TCREUR_Public/060201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, February 1, 2006, Vol. 7, No. 23

                            Headlines

G E R M A N Y

CFS CONTAINER: Hamburg Court Begins Bankruptcy Proceedings
ER-WE KRAFTFAHRZEUGE: Meeting of Creditors Slated for April 5
GECOS GESELLSCHAFT: Claims Filing Period Ends Next Week
HCS HANSEATISCHER: Court Sets March 15 Claims Bar Date
IMMOBILIEN DOLFUS: Court to Verify Claims on June 14

LG.PHILIPS: Dutch & German Units File for Insolvency Protection
MANFRED KERGER: Dortmund Firm Under Bankruptcy Administration
POWER-POINT: Creditors Have Until March 10 to Register Claims
TSP-TRANSPORT: Bankruptcy Proceedings Commence in Chemnitz
VARIO-RENTA: Creditors to Meet on April 5

WIENERT ELEKTRO: Bochum Court Taps M. Hansberg as Administrator


G R E E C E

TIM Hellas: Fitch Affirms B Rating Following Q-Telecom Takeover


I R E L A N D

ELAN CORPORATION: Medical Device Conference Set Next Week


I T A L Y

FIAT S.P.A.: Moody's Affirms Ba3 Long-Term & Corp. Ratings


K A Z A K H S T A N

ALSIONA: Creditors' Claims Due Later this Month
BANK TURANALEM: Fitch Rates Tier I Issue at Final Long-Term B+
BASTAMA MINERAL: Proofs of Claim Deadline Set Later this Month
HSRAU SUROB: Succumbs to Bankruptcy in Kostanai Region
MONITORING P: Court Rules for Bankruptcy

RUSSIAN-KAZAKH FOOD: Court Sets Feb. 21 Claims Bar Date


N E T H E R L A N D S

LG.PHILIPS: Dutch & German Units File for Insolvency Protection
ROYAL SHELL: Cancels Another 675,000 'A' Shares


R U S S I A

AGRO-PROM-KHIMIYA: Adygeya Court Opens Bankruptcy Proceedings
ALIKOVO-AGRO-PROM-SNAB: Claims Filing Period Ends Next Week
CHEBOKSARSKAYA MILL: Insolvency Manager Takes Over Firm
KIROVOGRAD-MEZH-RAY-GAS: Proofs of Claim Deadline Set Feb. 10
KUYBYSHEVSKOYE: Undergoes Bankruptcy Supervision Procedure

MOROZOVSK-AGRO-KHIM-SERVICE: Bankruptcy Hearing Set Feb. 8
RUSSIAN STANDARD: Moody's Rates US$200 Million Notes at Ba2
SEVER-SNAB: Taps Insolvency Manager to Take Over Helm
STARODUBSKIY: Factory Succumbs to Bankruptcy
STERLITAMAK-STROY: Court Taps I. Yusupova as Insolvency Manager

TATARSTAN-GEOLOGY: Tatarstan Court Brings in Insolvency Manager


S L O V A K   R E P U B L I C

DEXIA BANKA: Fitch Affirms Individual Junk Rating


S W I T Z E R L A N D

SWISS INTERNATIONAL: Cabin Crews Accept New Labor Agreement


U K R A I N E

BROK-FOND UKRAINA: Succumbs to Bankruptcy Proceedings in Sumi
BURSHTINENERGOBUDTRANS: Court Begins Bankruptcy Supervision
DNIPRO AGRO: Under Bankruptcy Supervision in AR Krym
DONBASENERGOREMONT: Court Names Petrenko Vasil as Liquidator
FEMIDA: Bankruptcy Supervision Starts in Sumi Region

GALITSKE MEMORIAL: Court Names Temporary Insolvency Manager
KAMYANETS-PODILSKIJ: Court Freezes Debt Payment
SAMSHIT: Insolvency Manager Yurij Ulyanchuk Comes In


U N I T E D   K I N G D O M

ABSOLUTE ARCHIVES: Financial Woes Prompt Voluntary Liquidation
BRAMWELL MOTOR: Lloyds TSB Bank Taps Grant Thornton as Receiver
BRIDGENS TRANSPORT: Hires Begbies Traynor Administrator
BRIMSDOWN DECORATION: Taps Baker Tilly to Liquidate Assets
CERIDEC LIMITED: Winding Up Assets in Rotherham

CHARACTER GROUP: Seeking Investors' OK on Sale of Digital Unit
CHOICE JOINERY: Begins Voluntary Liquidation
COLAB LIMITED: Kroll Begins Liquidating Assets
COUNTY PLUMBING: Administrators from Baker Tilly Enter Firm
ELITE GLAZING: Taps Tenon Recovery to Administer Assets

EURO TRADE: Appoints Baker Tilly as Administrator
FALLEN STOCK: Calls in Administrators from Tenon Recovery
FERSINA LINCOLNSHIRE: Begins Voluntary Liquidation
HPJ UK: Jewelry Retailer Taps Administrators from Stoy Hayward
J W ARROWSMITH: Administrators Take Over Firm

LIONVERGE PROJECTS: Debt Claims Filing Period Ends Today
MARK MENSWEAR: Appoints Joint Administrators
META COMPUTER: Calls In Bond Partners to Administer Assets
MOWLEM PLC: 75% of Shareholders Approve Scheme of Arrangement
MUSE LINGERIE: Meeting of Creditors Set Monday

RANK GROUP: Concludes Sale of Deluxe Film Business
SARUM TRAINING: Administrators Move In
SILVER BOX: Manufacturer Hires Administrators from Stoy Hayward
SKYEPHARMA PLC: Shareholders Eye Director's Exit
SLI GLASS: Taps Administrators from Deloitte & Touche

STIRLING STORAGE: Appoints Liquidator
TXU EUROPE: Makes GBP50.5 Million Distribution to SSE
WRENBRIDGE LIMITED: Creditors Confirm Joint Liquidators' Hiring
ZHM MEAT: Wholesaler Taps Administrator from Jones Lowndes Dwyer

     **********

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G E R M A N Y
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CFS CONTAINER: Hamburg Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against CFS Container-Freight-Station Kuhwerder GmbH on Jan. 16.  
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 Dirk Decker.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Insolvenzgericht,
Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at
12:00 p.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:  CFS CONTAINER-FREIGHT-STATION KUHWERDER GmbH
          Am Windhukkai 5, 20457 Hamburg
          Contact:
          Wolfgang Grund, Manager
          Dorfstrasse 16d, 22889 Tangstedt

          Dirk Decker, Administrator
          Speersort 4-6, 20095 Hamburg
          Tel: 303010
          Fax: 30301435


ER-WE KRAFTFAHRZEUGE: Meeting of Creditors Slated for April 5
-------------------------------------------------------------
The District Court of Halle-Saalkreis opened bankruptcy
proceedings against ER-WE Kraftfahrzeuge 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 Dieter Kuehne.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Halle-Saalkreis, Saal
1.043, Justizzentrum, Thueringer Str. 16, 06112 Halle, at 10:00
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:  ER-WE KRAFTFAHRZEUGE GmbH
          Langendorfer Strasse 30, 06667 Weissenfels
          Contact:
          Gerdi Eisenstein, Manager
          Carlsberger Weg 36, 06667 Leissling

          Dr. Dieter Kuehne, Administrator
          Walter-Kohn-Strasse 1b, D-04356 Leipzig
          Tel: 0341/339890
          Fax: 0341/3398929


GECOS GESELLSCHAFT: Claims Filing Period Ends Next Week
-------------------------------------------------------
The District Court of Hagen opened bankruptcy proceedings
against GECOS Gesellschaft fuer Computersysteme mbH on Jan. 19.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 10, 2006,
to register their claims with court-appointed provisional
administrator Andreas Grund.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hagen, Haupthaus (Neubau),
Heinitzstrasse 42, 58097 Hagen, Etage 2, Raum 283, at 9:45 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:  GECOS GESELLSCHAFT FUER COMPUTERSYSTEME mbH
          Raiffeisenstr. 32, 58093 Hagen
          Contact:
          Gabriele Birner, Manager
          Eixendorf West 5, 92431 Neunburg vorm Wald

          Andreas Grund, Administrator
          Grabenstr. 28, 58095 Hagen
          Tel: 02331-397656
          Fax: +4923313976570


HCS HANSEATISCHER: Court Sets March 15 Claims Bar Date
------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against HCS Hanseatischer Computerservice GmbH on Jan. 12.  
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 Heiko Fialski.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Insolvenzgericht,
Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at
9:05 a.m., on April 12, 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:  HCS HANSEATISCHER COMPUTERSERVICE GmbH
          Oldesloer Strasse 97-99, 22457 Hamburg
          Contact:
          Klaus Klepper, Manager

          Heiko Fialski, Administrator
          Raboisen 38, 20095 Hamburg
          Tel: 33446-0
          Fax: 33446-111


IMMOBILIEN DOLFUS: Court to Verify Claims on June 14
----------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Immobilien Dolfus GmbH on Jan. 17.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 21, 2006,
to register their claims with court-appointed provisional
administrator Thomas Kuehn.     

