TCREUR_Public/060206.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, February 6, 2006, Vol. 7, No. 26

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Rescue Plan Off to Brussels; Pilots to Strike


F R A N C E

ATLANCIM INGENIERIE: Goes Into Receivership
EUROTUNNEL S.A.: Fitch Keeps Negative Outlook After MoU Pact


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: Court Nixes EUR250 Mil. Damage Claim
ALLGEMEINE HYPOTHEKENBANK: Launches Restructuring
ATLAS GESELLSCHAFT: Meeting of Creditors Set on March 28
AUTOLOFT HAMBURG: Hamburg Court Begins Bankruptcy Proceedings
BALTIC HANDELSAGENTUR: Claims Filing Period Ends March 10

FUERL STRASSEN: Frankfurt Court Calls in Administrator
HAUSBAU IMMOBILIENBERATUNG: Under Bankruptcy Administration
HANS-JUERGEN: Court to Verify Claims on April 7
I. FREIBERG: Bankruptcy Proceedings Commence in Halle
LE GMBH: Creditors Have Until March 9 to Register Claims

PROSIEBENSAT.1 MEDIA: Axel Springer Slays Takeover Plan


I R E L A N D

SRAM IRELAND: Company Shut Down Prompts 53 Job Cuts


I T A L Y

ALITALIA SPA: Government Stands by Rescue Plan


K A Z A K H S T A N

DOMINANTURTORGSTROISERVICE: Declares Insolvency
DOS: Creditors Have Until Feb. 23 to File Proofs of Claim
KEDENTRANZIT: Succumbs to Insolvency
SEIMUR: Creditors' Claim Due Later this Month


N E T H E R L A N D S

ROYAL SHELL: Fourth Quarter Income Down 4% to US$4.3 Billion


N O R W A Y

PETROLEUM GEO-SERVICES: Talisman Option on Varg Not Exercised


R U S S I A

BANK SYSTEMS: Moscow Court Calls In Insolvency Manager
KRASNOKAMSKIY FACTORY: Perm Court Opens Bankruptcy Proceedings
MOSKVORETSKIY BREWERY: Bankruptcy Supervision Procedure Begins
ONEZHSKOYE MILK: Vologda Court Rules on Bankruptcy
ORENBURGSKIY: Court Sets Feb. 17 Claims Bar Date

ORLOVSKIY AGRO-COMBINE: Bankruptcy Hearing Set April 28
ROSBANK: Fitch Affirms Long-Term B Rating with Positive Outlook
TOMSKAYA: Fuel Company Goes Bankrupt
UKHRA-WOOD: Yaroslavl Court Brings in Insolvency Manager
VOROVSKIY: Creditors Have Until Friday to Register Claims

YANAULSKIY FACTORY: Claims Filing Period Ends Feb. 17


S P A I N

CAJA DE AHORROS: Fitch Lowers Individual Rating to B
CAIXANOVA: Fitch Affirms Individual B Rating with Stable Outlook
CAJA SAN FERNANDO: Fitch Affirms Individual Rating at B/C


S W E D E N

LANDSHYPOTEK: Exposure Sale Prompts Fitch to Affirm B/C Rating

U K R A I N E

ARIONA: Kyiv Court Opens Bankruptcy Proceedings
INTER: Odessa Court Names Insolvency Manager
IRON TRADE: Court Appoints Temporary Insolvency Manager
KARPATI-ELECTRON: Court Orders Debt Moratorium
PEREKOPSKIJ: Bankruptcy Supervision Begins in AR Krym

SEVASTOPOL' LIGHTHOUSE: Insolvency Dims Future
VOZNESENSKE: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

1ST CALL: Calls In Administrators from Unity Corporate Recovery
ASGARD (MIDLANDS): Car Dealership Taps PwC to Liquidate Assets
AUDNEL GROUP: Calls in PricewaterhouseCoopers Administrator
BEARING SALES: Names Tenon Recovery Administrator
CABLE & WIRELESS: Deteriorating Biz Spurs Fitch's BB Downgrade

CALLAGHAN'S WOOD: Names Vantis Numerica to Administer Assets
COVENTRY FISH: Wholesaler Calls In Administrator
DECLAN DALY: Creditors Meeting Set Thursday
EUROLINE SYSTEMS: Administrators from Vantis plc Move In
F.H.S LIMITED: Names Kingston Smith and Partners Administrator

GROOMBRIDGE ELECTRICAL: Taps Vantis Redhead to Administer Assets
HDS BEARINGS: Administrator Takes Over Firm
HMV GROUP: Shares Up Following Confirmation of Bid Approach
QUORUM TECHNICAL: Calls In Administrators from Begbies Traynor
RAMCO ENERGY: Disposes of Seven Heads Interest for GBP5.7 Mln

ROGERSONS DEVELOPMENTS: Creditors to Meet on Wednesday
SKYEPHARMA PLC: Names Ex-Novartis CEO as Non-Executive Chairman
VALE CITROEN: Debt Claims Filing Period Ends Tomorrow
X LONDON: Hires Vantis Redhead French Limited Administrator
ZIP TELEVISION: Taps Administrator from David Rubin & Partners

     ***********

===========
C Y P R U S
===========


CYPRUS AIRWAYS: Rescue Plan Off to Brussels; Pilots to Strike
-------------------------------------------------------------
Pilots of ailing Cyprus Airways will stage a four-hour strike on
Feb. 9 to protest management's handling of the flag carrier's
rescue plan, the Financial Mirror says.

The PASYPI pilots' union accuses the carrier's management of
inserting new pay cuts in the plan without approval.  According
to PASYPI spokesman Tassos Christofides, the pilots and the
management had already agreed to a 15% pay cut, with further
reductions in allowances and benefits.  Mr. Christofides added
that CAIR even confirmed the deal by circulating a letter to all
the unions.  CAIR had initially outlined a 15% salary cut in its
rescue plan, but was met with stiff opposition from unions.

PASYPI plans to inform the European Commission through a letter
of CAIR's abrupt change of mind.  It also mulls taking CAIR to
the courts.

The Cypriot state, however, denied the pilots' claim.
Government spokesman Georgos Lillikas said that PASYPI should
follow other unions by agreeing first with the rescue deal
before asking for revisions, instead of launching industrial
actions.

CAIR Chairman Lazaros Savvides and the ministers of Finance and
Communications are in Brussels to gain EU Transport Commissioner
Jacques Barrot's nod on its rehab plan and a needed CYP58
million government-guaranteed loan to repay CYP30 million in
maturing debt, cover CYP10 million in redundancy cost and
finance the restructuring.

                           The Trouble

Cyprus Airways has been posting losses in recent years, booking
CYP33.5 million in net loss for 2004.  The carrier attributed
the huge loss to the liberalization of air transport and the
abolition of duty-free sales beginning in 2004.  In December
2004, the carrier said it needed around CYP60 million to finance
its short-term and long-term needs.  To answer this, management
drafted a restructuring plan, which calls for redundancies, wage
cuts, outsourcing of services and fleet reduction.

                            About CAIR

Headquartered in 21 Alkeou Str., Engomi, 2404 Nicosia, Cyprus,
Cyprus Airways Limited -- http://www.cyprusairways.com/-- is a
government-owned and controlled carrier (69%) flying to more
than 30 destinations in Europe and the Middle East.  CAIR
operates a travel agency, Cyprair Tours; a charter airline,
Eurocypria Airlines; and duty free shops.  Additionally, it
operates a Greek Airline, Hellas Jet, which provides shuttle
services from Greece to London, Paris, and Belgium.


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


ATLANCIM INGENIERIE: Goes Into Receivership
-------------------------------------------
The Commercial Court of Nantes placed Atlancim Ingenierie and
its subsidiary Atlancim Clisson in receivership on Jan. 25, Les
Echos says.

According to reports, Atlancim shut down its plant in Carquefou
in June 2005 leaving 51 workers jobless.  The remaining 211
employees of the French molder companies have not receive their
wages since December, Les Echos writes.


EUROTUNNEL S.A.: Fitch Keeps Negative Outlook After MoU Pact
------------------------------------------------------------
Fitch Ratings said that ratings of the unwrapped notes of
Eurotunnel-related debt repackaging vehicles, Fixed-Link Finance
B.V. (FLF1) and Fixed-Link Finance 2 B.V. (FLF 2) remain on
Rating Watch Negative, after the company agreed on a Memorandum
of Understanding (MoU) with the Ad-Hoc committee.

The ratings involved are:

FLF 1:

  (a) GBP200 million Class A1 notes due 2025: 'BB+';
  (b) EUR103 million Class A2 notes due 2025: 'BB+';
  (c) GBP0.05 million Class B1 notes due 2025: 'B+';
  (d) EUR135 million Class B2 notes due 2025: 'B+'; and
  (e) EUR142 million Class C2 notes due 2025: 'B-'.

FLF1's GBP232 million Class G1 notes due 2025 and EUR365 million
Class G2 notes due 2025 (both wrapped by MBIA) are rated 'AAA'.

FLF 2:

GBP120 million Class A notes due 2026 are rated 'BBB-' and
remain on Rating Watch Negative, and the GBP620 million
guaranteed notes due 2027/28 (wrapped by MBIA) are rated 'AAA'.
Eurotunnel's Tier 1A debt forms the collateral for the FLF2
notes.

The agency notes Eurotunnel's update that it has validated a
Memorandum of Understanding outlining the restructuring of its
debt with the Ad-hoc committee, which represents some 73% of
Eurotunnel's co-financier debt.  Although the existing waiver to
Jan. 31, 2006, has now expired, Eurotunnel will propose a
further waiver until end-March 2006 in order to further
discussions with relevant parties.  In the coming weeks it will
continue finalizing the outline and present this to the wider
debt group on a confidential basis.  Of particular importance
will be the amount of debt which management proposes to write-
off and/or swap into equity.  Eurotunnel's initial proposal last
year was to write-off GBP3.4 billion to GBP3.9 billion of debt
out of the current total of around GBP6.3 billion.

