dihatsu, KIA, Subaru, Isuzu, Fiat and Daewoo.

Following an immediate review of the car dealership, the two
operations have ceased trading, effective immediately.  This has
resulted in the redundancies of 59 employees.

"The business had suffered from a decline in sales and cash flow
difficulties," David Crawshaw said.  "It is with regret that we
cease trading and announce these redundancies but there is no
alternative."

The administrators are seeking buyers for the assets of the
Company including two leasehold and one freehold property.

CONTACT:  KPMG CORPORATE COMMUNICATIONS
          Rachael Morgan
          Emma Murray
          Tel: 0207 694 8773
          Web site: http://www.kpmg.co.uk/
          E-mail: rachael.morgan@kpmg.co.uk or
                  emma.urray@kpmg.co.uk


HERBAL APOTHECARY: In Administrative Receivership
-------------------------------------------------
The Governor and Company of the Bank of Scotland appointed Paul
Finnity and Peter A Blair of Begbies Traynor joint
administrative receivers of Herbal Apothecary Limited (Reg. No.
04305011) on Jan. 15.  The company manufactures and sells herbal
medicine.

CONTACT:  HERBAL APOTHECARY LTD
          103 High St Leicester LE7 1GQ
          United Kingdom
          Phone: +44 (116) 260 29 63
          Fax: +44 (116) 260 27 57

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


I AM MOVING.COM: Hires Administrators from Kroll Limited
--------------------------------------------------------
David John Whitehouse and Simon Wilson of Kroll Limited were
appointed joint administrators of I Am Moving.Com Limited
(Company No 03801545) on Jan. 19.  Its registered office is at
Unit 5 The Glass House, Royal Oak Yard, 156B Bermondsey Street,
London SE1 3TQ.


CONTACT:  I AM MOVING.COM LIMITED
          Phone: 0845 0900 198
          Web site: http://www.iammoving.com/

          KROLL LIMITED
          The Observatory
          Chapels Walk
          Manchester
          Greater Manchester M2 1HL
          Phone: 0161 838 4500
          Fax: 0161 838 4501


INSURANCE OMBUDSMAN: Appoints Stephen Paul Grant as Liquidator
--------------------------------------------------------------
J. Smith, director of The Insurance Ombudsman Bureau, informs
that the special resolution to wind up the company was passed at
an EGM held on Jan. 13 at 51 Gresham Street, London EC2V 7HQ.  
Stephen Paul Grant of Wilkins Kennedy, Risborough House, 38-40
Sycamore Road, Amersham, Berkshire HP6 5DZ was appointed
liquidator.

Creditors are required on or before April 3, 2006, to send in
their full names, full particulars of debts or claims, and the
names and addresses of Solicitors (if any) to Stephen Paul
Grant.

CONTACT:  THE INSURANCE OMBUDSMAN BUREAU
          The Financial Ombudsman Service
          South Quay Plaza
          183 Marsh Wall
          London E14 9SR
          Phone: 020 7964 1000 or 0845 080 1800
          Fax: 020 7902 8197

          WILKINS KENNEDY
          Risborough House,
          38-40 Sycamore Road, Amersham,
          Buckinghamshire HP6 5DZ
          Phone: 01494 725544
          Fax: 01494 431571
          E-mail: stephen.grant@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com/


ISIS IMPEX: Jewelry Importer Calls in Administrator
---------------------------------------------------
John C. Sallabank and Paul Boyle of Harrisons were appointed
joint administrators of Isis Impex Limited (Company No 03422071)
on Jan. 19.  The company is engaged in importing and selling
pieces of jewelry.

CONTACT:  ISIS IMPEX LIMITED
          28-30 Wilbraham Road
          Manchester, Lancashire

          HARRISONS
          35 Water Edge Business Park,
          Modwen Road, Manchester M5 3EZ
          Phone: 0161 876 4567
          Fax:   0161 876 4554
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com/


KITCHENHAUS LIMITED: Taps Ian Franses to Liquidate Assets
---------------------------------------------------------
Kitchenhaus Limited is voluntarily liquidating its assets after
members passed a resolution to wind up the company's operations
during an extraordinary general meeting held on Dec. 16, 2005,
in London.

