TCREUR_Public/060203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, February 3, 2006, Vol. 7, No. 25

                            Headlines


C Z E C H   R E P U B L I C

LG.PHILIPS: Czech Plant in Hranice Resumes CRT Production


F R A N C E

BANCA AGRILEASING: Fitch Upgrades Individual Rating to 'B/C'
EURO DISNEY: First Quarter Revenues Up 3.7% After Restructuring
EUROTUNNEL S.A.: Signs Debt "Outline" with Creditors
EUROTUNNEL: S&P Keeps Rating on Neg Watch After Waiver Expiry


G E R M A N Y

ALBERS UND WIGGERING: Under Bankruptcy Administration
BAUGENOSSENSCHAFT GUBEN: Creditors to Meet on March 23
CALBAY BAU: Bankruptcy Proceedings Commence in Bremen
DIENSTLEISTUNGSSERVICE FIEDLER: Claims Bar Date Set for Feb. 27
KURHOTEL BAD BREISIG: Claims Filing Period Ends Feb. 13

PRAXISKLINIK HUENEFELD: Bochum Court to Verify Claims on April 4
RATIO-INVEST: Leipzig Court Opens Bankruptcy Proceedings
RUBIN VERLAG: Meeting of Creditors Set End of the Month


I T A L Y

ALITALIA SPA: Eyes Low-Cost Market Via Volare


K A Z A K H S T A N

ABATECH INC.: Sets Deadline for Filing Proofs of Claims
BANK CENTERCREDIT: Fitch Rates 8% Eurobond Final Long-Term BB-
KARACHAGANAKTRANSERVICE: Court Rules on Bankruptcy
KAZAKH-HOLDING: Succumbs to Insolvency Proceedings in Karaganda
SYR BOIY: Bankruptcy Proceedings Begin

VTORSVETMET: Claims Filing Period Ends Feb. 23


L U X E M B O U R G

CABLECOM LUXEMBOURG: Moody's Ups EUR290-Mil Junk Ratings to B3
MILLICOM INTERNATIONAL: Buys Three Minority Partners in Africa


N E T H E R L A N D S

ALMATIS HOLDINGS: Moody's Withdraws Ratings After Debt Repayment
ROYAL SHELL: Cancels 355,000 'A' Shares at EUR28.07 Each


R U S S I A

BUILDING MATERIALS: Voronezh Court Brings in Insolvency Manager
DZERZHINSKOYE: Creditors Have Until Feb. 17 to Register Claims
FLOUR MILL: Court Begins Bankruptcy Supervision
GAZPROMBANK: Earns RUB13.11 Billion of Net Income in 4th Quarter
IMPEXBANK: Raiffeisen Takeover Prompts Fitch's Watch Positive

KARELSKIY GRANITE: Insolvency Manager Enters Firm
KHOLOD-MASH: Bankruptcy Supervision Opens in Yaroslavl
KRIVTSY-WOOD: I. Monakov Named Temporary Insolvency Manager
NOVO-MEDVENSKOYE: Insolvency Manager Takes Over Firm
NOVOTROITSKOYE: Succumbs to Bankruptcy

OAO SIBNEFT: Moody's Upgrades Corp. Family Rating to Ba1
ROMODANOV-AGRO-SNAB: Claims Filing Period Ends Feb. 17
VOLKHOVSKIY: Bankruptcy Hearing Set April 10


S L O V A K   R E P U B L I C

LG.PHILIPS: Slovakia Plant Suspends CRT Production


S P A I N

CAJA DE AHORROS: Fitch Affirms Individual B/C Rating


S W E D E N

SKANDIA INSURANCE: New Old Mutual Shares Start Trading on LSE


S W I T Z E R L A N D

ABB LTD: S&P Keeps Low-B Credit Ratings on Watch Positive


U K R A I N E

ANLEN: Court Names E. Zheltuhin Liquidator
BANK KHRESCHATYK: Fitch Affirms Long-Term B Rating
EXPRESS-SERVICE: Insolvency Slows Down Group
KRYMSHELK: V. Beloventsev Named as Temporary Insolvency Manager
METALBUDHOLDING: Collapses Into Insolvency

SHAHTOVUGLESERVICE: Bankruptcy Supervision Begins
SOFTLAJNTRADE: Kyiv Court Rules on Bankruptcy
UKRENERGOMEREZHI: Liquidator Takes Over Helm


U N I T E D   K I N G D O M

ADEVA VEHICLE: Taps Administrators from Deloitte & Touche
BBS TRANSPORT: Calls in Administrators from Poppleton & Appleby
BEES KNEES: SME Invoice Finance Appoints Harrisons Receiver
CABLE & WIRELESS: Unveils Changes in Structure, Management
CABLE & WIRELESS: Profit Warning Spurs S&P's BB- Rating

CHINA ENTERPRISE: Administrators Take Over Firm
COMPASS GROUP: Unmasks Probe Findings into ESS Unit
E.C. GRANSDEN: Creditors Meeting Set Feb. 15
EV AUTOMOTIVE: Hires Sanderlings LLP Administrator
FIXED-LINK: S&P Assigns Junk Ratings to Subordinated Debts

GUARANTEED SECURITY: Meeting of Creditors Set Feb. 14
HIGH STYLE: Real Estate Developer Appoints Administrator
JACOBY PARTNERSHIP: Creditors Meeting Set Today
KEYCHECK LIMITED: In Administration as Clients Fail to Pay Debt
MAHAL LEISUREWEAR: Clothing Manufacturer Calls In Administrator

MOLBRO FORGINGS: Creditors to Meet Later This Month
MYTRAVEL GROUP: Market Capitalization Goes Over GBP943 Million
OXON TECHNOLOGIES: Begins Voluntary Liquidation
POYSERS 24: Liquidates Assets in Leicestershire
QUOTE SOLUTIONS: Appoints Kroll Limited Administrator

RAILWAY SHOP: Brings In T.H. Associates as Liquidator
REFLECTION DOUBLE: Taps Stephen Tancock to Liquidate Assets
REGAL PETROLEUM: Court Junks Appeal Over Ukrainian Licenses
RUBICON CORPORATION: Administrators from Kroll Limited Move In
SECAL PRECISION: Names BDO Stoy Hayward Administrator

STRIPEY TROUSERS: Food Retailer Appoints Administrator
SURFACE TREATMENT: Begins Winding Up Proceedings
TAIT PRINTERS: Hires Middleton Partners to Administer Assets
TAURUS CONSTRUCTION: Calls for Deloitte & Touche as Liquidator
TP8 LIMITED: Calls in Administrators from UHY Hacker Young

UNILOCK GROUP: Appoints Moore Stephens to Administer Assets
W G READMAN: Wholesaler Taps Vantis Numerica as Administrator
W H TOLLEY: Administrators from BDO Stoy Hayward Enter Firm
WIRELESS & DATA: Software Installer Hires Administrator
WRENBRIDGE LIMITED: Begins Voluntary Liquidation Proceedings

* Court Orders 10 ISPs to Unveil 'File-Sharers'

     **********

===========================
C Z E C H   R E P U B L I C
===========================


LG.PHILIPS: Czech Plant in Hranice Resumes CRT Production
---------------------------------------------------------
The Czech LG.Philips Displays plant in Hranice, North Moravia
resumed its cathode ray tube production on two out of three
assembly lines, CTK relates.

The company's spokeswoman Zuzana Fojtikova told CTK that the
firm, which employs about 1,300, has managed to obtain missing
components after Friday's suspension of CRT production due to a
lack of material.

LG.Philips Displays Holding B.V. is the European holding company
for LG.Philips Displays.  The firm disclosed that it will not be
able to provide further financial support to certain loss-making
subsidiaries because it has been unable to obtain sustainable
new or additional funding.  The holding company filed for
insolvency protection on Jan. 27, along with its Dutch
subsidiary, LG.Philips Displays Netherlands B.V., and its German
subsidiary in Aachen.

Given the holding company's inability to further fund the
subsidiaries, its operations in France, Czech Republic,
Slovakia, Mexico and the U.S. are also reviewing their financial
position.

                   About LG.Philips Displays

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


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

BANCA AGRILEASING: Fitch Upgrades Individual Rating to 'B/C'
------------------------------------------------------------
Fitch Ratings upgraded Italy-based Banca Agrileasing's ratings
to Long-term 'A' from 'A-', Short-term 'F1' from 'F2', and
Individual 'B/C' from 'C'.  At the same time the agency affirmed
the bank's Support rating at '1'.  The Outlook remains Stable.

The upgrade of the bank's Long-term and Short-term ratings
reflects the increasing integration of Banca Agrileasing into
its parent group Iccrea and Fitch's view of its parent's
financial strength.  Banca Agrileasing's role has become
increasingly significant following an internal reorganization
within the Iccrea Group, which sees Banca Agrileasing providing
a wider range of corporate banking products and services to the
Italian co-operative banking sector (Banche di Credito
Cooperativo or BCC).

As a result, Banca is starting to expand beyond leasing products
to include factoring services, mortgage lending and specialized
financing to small- and medium-sized companies.  In Fitch's
opinion, Banca Agrileasing's integrated role within its parent
group and the increasing cohesiveness of the BCC sector itself
results in an extremely high probability that Banca Agrileasing
would be supported by its parent and by the BCC sector, should
this ever be required.

The upgrade of its Individual rating reflects Banca
Agrileasing's record of generating adequate, growing net income,
as well as its continued sound asset quality and conservative
risk management.  The bank's performance has benefited from
sustained growth in leasing business volumes, which have
underpinned net interest revenue.  Good asset quality has
resulted in a moderate cost of credit, while operating expenses
are well controlled.

Banca Agrileasing, together with Iccrea Banca, is one of the
main constituents of a banking group headed by Iccrea Holding,
which provides specialized products and services to the Italian
BCC sector.  The BCC are a tightly knit system of 440
cooperative banks, which together have a market share of around
8% of customer deposits in Italy.  The sector is highly liquid
and well-capitalized with an equity/total assets ratio of above
10% at end-March 2005.  Although the Italian BCC sector does not
benefit from a system of formal cross-guarantees, the
cohesiveness of the sector is strengthening.  The national
association Federcasse coordinates cooperation among the banks
in risk management and internal auditing, while a sector-wide
deposit guarantee fund underlines the sector's pro-active
approach to resolve potential problems at member banks at an
early stage.


EURO DISNEY: First Quarter Revenues Up 3.7% After Restructuring
---------------------------------------------------------------
Euro Disney S.C.A. booked a 3.7% rise in first quarter revenues,
sparking hopes following its escape from bankruptcy in 2005.

Higher sales at its hotels and Disney Village helped raised
revenue between October and December to EUR269 million from
EUR259 million a year earlier.  Occupancy rates and average
spending per visitor were up.

Meanwhile, revenue of the two theme parks located outside of
Paris also rose 2% to EUR140 million due to the increase in the
influx of visitors.  Sales at its property arm also climbed from
EUR9.2 million to EUR12.6 million aligned with Euro Disney's
land development expectations.

The company, who went through a major debt restructuring last
year, presented the figures under International Financial
Reporting Standards for the first time.  It has revealed that it
doesn't foresee profit for several years.

"We are pleased with the progress made in the first quarter on
the implementation of our multi-year strategy," AFX News quoted
Chairman and Chief Executive Karl Holz as saying.

"While continuing to grow revenues, we have nearly completed our
first new major attraction in four years, Buzz Lightyear Laser
Blast, which will open on April 8, 2006," he added.