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 10:35
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 10:15 a.m., on June 14, 2006, at the same venue.

CONTACT:  IMMOBILIEN DOLFUS GmbH
          Salzachstr. 10,14163 Berlin

          Thomas Kuehn, Administrator
          Luetzowstr. 100, 10785 Berlin


LG.PHILIPS: Dutch & German Units File for Insolvency Protection
---------------------------------------------------------------
LG.Philips Displays Holding B.V., the Hong Kong-based
manufacturer of television cathode ray tubes, filed for
insolvency protection along with its Dutch subsidiary,
LG.Philips Displays Netherlands B.V., and its German subsidiary
in Aachen on Jan. 27.  The companies cited worsening conditions
in the CRT marketplace and unsustainable debt.

The holding company disclosed that it will not be able to
provide further financial support to certain loss-making
subsidiaries because it has been unable to obtain sustainable
new or additional funding.

                     Likely France Insolvency

LG.Philips Displays Holding B.V. is the European holding company
for LG.Philips Displays.  Given the holding company's inability
to further fund the subsidiaries, its operations in France,
Czech Republic, Slovakia, Mexico and the U.S. are also reviewing
their financial position.  In particular, the workers council of
LPD France has been summoned to consider seeking insolvency
protection at the plant in France.

                       85% Viable Operations

LG.Philips Displays emphasized that its plants in Brazil, China,
Indonesia, Korea and Poland are, in principle, unaffected.  The
company's factories in the United Kingdom (Blackburn) and the
Netherlands (Stadskanaal and Sittard, with support from some
employees in Eindhoven) are economically viable and are expected
to continue production, for which LG.Philips Displays will seek
support and approval of the Dutch trustee and supervisory judge.
These operations represent more than 85% of LG.Philips Displays'
production capacity employing approximately 15,000 people.

"Over the past year, LG.Philips Displays and other CRT
manufacturers have seen an unprecedented decline in the market
for CRTs, especially in Europe.  The demand for new flat panel
televisions, including liquid crystal display and plasma
televisions, has surged dramatically, as these alternatives have
dropped in price and become cost competitive faster than
anticipated.  Although demand for CRTs has dropped precipitously
in mature markets, global demand for CRTs remains strong,
especially in emerging markets.

LG.Philips Displays has been in extensive discussions with the
company's financiers and parent companies, Philips and LG
Electronics, over the past several months to explore financial
solutions to the market challenges, especially in Europe.  
However, these negotiations were ultimately unsuccessful.

                           Job Cuts

As a result of the insolvency filings, approximately 350
employees at the company's operations in Eindhoven, the
Netherlands and 400 employees in Aachen, Germany are affected.

"We deeply regret this outcome and the painful impact these
filings will have on our valued employees and the communities
that have supported us over the years," said J.I. Son, President
and CEO of LG.Philips Displays.  "Unfortunately, market
conditions and our financial situation have made this very
difficult decision unavoidable."

LPD employees are being informed of these changes and of their
plant's financial position by their local management.

"Having explored all possible restructuring options, we really
had no choice but to take these actions.  We are working to
maintain employment for our remaining employees through our
ongoing operations," said J.I. Son.

LG.Philips Displays will work with its customers to ensure
continued support to their businesses by providing backup
supplies from LPD's ongoing operations.

LG.Philips Displays will continue to work with suppliers to its
ongoing plants and operations.  Suppliers delivering parts and
components to the affected plants will be formally notified in
due course in accordance with local legislative requirements.

LG.Philips Displays, a venture between South Korea's LG
Electronics Inc. and Royal Philips Electronics NV of the
Netherlands, has posted losses since the fourth quarter of 2004,
Young-Sam Cho of Bloomberg News reports.

                   About LG.Philips Displays

Headquartered in Hong Kong, LG.Philips Displays --
http://www.lgphilips-displays.com/-- manufactures cathode ray  
tubes for use in televisions and computer monitors.  The company
produces one in every four television and computer monitor tubes
sold.  Making use of its global manufacturing infrastructure, it
provides regional supplies to top TV and monitor brands
worldwide.  LG.Philips Displays continues to be committed to the
CRT industry and will maintain a strong profile based on its
competitive operations and innovative, high-quality products.


MANFRED KERGER: Dortmund Firm Under Bankruptcy Administration
-------------------------------------------------------------
The District Court of Dortmund opened bankruptcy proceedings
against Manfred Kerger Sanitar- und Heizungs-GmbH on Jan. 19.  
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 Dr. Petra Mork.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dortmund, Nebenstelle,
Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, at 12:50
p.m., on March 8, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 9:00 a.m., on May 10, 2006, at the same venue.

CONTACT:  MANFRED KERGER SANITAR- UND HEIZUNGS-GmbH
          Lanstroper Str. 81 - 83, 44329 Dortmund
          Contact:
          Manfred Kerger, Manager
          Horstmarer Str. 16, 44329 Dortmund

          Dr. Petra Mork, Administrator
          Arndtstr. 28, 44135 Dortmund
          Tel: 0231-952063-0
          Fax: 0231-95206316


POWER-POINT: Creditors Have Until March 10 to Register Claims
-------------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Power-Point Sport und Marketing 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. Jorn-H. Meyn.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Insolvenzgericht,
Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at
9:30 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:  POWER-POINT SPORT UND MARKETING GmbH
          Schnackenburgallee 149, 22525 Hamburg
          Contact:
          Dinh Ky Thuy Dang, Manager
          Neissestrasse 32a, 22547 Hamburg
          Ingrid Wloch, Manager
          Langbargheide 4, 22547 Hamburg

          Dr. Jorn-H. Meyn, Administrator
          Herrengraben 31, 20459 Hamburg
          Tel: 36805600
          Fax: 36805368


TSP-TRANSPORT: Bankruptcy Proceedings Commence in Chemnitz
----------------------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against TSP-Transport, Umschlag, Recycling GmbH on Jan. 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 21, 2006,
to register their claims with court-appointed provisional
administrator Tatjana Gotsch.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Chemnitz, Saal 24, im
Gerichtsgebaude, Fuerstenstrasse 21, in Chemnitz, at 10:15 a.m.,
on April 4, 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:  TSP-TRANSPORT, UMSCHLAG, RECYCLING GmbH
          Contact:
          Andreas Kuenzel, Manager
          Windmuehlenweg 6, 08606 Oelsnitz/V.
          
          Tatjana Gotsch, Administrator
          Buettenstr. 4, 08058 Zwickau


VARIO-RENTA: Creditors to Meet on April 5
-----------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Vario-Renta Beteiligungsgesellschaft mbH & Co. KG, on
Jan. 10.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 3, 2006, to register their claims with court-appointed
provisional administrator Dr. Sven-Holger Undritz.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 10:45 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 at 9:00
a.m., on May 3, 2006, at the same venue.

CONTACT:  VARIO-RENTA BETEILIGUNGSGESELLSCHAFT mbH & Co. KG
          Martin-Behaim-Strasse 2, 63236 Neu-Isenburg
          Contact:
          Christian Schlesiger, Manager
          Mainstrasse 33, 63128 Dietzenbach
          
          Dr. Sven-Holger Undritz, Administrator
          Jungfernstieg 51, 20354 Hamburg,
          Tel: 808136-212
          Fax: 808136-119


WIENERT ELEKTRO: Bochum Court Taps M. Hansberg as Administrator
---------------------------------------------------------------
The District Court of Bochum opened bankruptcy proceedings
against Wienert Elektro-Anlagen GmbH on Jan. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 7, 2006, to
register their claims with court-appointed provisional
administrator Moritz Hansberg.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bochum, Hauptstelle,
Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at 9:00
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:  WIENERT ELEKTRO-ANLAGEN GmbH
          Eickeler Markt 12, 44651 Herne
          Contact:
          Peter Gasperzic, Manager
          Hasenhorst 5, 44651 Herne
          
          Moritz Hansberg, Administrator
          Huestrasse 34, 44787 Bochum
          Tel: 0234 - 964 91-0
          Fax: 0234 - 964 91-33


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TIM Hellas: Fitch Affirms B Rating Following Q-Telecom Takeover
---------------------------------------------------------------
Fitch Ratings affirmed Greece-based TIM Hellas
Telecommunications S.A.'s Senior Unsecured rating of 'B' with a
Stable Outlook and Short-term 'B' following the finalization of
the acquisition of Q-Telecom on Jan. 31, 2006.

