TCREUR_Public/060202.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

           Thursday, February 2, 2006, Vol. 7, No. 24

                            Headlines

F R A N C E

LUCITE INTERNATIONAL: S&P Puts BB Rating on Watch Developing
RHODIA S.A.: Redeems Part of 2010 Senior Notes


G E R M A N Y

ALTEN- UND PFLEGEHEIM: Bankruptcy Proceedings Start in Friedberg
DESIKOM AKTIENGESELLSCHAFT: Court Sets Feb. 21 Claims Bar Date
DUENNBIER MAURER: Claims Filing Period Ends March 1
FRANK WOBKER: Claims Registration Ends Next Week
IMO GMBH: Meeting of Creditors Slated for March 2

K&L MANAGEMENT: Gera Business Under Bankruptcy Administration
KLEINTRANSPORTE/KURIERDIENST: Court Appoints Administrator
LOUIS KRESS: Chemnitz Court Begins Bankruptcy Process
NORBERT SCHAFER: Meeting of Creditors Slated for April 21
OET OBJEKT: Bielefeld Court Opens Bankruptcy Proceedings


I T A L Y

INTERCONFIDI NORDEST: Fitch Affirms Long-Term BB+ Rating
VOLARE GROUP: Industry Ministry Suspends Sale to Alitalia
VOLARE SPA: Roman Court Shoots Down Alitalia's Takeover Bid


K A Z A K H S T A N

ALLIANCE IN ALMATY: Court Rules Insolvency
FORT & C: Creditors Have Until Feb. 21 to File Claims
GIFT PROMOTION: Declared Insolvent
INTRAS: Creditors' Claims Due This Month
KONSUL ITM: Court Sets Feb. 21 Claims Bar Date


N E T H E R L A N D S

LAURUS N.V.: To Dispose of Edah and Konmar Businesses
LAURUS N.V.: Delegates Management Roles on Member's Exit
ROMPETROL GROUP: Fitch Affirms Senior Unsecured Rating at B-
ROYAL SHELL: Share Repurchase Scheme Progressing


R U S S I A

AGRO-PROM-ENERGO: Declared Insolvent
BUILDING COMPLEX: Bankruptcy Supervision Begins
COMFORT PLUS: Omsk Court Opens Bankruptcy Proceedings
DOR-REM-STROY: Bankruptcy Hearing Set April 11
METROMEDIA INTERNATIONAL: Inks In Re Fuqua Settlement Pact

PETROVSK-AGRO-MONTAGE: Declared Insolvent
ROMODANOV-AGRO-SNAB: Claims Filing Period Ends Feb. 17
SOV-TRANS-AUTO-ROSTOV: Insolvency Manager Takes Over Firm
STAVROPOL-TRANS-METAL: Stavropol Court Names Insolvency Manager
TATSINSK-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set Feb. 21

URYUPINSKIY: Undergoes Bankruptcy Supervision in Volgograd


S P A I N

FONDO DE TITULIZACION: Fitch Rates Class E Notes at BB


T U R K E Y

ERDEMIR DEMIR: S&P Affirms Long-Term BB- Rating
TURKIYE PETROL: Fitch Affirms Foreign Currency Rating at BB-


U K R A I N E

AGROCENTRSOYUZ: Court Names Andrij Vershinin as Liquidator
KROSS: Sumi Court Rules on Insolvency
LADIZHINSKIJ: Preparing for Liquidation
MALAHIT: Insolvency Manager Illya Maksimov Comes In
STEPOK: Harkiv Court Opens Bankruptcy Proceedings

STROJINDUSTRIYASERVICE: Succumbs to Insolvency in Kyiv
SVITLOVODSK' BREAD: Crumbles Into Insolvency
TEPLOGAZVODBUD: Liquidator Takes Over Operations


U N I T E D   K I N G D O M

BEN DAVIS: Meeting of Creditors Set Monday
BOOTS GROUP: Concludes Disposal of Boots Healthcare Unit
CIRCATEX GROUP: Circuit Board Manufacturer Hires Administrator
CROSSCO 925: Bank of Scotland Appoints Tait Walker as Receiver
CURVED PRESSINGS: Hires Administrators from Pure Recovery

EGNI ENERGY: Retailer Hires Tenon Recovery to Administer Assets
FORMASONS LIMITED: Financial Woes Prompt Voluntary Liquidation
FULFILMENT & DISTRIBUTION: Creditors to Meet Today
GALAXY COACHWORKS: Winding Up Assets in London
HIGHBURY LIFESTYLE: In Administrative Receivership

HIGHBURY NEXUS: Appoints Ernst & Young as Administrator
INEOS HOLDINGS: S&P Rates EUR400-Mil Second-Lien Loan at B-
INSIDE TRACK: Creditors Confirm Voluntary Liquidation
JWS CONSTRUCTION: Taps Liquidators to Wind Up Operations
KARMPAC LIMITED: Winding Up Assets in Gainsborough

KIBER LIMITED: Brings In Ashcrofts Firm to Liquidate Assets
KINGSWOOD PRECISION: Begins Voluntary Liquidation
LAUNDO LIMITED: Calls in Administrators from Tait Walker
LINK-IT SERVICES: Names Unity Corporate Recovery as Liquidator
LOGICOM INTEGRATED: Liquidators from Ernst & Young Move In

MBR REALISATIONS: Debt Claims Filing Period Ends March 10
MCF DEVELOPMENTS: Liquidating Assets in Royston
MILLENIUM MOTORCYCLE: Lloyds TSB Bank Appoints Receiver
MILL TRANSPORT: Begins Voluntary Liquidation Proceedings
MINIMEC LIMITED: Creditors Meeting Set Next Week

MULTIDRIVE LIMITED: Vehicle Maker Calls In Administrator
NORTHERN FOODS: Redeems Convertible Bonds in Full
OLYMPIAN AUTOMOTIVE: In Administrative Receivership
P A ADDISON: Hires Baker Tilly Liquidator
PURPLE INC: Calls In Administrators from Rothman Pantall & Co.

RODAN DESIGN: Kitchen Maker Taps Grant Thornton Administrator
SHADY GROVE: Calls In Administrator from Barringtons Limited
SHERIOL 120: RFS Limited Appoints Grant Thornton Receiver
X-IT 18: Hires Tomlinsons to Administer Assets

     **********

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F R A N C E
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LUCITE INTERNATIONAL: S&P Puts BB Rating on Watch Developing
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on Lucite International Group Holdings
Ltd. on CreditWatch with developing implications in light of the
planned sale of Lucite by its owner, Charterhouse.  Developing
implications means that the rating could be raised, lowered, or
affirmed.

"The CreditWatch status reflects firstly the uncertainty at this
stage regarding the sale process, and secondly the fact that
Lucite's financials could be weakened if leverage increases
markedly, or on the contrary, enhanced, if it is sold to a
stronger group that would integrate and refinance Lucite," said
Standard & Poor's credit analyst Khaled Zitouni.

Lucite, which had 2004 sales of GBP700 million, produces and
distributes methacrylate monomers (MMAs)--the principal building
block of acrylics--and derived acrylic-based polymers, resins,
sheets, and composites.  Products are sold worldwide, including
through own brands; Lucite has 17 facilities located in the
Americas, Europe, South Africa, and Asia.

Even if at this stage the final outcome of the sale process is
unclear and undecided--the process is still ongoing--one of the
following outcomes appears likely:

  (a) A new private equity investor buys Lucite.  This would
      most likely negatively impact the rating, depending on the
      magnitude of the additional debt used for the LBO.
  
  (b) A refinancing is made.  This may also be negative for the
      rating, as leverage may also increase to support
      shareholder-oriented measures (dividends).  Part of the
      proceeds may also benefit the company, if they are used to
      extend the debt amortization profile, provide more
      liquidity resources, and lower borrowing costs.
  
  (c) A larger and financially stronger chemical company buys
      Lucite.  This could be positive for the rating, since
      Lucite would be refinanced with cheaper debt and would be
      integrated within a new, bigger, better-rated group.
  
Lucite could be attractive to a trade buyer as it has leading
positions by far in its main product, MMAs.  Lucite has about
38% of the "merchant" market (products sold externally, in
contrast to products used internally) and contributes 25% of
world production.  It is also a strong player in the downstream-
acrylics market (40% of revenues), in which it benefits from a
diverse end-user base. Furthermore, Lucite has a new patented
technology (alpha process) that, if delivering as promised, will
substantially reduce costs and be a real competitive advantage.

"We aim to resolve the CreditWatch placement once the sale
process has been clarified, notably regarding the new owner's
identity, the new financial policy, and the integration
benefits, if any," said Mr. Zitouni.  The process is expected to
be finalized in the second quarter of 2006.


RHODIA S.A.: Redeems Part of 2010 Senior Notes
----------------------------------------------
Rhodia S.A. used EUR424 million from its EUR604 million rights
issue in 2005 to redeem part of its 2010 Senior Notes issued in
2004, and 2011 Senior Subordinated Notes issued in 2003.

This partial redemption of high cost debt allows Rhodia to
reduce by approximately EUR38 million its annual interest costs.

                       Rights Launching

On Nov. 25, TCR-Europe reported that Rhodia launched a EUR604
million rights issue to reduce debt and fund development
projects.  Chief Executive Jean-Pierre Clamadieu said around
EUR420 million will be used to pay debt, while another EUR150
million will go to industrial projects.

Aside from its goal to post a positive net result this year,
Rhodia eyes an EBITDA margin from continuing operations of over
15% in two to three years.  The rights issue was fully
underwritten by a banking syndicate led by BNP Paribas and
Credit Suisse First Boston.  CALYON and HSBC served as co-lead
managers.

                       About the Company

Headquartered in France, Rhodia S.A. -- http://www.rhodia.com/
-- is a global specialty chemicals company partnering with major
players in the automotive, electronics, fibers, pharmaceuticals,
agrochemicals, consumer care, tires and paints & coatings
markets to offer tailor-made solutions combining original
molecules and technologies to respond to customers' needs.

It generated net sales of EUR5.3 billion in 2004 and employs
20,000 people worldwide.  It is listed on the Paris and New York
stock exchanges.  Its full-year results swung into the red in
2001 with a net loss of EUR213 million (US$183.5 million) after
three profits warning.  The company's stock has deteriorated
since its flotation in 1998.