                        About the Company

Headquartered in France, Euro Disney S.C.A. --
http://www.eurodisney.com/-- and its subsidiaries operate the
Disneyland Resort Paris, which includes Disneyland Park, Walt
Disney Studios Park, seven themed hotels with approximately
5,800 rooms (excluding 2,074 additional third party rooms
located on the site), two convention centers, Disney Village, a
dining, shopping and entertainment center, and a 27 hole golf
facility.  The Group's operating activities also include the
management and development of the 2,000-hectare site, which
currently includes approximately 1,000 hectares of undeveloped
land.

                        *     *     *

                         Delisting

Market trends and changes in the regulatory environment,
combined with the high cost of maintaining separate listings
relative to historical trading volumes, have led to the
Company's decision to cancel its share listings on the London
Stock Exchange and Euronext Brussels.  Following the
cancellation of the listings, investors will still be able to
trade in the Company's shares on Euronext Paris.

In the first half of 2005, the group posted EUR80.9 million in
net losses, compared to EUR108.9 million the year before,
reflecting an increased allocation of losses to minority
interests, reduced net financial charges and exceptional
expenses, and growth in (EBITDA).


EUROTUNNEL S.A.: Signs Debt "Outline" with Creditors
----------------------------------------------------
Eurotunnel S.A. inked an "outline" of its debt restructuring
with a group of creditors, and seeks to extend negotiations with
other lenders to present the plan, Alan Katz of Bloomberg News
reports.

The Channel Tunnel operator earlier warned of a possible
collapse around this time in 2007 absent a deal with its
creditors, which it owes around GBP6.4 billion.  The company is
proposing a two-month extension to a waiver from the 1987
agreement.  This would allow discussions regarding its debt to
carry on until the end of March 2006.

"In the coming weeks, Eurotunnel will continue finalizing the
outline of the restructuring by presenting the Memorandum of
Understanding to the creditors not represented by the Ad hoc
committee," the company said in a statement.

The Ad hoc committee of creditors represents in excess of 50% of
Eurotunnel's total debt.  They both agreed to maintain the
strictest confidentiality around the terms of the MoU.

Chairman Jacques Gounon said he was negotiating an outline deal
on debt restructuring with institutions, including MBIA Inc., to
avoid going bust.  The company vows to bring in enough revenue
to cover its debt until January next year.

                     Company Crisis

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

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

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

                      About the Company

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

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


EUROTUNNEL: S&P Keeps Rating on Neg Watch After Waiver Expiry
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BBB' senior
secured bank loan rating on U.K. and France-based Eurotunnel
S.A. remained on CreditWatch with negative implications,
following the expiry on Jan. 31, 2006, of a waiver that allowed
Eurotunnel to negotiate a debt restructuring.

The following ratings on the nonguaranteed debt issued by
related Fixed-Link Finance B.V.'s Class A, B, and C notes also
remain on CreditWatch with negative implications:

  (a) Senior secured debt: 'BB-',
  (b) Subordinated debt: 'CCC+', and
  (c) Junior subordinated: 'CCC-'.

The 'B' senior secured rating on Fixed-Link Finance 2 B.V.'s
nonguaranteed notes also remains on CreditWatch with negative
implications.

The above ratings were placed on CreditWatch on Feb. 9, 2004,
following the announcement of unspecified debt restructuring and
concerns about intensifying competition in the cross-Channel
market.  In addition, all ratings were lowered on May 4, 2004,
and again on Jan. 27, 2005.

"The ratings are expected to remain on CreditWatch until details
of the expected debt restructuring are known and their impact on
the notes can be determined," said Standard & Poor's credit
analyst Alexandre de Lestrange.

Following the expiry of the debt-restructuring waiver on
Tuesday, further clarification of the position between the
company and an ad hoc creditor committee is expected shortly.
Under steady business operations, the company is expected to
have sufficient cash to pay its debt obligations in 2006.

However, Standard & Poor's recognizes that there is now limited
time to find a restructuring solution.  Under the current debt
structure and debt levels, Eurotunnel is not a viable business
going forward, and the issue about who should suffer as a result
of a debt restructuring--shareholders or debt providers--is
clearly an obstacle in coming to a solution.  The conversion of
stabilization notes into equity at the end of 2005 did not
occur.  This was because the conversion would have required
shareholder approval, which would have been unlikely without an
agreed restructuring plan that would have left shareholders
unaffected. Consequently, more than GBP500 million of
stabilization advances now bear interest, which increases the
overall debt burden of the company.

In its rating action on Jan. 27, 2005, S&P factored in the
expectation that negotiations would be complex and long, which
has been borne out by the lack of successful negotiation between
the company and its ad hoc creditor committee to date.  While it
is unclear what the outcome will be with respect to the
restructuring, progress is required to avoid debt defaults, as
Eurotunnel will be unable to service its debt after November
2006 when the minimum usage charge from the railways expires.

"Our current ratings have factored in the slow and difficult
process of negotiation so far, but a continued lack of progress
may well result in further downgrades," said Mr. de Lestrange.
S&P has no information, however, on the progress and state of
negotiations between the company and the ad hoc committee.

The investment-grade rating on Eurotunnel's most senior debt
tranche remains underpinned by:

   -- its security package;

   -- the fact that it only represented 5.8% of the company's
      mid-year 2005 core debt;

   -- its first priority in the cash flow waterfall; and

   -- Standard & Poor's expectation that, like the 1996-1998
      restructuring that left senior debt interest payments
      unaffected, it remains insulated from the forthcoming debt
      restructuring.

This expectation is based on the view that there remains a
strong incentive for all stakeholders to ensure timely interest
payments on the senior debt.

"If any debt restructuring proposal appears likely to affect
this senior debt, or the company files or indicates an intention
to file for insolvency, the rating faces a potential credit
cliff to default," said Mr. de Lestrange.  Standard & Poor's
will continue its discussions with Eurotunnel's management and
creditors and update the CreditWatch regularly.


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

ALBERS UND WIGGERING: Under Bankruptcy Administration
-----------------------------------------------------
The District Court of Arnsberg opened bankruptcy proceedings
against Albers und Wiggering Orgelbau GmbH on Jan. 19.
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 Martin Buchheister.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Arnsberg, Eichholzstrasse
4, 59821 Arnsberg, EG, 328, at 9:45 a.m. on March 2, 2006, at
which time the administrator will present his first report on
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager.

CONTACT:  ALBERS UND WIGGERING ORGELBAU GmbH
          Lennestr. 7, 57392 Schmallenberg-Oberkirchen
          Attn: Robert Forster
                Manager
          Galgenstr. 11, 57392 Schmallenberg-Oberkirchen

          Martin Buchheister, Administrator
          Rathausplatz 21-23, 58507 Luedenscheid
          Tel: 02351-36530


BAUGENOSSENSCHAFT GUBEN: Creditors to Meet on March 23
------------------------------------------------------
The District Court of Cottbus opened bankruptcy proceedings
against Genossenschaft Baugenossenschaft Guben e.G. on Jan. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 8, 2006,
to register their claims with court-appointed provisional
administrator Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Cottbus, Saal 313,
Gerichtsplatz 2, at 10:00 a.m., on March 23, 2006, at which time
the administrator will present his first report on the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  BAUGENOSSENSCHAFT GUBEN e.G.
          Gemeindeallee 26, 03172 Schenkendobern
          Attn: Thomas Otto
                Manager
          Alt-Deulowitz 30 a, 03172 Guben

          Thomas Krafft, Administrator
          Jagerallee 37 H, 14469 Potsdam


CALBAY BAU: Bankruptcy Proceedings Commence in Bremen
-----------------------------------------------------
The District Court of Bremen opened bankruptcy proceedings
against Calbay Bau GmbH on Jan. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 4, 2006, to register their claims
with court-appointed provisional administrator Frank-Michael
Rhode.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bremen, Saal 115,
Gerichtshaus (Neubau), Ostertorstr. 25-31, 28195 Bremen, at
10:50 a.m., on Feb. 16, 2006, at which time the administrator
will present his first report on the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report at 10:00 a.m., on April 27, 2006, at the
same venue.

CONTACT:  CALBAY BAU GmbH
          Baumstr. 45, 28217 Bremen
          Contact:
          Melanie Schlepegrell, Manager
          Almatastr. 29, 28219 Bremen

          Frank-Michael Rhode, Administrator
          Graf-Moltke-Str. 62, 28211 Bremen
          Tel: 0421/3485212/213
          Fax: 0421/341078


DIENSTLEISTUNGSSERVICE FIEDLER: Claims Bar Date Set for Feb. 27
---------------------------------------------------------------
The District Court of Cottbus opened bankruptcy proceedings
against Dienstleistungsservice Fiedler & Co. GmbH on Jan. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 27, 2006,
to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Cottbus, Gerichtsplatz 02,
03046 Cottbus, Saal 210, at 10:00 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:  DIENSTLEISTUNGSSERVICE FIEDLER & Co. GmbH
          Ruhlander Strasse 6, 01945 Frauendorf

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


KURHOTEL BAD BREISIG: Claims Filing Period Ends Feb. 13
-------------------------------------------------------
The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Kurhotel Bad Breisig GmbH & Co. KG on
Jan. 13.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 13, 2006, to register their claims with court-appointed
provisional Administrator Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bad Neuenahr-Ahrweiler,
Saal 4, Wilhelmstrasse 55-57, 53474 Bad Neuenahr-Ahrweiler, at
11:00 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:  KURHOTEL BAD BREISIG GmbH & CO. KG
          53498 Bad Breisig
          Attn: Marcus Flasche
                Manager
          Rainer Soller, Manager
          Waldstr. 7, 53498 Bad Breisig

          Jens Lieser, Administrator
          Josef-Gorres-Platz 5, 56068 Koblenz
          Tel: 0261/304790
          Fax: 0261/9114729


PRAXISKLINIK HUENEFELD: Bochum Court to Verify Claims on April 4
----------------------------------------------------------------
The District Court of Bochum opened bankruptcy proceedings
against Praxisklinik Huenefeld GmbH on Jan. 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 9, 2006, to
register their claims with court-appointed provisional
administrator Udo Claes-Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bochum, Hauptstelle,
Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at 8:50
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:  PRAXISKLINIK HUENEFELD GmbH
          Schulstr. 30, 44623 Herne
          Attn: Isabella Huenefeld
                Manager
          Molkerei 4, 46284 Dorsten

          Udo Claes-Hellmich, Administrator
          Bahnhofstrasse 46, 45879 Gelsenkirchen
          Tel: (0209) 1553490
          Fax: (0209) 177952988


RATIO-INVEST: Leipzig Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The District Court of Leipzig opened bankruptcy proceedings
against Ratio-Invest Gesellschaft fuer innovative
Unternehmensvermittlung und -beratung mbH on Jan. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 6, 2006,
to register their claims with court-appointed provisional
administrator Harald Wendt.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Leipzig, Saal 145, 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:  RATIO-INVEST GESELLSCHAFT FUER INNOVATIVE
          UNTERNEHMENSVERMITTLUNG UND -BERATUNG mbH
          Georg-Schwarz-Str. 34, 04177 Leipzig
          Attn: Torsten Lewin
                Manager

          Harald Wendt, Administrator
          Kathe-Kollwitz-Strasse 54, 04109 Leipzig


RUBIN VERLAG: Meeting of Creditors Set End of the Month
-------------------------------------------------------
The District Court of Cottbus opened bankruptcy proceedings
against Rubin Verlag Ltd. on Jan. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 28, 2006, to register their claims
with court-appointed provisional administrator Christian
Schuetze.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Cottbus, Gerichtsplatz 2,
1. OG, Saal 210 03046 Cottbus, at 2:30 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:  RUBIN VERLAG LTD.
          Dorfstrasse 12, 15910 Staakow
          nunmehr Herbert-Baum-Str. 26, 13088 Berlin
          Attn: Michael Sommerfeld
                Director

          Christian Schuetze, Administrator
          Lieberoser Strasse 07, 03046


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

ALITALIA SPA: Eyes Low-Cost Market Via Volare
---------------------------------------------
Embattled national carrier Alitalia S.p.A. will enter the low-
cost market should it successfully acquire no-frills airline
Volare Group S.p.A., AFX News reports.