The Ad-hoc committee has also responded to the announcement,
welcoming a settlement based on "economic reality and the
company's existing legal obligations."  At the same time it
warned that a final agreement was not guaranteed and that even
if an agreement were to be reached, all classes of debt and
shareholders would need to support it.  This will be a lengthy
protracted process with various categories of creditors having
their own agendas.

Fitch also awaits details of the proposals and what form of
"economic reality" is envisaged on both sides.

Eurotunnel has stated that it expects to continue to meet its
contractual commitments (primarily referring to its senior and
junior debt obligations) until January 2007 when its railway
revenue declines (from November 2006) and principal
amortizations start in January 2007.  If the company were to
default and then enter a standstill regime, certain payment
waterfall mechanisms may occur which would detrimentally affect
the lower tier of junior debt and certain other subordinated
creditors.

CONTACT:  FITCH RATINGS
          John Hatton, Corporates, London
          Tel: +44 (0)20 7417 4283
          Paul Crawford, Structured Finance
          Tel: +44 (0)207 862 4136

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


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


ALLGEMEINE HYPOTHEKENBANK: Court Nixes EUR250 Mil. Damage Claim
---------------------------------------------------------------
The Regional Court in Frankfurt has rejected Allgemeine
Hypothekenbank Rheinboden's EUR250 million damages claim against
five former executives, Handelsblatt reports.

AHBR had accused the ex-managers of "serious breach of duty"
claims that they failed to assess interest rate movements
following the September 11 attacks in the United States.  The
court, however, ruled that the managers, including former
Chief Executive Horst Alexander Spitzkopf, committed no miscues
in using interest rate derivatives.  The court noted that BaFin,
Germany's financial services authority, had approved the
operation knowing the risks involve in using the interest rate
derivatives.

An AHBR spokesperson said the financial group has yet to decide
whether to appeal the ruling.  BaFin refused to comment on the
ruling saying it has yet to receive the full text of the
judgment, Handelsblatt relates.

                         The Trouble

AHBR incurred huge debt after suffering from the effects of poor
interest rate management four years ago.  Its impending collapse
threatens to break the record set by Herstatt Bank in 1974.  It
almost became insolvent following massive losses due to interest
rate speculation in 2001.

                      About the Company

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and
commercial real estate projects locally.  The group is also
engaged in commercial lending abroad.  It has assets of more
than EUR80 billion.  It is owned directly and indirectly --
through BHW -- by the trade union private equity holding group
BGAG.  BGAG has provided it EUR1.2 billion in financing, and
guaranteed it under a EUR1.2 billion risk protection scheme.  It
recently sold the company to U.S. investment group Lone Star for
EUR400 million.

                        *     *     *

As reported in TCR Europe on Jan. 10, 2006, Fitch Ratings
downgraded AHBR to Long-term 'BBB-' from 'BBB' and removed it
from Rating Watch Evolving.  A Negative Outlook has been
assigned.  The Long-term rating applies to all AHBR's senior
unsecured obligations.  Furthermore, the agency has affirmed its
Short-term rating at 'F3' and Support at '2', and removed them
from RWE.  AHBR's Individual rating of 'E' has been placed on
Rating Watch Positive (RWP).  In addition, Fitch has affirmed
AHBR's outstanding public sector Pfandbriefe at 'AAA' and the
mortgage Pfandbriefe at 'AA+'.

At the same time, the bank's subordinated obligations have been
upgraded to 'BB+' from 'BB-' and removed from Rating Watch
Negative (RWN).  The agency has downgraded AHBR's participation
rights (Genussscheine) to 'CC' from 'B+' and keeps them on RWN.
The company's ratings from Moody's are: financial strength: E;
unsecured long-term: Baa3, outlook negative; short-term: P-3,
outlook negative; and subordinated debt: 'Ba1', under review for
possible downgrade.

As reported in TCR Europe on Dec. 20, 2005, Standard & Poor's
Ratings Services removed its 'BB+' counterparty credit ratings
on AHBR from CreditWatch, where they were first placed on
Oct. 25, 2005.  In addition, Standard & Poor's affirmed its
'BB+/B' counterparty credit and senior unsecured ratings on
AHBR, and raised the ratings on subordinated debt issued by AHBR
to 'BB-' from 'B'.  The outlook is negative.  At the same time,
the 'AAA' ratings on senior secured Offentliche Pfandbriefe and
Hypothekenpfandbriefe issued by AHBR were affirmed.


ALLGEMEINE HYPOTHEKENBANK: Launches Restructuring
-------------------------------------------------
The Supervisory Board of Allgemeine HypothekenBank Rheinboden AG
has defined the core elements of the Bank's restructuring.  The
focus of future business operations will be on commercial real
estate.

The Bank intends to pull out of public sector lending and
private real estate financing. It is also considering selling
off its foreign real estate financing portfolio.  Hudson
Advisors Germany GmbH, part of the Lone Star Group, is to take
on the servicing of the non-performing loan portfolio.  The
restructuring will be accompanied by changes to the Bank's
organizational structure and staffing.  The Bank anticipates
that it will take a year to implement the measures.

To ensure the successful restructuring of AHBR and its business
model a refinancing facility has been negotiated with an
international banking syndicate.  As planned, this facility has
replaced the liquidity loan provided by a syndicate of private
German banks in 2005.

                         The Trouble

AHBR incurred huge debt after suffering from the effects of poor
interest rate management four years ago.  Its impending collapse
threatens to break the record set by Herstatt Bank in 1974.  It
almost became insolvent following massive losses due to interest
rate speculation in 2001.

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and
commercial real estate projects locally.  The group is also
engaged in commercial lending abroad.  It has assets of more
than EUR80 billion.  It is owned directly and indirectly --
through BHW -- by the trade union private equity holding group
BGAG.  BGAG has provided it EUR1.2 billion in financing, and
guaranteed it under a EUR1.2 billion risk protection scheme.  It
recently sold the company to U.S. investment group Lone Star for
EUR400 million.

                        *     *     *

As reported in TCR Europe on Jan. 10, 2006, Fitch Ratings
downgraded AHBR to Long-term 'BBB-' from 'BBB' and removed it
from Rating Watch Evolving.  A Negative Outlook has been
assigned.  The Long-term rating applies to all AHBR's senior
unsecured obligations.  Furthermore, the agency has affirmed its
Short-term rating at 'F3' and Support at '2', and removed them
from RWE.  AHBR's Individual rating of 'E' has been placed on
Rating Watch Positive.  In addition, Fitch has affirmed AHBR's
outstanding public sector Pfandbriefe at 'AAA' and the mortgage
Pfandbriefe at 'AA+'.

At the same time, the bank's subordinated obligations have been
upgraded to 'BB+' from 'BB-' and removed from Rating Watch
Negative (RWN).  The agency has downgraded AHBR's participation
rights (Genussscheine) to 'CC' from 'B+' and keeps them on RWN.
The company's ratings from Moody's are: financial strength: E;
unsecured long-term: Baa3, outlook negative; short-term: P-3,
outlook negative; and subordinated debt: 'Ba1', under review for
possible downgrade.

As reported in TCR Europe on Dec. 20, 2005, Standard & Poor's
Ratings Services removed its 'BB+' counterparty credit ratings
on AHBR from CreditWatch, where they were first placed on
Oct. 25, 2005.  In addition, Standard & Poor's affirmed its
'BB+/B' counterparty credit and senior unsecured ratings on
AHBR, and raised the ratings on subordinated debt issued by AHBR
to 'BB-' from 'B'.  The outlook is negative.  At the same time,
the 'AAA' ratings on senior secured Offentliche Pfandbriefe and
Hypothekenpfandbriefe issued by AHBR were affirmed.


ATLAS GESELLSCHAFT: Meeting of Creditors Set on March 28
--------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against ATLAS Gesellschaft fuer Projektentwicklung mbH on
Jan. 6.   Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 2, 2006, to register their claims with court-appointed
provisional administrator Dr. Berthold Riering.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Saal B 405,at 9:55 a.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:  ATLAS GESELLSCHAFT FUER PROJEKTENTWICKLUNG mbH
          Winsener Stieg 13, 21079 Hamburg
          Contact:
          Holger Thullesen, Manager

          Dr. Berthold Riering, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Tel: 8078810


AUTOLOFT HAMBURG: Hamburg Court Begins Bankruptcy Proceedings
-------------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Autoloft Hamburg Verwaltung GmbH on Jan. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 7, 2006,
to register their claims with court-appointed provisional
administrator Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 9:35 a.m., on
April 7, 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:  AUTOLOFT HAMBURG VERWALTUNG GmbH
          Lokstedter Steindamm 31, 22529 Hamburg
          Contact:
          Christian Ulrich Schmitz-W„tjen, Manager
          Thomas Elmerhaus, Manager

          Peter-Alexander Borchardt, Administrator
          Deichstrasse 1, 20459 Hamburg
          Tel: 040/80903047


BALTIC HANDELSAGENTUR: Claims Filing Period Ends March 10
---------------------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against Baltic Handelsagentur GmbH on Jan. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 10, 2006, to
register their claims with court-appointed provisional
administrator Volker Quinkert.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Hauptstelle,
Muehlenstrasse 34, 40213 Duesseldorf, 3. OG Altbau, A 341, at
9:00 a.m., on April 7, 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:  BALTIC HANDELSAGENTUR GmbH
          Anton-Kux-Str. 2-4, 41460 Neuss
          Contact:
          Klaus Hennen, Manager
          Horner Weg 33, 20535 Hamburg

          Volker Quinkert, Administrator
          Brucknerallee 6, 41236 Monchengladbach


FUERL STRASSEN: Frankfurt Court Calls in Administrator
------------------------------------------------------
The District Court of Frankfurt opened bankruptcy proceedings
against Fuerl Strassen-,Tief- und Asphaltbau GmbH on Jan. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 15, 2006,
to register their claims with court-appointed provisional
administrator Falk Eppert.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt, Muellroser
Chaussee 55, 15236 Frankfurt (Oder), Saal 401, at 9:20 a.m., on
April 19, 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
          Zepernicker Str. 1B, 16341 Panketal OT Schwanebeck

