TCREUR_Public/060207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, February 7, 2006, Vol. 7, No. 27

                            Headlines

F R A N C E

CF GOMMA: Trimming Workforce Following Receivership


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: Fitch Puts BB+ Rating on Sub. Debt
BENZ GMBH: Meeting of Creditors Slated for Feb. 21
DAIMLERCHRYSLER AG: January U.S. Sales Up 5% From 2005
DMW DATEN: Muenchen Court Begins Bankruptcy Proceedings
HOGES GMBH: Claims Filing Period Ends Feb. 14

JACOBS STAHL: Wilhelmshaven Court Calls in Administrator
LKW-FUHRBETRIEB: Bankruptcy Hearing Slated for March 21


H U N G A R Y

PANNONPLAST RT: 2005 Losses Plummet to HUF216 Million
TRANSELEKTRO HOLDING: Needs Capital to Solve Liquidity Issues


I T A L Y

BANCA NAZIONALE: BNP Paribas Submits EUR9 Billion Takeover Bid
BANCA NAZIONALE: Fitch Upgrades Individual Rating to C


K A Z A K H S T A N

ASTRA: Creditors' Claim Due Next Month
HAN ATLAS: Sets Proofs of Claim Deadline
OIBAS-OIL: Bankruptcy Proceedings Begins in Kyzlorda
OZENSU: Mangistau Court Rules on Bankruptcy
SERVICE: Almaty Court Sends Group Into Insolvency

TURAN SERVICE: Claims Bar Date Slated for March 27


L U X E M B O U R G

CABLECOM LUXEMBOURG: S&P Rates EUR860-Mil Sr. Secured Loan at B


N E T H E R L A N D S

GETRONICS N.V.: Wins Financial Services Contract with Barclays
PYATEROCHKA HOLDING: Moody's Assigns Ba3 Corporate Family Rating
ROYAL SHELL: Buys Another 400,000 'A' Shares for Cancellation


R U S S I A

ADYGEYSKIY: Under External Management Procedure
BANK NRB: Moody's Affirms Foreign Currency Ratings
GAS-SERVICE: Chuvashiya Court Rules on Bankruptcy
GLAZUNOVKA ORLOVSHINY: Orel Court Brings in Insolvency Manager
IMPEXBANK JSC: Share Purchase Pact Spurs Moody's Revised Outlook

KARPINSKIY: Court Names S. Malygin as Insolvency Manager
KRASNOCHETAYSKIY: Begins Bankruptcy Supervision in Chuvashiya
MARIA: Insolvency Manager Takes Over Firm
OSTROVNOYE: Krasnoyarsk Court Opens Bankruptcy Proceedings
REM-MELIO-MASH: Bankruptcy Hearing Slated for May 15

UST-ULIMSKIY: V. Trofimenko Takes Over Operations
YADRINA-AGRO-SNAB: Claims Filing Period Ends Feb. 17


S P A I N

SAEZ MERINO: Applies for Insolvency Proceedings


U K R A I N E

ALMEDA INSTAR: Liquidator Takes Over Helm
AMANTA-TRADING: Court Sends Group Into Liquidation
ATANATOS: Court Names V. Yegorova Interim Insolvency Manager
CHAUSOVSKIJ GRANITE: Declared Insolvent by Mikolaiv Court
ENERGOMASHSERVICE: Insolvency Manager Comes In

JSC AZOVSTAL: S&P Rates Long-Term Corporate Credit Rating at B-
KEDRUS: Court Names I. Fedorov to Liquidate Assets
LAZURIT: Under Bankruptcy Supervision in Dnipropetrovsk
PLEMZAVOD RUNO: Sumi Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

AIREDALE GLASS: Taps Administrators from PricewaterhouseCoopers
APTEC TECHNOLOGIES: PwC Named to Administer Assets
AQUA BARRIER: Hires Begbies Traynor as Administrator
AXIOMATIC HOLDINGS: Bridgestones Firm Leads Administration
BAY TECHNOLOGY: Hires Menzies Corporate to Administer Assets

B&C NON-FERROUS: In Administrative Receivership
BULLDOG BUCKLE: Administrators from Milston Langdon Enter Firm
CABLE WIRELESS: Fitch Maintains BB Rating with Negative Outlook
CENTER PARCS: Appoints Chris Todd as Interim Finance Head
CONCEPT DESIGN: Begbies Traynor to Administer Assets

CORUS GROUP: Amends Pension Scheme with Trade Union Committee
DE BRADELEI: Creditors Meeting Set Thursday
DELCON NUMERICAL: Names Hazlewoods Administrator
ELIZA TINSLEY: Manufacturer Falls Into Administration
FRANK & WHITTOME: Calls in Administrators from BDO Stoy Hayward

GRIFFIN DIRECT: Close Invoice Taps Menzies as Receiver
HART LIMITED: Debt Claims Due Tomorrow
HAXBY'S OF PLYMOUTH: Administrators Take Over Operation
LA MUTUELLE: Obtains First Order Under New Chapter 15 Law
LE FIGARO: Names Joint Administrators from Unity Corporate

LEIGH SUPERBOWL: Joint Administrators Enter Firm
LUXFER HOLDINGS: Liquidity Issues Spur S&P to Lower Junk Ratings
M L CORNER: Administrators Sell Assets as a Going Concern
MADGE LIMITED: Computer Manufacturer Calls in Administrator
MILLENIUM MOTOR: Receivers Selling Motorcycle Dealership

MISYS PLC: Nov. 30 Balance Sheet Upside-Down by GBP155.6 Million
MISYS PLC: Healthcare Unit Buys Payerpath for US$49 Million
MURRAY VERNON: Meeting of Creditors Slated for Feb. 9
PHOENIX 2002-1: Fitch Lowers Class C Notes to BB-
PROHIBITION PC: Night Club Hires Joint Administrators

RED EARTH: Failed Deal Talks Spur Administrative Receivership
RUSSELL CONSTRUCTION: Administrators Enter Firm
SANCTUARY GROUP: Eyes To Raise GBP110 Mil. in New Placement
SCOTTISH POWER: Tries to Keep Power Station from Closure
SKYEPHARMA PLC: UBS AG Raises Equity Stake to 5.01%

YORKSHIRE CHEMICALS: Winds Up After Over 20 Years of Business

* 4th Qtr. Company Liquidations in England & Wales Rise 8.5%

* Large Companies with Insolvent Balance Sheets

                             *********

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


CF GOMMA: Trimming Workforce Following Receivership
---------------------------------------------------
CF Gomma will cut down 328 workers in its plant at Rennes after
it went into receivership, Les Echos reports.

Trade union representative Jean-Michael Guerin, said that its
workers received notice to attend the extraordinary works
council on Jan. 26, when the redundancies were announced.

Headquartered in Rennes, Cedex, CF Gomma --
http://www.cfgomma.com/-- manufactures rubber parts to the  
automobile parts in France.  It currently employs 1,992 workers.


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


ALLGEMEINE HYPOTHEKENBANK: Fitch Puts BB+ Rating on Sub. Debt
-------------------------------------------------------------
Fitch Ratings said Germany-based Allgemeine Hypothekenbank
Rheinboden's announcement on the planned restructuring of the
bank is in line with the agency's expectations.  The information
contained in the mortgage bank's ad-hoc statement has already
been factored into Fitch's rating actions on Dec. 9, 2005.

The bank's ratings are as follows:

  (a) Long-term 'BBB-' with Negative Outlook.  The Long-term
      rating applies to all AHBR's senior unsecured obligations;

  (b) Short-term 'F3';

  (c) Support '2';

  (d) Individual 'E' on Positive Rating Watch;

  (e) Public-sector Pfandbriefe: 'AAA';

  (f) Mortgage Pfandbriefe: 'AA+';

  (g) Subordinated obligations: 'BB+'; and

  (h) Profit participation rights (Genussscheine): 'CC' on
      Negative Rating Watch.

Under its new owner, Lone Star Funds, AHBR plans to reposition
itself as a mortgage bank with a focus on German commercial real
estate lending.  Accordingly, the bank intends to exit public
sector and retail lending during 2006.  The bank is also
considering the sale of its international commercial lending.  
Fitch is awaiting detailed information on the bank's strategy as
well as plans for the business and the restructuring of the
bank.  The future business model under Lone Star Funds may alter
AHBR's position as a substantial issuer of Pfandbriefe in the
international markets and thus weaken the sovereign support.  
Fitch's ratings do not place any reliance on institutional
support being provided by Lone Star.

The servicing of the non-performing loans is expected to be
outsourced to Hudson Advisors Germany GmbH (HAG), which is part
of Lone Star Funds.  Fitch has assigned HAG German residential
and commercial mortgage special servicer ratings of 'RSS2-D' and
'CSS2-D'.  The ratings reflect the company's experience in
servicing secured non-performing loans (NPLs) as well as
performing loans and sub-performing loans (SPLs) purchased by
affiliates of Lone Star Funds.  Fitch considers this move as
positive as HAG's management and staff have extensive industry
experience and a track record in realizing numerous NPLs over a
relatively short period. AHBR also plans to sell a residential
portfolio of NPLs.


BENZ GMBH: Meeting of Creditors Slated for Feb. 21
--------------------------------------------------
The District Court of Muenchen opened bankruptcy proceedings
against Benz GmbH on Jan. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 17, 2006, to register their claims
with court-appointed provisional administrator Stephan Ammann.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Muenchen, Infanteriestr. 5,
Sitzungssaal 101, at 9:15 a.m., on Feb. 21, 2006, at which time
the administrator will present his first report on the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report at 9:00 a.m., on April 25,
2006, at the same venue.

CONTACT:  BENZ GmbH
          Graf-Torring-Str. 15a in 82216 Maisach
                              
          Stephan Ammann, Administrator
          Barthstr. 16, 80339 Muenchen
          Tel: 089/8589633
          Fax: 089/85896350


DAIMLERCHRYSLER AG: January U.S. Sales Up 5% From 2005
------------------------------------------------------
DaimlerChrysler AG reported total group sales of 167,934
passenger vehicles in the U.S. for January 2006, a 5% increase
compared to January 2005.  

Chrysler Group, which consists of the Chrysler, Jeep(R) and
Dodge brands, posted sales of 155,465 vehicles in the U.S., an
increase of 5%.  Following global sales growth of 4.7% to 2.83
million units in 2005, Chrysler Group will launch 10 all-new
vehicles in 2006, the most aggressive product launch in company
history, while introducing some of the most fuel- efficient
vehicles to date.  Chrysler Group will take its best-selling
Dodge brand to international markets in 2006, beginning with the
all-new 2007 Dodge Caliber.

Mercedes-Benz USA posted sales of 12,469 units, up 3% compared
to the same month last year.  On the heels of recording twelve
consecutive years of sales growth in 2005, MBUSA will introduce
a new generation of its flagship model line, the 2007 S-Class,
next month.

January 2006 and January 2005 both had 24 selling days.

                        About the Company

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- produces cars and trucks  
under the brands Chrysler, Dodge, Jeep, Mercedes-Benz, Smart,
and Maybach, among others.

A merger of equals between U.S.-based Chrysler Corporation and
Germany's Daimler-Benz was announced in 1998.  In 2003, Detroit
News revealed that the transaction was, in fact, a buyout of
Chrysler by the German firm.  The alleged deception set off
several lawsuits, one of which by billionaire Kirk Kerkorian was
dismissed by the court in April.

In 2000, DaimlerChrysler's U.S. finance arm was accused of
discriminating against African Americans and Hispanics.  A
settlement required the carmaker to offer several billion
dollars in loans.

The carmaker is also a subject to several investigations.
German financial services regulator BaFin has started a formal
probe on alleged illegal trades involving Daimler stocks, which
went up prior to the announcement of Juergen Schrempp's
resignation as chief executive.  It is also being investigated
by the U.S. Justice Department over bribery claims at the
Mercedes Car Group.