The acquisition values Q-Telecom at EUR350 million, including
EUR25 million of existing debt to be refinanced, and is to be
funded through a combination of cash, additional equity and
additional debt.  Fitch also assigned a 'B+' rating to the
EUR200 million senior secured floating rate notes issued by
Hellas Telecommunications (Luxembourg) V in the form of a tap
issue to TIM Hellas' existing senior secured floating rate notes
to fund the acquisition of Q Telecom.

In Fitch's view, the combination of TIM Hellas and Q-Telecom
should benefit TIM Hellas' operational risk profile.  A gradual
transfer of Q-Telecom's subscribers onto TIM Hellas' network
should generate incremental EBITDA as the company leverages its
largely fixed cost base.  Perhaps more importantly, the
consolidation of the third and fourth operator in the market
could significantly reduce pricing pressure.  However, running a
combined business with two separate brands in a way that would
realize the potential synergies without damaging Q-Telecom's
growth potential represents a significant challenge for
management.  Furthermore, improvements in financial performance
and cashflow generation may only materialize in the medium term.

Under the terms of TIM Hellas' senior secured notes, the group
may incur up to EUR200 million of additional debt to acquire Q-
Telecom, subject to a maximum pro-forma net cash-pay debt-to-
EBITDA ratio of 5.25x.  At Q305 TIM Hellas reported trailing 12
months adjusted EBITDA of EUR235.6 million, and Q-Telecom
reportedly achieved EBITDA of approximately EUR29.9 million for
YE05.  Combined EBITDA without pro forma synergies equals
EUR265.5 million, based on latest publicly available accounts,
and pro forma debt is EUR1,480 million.  Cash-pay leverage on a
pro forma basis without synergies is therefore 5.6x.  Fitch has
requested and received confirmation from Hellas V (the issuer of
the notes) that it is in compliance with the debt incurrence
test based on pro forma EBITDA calculated from latest management
accounts and synergy estimates, which are not publicly
available.

As a result of the application of Fitch's jurisdictional 'soft
caps' on instrument notching, Fitch has downgraded both the
first priority senior revolving credit facility and the senior
secured floating rate notes issued by Hellas V to 'B+' from
'BB-'.  Fitch has reclassified Greek legal jurisdiction in Group
C, which implies a maximum upward notching of 1 notch from the
default rating.  Fitch emphasizes that the change in the
instrument ratings is as a result of a change in methodology and
not as a result of any change in operational and financial risk
profile of TIM Hellas resulting from the Q-Telecom acquisition.  
The senior unsecured notes issued by Hellas Telecommunications
(Luxembourg) III (Hellas III) are affirmed at 'B-'.

TIM Hellas is the third-largest mobile operator in Greece with a
market share of 19.4% as at end-H105.  The company reported
revenues of EUR625.4 million and EBITDA of EUR177.6 million for
the 9 months to September 2005.  On Nov. 3, 2005, TIM Hellas
completed a cash-out merger of TIM Hellas Communications S.A.
with acquisition vehicle Troy GAC Telecommunications S.A.  

Q-Telecom, the fourth mobile operator in Greece, launched
services in 2002 and targets primarily the younger prepaid
subscriber segment.  At YE05, Q-Telecom reports a subscriber
base of approximately 950,000 and revenues and EBITDA of
approximately EUR157.1 million and EUR29.9 million,
respectively.

Current ratings on TIM Hellas:

   -- TIM Hellas Telecommunications S.A. Senior Unsecured
      rating: 'B'; Outlook Stable

   -- Hellas Telecommunications (Luxembourg) V senior credit
      facility: 'B+'

   -- Hellas Telecommunications (Luxembourg) V senior secured
      floating rate notes due 2012: 'B+'

   -- Hellas Telecommunications (Luxembourg) III senior notes
      due 2013: 'B-'


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ELAN CORPORATION: Medical Device Conference Set Next Week
---------------------------------------------------------
Elan Corporation, Plc said that its presentation at the Merrill
Lynch Global Pharmaceutical, Biotechnology and Medical Device
Conference in New York will be webcast live via the internet on
Tuesday, Feb. 7, 2006 at 8:00 a.m. Eastern Time, 1:00 p.m.
Greenwich Mean Time.  Interested parties may access a live audio
webcast of the presentation by visiting Elan's website at
http://www.elan.com/and clicking on the Investor Relations  
section, then on the event icon.

                       About Elan

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

                        *     *     *

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

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


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FIAT S.P.A.: Moody's Affirms Ba3 Long-Term & Corp. Ratings
----------------------------------------------------------
Moody's Investors Service affirmed Fiat SpA's Ba3 Corporate
Family Rating and long-term senior unsecured ratings and changes
the outlook to stable from negative.  The short-term rating
remains non-Prime.

Fiat's Ba3/non-Prime ratings continue to reflect:

  (a) Fiat Group's scope and geographically well spread
      operations;
  
  (b) the solid market position of Case New Holland (CNH) and
      its potential to improve its highly indebted financial
      profile;
  
  (c) Iveco's stable market share position in the European truck
      markets;
  
  (d) the Group's recent history of operating losses and
      financial distress;
  
  (e) expectation that CNH, Iveco and Fiat Auto should improve
      operating profit margins and cash flows over the period to
      end-2007; and
  
  (f) anticipation of positive free cash flow generation on a
      group basis, without the benefit of exceptional items,
      which should facilitate further debt reduction, a more
      predictable leverage profile and underpin a more
      comfortable liquidity position, which despite continued
      management efforts remains tight in absolute terms and in
      the context of the auto industry.
  
The change in outlook to stable reflects:

  (a) Fiat's notable trend improvement in operating performance,
      which has now restored Group trading profitability;
  
  (b) Fiat Auto's shift to positive trading profit in Q4 2005
      with momentum to sustain improvements at least over the
      near term;
  
  (c) an expectation that Fiat's consolidated industrial
      operations will generate a positive free cash flow in
      2006, notwithstanding continued commercial and economic
      pressures facing the Group;
  
  (d) a sizable reduction in industrial net debt to
      EUR3.2 billion at year-end 2005 down from EUR9.4 billion
      at the end of 2004, which has improved RCF/Net adjusted
      Debt to above an estimated 20% from 0.6% at year end 2004;
      and
  
  (e) an overall improvement in the Group's liquidity profile,
      which is now providing some relief, albeit a sizeable
      refinancing risk remains in 2006.  
  
Moody's estimates that the level of debt maturities over the
next 12 months is approximately EUR5.9 billion relative to
available group cash balances of EUR6.1 billion; a balanced
position which will require continued reliance on the support of
key financial lenders whilst not allowing for much downside in
its business plan.

Moody's rating action has factored that Fiat should maintain the
trend improvement in performance and strengthening cash flows in
all key divisions over the period to the end of 2007; notably
Fiat Auto moving towards a (as defined by the company) reported
2-4% trading margin, Iveco progressing towards a 7.5% trading
margin and CNH making further progress towards a 10% trading
margin, which would be closer to profitability margins of its
closest peers calculated on IFRS basis.  CNH is, however,
expected to encounter softening demand in the agricultural
market in 2006, which may impede progress, and the business will
need to sharply focus its cost structure and brand strategy if
it is to restore market share, improve margins and strengthen
cash flow.  

Taking these factors into consideration together with CNH's own
elevated leverage; the Ba3 senior debt rating and negative
outlook currently assigned to the company on a stand alone basis
remains unchanged until further progress is evident.  A
stabilization of these ratings will be considered should CNH's
equipment operations (based on Moody's standard adjustments of
CNH's GAAP financial statements) demonstrate an improvement from
year end 2005 in operating margin from 4.4% to 5.5%; interest
coverage from just over 1x to a level in excess of 2x; and a
reduction in gross debt/EBITDA from 8x to a level approximating
6x.  

The contributions of the CNH business will be key to the overall
progress of Fiat Group's ratings going forward.  Moreover, the
level of future margin enhancements in the broader Fiat Group
are likely to be hampered by continued cost pressures from high
raw material and energy prices.  Fiat Auto is also expected to
face heightened competitive pressures from new passenger cars
coming onto the EURopean markets over the next 2 years, which
will also focus directly on Fiat's core segments (e.g. Peugeot
207, Opel Corsa, Renault Twingo, Opel Agila, smart ForTwo).

The recent trend improvements at Fiat Group, most notably over
the last 12 months, will need to be sustained and closely
controlled if Fiat is to strengthen its overall financial
profile on a more permanent basis.  Moody's believes the recent
stabilization of the management team essential to these
endeavors.  The success of new models from within Fiat Auto, in
particular the Grande Punto and a new C-segment model, the
ability to re-organize sales channels across its key geographies
and the success of recently announced ventures and associations
with other auto groups will also play a central role in the
future shape of Fiat Auto's profile and capacity utilization.  
Moreover, the concerted efforts of management to improve the
weak financial profile of CNH and maintain the upward trajectory
at Iveco are essential components to providing confidence in the
sustainability of the Group's recovery.  Further positive
movement in the ratings will depend on the degree of achievement
against these strategic objectives.

