TCREUR_Public/060208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, February 8, 2006, Vol. 7, No. 28

                            Headlines


F R A N C E

TREFILERIES DE CONFLANDEY: Saarstahl Takes Over Operations

G E R M A N Y

A.U.G. FRICKE: Dortmund Court to Verify Claims on May 4
BAUGESCHAFT ADOLF: Court Calls in CMS Hasche as Administrator
C.E.M.A. UNTERNEHMENSCONSULTING: Administrator Takes Over Firm
ELITO ELECTRONIC: Bayreuth Business Falls Into Bankruptcy
LINDER METALL: Claims Registration Deadline Set on March 3

M&M METTELSIEFEN: Koln Court Begins Bankruptcy Proceedings
PROMISE-K: Fitch Rates EUR18.70 Million Class E Notes at BB
SECON GMBH: Claims Filing Period Ends Feb. 23
SI SACHWERT: Wuerzburg Court Calls in Administrator
VOLKSWAGEN AG: New Labor Deal Could Leave 7,000 Jobless in 2006

WOHNBAUTEN-AKTIENGESELLSCHAFT: Under Bankruptcy Administration


G R E E C E

COMMERCIAL VALUE: High Investment Risk Prompts Fitch's BB Rating


H U N G A R Y

MALEV RT: Outlines Capital Hike for Spun-off Units


I T A L Y

ALITALIA SPA: Projects EUR125 Mln Loss if Volare Purchase Fails
PARMALAT SPA: Can Pursue EUR10 Billion Suit Against BofA
PARMALAT SPA: Strikes Lay-off Deal With Workers


K A Z A K H S T A N

INVECO: Declares Insolvency
LUKS OIL: Creditors Have Until March 27 to File Proofs of Claim
KASKOR MASHZAVOD: Bankruptcy Proceedings Begin
SATURN ABS: Mangistau Authorities Open Bankruptcy Proceedings
T&T LTD.: Court Sets Proofs of Claim Deadline for March 27


L I T H U A N I A

AB BANKAS: Fitch Lifts Individual Rating to 'D'


N E T H E R L A N D S

IFCO SYSTEMS: S&P Raises Credit Rating to BB- on Improved Biz
ROYAL SHELL: Inks New MoU for Joint Projects with Sonatrach
ROYAL SHELL: Redeems 500,000 'A' Shares for Cancellation


R U S S I A

BAKALINSKIY: Insolvency Manager Takes Helm
DAVLEKANOVSKIY BAKERY: Claims Filing Period Ends Next Week
DEBESSKIY AGRO-COMBINE: Under Bankruptcy Supervision
KOSHKINSKOYE: Samara Court Brings In Insolvency Manager
KRASNOSELSKUP-OIL-GAS-SERVICE: Succumbs to Bankruptcy

KUYUR-GAS-SEL-ENERGO: Bankruptcy Hearing Set March 13
OAO GAZPROM: Sets June AGM to Elect Board & Audit Members
OAO MEGAFON: Fitch Upgrades US$375 Million Bond Rating to 'BB'
REM-STROY-SERVICE: Undergoes Bankruptcy Supervision Procedure
RESEARCH INSTITUTE: Udmurtiya Court Opens Bankruptcy Proceedings

SEVER-GAS-SPETS-STROY: Declared Insolvent
VYROVSKOYE: Deadline for Proofs of Claim Set Feb. 14


U K R A I N E

ANETA: Under Bankruptcy Supervision in Kyiv
ARMATURE-INSULATOR: Court Rules on Bankruptcy
AUTO ENGINEERING: Court Names Oleg Bliznyuk as Liquidator
HIMRESURS: Succumbs to Bankruptcy Proceedings in Lugansk
KRASNOPEREKOPSKIJ METAL: Melts Under Bankruptcy

OBERONBUDPROM: Larisa Slyusarenko Named to Liquidate Assets
SAPFIR: Court Declares Bankruptcy for Sevastopol Firm
TEHPROMTORG: Court Begins Bankruptcy Supervision


U N I T E D   K I N G D O M

24 HOUR: Appoints Liquidators to Wind Up Assets
A1 STRETCH: Limo-for-Hire Business Up for Sale
BOLTON AND FLEET: Taps Begbies Traynor to Administer Assets
BRITISH ENERGY: To Unveil Third Quarter Results on Feb. 24
CARLTON MAINTENANCE: Hires Begbies Traynor Administrator

CHARGECHECK LTD.: Administrator Begins Asset Sale Offer
ECG GROUP: Names Joint Receivers from KPMG Due to Cash Crisis
ELISION TECHNOLOGY: Debt Claims Filing Period Ends March 17
ESTAMAN PROPERTIES: Creditors Have Until Feb. 24 to File Claims
FOODOLOGY UK: Administrators From KPMG Takes Over Helm