While its Chrysler unit is slowly recuperating, the market share
of Mercedes Benz continues to slip.  Mercedes has been described
a "tarnished" brand in the wake of slipups in design and
engineering.  Losses incurred by Mercedes were also blamed for
the 30% drop in DaimlerChrysler's first-quarter earnings.  The
poor result was mostly due to the EUR512 million spent to revamp
its losing Smart venture, which has yet to post a profit.

DaimlerChrysler projects 2004's EUR5.75 billion operating profit
to double by 2008, with Mercedes booking operating profit of
EUR4.7 billion in four years.  Chrysler group aims to book
EUR2.3 billion in profit on top of the EUR2 billion and EUR2.2
billion from the commercial vehicles business and services
operations.


DMW DATEN: Muenchen Court Begins Bankruptcy Proceedings
-------------------------------------------------------
The District Court of Muenchen opened bankruptcy proceedings
against DMW Daten-Service GmbH on Jan. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 1, 2006, to register their
claims with court-appointed provisional administrator Axel W.
Bierbach.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Muenchen, Infanteriestr. 5,
Sitzungssaal 102,at 8:30 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:  DMW DATEN-SERVICE GmbH
          Andreas-Vost-Str. 2 in 81377 Muenchen
                              
          Axel W. Bierbach, Administrator
          Schwanthalerstr. 32, 80336 Muenchen
          Tel: 54511-0
          Fax: 54511-444


HOGES GMBH: Claims Filing Period Ends Feb. 14
---------------------------------------------
The District Court of Reinbek opened bankruptcy proceedings
against Hoges GmbH on Jan. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until Feb. 14, 2006, to register their claims
with court-appointed provisional administrator Heiko Fialski.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Reinbek, 21465 Reinbek,
Parkallee 6,at 10:10 a.m., on March 14, 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:  HOGES GmbH
          Kaiser-Wilhelm-Allee 8, 22926 Ahrensburg
          Contact:
          Walter Hormann, Manager
                              
          Heiko Fialski, Administrator
          Raboisen 38, 20095 Hamburg


JACOBS STAHL: Wilhelmshaven Court Calls in Administrator
--------------------------------------------------------
The District Court of Wilhelmshaven opened bankruptcy
proceedings against Jacobs Stahl- und Metallbau GmbH on Jan. 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 7, 2006,
to register their claims with court-appointed provisional
administrator Michael Waculik.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Wilhelmshaven, Altbau,
Marktstrasse 15, 26382 Wilhelmshaven,at 9:30 a.m. on Feb. 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:  JACOBS STAHL- UND METALLBAU GmbH
          Banter Weg 11, 26389 Wilhelmshaven
          Contact:
          Dirk Jacobs, Manager
          Mainstrasse 16, 26382 Wilhelmshaven
                    
          Heiko Fialski, Administrator
          Schlosserstr. 40, 26441 Jever
          Tel: 04461/745750
          Fax: 04461/745751
          Email: kanzlei@waculik.de


LKW-FUHRBETRIEB: Bankruptcy Hearing Slated for March 21
-------------------------------------------------------
The District Court of Halle-Saalkreis opened bankruptcy
proceedings against LKW-Fuhrbetrieb Beilicke GbR on Jan. 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 21, 2006,
to register their claims with court-appointed provisional
administrator Stephan Poppe.     

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 11:20
a.m. on March 21, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and/or opt to appoint a new insolvency
manager.

CONTACT:  LKW-FUHRBETRIEB BEILICKE GbR
          Lange Str. 132, 06537 Kelbra
                    
          Stephan Poppe, Administrator
          Universitatsring 6, 06108 Halle
          Tel: 0345/530490
          Fax: 0345/5304926


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H U N G A R Y
=============


PANNONPLAST RT: 2005 Losses Plummet to HUF216 Million
-----------------------------------------------------
Troubled plastic manufacturer Pannonplast Rt. booked a sterling
performance in 2005 as it trimmed its losses drastically,
Budapest Business Journal reports.

Pannonplast slashed its consolidated losses from HUF1.9 billion
in 2004 to just HUF216 million last year.  The group also posted
HUF21 million in fourth quarter net profit, a contrast to HUF891
million in net loss it booked a year earlier.  Despite a 17%
slide in full-year revenues to HUF22.04 billion, Pannonplast's
EBITDA soared by 86% to HUF1.77 billion in 2005.  Fourth quarter
EBITDA also climbed 26.1% to HUF203 million.  Export revenues
rose 5.5% to HUF10.23 billion.

Pannonplast attributed the revenue decline to the sale of its
Pannonpipe unit and the latter's Romanian subsidiary.  
Pannonpipe accounted for 12% of Pannonplast's consolidated
revenue in 2004.  The figures were prepared using the
International Financial Reporting Standards.

                     About the Company

Headquartered in Budapest, Hungary, Pannonplast Muanyagipari Rt.
-- http://www.pannonplast.hu/-- manufactures a wide range of  
plastic-finished Products.  It reported its third straight
losses in 2004 due to dropping demand for its products in the
sluggish western European market.  Although 2004 revenues
amounted to HUF26.5 billion, the company still booked losses of
HUF1.8 billion.  CEO Balazs Szabo, which took over in September
2004, has been cutting costs and selling units to restore the
company's profitability.


TRANSELEKTRO HOLDING: Needs Capital to Solve Liquidity Issues
-------------------------------------------------------------
Debt-laden Transelektro Holding will undergo a series of
financial measures to solve its liquidity problems, Budapest
Business Journal says.

According to Minister of Economic Affairs and Transport Janos
Koka, a group of creditors will extend a 75% state-guaranteed
HUF3 billion loan to the ailing group, after which
Transelektro's owners will pour in HUF500 million.  The owners
plan to sell some of the group's assets to raise the needed
amount for the cash injection.

Transelektro currently needs HUF3.5 billion in fresh capital to
solve its liquidity problems, this despite HUF50 billion in
stock orders.

TCR Europe reported on Jan. 26, 2006, that the government has
struck a deal with Transelektro's creditors to keep it afloat,
thus protecting jobs and investments.  State-owned banks MFB and
Eximbank earlier agreed to reschedule their loans to the group,
but noted that Transelektro has no problem repaying them.  

Headquartered in Budapest, Hungary, The Transelektro Group --
http://www.transelektro.hu/-- is comprised of more than 20  
companies, with fields on energetics, real-estate development
and investment, and public transport.


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


BANCA NAZIONALE: BNP Paribas Submits EUR9 Billion Takeover Bid
--------------------------------------------------------------
Banca Nazionale del Lavoro received a EUR9 billion takeover
offer from BNP Paribas SA last week.

BNP Paribas, a global banking group operating in 85 countries,
entered into conditional agreements with 13 shareholders of BNL,
including Unipol, to acquire 1.47 billion BNL shares,
representing approximately 48% of the shares of BNL, at a price
of EUR2.925 per share.

The agreements are conditional among others upon:

  (i) the lapsing of the public offer launched by Unipol on all
      the shares of BNL; and

(ii) the approval by the Bank of Italy and the relevant
      Antitrust Authorities (in Italy and/or at EU level) of the
      acquisition by BNP Paribas of a controlling interest in
      BNL, such conditions to occur on or before June 30, 2006.

                     Terms of the Agreement

Under the terms of the agreements, BNP Paribas will pay up to
EUR4.3 billion in cash to acquire 48% of the capital of BNL.  It
would then launch a Public Offer to acquire the remaining shares
(including savings shares), also in cash, at the same price of
EUR2.925 per share.

BNP Paribas expects to disburse EUR9 billion for the acquisition
assuming that the offer is approved by relevant authorities and
all shareholders would tender their shares through the public
offer (which would result in BNP owning 100% of BNL).

BNP Paribas plans to fund this investment partially through:

   -- a EUR5.5 billion rights issue with pre-emptive rights for
      existing shareholders; and

   -- the issue of hybrid capital for approximately
      EUR2 billion, and from internal resources for the balance.

After these issues, BNP Paribas' tier one ratio should stand
above 7%.

The precise terms of the rights issue would be determined and
announced after the authorization of the Public Offer by the
Italian stock market regulator, Consob.

A full-text copy on the merger is available at no charge at
http://ResearchArchives.com/t/s?509

BNP Paribas is advised by BNP Paribas Corporate Finance.  Its
legal advisors are Bonelli Erede Pappalardo Studio Legale.

                      About BNP Paribas

BNP Paribas is one of the largest foreign banks in Italy, with a
leading and longstanding presence in retail financial services,
a well-established position in asset management and services,
and the status of a top tier player in corporate and investment
banking. It employs more than 3,700 people and generates
revenues in excess of EUR750 million.

                          About BNL

Banca Nazionale del Lavoro is the sixth largest Italian bank in
terms of deposits and loans.  Its network offers nation-wide
coverage via approximately 800 branches covering all major urban
areas.  It serves around 3 million retail customers, 39,000
corporate clients, and 16,000 public entities.

                        *     *     *

Fitch Ratings recently upgraded Banca Nazionale del Lavoro's
(BNL) Individual rating to 'C' from 'C/D' following the
announcement on the planned merger with BNP Paribas.


BANCA NAZIONALE: Fitch Upgrades Individual Rating to C
------------------------------------------------------
Fitch Ratings affirmed the ratings of BNP Paribas (BNPP) at 'AA'
Long-term, 'F1+' Short-term, 'A/B' Individual, '1' Support.  The
Outlook for the Long-term rating remains Stable.  The agency has
upgraded Banca Nazionale del Lavoro's (BNL) Individual rating to
'C' from 'C/D'.  At the same time, the agency has placed on
Rating Watch Positive BNL's ratings of Long-term 'BBB+', Short-
term 'F2' and Support '2'.

The rating action follows the announcement of the planned
acquisition by BNPP of a controlling stake of c.48% in BNL from
Unipol and associated parties.  The acquisition is subject to
approval by the boards of BNPP and Unipol and by the Banca
d'Italia.  If the deal is approved, BNL's Long- and Short-term
ratings and its Support rating would reflect what Fitch
considers to be an extremely high probability of support, should
it ever be required, from its new controlling shareholder.  As a
result, BNL's ratings would be upgraded to Long-term 'A', Short-
term 'F1' and Support '1'.  The Long-term rating would remain at
'A' Rating Watch Positive to reflect Fitch's expectation that
BNPP, following the launch of an obligatory takeover bid for the
remaining shares, will gain in excess of 75% of BNL's shares.  
Once this threshold is exceeded, Fitch would automatically raise
BNL's Long-term rating to 'A+'.  As further integration occurs
and additional operational benefits accrue to BNL from its
acquisition by BNPP, it is possible that Fitch may raise its
Long-term rating further.

The upgrade of BNL's Individual rating reflects improvements
that have already occurred in the bank, including a reduction in
credit risk, its exit from Argentina, better profitability and
more robust capital adequacy.  Fitch considers that BNL has
substantially resolved the major problems that have dogged it
for years.  On completion of the deal, Fitch would expect BNPP
to introduce changes in BNL with a view to boosting revenues,
through cost reduction and enhanced risk management procedures.  
It is possible that operational improvements stemming from
BNPP's ownership of BNL will influence favorably BNL's
Individual rating in due course.

Fitch considers that BNL would represent a sound acquisition for
BNPP.  The proposed acquisition is in line with the French
bank's strategy of developing and diversifying recurring retail
banking revenue, which is the focus of its plan to end-2007.  
BNPP believes that BNL represents an important first step in
building a strong franchise in a second  "home" European market.  
The bank already has considerable experience in the Italian
specialized financial services.  BNPP values, in particular,
BNL's corporate franchise which it feels is a sound fit with its
own activities, while also seeing opportunities for expansion in
BNL's retail franchise, noting especially that mortgage loans,
consumer lending and life assurance represent a smaller
proportion of GDP in Italy than in other major European markets.  
Fitch notes that BNL's retail franchise is weaker than many
competitor banks in Italy, being spread throughout the
pensinsula, which may make it hard to achieve competitive
advantages based on local market shares.  BNL, nevertheless,
would provide BNPP with a strong branch network on which to
build.