          Falk Eppert, Administrator
          Vietmannsdorfer Str. 23, 17268


HAUSBAU IMMOBILIENBERATUNG: Under Bankruptcy Administration
-----------------------------------------------------------
The District Court of Halle-Saalkreis opened bankruptcy
proceedings against HausBau Immobilienberatung Halle GmbH on
Jan. 13.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 7, 2006, to register their claims with court-appointed
provisional administrator Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Halle-Saalkreis, Saal
1.043, Justizzentrum, Thueringer Str. 16, 06112 Halle, at 9:45
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:  HAUSBAU IMMOBILIENBERATUNG HALLE GmbH
          Imkerweg 20a, 06120 Halle
          Contact:
          Rainer Buro, Manager
          Fechterweg 29, 06128 Halle

          Dr. jur. Rainer Eckert, Administrator
          Universitatsring 6, D-06108 Halle
          Tel: 0345/530490
          Fax: 0345/5304926


HANS-JUERGEN: Court to Verify Claims on April 7
-----------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Hans-Juergen Aye GmbH on Jan. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 7, 2006, to register their
claims with court-appointed provisional administrator Joachim
Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Insolvenzgericht,
Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at
9:10 a.m., on April 7, 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:  HANS-JUERGEN AYE GmbH
          Luruper Chaussee 125, 22761 Hamburg
          Contact:
          Hans-Peter Aye, Manager

          Joachim Buettner, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810
          Fax: 807881-20


I. FREIBERG: Bankruptcy Proceedings Commence in Halle
-----------------------------------------------------
The District Court of Halle-Saalkreis opened bankruptcy
proceedings against I. Freiberg Bau GmbH on Jan. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 7, 2006,
to register their claims with court-appointed provisional
administrator Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Halle-Saalkreis, Saal
1.044, Justizzentrum, Thueringer Str. 16, 06112 Halle, at 10:20
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:  I. FREIBERG BAU GmbH
          Markwerbener Strasse 24, 06667 Weissenfels
          Contact:
          Frank Freiberg, Manager

          Dr. jur. Rainer Eckert, Administrator
          Universitatsring 6, D-06108 Halle
          Tel: 0345/530490
          Fax: 0345/5304926


LE GMBH: Creditors Have Until March 9 to Register Claims
--------------------------------------------------------
The District Court of Halle-Saalkreis opened bankruptcy
proceedings against LE GmbH Ganse- und Hahnchenbraterei on
Jan. 12.  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 Marlies Greschuchna.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Halle-Saalkreis, Saal
1.043, Justizzentrum, Thueringer Str. 16, 06112 Halle, at 9:00
a.m., on April 6, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and/or opt to appoint a new insolvency
manager.

CONTACT:  LE GmbH GANSE- UND HAHNCHENBRATEREI
          Querfurter Str. 12, 06295 Eisleben
          Contact:
          Minh Hang Le, Manager

          Marlies Greschuchna, Administrator
          Am Steintor 13, D-06112 Halle
          Tel: 0345/6828831
          Fax: 0345/6828897


PROSIEBENSAT.1 MEDIA: Axel Springer Slays Takeover Plan
-------------------------------------------------------
Publishing group Axel Springer Verlag will no longer pursue its
EUR4.2 billion acquisition of ProSiebenSat.1 Media after failing
to get regulatory approval.

Springer officially terminated an initial takeover deal with the
Haim Saban-led group of investors.  Springer's pullout also ends
the planned marriage of Germany's largest media companies.

The merger plan received a fatal blow when Carter Office ruled
against the takeover.  Media watchdog KEK also opposed the deal,
expressing concern on the resulting power of the combined
companies.  Springer had mulled to seek ministerial approval for
the merger, but did not push through due to time constraint.  A
ministerial approval takes about four months to be granted.

"In light of the numerous economic and legal uncertainties, a
possible appeal or a possible application for a ministerial
permit would have resulted in unacceptable risks," Springer said
in a statement.

Analysts had been apprehensive that an Axel Springer Verlag-
ProSiebenSat.1 Media merger would have created duopoly in the
local media market, along with Bertelsmann AG.  A merger would
have doubled Springer's size in terms of sales.

                        Other Options

Following the pullout, Mr. Saban revealed that the consortium --
comprised of Alpine Equity Partners, Bain Capital Inc., Hellman
& Friedman, Providence Equity Partners, Putnam Investments,
Quadrangle Group and Thomas H. Lee Co. -- would review other
options for ProSiebenSat.1's future.  Mr. Saban, however, said
he is extremely satisfied with the TV group's performance so
far.

ProSiebenSat.1 CEO Guillaume de Posch said the group would focus
on core television operations to foster growth.  He said, "Our
goals are to further strengthen free-to-air TV as our core
business, to further diversify our revenues and to position the
group for the digital future."

                        About the Company

Headquartered in Munich, Germany, ProSiebenSat.1 Media AG is
engaged in broadcasting and production of television programs
through four German language television channels as well as a
range of ancillary activities.  It was formed in 2000 with the
merger of Germany's leading broadcasters ProSieben Media AG and
Sat.1.  It is the largest and most successful television
corporation in Germany with four stations -- Sat.1, ProSieben,
kabel eins and N24.

CONTACT:  AXEL SPRINGER VERLAG AG
          Axel-Springer-Str. 65
          10888 Berlin, Germany
          Phone: +49-30-2591-0
          Web site: http://www.asv.de/


=============
I R E L A N D
=============

SRAM IRELAND: Company Shut Down Prompts 53 Job Cuts
---------------------------------------------------
Approximately 53 workers lost their jobs after SRAM Ireland shut
down its plant in Co Tipperary, Business world reports.

The company, which operated in the area for 11 years, blames the
competitive pressure from abroad for its closure.  It will also
be winding up its Carrick-on-Suir facility in the coming months.

SRAM Ireland manufactures bicycle parts.

CONTACT:  SRAM IRELAND
          Ballylynch Industrial Estate
          Carrick-on-Suir
          Co Tipperary
          Tel: 051 641414
          Fax: 051 641688


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

ALITALIA SPA: Government Stands by Rescue Plan
----------------------------------------------
Italy will stick with Alitalia S.p.A.'s 2005-2008 turnaround
plan despite continued opposition from the carrier's employees,
Reuters says.

The government recently hosted unsettled talks between Alitalia
and unions to prevent another industrial action to happen.  A
union source told Reuters that Gianni Letta, Prime Minister
Silvio Berlusconi's top aide, defended government's commitments
with the turnaround plan.  Italy had pledged to lower its 62%
stake to 49.9% to gain the European Commission's approval of a
EUR400 million bridging loan.  The government eventually lowered
its holdings through Alitalia's EUR1 billion capital hike, even
helping attract investors to participate in the rights issue.

"Letta said that you can't ignore the plan and the commitments
with the EU and the market during the capital increase," the
source said.

Due to inconclusive results, the union hopes to resume the
meeting to present a more complete document detailing its
concerns over the plan.  Mr. Letta assured the unions that the
document will be "reviewed together with the management."  Mr.
Letta also assured of a respond.

The unions and the management will possibly meet next at
Alitalia's headquarters, instead of the prime minister's
offices, as Mr. Letta suggested.

At the talks, unions accused Chief Executive Giancarlo Cimoli of
railroading the spin-off of Alitalia's ground services division
AZ Servizi.  They added Mr. Cimoli would fail to restructure the
ailing Italian flag carrier, Reuters writes.  The unions
forecast a EUR270 million operating loss for the carrier in
2005, contrary to Alitalia's prediction of a EUR200 million
EBIT.

Alitalia, meanwhile, reiterated its 2006 net profit forecast.
It revealed it managed to trim its net debt by 50% in December
to EUR879 million.

                        Bankruptcy Threat

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

                         About Alitalia

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


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


DOMINANTURTORGSTROISERVICE: Declares Insolvency
-----------------------------------------------
LLC Dominanturtorgstroiservice has declared insolvency.  Proofs
of claim will be accepted at Republic of Kazakhstan, Almaty,
Kabanbai-Baatyr Str. 241a on or before Feb. 23, 2006.

The company can be contacted at 8 300 340 25-45.


DOS: Creditors Have Until Feb. 23 to File Proofs of Claim
---------------------------------------------------------
LLC Dos has declared insolvency.  Proofs of claim will be
accepted at Republic of Kazakhstan, Almaty, Pushkin Str. 75-84
on or before Feb. 23, 2006.

CONTACT:  DOS
          Republic of Kazakhstan, Almaty,
          Pushkin Str. 75-84


KEDENTRANZIT: Succumbs to Insolvency
------------------------------------
LLC Kedentranzit has declared insolvency.  Proofs of claim will
be accepted at Republic of Kazakhstan, Almaty, Dostyk Ave. 44,
Office 89a on or before Feb. 22, 2006.

The company can be contacted at 8 (3272) 50-39-81.


SEIMUR: Creditors' Claim Due Later this Month
---------------------------------------------
LLC Seimur has declared insolvency.  Proofs of claim will be
accepted at Republic of Kazakhstan, Almaty, Moldgalieva Str. 2
on or before Feb. 23, 2006.

CONTACT:  SEIMUR
          Republic of Kazakhstan, Almaty,
          Moldgalieva Str. 2


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


ROYAL SHELL: Fourth Quarter Income Down 4% to US$4.3 Billion
------------------------------------------------------------
Royal Dutch Shell PLC released its fourth quarter and full year
results and fourth quarter interim dividend announcement for
2005 on Feb. 2.

"Our good performance in the fourth quarter 2005 gives us a
solid platform to build on in 2006," Chief Executive Jeroen van
der Veer said.  "We delivered record cash and earnings.  Success
in exploration and gaining access to new resources continues.
We met our production expectations for the quarter and the year
despite the impact of the hurricanes.  Our leading LNG and Oil
Products businesses had good operational and financial
performance."