Alitalia said it plans to make Volare its low-cost leisure
operator, allowing it to compete effectively in the segment
where it "does not have a fully adequate offering."  The carrier
said Volare would pave for tourist routes from Milan and the
Lombardy region.  Volare will operate as a separate unit
independent from Alitalia's management.  Alitalia likewise
believe it can integrate Volare into its operations without
significantly revising its 2005-2008 financial targets.

The sale, however, still needs clearance from concerned
authorities.  The Industry Ministry has suspended Alitalia's
planned takeover after a Roman court forbade the carrier to
participate in the auction for Volare.  Alitalia offered
EUR38 million for Volare, excluding the latter's debts.  Up for
grabs are Volare's Volareweb and Air Europe brands, Milan Linate
airport slots, traffic rights, five leased aircraft, and 707
employees.

                        Bankruptcy Threat

As reported in the Troubled Company Reporter-Europe on Jan. 26,
2005, Welfare Minister Roberto Maroni warned that Alitalia might
end up in bankruptcy if the current labor unrest refuses to
subside.  Alitalia's employees have been critical of the group's
restructuring plan, despite the recent success of its EUR1.009
billion capital increase, since it entails massive job cuts for
the troubled Italian national carrier.

                         About 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.

                         About Alitalia

Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy,
Alitalia S.p.A. -- http://www.alitalia.it/(Phone: +39 06 6562
2151, Fax: +39 06 6562 4733) -- generates more than EUR4 billion
in annual revenue and employs more than 20,000 people.  As of
December 2004, its net debt stood at EUR1.76 billion in 2004.
Alitalia flies to about 80 destinations in more than 60
countries from hubs in Rome and Milan and operates a fleet of
about 185 aircraft.  Despite a EUR1.4 billion state-backed
restructuring in 1997 and a EUR1.4 billion capital injection two
years ago, it remains financially troubled.  It has posted a
profit only four times in the past 16 years.


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


ABATECH INC.: Sets Deadline for Filing Proofs of Claims
-------------------------------------------------------
Abatech, Inc. has declared insolvency.  Proofs of claim will be
accepted at Republic of Kazakhstan, Almaty, Shevchenko Str. 157
on or before Feb. 23, 2006.

CONTACT:  Abatech, Inc.
          Almaty, Shevchenko Str. 157


BANK CENTERCREDIT: Fitch Rates 8% Eurobond Final Long-Term BB-
--------------------------------------------------------------
Fitch Ratings assigned CenterCredit International B.V.'s US$300
million 8.000% eurobond due February 2011 a final Long-term
'BB-' rating.

The notes are to be used solely for financing a deposit with
Kazakhstan's Bank CenterCredit (BCC, Long-term 'BB-' with Stable
Outlook, Short-term 'B', Individual 'D', and Support '3').

BCC is one of the six largest banks in Kazakhstan with assets of
KZT258 billion (US$1,926 million) as of Sept. 30, 2005, focusing
primarily on business with SMEs and retail customers.


KARACHAGANAKTRANSERVICE: Court Rules on Bankruptcy
--------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
region declared LLC Karachaganaktranservice bankrupt on Nov. 30,
2005.  Proofs of claim will be accepted at Uralsk, Evrazia Str.
59/1 on or before Feb. 23, 2006.

The company can be contacted at 8 (3112) 24-74-80.


KAZAKH-HOLDING: Succumbs to Insolvency Proceedings in Karaganda
---------------------------------------------------------------
LLC Kazakh-Holding has declared insolvency.  Proofs of claim
will be accepted at Karaganda region, Jezkazgan, Anarkulova Str.
12 on or before Feb. 23, 2006.

The company can be contacted at 8 (3102) 73-78-84 or 73-77-89.


SYR BOIY: Bankruptcy Proceedings Begin
--------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region has commenced bankruptcy proceedings against LLC Syr Boiy
on December 15, 2005.  A hearing will take place at Kyzylorda,
Aitike bi Str. 29 on Jan. 5, 2006, 11:00 a.m.

CONTACT: THE SPECIALIZED INTER-REGIONAL
         ECONOMIC COURT OF KYZYLORDA REGION
         Kyzylorda, Aitike bi Str. 29


VTORSVETMET: Claims Filing Period Ends Feb. 23
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region has commenced bankruptcy proceedings against LLC
Vtorsvetmet on Dec. 12, 2005.

Proofs of claim will be accepted at Kyzylorda, Aitike bi Str. 29
on or before Feb. 23, 2006.

CONTACT: THE SPECIALIZED INTER-REGIONAL
         ECONOMIC COURT OF KYZYLORDA REGION
         Kyzylorda, Aitike bi Str. 29


===================
L U X E M B O U R G
===================


CABLECOM LUXEMBOURG: Moody's Ups EUR290-Mil Junk Ratings to B3
--------------------------------------------------------------
Moody's Investors Service has upgraded these ratings of Cablecom
Luxembourg SCA:

  (a) a corporate family rating to B1 from B2; and

  (b) a rating on the EUR290 million senior notes to B3 from
      Caa1.

This concludes a review for a possible upgrade initiated on
Oct. 3, 2005.  Concurrently, Moody's has assigned a B1 rating to
a CHF 1,330 million (EUR860 million equivalent) senior secured
bank facility.  The outlook on the ratings is stable.

Moody's notes that the B1 corporate family rating continues to
be anchored at Cablecom Luxembourg SCA.  The B1 rating,
therefore, does not assume in its leverage assumptions the PIK
note issuance in the amount of EUR550 million at the level of
Liberty Global Switzerland, Inc., a holding company outside the
restricted group.  Furthermore, the rating relies on the terms
and conditions embedded in the existing EUR290 million senior
notes and the senior secured bank facility to ring-fence the
restricted group.  The B1 rating assumes that there are no
material changes to the company's financial results following
conversion of its financial statements to U.S. GAAP.

The upgrade reflects Cablecom's robust operational and financial
performance, which resulted in the consolidated leverage of c.
5.0x Total Debt to EBITDA as of 30 September 2005 as compared to
5.3x as of December 31, 2004, with the leverage anticipated to
decline further over time.  Moody's believes that Cablecom is
well positioned to continue to grow successfully its broadband
Internet and telephony subscribers as well as digital TV and
Video subscribers.  Furthermore, Cablecom is likely to achieve
operational synergies through its ownership by the pan-European
cable operator Liberty Global, Inc.  Moody's further notes that
an anticipated merger of Cablecom into UPC Broadband Holdings,
B.V. would result in the rating profiles of the two groups
becoming closely correlated over time.

Cablecom Luxembourg, whose operating company is located in
Zurich, Switzerland, is a leading provider of analog cable,
digital cable, Internet broadband and telephony services in
Switzerland. Swiss GAAP revenues and EBITDA for the three months
ending September 30, 2005 were CHF217.0 million and CHF88.9
million.


MILLICOM INTERNATIONAL: Buys Three Minority Partners in Africa
--------------------------------------------------------------
Millicom International Cellular S.A. completed the buyout of its
minority partners in MIC Tanzania Limited and Millicom Sierra
Leone Limited.  Millicom has also reached agreement to cancel a
call option on an equity interest in Millicom Ghana Limited.
Following these transactions, Millicom now has 100% ownership in
all three operations.

These transactions will strengthen Millicom's presence in
Africa, where cellular operators continue to see very strong
growth.

"These three transactions are consistent with our stated
strategy of delivering value to shareholders through increasing
our shareholding in our existing operations by buying out
minority partners," Marc Beuls, Millicom President and Chief
Executive Officer said.  "Africa has once again seen
particularly strong growth, and given the relatively low mobile
penetration rates in these markets compared to other regions of
the world, we have every reason to expect that this will
continue in the future."

Millicom currently operates in 7 African countries, and also has
a significant presence in Latin America and Asia.

Millicom has a total population under license of 146 million in
Africa, with a weighted average cellular penetration of just 7%
in the African countries in which it operates.

In December 2005, the company had 2 million subscribers in
Africa and this was the fastest growing region for Millicom in
2005, with subscriber growth of 80%.

Millicom will disclose details of its operating and financial
performance for 2005 when it reports full-year results on
February 14th, 2006.

Millicom International Cellular S.A. (Nasdaq Stock Market: MICC,
Stockholmsb”rsen: MIC) -- http://www.millicom.com/-- is a
global telecommunications investor with cellular operations in
Asia, Latin America and Africa.  It currently has cellular
operations and licenses in 16 countries.  The Group's cellular
operations have a combined population under license of
approximately 391 million people.

                        *     *     *

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.


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

ALMATIS HOLDINGS: Moody's Withdraws Ratings After Debt Repayment
----------------------------------------------------------------
Moody's Investors Service withdraws all ratings of Almatis
following recapitalization of the company and repayment of all
rated debt.

On Dec. 20, 2005, Almatis disclosed its decision to recapitalize
the company and all rated debt has been repaid on Jan. 25, 2006.

Ratings affected:

  (a) The B1 corporate family rating on Almatis Holdings B.V.;
      and

  (b) The B1 rating on the USD 180 million senior secured
      facilities at Almatis B.V.

Almatis Holdings B.V., based in Rotterdam, The Netherlands,
produces alumina-based specialty aggregates and chemicals,
generating sales of US$382.9 million for the ten months period
ended Dec. 31, 2004.


ROYAL SHELL: Cancels 355,000 'A' Shares at EUR28.07 Each
--------------------------------------------------------
Royal Dutch Shell PLC purchased 355,000 'A' Shares for
cancellation at EUR28.07 per share on Feb. 1.  It further
purchased 320,000 'A' Shares for cancellation at 1,912.53 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,926,132,974.

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
===========

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

Creditors may submit their proofs of claim to:

    (a) FACTORY OF BUILDING MATERIALS
        Russia, Voronezh Region
        Kalach, 1st Maya Str. 33

    (b) E. FEOKTISTOV
        Temporary Insolvency Manager
        308002, Russia, Belgorod Region
        Post User Box 36


DZERZHINSKOYE: Creditors Have Until Feb. 17 to Register Claims
--------------------------------------------------------------
The Arbitration Court of Kaluga region commenced bankruptcy
proceedings against Dzerzhinskoye (RIN 4004002648) after finding
the close joint stock company insolvent.  The case is docketed
as A23-1297/02B-7-27.  Mr. V. Borodavko has been appointed
insolvency manager.  Creditors have until Feb. 17, 2006, to
submit their proofs of claim to 248030, Russia, Kaluga region,
Suvorova Str. 31, Apartment 44.

CONTACT:  DZERZHINSKOYE
          Russia, Kaluga region,
          Dzerzhinskiy region, Galkino

          V. BORODAVKO
          Insolvency Manager
          248030, Russia, Kaluga region,
          Suvorova Str. 31, Apartment 44


FLOUR MILL: Court Begins Bankruptcy Supervision
-----------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision on open joint stock company
Flour Mill.  The case is docketed as A20-6741/05.  Mr. Kh.
Khutezhev has been appointed temporary insolvency manager.
Creditors have until Feb. 17, 2006, to submit their proofs of
claim to 360000, Russia, Kabardino Balkariya republic, Nalchik,
Malbakhova Str. 11.