                        *     *     *

                      Restructuring Plan

Due to depressed economic environment, continued high
petrochemical raw material prices, persistent weak demand and a
negative effect from the value of the dollar, Rhodia launched
structural action programs designed to improve long-term
profitability.

In 2003, it unveiled a plan of action to refocus business
portfolio, reduce cost and improve financial structure.  A key
part of this plan is a EUR600 million divestiture program aimed
at reducing debt by EUR500 million.  Consolidation of operations
resulted to the closure of 19 production units worldwide.

In December 2003, Rhodia concluded an agreement with 23 creditor
banks for the maintenance of a EUR970 million existing lines of
credit, and an adjustment of covenants to June 30, 2004;
establishment of a EUR758 million new syndicated medium-term
credit line; and a capital increase of approximately EUR300
million.
                         
                          Status to date

The company's net loss after amortization of goodwill for 2004
was reduced more than 50% from EUR1,351 million to EUR625
million.  Its overall net loss for the period came to EUR197
million, compared with a net loss of EUR132 million in the
second quarter 2004 (before the taking into account EUR187
million of results from discontinued operations).


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


ALTEN- UND PFLEGEHEIM: Bankruptcy Proceedings Start in Friedberg
----------------------------------------------------------------
The District Court of Friedberg opened bankruptcy proceedings
against Alten- und Pflegeheim Am Stausee GmbH, on Jan. 17.  
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 Dr. Georg Bernsau.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Friedberg, Saal 20a,
Amtsgerichtsgebaude, Homburger Strasse 18, 61169 Friedberg, at
11:00 a.m., on March 22, 2006, at which time the administrator
will present his first report on the insolvency proceedings.  
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  ALTEN- UND PFLEGEHEIM AM STAUSEE GmbH
          Contact:
          Manfred Fey, Manager
          Karl-Birx-Strasse 2, 63697 Hirzenhain
           
          Dr. Georg Bernsau, Administrator
          Zeilweg 42, 60439 Frankfurt
          Tel: (069) 963761-130
          Fax: (069) 963761-145
          E-mail: info@bernsau-rieger.de


DESIKOM AKTIENGESELLSCHAFT: Court Sets Feb. 21 Claims Bar Date
--------------------------------------------------------------
The District Court of Mosbach opened bankruptcy proceedings
against Desikom Aktiengesellschaft on Jan. 16.  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 Fritz Tremmel.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Mosbach, Lohrtalweg 2,
74821 Mosbach, Raum 12, at 2:00 p.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:  DESIKOM AKTIENGESELLSCHAFT
          Contact:
          Michael Kappe
          Am Henschelberg 76, 74821 Mosbach
          
          Fritz Tremmel, Administrator
          Blumenstrasse 17, 69115 Heidelberg
          Tel: 06221/91180


DUENNBIER MAURER: Claims Filing Period Ends March 1
---------------------------------------------------
The District Court of Frankfurt opened bankruptcy proceedings
against Duennbier Maurer- und Baureparaturen GmbH on Jan. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 1, 2006,
to register their claims with court-appointed provisional
administrator Ulrich Weber.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt, Muellroser
Chaussee 55, 15236 Frankfurt, Saal 401, at 11:50 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:  DUENNBIER MAURER- UND BAUREPARATUREN GmbH
          Herweghstrasse 24, 15859 Storkow
          Contact:
          Ulrich Weber, Administrator
          Kurfuerstendamm 212, 10719 Berlin


FRANK WOBKER: Claims Registration Ends Next Week
------------------------------------------------
The District Court of Osnabrueck opened bankruptcy proceedings
against Frank Wobker Bedachungs- GmbH on Jan. 12.  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 Sontopski.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Osnabrueck, Raum E 11,
Hauptgebaude, Stiftshof 8, 49593 Bersenbrueck, at 10:00 a.m., on
Feb. 24, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  FRANK WOBKER BEDACHUNGS- GmbH
          Contact:
          Frank Wobker, Manager
          Weiderand 1, 49565 Bramsche
          
          Andreas Sontopski, Administrator
          Gnoiener Platz 1, 48493 Wettringen
          Tel: 02557/938422
          Fax: 02557/938450


IMO GMBH: Meeting of Creditors Slated for March 2
-------------------------------------------------
The District Court of Bremerhaven opened bankruptcy proceedings
against IMO GmbH on Jan. 17.  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 Walter Spotter.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bremerhaven, Nordstr. 10,
27580 Bremerhaven, at 2:00 p.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 11:00 a.m., on May 15,
2006, at the same venue.

CONTACT:  IMO GmbH
          Ahrend 3, 27580 Bremerhaven
          Contact:
          Tadeusz Zduniak, Manager
                    
          Walter Spotter, Administrator
          Martinistr. 3, 28195 Bremen
          Tel: 0421/360800
          Fax: 0421/321050


K&L MANAGEMENT: Gera Business Under Bankruptcy Administration
-------------------------------------------------------------
The District Court of Gera opened bankruptcy proceedings against
K&L Management GmbH on Jan. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until Feb. 24, 2006, to register their claims
with court-appointed provisional administrator Dr. H. Hess.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Gera, Rudolf-Diener-Str. 1,
Zimmer 317, at 1:30 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:  K&L MANAGEMENT GmbH
          Contact:
          Danila Kaule, Manager
          Julius-Sturm-Platz 9, 07586 Bad Kostritz

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


KLEINTRANSPORTE/KURIERDIENST: Court Appoints Administrator
----------------------------------------------------------
The District Court of Ansbach opened bankruptcy proceedings
against Kleintransporte/Kurierdienst Kolb GmbH on Jan. 17.  
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 Dr. Werner Pohlmann.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Ansbach, Sitzungssaal 1,
EG, Promenade 8, 91522 Ansbach, at 10:45 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:  KLEINTRANSPORTE/KURIERDIENST KOLB GmbH
          Hauptstr. 18 in 91738 Pfofeld

          Dr. Werner Pohlmann, Administrator
          Aussere Sulzbacher Str. 118, 90491 Nuernberg
          Tel: 0911/598900
          Fax: 0911/5989011


LOUIS KRESS: Chemnitz Court Begins Bankruptcy Process
-----------------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against Louis Kress Nachf. GmbH on Jan. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 22, 2006, to register their
claims with court-appointed provisional administrator Wolfgang
Hauser.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Chemnitz, Saal 28, im
Gerichtsgebaude, Fuerstenstrasse 21, Chemnitz, 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:  LOUIS KRESS NACHF. GmbH
          Contact:
          Yvonn Hegner, Manager
          Greizer Strasse 27, 07985 Elsterberg

          Wolfgang Hauser, Administrator
          Poetenweg 36, 08056 Zwickau


NORBERT SCHAFER: Meeting of Creditors Slated for April 21
---------------------------------------------------------
The District Court of Krefeld opened bankruptcy proceedings
against Norbert Schafer GmbH on Jan. 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 15, 2006, to register their
claims with court-appointed provisional administrator Eberhard
Stock.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Krefeld, Nordwall 131,
47798 Krefeld, 1. Etage, Sitzungssaal H 131, at 10:00 a.m., on
April 21, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report at 9:01
a.m., on June 9, 2006, at the same venue.

CONTACT:  NORBERT SCHAFER GmbH
          Umstr. 62, 47929 Grefrath
          Contact:
          Norbert Schafer, Manager

          Eberhard Stock, Administrator
          Wilhelmshofallee 75, 47800 Krefeld


OET OBJEKT: Bielefeld Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The District Court of Bielefeld opened bankruptcy proceedings
against OET Objekt-Einrichtungs-Team GmbH on Jan. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 14, 2006,
to register their claims with court-appointed provisional
administrator Stefan Meyer.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bielefeld, Gerichtstrasse
6, 33602 Bielefeld, 4. Ebene, Saal 4065, at 11:30 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:  OET OBJEKT-EINRICHTUNGS-TEAM GmbH
          Zeisstr. 6, 32312 Luebbecke
          Contact:
          Peter Kleffmann, Manager

          Stefan Meyer, Administrator
          Ostertorstr. 7, 32312 Luebbecke


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I T A L Y
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INTERCONFIDI NORDEST: Fitch Affirms Long-Term BB+ Rating
--------------------------------------------------------
Fitch Ratings has affirmed Italy-based Interconfidi Nordest's
ratings at Long-term 'BB+', Short-term 'B' and Insurer Financial
Strength 'BBB-'.  The Outlook remains Stable.

The ratings take into account the confidi's small size,
geographic concentration and improving, albeit still weak,
structural profitability.  The ratings also reflect progress
made by management to provide ICNE with an appropriate
organizational structure, suitable risk management procedures
and adequate capital ahead of its intended conversion to a bank.

ICNE's credit risk management is characterized by its extensive
knowledge of the local economy.  The guarantee portfolio is
reasonably well diversified by sector, but shows some
concentration by counterparty with the 20 largest exposures
representing 14% of the total guarantee portfolio or 170% of
equity.  There is geographic concentration in the region of the
Veneto, stemming from the confidi's local focus.  However,
during 2005 guarantees issued outside the region equaled 32% of
the total and ICNE plans to expand further outside its home
territory.  At end-September 2005, gross problem guarantees
represented a manageable 1.6% of total guarantees, which was an
improvement from 2% at end-2004.  ICNE has counter-guarantees
agreements with the European Investment Fund and the Italian
Central Guarantee Fund that partly protect it from credit risk.

Fitch regards ICNE's capitalization as adequate, although
capital is small in size.  In 2005 it increased equity by
raising EUR1.5 million of fresh capital and converted certain
regional funds into reserves available to cover all risks.  At
end-November 2005, ICNE estimated its Tier 1 ratio to be about
10.6% using Banca d'Italia rules.

Revenues and costs are more balanced than in the past and ICNE
should now be positioned to produce reasonable operating
results, as revenue generation improves.

Interconfidi Nordest is a cooperative company providing
guarantees to members seeking to obtain bank finance.  ICNE
expects to become a cooperative guarantee bank (banca di
garanzia) in 2006.  It has already deposited its authorization
request with BdI.  On conversion to a bank, ICNE would enjoy the
status of banca popolare, although its activity would be limited
to issuing guarantees and it would not collect retail deposits.


VOLARE GROUP: Industry Ministry Suspends Sale to Alitalia
---------------------------------------------------------
The Industry Ministry has suspended the sale of troubled no-
frills airline Volare Group S.p.A. to flag carrier Alitalia
S.p.A., AFX News says.