"We continue to expand our portfolio of integrated gas,
unconventional resources, material oil projects and new energy
technologies and expect to invest around US$19 billion in 2006.
Our financial position is solid, and we returned over US$17
billion to our shareholders through dividends, buybacks and the
payment to Royal Dutch minority shareholders in 2005.  We focus
on delivery now and building the future," he added.

Highlights

  (a) Fourth quarter basic earnings per share for Royal Dutch
      Shell in 2005 were US$0.67.  Fourth quarter basic CCS
      earnings per share for Royal Dutch Shell were US$0.82;

  (b) Fourth quarter 2005 dividends have been announced of
      EUR0.23 per share for Royal Dutch Shell.  For 2005 total
      dividends are equivalent to an aggregate of EUR0.92 per
      share;

  (c) Fourth quarter reported income of US$4,368 million was 4%
      lower than a year ago;

  (d) Fourth quarter CCS earnings (i.e. on an estimated current
      cost of supplies basis for the Oil Products segment
      earnings) were US$5,395 million or 3% higher;

  (e) Full year 2005 reported income of US$25,311 million was
      37% higher than a year ago;

  (f) Full year 2005 CCS earnings were US$22.94 billion, 30%
      higher than a year ago.  Upstream earnings in Exploration
      & Production and Gas & Power reflected high price
      realizations and increased LNG volumes partly offset by
      lower oil and gas production volumes.  Downstream earnings
      were very strong on good operational performance.  Income
      in 2005 included a net gain of US$1.27 billion mainly from
      divestments partly offset by mark-to-market valuations in
      Exploration & Production and charges mainly in Chemicals
      and Gas & Power, versus a net gain of US$391 million
      mainly from divestments included in 2004 earnings;

  (g) Return on average capital employed (ROACE) on a reported
      income basis was 25.6% for 2005;

  (h) Exploration & Production 2005 segment earnings of
      US$14,238 million were 45% higher than a year ago mainly
      reflecting higher prices partly offset by lower volumes
      and higher costs.  Earnings in 2005 included a net gain of
      US$1,727 million, mainly from the divestment gain in the
      Netherlands (Gasunie), partly offset by a charge related
      to the mark-to-market valuation of certain U.K. gas
      contracts (US$492 million);

  (i) Hydrocarbon production in 2005 was 3,518 thousand boe per
      day in line with guidance for production for 2005.
      Excluding the loss of production due to hurricanes in the
      Gulf of Mexico, the end of a production sharing contract
      in the Middle East, lower entitlements due to higher
      hydrocarbon prices and the impact of divestments,
      production would be 3,738 thousand boe per day or 1% lower
      than a year ago;

  (j) During 2005, a total of between 750-850 million boe is
      expected to be added to proved reserves.  Around 75%-85%
      of these proved reserves are expected to come from Group
      companies and the remainder from associates.  In addition,
      net proved mineable reserves of 166 million boe were added
      from Athabasca Oil Sands in 2005.  The Reserves
      Replacement Ratio for 2005 is expected to be in the range
      of 70%-80%, including mineable reserves from Athabasca
      Oils Sands and also including year-end pricing impact and
      acquisitions and divestments.  Excluding mineable reserves
      from Athabasca Oil Sands the Reserves Replacement Ratio is
      expected to be in the range of 60%-70%.  Year-end pricing
      effects amount to between 40-80 million boe and impact the
      Reserves Replacement Ratio by 3-6% points;

  (k) The Group continues to target 100% Reserves Replacement
      over the period 2004-2008.  Most proved reserves are
      expected to be added in the latter part of the period as
      new projects are developed and brought on stream; and

  (l) The exploration discoveries, appraisals program and new
      business development in 2005 added over 2 billion boe
      resources.

                          Earnings

Gas & Power segment earnings were US$1,573 million in 2005,
compared to US$1,815 million in 2004.  2005 earnings reflected
record LNG volumes and strong prices, and favorable Marketing
and Trading conditions.  Earnings in 2005 included net charges
of US$84 million mainly related to divestments including the
power generation assets held through the joint venture company
InterGen.  Earnings in 2004 included net gains of US$444 million
also mainly related to divestments.

Full year 2005 Oil Products CCS earnings were US$7,532 million,
up US$940 million from earnings of US$6,592 million in 2004,
reflecting strong refining margins and operational performance.
Earnings included US$427 million of net gains from divestments
in 2005 compared to net gains of US$540 million last year.
Increased refining earnings and higher trading profits were
partially offset by lower marketing results.

Full year 2005 Chemicals segment earnings were US$991 million
and included US$565 million of net charges, mainly from the
divestment of the polyolefins joint venture Basell and legal
provisions.  2004 earnings were US$1,148 million and included
charges of US$368 million mainly from impairments.  Excluding
these effects, 2005 earnings were 3% higher than a year ago
reflecting improved margins and chemicals feedstock trading
partly offset by the loss of earnings from discontinued
operations.

Cash flow from operating activities, excluding net working
capital movements, taxation and taxation paid, was US$35.6
billion, compared to US$28.3 billion a year ago.

                       Divestment Target

The 2004-2006 divestment target of US$12-US$15 billion has been
achieved ahead of plan in 2005.  Proceeds from the divestment
program to date were US$14.3 billion, with proceeds of US$6.6
billion in 2005.

Gearing, including other commitments such as operating leases
and retirement benefits, and net of cash holdings minus
operational cash requirements, was 12.0% versus, on a comparable
Royal Dutch Shell basis, 15.4% at the end of 2004.  In 2005 cash
and cash equivalents increased by US$2.5 billion to US$11.7
billion and debt decreased by US$1.7 billion.  Total cash
returned to shareholders was over US$17 billion.

Capital investment for 2005 was US$15.6 billion (excluding the
minority share of Sakhalin of US$1.8 billion).  Increases
reflected exploration expenditure of US$2.1 billion, including
Australia and Canada.

                         Share Buyback

Share purchases for cancellation amounted to US$5 billion (or
2.3% of shares) plus US$1.7 billion for the cash payment for the
minority interest in Royal Dutch in 2005.

In December 2005, the restructuring of certain of Royal Dutch
Shell's subsidiaries, including the merger of Royal Dutch
Petroleum Company (Royal Dutch) and Shell Petroleum N.V. (SPNV)
was completed.  As a result of the merger of Royal Dutch and
SPNV, former minority shareholders in Royal Dutch were paid
EUR52.21 per Royal Dutch share held (or the equivalent in
exchangeable loan notes of SPNV) in consideration for their
shares.  The total cash amount paid to minority shareholders was
US$1.7 billion and subsequently, in January 2006, the loan notes
were exchanged into 4,827,974 new Royal Dutch Shell A shares or
approximately 0.07% of the total A and B shares outstanding at
the time.

                           Outlook 2006

Share buyback plans will be reviewed periodically, and are
subject to market conditions and the capital requirements of the
company.  Royal Dutch Shell currently expects to return up to
US$5 billion to shareholders via buy back of shares for
cancellation in 2006.  In line with the financial framework, the
target for gearing over time in the 20%-25% range remains
unchanged, including other commitments such as operating leases,
contingent liabilities and retirement benefits and operating
cash requirements.

Including the impact on production from the hurricanes in the
Gulf of Mexico in 2005, the production outlook for 2006 is
unchanged from earlier guidance and in the lower half of the
range of 3.5 to 3.8 million boe per day.  Due to the hurricanes
in the Gulf of Mexico in 2005, 7-8 million barrels (Shell share)
are expected to be deferred in the first quarter 2006.  The Mars
platform is expected to start production by the middle of 2006
with full production restored in the second half of 2006.

LNG sales are expected to benefit from recently completed
expansions in Nigeria and Oman.  LNG capacity growth remains in
line with guidance of 14% average annual increase for 2004 to
2009.

Guidance for 2006 capital expenditure is US$19 billion excluding
the minority share of Sakhalin and reflects new project
opportunities under development, existing project progress and
market conditions.

                        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.


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: Talisman Option on Varg Not Exercised
-------------------------------------------------------------
Petroleum Geo-Services ASA (OSE:PGS) (NYSE:PGS) disclosed that
Talisman and the other License owners of Production Licence 038
did not exercise their option to change contract terms for
Petrojarl Varg's production of the Varg field.

In February 2005, Talisman and PGS entered into an option
agreement enabling Talisman to change the termination clause in
the contract between PL038 and PGS Production.  If exercised,
the PL038 license holders would have had the right to use
Petrojarl Varg for production of the Varg field until 2010, and
would also have been obligated to pay PGS a fixed option fee of
US$22.5 million and further guarantee a minimum rate of
US$190,000 per day as compensation for the use of Petrojarl
Varg.  The option expired Feb. 1, 2006.  Talisman did not
exercise the option within this deadline.

According to the existing contract between PL 038 and PGS'
wholly owned subsidiary PGS Production, Petrojarl Varg will
therefore continue to produce the Talisman operated Varg field
for a fixed base day rate of US$90,000 and a variable rate of
US$6.30 per barrel produced.  Furthermore, PGS Production will,
according to certain criteria, be entitled to terminate the
agreement if the production of the Varg field falls below 15,700
barrels a day.  According to the current production profile of
the Varg field, Petrojarl Varg could therefore be available for
redeployment on a new field in 2008.

PGS sees potential upside in the accelerated redeployment
opportunity arising from this event in terms of contract terms
and capacity utilization.  Petrojarl Varg is currently producing
approximately 25,000 barrels per day, but has capacity to
produce 57,000 barrels per day.  The vessel is adaptable for
most offshore environments both within the North Sea Basin and
in other international markets.  PGS Production has identified
opportunities for potential redeployment and has started
actively marketing the vessel both inside and outside the North
Sea Basin.