To finance the deal -- which has still to be formally approved
by the Italian bank regulator, Banca d'Italia and the Italian
stock market regulator, Consob -- BNPP plans to issue core and
hybrid capital.  While the bank's Tier 1 ratio would drop from
its 7.9% level reported at end-September 2005 -- based on it
acquiring 100% of BNL -- BNPP aims to maintain a Tier 1 ratio of
at least 7%.  Fitch regards this level as low in the range for
its rating and would expect to see the bank strengthen its ratio
by retaining earnings or other capital management tools.

In the first nine months of 2005, BNL reported EUR411 million of
net income, EUR4,897 million of equity and a Tier 1 ratio of
6.7%.  It was the sixth largest bank in Italy by loans at end-
2004 and has c.800 branches.

In the first nine months of 2005, BNPP reported EUR4,820 million
of net income and over EUR36 billion of equity.  It is the
second largest French bank and the fifth largest in Europe by
equity.  Its market share in France is around 8% of deposits.


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


ASTRA: Creditors' Claim Due Next Month
--------------------------------------
LLC Center of the New Technology Astra has declared insolvency.   
The proofs of claim will be accepted at Uralsk, Dostyk-Drujba
Ave. 185/1, Office 30 on or before March 27, 2006.  

The company can be contacted at 8 (311(22) 51-17-59.


HAN ATLAS: Sets Proofs of Claim Deadline
----------------------------------------
LLC Han Atlas has declared insolvency.  The proofs of claim will
be accepted at North Kazakhstan region, Petropavlovsk, Truda
Ave. 1 on or before March 27, 2006.  

The company can be contacted at 8 (3152) 34-01-18.


OIBAS-OIL: Bankruptcy Proceedings Begins in Kyzlorda
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region commenced bankruptcy proceedings against LLC Oibas-Oil-
Service on Dec. 20, 2005.  The proofs of claim should be
submitted to the Specialized Inter-Regional Economic Court of
Kyzylorda region, Kyzylorda, Aitike bi Str. 29.  

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


OZENSU: Mangistau Court Rules on Bankruptcy
-------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
region commenced bankruptcy proceedings against LLC Ozensu on
Dec. 9, 2005.

CONTACT:  SPECIALIZED INTER-REGIONAL
          ECONOMIC COURT OF MANGISTAU REGION
          Aktau, Micro District 27, 51    
          Phone: 8(3292) 41-22-37


SERVICE: Almaty Court Sends Group Into Insolvency
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty region
declared LLC Service insolvent on Dec. 12, 2005.   The proofs of
claim will be accepted at Taldykorgan, Jansugurova Str. 113,
room 208.   

You can call the company at 8 (328(22) 24-19-77.


TURAN SERVICE: Claims Bar Date Slated for March 27
--------------------------------------------------
LLC Turan Service-Aktobe has declared insolvency.   The proofs
of claim will be accepted at Aktobe, Nekrasov Str. 39-36 on or
before March 27, 2006.  

CONTACT:  TURAN SERVICE-AKTOBE
          Aktobe, Nekrasov Str. 39-36


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


CABLECOM LUXEMBOURG: S&P Rates EUR860-Mil Sr. Secured Loan at B
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
debt rating and '3' recovery rating to the EUR860 million
equivalent senior secured loan to be issued by Cablecom
Luxembourg SCA (B/Stable/--).

The recovery rating of '3' indicates the agency's expectation of
meaningful recovery (50%-80%) of principal for senior secured
lenders in the event of a payment default.  The senior secured
bank loan rating and recovery rating take into account the level
of expected prior-ranking and pari passu liabilities, as well as
the weak security and covenant package. The ratings do not
factor in the risk that the documentation permits the loans to
be converted into an obligation under the senior secured debt
facilities available to related entity UPC Broadband Holding
B.V. (B/Stable/--), which could alter ultimate recovery
prospects.

Both Cablecom and UPC are subsidiaries of UnitedGlobalCom Inc.
(UGC; B/Stable/--), which in turn is owned by Liberty Global
Inc.  The ratings remain subject to satisfactory review of legal
opinions to confirm that the security package is effective in
preventing the potential for structural subordination of the
senior lenders.  The facility has been arranged to refinance
senior secured notes in place prior to Liberty Global's
acquisition of Cablecom.

The ratings on Cablecom are strongly influenced by its ownership
by UGC, which is reflected in the equalization of the ratings on
the two entities.  The ratings on Cablecom reflect its position
as a highly leveraged, but leading, provider of utility-like
analogue cable television services in Switzerland, and one of
only two owners of a network covering the majority of the
country, with extensive local-loop infrastructure. Cablecom's
rapidly growing broadband Internet and telephony businesses
present an attractive business opportunity, particularly given
the delay in the approval of local-loop unbundling. In Standard
& Poor's view, the significant investments necessary to fund
growth, however, are expected to consume all of Cablecom's
expected organic cash flow in the near term.  In addition,
Swisscom's plans to launch TVoDSL (TV over digital subscriber
lines) services in 2006 constitute a serious competitive
response to Cablecom's strategy in the triple-play market.
  
                        Recovery Analysis

When estimating recoveries, Standard & Poor's simulates a
default scenario.  It used an enterprise valuation approach
because the agency believes the group would most likely default
as a result of its high leverage, and lenders would achieve
greater value through reorganization than through a liquidation
of assets.  Standard & Poor's simulated default scenario assumed
a potential combination of three factors:

  (a) Maintenance of capital expenditure investments failing to
      result in anticipated revenue growth, further resulting in
      gross margin erosion due to the slower take-up of new,
      higher-margin services.

  (b) A gradual increase in the company's interest costs due to
      rising interest rates and debt levels that might be
      incurred to fund operational shortfall or to secure
      covenant waivers.

  (c) A fully drawn revolving credit facility at the point of
      default (although all contracted amortization payments are
      assumed to have been met).

Under its simulated scenario and using a combination of
discounted-cash-flow and market-multiple valuation, a payment
default is unlikely to occur before 2009.  For the senior
secured lenders, taking into account other material pari passu
senior obligations and prior-ranking liabilities, Standard &
Poor's anticipates meaningful recovery of principal (in the 50%-
80% range), resulting in a recovery rating of '3'.

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


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


GETRONICS N.V.: Wins Financial Services Contract with Barclays
--------------------------------------------------------------
Getronics, the Global ICT Services Company, announced that
Barclays has selected it as a strategic partner to provide
desktop and application management support to over 30,000 users,
the majority of which are in the United Kingdom.  The win will
see Getronics become a key strategic partner of Barclays,
providing a greater range of services spanning its portfolio,
including workspace management, technology transformation and
application services.  The five-year contract is valued at
approximately EUR 200 million and begins in February 2006.  

This major international contract win represents the Company's
largest ever Financial Services deal.  The contract will be
serviced primarily out of the United Kingdom but involving
support from its Spanish operations and its Global Service
Centre in Budapest.   In 2005, Getronics strengthened its UK
operations with the acquisition of PinkRoccade and with a number
of new appointments to its UK management team.     

Paul Idzik, Chief Operating Officer of Barclays said: "As part
of our continuous assessment of IT support to meet the changing
needs of our business, we have reviewed our current supplier
arrangements.  Getronics was a logical choice due to its 18 year
track record with Barclays and its validated positive experience
with transitioning and supporting other clients in the financial
services sector."  Paul Idzik continued: "Getronics' workspace
and application management services provide us with the support
and flexibility we need to continue to evolve and optimise our
IT environment cost effectively."

In order to meet the requirements that Barclays places upon its
networks, the bank needed to engage the services of a company
that understands the financial services sector, is flexible and
has in-depth experience and knowledge of ICT.  The project will
be rolled out in two phases.   The first will focus on the
transition of current technology and business practices.  This
will be followed by the installation and integration of new
technology in order to improve the efficiency of the workspace
management system.  

Klaas Wagenaar, Chairman and CEO of Getronics commented:
"Workspace management and application services are our core
business.  We understand the drivers and challenges our clients
face.  We ensure our clients remain in control of their business
while we deliver the level of service they require.  The
Barclays contract is particularly exciting for us as it endorses
the success of our strengthened service portfolio and validates
our strategic focus.  We look forward to the continual evolution
of our relationship with Barclays and helping the bank realise
its future technology vision."

                     About Barclays Bank Plc

Barclays is a global financial services company, with an
international presence in Europe, the USA, Africa and Asia.  It
is engaged primarily in banking, investment banking and
investment management.  In terms of market capitalization,
Barclays is one of the largest financial services companies in
the world.  Barclays has been involved in banking for over 300
years and operates in over 60 countries with more than 110,500
permanent employees.

                      About the Company

Headquartered in Amsterdam, Netherlands, Getronics N.V. --
http://www.getronics.com/-- designs, integrates and manages ICT  
infrastructures and business solutions for many of the world's
largest global and local companies and organizations, helping
them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.  The company
has regional offices in Boston, Madrid and Singapore.  Its
shares are traded on Euronext Amsterdam.   

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 23,
2006, Standard & Poor's Ratings Services placed its 'B+' long-
term corporate credit rating on Dutch IT services group
Getronics N.V. on CreditWatch with negative implications,
following a profit warning from the group.  

At the same time, Standard & Poor's placed on CreditWatch
negative its 'B-' senior unsecured debt rating on the group's
convertible bonds and its 'B+' long-term and '3' recovery
ratings on Getronics' EUR300 million ($363 million) senior
secured bank loan.  The '3' recovery rating indicates Standard &
Poor's expectation of meaningful (50%-80%) recovery of principal
for secured lenders in the event of a payment default.

Furthermore, Standard & Poor's withdrew its 'B+' long-term and
'3' recovery rating on the EUR75 million first tranche of the
bank loan, which has been repaid in full.

At Sept. 30, 2005, Getronics had gross debt of EUR518 million,
including EUR135 million in cumulative preference shares.  


PYATEROCHKA HOLDING: Moody's Assigns Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
with stable outlook to Pyaterochka Holding N.V.  

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, assigned a Aa3.ru long-term national
scale credit rating to the company.

According to Moody's and Moody's Interfax, the Ba3 global scale
rating reflects the company's global default and loss
expectation, while the Aa3.ru national scale rating reflects the
standing of the company's credit quality relative to its
domestic peers.

                        Rating Rationale

The Ba3 corporate family rating and the Aa3.ru national scale
rating reflect five positive factors:

  (a) The large potential for further growth and development of
      the Russian large retail food market;

  (b) The company's strong positions in its key markets of the
      Moscow region and St. Petersburg and access to other
      Russian regions through established franchise operations;

  (c) Management's track record of delivering high growth;

  (d) High margins, although these are expected to come under
      pressure in the future, with a 3-year historical average
      EBIT of 8.2%, and tight cost control; and

  (e) Some flexibility with respect to leverage, with an end-
      2005 estimated total adjusted net debt to EBITDAR of 2.1x.

However, the ratings are constrained by these challenges:

  (a) Pyaterochka's large capex program and spending on
      acquisitions to support the company's ambitious growth
      strategy both in the key markets of the Moscow region and
      St. Petersburg and in other Russian regions;
  
  (b) Negative free cash flow in the medium term due to its
      large planned investments, although the company's
      operating cash flow is considered strong and is expected
      to remain so;
  
  (c) Growing competition in the Russian market, especially in
      the key segments of St. Petersburg and Moscow, thereby
      creating pressure on the company's margins; and
  
  (d) Risks associated with operating in Russia's somewhat
      vulnerable economic and regulatory environment.
  
In Moody's opinion, the risks associated with the company's
large investment program are to a certain extent mitigated by
its ability to downscale it, as the program is largely
discretionary and mostly aimed at further expansion rather than
at supporting existing operations at their current level.  By
reducing the program, Pyaterochka could begin generating
positive free cash flow earlier than currently planned.  The
company's ability to generate large operating cash flow is based
on its solid market positions supported by its strong name
recognition, proven format acceptance by the market, existing
large and conveniently located store network and cost-efficient
distribution infrastructure.