The suspension followed a ruling by a Roman court banning
Alitalia from taking part in an auction for Volare.  The said
Alitalia's participation breaches state aid and anti-trust
rules.  The Industry Ministry is supervising Volare's
administration, AFX relates.

Alitalia offered EUR38 million to acquire Volare, EUR9 million
higher than closest rival AirOne.

                         About Alitalia

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

                         About Volare

Headquartered in Via Pirelli 20, 20124 Milan, Italy, Volare
Group S.p.A. -- Web site: http://www.volare-group.it/-- is an  
operative holding company which controls Volare Airlines SpA and
Air Europe since 2001.  The company declared insolvency on
Nov. 22, 2004, citing huge debt and heavy losses.  The group
then filed for extraordinary administration, which allowed it to
be protected from creditors while resuming daily operations.  
Volare emerged from administration in spring, after beating its
EUR7 million revenue forecast by around EUR3.8 million.  Volare
needs fresh capital to expand its fleet.


VOLARE SPA: Roman Court Shoots Down Alitalia's Takeover Bid
-----------------------------------------------------------
A Roman court has blocked Alitalia S.p.A.'s bid to acquire
ailing low-cost carrier Volare Group, AFX News reports.

The ruling, issued on Jan. 27, bans Alitalia from taking part in
the auction to acquire Volare.  The decision stemmed from a
complaint lodged by losing bidder AirOne challenging Alitalia's
success in the recently concluded Volare auction.  

TCR Europe reported on Jan. 12, 2005, that Alitalia offered
EUR38 million, EUR9 million higher than closest rival AirOne.  
AirOne, however, claimed Alitalia is financially incapable of
acquiring Volare and cannot meet bidding requirements.  AirOne
had failed to get a favorable ruling from the Civil Law Court of
Busto Arsizio.

There are speculations that Alitalia's main reason for bidding
is to prevent rival airlines from taking over Volare's airport
slots.  Alitalia said Volare would fit with its business plan
and support low-cost operations from Milan.

                         About Alitalia

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

                         About Volare

Headquartered in Via Pirelli 20, 20124 Milan, Italy, Volare
Group S.p.A. -- Web site: http://www.volare-group.it/-- is an  
operative holding company which controls Volare Airlines SpA and
Air Europe since 2001.  The company declared insolvency on
Nov. 22, 2004, citing huge debt and heavy losses.  The group
then filed for extraordinary administration, which allowed it to
be protected from creditors while resuming daily operations.  
Volare emerged from administration in spring, after beating its
EUR7 million revenue forecast by around EUR3.8 million.  Volare
needs fresh capital to expand its fleet.


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


ALLIANCE IN ALMATY: Court Rules Insolvency
------------------------------------------
Branch of LLC Alliance In Almaty has declared insolvency.  
Proofs of claim will be accepted at Almaty, Timiryazeva Str. 42,
office 12 or at Almaty, Jandosova Str. 24, office 18.

The company can be contacted at 8(3272) 74-73-72, 74-65-85 or 8
(3232) 47-09-11.


FORT & C: Creditors Have Until Feb. 21 to File Claims
-----------------------------------------------------
LLC Fort & C has declared insolvency.  Proofs of claim will be
accepted at Mangistau region, Aktau, micro district 28, 15-5 on
or before Feb. 21, 2006.

The company can be contacted at 8 (32922) 41-01-30.


GIFT PROMOTION: Declared Insolvent
----------------------------------
LLC Gift Promotion has declared insolvency.  Proofs of claim
will be accepted at Almaty, Baizakov Str. 223 and Almaty, Abylai
Hana Ave. 60 on or before Feb. 21, 2006.

CONTACT:  GIFT PROMOTION
          Almaty, Baizakov Str. 223


INTRAS: Creditors' Claims Due This Month
----------------------------------------
LLC Intras has declared insolvency.  Proofs of claim will be
accepted at West Kazakhstan region, Uralsk, Oktyabrskaya
Str. 78, 5th floor on or before Feb. 21, 2006.

The company can be contacted at 8 (3112) 24-40-40.


KONSUL ITM: Court Sets Feb. 21 Claims Bar Date
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLC Konsul ITM 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
=====================


LAURUS N.V.: To Dispose of Edah and Konmar Businesses
-----------------------------------------------------
Laurus N.V. plans to sell its Edah and Konmar Superstores
operations.   

Although sales of the Edah and Konmar stores have improved,
profitability is not expected to reach a satisfactory level in
the near future, due to the unrelenting pressure on margins.  
Laurus therefore intends to focus on the Super de Boer format,
concentrating its efforts on creating the organization needed to
make Super de Boer a powerful and effective force in the market.

                  Low Sales Prompts Store Trims

The fundamental problem facing the Laurus formats is their
relatively low sales per square meter.  The primary objective of
the repositioning project on which the company has been engaged
has therefore been to increase the sales level per square meter.  
In Edah's case, this meant a phased conversion to the Edah
Lekker & Laag format, starting in 2004.  By yearend 2005, a
total of 77 of the 276 Edah stores have been converted.  Pilots
with a new format for the Konmar Superstores, under the Lekker &
Laag Superstores name, were conducted in 2005.

The Lekker & Laag Superstores pilot has now been evaluated and
discussed at length with the Supervisory Board.  The results of
the Edah Lekker & Laag rollout have also been evaluated.  In
both cases, the remodeled stores have reported significant
improvement in sales.  The first three Lekker & Laag Superstores
have boosted their sales by around 45%, attracting 33% more
customers and raising average expenditure per customer by some
10%.  The Edah Lekker & Laag stores have recorded similar
improvements, albeit at a lower level.  These positive results
do not, however, provide sufficient compensation for the
sustained pressure on margins exerted by the economic climate
and the supermarket price war.

The unrelenting pressure on Laurus' sales and results has
further restricted the company's financial scope, making it
impossible to continue investing in the renewal of the Edah and
Konmar formats.

Given these circumstances and the fact that the regular Edah
stores and Konmar Superstores are not sufficiently profitable,
Laurus proposes to sell the Edah/Edah Lekker & Laag stores and
the Konmar/Lekker & Laag Superstores.  Edah employed 2,756 FTEs
(7,740 employees) as supermarket staff and 95 FTEs in direct
overhead jobs as at yearend 2005.  Konmar/Lekker & Laag
Superstores employed 1,651 FTEs (4,237 employees) as supermarket
staff and 50 FTEs in direct overhead jobs as at yearend 2005.

The sale of these operations is expected to result in around 290
FTE redundancies in the shared services and offices.  Laurus
will be consulting the trade unions on the application of the
Laurus Total Social Plan.  The supermarket employees affected by
the sale will be transferred to the new owner in accordance with
the legal rules.  It is Laurus' intention that the affected
staff in the format's direct overhead also to be transferred to
the future new owner.    

The Laurus works council has been asked for its recommendation
on these proposals, which will also be submitted to the General
Meeting of Shareholders once these proposals have become
substantive.  The consequences for the logistics personnel will
depend on whether and to what extent the logistics operation can
be included in the proposed sale.  A separate plan will be
submitted to the works council for recommendation as soon as the
outcome materializes.

                        Super de Boer

By focusing on Super de Boer, the most promising of its formats,
Laurus will be able to concentrate its efforts on creating the
organization needed to make this format a powerful and effective
force in the market.  Capital expenditures of EUR36 million in
Super de Boer is planned in 2006.

Laurus intends this year to complete "Operation Refresh," which,
as its name suggests, is designed to rejuvenate the Super de
Boer stores, and has already been working for several months on
the next-generation Refresh program.  Super de Boer's sales
share of the freshproduce market is increasing and its private
label is enjoying rapid growth, in both quantity and quality.  
Variety and novelty are the key words in this respect. Good
progress is being made with the Superfit project to raise the
efficiency of the business processes, not just at store level
but throughout the chain.  Super de Boer is also planning to
introduce a new computer-assisted ordering process.  It was
announced on Jan. 13, 2006 that four Super de Boer stores had
been named as "Best Supermarket" in their provinces.

                      Credit Waivers

Following Laurus' discussions with the banks in the second half
of 2005 and the early weeks of 2006 on the covenants for
remaining term of the facilities, which expire on Jan. 9, 2008,
the banks have agreed to waive the covenants agreed in 2002
until Jan. 30, 2007, on condition that Laurus reduces its net
debt to EUR200 million (yearend 2005: approximately EUR370
million) by Jan. 30, 2007.  This reduction in net debt is to be
achieved through the restructuring/disposal of activities in
accordance with a plan of action, which is still to be
finalized.

Instead of the original covenants, the Super de Boer format's
EBITDA must be positive during 2006.  Laurus has access to a
credit facility of EUR300 million for its operations in the
Netherlands, which expires on Jan. 30, 2007.  Laurus also has an
overdraft facility of EUR80 million for its Dutch operations,
which expires on Jan. 9, 2008.  The back-up facility of EUR230
million for its operations in Spain will also be available until
Jan. 9, 2008.  These facilities will be reduced by the net
proceeds from the sale of activities.  Depending on the progress
achieved with the restructuring/disposal of its activities, it
is the intention to replace the present facilities with a new
long-term credit facility, which is more closely tailored to the
needs of the organization as it will then be structured, early
2007.

Laurus is convinced that the measures proposed are in the
interests of all stakeholders and, among others, will avoid
further dilution of shareholders' interests.

                       About the Company

Based in The Netherlands, Laurus N.V. -- http://www.laurus.nl/
-- is one of the country's main food retail organizations,
employing about 25,000 people through more than 700
supermarkets.

                          2004 Loss

Laurus suffered a net loss of EUR128 million in 2004, a sharp
reversal compared with 2003, when the positive net result of
EUR9 million marked an -- albeit modest -- return to
profitability for the first time in several years.  In fighting
the price war, which broke out in October 2003 and continued
unabated in 2004, Laurus implemented substantial price cuts
within all three retail formats, which, combined with the
reduced sales volume, had a major negative impact on the result.


LAURUS N.V.: Delegates Management Roles on Member's Exit
--------------------------------------------------------
Jean-Brice Hernu is leaving Laurus N.V.'s Group Management Board
for personal reasons.  His duties, which included responsibility
for shared services, were allocated to the other members of the
Group Management Board starting Feb. 1, 2006.