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


GAZPROMBANK: Earns RUB13.11 Billion of Net Income in 4th Quarter
----------------------------------------------------------------
Gazprombank, the authorized bank of OAO Gazprom, reported
RUB17.6 billion in balance profit, a 45% increase from 2004,
Cbonds reports.

Fourth quarter net income climbed to RUB13.11 billion, up 34%
from RUB9.79 billion in 2004.  Cbonds revealed that the bank's
assets raised 28% up to RUB434.9 billion, and shareholders'
equity increased by 21% to RUB43.9 billion.

                     About Gazprombank

Headquartered in Moscow, Russian Federation, Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 23,
2006, Standard & Poor's Ratings Services raised its long-term
counterparty credit and certificate of deposit ratings on
Russia-based Gazprombank (Joint-Stock Bank of the Gas Industry)
to 'BB' from 'BB-'.  S&P said the outlook is positive.

At the same time, Standard & Poor's affirmed its 'B' short-term
counterparty credit rating on the bank and raised the Russia
national scale rating to 'ruAA' from 'ruAA-'.

"The rating action reflects the one-notch upgrade of
Gazprombank's parent, OAO Gazprom, the world's largest gas
producer, on increased government support," said Standard &
Poor's credit analyst Ekaterina Trofimova.

On Dec. 22, Moody's Investors Service upgraded Gazprombank's
Financial Strength Rating to D- from E+; the bank's Baa2/Prime-2
long-term and short-term foreign currency deposits ratings as
well as its Baa1 long-term senior debt rating remain unchanged.
Moody's said the outlook for the ratings is stable.


IMPEXBANK: Raiffeisen Takeover Prompts Fitch's Watch Positive
-------------------------------------------------------------
Fitch Ratings placed Russia-based Impexbank's Long-term 'B-',
Short-term 'B' and Support '5' ratings on Rating Watch Positive.
Impexbank's Individual rating is 'D/E'.

The RWP follows the announcement that Raiffeisen International
Bank-Holding AG (RIBH) has concluded a share purchase agreement
with Impexbank's shareholders to acquire a 100% stake in the
bank.  The RWP reflects the strong ability of RIBH to provide
support to Impexbank should it become the bank's owner.

Fitch will resolve the Rating Watch upon completion of the
acquisition and the agency's discussion with RIBH on its
strategy with respect to Impex.  The acquisition is subject to
regulatory approvals.  Completion of the acquisition could lead
to substantial uplift in Impexbank's Long-term rating, possibly
to investment grade level.

Impexbank was founded in 1993 and its current beneficial owners,
two individuals, obtained control of the bank in 1999.  Since
then, the bank has grown rapidly, and is now one of the 30
largest in Russia by total assets, with an extensive nationwide
network.


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

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

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

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


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

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

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

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


KRIVTSY-WOOD: I. Monakov Named Temporary Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision on open joint stock company Krivtsy-Wood.
The case is docketed as A26-9781/2005-183.  Mr. I. Monakov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 185035, Russia,
Kareliya republic, Gogolya Str. 56, Room 6.  A hearing will take
place on April 5, 2006, 12 noon at the Arbitration Court of
Kareliya republic.

CONTACT:  KRIVTSY-WOOD
          186170, Russia, Kareliya republic,
          Krivtsy, Gagarina Str. 4

          I. MONAKOV
          Temporary Insolvency Manager
          185035, Russia, Kareliya republic,
          Gogolya Str. 56, Room 6


NOVO-MEDVENSKOYE: Insolvency Manager Takes Over Firm
----------------------------------------------------
The Arbitration Court of Tula region commenced bankruptcy
proceedings against Novo-Medvenskoye after finding the close
joint stock company insolvent.  The case is docketed as A68-
32/B-05.  Mr. I. Merkulov has been appointed insolvency manager.
Creditors have until Feb. 17, 2006, to submit their proofs of
claim to 300026, Russia, Tula region, Ryazanskaya Str. 1, Room
601.

CONTACT:  NOVO-MEDVENSKOYE
          Russia, Tula region,
          Leninskiy region, Sovetskiy, 49

          I. MERKULOV
          Insolvency Manager
          300026, Russia, Tula region,
          Ryazanskaya Str. 1, Room 601
          Phone/Fax: (0872) 35-66-43


NOVOTROITSKOYE: Succumbs to Bankruptcy
--------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Novotroitskoye after finding the company
insolvent.  The case is docketed as A59-4618/05-S16.  Mr. V.
Glik has been appointed insolvency manager.

CONTACT:  V. GLIK
          Insolvency Manager
          693008, Russia, Yuzhno-Sakhalinsk,
          Pobedy Pr. 65, Room 24


OAO SIBNEFT: Moody's Upgrades Corp. Family Rating to Ba1
--------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of OAO Siberian Oil Company (Sibneft) to Ba1 from Ba2.

Moody's has also upgraded Sibneft's senior unsecured ratings on
the group's US$500 million and US$400 million Loan Participation
Notes to Ba2 from Ba3.  The outlook on all ratings is positive.

The upgrade concludes Moody's review of Sibneft's ratings, which
had been placed on review for possible upgrade on September 28,
2005 following the sale of a 76% stake in the company to OJSC
Gazprom (Baa2 issuer rating).

Moody's adds that Sibneft has not been classified as a
government-related issuer (GRI) in accordance with its joint
default analysis methodology, but only as the subsidiary of a
GRI.  Accordingly, while Sibneft's ratings benefit from greater
shareholder certainty and the expectation of a more moderate
dividend policy following the acquisition of a majority stake by
OJSC Gazprom (rated Baa1/Baa2, stable), ratings do not
incorporate uplift for government support.

The upgrade of Sibneft's ratings reflects both its strong
fundamental performance and its recent acquisition by Gazprom,
which currently holds 76% of the shares and therefore controls
Sibneft's management and strategy.  A further 20% is still owned
by OAO Yukos (rated Ca, stable), although it has been frozen by
Russian courts as part of ongoing attempts by Russian tax
authorities to recover back tax claims against Yukos.  Moody's
does not rule out that Yukos' remaining stake in Sibneft could
ultimately be used to settle some of these claims and therefore
also move into state ownership.

Sibneft's fundamental performance remains strong, despite an
expected moderate decrease in production in 2005 over 2004.  At
30 June 2005, Sibneft was effectively free of net debt with
US$1.5 billion in financial obligations covered by the same
amount of cash.  At the same time, Sibneft has paid a US$2.3
billion dividend in the second half of the year to its former
shareholders, who will have utilized most of its liquidity,
therefore bringing key debt ratios back to historic levels.
Moody's expects that Sibneft's retained cash flow (RCF) to net
adjusted debt ratio will be significantly above 50% at year end
2005, despite the high dividend payout.

The strengthening of Sibneft's credit quality is underpinned by
Moody's view of its growing importance to Gazprom's oil-related
strategy, and the greater certainty afforded by the commitment
of a large, important corporate shareholder.  In Moody's view,
ownership by Gazprom will also significantly reduce the risks
associated with Sibneft's previous shareholders, notably
aggressive dividend payments, as well as poor disclosure of
shareholdings and state interventionism.  Following last year's
settlement of back tax claims, Moody's also adds that the risk
from further back tax claims is now low.

Moody's states that Sibneft's ratings have not been equalised
with those of Gazprom, as its integration into Gazprom's group
structure and strategy remains an ongoing and likely lengthy
process, and Gazprom has not expressed any commitment to
refinance or service Sibneft's debt.  While Gazprom's Medium
Term Notes include a cross default clause for material
subsidiaries, which is likely to include Sibneft, and thus
strengthen the incentive for Gazprom to support Sibneft, if and
when required, Moody's believes that Sibneft will continue to
operate as a coherent separate entity for the time being.

Moody's adds that Sibneft's positive outlook reflects possible
upside to its rating over the medium term, as Sibneft becomes
more closely aligned to and integrated in Gazprom's group
structure and strategy.  Ratings may also benefit from Gazprom
acquiring the remaining 24% stake in Sibneft, although Moody's
adds that this will have little impact on Gazprom's ability to
exercise any additional control over Sibneft.  Over the medium
term, ratings could also improve if Sibneft's comparative
weighting in terms of cash flow contribution and strategic
importance increases substantially.

Ratings do not assume, and indeed could be negatively affected,
by Gazprom raising substantial amounts of unsupported debt at
Sibneft's level in pursuit of further growth in its oil
business, or to support other businesses in the group.

Sibneft's ratings continue to reflect its sound cash generation,
despite significantly higher tax and excise burdens limiting
much of the benefit from currently high oil prices on above-
average exports, largely efficient operations, including a well
integrated business with its downstream activities and
particularly its modern refinery in Omsk, and substantial
financial flexibility from relatively low debt levels.  Ratings
are constrained by some field concentration, with 55% of
reserves and 66% of production derived from 5 core fields, some
ongoing uncertainty surrounding the integration and final
structure of 50%-owned Slavneft (jointly owned with TNK-BP), the
expectation of rising capital expenditure to support future
production growth and cyclical exposure to volatile oil prices,
which is somewhat mitigated by the expectation of sustained high
prices over the medium term.

Sibneft's Ba2 senior unsecured bond ratings are currently
notched from its Ba1 Corporate Family Rating to reflect a
relatively high proportion of secured export finance facilities,
which constitute more than 30% of Sibneft's total debt.  In
Moody's view, such amount of secured debt placed unsecured
creditors in a comparatively weaker position in the event
liquidation, which is reflected in the unsecured ratings
accordingly.

Headquartered in Moscow, OAO Siberian Oil Company is Russia's
fifth-largest vertically integrated oil company by production.
In 2005, the company produced 663,000 barrels of oil equivalent
per day (boepd) and generated total revenues of US$5.7 billion
in the first six months ending June 30, 2005.  Sibneft's total
proved SEC reserves at yearend 2004 were reported at 2,465
million boe, giving it a fairly solid reserve life of just under
10 years.


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

          S. KOLEKIN
          Insolvency Manager
          Russia, Mordoviya republic, Romodanovo


VOLKHOVSKIY: Bankruptcy Hearing Set April 10
--------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision on close joint stock company Volkhovskiy.  The case
is docketed as A48-6977/05-176.  Mr. A. Volchkov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

  (a) VOLKHOVSKIY
      303142, Russia, Orel region,
      Volkhov, K.Marksa Str. 2

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

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

A hearing will take place on April 10, 2006.


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

LG.PHILIPS: Slovakia Plant Suspends CRT Production
--------------------------------------------------
LG.Philips Displays Slovakia suspended the production of cathode
ray tubes at its Namestovo plant on Monday following last week's
halted production at the Czech plant in Hranice, North Moravia,
CTK reports.

The Namestovo plant has been supplying components to the Hranice
plant which resumed operation on Jan. 30.  Pavel Boldoviak,
director of Namestovo employment office, assures that resumption
of operations could follow suit, which would save 750 jobs in
Slovakia, the Czech news agency writes.

LG.Philips Displays Holding B.V. is the European holding company
for LG.Philips Displays.  The firm disclosed that it will not be
able to provide further financial support to certain loss-making
subsidiaries because it has been unable to obtain sustainable
new or additional funding.  The holding company filed for
insolvency protection on Jan. 27, along with its Dutch
subsidiary, LG.Philips Displays Netherlands B.V., and its German
subsidiary in Aachen.