However, given its substantial investment plans, Moody's would
expect Pyaterochka to increase leverage from current levels.  
The company has set itself a target level of net debt to EBITDA
of below 2x and plans to maintain this level when making
acquisitions of successful franchise operations in the regions.  
However, Moody's cautions that Pyaterochka might be unable to
adhere to this target if it were to enter into a large
acquisition transaction.  Whilst Pyaterochka's ratings currently
assume a moderate amount of bolt-on acquisitions, specifically
of regional franchise operations, the ratings do not incorporate
any large debt-funded transformational acquisitions.  Given the
company's current expansion program, adjusted debt to EBITDAR is
projected to not exceed a 3x level in the medium term.

                           Liquidity

At the end of 2005, the company had approximately US$55 million
of cash.  The company's unaudited H1 2005 statements show that
its short-term debt of US$77.3 million was 75% covered by its
cash accounts.  By the end of 2005, the company had paid back
almost all of its short-term debt, while raising its long-term
debt via the second bond issuance.  As of 1 November 2005,
Pyaterochka had undrawn committed lines of US$27.1 million.

                        Rating Outlook

The current rating outlook is stable.  Moody's expects that
Pyaterochka will be able to grow in accordance with its plans
without a material deterioration in its credit metrics.  These
expectations are based on Pyaterochka's strong position in the
growing market and some cushion in terms of current leverage.

Success in maintaining margins and providing for a sustainable
material improvement in its free cash flow generation ahead of
projections could have positive rating implications for
Pyaterochka.

However, should the company perform below expectations,
resulting in decreasing margins, a deterioration in operating
cash flow generation and adjusted leverage significantly
surpassing the maximum foreseen level of 3x in 2006-2007, this
could exert downward pressure on the ratings.

Headquartered in the Netherlands, Pyaterochka Holding N.V. is a
leading Russian food retailer operating a large store network
largely covering the Moscow region and St. Petersburg but also
with a good presence in other Russian regions through its
franchise operations.  The company has recently acquired its two
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 million for 2005.


ROYAL SHELL: Buys Another 400,000 'A' Shares for Cancellation
-------------------------------------------------------------
Royal Dutch Shell PLC purchased 400,000 'A' Shares for
cancellation at EUR27.15 per share on Feb.3.  It further
purchased 100,000 'A' Shares for cancellation at 1,845.50 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell PLC will be 3,924,862,974.

As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell
PLC were in issue.

                          *     *     *

In 2005, Shell returned US$5 billion to shareholders via market
purchases of shares.  This target included shares purchased for
cancellation by The Shell Transport and Trading Company PLC and
Royal Dutch Petroleum Company prior to the Group unification of
US$500 million.  The Company expected to continue its buyback
program in 2006 and planned to provide an update on the 2006
buyback program with the full year results announcement on Feb.
2, 2006.

Shell's buyback scheme was aimed at reviving shareholders' and
investors' confidence.  The buyback program followed last year's
damaging reserves overestimation scandal.

                        About the Company

Headquartered in The Hague and incorporated in England and
Wales, Royal Dutch Shell PLC -- http://www.shell.com/-- has  
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.  The
company is listed on the London, Amsterdam, and New York stock
exchanges.

                           The Trouble

Shell admitted overstating proved reserves by almost 6 billion
barrels between January 2004 and February last year.  This led
to the ouster of three top executives, including former Chairman
Philip Watts.  The company was fined EUR150 million in total
after investigations launched by U.S. and British regulators.
Shell has since revised the method by which it calculates
reserves to comply with U.S. regulations.  Shell's proved
reserves stood at 10.2 billion barrels at the end of
2004.


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


ADYGEYSKIY: Under External Management Procedure
-----------------------------------------------
The Arbitration Court of Adygeya republic has commenced external
management bankruptcy on open joint stock company Adygeyskiy.  
The case is docketed as A01-B/248-2005-11.  Mr. S. Romanchin has
been appointed external insolvency manager.

CONTACT:  ADYGEYSKIY
          385140, Russia, Adygeya republic, Takhtamukayskiy
          region, Yablonovskiy, Promyshlennaya Str. 2

          S. ROMANCHIN
          External Insolvency Manager
          302004, Russia, Orel region,
          3rd Kurskaya Str. 15


BANK NRB: Moody's Affirms Foreign Currency Ratings
--------------------------------------------------
Moody's Investors Service affirmed the B2/NP foreign currency
ratings and E+ Financial Strength Rating of Kyiv-based Bank NRB
following the recent announcement that Russia's Sberbank (Baa2
long-term foreign currency rating) intends to acquire a 100%
stake in the bank.  The outlook for all ratings is stable.

Moody's understands that, although Sberbank has yet to receive
necessary approvals from the Ukrainian and Russian regulatory
bodies, the probability that this transaction will materialise
is relatively high, exerting positive pressure on NRB's B2 long-
term foreign currency deposit rating which has consequently
become constrained by the B2 (stable) sovereign ceiling.  
Therefore, any future upward movement in Ukraine's sovereign
ceiling is likely to trigger a change in NRB's foreign currency
deposit rating up to a level commensurate with the bank's
fundamental credit strength existing at that time, factoring in
the impact of the potential takeover of NRB by Sberbank.

Moody's will continue to monitor the progress of the transaction
and, in the event that the takeover takes place, will revisit
NRB's unconstrained ratings.

With total IFRS-consolidated assets of US$111.6 million at year-
end 2004, NRB is among the smallest banks that Moody's rated in
Ukraine.  It is beneficially owned by the National Reserve
Corporation (Russia) -- a financial-industrial holding which
also owns NRB's sister bank, National Reserve Bank (Russia).

Sberbank is the largest bank in Central and Eastern Europe, with
total assets of US$69 billion and shareholders' equity in excess
of US$5 billion as at year-end 2004.  It is majority-owned by
the Central Bank of the Russian Federation.


GAS-SERVICE: Chuvashiya Court Rules on Bankruptcy
-------------------------------------------------
The Arbitration Court of Chuvashiya republic commenced
bankruptcy proceedings against Gas-Service after finding the
limited liability company insolvent.  The case is docketed as
A79-13680/2005.  Ms. T. Karandaeva has been appointed insolvency
manager.  

CONTACT:  GAS-SERVICE
          428900, Russia,
          Chuvashiya republic, Novocheboksarsk

          T. KARANDAEVA
          Insolvency Manager
          428900, Russia,
          Chuvashiya republic, Novocheboksarsk


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

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

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


IMPEXBANK JSC: Share Purchase Pact Spurs Moody's Revised Outlook
----------------------------------------------------------------
Moody's Investors Service has changed from stable to positive
the outlook on Impexbank's B1 long-term foreign currency deposit
rating and senior unsecured debt rating as well as the E+ (E
plus) financial strength rating.

The change of outlook is prompted by the recent announcement
that Raiffeisen International Bank-Holding AG (RI) -- a 70%
subsidiary of Austria's Raiffeisen Zentralbank Oesterreich AG
(rated by Moody's at A1/Prime1/C+) -- has signed a share
purchase agreement to acquire a 100% stake in Impexbank for a
total consideration of US$550 million, subject to the approval
of the transaction by the Central Bank of Russia and other
relevant authorities in Russia and Austria.  

The payment is split into two tranche, with a first payment of
up to US$500 million to be made after presentation of
Impexbank's audited financial results for 2005, and a second
payment of US$50 million to be made after presentation of the
audited financial results for 2006 (some price adjustments for
the revaluation of Impexbank's real estate assets are also
possible).

According to Moody's, the positive outlook on the foreign
currency deposit rating and the senior unsecured debt rating
reflect the strong likelihood that these ratings may be raised
following finalization of the share transfer, due to the
factoring in of parental support.  The transfer of ownership to
a new financially stronger strategic shareholder with solid
experience of working in emerging markets through equity
participations in a number of Eastern European banks, together
with RI's plans to integrate Impexbank into its banking group in
Russia, indicate a higher ability and propensity to support
Impexbank in case of need than was the case with the previous
owners.

Moody's also notes that the positive outlook on Impexbank's E+
FSR reflects its growing franchise in the SME and retail sectors
and is also underpinned by expectations that the bank's
strategy, business practices, internal controls and risk
management systems will become more closely aligned with those
of RI's existing Russia-based subsidiary - ZAO Raiffeisenbank
Austria (rated Baa2/P-2/D with a stable outlook) -- perhaps
resulting an eventual merger between the two.  Moody's adds
that, the involvement of RI may help to uplift Impexbank's
corporate governance and improve its access to funding,
insulating it against some risks it was exposed to before this
transaction took place.

Impexbank is headquartered in Moscow, Russian Federation, and as
of June 30, 2005 reported total IFRS consolidated assets of
US$1.5 billion and net IFRS income of US$12.2 million.


KARPINSKIY: Court Names S. Malygin as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Karpinskiy after finding the engineering
plant insolvent.  The case is docketed as A60-6080/05-S2.  
Mr. S. Malygin has been appointed insolvency manager.  Creditors
have until Feb. 17, 2006 to submit their proofs of claim to
620062, Russia, Ekaterinburg, Post User Box 206.

CONTACT:  KARPINSKIY
          624480, Russia, Sverdlovsk region,
          Karpinsk, Prom.area

          S. MALYGIN
          Insolvency Manager
          620062, Russia, Ekaterinburg,
          Post User Box 206


KRASNOCHETAYSKIY: Begins Bankruptcy Supervision in Chuvashiya
-------------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision on limited liability company
Krasnochetayskiy.  The case is docketed as A79-7963/2005.  Mr.
V. Alalykin has been appointed temporary insolvency manager.  
Creditors may submit their proofs of claim to 610000, Russia,
Kirov region, Moskovskaya Str. 25a.

CONTACT:  KRASNOCHETAYSKIY
          Russia, Chuvashiya republic,
          Krasnye Chetai

          V. ALALYKIN
          Temporary Insolvency Manager
          610000, Russia, Kirov region,
          Moskovskaya Str. 25a


MARIA: Insolvency Manager Takes Over Firm
-----------------------------------------
The Arbitration Court of Mariy El republic has commenced
bankruptcy supervision on open joint stock company Maria.  The
case is docketed as A38-1871-11/43-05.  Mr. A. Nekerov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 610000, Russia,
Kirov, Post User Box 37.  A hearing will take place on Dec. 15,
2006, 10:00 a.m.

CONTACT:  MARIA
          Russia, Mariy El republic, Gornomariyskiy region,
          Kozmodemyansk, Gagarina Str. 25

          A. NEKEROV
          Temporary Insolvency Manager
          610000, Russia, Kirov,
          Post User Box 37


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

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

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


REM-MELIO-MASH: Bankruptcy Hearing Slated for May 15
----------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision on open joint stock company Rem-Melio-Mash.  The
case is docketed as A28-402/05-301/6.  Ms. L. Tomilova has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 610002, Russia,
Kirov region, Orlovskaya Str. 20-a.  A hearing will take place
on May 15, 2006.

CONTACT:  REM-MELIO-MASH
          610925, Russia, Kirov, Novovyatskiy region,
          Raduzhnyj, Industrialnaya Str. 11

          L. TOMILOVA
          Temporary Insolvency Manager
          610002, Russia, Kirov region,
          Orlovskaya Str. 20-a


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

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

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


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

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

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


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


SAEZ MERINO: Applies for Insolvency Proceedings
-----------------------------------------------
Saez Merino has applied for insolvency proceedings on Feb. 1
citing its inability to pay certain debts, El Pais reports.

In September 2004, the textile group has shut down four of its
eight production plants in Spain leaving 542 workers jobless.  
According to reports, the current employees who are assigned in
its Segorbe and Cheste plant are concerned of their current
situation, since the company has subsequently moved its
production in North Africa.

Headquartered in Valencia, Spain, Saez Merino --
http://www.saezmerino.es/-- manufactures the Lois, Cimarron,  
Caster and Caroche brands.  In 2004, the company expected
financial losses after a fall in profits of more than 70% in
2003, to EUR2.47 million.  Parts of these losses were caused by
a 30% fall in exports to the U.S. market due to the strong euro.  
Saez Merino currently has a workforce of 950.