Harry Bruijniks now serves as chairman of the Group Management
Board and is also responsible for Edah/Edah Lekker & Laag and
the Laurus Central Purchasing & Category Management department.

Kenaad B. Tewarie is Chief Financial Officer and is also
responsible for the Property and Construction/Store Layout &
Management departments.  Willem-Jan Vreezen is responsible for
Konmar/Lekker & Laag Superstores, Logistics, Supply Chain and
ICT departments, while Monny Querido is responsible for Super de
Boer, Marketing Research and Quality & Environment departments.

                        About the Company

Based in The Netherlands, Laurus N.V. -- http://www.laurus.nl/
-- is one of the country's main food retail organizations,
employing about 25,000 people through more than 700
supermarkets.

                            2004 Loss

Laurus suffered a net loss of EUR128 million in 2004, a sharp
reversal compared with 2003, when the positive net result of
EUR9 million marked an -- albeit modest -- return to
profitability for the first time in several years.  In fighting
the price war, which broke out in October 2003 and continued
unabated in 2004, Laurus implemented substantial price cuts
within all three retail formats, which, combined with the
reduced sales volume, had a major negative impact on the result.


ROMPETROL GROUP: Fitch Affirms Senior Unsecured Rating at B-
------------------------------------------------------------
Fitch Ratings affirmed Netherlands-based The Rompetrol Group
N.V.'s Senior Unsecured rating at 'B-' and removed it from
Rating Watch Evolving (RWE).  A Stable Outlook is assigned.

The rating was placed on RWE on Dec. 9, 2005, following the
company's announcement of its acquisition of Dyneff, the largest
independent petroleum products distributor in France.

The affirmation reflects Fitch's view that Dyneff acquisition,
though primarily debt-funded, will not have a material negative
impact on TRG's financial profile.  This is because Dyneff is
currently an unleveraged company (with net debt/EBITDA of well
below 1.0x) and remains fairly small in terms of EBITDA
generation compared to the TRG group.

Fitch considers that the Dyneff acquisition may enhance TRG's
business profile by providing some geographical diversity to the
company's operations, which until recently have been mostly
based in Romania, through a controlling stake in Rompetrol
Rafinare, the second-largest oil refiner in the country.  
Exposure to France, a country with a more stable economic,
political and legal environment than Romania may be seen
positively from creditors' viewpoint.  Nevertheless, following
the acquisition TRG's EBITDA generation will continue to be
biased towards Romania, which is expected to generate at least
80% of group EBITDA in future years.

While this acquisition increases TRG's integration into fuel
retail (Dyneff sells around 3 metric tons per year of refining
products in France and Spain compared to TRG's refining
effective capacity in Romania of around 4 metric tons per year),
there will be no physical integration as products refined in
Romania are not likely to be transported to France given high
transportation costs.  TRG is also expected to be able to
capitalize on Dyneff's rights of use to strategic pipelines
transporting crude oil to Western Europe, and its storage
facilities.

Fitch acknowledges profit improvement potential at French retail
operations on the back of planned improvements in asset
utilization and cost cutting.  Nevertheless, the agency will
closely monitor TRG's results in France, which is seen as a
highly competitive market dominated by supermarkets.

The rating for TRG continues to reflect the company's aggressive
financial policy, high levels of debt (including convertible
bond), cash flow volatility and ongoing investigation by
Romania's Prosecutor General into the privatisation of TRG's
main refining asset in 2001.  TRG is expected to report record
cash flows and EBITDA for 2005, capitalizing on extremely
favorable market conditions for refiners.  In the first nine
months of 2005, TRG's main operating subsidiary, Rompetrol
Rafinare, reported unaudited EBITDA of US$151 million, compared
with US$47 million in the corresponding period of 2004.


ROYAL SHELL: Share Repurchase Scheme Progressing
------------------------------------------------
Royal Dutch Shell PLC purchased 575,000 'A' Shares for
cancellation at EUR28.23 per share on Jan. 31.  It further
purchased 100,000 'A' Shares for cancellation at 1,926.93 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell PLC will be 3,926,807,974.

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

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

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


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

Creditors may submit their proofs of claim to:

   (a) BUILDING COMPLEX #7
       454071, Russia, Chelyabinsk region,
       Geroyev Tankograda Str. 53

   (b) T. GEFT
       Temporary Insolvency Manager
       454091, Russia, Chelyabinsk region,
       Post User Box 13263


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

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

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


DOR-REM-STROY: Bankruptcy Hearing Set April 11
----------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision on open joint stock company Dor-Rem-
Stroy.  The case is docketed as A43-38616/2005,24-549.  Ms. N.
Sotneva has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 603018, Russia,
Nizhniy Novgorod region, Post User Box 15.  A hearing will take
place on April 11, 2006, 11:30 a.m.

CONTACT:  DOR-REM-STROY
          Russia, Nizhniy Novgorod region,
          Shakhunya, Yranskoye Shosse, 7

          N. SOTNEVA
          Temporary Insolvency Manager
          603018, Russia, Nizhniy Novgorod region,
          Post User Box 15


METROMEDIA INTERNATIONAL: Inks In Re Fuqua Settlement Pact
----------------------------------------------------------
Metromedia International Group, Inc., disclosed that terms of a
settlement have been agreed among parties to the derivative
legal action In Re Fuqua Industries which would, upon review and
approval by the Court of Chancery of the State of Delaware,
bring this long-standing legal action to a final close.  

In the event that the Court approves the proposed settlement,
the Company reported that it expects to receive in excess of
$4 million from the $7 million settlement amount agreed on by
the defendants in the action and will no longer bear obligation
to fund the legal expenses of these defendants.  The Company
sent to its common shareholders of record as of Jan. 5, 2006, a
Notice of Pendency of Derivative Action, Proposed Settlement of
Derivative Action, Settlement Hearing, and Right to Appeal in
the matter of In Re Fuqua Industries, Inc. Shareholders
Litigation.  The Notice informs the Shareholders that a
settlement hearing in the In Re Fuqua Industries action is
scheduled for March 6, 2006, in the Court of Chancery of the
State of Delaware and of Shareholder's rights to participate in
the Settlement Hearing.

                     In Re Fuqua Suit

In Re Fuqua Industries was initiated by a stockholder on behalf
of the Company as a derivative action in the early 1990's when
the Company operated under the name Fuqua Industries, Inc.  
Since the action was brought on behalf of the Company, any funds
received in settlement of the action, net of plaintiffs' counsel
fees and expenses, will go to the Company and not to individual
stockholders.  

Pursuant to the terms and conditions of the proposed settlement,
the defendants would pay an aggregate amount of $7 million to be
paid by the defendants.  Each of the individual defendants has
deposited his share of this aggregate amount into an escrow
account maintained for the benefit of the Company.  The Company
has agreed that, should the Settlement be approved at the
Settlement Hearing, it will not oppose plaintiffs' counsel
application for an award of attorneys' fees not to exceed
$2.1 million and a reimbursement of expenses not to exceed
$0.325 million

    At the Settlement Hearing, the Court will:

  (a) Determine whether a Stipulation of Settlement, dated as of
      December 31, 2005, and the terms and conditions of the
      settlement proposed in the Stipulation, are fair,
      reasonable and adequate;

  (b) Determine whether the interests of the stockholders of the
      Company have been adequately represented at all times by
      counsel to plaintiffs in connection with the prosecution   
      and settlement of the action;

  (c) Determine whether a final order and judgment should be
      entered by the Court dismissing the action with prejudice
      and on the merits as to all parties; and

  (d) Determine, in the event that the Court approves the    
      Stipulation and the Settlement and enters its final
      judgment, whether it should award attorneys' fees and
      expenses to plaintiffs' counsel.

"The proposed Settlement of this long-standing litigation matter
is quite favorable to the Company," Ernie Pyle, the Company's
Chief Financial Officer, said.  

"In addition to receiving cash proceeds from the settlement,
which can reasonably be expected to exceed $4 million, the
Company will no longer be responsible for reimbursement of the
defendants' legal expenses.  Although, the Company is not a
defendant in this derivative case, it has been obligated under
its organizational documents and Delaware Law to fund the
defendants' legal expenses for the past several years, an amount
estimated around $5.0 million.  This funding obligation arose
when the Company's Directors and Officers liability insurance
carrier for the litigation matter, Reliance Insurance Company,
encountered financial difficulties.  In 2001, Reliance became
subject to an order of rehabilitation with the State of
Pennsylvania.  Should the Court not approve the Stipulation and
Settlement, the Company anticipates that the Court will schedule
a trial in this action and thus the Company's obligation to fund
the defendants' legal costs would continue until the action is
ultimately resolved, including any possible appeals," Mr. Pyle
added.

                       About the Company

Through its wholly owned subsidiaries, Metromedia International
Group owns interests in communications businesses in the
countries of Russia and Georgia.  Since the first quarter of
2003, the Company has focused its principal attentions on the
continued development of its core telephony businesses, and has
substantially completed a program of gradual divestiture of its
non-core cable television and radio broadcast businesses.  The
Company's core telephony businesses include PeterStar, the
leading competitive local exchange carrier in St. Petersburg,
Russia, and Magticom, Ltd., the leading mobile telephony
operator in Tbilisi, Georgia.

                        *     *     *

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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

CONTACT:  PETROVSK-AGRO-MONTAGE
          412520, Russia, Saratov region,
          Petrovsk, Shamaeva Str. 3a
  
          S. SHULGIN
          Insolvency Manager
          410028, Russia, Saratov region,
          Beloglinskaya Str. 8a


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

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


SOV-TRANS-AUTO-ROSTOV: Insolvency Manager Takes Over Firm
---------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision on open joint stock company Sov-Trans-Auto-Rostov.  
The case is docketed as A53-26560/2005-S2-7.  Ms. O. Ryabokon
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

  (a) SOV-TRANS-AUTO-ROSTOV
      346720, Russia, Rostov region,
      Aksay, Promyshlennaya Str. 2
  
  (b) O. RYABOKON
      Temporary Insolvency Manager
      344720, Russia, Rostov region,
      Aksay, Promyshlennaya Str. 2
  
  (c) ARBITRATION COURT OF ROSTOV REGION
      Russia, Rostov-na-Donu,
      Stanislavskogo Str. 8a
   
A hearing will take place on May 15, 2006, 2:00 p.m. at Russia,
Rostov-na-Donu, Stanislavskogo Str. 8a.