Given the holding company's inability to further fund the
subsidiaries, its operations in France, Czech Republic,
Slovakia, Mexico and the U.S. are also reviewing their financial
position.

                   About LG.Philips Displays

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


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

CAJA DE AHORROS: Fitch Affirms Individual B/C Rating
----------------------------------------------------
Fitch Ratings affirmed Caja de Ahorros y Monte de Piedad del
Circulo Catolico de Obreros de Burgos' ratings at Long-term 'A-'
(A minus), Short-term 'F2', Individual 'B/C' and Support '3'.
The rating Outlook is Stable.

The Long, Short-term and Individual ratings reflect
Cajacirculo's strong local retail franchise, healthy asset
quality and good capital adequacy and liquidity.  They also
consider its modest size, risk concentration in
construction/real estate sectors and market risk exposure from
some equity investments.

The Stable Outlook reflects Fitch's opinion that the caja should
continue to perform soundly. Size and risk concentration
constrain any uplift on its ratings.  Downside risk to
Cajacirculo's ratings would mostly arise from a significant rise
in equity investments and from a sudden slowdown in the Spanish
housing market.  However, the latter risk is currently limited
by the combination of low interest rates and unemployment.

Cajacirculo was Spain's 39th-largest savings bank or caja (and
the 56th-largest banking group) by total assets at end-2004.
Its 174 branches at end-Q305 were mainly located in Burgos, a
province in the north of Castilla y Leon.  At that date, it
employed 691 staff.


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

SKANDIA INSURANCE: New Old Mutual Shares Start Trading on LSE
-------------------------------------------------------------
A total of 1,020,118,863 Old Mutual PLC shares in respect of its
offer for Skandia Insurance Co. Ltd. have been admitted to the
Official List by the Financial Services Authority and to trading
by the London Stock Exchange and the JSE.

Applications are also being made for these shares to be admitted
to listing on the Namibian, Zimbabwe and Malawi Stock Exchanges.

                         *   *   *

As reported by TCR-Europe on Jan. 30, acceptances of Old Mutual
PLC's offer have been validated representing 72.3% of all the
shares in Skandia Insurance Company Ltd.  Old Mutual declared
the offer unconditional and extended the acceptance period until
Feb. 9, 2006.

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

                        About the Company

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

                          2003 Scandal

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


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


ABB LTD: S&P Keeps Low-B Credit Ratings on Watch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services was maintaining its credit
ratings on Switzerland-based engineering services group ABB Ltd.
(BB+/B) and related entities on CreditWatch with positive
implications.

Conditional on the final successful resolution of the asbestos
litigation settlement for U.S. subsidiary Combustion Engineering
Inc., ABB's credit ratings will be raised to 'BBB-/A-3', with
the senior unsecured debt to be raised to 'BB+'.  The outlook
will be positive.

The ratings on ABB had been placed on CreditWatch with positive
implications on Nov. 7, 2005, reflecting the continual
improvement in ABB's financial profile and capital structure in
recent years, and its potential to return to a low investment-
grade rating on successful completion of the asbestos litigation
settlement for CE.

The CE reorganization plan has been confirmed by the U.S.
Bankruptcy Court, and is currently with the District Court for
final approval.  A hearing is expected to be held soon.  If the
District Court approves the plan, there will be a 30-day appeal
period. If no appeals are lodged, the plan will be final.

"At the new rating level, ABB's rating will reflect the
company's improved financial position, including sound free
operating cash flow generation, a sound liquidity position, and
adequate debt protection measures," said Standard & Poor's
credit analyst Andreas Zsiga.

The rating will be supported by the group's strong business risk
profile, reflecting leading global positions and strong
technology bases in the power transmission & distribution and
automation markets.  Both these core operations show margin
improvement, and the demand prospects are positive, as reflected
by increasing orders (15% growth in the third quarter of 2005
year-on-year).

Furthermore, remaining non-core activities, including ABB Global
Lummus and the German construction operation, are now achieving
financial break-even.


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


ANLEN: Court Names E. Zheltuhin Liquidator
------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Anlen (code EDRPOU 32408048) on Dec. 6,
2005, after finding the private enterprise insolvent.  The case
is docketed as 21/305.  Mr. E. Zheltuhin has been appointed
liquidator/insolvency manager.

CONTACT:  ANLEN
          69013, Ukraine, Zaporizhya region,
          Vijskbud Str. 70/4

          Mr. E. Zheltuhin, Liquidator/Insolvency Manager
          69032, Ukraine, Zaporizhya region, a/b 7813

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


BANK KHRESCHATYK: Fitch Affirms Long-Term B Rating
--------------------------------------------------
Fitch Ratings affirmed Ukraine-based Bank Khreschatyk's ratings
at Long-term 'B'; Short-term 'B'; Individual 'D/E'; and Support
'4'.  The Outlook on the Long-term rating remains Stable.

Khreschatyk's Long-term, Short-term and Support ratings are
based on the potential for support being forthcoming from its
majority owner, the City of Kiev, in case of need.  In Fitch's
opinion, there would be a reasonably strong propensity on the
part of the City to provide support, although its ability to do
so, and hence the probability of support itself, could be
limited.  The Individual rating reflects the bank's small size,
modest profitability, weak capitalization, concentrated balance
sheet and the risks associated with a rapid growth strategy, as
well as certain weaknesses in the operating environment.
However, it also considers the bank's adequate asset quality (in
a Ukrainian context) and low market risk profile.

Fitch will review closely any impact, which the mayoral
elections of March 2006 may have on the relationship between the
Kiev City Administration and Khreshatyk, in particular should a
new mayor be elected.

Khreschatyk's performance has been modest so far because of its
limited size and investments to expand its branch network.
Lending is mainly to Ukrainian corporates, including sizeable
amounts under various programs of the City of Kiev.  Asset
quality has been adequate to date.  However, Fitch is concerned
that the bank's very rapid loan portfolio expansion and
management's plans to maintain this growth may lead to a higher
level of non-performing loans as loans season.  Nevertheless,
monthly repayments result in early detection of problems, and
doubtful and loss loans represented a small 0.5% of end-October
2005 lending.

The accounts of corporate and local government customers
constitute the majority of Khreschatyk's funding base, notably
those of the City of Kiev (48% of liabilities at end-2005).
Khreschatyk's capitalization was weak at end-2005 (when its
regulatory capital ratio was 11.6%) in light of its concentrated
balance sheet, rapid growth and the relatively high-risk
operating environment; however, a planned equity injection in
1H06 should help address this.

Khreschatyk was founded in 1993 and was Ukraine's 14th largest
bank by assets at end-2005.  It has a network of ten full
branches (seven of which are outside Kiev) and 49 outlets,
mainly in Kiev or the Kiev region.


EXPRESS-SERVICE: Insolvency Slows Down Group
--------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Express-Service (code EDRPOU 20419741) on
Dec. 15, 2005, after finding the joint enterprise insolvent.
The case is docketed as 7/143 B.  Ovruch' State Tax Inspection
of Zhitomir region has been appointed Liquidator.

CONTACT: EXPRESS-SERVICE
         Ukraine, Zhitomir region,
         Ovruch, Radyanska Str. 31, room 419

         ECONOMIC COURT OF ZHITOMIR REGION
         10002, Ukraine, Zhitomir region,
         Putyatinski Square 3/65


KRYMSHELK: V. Beloventsev Named as Temporary Insolvency Manager
---------------------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on Crimean Agrarian-Production Enterprise
Krymshelk (code EDRPOU 00700619) on Dec. 13, 2005.  The case is
docketed as 8/16298-2005.  Mr. Volodimir Beloventsev has been
appointed temporary insolvency manager.

CONTACT:  KRYMSHELK
          95015, Ukraine, AR Krym region,
          Simferopol, Sevastopolska Str. 33

          Mr. Volodimir Beloventsev
          Temporary Insolvency Manager
          95022, Ukraine, AR Krym region,
          Simferopol, Peremogi Avenue 214/106

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


METALBUDHOLDING: Collapses Into Insolvency
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against OJSC Metalbudholding (code EDRPOU 33055569)
on Dec. 13, 2005, after finding the open joint stock company
insolvent.  The case is docketed as 15/855-b.  Private
Enterprise Auditor Firm Financial Security (code EDRPOU
31810343) has been appointed Liquidator.

CONTACT:  METALBUDHOLDING
          02002, Ukraine, Kyiv region,
          Marina Raskova Str. 11-601/1

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



SHAHTOVUGLESERVICE: Bankruptcy Supervision Begins
-------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Shahtovugleservice (code EDRPOU
30379509) on Nov. 28, 2005.  The case is docketed as 5/234 B.
Mr. Fedorchuk Fedor has been appointed temporary insolvency
manager.

CONTACT:  SHAHTOVUGLESERVICE
          86204, Ukraine, Shahtarsk,
          Shiller Str. 122

          Mr. Fedorchuk Fedor
          Temporary Insolvency Manager
          Ukraine, Donetsk region,
          Kujbishev Str. 163/9

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


SOFTLAJNTRADE: Kyiv Court Rules on Bankruptcy
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Softlajntrade (code EDRPOU 32488937) after
finding the limited liability company insolvent.  Mr. Andrij
Vershinin has been appointed liquidator/insolvency manager.

CONTACT:  SOFTLAJNTRADE
          02094, Ukraine, Kyiv region,
          Pratsi Boulevard 2/27

          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


UKRENERGOMEREZHI: Liquidator Takes Over Helm
--------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrenergomerezhi (code EDRPOU 32911067) on
Dec. 13, 2005, after finding the open joint stock company
insolvent.  The case is docketed as 15/854-b.  Private
Enterprise Auditor Firm Financial Security (code EDRPOU
31810343) has been appointed Liquidator.

CONTACT:  UKRENERGOMEREZHI
          02002, Ukraine, Kyiv region,
          Novopirogivska Str. 62 a

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


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

ADEVA VEHICLE: Taps Administrators from Deloitte & Touche
---------------------------------------------------------
William Kenneth Dawson and Debbie Marie Young of Deloitte &
Touche LLP were appointed joint administrators of Adeva Vehicle
Rentals Limited (Company No 02431024) on Jan. 20.  The company
is engaged in automobile rentals.

CONTACT:  ADEVA VEHICLE RENTALS LTD
          30 Bumpers Lane, Sealand Industrial Estate,
          Chester, Cheshire CH1 4LT
          Tel: 01244383111


BBS TRANSPORT: Calls in Administrators from Poppleton & Appleby
---------------------------------------------------------------
M. D. Hardy and M. T. Coyne of Poppleton & Appleby were
appointed joint administrators of BBS Transport Limited (Company
No 04221053) on Jan. 23.

CONTACT:  BBS TRANSPORT LTD
          26 Bayton Road
          Exhall, Coventry CV7 9EJ
          United Kingdom
          Tel: (024) 7664 5666

          POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Tel: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk/


BEES KNEES: SME Invoice Finance Appoints Harrisons Receiver
-----------------------------------------------------------
SME Invoice Finance appointed P. R. Boyle and J. C. Sallabank of
Harrisons joint administrative receivers of Bees Knees
Recruitment Agency Limited (Reg No 03660911) on Jan. 18.