Company Chairman P. J. Byrne informs that Ian Franses of Ian
Franses Associates is appointed as liquidator.

CONTACT: KITCHENHAUS LTD.
    304-306 Battersea Park Road
    Battersea London
    SW11 3BU
    Tel: 020 7350 1222
    Fax: 020 7228 6732
    Web site: http://www.kitchenhaus.com/
    Email: info@kitchenhaus.com


LASCO EUROPE: Hires BDO Stoy Hayward Administrator
--------------------------------------------------
Andrew Howard Beckingham and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Lasco Europe
Limited (Company No 04793726) on Jan. 16.  

Lasco Europe Limited -- http://www.lascoeurope.com/--  
manufactures and distributes soya-based drinks.

CONTACT:  LASCO EUROPE LIMITED
          E-mail: info@lascoeurope.co.uk

          BDO STOY HAYWARD LLP
          Park House, 102-108 Above Bar,
          Southampton, Hampshire SO14 7NH
          Phone: 023 8035 6000
          Fax: 023 8035 6111
          E-mail: southampton@bdo.co.uk
          Web site: http://www.bdo.co.uk/


LODESTAR ENGINEERS: Hires Liquidators from Ernst & Young
--------------------------------------------------------
B. Whitworth, chairman of Lodestar Engineers Limited, informs
that the special resolutions to wind up the firm were passed at
an EGM held on Jan. 13 at Albion Works, Savile Street, Sheffield
S4 7UD.  Charles Graham John King and Robert Hunter Kelly of
Ernst & Young LLP, 14 King Street, Leeds LS1 2JN were appointed
joint liquidators.

CONTACT:  LODESTAR ENGINEERS LTD
          Johnson Street
          Sheffield S3 8GU
          Phone: 0114 276 8131
          Fax: 0114 275 7898

          ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com/


LOUIS DRAPKIN: National Westminster Bank Appoints Receiver
----------------------------------------------------------
National Westminster Bank Plc appointed Mark Jeremy Orton and
Allan Watson Graham of KPMG LLP joint administrative receivers
of Louis Drapkin Limited (Reg No 329431) on Jan. 18.  Its
registered office is at 48-52 Allock Street, Birmingham B9 4AE.

Headquartered in Birmingham, West Midlands, U.K., Louis Drapkin
Ltd -- http://www.drapkin.co.uk/-- is a commercial printer  
dealing with agency and direct customers producing a wide range
of promotional literature from single color flyers to very high
quality Fine Art catalogues.

CONTACT:  LOUIS DRAPKIN LIMITED
          48-52 Allcock Street,
          Birmingham, West Midlands B9 4EA
          Phone: 0121 766 6663
          Fax: 0121 766 8135
          E-mail: info@Drapkin.co.uk

          KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk/


MBP (AGENTS): Creditors to Meet on Thursday
------------------------------------------
Creditors of MBP (Agents) Limited (Reg. No. 4323701) will meet
on Feb. 2, 10:30 a.m. at Commercial Buildings, 11-15 Cross
Street, Manchester.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to D. J. Power, joint administrator of BDO Stoy
Hayward LLP, Commercial Buildings, 11-15 Cross Street,
Manchester M2 1BD not later than 12 noon, Feb. 1, 2006.

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


NORTHERN FOODS: Names New Executive Director for Chilled Unit
-------------------------------------------------------------
Northern Foods PLC appointed Stefan Barden to the board as
executive director for the Chilled division effective Jan. 30,
2006.

Stefan Barden began his career with Unilever and has extensive
experience of the food industry through roles at McKinsey,
Iceland and Heinz where he worked for six years in total and was
Managing Director of Heinz U.K. and Ireland from 2003 to 2005.

The Chilled division is the largest operating division within
Northern Foods with a turnover of GBP765 million and nearly
12,000 employees across 15 sites in the U.K.  It manufactures in
three key categories: chilled savory pastry; ready meals; and
sandwiches and pizzas.