STAVROPOL-TRANS-METAL: Stavropol Court Names Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
supervision on close joint stock company Stavropol-Trans-Metal.  
The case is docketed as A63-266/05-S5.  Mr. Y. Karpenko has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to Russia, Stavropol region, Lermontova
Str. 343, Office 4.

CONTACT:  STAVROPOL-TRANS-METAL
          Russia, Stavropol region,
          Dovatortsev Str. 52

          Y. KARPENKO
          Temporary Insolvency Manager
          Russia, Stavropol region,
          Lermontova Str. 343, Office 4


TATSINSK-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set Feb. 21
---------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision on open joint stock company Tatsinsk-Sel-Khoz-
Khimiya (TIN 6134000388).  The case is docketed as A53-
27014/2005-S2-30.  Mr. N. Lemaev has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 347060, Russia,
Rostov region, Tatsinskaya St., Vostochnyj Per. 2.  A hearing
will take place on Feb. 21, 2006, 11:30 a.m.

CONTACT:  TATSINSK-SEL-KHOZ-KHIMIYA
          347060, Russia, Rostov region,
          Tatsinskaya St., Vostochnyj Per. 2

          N. LEMAEV
          Temporary Insolvency Manager
          347060, Russia, Rostov region,
          Tatsinskaya St., Vostochnyj Per. 2


URYUPINSKIY: Undergoes Bankruptcy Supervision in Volgograd
----------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision on open joint stock company Uryupinskiy.  
The case is docketed as A12-30632/05-s50.  Mr. P. Bashmakov has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 400005, Russia, Volgograd
region, Post User Box 251.

CONTACT:  URYUPINSKIY
          Russia, Volgograd region,
          Uryupinsk, Vostochnaya gora

          P. BASHMAKOV
          Temporary Insolvency Manager
          400005, Russia, Volgograd region,
          Post User Box 251


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


FONDO DE TITULIZACION: Fitch Rates Class E Notes at BB
------------------------------------------------------
Fitch Ratings affirmed Fondo De Titulizacion De Activos BBVA-1's
notes following a satisfactory performance review of the
transaction.

The notes involved are:

  (a) EUR928,400,400 Class A at 'AAA';
  (b) EUR25,600,000 Class B at 'AA+';
  (c) EUR108,800,000 Class C at 'A';
  (d) EUR22,000,000 Class D at 'BBB'; and
  (e) EUR28,000.000 Class E at 'BB'.

There have been no losses in the loan portfolio, and credit
deterioration has been mitigated by the amortization of weaker
credits.  Over the past year, there has been a moderate
deterioration in the credit quality of the loan portfolio from
'BBB'/'BBB-' to 'BBB-'/'BB+'.

It should be noted that the creditworthiness of the two largest
obligors in the portfolio has declined marginally over the last
year while exposure to these entities has increased.  A Spanish
electricity company and its subsidiaries (rated 'A+') make up
60.30% of the portfolio and a subsidiary of a Spanish
telecommunications company represents 13.5%.  But given that
Class A credit enhancement is 75.63% and Class B 66.62%, Fitch
is comfortable with these concentrations.  Fitch also derives
some comfort from the rapid amortization of the pool scheduled
to occur in 2006 and from a clean-up call, which it expects to
be exercised at end-2006 once the outstanding balance of the
portfolio reaches 20% of the original value.


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


ERDEMIR DEMIR: S&P Affirms Long-Term BB- Rating
-----------------------------------------------
Standard & Poor's Ratings Services removed its ratings on
Turkey-based steelmaker Eregli Demir ve Celik Fabrikalari T.A.S.
from CreditWatch where they had been placed with negative
implications on Oct. 5, 2005.  At the same time, Standard &
Poor's affirmed its 'BB-' long-term ratings on Erdemir. The
outlook is negative.

The CreditWatch resolution follows the completion of the
privatization of Erdemir.  The Turkish government has agreed to
sell its 49% stake in Erdemir to a special purpose vehicle
(SPV), ATAER, which is expected to be 59% owned by Turkish
conglomerate Ordu Yardimlasma Kurumu (OYAK; BB-/Stable/B) and
41% by Luxembourg-based steelmaker Arcelor S.A. (BBB/Watch Dev;
A-2/Watch Neg).

"The negative outlook reflects our concerns that Erdemir will
endure negative free cash flows for the next few years," said
Standard & Poor's credit analyst Per Karlsson.  This is expected
as a result of Erdemir's heavy capital expenditure plans,
combined with expected need to pay higher dividends to its new
owners to service the SPV's heavy debt burden.  This could make
Erdemir's rating more sensitive to a downturn in the price of
steel.

Increased sensitivity to steel prices could result in a
downgrade in the next 18 months.  Funds from operations to total
debt would need to remain above 30% over the cycle for the
rating to be maintained.  If successful, the potential
acquisition of Arcelor by Mittal Steel Co. N.V. (BBB+/Watch
Neg/--) is not expected to have any negative impact on Erdemir's
ratings.  The outlook could be changed to stable if Erdemir is
able to generate positive free operating cash flows on a
sustainable basis.


TURKIYE PETROL: Fitch Affirms Foreign Currency Rating at BB-
------------------------------------------------------------
Fitch Ratings affirmed Turkiye Petrol Rafinerileri A.S.'s Senior
Unsecured local currency 'BBB-' rating and removed it from
Rating Watch Evolving (RWE).  A Stable Outlook is assigned for
the local currency rating.

This action reflects the signing of the share transfer agreement
for the 51% block sale of Tupras from the Turkish government,
after Koc Holding and Enerji Yatirimlari A.S (EA) obtained the
required US$4.3 billion financial package to finalize the
transaction.  At the same time, Tupras' other ratings are
affirmed at Senior Unsecured foreign currency 'BB-' with
Positive Outlook and the National 'AA+(tur)' with Stable
Outlook.  EA is a holding company set up by a consortium led by
Koc Holding (75%) for the Tupras transaction.  Other parties in
the consortium are Aygaz A.S. with 20%, OPET Petroleum A.S. with
3% and Shell Company of Turkey and Shell Overseas Investments
(part of Royal Dutch Shell, 'AA+'/'F1+') with 2%.

Koc Holding has secured a US$2.5 billion loan that consists of a
three-year US$1 billion loan, a seven-year US$950 million loan
and a 732-day US$550 million loan with a 366-day option.  EA
also obtained a 10-year US$1.8 billion loan pledging 51% of
Tupras shares in the process.

Fitch understands that the dividend flow from Tupras to EA will
be the sole revenue of the holding company to pay off the
existing US$1.8 billion debt.  Initial indications are that,
based on current projections, the dividend flow from Tupras to
EA should be sufficient to service most of the principal and
interest payments of the 10 year US$1.8 billion loan.

Legislation in Turkey limits dividends to the level of the net
profit (after compulsory equity reserve creation) for any given
period and provides a degree of comfort regarding the prevention
of asset stripping via special dividends.  However, Fitch is
concerned that there remains the possibility that EA's US$1.8
billion debt could be placed under Tupras in the longer term,
although management have at present ruled this out.  Such a move
would lift Tupras' leverage to undesirable levels and lead to a
downgrade.

The RWE removal also follows Fitch's clarification that EA will
be committed to Tupras' existing strategy on targeted capital
expenditure, leverage and dividends and business plan.  Fitch
generally views the full privatization of Tupras (the other 49%
of shares were gradually floated during the last four years) as
a credit positive for the company, which is expected to increase
the flexibility of its financial management, human resources,
sales and marketing, logistics and other operational functions.
Furthermore, possible business synergies with Shell and Opet -
second and fourth largest players on the Turkish fuel
distribution market respectively - will consolidate Tupras'
financial profile, provided that its balance sheet remains
strong and is not encumbered by the transaction in the future.

Tupras' foreign currency rating remains constrained by the
Sovereign Ceiling of 'BB-', while the National Senior Unsecured
rating reflects Tupras' relative position within the country and
is comparable only with National ratings of other Turkish
companies as assigned by Fitch.

Tupras, which is the largest industrial corporate in Turkey,
owns and operates four oil refineries in the country, with a
combined annual refining capacity of 27.6 million tonnes.  
Tupras' gross debt is around US$340 million and EBITDA for 2005
is expected to be at US$820 million.  The cash balance stood at
US$524 million as of Q305.

The local currency rating was placed on RWE on 13 September
2005.


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


AGROCENTRSOYUZ: Court Names Andrij Vershinin as Liquidator
----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Agrocentrsoyuz (code EDRPOU 32109839)
after finding the limited liability company insolvent.  Mr.
Andrij Vershinin has been appointed liquidator/insolvency
manager.

CONTACT:  AGROCENTRSOYUZ
          01010, Ukraine, Kyiv region,
          Sichnevogo Povstanya Str. 11-a/54

          Mr. Andrij Vershinin
          Liquidator/Insolvency Manager
          03110, Ukraine, Kyiv region, a/b 151

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


KROSS: Sumi Court Rules on Insolvency
-------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Kross (code EDRPOU 31982137) on Nov. 22,
2005 after finding the limited liability company insolvent.  The
case is docketed as 6/113-05. Mr. Sergij Volovik has been
appointed liquidator/insolvency manager.

CONTACT:  KROSS
          Ukraine, Sumi region,
          Bilopillya district, Zhovtneve, Frunze Str. 15

          Mr. Sergij Volovik
          Liquidator/Insolvency Manager
          40030, Ukraine, Sumi region,
          Proletarska Str. 69, 2-nd floor

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

LADIZHINSKIJ: Preparing for Liquidation
---------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Ladizhinskij' (code EDRPOU 05413882) on Nov.
29, 2005 after finding the limited liability company insolvent.  
The case is docketed as 10/68-05.  Mr. Sergij Gorbach has been
appointed liquidator/insolvency manager.

CONTACT:  LADIZHINSKIJ
          Ukraine, Vinnitsya region,
          Trostyanets district, Ladizhin, Pribrezhna Str. 22/1

          Mr. Sergij Gorbach, Liquidator/Insolvency Manager
          08720, Ukraine, Kyiv region,
          Ukraina, a/b 45
          Phone/Fax: (044) 249-99-24

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


MALAHIT: Insolvency Manager Illya Maksimov Comes In
---------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Malahit (code EDRPOU 20322094) after finding
the limited liability company insolvent.  The case is docketed
as 27/116 B.  Mr. Illya Maksimov has been appointed
Liquidator/Insolvency Manager.