Headquartered in Turin, Fiat S.p.A., is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR34.2 billion
generated for the nine- month period as at 30 September 2004.  
The company is also a leading European-based manufacturer of
commercial vehicles and one of the largest producers of
agricultural equipment in the world.


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


ALSIONA: Creditors' Claims Due Later this Month
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLC Alsiona bankrupt on November 28, 2005.  Proofs of
claim will be accepted at Kostanai, Gogol Str. 177a on or before
February 21, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          KOSTANAI REGION
          Kostanai, Gogol Str. 177a


BANK TURANALEM: Fitch Rates Tier I Issue at Final Long-Term B+
--------------------------------------------------------------
Fitch Ratings has assigned BTA Finance Luxembourg S.A.'s
US$400 million issue of 8.25% perpetual preferred securities a
final Long-term 'B+' rating.  The notes have been issued solely
for financing a subordinated loan from the issuer to TuranAlem
Finance B.V., Netherlands, which will in turn make a further
subordinated loan to Kazakhstan's Bank TuranAlem (BTA).

The securities are intended to qualify as Tier I capital under
Kazakhstani banking regulations in an amount equal to 15% of
BTA's Tier I capital.  The remainder of the issue is intended to
qualify as Tier II capital.  The difference between the rating
of the notes and BTA's 'BB+' Long-term foreign currency rating
reflects Fitch's notching policy for senior and more junior
obligations, indicating the higher expected loss for the latter.  
It also takes into account the fact that BTA's Long-term rating
is driven by the possibility of support being made available by
the Kazakhstani authorities in case of need.  In Fitch's opinion
such support would be less likely to be given in order to
prevent the triggering of dividend cancellation provisions on
the Securities.

BTA (rated Long-term foreign currency 'BB+'/Outlook Stable,
Short-term foreign currency 'B', Long-term local currency
'BBB-'/Outlook Stable, Short-term local currency 'F3',
Individual 'C/D', Support '3') was the second largest commercial
bank in Kazakhstan by IFRS assets at end-H105, and has top three
positions in all major market segments.


BASTAMA MINERAL: Proofs of Claim Deadline Set Later this Month
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube region
declared LLC Bastama Mineral Resource Consulting bankrupt.  
Proofs of claim will be accepted at Aktobe, Altynsarina Str. 31
on or before February 21, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          AKTUBE REGION
          Aktobe, Altynsarina Str. 31


HSRAU SUROB: Succumbs to Bankruptcy in Kostanai Region
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLC Hsrau Surob bankrupt on November 28, 2005.  Proofs
of claim will be accepted at Kostanai, Gogol Str. 177a on or
before February 21, 2006.

CONTACT: Kostanai, Gogol Str. 177a


MONITORING P: Court Rules for Bankruptcy
----------------------------------------
The Specialized Inter-Regional Economic Court of Aktube region
declared LLC Monitoring P bankrupt.  Proofs of claim will be
accepted at Aktobe, Altynsarina Str. 31 on or before Feb. 21,
2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          AKTUBE REGION
          Aktobe, Altynsarina Str. 31


RUSSIAN-KAZAKH FOOD: Court Sets Feb. 21 Claims Bar Date
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLC Russian Kazakh Food Company bankrupt on Nov. 28,
2005.  Proofs of claim will be accepted at Kostanai, Gogol Str.
177a on or before Feb. 21, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          KOSTANAI REGION
          Kostanai, Gogol Str. 177a


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


LG.PHILIPS: Dutch & German Units File for Insolvency Protection
---------------------------------------------------------------
LG.Philips Displays Holding B.V., the Hong Kong-based
manufacturer of television cathode ray tubes, filed for
insolvency protection along with its Dutch subsidiary,
LG.Philips Displays Netherlands B.V., and its German subsidiary
in Aachen on Jan. 27.  The companies cited worsening conditions
in the CRT marketplace and unsustainable debt.

The holding company disclosed that it will not be able to
provide further financial support to certain loss-making
subsidiaries because it has been unable to obtain sustainable
new or additional funding.

                     Likely France Insolvency

LG.Philips Displays Holding B.V. is the European holding company
for LG.Philips Displays.  Given the holding company's inability
to further fund the subsidiaries, its operations in France,
Czech Republic, Slovakia, Mexico and the U.S. are also reviewing
their financial position.  In particular, the workers council of
LPD France has been summoned to consider seeking insolvency
protection at the plant in France.

                       85% Viable Operations

LG.Philips Displays emphasized that its plants in Brazil, China,
Indonesia, Korea and Poland are, in principle, unaffected.  The
company's factories in the United Kingdom (Blackburn) and the
Netherlands (Stadskanaal and Sittard, with support from some
employees in Eindhoven) are economically viable and are expected
to continue production, for which LG.Philips Displays will seek
support and approval of the Dutch trustee and supervisory judge.
These operations represent more than 85% of LG.Philips Displays'
production capacity employing approximately 15,000 people.

"Over the past year, LG.Philips Displays and other CRT
manufacturers have seen an unprecedented decline in the market
for CRTs, especially in Europe.  The demand for new flat panel
televisions, including liquid crystal display and plasma
televisions, has surged dramatically, as these alternatives have
dropped in price and become cost competitive faster than
anticipated.  Although demand for CRTs has dropped precipitously
in mature markets, global demand for CRTs remains strong,
especially in emerging markets.

LG.Philips Displays has been in extensive discussions with the
company's financiers and parent companies, Philips and LG
Electronics, over the past several months to explore financial
solutions to the market challenges, especially in Europe.  
However, these negotiations were ultimately unsuccessful.

                           Job Cuts

As a result of the insolvency filings, approximately 350
employees at the company's operations in Eindhoven, the
Netherlands and 400 employees in Aachen, Germany are affected.

"We deeply regret this outcome and the painful impact these
filings will have on our valued employees and the communities
that have supported us over the years," said J.I. Son, President
and CEO of LG.Philips Displays.  "Unfortunately, market
conditions and our financial situation have made this very
difficult decision unavoidable."

LPD employees are being informed of these changes and of their
plant's financial position by their local management.

"Having explored all possible restructuring options, we really
had no choice but to take these actions.  We are working to
maintain employment for our remaining employees through our
ongoing operations," said J.I. Son.

LG.Philips Displays will work with its customers to ensure
continued support to their businesses by providing backup
supplies from LPD's ongoing operations.

LG.Philips Displays will continue to work with suppliers to its
ongoing plants and operations.  Suppliers delivering parts and
components to the affected plants will be formally notified in
due course in accordance with local legislative requirements.

LG.Philips Displays, a venture between South Korea's LG
Electronics Inc. and Royal Philips Electronics NV of the
Netherlands, has posted losses since the fourth quarter of 2004,
Young-Sam Cho of Bloomberg News reports.

                   About LG.Philips Displays

Headquartered in Hong Kong, LG.Philips Displays --
http://www.lgphilips-displays.com/-- manufactures cathode ray  
tubes for use in televisions and computer monitors.  The company
produces one in every four television and computer monitor tubes
sold.  Making use of its global manufacturing infrastructure, it
provides regional supplies to top TV and monitor brands
worldwide.  LG.Philips Displays continues to be committed to the
CRT industry and will maintain a strong profile based on its
competitive operations and innovative, high-quality products.


ROYAL SHELL: Cancels Another 675,000 'A' Shares
-----------------------------------------------
Royal Dutch Shell plc purchased 425,000 'A' Shares for
cancellation at EUR27.81 per share on Jan. 30.  It further
purchased 250,000 'A' Shares for cancellation at 1,905.92 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,927,482,974.

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
===========


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

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

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


ALIKOVO-AGRO-PROM-SNAB: Claims Filing Period Ends Next Week
-----------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision on Alikovo-Agro-Prom-Snab (TIN
2102000042, OGRN 1022102031456).  The case is docketed as A79-
4454/2005.  Mr. S. Fedotov has been appointed temporary
insolvency manager.  Creditors have until Feb. 10, 2006 to
submit their proofs of claim to 428018, Russia, Cheboksary,
Pirogova Str. 4, Office 3.

CONTACT:  ALIKOVO-AGRO-PROM-SNAB
          429250, Russia, Chuvashiya republic,
          Alikovskiy region, Alikovo

          S. FEDOTOV
          Temporary Insolvency Manager
          428018, Russia, Cheboksary,
          Pirogova Str. 4, Office 3

          ARBITRATION COURT OF CHUVASHIYA REPUBLIC
          Russia, Cheboksary, Lenina Pr. 4


CHEBOKSARSKAYA MILL: Insolvency Manager Takes Over Firm
-------------------------------------------------------
The Arbitration Court of Chuvashiya republic commenced
bankruptcy proceedings against Cheboksarskaya Mill after finding
the close joint stock company insolvent.  The case is docketed
as A79-3838/2005.  Mr. Y. Stepanov has been appointed insolvency
manager.  Creditors have until Feb. 10, 2006, to submit their
proofs of claim to Russia, Chuvashiya republic, Cheboksary,
Gremyachevskiy Proezd, 7.