"In the current FPSO market there is potential upside in the
redeployment of this vessel," Espen Klitzing, President of PGS
Production, said.  "Petrojarl Varg has a competitive size and
has a proven production record on the Varg field.  In the last
year, we have had several inquires on potential redeployment for
our fleet of purpose built FPSO vessels.  Until now we have not
been able to indicate any firm availability of vessels for such
redeployment opportunities.  The expiration of the Petrojarl
Varg option opens up new opportunities for a modern, high
quality vessel."

Headquartered in Lysaker, Norway, Petroleum Geo-Services ASA --
http://www.pgs.com/-- is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units (FPSOs).

                        *     *     *

Petroleum Geo-Services' 10% senior notes due 2010 carry Standard
& Poor's B+ rating.


===========
R U S S I A
===========


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

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

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


KRASNOKAMSKIY FACTORY: Perm Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Krasnokamskiy Factory after finding the open
joint stock company insolvent.  The case is docketed as A50-
15018/2005-B.  Mr. P. Plisetskiy has been appointed insolvency
manager.  Creditors have until Feb. 17, 2006, to submit their
proofs of claim to 614022, Russia, Perm region, Dekabristov
Pr. 3, Apartment 123.

CONTACT:  KRASNOKAMSKIY FACTORY
          617060, Russia, Perm region,
          Krasnokamsk, Geofizikov Str. 3

          P. PLISETSKIY
          Insolvency Manager
          614022, Russia, Perm region,
          Dekabristov Pr. 3, Apartment 123


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

Creditors may submit their proofs of claim to:

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

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

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

A hearing will take place on April 25, 2006.


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

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

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


ORENBURGSKIY: Court Sets Feb. 17 Claims Bar Date
------------------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Orenburgskiy (TIN 5611002427) after finding
the open joint stock company insolvent.  The case is docketed as
A47-6357/2005-14GK.  Ms. O. Shevtsova has been appointed
insolvency manager.  Creditors have until Feb. 17, 2006, to
submit their proofs of claim to 460006, Russia, Orenburg,
Komsomolskaya Str. 126-51.

CONTACT:  ORENBURGSKIY
          460000, Russia, Orenburg region,
          Myasokombinata Per. 2

          O. SHEVTSOVA
          Insolvency Manager
          460006, Russia, Orenburg region,
          Komsomolskaya Str. 126-51
          Tel: (3532) 73-23-01
          Fax: (3532) 36-13-37


ORLOVSKIY AGRO-COMBINE: Bankruptcy Hearing Set April 28
-------------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision on open joint stock company Orlovskiy Agro-Combine.
The case is docketed as A48-7181/05-17B.  Mr. A. Evseev has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

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

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

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

A hearing will take place on April 28, 2006.


ROSBANK: Fitch Affirms Long-Term B Rating with Positive Outlook
---------------------------------------------------------------
Fitch Ratings changed the Outlook on Rosbank's Long-term and
National Long-term ratings to Positive from Stable.  The
National Long-term rating has also been upgraded to 'BBB+(rus)'
from 'BBB(rus)'.  At the same time, the agency has affirmed the
bank's other ratings at Long-term 'B', Short-term 'B',
Individual 'D' and Support '4'.

The upgrade in the National Long-term rating and the change in
rating Outlooks reflect the growth and diversification of
Rosbank's business, following the integration with OVK banks,
acquired by Interros in 2003.

"The change also reflects the positive prospects for the further
development of the bank's franchise, the decreasing
concentration levels in the loan book and share of operations
with related parties as well as adequate asset quality to date,"
said Vladlen Kuznetsov, associate director in Fitch's Financial
Institutions Group in Moscow.  "Furthermore, with the
integration now complete, the level of operational risk has
decreased."

It also reflects the agency's view on the potential improvement
in quality of earnings and a rise in core profitability.  The
ratings are restricted by Fitch's concerns over sustainability
of capitalization at adequate levels following anticipated
future rapid growth, the still high, though reduced, loan book
concentration, volatile revenues and low core profitability to
date.

Upward pressure on Rosbank's ratings could result from the bank
sustaining acceptable levels of capitalization, as well as
reasonable asset quality (particularly given the expansion of
retail lending in which it has more limited experience), and a
further decline in concentration levels.  An improvement in core
earnings, dependent on the further successful development of its
retail lending and a decrease in cost ratios, would also be a
positive factor for the ratings.

Rosbank was founded in 1992 and ranks among the top 10 banks in
Russia by total assets.  It is 96%-owned by Interros, one of
Russia's largest financial industrial groups, with interests in
the metals (Norilsk Nickel), power-machine building and
agricultural industries.  In 2006, the bank plans to place
shares in an IPO.  The business of the OVK banking group had
been primarily focused on retail and has now been transferred to
Rosbank.

CONTACT:  FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Tel: +7 495 956 9901
          James Watson, +7 495 956 9901
          Lindsey Liddell, London
          Tel: +44 20 7417 3495

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


TOMSKAYA: Fuel Company Goes Bankrupt
------------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
proceedings against Tomskaya after finding the fuel company
insolvent.  The case is docketed as A67-9743/05.  Mr. I.
Odintsov has been appointed insolvency manager.

Creditors have until Feb. 17, 2006, to submit their proofs of
claim to:

    (a) I. ODINTSOV
        Insolvency Manager
        634059, Russia, Tomsk region,
        Festivalnaya Str. 16/1

    (b) ARBITRATION COURT OF TOMSK REGION
        634050, Russia, Tomsk region,
        Kirova Pr. 10


UKHRA-WOOD: Yaroslavl Court Brings in Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
proceedings against Ukhra-Wood after finding the close joint
stock company insolvent.  The case is docketed as A82-1869/05-
56-B/7.  Ms. L. Mochalina has been appointed insolvency manager.
Creditors may submit their proofs of claim to 115432, Russia,
Moscow region, Trofimova Str. 21, Building 2.

CONTACT:  UKHRA-WOOD
          152900, Russia, Yaroslavl region,
          Rybinsk, Krestovaya Str. 74

          L. MOCHALINA
          Insolvency Manager
          115432, Russia, Moscow region,
          Trofimova Str. 21, Building 2


VOROVSKIY: Creditors Have Until Friday to Register Claims
---------------------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Vorovskiy after finding the glass factory
insolvent.  The case is docketed as A11-1694/2005-K1-35B.  Mr.
A. Alimov has been appointed insolvency manager.  Creditors have
until Feb. 17, 2006, to submit their proofs of claim to 600017,
Russia, Vladimir region, Post User Box 94.

CONTACT:  VOROVSKIY
          Russia, Vladimir region,
          Sudogonskiy region, Vorovskogo

          A. ALIMOV
          Insolvency Manager
          600017, Russia, Vladimir region,
          Post User Box 94


YANAULSKIY FACTORY: Claims Filing Period Ends Feb. 17
-----------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Yanaulskiy Factory
(TIN0271002795) after finding the open joint stock company
insolvent.  The case is docketed as A07/4859/03-G-MOG.  Mr. K.
Golubev has been appointed insolvency manager.  Creditors have
until Feb. 17, 2006 to submit their proofs of claim to 123100,
Russia, Moscow, A. Zhivova Str. 6, Room 5, Building 3.

CONTACT:  YANAULSKIY FACTORY
          452800, Russia, Bashkortostan republic,
          Yanaul, Krizavodskaya Str. 17

          K. GOLUBEV
          Insolvency Manager
          123100, Russia, Moscow, A. Zhivova Str. 6,
          Room 5, Building 3
          Phone: (095) 707-28-78


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


CAJA DE AHORROS: Fitch Lowers Individual Rating to B
----------------------------------------------------
Fitch Ratings downgraded Caja de Ahorros de Galicia's (Caixa
Galicia) Individual Rating to 'B' from 'A/B'.  At the same time,
its Long-term 'A+' with Stable Outlook, Short-term 'F1' and
Support '3' ratings have been affirmed.

The rating action reflects Caixa Galicia's appetite for equity
investments and an increase in risk concentration from combined
equity investments and corporate credit risk exposure.
Furthermore, its Tier 1 capital ratio of 6.3% at end-September
2005 is adequate but needs to be placed in the context of strong
loan growth, risk concentration and its relatively large equity
investment portfolio.

Caixa Galicia's Long-term, Short-term and Individual ratings
also reflect its strong regional franchise, good management,
sound profitability and excellent asset quality and loan loss
cover.  The Stable Outlook reflects Fitch's view that Caixa
Galicia has the capacity to continue generating sound
profitability, as well as its increasing focus on retail
activities.

Risk concentration arises from combined equity holdings (74% of
end-Q305 equity) and credit risk exposure to large Spanish
corporates.  Concerns over exposure to credit and market risk
are somewhat mitigated by their high credit quality and
strategic nature, tight control and large unrealized capital
gains of EUR574 million at end-Q305.  Caixa Galicia's asset
quality is very healthy with an impaired to total loans ratio of
0.28% at end-Q305 (691% cover).  Residential mortgages for
individuals accounted for 35% of total lending at this date.

Caixa Galicia's 2005/07 strategic plan focuses on growing retail
banking activities, helped by ongoing branch expansion, largely
outside Galicia and mainly in Spain's more dynamic regions.
This retail focus should help enhance its profitability, which
has been under pressure from a narrower than peer average net
interest margin (NIM), relatively low commission income and
costs associated with expansion.  Nevertheless, its NIM also
reflects the high proportion of low-risk/low-margin activities
in a low interest rate environment as well as intense
competition.

Treasury and capital markets activities (government securities
intermediation and corporate exposure via private fixed-income
securities, syndicated loans and equity investments) account for
around one-half of the group's balance sheet.  These are aimed
at diversifying revenues and help ease any concerns over a
potential slowdown in the Spanish housing market.  Fitch
believes the latter risk to be currently limited unless interest
rates and/or unemployment rise suddenly.

Caixa Galicia is Spain's 11th largest banking group by assets.
Of its 753 branches at end-2005, 62% were in its home region of
Galicia.