GLOBAL NEWS: Begins Liquidation Proceedings
HENLEY OFFICES: Appoints Administrators from Baker Tilly
LONDON DEMOLITION: In Administrative Receivership
NEIL GRINNALL: Creditors Meeting Set Tomorrow
NIGHTCLUB COMPANY: Appoints Joint Administrators from PwC

SCAFFOLD IT: In Administrative Receivership
SKYEPHARMA PLC: Fidelity Int'l. Cuts Equity Stake to 5.95%
SKYEPHARMA PLC: Names Frank Condella as Chief Executive Officer
TIMBER SYSTEMS: Furniture Maker Calls in Administrator
WEST HAMPSHIRE: Water Supplier Winds Up

WESTFIELD STAMPINGS: Manufacturer Names Vantis Administrator

     **********

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


TREFILERIES DE CONFLANDEY: Saarstahl Takes Over Operations
----------------------------------------------------------
Trefileries de Conflandey will be taken over by Saarstahl after
undergoing insolvency proceedings, Frankfurter Allgemeine
Zeitung says.

The German steel company will take over Trefileries de
Conflandey's two plants located in Conflandey and Port d'Atelier
including its production capacity of 70,000 tones per year and
its current 300 employees.

Headquartered in Paris, France, Trefileries De Conflandey --
http://www.conflandey.fr-- is a subsidiary of Conflandey Group.   
It manufactures stapling wires for all materials and equipment,
as well as a major actor in the multiple applications of non-
alloy steel thin wires.  The company has five plants in East of
France and two in the U.S. and Slovakia.  It markets 73% of its
production outside of France.  


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


A.U.G. FRICKE: Dortmund Court to Verify Claims on May 4
-------------------------------------------------------
The District Court of Dortmund opened bankruptcy proceedings
against A.u.G. Fricke GmbH & Co. Stahlbau KG on Jan. 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 24, 2006,
to register their claims with court-appointed provisional
administrator Achim Thomas Thiele.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dortmund, Gerichtsplatz 1,
44135 Dortmund, II. Etage, Saal 3.201, at 9:45 a.m., on March 2,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report at 9:00
a.m., on May 4, 2006, at the same venue.

CONTACT:  A. U. G. FRICKE GmbH & CO. STAHLBAU KG
          Rueschebrinkstr. 151-153, 44143 Dortmund
          Contact:
          Stephan and Thomas Fricke, Managers
                              
          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Tel: 54110
          Fax: 5411266


BAUGESCHAFT ADOLF: Court Calls in CMS Hasche as Administrator
-------------------------------------------------------------
The District Court of Augsburg opened bankruptcy proceedings
against Baugeschaft Adolf Rauch GmbH i.L. 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 Michael C. Frege.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Augsburg, Sitzungssaal 162,
1. Stock, Am Alten Einlass 1, 86150 Augsburg, at 10:30 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:  BAUGESCHAFT ADOLF RAUCH GmbH i.L.
          Kreuzstr. 3 b, 86946 Vilgertshofen/
          OT Pflugdorf, HRB 8462, AG Augsburg
                              
          Michael C. Frege, Administrator
          c/o CMS Hasche Sigle Insolvenzberatung
          und -verwaltung GbR
          Brienner Strasse 11/V, 80333 Muenchen


C.E.M.A. UNTERNEHMENSCONSULTING: Administrator Takes Over Firm
--------------------------------------------------------------
The District Court of Augsburg opened bankruptcy proceedings
against C.E.M.A. Unternehmensconsulting GmbH on Jan. 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 6, 2006,
to register their claims with court-appointed provisional
administrator Christian Plail.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Augsburg, Sitzungssaal 162,
1. Stock, Am Alten Einlass 1, 86150 Augsburg, at 9:15 a.m. on
March 23, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  C.E.M.A. UNTERNEHMENSCONSULTING GmbH
          Schwangaustr. 8, 86163 Augsburg
          Contact:
          Fiedler Arthur, Manager
                                      
          Christian Plail, Administrator
          c/o SKP Partnerschaftsgesellschaft
          Eserwallstr. 1-3, 86150 Augsburg


ELITO ELECTRONIC: Bayreuth Business Falls Into Bankruptcy
---------------------------------------------------------
The District Court of Bayreuth opened bankruptcy proceedings
against Elito Electronic GmbH on Jan. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 13, 2006, to register their
claims with court-appointed provisional administrator Ulrich
Pfeifer.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bayreuth, Friedrichstr. 18,
Zimmer 520, EG, at 10:00 a.m. on March 6, 2006, at which time
the administrator will present his first report on the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  ELITO ELECTRONIC GmbH
          Nuernberger Str. 41 in 91257 Pegnitz
          Contact:
          Marion Friedl, Manager
          91275 Auerbach
                              