CONTACT:  Y. STEPANOV
          Insolvency Manager
          Russia, Chuvashiya republic, Cheboksary,
          Gremyachevskiy Proezd, 7

          ARBITRATION COURT OF CHUVASHIYA REPUBLIC
          Russia, Cheboksary, Lenina Pr. 4


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

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

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


KUYBYSHEVSKOYE: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision on open joint stock company
Kuybyshevskoye.  The case is docketed as A65-33390/2005-SG4-27.  
Mr. L. Safin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420039, Russia,
Tatarstan republic, Kazan, Post User Box 143.  A hearing will
take place on March 21, 2006.

CONTACT:  KUYBYSHEVSKOYE
          422840, Russia, Bolgar, Gordeeva Str. 1

          L. SAFIN
          Temporary Insolvency Manager
          420039, Russia, Tatarstan republic,
          Kazan, Post User Box 143


MOROZOVSK-AGRO-KHIM-SERVICE: Bankruptcy Hearing Set Feb. 8
----------------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Morozovsk-Agro-Khim-Service (TIN 6121006495,
KPP 612101001) after finding the open joint stock company
insolvent.  The case is docketed as A53-10663/2005-S2-30.  Mr.
M. Makhnev has been appointed insolvency manager.

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

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

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


RUSSIAN STANDARD: Moody's Rates US$200 Million Notes at Ba2
-----------------------------------------------------------
Moody's has assigned a rating of Ba2 to the US$200,000,000 6.72%
Loan Participation Notes due 2007 issued by Russian Standard
Finance S.A.

The Notes issued by the SPV will be used to fund a loan to the
Closed Joint Stock Company, Russian Standard Bank (RSB), a bank
established under the laws of the Russian Federation.  The SPV
will account to the Noteholders only for amounts equivalent to
principal and interest (if any) received from RSB under the
Facility Agreement.

The Ba2 rating of the Notes is based primarily on:

(a) the ability of RSB, the ultimate obligor in respect of
    payments under the Notes, to make timely payments of
    interest and ultimate payment of principal on the Loan; and

(b) the charge and assignment of rights and interests by the SPV
    to the Trustee for the benefit of Noteholders under English
    law.

According to Moody's, the Notes may become payable in the event
that the RSB's rating is downgraded following a re-organization
event (such as a merger, accession, division, separation or
transformation).  As one of the financial covenants, RSB is
obliged to maintain -- unless such a requirement is waived -- a
ratio of capital to risk-weighted assets at a pre-specified
level inversely related to RSB's ratings.  The rating agency
notes that, while the likelihood of any of the above covenants
being triggered is relatively low, any occurrence could
potentially have adverse liquidity implications for RSB and
might exert additional downward pressure on its ratings.

Russian Standard Finance S.A. is a special purpose company set
up in the Grand Duchy of Luxembourg for the purpose of issuing
loan participation notes.


SEVER-SNAB: Taps Insolvency Manager to Take Over Helm
-----------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Sever-Snab (TIN
8912001670, OGRN 1028900698947) after finding the open joint
stock company insolvent.  The case is docketed as A81-4123/2005.  
Mr. S. Chepik has been appointed insolvency manager.  Creditors
have until Feb. 10, 2006, to submit their proofs of claim to
625048, Russia, Tyumen region, Stankostroiteley Str. 1, Office
305a.

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

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


STARODUBSKIY: Factory Succumbs to Bankruptcy
--------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Starodubskiy (TIN 3227001036) after finding
the factory insolvent.  The case is docketed as A09-3360/05-26.  
Mr. S. Chernobrovenko has been appointed insolvency manager.  
Creditors have until Feb. 10, 2006, to submit their proofs of
claim to Russia, Belgorod region, Dubovoye, Zelenaya Str. 3v,
Office 14.

CONTACT:  STARODUBSKIY
          Russia, Bryansk region,
          Repyevskiy region, Rossosh

          S. CHERNOBROVENKO
          Insolvency Manager
          Russia, Belgorod region, Dubovoye,
          Zelenaya Str. 3v, Office 14


STERLITAMAK-STROY: Court Taps I. Yusupova as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Sterlitamak-Stroy (TIN
0268008134, OGRN 1020202081283) after finding the open joint
stock company insolvent.  The case is docketed as A07-8799/05-G-
ADM.  Ms. I. Yusupova has been appointed insolvency manager.  
Creditors have until Feb. 10, 2006 to submit their proofs of
claim to 450077, Russia, Bashkortostan republic, Ufa, Engelsa
Str. 1/1.

CONTACT:  STERLITAMAK-STROY
          453107, Russia, Bashkortostan republic,
          Sterlitamak, Lenina Pr. 2

          I. YUSUPOVA
          Insolvency Manager
          450077, Russia, Bashkortostan republic,
          Ufa, Engelsa Str. 1/1


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

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

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


=============================
S L O V A K   R E P U B L I C
=============================


DEXIA BANKA: Fitch Affirms Individual Junk Rating
-------------------------------------------------
Fitch Ratings has affirmed Slovakia-based Dexia Banka
Slovensko's Long-term, Short-term, Individual and Support
ratings at 'AA-', 'F1+', 'C' and '1', respectively and
simultaneously withdrawn them.

DBS is 79%-owned by Vienna-based Dexia Kommunalkredit Bank
(rated 'AA'/Stable Outlook), which is in turn owned by Dexia
Credit Local (51%, rated 'AA+'/Stable Outlook) and
Kommunalkredit (49%, rated 'AA-').  The balance of DBS's shares
is held by Slovakian municipalities.


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


SWISS INTERNATIONAL: Cabin Crews Accept New Labor Agreement
-----------------------------------------------------------
Following the agreement between SWISS and the cabin crew trade
unions, Kapers and Unia, the members of the latter organizations
have also endorsed the new collective labor agreement in a
consultative vote.  The new CLA will therefore come into effect
for SWISS cabin crews as from Feb. 1.
    
The new collective labor agreement for cabin crews will remain
in force for three years.  Structured to reflect ongoing efforts
to restore the company to good financial health and tougher
competition, it guarantees staff socially acceptable working
conditions into the future.

"We're very pleased to see lengthy and intensive negotiations
brought to a positive conclusion with the approval of the CLA by
the cabin staff", says Antonio Schulthess, Head of Human
Resources at SWISS.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          Tel: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com  
          Web site: http://www.swiss.com/


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


BROK-FOND UKRAINA: Succumbs to Bankruptcy Proceedings in Sumi
-------------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Brok-Fond Ukraina (code EDRPOU
30452741).  The case is docketed as 6/100-05.  Ms. Olga Naumova
has been appointed temporary insolvency manager.  The company
holds account number 26003305702585 at Prominvestbank, Sumi
central branch, MFO 337278.

CONTACT:  BROK-FOND UKRAINA
          Ukraine, Sumi region,
          Malinovskij Str. 13

          Ms. Olga Naumova
          Temporary Insolvency Manager
          40030, Ukraine, Sumi region,
          Harkivska Str. 122, 3rd floor

          ECONOMIC COURT OF SUMI REGION
          40477, Ukraine, Sumi region,
          Shevchenko Avenue 18/1


BURSHTINENERGOBUDTRANS: Court Begins Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on OJSC Burshtinenergobudtrans
(code EDRPOU 04634457) on Dec. 7, 2005.  The case is docketed as
B-13/255.  Mr. Oleg Yashishin has been appointed temporary
insolvency manager.

CONTACT:  BURSHTINENERGOBUDTRANS
          Ukraine, Ivano-Frankivsk region,
          Galitskij district, Burshtin-2

          Mr. Oleg Yashishin
          Temporary Insolvency Manager
          76000, Ukraine, Ivano-Frankivsk region,
          Getman Mazepa Str. 17-B/7
          Tel: 8 (050) 373-27-67

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


DNIPRO AGRO: Under Bankruptcy Supervision in AR Krym
----------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on LLC Dnipro Agro (code EDRPOU 31478226)
on Dec. 12, 2005.  The case is docketed as 8/14767-2005.  Mr.
Kubalov Kazbek has been appointed temporary insolvency manager.