CONTACT:  BEES KNEES RECRUITMENT
          38a Church Street,
          Bletchley, Milton Keynes,
          Buckinghamshire MK2 2NY
          Tel: 01908641400

          HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Tel: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com/

          HARRISONS
          35 Waters Edge Business Park,
          Modwen Road, Manchester M5 3EZ
          Web site: http://www.harrisons.uk.com/


CABLE & WIRELESS: Unveils Changes in Structure, Management
----------------------------------------------------------
Cable & Wireless PLC revealed a number of changes to its
structure and management along with a business update on
Jan. 31.

Highlights

  (a) creation of two self-contained operational units -- U.K.
      (including Bulldog) and International -- to reflect the
      differing characteristics of the two and the establishment
      of clear strategies for both;

  (b) significant reduction in scope and role of the Group
      corporate center;

  (c) Francesco Caio to continue in his role as Group Chief
      Executive until the start of the new financial year, after
      which he will step down, as the Group Chief Executive
      position will not be part of the new structure;

  (d) U.K. EBITDA (excluding Bulldog but including Energis) for
      2006/7 is currently expected to be no higher than for
      2005/6;

  (e) confidence restated in medium-term target for the U.K.
      business; and

  (f) National Telcos continue to trade in line with
      expectations.

Chairman Richard Lapthorne said, "Today's reorganization marks a
significant step in the development of Cable & Wireless.  The
creation of the two operating units is the result of a huge
amount of effort by the team and, in particular Francesco, who
has worked closely with me to get us to this point.  We have put
in place the tools for the strategic repositioning of the U.K.
business, though the short-term environment remains extremely
challenging.  We are focused on operational delivery in all of
our markets."

           Statement of Chief Executive Francesco Caio

   "Over the last three years we have transformed Cable &
   Wireless from an unfocused business into a group of telecom
   operators relevant in each of their markets.  This has been
   achieved against a background of unprecedented change in the
   industry.  We exited unsustainable markets including the U.S.
   and Japan and we have rebalanced the revenue mix in the
   National Telcos towards the growth areas of broadband and
   mobile.

   "In the U.K., we have devised and started to implement the
   strategy for long-term success through scale, access and IP
   capability.  Notwithstanding the continued pressures,
   particularly in the legacy voice market, the robust
   performance of the former Energis business together with
   promising progress that is being made with Bulldog means that
   we continue to have confidence in the medium-term financial
   objectives for the U.K. business announced last November.

   "These moves over the last three years, together with the
   caliber of leaders that we have attracted, create the right
   conditions for the reorganization and enable the company to
   progress into what I regard as the next natural phase of its
   development."

                  Changes to Group Structure

The Group will divide its business into two operationally self-
contained businesses, U.K. (including Bulldog) and
International.  This decision reflects recognition of the
differing characteristics of the UK and International
businesses, the critical scale achieved in both, the quality of
management leading both businesses and the move into a phase of
execution against agreed business plans.

As a result, the central functions of Cable & Wireless will be
reshaped to ensure the continuation of proper governance and
control at the Group corporate center but will no longer operate
shared services for the two business units.

                  New Management Structure

Francesco Caio will continue as Group Chief Executive until the
start of the new financial year after which he will work with
Richard Lapthorne to ensure the successful transition of the
organization to the new structure.  As part of this new
structure in the U.K., John Pluthero is appointed joint Group
Managing Director and Chairman of the U.K. from the start of the
new financial year, and Jim Marsh, Director of Retail, U.K. will
assume the role of Chief Executive of the U.K. business.  As a
result of the decision to integrate Bulldog into the U.K.
business, both Emanuele Angelidis, Chief Executive Bulldog, and
Jim Marsh will report to John Pluthero.

In International, Harris Jones is appointed joint Group Managing
Director and Chief Executive of International, again with effect
from the start of the new financial year, and Lord Robertson of
Port Ellen will become non-executive Chairman of International
whilst remaining a Deputy Chairman of the Group.  Both Harris
Jones and John Pluthero will report directly to the Group
Chairman, Richard Lapthorne.

                        Business Update

While the U.K. management team confirms the U.K. medium-term
objectives announced in November 2005, it currently expects that
U.K. EBITDA (excluding Bulldog but including Energis) in 2006/7
will be no higher than in the current year.  The principal
reasons are:

  (a) continuing margin erosion, high levels of churn and the
      acceleration of the switch from legacy services to IP;

  (b) the impact of actions associated with the integration and
      realignment of the U.K. business; and

  (c) the reduction in non-recurring items, which are expected
      to make a major contribution in the current year and which
      primarily reflect the successful conclusion of a number of
      matters including billing disputes and negotiated
      settlements with suppliers for bandwidth, access and
      operations and maintenance services.

The company intends to update the market on its progress to date
with its U.K. plans on 28 February 2006.  This will provide an
overview of the integration, business improvement and wider
transformation programs that are now in place.

In the third quarter, performance for National Telcos continued
to be in line with the positive trends seen in the first half
and in line with our expectations.

                       About the Company

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- is one of the world's leading
international communications companies.  It provides voice, data
and IP (Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.  Its principal operations are in the United
Kingdom, continental Europe, Asia, the Caribbean, Panama and the
Middle East.  Fitch Ratings has affirmed Cable & Wireless'
ratings at Long-term 'BB+' with Stable Outlook and Short-term
'B'.

                        *     *     *

Cable & Wireless' 8-3/4% senior unsubordinated notes due 2012
carry Moody's Investors service's, Standard and Poor's and
Fitch's low-B ratings.


CABLE & WIRELESS: Profit Warning Spurs S&P's BB- Rating
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based telecommunications
services provider Cable & Wireless PLC to 'BB-' from 'BB'
following the group's announcement of a significant profit
warning for financial 2007.  The outlook is negative.

At the same time, Standard & Poor's lowered its senior unsecured
debt rating on the group's bonds to 'B' from 'B+'. The short-
term corporate credit rating on the group was affirmed at 'B'.

The downgrade follows the announcement of a reorganization and
business update by C&W, which included a significant downward
revision of EBITDA guidance for the financial year ending
March 31, 2007.

"The free cash flow profile of the group will be more negative
than previously expected as a consequence of the deterioration
in U.K. operating performance and weaker EBITDA," said Standard
& Poor's credit analyst Simon Redmond.  "The reorganization
involves the management and operational separation of the
group's U.K. and international businesses.  In our view, this
increases the risk of a full separation, potentially to the
disadvantage of bondholders."

The ratings on C&W remain constrained by the pricing pressures
and aggressive competition the group faces, especially for its
very challenged U.K. operations.  This is in addition to the
country and foreign exchange risks associated with its
international businesses, and the group's weak cash conversion
and negative free cash flow relative to total debt.  The ratings
are supported, however, by C&W's substantial remaining gross
cash of about GBP1.4 billion (after the November 2005 Energis
acquisition).  This is in addition to the group's prudent
operational implementation and the sustained generation and
repatriation of cash by its established international
businesses.

"C&W has to continue integrating Energis, reengineering its
network, and establishing both Bulldog and its other U.K.
segments on a more secure footing," added Mr. Redmond.  "This
will be challenging in the face of continued fierce price and
margin competition and could lead to increased cash outflows and
potentially a lowering of the ratings."

Alternatively, an outlook revision to stable would be consistent
with stronger-than-expected cash generation, together with
indications that some of Energis' strengths (including
profitable customer growth) have been embedded in the combined
group. Further material acquisitions are not currently assumed.
The group is expected to concentrate on executing its respective
business strategies while maintaining financial prudence.


CHINA ENTERPRISE: Administrators Take Over Firm
-----------------------------------------------
C. K. Rayment and M. Dunham were appointed joint administrators
of BDO Stoy Hayward LLP of China Enterprise Limited (Company No
04621797) on Jan. 17.  The company is engaged in importing metal
goods.

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

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


COMPASS GROUP: Unmasks Probe Findings into ESS Unit
---------------------------------------------------
The investigation undertaken by Freshfields, assisted by Ernst &
Young, into the relationships between Compass Group PLC's
subsidiary, Eurest Support Services, IHC Services and the United
Nations has now concluded.

The probe, overseen by Steve Lucas, chairman of Compass Group's
Audit Committee and which lasted three months, involved an
extensive and highly detailed review of documents and e-mails
and intensive interviews with relevant individuals.

The key findings and recommendations of this investigation,
which have been presented to the Compass Group PLC board, state
that:

  (a) the investigation has established serious irregularities
      in connection with contracts awarded to ESS by the UN;

  (b) there were issues in relation to the behavior of a few
      individuals within ESS;

  (c) the considerable work undertaken by Freshfields and Ernst
      & Young gives no reason to believe that these issues
      extend beyond these individuals to other parts of ESS or
      to the wider Compass Group of companies; and

  (d) Compass Group does not own, and has never owned, any
      shares in IHC.

The Board has taken three actions arising from this
investigation:

  (a) action has been taken in respect of those individuals
      accountable within ESS, including dismissals where
      appropriate;

  (b) the senior management of ESS has been completely
      restructured and now reports to Andrew Martin, Group
      finance director; and

  (c) Compass Group has reviewed, with Ernst & Young, the
      systems and controls within ESS in the light of the issues
      raised by this investigation and is implementing changes
      including reducing the level of autonomy within the
      business and increasing central controls.

IHC's relationship with the UN and ESS is part of wider and
ongoing investigations into UN procurement activity being
conducted by the Office of the United States Attorney for the
Southern District Court of New York, the United States Congress
and the UN itself, and with which Compass Group is fully
cooperating.  As these matters are the subject of criminal
investigation in the United States, it would be inappropriate at
this time for the Group to make any further comment.

"This has been a highly regrettable episode for Compass Group,"
Steve Lucas said.  "However, we have now concluded a very
thorough investigation and taken appropriate and decisive
action.  We have no reason to believe that the issues identified
extend to any other part of the Group.  The Board is determined
that Compass Group should meet the highest ethical and
governance standards and is taking all necessary steps to ensure
that this is the case."

                        *     *     *

As reported by TCR-Europe on Nov. 7, Compass Group PLC had
instructed Freshfields to conduct an investigation into the
relationships between Eurest Support Services, IHC Services,
Inc. and the United Nations.   The investigation had raised
serious concerns as to whether, within ESS, there has been, in
connection with IHC and the U.N., improper conduct and a failure
to comply with the Company's statement of business principles
(which apply to all staff, whatever their seniority).

As a result, Peter Harris was dismissed, together with Andrew
Seiwert, Eurest chief executive, and a further mid-ranking
executive who was associated with U.N. contracting.  The
management of ESS was restructured.

ESS has been suspended as contractor to the U.N. after
allegations emerged it obtained confidential information before
winning a GBP35.3 million food and water deal in Liberia.  ESS
provides food and water rations to about 30,000 U.N. troops in
peacekeeping missions.

The inquiry into alleged corrupt buying practices is another
blow to Compass, which has issued three profits warning in 12
months.  The latest, on Sept. 28, warned shareholders that full-
year profit before tax, goodwill amortization and exceptional
items could fall 10% to GBP580 million.

                        About the Company

Headquartered in the U.K., Compass Group PLC --
http://www.compass-group.com/-- is the world's leading
foodservice company, with 400,000 employees specializing in
providing food, vending and related services in over 90
countries, and annual revenues of GBP12 billion.


E.C. GRANSDEN: Creditors Meeting Set Feb. 15
--------------------------------------------
Creditors of E.C. Gransden & Co Limited (Company No 547685) will
meet on Feb. 15, 11 a.m. at Hempstead House Hotel, London Road,
Bapchild, Sittingbourne, Kent ME9 9PP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to J. D. E. Money, joint administrator of KPMG LLP,
Aquis Court, 31 Fishpool Street, St Albans AL3 4RF not later
than 12 noon, Feb. 14, 2006.