CONTACT:  FITCH RATINGS
          Carmen Munoz, Barcelona
          Tel: +34 93 323 8408
          Roger Turro
          Tel: +34 93 323 8406

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


CAIXANOVA: Fitch Affirms Individual B Rating with Stable Outlook
----------------------------------------------------------------
Fitch Ratings affirmed Caixa de Aforros de Vigo, Ourense e
Pontevedra's (Caixanova's) ratings at Long-term 'A', Short-term
'F1', Individual 'B' and Support '3'.  The rating Outlook is
Stable.

The Long, Short-term and Individual ratings reflect Caixanova's
strong regional franchise, excellent asset quality and sound
operating profitability and capital adequacy.  They also
consider its regional focus and an appetite for equity
investments.  The Stable Outlook reflects Fitch's opinion that
the caja should continue to report consistently sound
profitability.  Continued sound internal capital generation,
together with efficiency gains and a more controlled appetite
for equity investments could reflect positively on its Long-term
rating.

Downside risk to Caixanova's ratings would mostly arise from a
further rise in equity investments, a slippage in profitability
and a slowdown in the Spanish housing market.  However, the
latter risk is currently limited by the combination of low
interest rates and unemployment as well as a lower exposure to
the real estate sector than at other cajas and tempered by a
certain weight of corporate business.

Caixanova was the 11th-largest Spanish savings bank by total
assets at end-2004.  It enjoys strong market shares in Galicia,
where most of its 633 branches are located.  It has a 49.73%
stake in Banco Gallego, a Galician bank.

CONTACT:  FITCH RATINGS
          Roger Turro
          Carmen Munoz, Barcelona
          Tel: +34 93 323 84 00

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


CAJA SAN FERNANDO: Fitch Affirms Individual Rating at B/C
---------------------------------------------------------
Fitch Ratings affirmed Caja San Fernando de Sevilla y Jerez's
ratings at Long-term 'A-', Short-term 'F2', Individual 'B/C' and
Support '3'.  Its Long-term rating Outlook is Stable.

The Long-term, Short-term and Individual ratings reflect San
Fernando's strong local franchise, improving profitability and
adequate capitalization.  They also take into account its high
cost base and risk concentration in the real estate sector.

Based on San Fernando's sound performance, the Stable Outlook
should persist in the medium-term.  Its modest size and risk
concentration to the real estate sector constrain upward rating
potential.  Downside pressure on ratings would arise from a
slippage in profitability, a reduction in the level and quality
of capital or from a sudden slowdown in the Spanish housing
market.  However, the latter risk is limited due to low interest
rates and unemployment.

Although its net interest margin (NIM) is relatively wide, the
caja's profitability has been weighed down by a high cost base
and by the build up of loan loss provisions.  Its NIM has been
supported by a high loan/asset ratio (around 80%) and a stable,
low cost deposit base, although it is under pressure from low
interest rates and fierce competition.  High costs stem from an
extensive branch network, a large proportion of which is
situated in rural areas.  Since 2004 the downward trend in
profitability has been reversed, thanks to commercial actions to
grow revenue and greater emphasis on cost control.  This has
resulted in an improvement in the bank's cost/income ratio to
below 70% excluding financial operations income.

While risk concentration in the real estate sector persists, San
Fernando has been gradually reducing this and focusing on
residential real estate lending for individuals.

At end-June 2005, its EU total capital/weighted risks ratio of
11.5% was adequate.  Its Tier 1 ratio of 8.23% is boosted by
EUR120 million in preference shares issued in 2001.

At end-2004 San Fernando was Spain's 21st largest caja by total
assets.  Most of its 387 branches at end-2005 were in Seville
and Cadiz in Andalusia, but it is expanding in neighboring
provinces.

CONTACT:  FITCH RATINGS
          Carmen Munoz, Barcelona
          Tel: +34 93 323 8408
          Roger Turro
          Tel: +34 93 323 84 06

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


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


LANDSHYPOTEK: Exposure Sale Prompts Fitch to Affirm B/C Rating
--------------------------------------------------------------
Fitch Ratings affirmed Sweden-based Landshypotek's ratings at
Long-term 'A', Short-term 'F1', Individual 'B/C' and Support
'3'.  The Outlook is Stable.

This affirmation follows the announcement of the sale of the
majority of Landshypotek's exposure (both debt and equity) to
the energy company EnergiSystem i Sverige (ESS).  This sale
resulted in a loss of SEK190 million to Landshypotek.  The
ratings of General Mortgage Bank of Sweden, 100% subsidiary of
Landshypotek, are also affirmed at Long-term 'A', Short-term
'F1', Individual 'B/C' and Support '3'.

"The exposure to ESS has been the main cause of Landshypotek's
provisioning costs since 2003," says Tim Beck, director of
Fitch's Financial Institutions Group.  "Fitch had warned that
further provisions might be necessary, and capitalization
remains sound following the sale.  Uncertainty over the ultimate
cost has been removed, and we view this positively."

Landshypotek's subsidiary Lantbrukskredit had a substantial loan
to ESS, which began facing problems from 2001, and then
particularly during 2003.  In July 2004, Lantbrukskredit
acquired all of the shares of ESS, with the intention of
renegotiating business contracts ESS had entered into, and
ultimately selling the company.  Landshypotek considers energy
companies to be outside its core area of operations
(agricultural lending), to which it intends to keep for future
business.  LH has sold the district heating production
companies, which constituted the vast majority of the assets of
ESS. While there is some residual exposure with the remaining
holding, including some outstanding litigation, Fitch is
informed any potential future losses are likely to be
immaterial.  The loss incurred on this transaction amounts to
5.7% of end-September 2005 equity.  With a Tier 1 ratio of 8.7%
at that time, capitalization remains sound.

Landshypotek primarily grants first mortgage loans to the
agricultural and forestry sector in Sweden.  It has a strong
market share in this sector (close to 50%), though this has
fallen slightly in recent years.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Tel: +44 20 7417 3460
          Mark Young
          Tel: +44 20 7417 4268

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


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


ARIONA: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv region declared LLC ARIONA (code
EDRPOU 31457651) on Dec. 16, 2005 after finding the limited
liability company insolvent.  The case is docketed as 24/793-b.
Mr. Olena Tsiganenko has been appointed liquidator/insolvency
manager.

CONTACT:  ARIONA
          Ukraine, Kyiv region,
          Peremogi Avenue 25/109

          Mr. Olena Tsiganenko
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Mayakovskij Avenue 7-a/141

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


INTER: Odessa Court Names Insolvency Manager
--------------------------------------------
The Economic Court of Odessa commenced bankruptcy proceedings
against Inter (code EDRPOU 00850342) on Aug. 10, 2005, after
finding the limited liability company insolvent.  The case is
docketed as 24/177-04-8056.  Ms. Olga Tishenko has been
appointed liquidator/insolvency manager.  The company holds
account number 260022596 at JSPPB Aval, Odessa regional branch,
MFO 328351.

CONTACT:  INTER
          66851, Ukraine, Odessa region,
          Shiryayivskij district, Novosvitivka

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


IRON TRADE: Court Appoints Temporary Insolvency Manager
-------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Iron Trade (code EDRPOU 30011357)
on Nov. 29, 2005.  The case is docketed as B 24/247/05.  Mr.
Romanov Kostyantin has been appointed temporary insolvency
manager.

CONTACT:  IRON TRADE
          49094, Ukraine, Dnipropetrovsk region,
          Ovrazhna Str. 39

          Mr. Romanov Kostyantin
          Temporary Insolvency Manager
          49064, Ukraine, Dnipropetrovsk region, a/b 3740
          Phone: 8 (050) 320-62-21

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


KARPATI-ELECTRON: Court Orders Debt Moratorium
----------------------------------------------
The Economic Court of Zakarpatska region commenced bankruptcy
supervision procedure on Karpati-Electron (code EDRPOU 14312772)
and ordered a moratorium on satisfaction of creditors' claims on
Nov. 14, 2005.  The case is docketed as 6/206.  Mr. Yurij
Vorontsov has been appointed temporary insolvency manager.

CONTACT:  KARPATI-ELECTRON
          89600, Ukraine, Zakarpatska region,
          Mukachevo, Kooperativna Str. 4

          Mr. Yurij Vorontsov
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Piskov Str. 21/4

          ECONOMIC COURT OF ZAKARPATSKA REGION
          88000, Ukraine, Zakarpatska region,
          Uzhgorod, Kotsubinski Str. 2a


PEREKOPSKIJ: Bankruptcy Supervision Begins in AR Krym
-----------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on Agricultural LLC Perekopskij (code
EDRPOU 00854162).  The case is docketed as 2-29/15599-2005.  Mr.
Nikonov Vyacheslav has been appointed temporary insolvency
manager.

CONTACT:  PEREKOPSKIJ
          96130, Ukraine, AR Krym region,
          Dzhankoj district, Cilinne,
          Kalinin Str. 2-A

          Mr. Nikonov Vyacheslav
          Temporary Insolvency Manager
          95000, Ukraine, AR Krym region,
          M. Zalke Str. 7-B/59

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


SEVASTOPOL' LIGHTHOUSE: Insolvency Dims Future
----------------------------------------------
The Economic Court of Sevastopol region commenced bankruptcy
proceedings against Sevastopol' Lighthouse (code EDRPOU
14308813) on Dec. 2, 2005, after finding the open joint stock
company insolvent.  The case is docketed as 20-6/459-4/483-
9/128-10/051.  Mr. Derbin Volodimir has been appointed
liquidator/insolvency manager.

CONTACT:  SEVASTOPOL' LIGHTHOUSE
          99053, Ukraine, AR Krym region,
          Sevastopol, Fiolentovske Shose 1

          Mr. Derbin Volodimir
          Liquidator/Insolvency Manager
          95006, Ukraine, AR Krym region,
          Simferopol, Spero Str. 6/47

          ECONOMIC COURT OF SEVASTOPOL REGION
          99011, AR Krym region, Sevastopol,
          Pavlichenko Str. 5


VOZNESENSKE: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Voznesenske (code EDRPOU 25209362)
on Sept. 9, 2005.  The case is docketed as 10/4067.  Mr. Bilera
Oleg has been appointed temporary insolvency manager.  The
company holds account number 26002070156 at JSC Credit Bank
(Ukraina), Cherkassy branch, MFO 354466.