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


ALMEDA INSTAR: Liquidator Takes Over Helm
-----------------------------------------
The Economic Court of Kyiv region declared Almeda Instar (code
EDRPOU 33237130) on Nov. 29, 2005, after finding the limited
liability company insolvent.  The case is docketed as 24/769-b.  
Mr. I. Fedorov has been appointed liquidator/insolvency manager.

CONTACT:  ALMEDA INSTAR
          01133, Ukraine, Kyiv region,
          Lihachov Boulevard 1/27

          Mr. I. Fedorov
          Liquidator/Insolvency Manager
          03141, Ukraine, Kyiv region,
          Amosov Str. 4/85

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


AMANTA-TRADING: Court Sends Group Into Liquidation
--------------------------------------------------
The Economic Court of Kyiv region declared Amanta-Trading (code
EDRPOU 31405514) on Nov. 29, 2005, after finding the limited
liability company insolvent.  The case is docketed as 24/768-b.  
Mr. I. Fedorov has been appointed liquidator/insolvency manager.
The company holds account number 26002412041 at OJSC Naval
Transport Bank, Kyiv region branch.

CONTACT:  AMANTA-TRADING
          01103, Ukraine, Kyiv region,
          Kikvidze Str. 18 A

          Mr. I. Fedorov
          Liquidator/Insolvency Manager
          03141, Ukraine, Kyiv region,
          Amosov Str. 4/85

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


ATANATOS: Court Names V. Yegorova Interim Insolvency Manager
------------------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on LLC Guard-Detective Agency Atanatos
(code EDRPOU 26567773).  The case is docketed as 21/234-05-9568.  
Ms. Valentina Yegorova has been appointed temporary insolvency
manager.

CONTACT:  ATANATOS
          65009, Ukraine, Odessa region,
          Kvitnya Square 1

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


CHAUSOVSKIJ GRANITE: Declared Insolvent by Mikolaiv Court
---------------------------------------------------------
The Economic Court of Mikolaiv region declared Chausovskij
Granite Quarry (code EDRPOU 05520632) on Nov. 29, 2005, after
finding the limited liability company insolvent.  The case is
docketed as 10/118.  Ms. Kostina Milena has been appointed
liquidator/insolvency manager.

CONTACT:  CHAUSOVSKIJ GRANITE QUARRY
          Ukraine, Mikolaiv region,
          Pervomajsk, Naberezhna Str. 2-a

          Ms. Kostina Milena
          Liquidator/Insolvency Manager
          54015, Ukraine, Mikolaiv region,
          Buzkij Boulevard 1/32
          Phone: (0512) 35-23-37

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


ENERGOMASHSERVICE: Insolvency Manager Comes In
----------------------------------------------
The Economic Court of Harkiv region declared Energomashservice
(code EDRPOU 32762500) on Dec. 7, 2005, after finding the
limited liability company insolvent.  The case is docketed as B-
39/125-05.  Mr. Panfilov Yurij has been appointed
liquidator/insolvency manager.

CONTACT:  ENERGOMASHSERVICE
          Ukraine, Harkiv region,
          Kirgizska Str. 19

          Mr. Panfilov Yurij
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Kotlov Str. 228/24

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


JSC AZOVSTAL: S&P Rates Long-Term Corporate Credit Rating at B-
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to Ukraine-based JSC Azovstal Iron and
Steel Works.  The outlook is positive.

At the same time, Standard & Poor's assigned its 'B-' debt
rating to the proposed loan participation notes to be issued by
financial vehicle Azovstal Capital B.V. The notes will be used
to finance a loan from Moscow Narodny Bank Ltd. to Azovstal.

The ratings reflect Azovstal's position as a commodity player in
a cyclical industry, based in the emerging market environment of
Ukraine (foreign currency BB-/Stable/B; local currency
BB/Stable/B).

"Azovstal is in the middle of a three-year, $800 million capital
expenditure program aimed at modernizing its aged asset base,"
said Standard & Poor's credit analyst Elena Anankina. "Although
strategically important for the company's long-term
competitiveness, this will limit free operating cash flow
generation in coming years."

Pressure on Azovstal's liquidity has been mitigated by a $200
million payment received from the Ukrainian government in
December 2005, following the sale of Ukrainian steelmaker
Kryvorizhstal to Mittal Steel Co. N.V. (BBB+/Watch Neg/--). (The
2004 privatization tender for Kryvorizhstal, in which Azovstal
participated, was invalidated.)

The complex structure of Azovstal's unrated parent group, System
Capital Management, presents an additional risk, as it could
limit transparency and imply corporate governance uncertainties.  
Nevertheless, Azovstal benefits from access to low-cost labor
resources, reliable supplies (thanks to vertical integration at
SCM), a high share of exports (about 75% of sales), and, so far,
moderate leverage.

The ratings on Azovstal could be raised by one notch if the
company makes significant progress in corporate governance and
with its capital expenditure program.

"We expect Azovstal to use the $200 million Kryvorizhstal
proceeds to finance capital expenditures and refinance existing
short-term debt," said Ms. Anankina.  "We also expect it to
avoid any substantial shareholder distributions or acquisitions,
and to keep working capital outlays under control."

                       About the Company

Headquartered in the Ukrainian region of Donetsk, Azovstal is a
high-tech modern facility manufacturing a wide range of metal
products.  It is one of the top three leaders among Ukrainian
companies producing iron, steel and rolled products.

In 2004, Azovstal made a net profit of UAH9,279 million from
product sales, up 69.6% from UAH3,808.7 million a year earlier.
The financial result of the operating activity in 2004 increased
by UAH750.9 million to UAH1,270.6 million (UAH519.7 million in
2003).

About 44.87% of Azovstal stocks belong to CJSC "Azovstal Trade
House", 25.72% to CJSC "System Capital Management", 15.53% to
Leman Commodities (metal trader, Switzerland), and 11.57% to SCM
Limited (Cyprus).


KEDRUS: Court Names I. Fedorov to Liquidate Assets
--------------------------------------------------
The Economic Court of Kyiv region declared Kedrus (code EDRPOU
33303407) on Nov. 29, 2005, after finding the limited liability
company insolvent.  The case is docketed as 24/770-b.  Mr. I.
Fedorov has been appointed liquidator/insolvency manager.

CONTACT:  KEDRUS
          01023, Ukraine, Kyiv region,
          Leonid Pervomajskij Str. 5-A

          Mr. I. Fedorov
          Liquidator/Insolvency Manager
          03141, Ukraine, Kyiv region,
          Amosov Str. 4/85

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


LAZURIT: Under Bankruptcy Supervision in Dnipropetrovsk
-------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Lazurit (code EDRPOU 23939978).  
The case is docketed as B 40/153/05.  Mr. I. Morozov has been
appointed temporary insolvency manager.  The company holds
account number 26009300262 at CJSC Financial Union Bank, MFO
305987.

CONTACT:  LAZURIT
          49000, Ukraine, Dnipropetrovsk region,
          Korolenko Str. 3

          Mr. I. Morozov
          Temporary Insolvency Manager
          49044, Ukraine, Dnipropetrovsk region, a/b 2734

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


PLEMZAVOD RUNO: Sumi Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Sumi region declared Plemzavod Runo (code
EDRPOU 32214332) on Dec. 1, 2005, after finding the limited
liability company insolvent.  The case is docketed as 12/53-05.  
Mr. Pehterev Dmitro has been appointed liquidator/insolvency
manager.

CONTACT:  PLEMZAVOD RUNO
          Ukraine, Sumi region,
          Lebedin district, Kurgan

          Mr. Pehterev Dmitro
          Liquidator/Insolvency Manager
          40032, Ukraine, Sumi region, a/b 1407

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


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


AIREDALE GLASS: Taps Administrators from PricewaterhouseCoopers
---------------------------------------------------------------
Edward Klempka and David Malcolm Walker of
PricewaterhouseCoopers were appointed administrators of Airedale
Glass & Glazing Company Limited (Company No 01258722) on
Jan. 25.  Its registered office is at Carlton Works, Carlton
Industrial Estate, Cemetery Road, Yeadon LS19 7BD.  

                          About PwC

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

                       About Airedale

Headquartered in Yeadon, Leeds, Airedale Glass & Glazing Company
Limited manufactures aluminum products and offers installation
services.  The Company is available by phone at 0113 250 6821 or
by fax at 0113 250 6160.


APTEC TECHNOLOGIES: PwC Named to Administer Assets
--------------------------------------------------
David Matthew Hammond, Edward Mark Shires and Ian David Green of
PricewaterhouseCoopers were appointed administrators of Aptec
Technologies Limited (Company No 3029115) on Jan. 10.  Its
registered office is at PO Box 2805, Tachbrook Road, Leamington
Spa, Warwickshire CV31 3ZL.  

                          About PwC

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

Aptec Technologies manufactures automotive parts.


AQUA BARRIER: Hires Begbies Traynor as Administrator
----------------------------------------------------
D. Bailey of Begbies Traynor was appointed administrator of Aqua
Barrier International Limited (Company No 04240009) on Jan. 25.  
The company manufactures and designs flood defense system.

CONTACT:  AQUA BARRIER INTERNATIONAL LTD
          Woodvale Gadley Lane
          Buxton, Derbyshire SK17 6UY
          Tel: 01298 70446

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


AXIOMATIC HOLDINGS: Bridgestones Firm Leads Administration
----------------------------------------------------------
Jonathan Lord and Robert Cooksey of Bridgestones were appointed
administrators of Axiomatic Holdings Limited (Company No
03265680) on Jan. 19.  

CONTACT:  BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Tel: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


BAY TECHNOLOGY: Hires Menzies Corporate to Administer Assets
------------------------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy of Menzies
Corporate Restructuring were appointed administrators of Bay
Technology Group Limited (Company No 4441459) on Jan. 20.  

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
is a member of Moores Rowland International, an association of
independent accounting firms throughout the world with some
20,800 partners and staff, operating from 628 offices in 92
countries. MRI, which is ranked 8th amongst the leading
international accounting associations, achieved global revenues
of US$1,800 million in 2003.

Headquartered in London, Bay Technology Group Limited --
http://www.baytechnology.co.uk/-- specializes in the provision  
of Information Technology and Internet Services to the
small/medium enterprise, corporate and government marketplace.  
The Company is available by phone at 0207 283 5583, or by fax at
0207 283 5577.


B&C NON-FERROUS: In Administrative Receivership
-----------------------------------------------
Bank of Scotland Plc appointed Mark Jeremy Orton and Jonathan
Scott Pope of KPMG LLP joint administrative receivers of B&C
Non-Ferrous Foundry Limited (Reg No 01646760) on Jan. 26.  The
company is engaged in casting non-ferrous metals.

CONTACT:  KPMG LLP
          Marlborough House
          Fitzalan Court
          Fitzalan Road
          Cardiff CF24 0TE
          Tel: 029 2046 8000
          Fax: 029 2046 8202
          E-mail: joff.pope@kpmg.co.uk


BULLDOG BUCKLE: Administrators from Milston Langdon Enter Firm
--------------------------------------------------------------
Timothy Alexander Close of Milsted Langdon was appointed
administrator of Bulldog Buckle Company Limited (Company No
02883452) on Jan. 24.  Its registered office is at One Redcliff
Street, Bristol BS1 6NP.

Established 1989, Bulldog Buckle Company Limited --
http://www.bulldogbuckle.com/-- designs, develops and  
manufactures pieces of jewelry made of 3-dimensional metal and
resin products.

CONTACT:  BULLDOG BUCKLE CO LTD
          The Old Malthouse
          Priory Avenue
          Taunton TA1 1JU
          Somerset
          Tel: 01823 340700
          Fax: 01823 325038

          MILSTED LANGDON
          Winchester House
          Deane Gate Avenue
          Taunton
          Somerset TA1 2UH
          Tel: 01823 445566
          Fax: 01823 445555
          E-mail: risaacs@milsted-langdon.co.uk
          Web site: http://www.milsted-langdon.co.uk/

CABLE WIRELESS: Fitch Maintains BB Rating with Negative Outlook
---------------------------------------------------------------
Fitch Ratings sustained Cable & Wireless PLC's Senior Unsecured
rating at 'BB' with Negative Outlook and simultaneously
withdrawn it. It will no longer provide ratings or analytical
coverage of this issuer.