CONTACT:  DNIPRO AGRO
          96030, Ukraine, AR Krym region,
          Krasnoperekopsk district, Vishnivka, Lenin Str. 58

          Mr. Kubalov Kazbek
          Temporary Insolvency Manager
          Ukraine, AR Krym region,
          Armyansk, Koryavka Mkr. 20/116

          THE ECONOMIC COURT OF AR KRYM REGION
          95000, Ukraine, AR Krym region,
          Simferopol, Karl Marks Str. 18


DONBASENERGOREMONT: Court Names Petrenko Vasil as Liquidator
------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Donbasenergoremont (code EDRPOU 05470992) on
Dec. 8, 2005, after finding the open joint stock insolvent.  Mr.
Petrenko Vasil has been appointed liquidator/insolvency manager.

CONTACT:  DONBASENERGOREMONT
          83000, Ukraine, Donetsk region,
          Postishev Str. 99

          Mr. Petrenko Vasil
          Liquidator/Insolvency Manager
          83114, Ukraine, Donetsk region,
          Universitetska Str. 78/34

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


FEMIDA: Bankruptcy Supervision Starts in Sumi Region
----------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Private Enterprise Agrofirm Femida
(code EDRPOU 31593398).  The case is docketed as 7/92-05.  Mr.
Roman Udovenko has been appointed temporary insolvency manager.

CONTACT:  FEMIDA
          41615, Ukraine, Sumi region,
          Konotop district,

          Mr. Roman Udovenko
          Temporary Insolvency Manager
          40030, Ukraine, Sumi region,
          Harkivska Str. 12, 3rd floor

          ECONOMIC COURT OF SUMI REGION
          40477, Ukraine, Sumi region,
          Shevchenko Avenue 18/1


GALITSKE MEMORIAL: Court Names Temporary Insolvency Manager
-----------------------------------------------------------
The Economic Court of Ivano-Frankivsk region stopped liquidation
commission and commenced bankruptcy supervision procedure on
Galitske Production-Working Enterprise Memorial (code EDRPOU
31083354) on Dec. 7, 2005.  The case is docketed as B-13/254.
Mr. Oleg Yashishin has been appointed temporary insolvency
manager.

CONTACT:  GALITSKE PRODUCTION-WORKING ENTERPRISE MEMORIAL
          Ukraine, Ivano-Frankivsk region,
          Galich, Vivcharenko Str. 27

          Mr. Oleg Yashishin
          Temporary Insolvency Manager
          76000, Ukraine, Ivano-Frankivsk region,
          Getman Mazepa Str. 17-B/7
          Tel: 8 (050) 373-27-67

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


KAMYANETS-PODILSKIJ: Court Freezes Debt Payment
-----------------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on OJSC Kamyanets-Podilskij' Meat-Tin
Combine (code EDRPOU) on Nov. 17, 2005, and ordered a moratorium
on satisfaction of creditors' claims.  The case is docketed as
4/318 B.  Mr. Viktor Matushak has been appointed temporary
insolvency manager.


CONTACT:  KAMYANETS-PODILSKIJ' MEAT-TIN COMBINE
          32300, Ukraine, Hmelnitskij region,
          Kamyanets-Podilskij,
          Marshal Harchenko Str. 2

          Mr. Viktor Matushak
          Temporary Insolvency Manager
          Ukraine, Hmelnitskij region,
          G. Skovoroda Str. 14/151

          ECONOMIC COURT OF HMELNITSKIJ REGION
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti Square 1


SAMSHIT: Insolvency Manager Yurij Ulyanchuk Comes In
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Samshit (code EDRPOU 31028141) on Dec. 7,
2005 after finding the limited liability company insolvent.  The
case is docketed as 19/73.  Mr. Yurij Ulyanchuk has been
appointed liquidator/insolvency manager.

CONTACT:  SAMSHIT
          01133, Ukraine, Kyiv region,
          Shors Str. 25-a

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


ABSOLUTE ARCHIVES: Financial Woes Prompt Voluntary Liquidation
--------------------------------------------------------------
Absolute Archives Limited is liquidating its assets after
members elected to wind up the company's operations during an
extraordinary general meeting held on Dec. 14, 2005, in Essex.

Company Director G. Waller informs that the members recommended
the company's voluntarily liquidation after finding out that it
cannot continue its business due to mounting debts.  Eileen T.F.
Sale of Sale Smith & Co. Limited is appointed as Liquidator.

CONTACT:  ABSOLUTE ARCHIVES LIMITED
          Unit 15 Shire Hill Industrial
          Estate Saffron Walden
          Essex
          CB11 3AQ
          Tel: 01799 513371
          Fax: 01799 513795


BRAMWELL MOTOR: Lloyds TSB Bank Taps Grant Thornton as Receiver
---------------------------------------------------------------
Lloyds TSB Bank Plc appointed Keith Hinds and Nigel Ruddocks of
Grant Thornton UK LLP joint administrative receivers of Bramwell
Motor Holdings Limited (Reg No 01609145), Bramwells Of Wigan
Limited (Reg No 02622417) and Sherdley Hall Garage Limited
(Reg No 01609145) on Jan. 17.  Its registered office is at
Aspinall Place, Thatto Heath Road, St Helens, Merseyside WA9
5PE.

CONTACT:  BRAMWELL MOTOR HOLDINGS LTD
          Sherdley Hall Garage Ltd,
          Thatto Heath Road, St. Helens,
          Merseyside WA9 5PE
          Tel: 01744616161

          BRAMWELLS OF WIGAN
          Wilcock Street Garage/Wilcock St,
          Wigan, Lancashire, WN3 4AR
          Tel: 01942 820620

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


BRIDGENS TRANSPORT: Hires Begbies Traynor Administrator
-------------------------------------------------------
G. N. Lee and D. Bailey of Begbies Traynor were appointed joint
administrators of Bridgens Transport Limited (Company No
03664266) on Jan. 19.  

CONTACT:  BRIDGENS TRANSPORT LIMITED
          Silica Road, Tamworth
          Staffordshire B77 4DT
          Tel: 01827 63628  
          Fax: 01827 62304

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


BRIMSDOWN DECORATION: Taps Baker Tilly to Liquidate Assets
----------------------------------------------------------
Brimsdown Decoration Limited appointed Mark John Wilson and
Tracey Elizabeth Callaghan of Baker Tilly to liquidate its
assets after members passed a resolution to wind up the company
on Dec. 21, 2005.

W.S. Brimmer, Chairman of Brimsdown Decoration, disclosed that
the company cannot continue its business after being slumped in
debt.

CONTACT:  BRIMSDOWN DECORATION LIMITED
          90 Lockfield Avenue
          Enfield Middlesex
          EN3 7PX
          Tel: 020 8804 3454
          Fax: 020 8843 3907


CERIDEC LIMITED: Winding Up Assets in Rotherham
-----------------------------------------------
Members of Ceridec Limited passed a resolution to wind up the
company during an extraordinary general meeting on Dec. 21,
2005, in Watford.

The voluntary liquidation came as a result of the Debtor's
inability to continue its operations due to its liabilities.

Mark John Wilson and Tracey Elizabeth Callaghan, of Baker Tilly,
are appointed Joint Liquidators.

CONTACT:  CERIDEC LIMITED
          Common Lane
          Wath-Upon-Dearne
          Rotherham, South Yorkshire
          S63 7DX
          Tel: 01709 874077
               01709 875695
          Fax: 01709 760141


CHARACTER GROUP: Seeking Investors' OK on Sale of Digital Unit
--------------------------------------------------------------
The Character Group PLC posted a Circular relating to the
proposed disposal of the Digital Products Division of World Wide
Licences Limited, to Flextronics Sales and Marketing (A-P)
Limited.

As reported in the Troubled Company Reporter - Europe on
Jan. 27, 2006, the Digital business is valued at US$16 million
for the goodwill and an additional sum for the closing
inventory, which will be determined on completion of the
transaction in February.

The Digital Business owned by WWL is based in Hong Kong.  Its
key role is the design and development of digital interactive
products for global distribution.  WWL entered the digital
camera market in June 2000, and has rapidly become a significant
supplier in this dynamic category, with its total shipment of
digital cameras well in excess of two million units worldwide.

In the financial year ended Aug. 31, 2005, the Digital Business
recorded profit before tax of approximately GBP0.8 million.  The
total price consists of goodwill of US$16 million and the value
of stocks and assets less certain liabilities to be assumed by
Flextronics that will be determined at completion of the sale.

WWL's remaining operations, which include the management of
logistical support for the Group's remaining operations in the
Far East, will continue.

The Circular also contains a Notice convening an Extraordinary
General Meeting of shareholders at 11:00 a.m. on Wednesday,
Feb. 15, 2006, to be held at the offices of Citigate Dewe
Rogerson Ltd., 26 Finsbury Square, London, EC2A 1DS, at which
approval for the proposed disposal will be sought.

Notice is also being sent to Shareholders convening the 2006
Annual General Meeting of The Character Group plc which will be
held at 11:00 a.m. on Wednesday, Feb. 22, 2006, at the offices
of Citigate Dewe Rogerson Ltd., 26 Finsbury Square, London, EC2A
1DS.