          Ulrich Pfeifer, Administrator
          Feuerwache 5, 95445 Bayreuth
          Tel: 0921/7877806
          Fax: 0921/7877806


LINDER METALL: Claims Registration Deadline Set on March 3
----------------------------------------------------------
The District Court of Bonn opened bankruptcy proceedings against
DMW LINDER Metall u. Maschinenbau GmbH on Jan. 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 3, 2006,
to register their claims with court-appointed provisional
administrator Ludger Westrick.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bonn, Wilhelmstrasse 21,
53111 Bonn, at 10:00 a.m. on April 19, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  LINDER METALL U. MASCHINENBAU GmbH
          Godesberger Str. 26, 53842 Troisdorf
          Contact:
          Stephan Mueller, Manager
          Raiffeisenstr. 2, 56587 Strassenhaus
                    
          Ludger Westrick, Administrator
          Hensstr. 12/14, 53173 Bonn
          Tel: 9347-0-12 oder-24
          Fax: 934799


M&M METTELSIEFEN: Koln Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
M&M Mettelsiefen GmbH on Jan. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until Feb. 1, 2006, to register their claims with
court-appointed provisional administrator M&M Mettelsiefen GmbH.    

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koln, Hauptstelle,
Luxemburger Strasse 101, 50939 Koln, 12. Etage, Raum 1240, at
9:00 a.m., on March 1, 2006, at which time the administrator
will present his first report on the insolvency proceedings.  
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  M&M METTELSIEFEN GmbH
          Pingsdorfer Strasse 108, 50321 Bruehl
          Contact:
          Mark Mettelsiefen, Manager
          Schuetzenstrasse 4, 50321 Bruehl

          Dr. Christian Frystatzki, Administrator
          Sankt Augustiner Str. 94 a, 53225 Bonn
          Tel: 0228/40094-90
          Fax: +492284009499


PROMISE-K: Fitch Rates EUR18.70 Million Class E Notes at BB
-----------------------------------------------------------
Fitch Ratings assigned Promise-K 2006-1 GmbH's EUR275.60 million
Class A+, A, B, C, D, E and F credit-linked floating-rate notes
expected ratings as follows:

  (a) EUR0.50 million Class A+: 'AAA';
  (b) EUR78.75 million Class A: 'AAA';
  (c) EUR63.00 million Class B: 'AAA';
  (d) EUR15.75 million Class C: 'AA';
  (e) EUR49.55 million Class D: 'BBB';
  (f) EUR18.70 million Class E: 'BB'; and
  (g) EUR49.35 million Class F: 'BBB'.

This transaction is a synthetic securitization of debt
obligations originated by Dresdner Bank AG (rated 'A'/'F1') to
small- and medium-sized enterprises domiciled in Germany.  The
debt obligations consist of drawn and undrawn facilities, loans
and guarantees.  This is the second Promise transaction issued
with a Dresdner Bank originated reference portfolio.  At the cut
off date, the reference portfolio is EUR2,100 million.

The notes are issued by PROMISE-K 2006-1 GmbH, a bankruptcy-
remote, special-purpose vehicle incorporated in Germany.  The
structure follows the template introduced by the True Sale
Initiative (TSI), whereby the SPV is jointly and equally owned
by three German charitable trusts.

At closing, Dresdner Bank will buy protection under a bank swap
in respect of a EUR2,100 million reference portfolio from the
German public agency Kreditanstalt fur Wiederaufbau (KfW, rated
'AAA/F1+').  KfW in turn will hedge its exposure by issuing
certificates of indebtedness credit-linked to the performance of
the underlying portfolio of debt obligations (Schuldscheine),
which were will be purchased by the issuer using the notes
proceeds, and by entering into a senior credit default swap
(SCDS) with a senior swap provider.

The expected ratings of the notes are based on: the credit
quality of the reference portfolio, the available credit
enhancement in the form of subordination; Dresdner Bank's
origination and servicing capabilities; the transaction's
financial and legal structure and the credit quality of the
collateral issued by KfW.  The credit quality was established by
mapping the internal credit rating systems of Dresdner Bank to
Fitch's public rating scale.  According to this, the weighted
average Fitch rating of the portfolio equates to 'BBB-/BB+'.

Credit enhancement for the Class A+ notes and the SCDS totals
13.10% and is provided by the Class A notes (3.75%), the Class B
notes (3.00%), the Class C notes (0.75%), the Class D notes
(2.36%), the Class E notes (0.89%) and the Class F notes
(2.35%).  The Class F notes represent the first loss protection
of this transaction and benefit from an excess spread component
based on the outstanding balance of the reference portfolio and
guaranteed by Dresdner Bank AG.