CONTACT:  VOZNESENSKE
          Ukraine, Cherkassy region,
          Zolotonosha district, Voznesenske,
          Lenin Str. 105

          Mr. Bilera Oleg
          Temporary Insolvency Manager
          Ukraine, Cherkassy region,
          Volkov Str. 59/35
          Phone: (0472) 41-67-64, 76-79-77

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue 307


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


1ST CALL: Calls In Administrators from Unity Corporate Recovery
---------------------------------------------------------------
Matthew Colin Bowker and Suzanne Payne of Unity Corporate
Recovery and Insolvency were appointed joint administrators of
1st Call Group Ltd (Company No 2485278) on Jan. 23.

CONTACT:  1ST CALL GROUP LTD.
          327 Bury New Road
          Whitefield, Manchester M45 7SE
          United Kingdom
          Tel: (0707) 1881 999
          Fax: 0161-767 9310
          Web site: http://www.1stcallgroup.com/

          UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Tel: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


ASGARD (MIDLANDS): Car Dealership Taps PwC to Liquidate Assets
--------------------------------------------------------------
Robert Jonathan Hunt and Mark David Charles Hopkins of
PricewaterhouseCoopers LLP were appointed joint administrators
of Asgard (Midlands) Limited (Company No 03656618) and Asgard
(Wednesbury) Limited (Company No 04898136) on Jan. 20.  The
companies sell motor vehicles and gasoline.

                          About PwC

PricewaterhouseCoopers LLP -- http://www.pwc.com/-- a multi-
national accounting firm, provides, among others, auditing
services, accounting advice, tax compliance and consulting,
financial consulting and advisory services to clients in a
variety of industries, including those industries served by the
Debtors.

                        About Asgard

Asgard (Midlands) Limited -- http://www.asgarduk.com/-- is one
of the United Kingdom's largest privately-owned Volvo dealer
groups, providing top quality service to private and corporate
clients throughout the Midlands area.


AUDNEL GROUP: Calls in PricewaterhouseCoopers Administrator
-----------------------------------------------------------
Michael John Andrew Jervis and Stuart David Maddison of
PricewaterhouseCoopers were appointed joint administrators of
Audnel Group Limited (Company No 02466784) on Jan. 24.  Its
registered office is at Horton Road, Colnbrook, Slough SL3 0AT.

                         About PwC

PricewaterhouseCoopers LLP -- http://www.pwc.com/-- a multi-
national accounting firm, provides, among others, auditing
services, accounting advice, tax compliance and consulting,
financial consulting and advisory services to clients in a
variety of industries, including those industries served by the
Debtors.

                       About Audnel

Audnel Group Limited -- http://www.audnel.co.uk/-- offers
services which include warehousing, transport, deep sea and air
freight and contract and export packing.


BEARING SALES: Names Tenon Recovery Administrator
-------------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator
of Bearing Sales & Purchases Limited (Company No 03020980) on
Jan. 18.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

CONTACT:  BEARING SALES & PURCHASES LIMITED
          Unit 3A Hatfield Way,
          South Church Enterprise Park,
          Bishop Auckland, County Durham, DL14 6XF


CABLE & WIRELESS: Deteriorating Biz Spurs Fitch's BB Downgrade
--------------------------------------------------------------
Fitch Ratings downgraded Cable & Wireless PLC's Senior Unsecured
rating to 'BB' with a Negative Outlook from 'BB+' with a Stable
Outlook.  At the same time, the agency affirmed the Short-term
rating at 'B'.  The lack of guidance on current year results and
required reorganization costs, as well as the toughening of
conditions in corporate and residential U.K. markets underpin
the Negative Outlook.

The downgrade reflects the deterioration of the performance of
the U.K. business.  C&W has announced that U.K. EBITDA in FY07
will be no higher than in the current year because of the fierce
competition, reorganization of the business and the reduction of
non-recurring positive items.  Therefore, these negative factors
are expected to outweigh the first full year EBITDA contribution
from the recently acquired Energis.

C&W faces increasingly challenging market conditions in the U.K.
In the corporate segment, price competition, high levels of
churn and acceleration of migration from legacy to IP-based
services are continuing to erode margins.  Moreover, in the
residential segment, unbundled broadband provider Bulldog is
investing in both marketing and capital equipment in order to
build its customer base.  Fitch therefore expects that C&W will
record negative free cashflows this year and next year.

Nevertheless, the cash balance of around GBP1.3billion and the
relatively stable cash flows from international operations
provide some measure of financial flexibility.

CONTACT:  FITCH RATINGS
          Frederic Beaumelou, London
          Tel: +44 (0)20 7417 4266
          E-mail: frederic.beaumelou@fitchratings.com
          Stuart Reid, London
          Tel: +44 (0)20 7417 4323
          E-mail: stuart.reid@fitchratings.com

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


CALLAGHAN'S WOOD: Names Vantis Numerica to Administer Assets
------------------------------------------------------------
Peter Hughes-Holland and Frank Wessely of Vantis Numerica (nka
Vantis plc) were appointed joint administrators of Callaghan's
Wood Floors Ltd (Company No 04454068) on Jan. 23.  Its
registered office is at Parmenter House, 57 Tower Street,
Winchester, Hampshire SO23 8TD.

                        About Vantis

Vantis Numerica (nka Vantis plc) --
http://www.vantisnumerica.com/-- provides accounting, business
and tax advisory services in the United Kingdom.

                      About Callaghan's

Callaghan's Wood Floors Ltd -- http://www.woodenfloors.net/--  
is a family-owned business with 40 years experience in the
hardwood flooring industry.


COVENTRY FISH: Wholesaler Calls In Administrator
------------------------------------------------
Tony Mitchell of Cranfield Recovery Limited was appointed
administrator of Coventry Fish And Poultry Limited (Company No
04017721) on Jan. 24.

CONTACT:  CRANFIELD RECOVERY LIMITED
          2 Hawkes Drive
          Warwick
          Warwickshire CV34 6LX
          Tel: 01926 450414
          Fax: 01926 831126


DECLAN DALY: Creditors Meeting Set Thursday
-------------------------------------------
Creditors of Declan Daly Racing Limited (Company No 05351460)
will meet on Feb. 9, 2006, 10 a.m. at KPMG, 37 Hills Road,
Cambridge CB2 1XL.

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, Hertfordshire AL3
4RF not later than 12 noon, Feb. 8, 2006.

CONTACT:  KPMG
          Aquis Court,
          31 Fishpool Street,
          St Albans, AL3 4RF
          Tel: 0500 644665
          Web site: http://www.kpmg.co.uk/


EUROLINE SYSTEMS: Administrators from Vantis plc Move In
--------------------------------------------------------
Mark Newman and Simon Glyn of Vantis plc were appointed joint
administrators of Euroline Systems Limited (Company No 04285636)
on Jan. 24.

                      About Vantis

Vantis Numerica (nka Vantis plc) -- http://www.vantisplc.com/--  
provides accounting, business and tax advisory services in the
United Kingdom.

CONTACT:  EUROLINE SYSTEMS LTD
          Unit 26
          Church Road Business Centre
          Sittingbourne, Kent ME10 3RS
          Tel: 01795 475511
          Fax: 01795 479903
          Mobile: 07966427156


F.H.S LIMITED: Names Kingston Smith and Partners Administrator
--------------------------------------------------------------
Nicholas John Miller and Ian Robert of Kingston Smith & Partners
LLP were appointed joint administrators of F.H.S Limited
(Company No 02662950) on Jan. 23.  Its registered office is at
25 Holywell Row, London EC2A 4XE.  The company offers printing
and publishing services.

CONTACT:  FHS LTD
          25 Holywell Row
          London EC2A 4XE
          Tel: 020 7377 6100

          KINGSTON SMITH AND PARTNERS LLP
          Devonshire House, 60 Goswell Road,
          London EC1M 7AD
          Tel: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk/


GROOMBRIDGE ELECTRICAL: Taps Vantis Redhead to Administer Assets
----------------------------------------------------------------
J. S. French and G. Mummery of Vantis Redhead French Limited
were appointed joint administrators of Groombridge Electrical
Limited (Company No 01641289) on Jan. 23.

CONTACT:  GROOMBRIDGE ELECTRICAL LTD
          21 Eastways, Witham CM8
          Tel: 01376 531370

          VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Tel: 01708 458211
          Fax: 01708 442308
          E-mail: jeremy.french@vantisredheadfrench.co.uk


HDS BEARINGS: Administrator Takes Over Firm
-------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator
of HDS Bearings Limited (Company No 03581049) on Jan. 18.  The
company is engaged in developing and promoting a payoff system.

                   About Tenon Recovery

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

CONTACT:  H D S BEARINGS LTD
          Unit 13
          Brough Park Industrial Estate
          Newcastle Upon Tyne NE6 2YF
          Tel: 0191-265 0278
          Fax: 0191-265 7713


HMV GROUP: Shares Up Following Confirmation of Bid Approach
-----------------------------------------------------------
HMV Group PLC has admitted that it has received a preliminary
approach from a third party, which may or may not lead to an
offer.

Earlier, The Scotsman disclosed that private equity firm Permira
has called in financial advisers from Merrill Lynch to approach
HMV.  Permira is predicted to top HMV's closing price of 163
pence by at least 25%, valuing the music and books retailer at
over GBP800 million, Financial Times said, quoting people privy
to the transaction.

According to analysts, HMV falls prey to takeover bids as its
share price plummets to a two-year low.  Like-for-like sales
also plunged 5.5% during the holidays amid competition from
supermarkets and Internet traders.

Following its confirmation of a bid approach, HMV's stock rose
GBP0.2775 to GBP1.92, raising its market value to GBP773
million, according to The Guardian.  HMV, who is being advised
by Citigroup and UBS, is said to be waiting for a more detailed
proposal.  Its proposed acquisition of Ottakar's becomes
unclear.