                        About the Company

Headquartered in Surrey, United Kingdom, The Character Group PLC
-- http://www.charactergroup.plc.uk/-- develops, manufactures,  
and distributes toys, games, and gifts.  It is also venturing
into digital cameras and other digital products.


CHOICE JOINERY: Begins Voluntary Liquidation
--------------------------------------------
Choice Joinery Limited is liquidating its assets after members
found out that the company cannot continue its operations due to
its liabilities.

Company Chairman C. Dent informs that a resolution to
voluntarily wind up the company was passed during an
extraordinary general meeting on Dec. 13, 2005, in Sunderland.

Ian William Kings, of Tenon Recovery is appointed liquidator.

CONTACT:  CHOICE JOINERY LIMITED
          Unit 12/13
          Bath Street
          Newcastle Upon Tyne
          Walker
          NE6 3PH
          Tel: 0191 263 5402
          Fax: 0191 295 5100


COLAB LIMITED: Kroll Begins Liquidating Assets
----------------------------------------------
Members of Colab Limited authorized Joanne Marie Wright and
Adrian John Wolstenholme of Kroll to liquidate the company's
assets.

The company is voluntarily liquidating its assets after parties
passed a resolution to wind up the company during an
extraordinary general meeting held on Dec. 12, 2005, in
Birmingham.

CONTACT:  COLAB LIMITED
          Unit 7
          Lambourne Crescent
          Cardiff Business Park
          Llanishen Cardiff, South Glamorgan
          CF145GF
          Tel: 029 20747457
          Fax: 029 20747864


COUNTY PLUMBING: Administrators from Baker Tilly Enter Firm
-----------------------------------------------------------
Adrian David Allen and Nigel Millar of Baker Tilly were
appointed administrators of County Plumbing & Electrical
Services Limited (Company No 03386135) on Jan. 10.  Its
registered office is at Bank House, Broad Street, Spalding,
Lincolnshire PE11 1TB.  The company offers plumbing and
electrical service.

CONTACT:  COUNTY PLUMBING & ELECTRICAL SERVICES LIMITED
          Cobgate, Spalding
          Lincolnshire PE12 6TD
          Tel: 01406 373493  
          Fax: 01406 371028

          BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Tel: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk/

          BAKER TILLY
          30 Princes Street,
          Ipswich IP1 1RJ
          Web site: http://www.bakertilly.co.uk/


ELITE GLAZING: Taps Tenon Recovery to Administer Assets
-------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed administrators of Elite Glazing Southern Limited
(Company No 4534466) on Jan. 13.

CONTACT:  ELITE GLAZING SOUTHERN
          247 Copnor Road,
          Portsmouth, Hampshire PO3 5EE
          Tel: 02392650424

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


EURO TRADE: Appoints Baker Tilly as Administrator
-------------------------------------------------
Lindsey Jane Cooper and Stephen Mark Quinn of Baker Tilly were
appointed administrators of Euro Trade Tiles Limited (Company No
3762992) on Jan. 17.  

CONTACT:  EURO TRADE TILES LTD
          Stirling Industrial Chorley New Road
          Horwich, Bolton BL6 6DU
          Lancashire
          Tel: 01204 460200
          Fax: 01204 460202

          BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Tel: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk/


FALLEN STOCK: Calls in Administrators from Tenon Recovery
---------------------------------------------------------
Tina Yearsley and Simon Thomas of Tenon Recovery were appointed
joint administrators of Fallen Stock Disposal Limited (Company
No 5395673) on Jan. 16.  

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

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


FERSINA LINCOLNSHIRE: Begins Voluntary Liquidation
--------------------------------------------------
Fersina Lincolnshire Ltd is liquidating its assets after members
passed a resolution to wind up the company during an
extraordinary general meeting held on Dec. 16, 2005, in
Grantham.

Company Chairman G. Cooper informs that the decision for the
voluntary liquidation came as a result of the company's
inability to continue its operations.

Peter A. Blair and Richard Saville of Begbies Traynor are
appointed Joint Liquidators of the Company.

CONTACT:  FERSINA LINCOLNSHIRE LTD
          3 Castlegate
          Grantham Lincolnshire
          NG3 16SF
          Tel: 01476 564 603


HPJ UK: Jewelry Retailer Taps Administrators from Stoy Hayward
--------------------------------------------------------------
Christopher Kim Rayment and Dermot Justin Power of BDO Stoy
Hayward LLP were appointed joint administrators of jewelry
retailer HPJ UK Limited (Company No 02913342) on Jan. 11.

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


J W ARROWSMITH: Administrators Take Over Firm
---------------------------------------------
Kenneth W. Touhey and Kevin A. Murphy of Chantrey Vellacott DFK
were appointed joint administrators of J W Arrowsmith Limited
(Company No 00113493) on Jan. 11.  

J W Arrowsmith Limited -- http://www.arrowsmith.co.uk/-- offers  
typesetting, printing and binding of books and journals.

CONTACT:  JW ARROWSMITH LTD
          Winterstoke Road
          Bristol BS3 2NT
          Avon
          Tel: 0117 966 7545

          CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Tel: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com/


LIONVERGE PROJECTS: Debt Claims Filing Period Ends Today
--------------------------------------------------------
Creditors of Lionverge Projects Limited and Lionverge S&T
Limited will meet on Feb. 2, 11 a.m. at KPMG LLP, Altius House,
One North Fourth Street, Milton Keynes, Buckinghamshire MK9 1NE.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to P. A. Flint, joint administrator of KPMG
Corporate Recovery, St James Square, Manchester M2 6DS not later
than 12 noon, Feb. 1.

Lionverge Projects Limited -- http://www.lionverge.co.uk/-- is  
a key supplier in the railway industry.

CONTACT:  LIONVERGE PROJECTS LIMITED
          Unit D
          Sketty Close, Brackmills,
          Northampton NN4 7PL
          United Kingdom
          Tel: 01604 677215
          Fax: 01604 677215
          E-mail: Sue.Proctor@Lionverge.co.uk

          KPMG LLP
          St. James' Square
          Manchester
          Greater Manchester M2 6DS
          Tel: 0161 838 4000
          Fax: 0161 838 4040


MARK MENSWEAR: Appoints Joint Administrators
--------------------------------------------
M. T. Getliffe and D. E. Hill of CLB Coopers were appointed
joint administrators of Mark Menswear Limited (Company No
02580279) on Jan. 18.  The company sells men's clothes.

CONTACT:  EURO MARK MENSWEAR
          14-16 Rochdale Road,
          Manchester, Lancashire M4 4JR
          Tel: 01618392300

          CLB
          Century House,
          11 St Peters Square,
          Manchester M2 3DN
          Tel: 0161-245-1000
          Fax: 0161-245-1001
          E-mail: manchester@clb.co.uk
          Web site: http://www.clb.co.uk/


META COMPUTER: Calls In Bond Partners to Administer Assets
----------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of Meta Computer Services Limited (Company No 03125121) on
Jan. 9.  The company manufactures computers and processors.

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Tel: 020 8444 2000
          Fax: 020 8444 3400


MOWLEM PLC: 75% of Shareholders Approve Scheme of Arrangement
-------------------------------------------------------------
Mowlem PLC shareholders approved all resolutions at a Court
Meeting and an Extraordinary General Meeting, including the
recommended takeover by Carillion plc via a Scheme of
Arrangement.

At the Court Meeting, majority of Mowlem shareholders who voted
(either in person or by proxy), representing not less than 75%
by value of the votes cast, voted in favor of the resolution to
approve the Scheme.  The resolution was accordingly passed.

At the Extraordinary General Meeting, the resolution to approve
the Scheme and provide for its implementation was also passed by
the requisite majority.

Completion of the Acquisition remains subject to the
satisfaction or, if permitted, waiver of the conditions to the
Acquisition as set out in the Scheme document dated Jan. 6, 2006
and sent to Mowlem shareholders, including, inter alia, the
approval of the Irish Competition Authority and the sanction of
the Scheme by the High Court.  It is expected that the Scheme
will become effective on Feb. 23, 2006.

                        About the Company

Headquartered in Middlesex, Mowlem Plc -- http://www.mowlem.com/  
-- offers support services to public and private sector
customers across a comprehensive range of market sectors.  It
has more than 25,000 employees, and annual turnover of GBP2
billion.  It has GBP228.4 million in assets and GBP18.9 million
in debt.  Its creditors are HSBC Bank, National Westminster
Bank, and Lloyds TSB Bank.

                        *     *     *

Mowlem registered losses of GBP7.4 million (retained loss of
GBP19.6 million) in 2004, compared to earnings of GBP49.8
million a year earlier.  Its profitability was severely affected
by a number of contract valuation write-downs and one-off
charges.  In September, it reported loss before tax of GBP73.4
million (2004: GBP6.8 million profit).