CONTACT:  E C GRANSDEN & CO. LTD.
          Cambray Works, Stickfast Lane
          Bobbing, Sittingbourne
          Kent ME9 8QL
          United Kingdom
          Tel: (01795) 841133


EV AUTOMOTIVE: Hires Sanderlings LLP Administrator
--------------------------------------------------
Andrew Fender and Paul John Webb of Sanderlings LLP were
appointed joint administrators of EV Automotive Limited (Company
No 05284963) on Jan. 17.  Its registered office is at Unit 2-3,
Crondal Road, Bayton Road Industrial Estate, Exhall, Coventry,
West Midlands CV7 9NH.

EV Automotive Limited -- http://www.evukcarpanels.co.uk/-- is
one of the largest independent suppliers of car panels and motor
vehicle body parts.

CONTACT:  SANDERLINGS LLP
          Sanderling House,
          1071 Warwick Road,
          Acocks Green, Birmingham B27 6QT


FIXED-LINK: S&P Assigns Junk Ratings to Subordinated Debts
----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BBB' senior
secured bank loan rating on U.K. and France-based Eurotunnel
S.A. remained on CreditWatch with negative implications,
following the expiry on Jan. 31, 2006, of a waiver that allowed
Eurotunnel to negotiate a debt restructuring.

The following ratings on the nonguaranteed debt issued by
related Fixed-Link Finance B.V.'s Class A, B, and C notes also
remain on CreditWatch with negative implications:

  (a) Senior secured debt: 'BB-',
  (b) Subordinated debt: 'CCC+', and
  (c) Junior subordinated: 'CCC-'.

The 'B' senior secured rating on Fixed-Link Finance 2 B.V.'s
nonguaranteed notes also remains on CreditWatch with negative
implications.

The above ratings were placed on CreditWatch on Feb. 9, 2004,
following the announcement of unspecified debt restructuring and
concerns about intensifying competition in the cross-Channel
market.  In addition, all ratings were lowered on May 4, 2004,
and again on Jan. 27, 2005.

"The ratings are expected to remain on CreditWatch until details
of the expected debt restructuring are known and their impact on
the notes can be determined," said Standard & Poor's credit
analyst Alexandre de Lestrange.

Following the expiry of the debt restructuring waiver on
Tuesday, further clarification of the position between the
company and an ad hoc creditor committee is expected shortly.
Under steady business operations, the company is expected to
have sufficient cash to pay its debt obligations in 2006.

However, Standard & Poor's recognizes that there is now limited
time to find a restructuring solution.  Under the current debt
structure and debt levels, Eurotunnel is not a viable business
going forward, and the issue about who should suffer as a result
of a debt restructuring--shareholders or debt providers--is
clearly an obstacle in coming to a solution.  The conversion of
stabilization notes into equity at the end of 2005 did not
occur.  This was because the conversion would have required
shareholder approval, which would have been unlikely without an
agreed restructuring plan that would have left shareholders
unaffected. Consequently, more than GBP500 million of
stabilization advances now bear interest, which increases the
overall debt burden of the company.

In its rating action on Jan. 27, 2005, S&P factored in the
expectation that negotiations would be complex and long, which
has been borne out by the lack of successful negotiation between
the company and its ad hoc creditor committee to date.  While it
is unclear what the outcome will be with respect to the
restructuring, progress is required to avoid debt defaults, as
Eurotunnel will be unable to service its debt after November
2006 when the minimum usage charge from the railways expires.

"Our current ratings have factored in the slow and difficult
process of negotiation so far, but a continued lack of progress
may well result in further downgrades," said Mr. de Lestrange.
S&P has no information, however, on the progress and state of
negotiations between the company and the ad hoc committee.

The investment-grade rating on Eurotunnel's most senior debt
tranche remains underpinned by:

   -- its security package;

   -- the fact that it only represented 5.8% of the company's
      mid-year 2005 core debt;

   -- its first priority in the cash flow waterfall; and

   -- Standard & Poor's expectation that, like the 1996-1998
      restructuring that left senior debt interest payments
      unaffected, it remains insulated from the forthcoming debt
      restructuring.

This expectation is based on the view that there remains a
strong incentive for all stakeholders to ensure timely interest
payments on the senior debt.

"If any debt restructuring proposal appears likely to affect
this senior debt, or the company files or indicates an intention
to file for insolvency, the rating faces a potential credit
cliff to default," said Mr. de Lestrange.  Standard & Poor's
will continue its discussions with Eurotunnel's management and
creditors and update the CreditWatch regularly.


GUARANTEED SECURITY: Meeting of Creditors Set Feb. 14
-----------------------------------------------------
Creditors of Guaranteed Security Cover Limited (Company No
02306806) will meet on Feb. 14, 11 a.m. at KPMG LLP, 8 Salisbury
Square, London EC4Y 8BB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to J. D. E. Money, joint administrator of KPMG LLP,
Aquis Court, 31 Fishpool Street, St Albans AL3 4RF not later
than 12 noon, Feb. 13, 2006.

CONTACT:  GUARANTEED SECURITY COVER LTD
          Asset House
          Herringham Road, Charlton SE7 8NJ
          London
          Tel: 020 8305 0105
          Fax: 020 8305 1798
          E-mail: sales@gscl.biz
          Web site: http://www.gscl.biz/


HIGH STYLE: Real Estate Developer Appoints Administrator
--------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of High Style Developments Ltd (Company No 04796967) on Jan. 20.
The company develops and sells real estate.

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


JACOBY PARTNERSHIP: Creditors Meeting Set Today
-----------------------------------------------
Creditors of The Jacoby Partnership Limited (Company No
03694218) will meet on Feb. 3, 10:30 a.m. at 8 Baker Street,
London W1U 3LL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to D. H. Gilbert, joint administrator of BDO Stoy
Hayward LLP, 8 Baker Street, London W1U 3LL.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Tel: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk/


KEYCHECK LIMITED: In Administration as Clients Fail to Pay Debt
---------------------------------------------------------------
Edward Klempka and Ian Stokoe of PricewaterhouseCoopers LLP were
appointed joint administrators of KeyCheck Limited and Choice
Gift Vouchers Limited on Jan. 31, 2006.

KeyCheck Limited is a non-trading holding company with its
wholly owned subsidiary, Choice Gift Vouchers Limited, trading
as a clearing house for retail vouchers from offices in
Gateshead.  In this role, it issues Choice vouchers to its
customers which then on-sell them to the general public to use
in retail outlets as payment for goods supplied.  Many major
high street retailers accept the vouchers in lieu of cash.

Following the administration, retailers will no longer accept
Choice vouchers.  Accordingly, the joint administrators urge
members of the public who have unredeemed vouchers to approach
the organization they bought the vouchers from to seek a refund
or be issued with alternative vouchers.

"It is regrettable that as a direct result of two major
customers failing to pay their January accounts, Choice could
not meet its payment obligations to retailers.  As such, the
directors of Choice had no alternative but to seek the
protection of administration," said Edward Klempka.  "The
administrators will continue to manage the business while
seeking a buyer and will do all we can to ensure that members of
the public are not unduly inconvenienced."

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Jenny Britton, Business Recovery Services PR Manager
          Tel: 020 7212 2970
          Mobile: 07855 522485

          Edward Klempka
          Tel: 0113 289 4247


MAHAL LEISUREWEAR: Clothing Manufacturer Calls In Administrator
---------------------------------------------------------------
Richard Paul Rendle and Guy Edward Brooke-Mander of Baker Tilly
were appointed joint administrators of Mahal Leisurewear Limited
(Company No 2926245) on Jan. 19.

Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading
independent firm of chartered accountants and business advisers
in the United Kingdom.  The firm's annual fee income is over
GBP168 million and is part of a global network which has 122
member firms in 85 countries as an independent member of Baker
Tilly International.

Mahal Leisurewear Limited -- http://www.mahal.co.uk/-- designs
and manufactures outdoor clothing to exacting standards that are
perfect for equestrian and outdoor wear.


MOLBRO FORGINGS: Creditors to Meet Later This Month
---------------------------------------------------
Creditors of Molbro Forgings Limited (Company No 04517026) will
meet on Feb. 21, 11 a.m. at KPMG LLP, 2 Cornwall Street,
Birmingham B3 2DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. S. McGill, joint administrator of KPMG LLP, 2
Cornwall Street, Birmingham B3 2DL not later than 12 noon,
Feb. 20, 2006.

CONTACT:  MOLBRO FORGINGS LTD
          Macarthur Road,
          Cradley Heath B64 7RP
          United Kingdom
          Tel: +44 (1384) 56 69 86
          Fax: +44 (1384) 41 21 07

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


MYTRAVEL GROUP: Market Capitalization Goes Over GBP943 Million
--------------------------------------------------------------
The market capitalization of MyTravel Group PLC exceeded
GBP943 million for 30 consecutive business days as at the close
of business on Jan. 31.  As a result, effective Feb. 7, 2006,
the company will be liable to pay fees for credit facilities, at
rates of 2% for drawn and 1% for undrawn facilities.

Under the terms of the Group's Bonding and Letters of Credit
facilities, once the group's market capitalization reaches
GBP943 million or more for 30 consecutive business days, a
"normalization event" has occurred.

The Bonding and Letters of Credit facilities affected by this
arrangement amount to approximately GBP550 million in total and
the fees that now become payable will increase the Group's costs
by approximately GBP10 million on an annual basis.  The company
continues to target an operating profit in all divisions for the
current financial year and a margin of 3.5% in the U.K. in 2007.

                        About the Company

Headquartered in Manchester, MyTravel Group PLC --
http://www.mytravelgroup.com/-- offers package holidays and
other leisure travel services.

                        *     *     *

For the year ended Oct. 31, 2005, loss on ordinary activities
before tax was reduced to GBP18.3 million compared with a pro
forma loss of GBP153.4 million in the prior year.

Its restructuring includes the conversion into MyTravel equity
of approximately GBP800 million of unsecured debt and
facilities, including:

   -- GBP250 million revolving credit facility;

   -- US$100 million U.S. private placement;

   -- GBP210 million minority interest preference shares;

   -- certain elements of aircraft lease financing arrangements;
      and

   -- GBP216 million of convertible bonds.


OXON TECHNOLOGIES: Begins Voluntary Liquidation
-----------------------------------------------
Members of Oxon Technology Ltd passed a resolution to wind up
the company during an extraordinary general meeting on Dec. 16,
2005.

Company Director M. Hurworth disclosed the company could not
continue its business due to its liabilities.

John Arthur Kirkpatrick is appointed as liquidator.

CONTACT: OXON TECHNOLOGIES LTD
         Monument Business Park
         Warpsgrove Lane
         Chalgrove Oxford
         OX44 7RW
         Tel: 01865 491 442


POYSERS 24: Liquidates Assets in Leicestershire
-----------------------------------------------
Poysers 24 Assist Limited is liquidating its assets after
members elected to wind up the company's operations during an
extraordinary general meeting held on Dec. 15, 2005.

Stephen P J White is appointed Liquidator to wind up the
company's business.

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

CONTACT: POYSERS 24 ASSIST LIMITED
         67 Brook Street
         Shepshed Loughborough
         Leicestershire
         LE12 9RF
         Tel: 01509 503207
         Fax: 01509 650373


QUOTE SOLUTIONS: Appoints Kroll Limited Administrator
-----------------------------------------------------
Andrew Pepper, Peter Saville and Fraser Gray of Kroll Limited
were appointed joint administrators of Quote Solutions Limited
(Company No 05279012), Rubicon Inspections Limited (Company No
04417304) and Rubicon Insurance Solutions Limited (Company No
04122232) on Jan. 23.  Its registered office is at 35 Great St
Helens, London EC3A 6HB.  These companies offer administration
to insurance services.