                      About the Company

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


CENTER PARCS: Appoints Chris Todd as Interim Finance Head
---------------------------------------------------------
Center Parcs (UK) Group PLC names Chris Todd, the Group's
Finance Manager, as temporary Head of Finance from March 1,
2006, until a new appointment is made. He will assume the
position of Finance Director Simon Lane who will leave on the
said date.

The process to recruit Simon's successor is proceeding and a
further announcement will be made once the appointment has been
finalized.

                      About the Company

Based in the United Kingdom, Center Parcs operates short break
holiday villages in Sherwood Forest (Nottinghamshire), Longleat
Forest (Wiltshire), Elveden Forest (Suffolk) and Whinfell Forest
(Cumbria).  It has more than 5,000 employees and an annual
turnover of GBP229.64 million.

In July, the company revealed underlying trading for the year
was robust, but was impacted by a number of specific factors
including a weaker than expected first quarter; Christmas
scheduling issues; and higher than expected energy cost
inflation.

Action has been taken to minimize these impacts in the future.  
Work was underway on two key aspects of funding for the Group:

(a) GBP52.5 million loan notes: these have a fixed coupon of
    6.5% until January 2007 and an amortization payment schedule
    beginning in FY07 with a sum of GBP7.5 million.  The Board
    has been reviewing the refinancing options for this part of
    the funding structure; and

(b) funding for the 5th site: a range of funding models were
    under review.  The preferred funding route will be developed
    in due course to meet the likely timetable for the planning
    process and further updates will be provided as appropriate.

CONTACT:  CENTER PARCS (U.K.) GROUP PLC
          One Edison Rise
          New Ollerton
          Newark, Nottinghamshire
          NG22 9DP
          United Kingdom
          Phone: 0870 067 3000
          Fax: 0870 067 3099
          E-mail: shareholderservices@centerparcs.co.uk


CONCEPT DESIGN: Begbies Traynor to Administer Assets
----------------------------------------------------
Timothy John Edward Dolder and Nicholas Roy Hood of Begbies
Traynor (South) LLP were appointed joint administrators of
Concept Design & Development Limited (Company No 02202084) on
Jan. 23.  Its registered office is at Chiltern House, 24-30 King
Street, Watford WD18 0BP.

CONTACT:  CONCEPT DESIGN & DEVELOPMENT LTD
          Concept Pk
          Watling St, Towcester
          Northants NN12 7YD
          Tel: 01327 811587
          Fax: 01327 811413

          BEGBIES TRAYNOR (SOUTH) LLP,
          Calverton House, Tilers Road,
          Kiln Farm, Milton Keynes MK11 3LL


CORUS GROUP: Amends Pension Scheme with Trade Union Committee
-------------------------------------------------------------
Corus Group PLC together with the National Trade Union Steel
Coordinating Committee has jointly considered the longer-term
challenges facing the company's main U.K. defined benefit
pension fund, the British Steel Pension Scheme.  This has
included a comprehensive consultation process during which the
Scheme Trustees have been kept fully informed.

As a result of these discussions, the BSPS contribution and
benefit framework will be revised to secure a 3.5 percentage
point reduction in the headline rate of future service costs and
a 1 percentage point increase in employee contributions.  Taken
together these changes will result in a c.20% reduction in the
underlying cost to the company of providing pension benefits.

The main features include:

   -- revised early retirement terms that will be applied for
      future service accrual;

   -- inflation related pension that increases on future service
      accrual will now be capped at 4% per annum;

   -- employee ordinary contributions will increase from 5% to
      6% of pensionable earnings; and

   -- a joint company and NTUSCC working group over the next 12
      months will review pension options for new entrants.

Corus will start cash contributions to the main section of the
BSPS from April 2006.  This rate has been set at 10%.

"While the BSPS remains well funded, in making these changes
today, we are recognizing the increasing costs and risks
affecting U.K. pension schemes and balancing the interests of
all stakeholders," Finance Executive Director David Lloyd said.

                      About the Company

Corus Group PLC -- http://www.corusgroup.com/-- is one of the  
world's largest metal producers with a turnover of over
GBP9 billion and major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.

Operating through four divisions -- Strip Products, Long
Products, Aluminium and Distribution & Building Systems -- Corus
has over 48,000 employees in over 40 countries and sales offices
and service centers worldwide.

Corus was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V.  It suffered six years ago from the
crisis in British manufacturing, which prompted it to shake up
management, close plants, cut jobs, and sell assets to lower
debt.  Its debt was thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                        *     *     *

The company's 3% convertible notes due 2007 carry Standard &
Poor's and Fitch's B+ rating, while its 7-1/2% senior notes due
2011 is rated B2 by Moody's Investors Service, and B+ by S&P and
Fitch.


DE BRADELEI: Creditors Meeting Set Thursday
-------------------------------------------
Creditors of De Bradelei Mill Shop (Dover) Ltd (Company No
03236588) and De Bradelei Mill Shop Limited (Company No 2875683)
will meet on Feb. 9, 2006, 11 a.m. at Charnwood House, Gregory
Boulevard, Nottingham NG7 6NX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to P. Ellward, joint administrator of Tenon
Recovery, Charnwood House, Gregory Boulevard, Nottingham NG7 6NX
not later than 12 noon, Feb. 8, 2006.

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

CONTACT:  DE BRADELEI MILL SHOP LTD
          De Bradelei House, Chapel Street,
          Belper, Derbyshire DE56 1AR
          Tel: 01773 829 830


DELCON NUMERICAL: Names Hazlewoods Administrator
------------------------------------------------
Philip John Gorman of Hazlewoods LLP was appointed joint
administrator for Delcon Numerical Limited (Company No 01098228)
on Jan. 25.  Its registered office is at Unit 3B, 277 Barton
Street, Gloucester GL1 4JE.  The company offers mechanical
engineering services.

CONTACT:  DELCON NUMERICAL LTD
          Unit 3B
          Francis Woodcock Industrial Estate
          277 Barton St
          Gloucester GL1 4JE
          Tel: 01452 424283
          Fax: 01452 307947

          HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Tel: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk/


ELIZA TINSLEY: Manufacturer Falls Into Administration
-----------------------------------------------------
Ian Best and David Duggins of Ernst & Young LLP were appointed
joint administrators to Eliza Tinsley Group PLC, the West
Midlands-based manufacturer that employs 980 people worldwide.

The Group -- based in Two Woods Lane, Brierley Hill with three
other regional manufacturing facilities in Cradley Heath, Dudley
and Wolverhampton -- consists of seven facilities in total,
which are organized into off-highway and consumer products.

The off-highway division designs and manufactures complex
assemblies principally for original equipment manufacturers
(OEMs) of off-highway construction equipment.  The consumer
products division distributes its branded range of chains and
ropes and related flexible connectors to the large DIY outlets.

The Parkes Plant is based on Northfield Road, Dudley, and
specializes in the manufacture of commercial mowing machine
cutting cylinders, blades and other associated parts for OEMs.

M H Berlyn Ltd., on Waterfall Lane, Cradley Heath, manufactures
garden and DIY products marketed under the brand names Parasene
and Samson's.

The Smithson Plant is based on the Stafford Road, Wolverhampton.  
The facility manufactures a range of pressings, sheet metalwork
and fabricated assemblies which compliment the heavier products
available from the other Tinsley Group plants.

The Group also has sites in Bedfordshire, Bishop Auckland, Co
Durham, and international facilities in North Carolina, U.S.,
and Imola in Northern Italy.

"We are working hard to avoid disruption to the Group's
customers and are continuing to fulfill all current and future
orders," said David Duggins.

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


FRANK & WHITTOME: Calls in Administrators from BDO Stoy Hayward
---------------------------------------------------------------
David Harry Gilbert and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of Frank & Whittome Limited
(Company No 00680953) on Jan. 24.  

CONTACT:  FRANK & WHITTOME LTD
          1 Abbey Street,
          Faversham, Kent ME13 7BE
          Tel: 01795534061

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


GRIFFIN DIRECT: Close Invoice Taps Menzies as Receiver
------------------------------------------------------
Close Invoice Finance Limited appointed Andrew Gordon Stoneman
and Jason James Godefroy of Menzies Corporate Restructuring
joint administrators receivers of Griffin Direct Mail Limited
(Reg No 04657428) on Jan. 19.  

                        About Menzies

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland  
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries. MRI, which is ranked
8th amongst the leading international accounting associations,
achieved global revenues of US$1,800 million in 2003.

CONTACT:  GRIFFIN DIRECT MAIL LIMITED
          Unit 6
          Lockwood Park
          Parkside Industrial Estate
          Leeds LS11 5UX


HART LIMITED: Debt Claims Due Tomorrow
--------------------------------------
Creditors of Hart Limited (Company No 5233896) will meet on
Feb. 9, 2006, 11:30 a.m. at 48 Langham Street, London W1W 7AY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to S. P. J. Wadsted, joint administrator of
Middleton Partners, 48 Langham Street, London W1W 7AY not later
than 12 noon, Feb. 8, 2006.

CONTACT:  MIDDLETON PARTNERS
          48 Langham Street
          London W1W 7AY
          Tel: 0845 061 6000
               020 7908 6190
          Fax: 020 7908 6111
          E-mail: enquiries@middletonpartners.co.uk
          Web site: http://www.middletonpartners.co.uk/


HAXBY'S OF PLYMOUTH: Administrators Take Over Operation
-------------------------------------------------------
David John Crawshaw and Richard John Hill of KPMG LLP were
appointed administrators of Haxby's of Plymouth Limited (Company
No 02812610) on Jan. 25.

Haxby's is a family run business dealing in new and used car
sales, trading from two sites in Plymouth and Devon.  
Dealerships include Dihatsu, KIA, Subaru, Isuzu, Fiat and
Daewoo.  It has 59 employees.

CONTACT:  KPMG LLP
          100 Temple Street
          Bristol BS1 6AG
          Tel: (0117) 905 4000
          Fax: (0117) 905 4001
          Web site: http://www.kpmg.co.uk/


LA MUTUELLE: Obtains First Order Under New Chapter 15 Law
---------------------------------------------------------
La Mutuelle du Mans IARD United Kingdom Branch MMA Account made
international bankruptcy law history by obtaining the first
order granting a petition under the new Chapter 15 of the United
States Bankruptcy Code.  The Hon. Burton R. Lifland of the U.S.
Bankruptcy Court for the Southern District of New York approved
the Debtor's chapter 15 petition.

Chapter 15, which became effective Oct. 17, 2005, broadens the
mechanism through which representatives of non-US proceedings
might obtain relief, including injunctive relief, in the United
States, expands the powers of U.S. Bankruptcy Courts, and
enhances the rights of both U.S. and non-U.S. creditors.   

The national law firm of Edwards Angell Palmer & Dodge serves as
La Mutuelle's counsel.  Insurance and Reinsurance Department
Chair Alan J. Levin and Insolvency & Creditors' Rights partner
Selinda A. Melnik led the EAPD team of attorneys.

"We had to grapple with a series of 'firsts' in this case," said
Ms. Melnik, noting its significance for more than being the
first major case to test the limits of U.S. Chapter 15.  
According to Ms. Melnik, the case also represents the first time
a US Court has interpreted where the "center of main interests"
of a foreign debtor lies -- a hotly debated concept in the
European Union designed to determine which country will have
pivotal primary jurisdiction over a debtor and its assets where
the debtor has contacts in multiple countries.  

In addition, the case is of considerable interest to the
international insurance community, as the order confirms that a
US Bankruptcy Court may grant relief to aid the effective
implementation of a solvent scheme of arrangement for the
payment of claims against a foreign re/insurer in runoff.