                      Accounting Errors

Mowlem's business review in February 2005 led to the discovery
of a number of accounting issues at its Technical Services unit.  
The errors nearly gave rise to technical breaches under certain
bonding facilities.  The review also resulted to the split of
its Construction Services operation into three units.

The company has warned 2005 full-year results will be GBP20
million lower than current market expectations due to changes in
approach to profit recognition and contract valuation.  The
announcement followed three profits warning since June 2004.  
These warnings prompted Fitch Ratings to revise the outlook on
the company to Negative from Stable.  Senior Unsecured 'BB' and
Short-term 'B' ratings were affirmed.


MUSE LINGERIE: Meeting of Creditors Set Monday
----------------------------------------------
Creditors of Muse Lingerie Limited will meet on Feb. 6, 2006, 11
a.m. at DS Insolvency Services, 29 King Street, Newcastle under
Lyme, Staffordshire ST5 1ER.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. Williamson, administrator of DS Insolvency
Services, 29 King Street, Newcastle under Lyme, Staffordshire
ST5 1ER not later than 12 noon, Feb. 3, 2006.

CONTACT:  DS INSOLVENCY SERVICES LTD.
          29 King Street
          Newcastle-Under-Lyme
          Staffordshire ST5 1ER
          Tel: 01782 614618
          Fax: 01782 717287
          E-mail: mwilliamson@dsinsolvency.co.uk  


RANK GROUP: Concludes Sale of Deluxe Film Business
--------------------------------------------------
Rank Group plc completed the disposal of Deluxe Film to DX III
Holdings Corporation, a wholly owned indirect subsidiary of
MacAndrews & Forbes Holdings Inc., following earlier receipt of
the necessary approvals from the United States, Canadian and
Spanish anti-trust authorities and Rank shareholders.

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.


SARUM TRAINING: Administrators Move In
--------------------------------------
Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions were appointed joint administrators of Sarum
Training Limited (Company No 3213829) on Jan. 20.

CONTACT:  SARUM TRAINING LTD.
          7 Scots Lane, Salisbury,
          Wiltshire SP1 3TR
          Tel: 01722 333589
          Fax: 01722 331359

          PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Tel: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk
                   james.tickell@portland-solutions.co.uk


SILVER BOX: Manufacturer Hires Administrators from Stoy Hayward
---------------------------------------------------------------
Geoffrey Stuart Kinlan and Anthony John Sanderson of BDO Stoy
Hayward LLP were appointed joint administrators of Silver Box
Fans Limited (Company No 02280765) on Jan. 16.

Silver Box Fans Limited -- http://www.silverbox.co.uk/--  
manufactures and designs electrical equipment.

CONTACT:  SILVER BOX FANS LTD
          Unit 12 Shaftesbury Industrial Centre,
          Icknield Way, Letchworth SG6 1HE
          Hertfordshire
          Tel: 01462 481051
          Fax: 01462 481126

          BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Tel: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk


SKYEPHARMA PLC: Shareholders Eye Director's Exit
------------------------------------------------
Certain SkyePharma PLC shareholders called for an Extraordinary
General Meeting.

This involves resolutions to:

   -- immediately remove Ian Gowrie-Smith as a director;

   -- appoint Robert Thian as a director in place of Mr. Gowrie-
      Smith; and

   -- remove any other person other than Robert Thian appointed
      as a director of the company between the date of
      requisition of the EGM and the date of the EGM.

The Company is currently considering this notice, and the
resolutions therein, and a further announcement will be made in
due course.

                        About the Company

Headquartered in London, SkyePharma plc --
http://www.skyepharma.com/-- develops pharmaceutical products    
benefiting from world leading drug delivery technologies that
provide easier-to-use and more effective drug formulations.  In
May, it reported net loss of GBP24.3 million for 2004, a
decrease of 44% compared with GBP43.2 million in 2003.

                        *     *     *

On Nov. 17, the Board of SkyePharma disclosed that following an
unsolicited approach from a third party, they had decided to
review all of its strategic options, including, inter alia,
offers for the Company as a whole.

On Dec. 8, SkyePharma received a number of expressions of
interest, both with respect to individual assets owned by the
Company as well as potential cash offers for the Company as a
whole.  In the light of such interest, the Board allowed a
number of parties access to a data room to commence due
diligence on the Company.

SkyePharma continues to seek potential offers for the Company as
a whole, but it is not clear at this stage that an offer for the
Company, whether in cash or otherwise, which is capable of
recommendation, will be forthcoming.  In addition, a number of
parties remain interested in potentially acquiring individual
assets owned by the Company.


SLI GLASS: Taps Administrators from Deloitte & Touche
-----------------------------------------------------
Ian Brown and Neville Barry Kahn of Deloitte & Touche LLP were
appointed joint administrators of SLI Glass Limited (Company No
03974535) on Jan. 18.  

SLI Glass Limited -- http://www.sliglass.co.uk/-- is a major  
producer of quality lighting glass in Western Europe.

CONTACT:  SLI GLASS
          Snape Lane, Harworth,
          Doncaster DN11 8NF
          England
          Tel: +44 1302 757200
          Fax: +44 1302 751288

          DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Tel: 0113 292 1748
          Fax: 0113 244 8942


STIRLING STORAGE: Appoints Liquidator
-------------------------------------
D. F. Wilson and J. N. R. Pitts of Wilson Pitts were appointed
joint administrators of Stirling Storage And Transport Limited
(Company No 05061232) on Jan. 18.  

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Tel: 0113 237 5560
          Fax: 0113 237 5561


TXU EUROPE: Makes GBP50.5 Million Distribution to SSE
-----------------------------------------------------
Administrators of TXU Europe Group plc made a GBP50.5 million
third net distribution payment to Scottish & Southern Energy PLC
in respect of SSE's agreed claim, AFX News Limited reports.

SSE's Energy Supply Ltd unit holds an allowed GBP294.2 million
in respect of the termination of a 14-year contract with TXU
Europe Energy Trading Ltd., originally entered into in 1997.

With this latest settlement, TXU Europe has now made
GBP251.2 million in distributions, representing 85% of SSE's
agreed claim, which include:

    (a) GBP159.1 million made on March 31, 2005; and
    (b) GBP41.6 million made on Aug. 2, 2005.

SSE expects to receive further distributions later in 2006 to
satisfy well over 90% of its claim, AFX adds.

Headquartered in London, England, TXU Europe, a subsidiary of
Texas integrated energy group TXU Corp., was once one of
Britain's biggest power suppliers.  The company, which has debts
of more than GBP3 billion, went into administration in November
2002 after a collapse in energy prices prompted U.S. parent TXU
Corp. to withdraw support.  KPMG LLP and Ernst & Young were
appointed administrators for the energy company.

James Robert Tucker and Jeremy Simon Pratt at KPMG, in their
capacity as TXU Europe and its debtor-affiliates' joint
provisional liquidators, filed a Section 304 petition in the
U.S. Bankruptcy Court for the Southern District of New York in
Manhattan on Nov. 12, 2004 (Bankr. S.D.N.Y. Case No. 04-11335).   
Daniel J. Guyder, Esq., and Kenneth P. Coleman, Esq., at Allen &
Overy LLP and Hal Neier at Friedman Kaplan Seiler & Adelman in
New York represent the liquidators in the United States.  When
the petition was filed, TXU Europe estimated more than
US$100 million in assets and debts.


WRENBRIDGE LIMITED: Creditors Confirm Joint Liquidators' Hiring
---------------------------------------------------------------
Creditors of Wrenbridge Limited confirmed the appointment of
Lynn Gibson and Robert David Hewitt as the company's Joint
Liquidators on Dec. 21, 2005.

Wrenbridge Chairman D. Briggs disclosed that members elected to
wind up the company after finding out that it cannot continue
its operations due to mounting liabilities.  The resolution was
passed during an extraordinary general meeting held on Dec. 15,
2005, in Surrey.

CONTACT:  WRENBRIDGE LIMITED
          120 Broad Street
          Wood Street Village
          Guildford, Surrey
          GU3 3BE
          Tel: 01483 570 408


ZHM MEAT: Wholesaler Taps Administrator from Jones Lowndes Dwyer
----------------------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
administrator of ZHM Meat Corporation Limited (Company No
04916962) on Jan. 20.  

CONTACT:  ZHM MEAT CORPORATION LIMITED
          28 Saint Thomass Road,
          Chorley, Lancashire PR7 1HX, PR7 1HX

          JONES LOWNDES DWYER LLP
          John Swift Building
          19 Mason Street
          Manchester
          Greater Manchester M4 5FT
          Tel: 0161 832 9454
          Fax: 0161 832 9455
          E-mail: clairedwyer@joneslowndesdwyer.co.uk

                            *********                            

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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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