CONTACT:  MALAHIT
          85200, Ukraine, Donetsk region,
          Dzerzhinsk, Radchenko Str. 14

          Mr. Illya Maksimov, Liquidator/Insolvency Manager
          84320, Ukraine, Donetsk region,
          Kramatorsk, Habarovska Str. 163

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


STEPOK: Harkiv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Stepok (code EDRPOU 00486787) after finding
the open joint stock company insolvent.  The case is docketed as
B-50/108-05.  Mr. Tishenko Oksana has been appointed
liquidator/insolvency manager.

CONTACT:  STEPOK
          Ukraine, Harkiv region,
          Barvinkivskij district, Druga Ivanivka

          Mr. Tishenko Oksana
          Liquidator/Insolvency Manager
          61002, Ukraine, Harkiv region,
          Petrovskij Str. 6/8-15
          Phone: 700-55-97

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square 5, Derzhprom 8th Entrance


STROJINDUSTRIYASERVICE: Succumbs to Insolvency in Kyiv
------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Strojindustriyaservice (code EDRPOU
32589487) after finding the limited liability company insolvent.  
The case is docketed as 15/812-b.  Mr. Mihajlo Shkabrij has been
appointed liquidator/insolvency manager.

CONTACT:  STROJINDUSTRIYASERVICE
          Ukraine, Kyiv region,
          40-richya Zhovtnya Avenue 100/2

          Mr. Mihajlo Shkabrij
          Liquidator/Insolvency Manager
          03150, Ukraine, Kyiv region,
          Chervonoarmijska Str. 57/3, office 229
          Phone: 8 (044) 230-23-90

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


SVITLOVODSK' BREAD: Crumbles Into Insolvency
--------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against OJSC Svitlovodsk' Bread Plant on Nov. 15,
2005, after finding the limited liability company insolvent.  
The case is docketed as 9/18.  Mr. G. Zabolotnij has been
appointed liquidator/insolvency manager.

CONTACT:  SVITLOVODSK' BREAD PLANT
          27500, Ukraine, Kirovograd region,
          Svitlovodsk, P. Morozov Str. 3

          Mr. G. Zabolotnij
          Liquidator/Insolvency Manager
          25006, Ukraine, Kirovograd region,
          Lenin Str. 23

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski Str. 29


TEPLOGAZVODBUD: Liquidator Takes Over Operations
------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Teplogazvodbud (code EDRPOU 32441841) on
Dec. 2, 2005 after finding the limited liability company
insolvent.  The case is docketed as 15/95 B.  Ms. Kozlovska
Diana has been appointed liquidator/insolvency manager.  The
company holds account number 26005302550804 at Prominvestbank,
Kostyantinivka branch, MFO 334550.

CONTACT:  TEPLOGAZVODBUD
          85100, Ukraine, Donetsk region,
          Kostyantinivka, Kalinin Str. 40-92

          Ms. Kozlovska Diana,
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Pershotravneva Str. 12, office 501-a
          Phone: 304-12-81

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


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


BEN DAVIS: Meeting of Creditors Set Monday
------------------------------------------
Creditors of Ben Davis (Worcester) Ltd will meet on Feb. 6, 11
a.m. at Pear Tree Inn & Country Hotel, Smite Hill, Hindlip,
Worcester, Worcestershire WR3 8SY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Mark Bowen and Nigel Price, both of Moore
Stephens LLP, Beaufort House, 94-96 Newhall Street, Birmingham
B3 1PB not later than 12 noon, Feb. 3, 2006.

CONTACT:  BEN DAVIS
          Hylton Road, Worcester,
          Worcestershire WR2 5JS
          Tel: 01905423178

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


BOOTS GROUP: Concludes Disposal of Boots Healthcare Unit
--------------------------------------------------------
Boots Group PLC completed the sale of its Boots Healthcare
International (BHI) division to Reckitt Benckiser for
GBP1.926 billion.

The proceeds of the sale will be used as follows:

  (a) GBP1.43 billion to be returned to shareholders via a
      special dividend of 200 pence per share;

  (b) GBP0.4 billion to be retained, as previously indicated, to
      fund additional investment in the Group and improve its
      overall financial flexibility; and

  (c) GBP0.1 billion taxation and transaction costs.

The special dividend will be paid no later than Feb. 24 and the
shares will trade ex-dividend from Feb. 13.  The special
dividend will be accompanied by a consolidation of Boots
ordinary shares in the ratio 58 to 39.  The share consolidation
will, in effect, maintain comparability of earnings per share
and share prices before and after the payment of the special
dividend and will preserve the position of Boots option holders
who will not receive the special dividend.  The record date for
the share consolidation will be Feb. 10.

The disposal will give rise to an accounting profit of GBP1.4
billion which will be reported under Other Operating Income and
Expenditure in the results for year ending March 31, 2006.  It
is expected that BHI operating profit for the 10 months to
January 31, 2006 will be around GBP80 million.  The reduction in
net debt and additional cash balances resulting from the
transaction will reduce the interest charge for the financial
year by GBP5 million.

The GBP400 million retained in the business will be used, in
part, to finance the additional payment of GBP85 million into
the Boots pension scheme that was announced in November.  This
payment will ensure the scheme remains one of the best funded in
the FTSE and is good news for employees and shareholders.  The
remaining funds will be used primarily to enhance the ongoing
program to Build a Better Boots through investing in stores and
in reducing structural costs as well as to strengthen the
Group's balance sheet.  Further details will be announced as
plans are finalized.  These plans will be independent of but
complementary to the proposed merger with Alliance UniChem.

                        About the Company

Headquartered in Nottingham, Boots Groups PLC --
http://www.boots-plc.com/-- is a health and beauty company with  
operations in retail, manufacturing and distribution.  Boots
sells its products in 130 countries and, excluding Boots
Healthcare International, employs approximately 65,000 people
globally.  Boots operates over 1,400 health and beauty stores in
the U.K. with an aggregate selling area in excess of 647,000
square meters.  

                        *     *     *

                     Alliance Unichem Merger

It has agreed on a merger with Alliance Unichem plc to create
Alliance Boots, an international pharmacy-led healthcare group
with combined sales of over GBP13 billion.  It has also entered
into an agreement to sell BHI to Reckitt Benckiser plc, for an
aggregate consideration on a debt and cash free basis of
GBP1.926 billion in cash, subject to a completion working
capital adjustment.

In September, Boots admitted that trading conditions have been
difficult throughout the first half with consumer spending
softening further over the last quarter.  It plans to focus on
its trading margin, costs and working capital in the second
half.

The difficult market conditions have led to like-for-like sales
below the rate planned for the full year.  Reduced consumer
spending on replacement eyewear and price deflation following
the deregulation of contact lens sales, coupled with the
disruption to the Boots Opticians business from the integration
into Boots The Chemist adversely impacted the results, and these
trends are expected to continue.


CIRCATEX GROUP: Circuit Board Manufacturer Hires Administrator
--------------------------------------------------------------
R. H. Kelly and C. G. J. King of Ernst & Young LLP were
appointed administrators of Circatex Group Limited (Company No
5067435) on Jan. 16.  Its registered office is at Eldon Street,
South Shields, Tyne and Wear NE33 5BU.

Circatex Group Limited -- http://www.circatex.com/--  
manufactures printed circuit board.

CONTACT:  CIRCATEX GROUP LIMITED
          Circatex, Eldon Street,
          South Shields,
          Tyne & Wear NE33 5BU
          Tel: +44 191 4031000
          Fax +44 191 4564387

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


CROSSCO 925: Bank of Scotland Appoints Tait Walker as Receiver
--------------------------------------------------------------
Bank of Scotland appointed Gordon S. Goldie and Allan D. Kelly
of Tait Walker joint administrative receivers of Crossco 925
Limited (Reg No 01958156) on Jan. 13.  The company is previously
named Indigo Software Limited.  It offers software consultancy.

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


CURVED PRESSINGS: Hires Administrators from Pure Recovery
---------------------------------------------------------
Stephen John Evans and Ian Timothy Brown of Pure Recovery LLP
were appointed administrators of Curved Pressings Limited
(Company No 4110491) on Jan. 20.  Its registered office is at
Unit 1, 16A Kings Yard, Carpenters Road, London E15 2JD.

Headquartered in Hackney, East London, Curved Pressings Limited
-- http://www.curvedpressings.com/-- offers premium quality  
service in mastering to lacquer from CDR/ DAT, metalwork from
lacquer, 12" black and colored vinyl, 10" black and colored
vinyl, heavyweight vinyl (180g approx), all necessary printed
parts; labels, sleeves, stickers, inserts etc., online quote
engine and easy email order placement.

CONTACT:  CURVED PRESSINGS LIMITED
          Unit 1, Darnley Road,
          Hackney, London E9 6QH
          Tel: +44 (0) 20 85338080

          PURE RECOVERY LLP
          39 Hatton Garden,
          London EC1N 8EH
          E-mail: tim.brown@purerecovery.com


EGNI ENERGY: Retailer Hires Tenon Recovery to Administer Assets
---------------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were
appointed administrators of energy retailer Egni Energy Limited
(Company No 05215130) on Jan. 18.  

CONTACT:  TENON RECOVERY
          1 Bede Island Road
          Bede Island Business Park
          Leicester LE2 7EA
          Tel: 0116 222 1101
          Fax: 0116 222 1102
          E-mail: leicester@tenongroup.com
          Web site: http://www.tenongroup.com/

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


FORMASONS LIMITED: Financial Woes Prompt Voluntary Liquidation
--------------------------------------------------------------
Formasons Limited is liquidating its assets after members
elected to wind up the company's operations during an
extraordinary general meeting held on Dec. 16, 2005, in
Finchley, London.

Company Director T. Cripps informs that the members found out
that the company cannot continue its business due to its
mounting debts.  H J Sorksy is appointed Liquidator.

CONTACT:  FORMASONS LIMITED
          39B Freelands Road
          Bromley Kent
          BR1 3HZ
          Tel: 020 84608216
               020 84666555
          Fax: 020 83130575


FULFILMENT & DISTRIBUTION: Creditors to Meet Today
--------------------------------------------------
Creditors of Fulfilment & Distribution Limited (Company No
03589104) will meet on Feb. 2, 10:30 a.m. at UHY Hacker Young,
St Alphage House, 2 Fore Street, London EC2Y 5DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. Andronikou, joint administrator of UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH.