"I am delighted to welcome Stefan to the Northern Foods board,"
Chairman Tony Hobson said.  "The Chilled division transformation
is critical to the delivery of the group's strategic and
financial goals.  Stefan's wide experience of the food and
retail sectors and his proven success in delivering strategic
change programs will be invaluable to us.

Stefan Barden has nothing to declare in relation to paragraphs
9.6.13, paragraphs 1 to 6 of the Listing Rules.   He is a
Governor of the British Nutrition Foundation charity.

                        About the Company

Headquartered in Leeds, Northern Foods PLC --
http://www.northern-foods.co.uk/-- is one of U.K.'s leading  
food producers with a turnover of GBP1.5 billion and over 22,000
employees based in sites across the U.K. and Ireland.

Northern Foods began restructuring and refocusing its business
in Autumn 2003.  It has launched a comprehensive strategic
review of the business, established a new management team, and
simplified its business structure and factory organization.


NYKREDIT FINANCE: Hires Deloitte & Touche as Liquidator
-------------------------------------------------------
Nykredit Finance Plc decided to liquidate its assets after
members voted to wind up the company's operation during an
Extraordinary General Meeting on Jan. 12, in London.

T. Ahrenst, chairman of Nykredit Finance Plc, disclosed that the
company cannot continue its business due to its surmounting
debts.

Robin David Allen and Andrew Philip Peters of Deloutte & Touche
are appointed joint liquidators.

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

CONTACT:  NYKREDIT FINANCE PLC
          1 Beach View Crescent
          Wembury, Plymouth
          Devon PL9 0HL

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


PHASE ONE: Financial Woes Prompt Voluntary Liquidation
------------------------------------------------------
Phase One Records & Leisure Limited appointed Ian C. Brown of
Parkin S. Booth & Co. to liquidate the company's assets
following the members' election to wind up the company on Dec.
20, 2005.

Company Director, A. N. Hughes disclosed that the company is
unable to continue its operations due to mounting liabilities.

CONTACT:  PHASE ONE RECORDS & LEISURE LIMITED
     18 King Street
     WREXHAM
     LL17 1HF
     Tel: 01978 264940


PREMIER TRAVEL: Debt Claims Filing Period Ends Feb. 28
------------------------------------------------------
Members of Premier Travel Holdings Limited appointed Aileen Jane
Crooks of Deloitte & Touche LLP to liquidate the company's
assets.

Parties recommended the voluntarily wind up of the company's
operations after determining the company's liabilities hinder
its ability to continue its business.  The wind-up resolution
was passed on Jan. 11, during an Extraordinary General Meeting
held in Cambridge.

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

CONTACT:  PREMIER TRAVEL HOLDINGS LIMITED
          Westbrook, Milton Road,
          Cambridge, CB4 1YG

          DELOITTE & TOUCHE LLP
          City House,
          126-130 Hills Road,
          Cambridge CB2 1RY
          Web site: http://www.deloitte.com/


RANK GROUP: Ian Burke Succeeds Mike Smith as Chief Executive
------------------------------------------------------------
The Rank Group PLC appointed Ian Burke to succeed Mike Smith as
Chief Executive of the company effective March 6, 2006.  Mike
Smith will retire from the company at the end of March 2006.

Ian Burke, aged 49, is currently Chief Executive of Holmes Place
Health and Fitness Limited.  He has extensive experience of the
leisure and hospitality industries in the United Kingdom and in
mainland Europe.  He has also been involved in retail and
leisure management in the U.S.  Before joining Holmes Place, he
was Chief Executive of Thistle Hotels plc.  He has also held the
position of managing director of Gala Clubs, the bingo operator.

Alun Cathcart, chairman of Rank, said, "Since Mike joined Rank
in 1999 he has brought about a major transformation of the
company, creating a focused business that is well positioned to
exploit growth opportunities in the gaming and leisure markets.  
Under his leadership, Rank has generated significant value for
its shareholders through a program of restructuring and
development.  On behalf of the Board, I would like to express
our deep appreciation for all Mike's hard work and dedication
over the last seven years."