CONTACT:  KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Tel: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com/

          KROLL LIMITED
          Alhambra House,
          45 Waterloo Street,
          Glasgow G2 6HS
          Web site: http://www.krollworldwide.com/


RAILWAY SHOP: Brings In T.H. Associates as Liquidator
-----------------------------------------------------
The Railway Shop Limited formalized the appointment of Timothy
Hargreaves, of T.H.Associates Insolvency Practitioners, as
liquidator 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. 15, 2005, in Norfolk.

CONTACT: THE RAILWAY SHOP LIMITED
         Kamvil
         Attleborough Road
         Old Buckenham Attleborough Norfolk
         NR17 1RF
         Tel: 01953 605 262


REFLECTION DOUBLE: Taps Stephen Tancock to Liquidate Assets
-----------------------------------------------------------
Reflection Double Glazing Limited appointed Stephen John
Tancock, of Smith & Williamson Ltd., to liquidate its assets
after members passed a resolution to wind up the company's
operations on Dec. 16, 2005.

Chairman G. Brinn disclosed that the company is unable to
continue its operations due to its liabilities.

CONTACT: REFLECTION DOUBLE GLAZING LIMITED
         16 Hales Road
         Sittingbourne Kent
         ME10 1SR
         Tel: 01795 474747


REGAL PETROLEUM: Court Junks Appeal Over Ukrainian Licenses
-----------------------------------------------------------
The Kiev Court of Appeal rejected Regal Petroleum PLC's appeal
in relation to the legal challenge brought by
Chernihivnaftogasgeologia against the Ministry of Environmental
Protection with respect to the validity of Regal's production
licenses in the Ukraine.

CNGG brought the legal action against its own parent
organization, the MEP, claiming that the correct procedures were
not followed in the awarding of two production licenses to Regal
in July 2004.

On Nov. 11, 2005, at the initial hearing of such action, the
Kiev City Commercial Court upheld CNGG's claim.  Regal lodged an
appeal to the Kiev Court of Appeal contesting the earlier
ruling.

Regal is awaiting written details of the court decision but has
already launched a further appeal to the Supreme Administrative
Court of Ukraine to establish the legality of its licenses.  The
Company continues to be advised by its legal counsel in Ukraine
that the Company was awarded its licenses in accordance with
applicable rules, standards and legislation of Ukraine.

                        About the Company

Headquartered in London, Regal Petroleum PLC --
http://www.regalpetroleum.com/-- is an independent oil and gas
producer listed on the Alternative Investment Market of the
London Stock Exchange.  It focuses on the exploration,
development and production of oil and gas assets in Ukraine,
Greece, Romania, Egypt and Liberia.

                         *     *     *

                        Chairman's Exit

Frank Timis, who served as executive chairman until he stepped
down in June, established the company in 1996.  He resigned as
the company's annual losses quadrupled.  For the year ending
Dec. 31, 2004, losses amounted to US$13.7 million, up from
US$2.9 million a year earlier.

Since March, the company has lost 83% of its value, with shares
plunging significantly at the end of April when Regal raised
GBP45 million at 390 pence a share following its discovery of a
gas prospect in Romania.  It sank further when a well in Greece
was found to be not commercially viable for exploration.


RUBICON CORPORATION: Administrators from Kroll Limited Move In
--------------------------------------------------------------
Andrew Pepper, Peter Saville and Fraser Gray of Kroll Limited
were appointed administrators of The Rubicon Corporation Limited
(Company No 04057448) on Jan. 23.  Its registered office is at
35 Great St Helens, London EC3A 6HB.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The Rubicon Corporation -- http://www.rubiconcorp.com/-- was
formed in the latter part of 2000 to provide "value-added"
third-party administration services to the insurance industry.


SECAL PRECISION: Names BDO Stoy Hayward Administrator
-----------------------------------------------------
C. K. Rayment and M. Dunham of BDO Stoy Hayward LLP were
appointed joint administrators of Secal Precision Limited
(Company No 04332178), Secal Sheet Metal (Southern) Ltd (Company
No 03949253) and Secal Special Purpose Limited (Company No
04173495) on Jan. 17.

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

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


STRIPEY TROUSERS: Food Retailer Appoints Administrator
------------------------------------------------------
Tyrone Shaun Courtman and Shaun Neil Adams of Cooper Parry LLP
were appointed joint administrators of food retailer Stripey
Trousers Limited (Company No 05228879) on Dec. 15.

CONTACT:  COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Tel: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com/


SURFACE TREATMENT: Begins Winding Up Proceedings
------------------------------------------------
Surface Treatment Specialist Limited is liquidating its assets
after members found out that the company cannot continue its
operations due to its liabilities.

Colin Burke, of Milner Boardman & Partners, is appointed
Liquidator.

CONTACT: SURFACE TREATMENT SPECIALIST LIMITED
         1B Nelson Street
         Widnes Cheshire
         WA8 0QD
         Tel: 0151 424 1200
         Fax: 0151 424 1212


TAIT PRINTERS: Hires Middleton Partners to Administer Assets
------------------------------------------------------------
Michael Francis Stevenson and Julie Anne Palmer of Middleton
Partners were appointed joint administrators of Tait Printers
Limited (Company No 05154186) on Jan. 23.  Its registered office
is at 9 Stanford Road, Lydney, Gloucestershire GL15 5HS.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Tel: 01722 435 192
          Fax: 01722 421102
          E-mail: julie@middletonpartnerssalisbury.co.uk
          Web site: http://www.middletonpartners.co.uk/


TAURUS CONSTRUCTION: Calls for Deloitte & Touche as Liquidator
--------------------------------------------------------------
Members of Taurus Construction Services Limited passed a
resolution to wind up the company during an extraordinary
general meeting on Dec. 15, 2005, in Nottingham.

Chairman T. Evans disclosed that the members found out that the
company cannot continue its business due to the company's
mounting debts.

Christopher James Farrington, of Deloitte & Touche LLP, is
appointed Liquidator.

CONTACT: TAURUS CONSTRUCTION SERVICES LIMITED
         Mansfield Business Centre
         Ashfield Avenue
         Mansfield Nottinghamshire
         NG18 2AE
         Tel: 01623 404 296
         Fax: 01623 404 504


TP8 LIMITED: Calls in Administrators from UHY Hacker Young
----------------------------------------------------------
Ladislav Hornan, Peter Kubik and Andrew Andronikou of UHY Hacker
Young were appointed joint administrators of TP8 Limited
(Company No 04594420) on Jan. 19.  The company manufactures
paperboard cartons and paper labels.

CONTACT:  TP8 LIMITED
          Unit 3 Langley Business Park,
          Station Road, Langley, Berkshire SL3 8DS

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


UNILOCK GROUP: Appoints Moore Stephens to Administer Assets
-----------------------------------------------------------
Colin Prescott and Nigel Price of Moore Stephens LLP were
appointed administrators of construction company Unilock Group
Limited (Company No 04320508) on Jan. 19.

CONTACT:  UNILOCK GROUP LTD.
          7e Enterprise Way
          Evesham, Worcestershire WR11 1GU
          United Kingdom
          Tel: +44 (1386) 76 51 55

          MOORE STEPHENS
          1-2 Little King Street,
          Bristol BS1 4HW
          Web site: http://www.moorestephens.co.uk/


W G READMAN: Wholesaler Taps Vantis Numerica as Administrator
-------------------------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis Numerica
were appointed administrators of W G Readman Limited (Company No
0087230) on Jan. 20.  The company sells metal and metal ores.

CONTACT:  WG READMAN LTD
          Cochranes Wharf
          Cargo Fleet
          Middlesbrough TS3 6AW
          Cleveland
          Tel: 01642 242641
          Fax: 01642 241912

          VANTIS NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Tel: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.vantisnumerica.com/


W H TOLLEY: Administrators from BDO Stoy Hayward Enter Firm
-----------------------------------------------------------
Graham Randall and Mark Roach of BDO Stoy Hayward LLP were
appointed administrators of W H Tolley & Son Limited (Company No
02755359) on Jan. 19.

Headquartered in Devon, United Kingdom, W H Tolley & Son Limited
-- http://www.whtolley.co.uk/-- offers encapsulated term
facilities management on planned and reactive property
maintenance, painting, refurbishment and small building works.
It was established in 1946 and has offices in Cornwall,
Somerset, Exeter, Torrington and Redruth.

CONTACT:  W H TOLLEY & SON LTD
          Caddywell, Torrington
          Devon, EX38 7EL
          United Kingdom
          Tel: 01805 622315
          Fax: 01805 624702
          E-mail: welcome@whtolley.co.uk

          BDO STOY HAYWARD
          Fourth Floor
          One Victoria Street
          Bristol BS1 6AA
         Tel: 0117 934 2800
          Fax: 0117 922 5191


WIRELESS & DATA: Software Installer Hires Administrator
-------------------------------------------------------
Paul David Williams and Jason James Godefroy of Menzies
Corporate Restructuring were appointed administrators of
Wireless & Data Communications Ltd (Company No 04323403) on
Jan. 20.  The company installs computer software.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          43/45 Portman Square
          London W1H 6LY
          Tel: 020 7487 7240


WRENBRIDGE LIMITED: Begins Voluntary Liquidation Proceedings
------------------------------------------------------------
Wrenbridge Limited is liquidating its assets after members
passed a resolution to wind up the company's operations on
Dec. 15, 2005.

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

Lynn Gibson and Robert David Hewitt, both of Gibson Hewitt, will
jointly liquidate the company's assets.

CONTACT: WRENBRIDGE LIMITED
         120 Broad Street
         Wood Street Village
         Guildford Surrey
         GU3 3BE
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* Court Orders 10 ISPs to Unveil 'File-Sharers'
-----------------------------------------------
The High Court has ordered 10 Internet service providers to
reveal details of 150 U.K. subscribers accused of illegally
sharing software.

The order comes after a 12-month investigation by the Federation
Against Software Theft (Fast).  Over the next two weeks, these
ISPs -- including BT, NTL, Telewest, and Tiscali S.p.A.'s U.K.
unit -- are expected to hand over the names, addresses, and
other information related to the alleged file-sharers.

Most of these clients entangled in the probe reportedly use
false names and e-mail addresses.  They had infringed copyright
law by uploading software and sharing it online, Fast claimed.

"We expect to be bringing these actions anytime and anywhere we
see software being misused," BBC News quoted Julian Heathcote
Hobbins, Fast legal counsel, as saying.  Fast said it would
refer the information to the police and Crown Prosecution
Service.

"We can easily take down links, but this does not tackle the
root causes of software piracy, because the links will reappear
elsewhere in a matter of hours," said John Lovelock, director
general at Fast.  "Instead, we plan to take action a lot
further, making an example of the perpetrators to stop them from
stealing and passing on the intellectual property of our members
for good."

Penalties for the illegal sharing of copyrighted works may
involve a maximum punishment of up to two years imprisonment
and/or an unlimited fine.  Anti-piracy trade group Business
Software Alliance said about 25% of software used in the U.K. is
unlicensed or pirated copy.

"Online piracy is increasingly an issue for the software
industry too, and the effective enforcement of the laws which
protect intellectual property is key," Iain Thomson, of
vnunet.com, cited Siobhan Carroll, regional manager for northern
Europe at the Business Software Alliance, as saying.


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