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


GALAXY COACHWORKS: Winding Up Assets in London
----------------------------------------------
Members of Galaxy Coachworks Ltd passed a resolution to wind up
the company during an extraordinary general meeting on Dec. 15,
2005, in London.

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

Alan Simon is appointed Liquidator to wind up the company's
business.

CONTACT:  GALAXY COACHWORKS LTD
          10 Adrian Avenue
          London
          NW2 1LX
          Tel: 020 88305776
          Fax: 020 88305778


HIGHBURY LIFESTYLE: In Administrative Receivership
--------------------------------------------------
Barclays Bank PLC appointed Margaret Elizabeth Mills and Roy
Bailey of Ernst & Young LLP joint administrative receivers of
magazine publisher Highbury Lifestyle Limited (Reg No 3578791)
on Jan. 20.

CONTACT:  HIGHBURY LIFESTYLE
          1-3 Highbury Station Road
          London N1 1SE
          United Kingdom
          Tel: 020 7226 2222
          Fax: 020 7226 1255

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


HIGHBURY NEXUS: Appoints Ernst & Young as Administrator
-------------------------------------------------------
Maggie Mills and Roy Bailey of Ernst & Young LLP were appointed
administrators of Highbury Nexus Special Interests Limited
(Company No 02246954) on Jan. 20.  Its registered office is at
Jordan House, 47 Brunswick Place, London N1 6EB.

CONTACT:  HIGHBURY-NEXUS SPECIAL INTERESTS LTD.
          Berwick House
          8/10 Knoll Rise
          Orpington, Kent BR6 0EL
          United Kingdom
          Tel: +44 (0) 1689 899 232
          Fax: +44 (0) 1689 899 240

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


INEOS HOLDINGS: S&P Rates EUR400-Mil Second-Lien Loan at B-
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
debt rating and '5' recovery rating to the proposed EUR400
million second-lien loan to be issued by Ineos Holdings Ltd.
(B+/Stable/--), the U.K.-based chemicals group.

At the same time, Standard & Poor's affirmed its 'B+' long-term
debt rating and '2' recovery rating on the senior secured loan
to be issued by Ineos Holdings, which is to be increased to a
proposed EUR7.22 billion from EUR6.77 billion.  The 'B-' long-
term debt rating and '5' recovery rating on the proposed fixed-
rate subordinated notes issue, which has been reduced to
EUR2.355 billion and will be issued by the parent entity Ineos
Group Holdings PLC (Ineos; B+/Stable/--), were also affirmed.
The total level of term debt will remain unchanged. The ratings
remain subject to satisfactory review of final documentation.

"The '5' recovery rating on the proposed second-lien loan
indicates our expectation of negligible recovery of principal,
of 0% to 25%, for noteholders in the event of a payment
default," said Standard & Poor's recovery analyst Marc Lewis.
"The second-lien loan is rated 'B-', two notches below the 'B+'
corporate credit rating on Ineos Holdings, because second-lien
noteholders are expected to benefit from the same security
package as the senior lenders but with second-ranking priority."

The facility is being arranged to refinance a high-yield bridge
loan put in place as part of Ineos' acquisition of Innovene from
BP PLC (AA+/Stable/A-1+).  The ratings on Ineos continue to
reflect its aggressive financial policy, marked by substantial
debt-funded external growth and resulting weak cash flow
coverage, and cyclical markets.  The ratings continue to be
constrained by the group's free operating cash flow, which is
vulnerable to potentially higher capital expenditures, higher
restructuring costs, or lower savings than anticipated in the
business plan for Innovene.  These factors are partially offset
by the group's fair diversification, management track record in
acquiring and boosting assets, and positive cycle prospects for
the next few years.
  
                     Recovery Analysis

When estimating recoveries, Standard & Poor's simulates a
default scenario.  We used an enterprise valuation approach as
we believe the group, with its fair business profile, would most
likely default as a result of its high leverage and lenders
would achieve greater value through reorganization than through
a liquidation of assets.  Standard & Poor's simulated default
scenario assumed a potential combination of four factors:

  (a) Increased stress on the length and depth of the various
      down-cycles and recovery period forecast by management,
      particularly in the petrochemicals businesses, a key
      profit driver for the group;
  
  (b) Incremental raw-material cost increases;
  
  (c) Reductions in the amount and timeliness of the business
      plan cost savings, although some credit has been given for
      Ineos' track record in cost cutting.  The cost savings are
      key to offsetting expected falls in profitability as the
      pricing cycle turns; and
  
  (d) Increases in interest margins and cost of funding (taking
      into account expected hedging of 50% of the senior secured
      debt) needed to secure waivers or amendments.
    
In addition, S&P made three assumptions:

  (a) The revolving facility is assumed to be fully drawn at the
      point of default;
  
  (b) The borrowing base facility is assumed to have been
      prepaid and converted into an accounts receivable
      securitization; and
  
  (c) Outstanding senior pari passu liabilities are expected to
      be at the maximum level permitted under the financing
      documentation.
    
Under its simulated scenario and using primarily a discounted
cash flow valuation analysis, a payment default is unlikely to
occur before 2010.

For the senior secured lenders, taking into account other
material pari passu senior obligations and prior-ranking
liabilities, Standard & Poor's anticipates recovery in the 80%-
100% range, indicating substantial recovery of principal and
resulting in a recovery rating of '2'.

Using the same valuation approach, this leaves negligible
coverage available for second-lien lenders and fixed-rate
noteholders.  Given the second-ranking priority of the second-
lien debt, and the more limited and third-ranking priority
package available to noteholders, Standard & Poor's expects
marginal prospects for recovery on these facilities in the 0%-
25% range leading to a recovery rating of '5'.  The recovery
ranges take into consideration the potential for cross-
jurisdictional issues that might affect ultimate recoveries and
the inherent volatility in some of the group's operations.


INSIDE TRACK: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------
Creditors of Inside Track Asset Management Limited confirmed the
company's voluntary liquidation after members passed a
resolution to wind up the company's operations on Dec. 16, 2005.

Creditors also ratified the appointment of John D. Cullen of
Harris Lipman as liquidator.

Chairman A. Fletcher disclosed that the company could no longer
continue operating its business due to mounting debts.

CONTACT:  INSIDE TRACK ASSET MANAGEMENT LIMITED
          The Help Centre
          Unit 26 Garth Estate
          Taffs Well Cardiff
          CF157YF
          Tel: 029 2064 9622
          Fax: 029 2064 9633


JWS CONSTRUCTION: Taps Liquidators to Wind Up Operations
--------------------------------------------------------
JWS Construction (North East) Limited appointed Ian William
Kings, of Tenon Recovery and Gregory Whitehead, of Northpoint
Associates, to liquidate its assets after members passed a
resolution to wind up the company's operations on Dec. 20, 2005.

B. Taylor, Chairman of JWS Construction, disclosed that the
company cannot continue its business after being slumped in
debt.

CONTACT:  JWS CONSTRUCTION (NORTH EAST) LIMITED
          The Builders Yard Back of Close
          Street Millfield
          Sunderland
          SR4 6EN
          Tel: 0191 567 2055
          Fax: 0191 565 7561


KARMPAC LIMITED: Winding Up Assets in Gainsborough
--------------------------------------------------
Karmpac Limited is liquidating its assets after members found
out that the company cannot continue its operations due to
mounting liabilities.

Matthew Colin Bowker and David Antony Willis, of Jacksons
Jolliffe Cork are appointed Joint Liquidators.

CONTACT: KARMPAC LIMITED
         Caenby Corner Estate
         Gibson Road
         Hemswell Cliff
         Gainsborough, Lincolnshire
         DN21 5TL
         Tel: 01427 667060
         Fax: 01427 667061


KIBER LIMITED: Brings In Ashcrofts Firm to Liquidate Assets
-----------------------------------------------------------
Kiber Limited authorized Harjinder Johal and George Michael of
Ashcrofts to wind up 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. 22, 2005, in London.

CONTACT: KIBER LIMITED
         1 Chipping Row
         South Woodham Ferrers Chelmsford
         CM3 5XU
         Tel: 01245 321 006


KINGSWOOD PRECISION: Begins Voluntary Liquidation
-------------------------------------------------
Kingswood Precision Engineering Ltd is liquidating its assets
after a resolution to wind up the company was passed at an
extraordinary general meeting on Dec. 22, 2005, in London.

D.M. Patel is appointed Liquidator.

CONTACT: KINGSWOOD PRECISION ENGINEERING LTD
         32 Ashcombe
         Rochford Essex
         SS4 1SL
         Tel: 01268 455 500


LAUNDO LIMITED: Calls in Administrators from Tait Walker
--------------------------------------------------------
Gordon S. Goldie and Allan David Kelly of Tait Walker were
appointed joint administrators of Laundo Limited (Company No
04550061) on Jan. 16.

CONTACT:  LAUNDO LIMITED
          E-mail: info@laundo.com  

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


LINK-IT SERVICES: Names Unity Corporate Recovery as Liquidator
--------------------------------------------------------------
Members of Link-It Services Limited passed a resolution to wind
up the company during an extraordinary general meeting held on
Dec. 19, 2005, in Bolton.

S. Roskilly, Director and Shareholder of the company, disclosed
that Matthew Colin Bowker of Unity Corporate Recovery &
Insolvency are appointed liquidators.

CONTACT: LINK-IT SERVICES LIMITED
         2 Lumb Lane
         Bramhall Stockport Cheshire
         SK7 2BA
         Tel: 01625 522 055
         Fax: 0161 439 3222


LOGICOM INTEGRATED: Liquidators from Ernst & Young Move In
----------------------------------------------------------
J. M. Tonge, chairman of Logicom Integrated Logistics Company
Limited, informs that the special resolution to wind up the
company was passed at an EGM held on Jan. 17 at Ernst & Young
LLP, 400 Capability Green, Luton LU1 3LU.  Tom Lukic and Ian
Best of Ernst & Young, No 1 Colmore Square, Birmingham B4 6HQ
were appointed joint liquidators.

Creditors are required on or before March 7, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of the
Solicitors (if any), to T. Lukic.