                        About the Company

Headquartered in the U.K., HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in 8 different
countries under two powerful retail brands (HMV and
Waterstone's).  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.

At Oct. 29, 2005, the company's balance sheet showed GBP49.7
million in stockholders' deficit, compared to a GBP14.4 million
deficit at Apr. 30, 2005.


QUORUM TECHNICAL: Calls In Administrators from Begbies Traynor
--------------------------------------------------------------
Simon Robert Haskew and Kenneth Stephen Chalk of Begbies Traynor
were appointed joint administrators of Quorum Technical Services
Limited (Company No 01720724) on Jan. 18.  Its registered office
is at 3 & 4 Lansdown Industrial Estate, Gloucester Road,
Cheltenham GL51 8PL.

CONTACT:  QUORUM TECHNICAL SERVICES LTD
          Unit 3 Lansdown Industrial Estate
          Gloucester Rd
          Cheltenham, Gloucestershire GL51 8PL
          Tel: +44 (0) 1242 584984
          Fax: +44 (0) 1242 527634

          BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Tel: 0117 929 4800
          Fax:   0117 922 0114
          Web site: http://www.begbies.com/


RAMCO ENERGY: Disposes of Seven Heads Interest for GBP5.7 Mln
-------------------------------------------------------------
Ramco Energy PLC concluded the sale of its 86.5% interest in the
Seven Heads Gas Field for GBP5.7 million in cash to Marathon
International Petroleum Hibernia Limited.

The sale process for the gas field commenced in July 2005 and
was coordinated by Ernst & Young as part of a waiver agreement
with Ramco's lenders.  Marathon was the successful bidder in a
competitive tender process.

All of the proceeds of the sale, after costs, flow to Ramco's
lenders and retire sums due to the lenders.  The loans had been
secured against the interest in the gas field as a part of the
finance package entered into in April 2003, to help fund the
development of the gas field.

In the six months to June 30, 2005, Ramco's interest in the gas
field recorded a profit of GBP1.8 million before an associated
interest charge of GBP2.6 million.  As previously reported, the
carrying value of the interest in the gas field had been reduced
to nil following the recognition of an impairment provision.

Marathon will now serve as operator of the gas field.  They also
take over the decommissioning liability relating to the 86.5%
interest in the field and all other remaining project related
parent company guarantees.

Stephen Remp, Ramco's executive chairman said, "The sale of our
interest in the Seven Heads Gas Field represents a significant
and positive step for Ramco.  The transaction removes potential
liabilities associated with the project and allows us to draw a
line in the sand.  Having reached a settlement with our lenders
we can now focus on the next stage of the strategy, to create
value from our exploration portfolio.  We are largely carried
through this year's work program which includes the drilling of
an exploration well on the Donegal acreage, scheduled for summer
this year. We are ready to begin moving forward again."

                        About the Company

Headquartered in the U.K., Ramco Energy PLC --
http://www.ramco-plc.com/-- and its subsidiaries operate in two
divisions: Oil Field Services and Oil and Gas Exploration and
Production.  Its oil services division specializes in down-hole
tubular maintenance and pipeline coatings.  It operates
primarily in Japan, Norway, and the U.K.  Its oil and gas
exploration and production division operates in the Caspian Sea
region, Central and Eastern Europe, and the Irish Sea.  It also
holds a 50% stake in British Steel Ramco Pipeline Services, a
joint venture with British Steel, to provide pipeline-coating
services.

                         *     *     *

                 Business and Financial Problem

Ramco negotiated the rescheduling of its debt with lenders after
encountering problems with its Seven Heads' operations.
Troubles at the field resulted to a GBP93 million charge at its
accounts in 2004.  The resulting pre-tax loss for 2003 amounted
to GBP104.1 million.

Its bankers and a major creditor had agreed to extend waiver
agreements for GBP12.0 million and GBP1.55 million in debt until
it sells the 86.5% interest it holds in the troublesome
operation.

A sale of its interest in Seven Heads and other others was
feared to leave Ramco relying largely on a cash-generative
services business to fund early stage exploration activity, in
countries including Bulgaria.  Ramco aimed to be debt free by
the end of 2005 and participate in a drilling program in 2006.

                         Legal Problem

In April 2004, a Texas Court issued a final judgment against
Ramco Energy PLC, Ramco Oil Limited and certain other defendants
in a case alleging breach of contract arising from
confidentiality and non circumvention obligations in relation to
investments in an oilfield development project in Kazakhstan,
which Ramco subsequently decided not to pursue.

The ruling was an award against Ramco for past and future
damages of US$6.4 million plus interest and legal fees of US$9.8
million.  The award of legal fees was made jointly and severally
against Ramco and its co-defendant Halliburton.  The plaintiff
subsequently agreed settlement terms with Halliburton, which has
been dismissed from the case.

Ramco has filed motions to appeal.  It said that the appeal to
the Texas Appellant Court, which may be followed by a further
appeal to the Texas Supreme Court, is expected to take several
years to complete.


ROGERSONS DEVELOPMENTS: Creditors to Meet on Wednesday
------------------------------------------------------
Creditors of Rogersons Developments Limited will meet on Feb. 8,
2006, 10 a.m. at Ernst & Young LLP, 100 Barbirolli Square,
Manchester M2 3EY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to R. H. Kelly, joint administrative receiver of
Ernst & Young LLP, 100 Barbirolli Square, Manchester M2 3EY not
later than 12 noon, Feb. 7. 2006.

CONTACT:  ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Tel: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com/


SKYEPHARMA PLC: Names Ex-Novartis CEO as Non-Executive Chairman
---------------------------------------------------------------
SkyePharma PLC appointed Dr. Argeris Karabelas as non-executive
chairman.  The company also concluded its Strategic Review.

Dr. Karabelas, aged 53, has a distinguished career at senior
levels in the global pharmaceuticals industry, including chief
executive of Novartis Pharma and president of the North American
operations of SmithKline Beecham.  He is currently an executive
director of Care Capital and is non-executive chairman of
several pharmaceutical and healthcare companies including Human
Genome Sciences.

Dr. Karabelas has been a non-executive director of SkyePharma
since 2002 and his familiarity with the Company's business will
enable him to make an immediate contribution as Chairman.

The Strategic Review was initiated in November 2005.  As part of
this process, Lehman Brothers was retained by the Board to
solicit potential expressions of interest for the Company.  As
foreshadowed in the Jan. 11 announcement, there has not been an
offer for the company as a whole that the Board feels able to
recommend to shareholders.

However, the Board has concluded that in the interests of
returning the company to sustainable profitability in the
shortest possible time, SkyePharma should concentrate on oral
and pulmonary products and divest the injectable business
interests, for which a number of potential purchasers were
identified during the Strategic Review.  Any such divestment
will be subject to approval by shareholders.

The injectables business located in San Diego, consists of two
marketed products, DepoCyt(R) for a complication of cancer and
Depodur(R) for the treatment of post-surgical pain, and a
pipeline of projects in various stages of development and
DepoBupivacaineTM, a long-acting injectable formulation of the
local anaesthetic bupivacaine for the control of post-operative
pain.

DepoBupivacaineTM has completed Phase II development and will
commence Phase III trials shortly.  It has been licensed to
Mundipharma for all territories outside North American and Japan
and to Maruho for Japan.

The Board remains convinced that DepoBupivacaineTM addresses an
important area of unmet medical need and has major commercial
potential though they are conscious of the fact that a
substantial investment in clinical development would be required
to maximize the potential of DepoBupivacaineTM and of the
biological pipeline.

This development investment, together with the associated
investment in manufacturing capacity, would not only place a
significant burden on the Company's current resources but also
impact its profitability for several years.

                      About the Company

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

                       *     *     *

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

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

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


VALE CITROEN: Debt Claims Filing Period Ends Tomorrow
-----------------------------------------------------
Creditors of Vale Citroen Limited will meet on Feb. 8, 2006, 10
a.m. at Torrington House, 47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. W. Young, joint administrator of Vantis
Business Recovery, Torrington House, 47 Holywell Hill, St
Albans, Hertfordshire AL1 1HD not late than 12 noon, Feb. 7,
2006.

                        About Vantis

Vantis Numerica (nka Vantis plc) -- http://www.vantisplc.com/--  
provides accounting, business and tax advisory services in the
United Kingdom.

CONTACT:  VALE CITROEN LTD
          139 Lower Luton Road,
          Wheathampstead, St Albans,
          Hertfordshire AL4 8HQ
          Tel: 01582462822


X LONDON: Hires Vantis Redhead French Limited Administrator
-----------------------------------------------------------
G. Mummery and Alpa Raja of Vantis Redhead French Limited were
appointed joint administrators of X London Limited (Company No
03942648) on Jan. 24.  The company was previously named St James
Group Security Limited.

CONTACT:  ST JAMES GROUP SECURITY LTD
          2nd Floor
          Cervantes House
          5-9 Headstone Road
          Harrow, Middlesex HA1 1PJ
          Tel: 020 84260444
          Fax: 020 88638454

          VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Tel: 01708 458211
          Fax: 01708 442308
          E-mail: jeremy.french@vantisredheadfrench.co.uk


ZIP TELEVISION: Taps Administrator from David Rubin & Partners
--------------------------------------------------------------
Lane Bednash of David Rubin & Partners was appointed
administrator of Zip Television Limited (Company No 04530659) on
Jan. 19.  Its registered office is at 25 Manchester Square,
London W1U 3PY.

Zip Television Limited -- http://www.ziptelevision.com/-- is a
provider of interactive and advertising services

CONTACT:  ZIP TELEVISION LIMITED
          5th Floor,
          The Media Village,
          131-151 Great Titchfield Street,
          London W1W 5BB
          Tel: (Switchboard) +44 (0) 207 101 7360
          Fax: +44 (0) 207 101 8201
          E-mail: anyquestions@ziptelevision.com

          DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Tel: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com/

                            *********

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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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