"The combined international insurance and international
insolvency expertise of the Firm enabled us to bring to this
challenging assignment a breadth of knowledge and experience
unique in the industry," added Levin who is resident in the
Firm's Hartford, Connecticut and New York City offices.

                    About Edwards Angell

Edwards Angell Palmer & Dodge LLP -- http://www.eapdlaw.com/--  
is a full-service law firm with more than 520 lawyers in nine
offices.  The firm offers a full array of legal services to
clients worldwide with a special industry-based focus in the
Financial Services, Insurance and Reinsurance, Life Sciences,
Education, Airport, Technology and Private Equity/Venture
Capital sectors.  Edwards Angell Palmer & Dodge has offices in:
New York City, New York; Boston, Massachusetts; Ft. Lauderdale
and West Palm Beach, Florida; Hartford and Stamford,
Connecticut; Providence, Rhode Island; Short Hills, New Jersey;
Wilmington, Delaware; and a representative office in London,
England.

Headquartered in Reading, U.K., La Mutuelle du Mans Assurances
IARD United Kingdom Branch MMA Account provides insurance
services.  Jeffrey John Lloyd, in his capacity as foreign
representative, filed a chapter 15 ancillary proceeding for the
Debtor on Nov. 11, 2005 (Bankr. S.D.N.Y. Case No. 05-60100).  
Selinda A. Melnik, Esq., at Edwards Angell Palmer & Dodge LLP,
represents Mr. Lloyd in the United States.


LE FIGARO: Names Joint Administrators from Unity Corporate
----------------------------------------------------------
Matthew Colin Bowker and Suzanne Payne of Unity Corporate
Recovery and Insolvency were appointed joint administrators of
Le Figaro Brasserie And Bar Limited (Company No 4791838) on
Jan. 23.  The company operates a bar and restaurant.

CONTACT:  LE FIGARO BRASSERIE & BAR LTD
          Chapel Walks
          Manchester M2 1HN
          Tel: 0161 832 8342
          Fax: 0161 832 9123

          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


LEIGH SUPERBOWL: Joint Administrators Enter Firm
------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (UK) LLP were
appointed joint administrators of bowling alley Leigh Superbowl
Limited (Company No 04639141) on Jan. 23.  

CONTACT:  LEIGH SUPERBOWL LIMITED
          Windermere Rd
          Leigh, Lancashire WN7 1UX

          PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Tel: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk/


LUXFER HOLDINGS: Liquidity Issues Spur S&P to Lower Junk Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered it ratings on Luxfer
Holdings PLC, a U.K.-based manufacturer of gas cylinders,
magnesium alloys, and zirconium chemicals, to 'CC' from 'CCC+'.

At the same time, the debt rating on the company's
GBP131 million bonds due 2009 was lowered to 'C' from 'CCC'.  
All ratings remain on CreditWatch with negative implications,
where they were placed on Dec. 21, 2005, reflecting uncertainty
with regard to available liquidity upon the expiry of Luxfer's
sole GBP20 million revolving credit facility.  The current
facility has been extended from mid-February to the end of March
to enable Luxfer to negotiate new, larger facilities with other
institutions.  We understand these facilities will require
security over the assets of the group.

"The downgrade reflects continuing uncertainty surrounding the
adequate provision of longer term financing, which we view as
critical to Luxfer's ability to continue to trade and to honor
its obligations," said Standard & Poor's credit analyst Jarrad
Oberhardt.

"Although the company has reassured us that it remains confident
of successfully negotiating new facilities, the rating actions
reflect the heightened near-term risk that exists without a firm
commitment from Luxfer that it has secured satisfactory longer
term funding," he added.

The resolution of the CreditWatch will depend on the outcome of
Luxfer's negotiations; that is, on whether the company can
secure adequate longer term funding.  The ratings might be
raised back to the 'CCC' category should adequate refinancing be
successfully achieved; alternatively, the ratings may be lowered
to 'D' or 'SD' should the company fail to secure the financing
and consequently miss any payment under existing debt
obligations.


M L CORNER: Administrators Sell Assets as a Going Concern
---------------------------------------------------------
Joint Administrators Matthew Dunham and Dermot Power are
offering the business and assets of M L Corner Limited for sale
as a going concern.

The company, which reports GBP16 million in annual turnover,
recently operated TVR, Subaru, Daihatsu and Skoda franchises and
performs after-sales servicing for these brands including
Mercedes Benz.  The dealership operates operates from 46,000 sq.
ft. freehold site in Ashton-in-Makerfield, Lancs.

CONTACT:  BDO STOY HAYWARD
          Web Site: http://www.bdo.co.uk/

          Sally Baker
          Phone: 07800 682323
          E-mail: sally.baker@bdo.co.uk
  

MADGE LIMITED: Computer Manufacturer Calls in Administrator
-----------------------------------------------------------
P. L. Armstrong and C. J. Latos of PKF were appointed joint
administrators of Madge Limited (Company No 04682844) in
Jan. 24.  Its registered office is at Madge House, Priors Way,
Maidenhead, Berkshire SL6 2HP.

Madge Limited -- http://www.madge.com/-- is a global supplier  
of advanced networking product solutions to enterprises, and is
the market-leader in Token Ring networking.

CONTACT:  MADGE LTD
          Madge House, Priors Way
          Maidenhead SL6 2HP
          Berkshire
          Tel: 01628 408000
          Fax: 01628 408010

          PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Tel: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk/


MILLENIUM MOTOR: Receivers Selling Motorcycle Dealership
--------------------------------------------------------
The Joint Receivers Keith Hinds and Nigel Ruddock are selling
the business and assets of franchised motorcycle dealership
Millenium Motor Cycle Centre Ltd to interested parties.

The franchises include Honda, Suzuki, Yamaha and Kawasaki.  The
company reports an annual turnover of approximately GBP5 million
with strong customer base across the northwest.  The dealership
sits on a freehold site of approximately 0.37 hectare containing
2,352 meters of floor space, and includes a showroom, a biker's
bistro and a club lounge.

CONTACT:  MILLENIUM MOTOR CYCLE CENTRE LTD
          Aspinall Place, Thatto Heath
          St Helens, Merseyside  
          WA9 5PE
          United Kingdom
          Web site: http://www.mmcbikes.co.uk/
          Tel: 01744 616161
          Fax: 01744 616163

          GRANT THORNTON U.K. LLP
          Heron House, Albert Square,
          Manchester M60 8GT
          Web site: http://www.grant-thornton.co.uk/

          Contact: Jason Bell
          Phone: 0161 834 5414
          Fax: 0161 832 6042
          Email: jason.bell@gtuk.com


MISYS PLC: Nov. 30 Balance Sheet Upside-Down by GBP155.6 Million
----------------------------------------------------------------
MISYS plc reported its interim financial results for the six
months period ended Nov. 30, 2005.

"The lead indicators in our core businesses of Banking and
Healthcare continue to demonstrate encouraging progress, Chief
Executive Officer Kevin Lomax, said.  "The significant increase
in both order intake and revenue reinforce our confidence in our
strategy for moving the company forward.  We recognize
nevertheless that we have more to do to deliver increased value
to shareholders and we are taking decisive action through a
realignment of our Banking business to position the company more
strongly in its chosen markets and accelerate its growth
opportunities."

For the six-month period, Misys earned a GBP27.5 million net
income, compared to a GBP34.3 million net income for the same
period in 2004.  

The company is highly illiquid at Nov. 30, 2005, with
GBP286.7 million available to pay up to GBP321.7 million in
current assets.  Its Nov. 30 balance sheet showed GBP155.6
million in total stockholders' deficit.

                         About Misys PLC

Headquartered in the U.K., Misys PLC -- http://www.misys.com/--  
provides industry-specific software serving the international
banking and healthcare industries and the UK general insurance
industry.


MISYS PLC: Healthcare Unit Buys Payerpath for US$49 Million
-----------------------------------------------------------
Misys Healthcare Systems acquired Payerpath, Inc., for
US$49 million on Feb. 1.    

Misys PLC expects the acquisition to reduce Misys Healthcare
Systems' operating profit by a little over GPB1 million in the
second half of the current financial year as a result of the
expected integration expenses incurred before the period end.

The acquisition combines the expertise of two of the industry's
leading electronic processing providers and enables both
companies' product lines to be complemented with additional
capabilities, bringing new, innovative solutions to their
respective customer bases and the industry at large.

Misys Healthcare Systems will combine Payerpath's operations
with its own electronic transactions clearinghouse, M.
Transaction Services, which processes more than 420 million
electronic transactions a year.  The business will operate as
Payerpath, a Misys Company, and will be headquartered in
Richmond, Virginia, where Payerpath is based.  

Tom Skelton, chief executive officer of Misys Healthcare
Systems, said, "Payerpath's business philosophy aligns well with
ours at Misys Healthcare Systems.  We both want to enable
healthcare professionals to realize faster and more complete
insurance reimbursements at a cost-effective price.  Payerpath's
quality solutions focus on each step of the reimbursement cycle
- providing physician practices, hospitals and payers with a
high level of user functionality, revenue cycle management
features and adaptability.  We're excited to complement our
existing offerings with these new capabilities - for both our
existing customers and for new customers."

Payerpath President and Chief Executive Jim Brady, who will
serve as the president of the combined organization, added that
the acquisition will also broaden Payerpath's reach.

"Misys Healthcare Systems enables Payerpath's solutions to
compete in the market on a wider scale than before.  By
utilizing Misys' extensive sales channels, the Payerpath
offerings will be able to help more healthcare professionals
than we could have reached alone," he said.

                         About Payerpath

Headquartered in Richmond Virginia, Payerpath, Inc. --
http://www.payerpath.com/-- is a provider of Internet-based  
financial management software applications and related services
for healthcare providers, hospitals and payers.  The company's
comprehensive suite of applications, led by Payerpath Claims
Management, addresses all steps in the reimbursement cycle.  
Consequently, providers are able to reduce administrative costs
and eliminate payment delays for healthcare services resulting
from claims denials.

                 About Misys Healthcare Systems

One of the top five healthcare IT companies in North America,
Misys Healthcare Systems -- http://www.misyshealthcare.com/--  
develops and supports reliable, easy-to-use software and
services of exceptional quality that enable physicians and
caregivers to more easily manage the complexities and
healthcare.  Misys' family of leading clinical products and web-
based technologies like Misys Optimum solutions are designed to
share patient data across all medical care settings.  It
connects community-based physicians and caregivers to the acute
care enterprise, enabling increased efficiencies, better
decision-making and improved hospital-physician relations.

                         About Misys PLC

Headquartered in the U.K., Misys PLC -- http://www.misys.com/--  
provides industry-specific software serving the international
banking and healthcare industries and the UK general insurance
industry.

At Nov. 30, 2005, the company reported GBP155.6 million in total
stockholders' deficit.


MURRAY VERNON: Meeting of Creditors Slated for Feb. 9
-----------------------------------------------------
Creditors of Murray Vernon Limited (Company No 01423621) will
meet on Feb. 9, 2006, 10 a.m. at PricewaterhouseCoopers LLP, 101
Barbirolli Square, Lower Mosley Street, Manchester M2 3PW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. Horrocks and C. A. Livesey, joint
administrators of PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP not later than 12 noon, Feb. 8,
2006.

                           About PwC

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

                         About Murray

Headquartered in Haslington, United Kingdom, Murray Vernon
Limited -- http://www.murrayvernon.co.uk/-- was set up in 1967  
by former Chairman Tony Vernon.  It is the largest independent
organization of its type in the U.K., trading dairy and other
foodstuffs in markets around the world.  The company has outlets
in London, Riga, New Jersey and Algeria.  The company can be
contacted by phone at +44 (0) 1270 583461 or by fax at
+44 (0) 1270 581950.
  

PHOENIX 2002-1: Fitch Lowers Class C Notes to BB-
-------------------------------------------------
Fitch Ratings downgraded Phoenix 2002-1 Ltd's Class C notes and
removed them from Rating Watch Negative. At the same time, the
Class A notes are maintained at AA+ on RWN and the Class B notes
are affirmed at AA.