CONTACT:  LOGICOM INTEGRATED LOGISTICS CO LTD
          Logicom House, Norton Grn Road,
          Stevenage, Hertfordshire SG1 2BA
          Tel: 01438347777

          ERNST & YOUNG LLP
          No. 1 Colmore Square
          Birmingham B4 6HQ
          Tel: +44 [0] 121 535 2000
          Fax: +44 [0] 121 535 2001
          Web site: http://www.ey.com/


MBR REALISATIONS: Debt Claims Filing Period Ends March 10
---------------------------------------------------------
Members of MBR Realisations (2005) Limited appointed Richard
Floyd and William Jeremy Jonathan Knight of Richard Floyd & Co.
to liquidate the company's assets.

Parties recommended the voluntarily wind up of the company's
operations after determining that the company's liabilities
hinder its ability to continue the business.  The wind up
resolution was passed on an Extraordinary General Meeting.

Creditors are required on or before March 10, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of the
Solicitors (if any), to William Jeremy Jonathan Knight.

CONTACT:  RICHARD FLOYD & CO.
          29 Roseacre Gardens
          Chilworth
          Guildford
          Surrey GU4 8RQ
          Tel: 01483 302782
          Fax: 01483 300909


MCF DEVELOPMENTS: Liquidating Assets in Royston
-----------------------------------------------
MCF Developments Limited is liquidating its assets after members
passed a resolution to wind up the company's operations.

The voluntary liquidation came as a result of the company's
ability to continue its business due to its liabilities.

Chris Williams, of McTear Williams & Wood will lead the
liquidation proceedings.

CONTACT: MCF DEVELOPMENTS LIMITED
         Low Barns Farm Building
         Mill Lane, Arrington
         Royston, Hertfordshire
         SG8 0DB
         Tel: 01223 208555
         Fax: 01223 208855


MILLENIUM MOTORCYCLE: Lloyds TSB Bank Appoints Receiver
-------------------------------------------------------
Lloyds TSB Bank Plc appointed Keith Hinds and Nigel Ruddocks
both of Grant Thornton UK LLP joint administrative receivers of
Millenium Motorcycle Centre Limited (Reg No 03824115) on
Jan. 17.  Its registered office is at Aspinall Place, Thatto
Heath Road, St Helens, Merseyside WA9 5PE.

Headquartered in North West in St Helens, Lancashire, Millenium
Motorcycle Centre Limited -- http://www.mmcbikes.co.uk/-- is  
UK's largest independent franchised dealership.  The company
offers new Honda, Suzuki, Yamaha, Kawasaki, CCM, Aprilia and
Kymco motorbikes and scooters as well as a vast range of used
motorcycles.  It also sells top name new and used scooters
including Aprilia, Kymco and Suzuki.

CONTACT:  MILLENIUM MOTORCYCLE
          Centre Ltd, Aspinall Place
          Thatto Heath Road, St. Helens
          Merseyside WA9 5PE
          Tel: 01744 616161
          Fax: 01744 616163

          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/


MILL TRANSPORT: Begins Voluntary Liquidation Proceedings
--------------------------------------------------------
Mill Transport (Bedford) Limited appointed Peter John Windatt
and Gary Steven Pettit of BRI Business Recovery and Insolvency
to jointly 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. 14, 2005, in Central
Milton Keynes.

CONTACT: MILL TRANSPORT (BEDFORD) LIMITED
         Building 32
         Bedford Technology Park
         Clapham Bedford
         MK416BJ
         Tel: 01234 218 055


MINIMEC LIMITED: Creditors Meeting Set Next Week
------------------------------------------------
Creditors of Minimec Limited (Reg No 03800473) will meet on
Feb. 10, 10 a.m. at BDO Stoy Hayward, Kings Wharf, 20-30 Kings
Road, Reading, Berkshire RG1 3EX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. H. Thompson, joint administrator of BDO Stoy
Hayward, Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1
3EX not later than 12 noon, Feb. 9.

CONTACT:  MINIMEC LTD
          Minimec House
          5 Kiln Lane
          Bracknell Berkshire RG121NA
          Tel: 01344 455324
          Fax: 01344 869115

          BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Tel: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk/


MULTIDRIVE LIMITED: Vehicle Maker Calls In Administrator
--------------------------------------------------------
Nigel Morrison and Richard Hawes of Grant Thornton UK LLP were
appointed joint administrators of Multidrive Limited (Company No
01662349) on Jan. 18.  Its registered office is at 19 Rodney
Road, Cheltenham, Gloucestershire GL50 1HX.

Multidrive Limited -- http://www.multidrive.co.uk/-- designs  
and manufactures specialist vehicles for the construction,
agricultural and military markets.

CONTACT:  MULTIDRIVE LTD
          Ethos House, The Industrial Estate
          Andoversford, Cheltenham GL54 4LB
          Gloucestershire
          Tel: 01242 821345
          Fax: 01242 820963

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


NORTHERN FOODS: Redeems Convertible Bonds in Full
-------------------------------------------------
Northern Foods PLC repaid its 6-3/4% convertible subordinated
bonds due 2008 in full on Jan. 31.  The company disclosed that
it will later apply for the stock to be delisted.

                        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.


OLYMPIAN AUTOMOTIVE: In Administrative Receivership
---------------------------------------------------
RFS Limited appointed Nigel Ruddock and Nigel Morrison of Grant
Thornton UK LLP joint administrative receivers of Olympian
Automotive Limited (Reg No 02338407) on Jan. 19.  Its registered
office is at 573 Wallisdown Road, Bournemouth BH12 5BA.

Headquartered in Bournemouth, United Kingdom, Olympian
Automotive Limited -- http://www.olympianautomotive.co.uk/-- is  
one of Britain's top 150 motor dealerships, with showrooms and
service facilities in, New Milton, Blandford and Salisbury.  
Olympian has 180 workers.  Its turnover last year was
approximately GBP60 million.

CONTACT:  OLYMPIAN AUTOMOTIVE LIMITED
          Brunel Rd Salisbury,
          Churchfields Industrial Estate, SP2 7PU
          Tel: 01722 349349

          GRANT THORNTON UK LLP
          The Explorer Building
          Fleming Way
          Manor Royal
          Crawley
          West Sussex RH10 9GT
          Tel: 0870 381 7000
          Fax: 0870 381 7005
          E-mail: nigel.ruddock@gtuk.com  

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


P A ADDISON: Hires Baker Tilly Liquidator
-----------------------------------------
P A Addison (Farmers) Ltd voluntarily liquidated its assets
after members voted to wind up the company's operations during
an EGM held on Jan. 19.

Company chairman disclosed that Alec David Pillmoor and Adrian
David Allen of Baker Tilly were appointed joint liquidators
after members found out that the company cannot continue its
business due to its liabilities.

Creditors are required on or before Feb. 13, 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 Alec David Pillmoor.

CONTACT:  PA ADDISON (FARMERS)
          Church Farm Riby Church Hill
          Riby South, Humberside DN37 8NX
          Tel: 01469 560304

          BAKER TILLY
          Wilberforce Court
          Alfred Gelder Street
          Hull
          East Yorkshire HU1 1YH
          Tel: 01482 327406
          Fax: 01482 326957


PURPLE INC: Calls In Administrators from Rothman Pantall & Co.
--------------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were
appointed joint administrators of Purple Inc Limited (Company No
03036494) on Jan. 12.  Its registered office is at York House, 1
Seagrove Road, London SW6.

Purple Inc Ltd -- http://www.purpleinc.co.uk/-- is an award-
winning, independent support service for art and literary design
and production.

CONTACT:  PURPLE INC LIMITED
          Woodside
          12 Oakhill Drive
          Welwyn, Hertfordshire AL6 9NW
          Tel: 01438 717777/717766
          Fax: 01438 717744
          E-mail: Purpleinc@msn.com

          ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Tel: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk/


RODAN DESIGN: Kitchen Maker Taps Grant Thornton Administrator
-------------------------------------------------------------
Nicholas Stewart Wood and James Earp of Grant Thornton UK LLP
were appointed joint administrators of Rodan Design Limited
(Company No 04236595) on Jan. 20.  Its registered office is at
Unit 4, Wokingham Metro Centre, Toutley Road, Wokingham,
Berkshire RG41 1QW.  The company's trading name is Mobalpa.

Rodan Design Limited -- http://mobalpa.net/-- is a kitchen  
specialist in Berkshire, United Kingdom.

CONTACT:  RODAN DESIGN LTD
          Unit 4 - Metro Centre
          Toutley Road
          Wokingham RG41 1QW
          Tel: 0118 9796926
          E-mail: mobalpa@btopenworld.com

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


SHADY GROVE: Calls In Administrator from Barringtons Limited
------------------------------------------------------------
Philip B. Wood of Barringtons Limited was appointed
administrator of Shady Grove Stores Ltd (Company No 4688284) on
Jan. 16.  Its registered office is at 30-32 Shady Grove,
Alsager, Stoke on Trent ST7 2NH.

CONTACT:  SHADY GROVE STORES
          30-32 Shady Grove,
          Alsager, Stoke-On-Trent,
          Staffordshire ST7 2NH
          Phone: 01270875055

          BARRINGTONS
          Richmond House
          570-572 Etruria Road
          Basford
          Newcastle Under Lyme
          Staffordshire ST5 0SU
          Tel: 01782 713700
          Fax: 01782 713379
          E-mail: pbw@barraccount.co.uk  


SHERIOL 120: RFS Limited Appoints Grant Thornton Receiver
---------------------------------------------------------
RFS Limited appointed Nigel Ruddock and Nigel Morrison of Grant
Thornton UK LLP joint administrative receivers of holding
company Sheriol 120 Limited (Reg No 04125932) on Jan. 19.  Its
registered office is at New Court, 1 Barnes Wallis Road,
Segensworth, Fareham, Hampshire PO15 5UA.

CONTACT:  GRANT THORNTON UK LLP
          The Explorer Building
          Fleming Way
          Manor Royal
          Crawley
          West Sussex RH10 9GT
          Tel: 0870 381 7000
          Fax: 0870 381 7005
          E-mail: nigel.ruddock@gtuk.com  

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


X-IT 18: Hires Tomlinsons to Administer Assets
----------------------------------------------
A. H. Tomlinson of Tomlinsons was appointed joint administrator
of X-IT 18 Processing Limited (Company No 1911139) on Jan. 20.  
Its registered office is at Drury Lane, Chadderton, Oldham OL9
7PT.

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

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