"We started the search for Mike's successor in October last year
and we have been fortunate to identify Ian so early in the
process.  With his track record in leisure and hospitality and
his experience of brand development and franchising, he is well-
equipped to lead Rank's continued development," he added.

Rank confirms there is no information to be disclosed under the
requirements of Listing Rule 9.6.13 in relation to this
appointment.

Headquartered in London, Rank Group plc -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

The company's 3-7/8% notes due 2009 carry Fitch's BB+ rating.


SMP STEELWORK: Calls in Administrators from Begbies Traynor
-----------------------------------------------------------
D. R. Acland and Steven Williams of Begbies Traynor were
appointed joint administrators of SMP Steelwork Limited (Company
No 05415208) on Jan. 6.

Headquartered in Leigh, U.K., SMP Steelwork Limited --
http://www.bbstructures.com/-- manufactures steel.

CONTACT:  SMP STEELWORK LIMITED
          Unit 3, Bridgeater Business Park,
          West Bridgewater Street,
          Leigh WN7 4HB
          Phone: (01942) 603055
          Fax: (01942) 608263
          E-mail: enquiries@smpsteelwork.com

          BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com/


T J MCCARTER: Creditors Meeting Set Today
-----------------------------------------
Creditors of T J Mccarter (Plant) Limited (Company No 04164999)
will meet on Jan. 31, 12 noon at Holiday Inn, A55 Chester West,
Northop Hall.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Peter O'Hara, administrator of O'Hara & Co,
Wesley House, Huddersfield Road, Birstall, Batley, West
Yorkshire WF17 9EJ.

CONTACT:  O'HARA & CO.
          Wesley House
          Huddersfield Road
          Birstall
          Batley
          West Yorkshire WF17 9EJ
          Phone: 01924 477449
          Fax: 01924 475262
          E-mail: insol@ohara.co.uk


ULTRASHIELD LIMITED: Taps M.C. Armstrong to Liquidate Assets
------------------------------------------------------------
Ultrashield Limited is liquidating its assets after members
elected to wind up the company's operations during an
extraordinary general meeting held on Dec. 19, 2005.

Company Chairman C. Stevens informs that Martin Charles
Armstrong of Turpin, Barker Armstrong has been appointed as
liquidator.

CONTACT: ULTRASHIELD LIMITED
  Farleigh Green Yard Lower Road
  West Farleigh
  Maidstone, Kent ME1 5 0PF
  United Kingdom
  Tel: 01622 815409


WEARDALE RAILWAYS: Creditors to Get 25 Pence Dividend Under CVA
---------------------------------------------------------------
Creditors of Weardale Railways Limited formally approved
proposals for a Company Voluntary Arrangement, joint
administrators Ian Green and Stephen Ellis of
PricewaterhouseCoopers LLP revealed.

Under the terms of the agreed CVA, all creditors will receive a
dividend of 25 pence in the pound and, if the CVA is successful,
will result in the railway being able to reopen.

At the same time, Messrs. Green and Ellis have been appointed
joint supervisors of Weardale Railways Limited following the
CVA.  In due course the administrators will cease to act and the
company will operate under the supervision of a new board of
directors.

"I am delighted that we, together with our legal advisers
Dickinson Dees, have been able to work with creditors, funders
and the Weardale Railway Trust volunteers to find a solution
that will provide a substantially more positive result for the
creditors and the company than any alternative solution would
have delivered," Mr. Green said.

CONTACT:  WEARDALE RAILWAYS LIMITED
          Stanhope Station
          Stanhope
          Bishop Auckland
          Co. Durham DL13 2YS
          Phone: 01388 529566
          Fax: 01388 529286
          E-mail: info@weardale-railway.org.uk

          PRICEWATERHOUSECOOPERS
          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485

          Katy Gallimore
          Phone: 0113 289 4675


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

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

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


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


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


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


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


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


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


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


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


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

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


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


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


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


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


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


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

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
    International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Partygaming Plc           PRTY      (405)         263     (161)
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113     (264)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
    Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
    Holdings Plc           VMOB.L    (101)         278      (80)
  
Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.  
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********                            


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

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