The ratings involved are:

  (a) USD49,747,500 Class A: 'AA+' remains on RWN;

  (b) USD58,162,500 Class B affirmed at 'AA'; and
  
  (c) USD86,625,000 Class C downgraded to 'BB-' from 'BB+';
      off Rating Watch Negative.

The rating actions follow the final settlement at 57.9% of
Delphi Corp. combined with further deterioration in the
collateralized debt obligation portfolio's credit quality.  The
portfolio now has 33 speculative-grade names, including nine
names rated at 'B' or below.  

The rating on the Class A notes is capped at the rating of the
notes' collateral; AIG Sun America Institutional Funding I's
floating-rate notes (ISIN XS0151643524) due July 26, 2010 and
has been affirmed at 'AA+' on RWN.  

Class B notes also have sufficient credit enhancement to support
their current rating and have therefore been affirmed at AA. The
Class C notes, more sensitive to this deterioration, have been
removed from Rating Watch Negative and downgraded.

Phoenix 2002-1 Ltd is a public funded synthetic CDO and
references a master credit default swap agreement entered into
at deal close (July 26, 2002) between Lehman Brothers Special
Financing Inc. and Phoenix 1.  To fund its obligations under the
swap agreement, Phoenix 1, the SPV, issued three Classes of
notes with an aggregate principal amount of USD194,535,000.  The
notes are collateralized by AIG Sun America Institutional
Funding I's FRNs as collateral.

Substitutions of the reference entities are permitted under
certain conditions during the life of the deal, subject to the
maintenance of its credit quality, and other stringent criteria.


PROHIBITION PC: Night Club Hires Joint Administrators
-----------------------------------------------------
R. M. Young and I. M. Rose of Begbies Traynor were appointed
joint administrators of Prohibition PC Limited (Company No
04774394) on Jan. 25.

CONTACT:  PROHIBITION PC LIMITED
          Albert Road,
          Tamworth, Staffordshire, B79 7JS

          THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Tel: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com/


RED EARTH: Failed Deal Talks Spur Administrative Receivership
-------------------------------------------------------------
Andrew Stoneman and Paul Clark, partners at Menzies Corporate
Restructuring, have been appointed Joint Administrative
Receivers to Red Earth Beauty Limited, an Australia-based
cosmetics distributor.

Red Earth Beauty Limited was granted a distribution agreement by
the ultimate brand owner Esprit, to distribute the contemporary
Red Earth cosmetics in the United Kingdom & Ireland.  After
successfully introducing the brand in over 30 department stores
in the U.K. & Ireland, the company required additional funding
for further expansion but was unable to secure this.  It was in
negotiations to secure a deal with the brand owner, Esprit, but
this deal fell through in the very late stages, leaving the
directors no other option but to seek help from MCR.

"The future of the Red Earth brand in the U.K. is now in
jeopardy as its survival in the U.K. market depends on finding a
new buyer for the business," Andrew Stoneman said.  "Our first
aim will be to find a suitable buyer for the business in order
to sustain the momentum the brand has gained in the U.K. in the
past eighteen months.  Demand for the product has been good but
the Company could not secure funding for its roll out plans."

The Directors of Red Earth Beauty Limited said they are
extremely disappointed that Esprit is unwilling to support their
own brand in the U.K. and Ireland.

This appointment in no way affects the trading of the Red Earth
Beauty brand in other parts of the world.  The Red Earth brand
was acquired by the Esprit fashion house in 1992.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland  
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries. MRI, which is ranked
8th amongst the leading international accounting associations,
achieved global revenues of US$1,800 million in 2003.

                       About Red Earth

Red Earth originates in Australia and was owned by Red Earth
International Ltd.

In 2001, Esprit completed the acquisition of 100% interest in
Red Earth and became the sole owner of the Red Earth brand.

Red Earth cosmetics and skin care products are now available in
London, Dublin, Manchester, Vancouver, Toronto, Montreal, Hong
Kong, Beijing, Shanghai, Tokyo, Osaka, Taipei, Singapore, Kuala
Lumpur, Bangkok, Jakarta, Manila, Dubai, Egypt and Kuwait.


RUSSELL CONSTRUCTION: Administrators Enter Firm
-----------------------------------------------
R. A. H. Maxwell and S. C. E. Mackellar of Kroll Limited were
appointed administrators of Russell Construction (York) Limited
(Company No 02877613) on Jan. 20.  Its registered office is at
Lawrence House, James Nicolson Link, York YO30 4WG.  The company
offers general construction and civil engineering services.

CONTACT:  RUSSELL CONSTRUCTION (YORK) LTD
          Unit 1 Fold Court, Buttercrambe,
          York, North Yorkshire YO41 1XU
          Phone: 01759373161

          KROLL LIMITED
          Wellington Plaza,
          31 Wellington Street,
          Leeds LS1 4DL
          Web site: http://www.krollworldwide.com


SANCTUARY GROUP: Eyes To Raise GBP110 Mil. in New Placement
-----------------------------------------------------------
The Sanctuary Group PLC revealed details of its Proposed Placing
and Open Offer of new Ordinary Shares by Evolution Securities
Limited.

Highlights

  (a) GBP110 million to be raised (gross) through the Placing
      and Open Offer;

  (b) Placing and Open Offer conditionally underwritten by
      Evolution Securities;

  (c) Proceeds of the Placing and Open Offer to be used to pay
      down existing debt;

  (d) Cancellation of GBP35 million of the Group's outstanding
      indebtedness;

  (e) New Banking Facilities of GBP65 million agreed with Bank
      of Scotland; and

  (f) Proposed share capital reorganization.

"I am pleased to announce the fund raising in the form of a
placing and open offer which is conditionally underwritten by
Evolution Securities," Executive Chairman Andy Taylor said.

"This will help put a line under the events of 2005, and, with
the underlying strength of the business model and the continued
backing and loyalty of our artists and trading partners, will
allow the Company to move forward," he added.

                          About Kroll

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

                        About the Company

Based in London, The Sanctuary Group PLC --
http://www.sanctuarygroup.com/-- is one of the world's leading  
developers of music intellectual property rights (IPR), with
offices in New York, Berlin, Houston and Los Angeles.  In 2004,
Sanctuary recorded a turnover of GBP221 million and a group
profit of GBP16.1 million.

                        *     *     *

On Sept. 21, 2005, due to a number of operational and trading
problems, the company said it is likely to generate a loss at
EBITDA level before exceptional items such as restructuring
costs and provisions.  The Group has also suffered from recent
negative commentary as a result of poor trading in 2005 and this
has had an adverse impact in particular in the Records division.  
It would be looking at disposals of a number of non-core
businesses, following the completion of the sale of its Book
Publishing division to Music Sales.


SCOTTISH POWER: Tries to Keep Power Station from Closure
--------------------------------------------------------
Scottish Power PLC will be opting its 2,304MW Longannet Power
Station into the Large Combustion Plant Directive, removing
restrictions that would otherwise have forced its closure by
2015.

"We believe that installing FGD provides both a good investment
opportunity and tangible environmental benefits," Chief
Executive Philip Bowman said.  "It will help us to maintain a
balanced portfolio and will also contribute significantly to the
security of energy supply in Scotland with the potential for
Longannet's life to be extended beyond 2020."

Flue Gas Desulphurisation will be installed at Longannet using
seawater-based FGD technology to remove sulphur dioxide from the
boiler flue gases.  This technology has been deployed at
generating stations around the world amounting to some 14GW of
installed capacity.  Alstom and Amec, working together, have
been selected as the preferred contractor at an estimated cost
of GBP170 million.

The decision will secure the future of Longannet Power Station,
which employs approximately 320 staff permanently on-site and is
expected to create some 300 construction jobs during the two
year construction period.  The station is the second largest in
the U.K. and generates the equivalent of over 25% of Scottish
annual electricity demand.  The decision will also create scope
for the plant to burn significant quantities of indigenous coal.

                        About the Company

Based in Glasgow, Scottish Power PLC --
http://www.scottishpower.plc.uk/-- is an international energy  
company, made up of four continuing businesses following the
sale of PacifiCorp, Energy Retail, Energy Wholesale and Energy
Networks in the U.K. and PPM Energy in the U.S.

                        *     *     *

In November 2005, Scottish Power ended takeover talks with
Germany's E.ON AG.  According to the Financial Times,
independent advice from Morgan Stanley and UBS said the offer
did not reflect fair value for the asset.  Besides, shareholders
won't get any money until 2007 anyway.

Scottish Power was subject of takeover speculations in the U.K.
after the sale in August of its U.S. arm PacifiCorp to
American billionaire Warren Buffet for a net loss of GBP442
million.  The US$9.4 billion (GBP5.1 billion) disposal took
about two-thirds off its value.  Utility giants E.ON and
Centrica were immediately linked to possible takeover.  But
analysts then think an acquisition by a U.K. player could meet
face tough problems with regulator Ofgem, which is intent on
maintaining tight competition on the power supply sector.

The sale of PacifiCorp could take between 12 and 18 months to
complete, giving the prospective buyers enough time to plot an
acquisition strategy.


SKYEPHARMA PLC: UBS AG Raises Equity Stake to 5.01%
---------------------------------------------------
UBS AG and its subsidiaries had increased their holding in
SkyePharma PLC by 7,185,268 ordinary shares since their last
filing on Jan. 16, 2006.

UBS' revised holding amounts to 37,729,985 ordinary shares of 10
pence each, representing 5.01% of the issued share capital of
the Company.

                        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.


YORKSHIRE CHEMICALS: Winds Up After Over 20 Years of Business
-------------------------------------------------------------
Yorkshire Chemicals PLC has gone into liquidation, after three
name changes and the exit of 17 directors, ICC Credit reports.  

The Leeds-based firm is among U.K.'s top 30 manufacturers of
chemicals and chemical products.  It was understood to be in
trouble as it last filed its accounts in 2002 yet.  In 1997,
Yorkshire Chemicals booked its highest turnover of
GBP62 million, but it was cut into half in the next two years.

Sales of GBP48 million in 2002 were not enough to influence the
company's profitability, which followed negative figures of
GBP12.5 million in 1999 and GBP17.5 million in 2001.

Founded in 1983, it started as Farmjean Ltd. for three months.  
Until 1996, Yorkshire Chemicals was known as Chemicals Group
Ltd.  Since then, the company went through management changes,
which saw the departure of 17 directors.

ICC Credit noted that 7.4% of companies within Yorkshire
Chemicals' sector are in liquidation, with 6.7% facing a number
of County Court Judgments.

CONTACT:  YORKSHIRE CHEMICALS PLC
          27 Kirkstall Road
          Leeds LS3 1LL
          West Yorkshire
          Tel: 0113 245 0136
          Fax: 0113 2421670


* 4th Qtr. Company Liquidations in England & Wales Rise 8.5%  
------------------------------------------------------------
A total of 3,187 companies in England and Wales succumbed to
liquidation during the fourth quarter of 2005, Creditman
reports.

The figure was down 5.5% from the quarter earlier, and was up
8.5% from the same period the year earlier.  Meanwhile, around
0.7% of active companies fell into liquidation in the twelve
months ended Q4 2005.

Compulsory liquidations went up 13.6% to 1,285 firms from 2004
figures; a 15.2% plunge on the previous quarter.  Creditors
voluntary liquidations reached 1,903, rising 2.3% from the third
quarter, but was up 5.3% compared to last year's record.

Individual Insolvencies

England and Wales recorded 20,461 individual insolvencies in the
fourth quarter of 2005, up 15.0% from the previous quarter, and
57.1% on the same period in 2004.

Bankruptcy cases increased 10.9% and 37.6%, respectively, to
13,501 on the quarter earlier and compared to the corresponding
quarter of 2004.  Individual Voluntary Arrangements reached
6,960, up 23.9% and 117.1% on the previous quarter and on the
same period in 2004.


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

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

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


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


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


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


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


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


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


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


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


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

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


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


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


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


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


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


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

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

                            *********                            


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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