SECON GMBH: Claims Filing Period Ends Feb. 23
---------------------------------------------
The District Court of Offenbach am Main opened bankruptcy
proceedings against SeCon GmbH on Jan. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 23, 2006, to register their
claims with court-appointed provisional administrator Dr. Hans-
Jorg Laudenbach.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Offenbach am Main, 1. OG,
Saal 162N, Kaiserstrasse 16-18 (Gebaude K18), 63065 Offenbach am
Main, at 9:40 a.m., on March 16, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  SECON GmbH
          Schumannstr. 144, 63069 Offenbach am Main
          Contact:
          Christian Dieter Hoff, Manager
          Raik Rappika, Manager

          Dr. Hans-Jorg Laudenbach, Administrator
          Nibelungenplatz 3, 60318 Frankfurt
          Tel: 069/9055993
          Fax: 069/90559955


SI SACHWERT: Wuerzburg Court Calls in Administrator
---------------------------------------------------
The District Court of Wuerzburg opened bankruptcy proceedings
against SI Sachwert-Immobilien-Service & Bautrager GmbH on
Jan. 15.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 28, 2006, to register their claims with court-appointed
provisional administrator Hannfried Grauer.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Wuerzburg, im Zimmer 8/I.
Stock der Justiznebenstelle, Virchowstr. 14 in Wuerzburg, at
10:30 a.m., on March 20, 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:  SI SACHWERT-IMMOBILIEN-SERVICE & BAUTRAGER GmbH
          Heinestr. 7b, 97070 Wuerzburg
          Contact:
          Dieter Kaidel, Manager
          Dr. Mohr & Bauer, Manager

          Hannfried Grauer, Administrator
          Augustinerstr. 5, 97070 Wuerzburg
          Tel. 0931/3555264


VOLKSWAGEN AG: New Labor Deal Could Leave 7,000 Jobless in 2006
---------------------------------------------------------------
About 7,000 workers could be sent home this year as Volkswagen
AG inked a new early retirement scheme with the IG Metall
engineering union.

According to the Financial Times, Volkswagen intends to drop
between 10,000 and 30,000 out of its 103,000-strong workforce in
western Germany.  The reductions are said to be part of the
company's efforts to improve its competitiveness and reduce
over-capacity at its plants.

Under the new scheme, workers who will be 55 before 2009 can
apply for the program.  They can work full-time for three-and-a-
half years before retiring on the same pay until they become
qualified to receive pensions normally at 62.  

"The scheme gives us the possibility to bring in voluntary job
cuts.  It has previously been very successful, with nearly all
workers eligible taking it," Financial Times cited a Volkswagen
Official as saying.  The new program will also see the carmaker
pay only 65% of normal wages with the government contributing
another 20%.

Volkswagen's 2004 agreement with unions prohibits compulsory
layoffs until 2011 in exchange for a temporary wage freeze.  In
September, Chief Executive Bernd Pischetsrieder said the company
will intensify measures to cut back manpower, using instruments
available under the collective agreement such as early
retirement.  

Meanwhile, Volkswagen Brand Head Wolfgang Bernhard had told
workers to be "ready to tread new paths" and stressed that "no
sacred cows" would be spared as the struggling carmaker plans to
save EUR10 billion and lift profits by EUR4 billion to avoid
dipping further into the red by 2008.

                         Parts Factories

Volkswagen has also revealed plans to shut down, sell or fuse
non-performing parts factories to other ventures.  Volkswagen's
factories that are solely dedicated to making components are in
Brunswick, Kassel, Salzgitter and Chemnitz, alongside sections
of plants in Wolfsburg and Mosel.  According to the Auto
Industry, unions represented on Volkswagen's supervisory board
said they would not back the strategy unless the carmaker
further explains its benefits.

                        About the Company

Headquartered in Wolfsburg, Germany, Volkswagen AG --
http://www.volkswagen.de/-- is one of the world's leading      
automobile manufacturers and the largest carmaker in Europe.   
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                          Job Cuts

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November, Volkswagen maintained its 2005 earnings guidance
amid rumors it may lower targets.  The company predicts a year-
on-year improvement in both operating profit after special items
and profit before tax this year.  Rumors flew that the company
would slash full-year earnings forecast due to higher
restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.  


WOHNBAUTEN-AKTIENGESELLSCHAFT: Under Bankruptcy Administration
--------------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Wohnbauten-Aktiengesellschaft Reinickendorf on Jan. 17.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 7, 2006,
to register their claims with court-appointed provisional
administrator Reinhard Titz.      

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Insolvenzgericht,
Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at
10:15 a.m., on April 7, 2006, at which time the administrator
will present his first report on the insolvency proceedings.  
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  WOHNBAUTEN-AKTIENGESELLSCHAFT REINICKENDORF
          Holzdamm 28-32, 20099 Hamburg
          Contact:
          Christian Bock

          Reinhard Titz, Administrator
          Speersort 4/6, 20095 Hamburg
          Tel: 303010
          Fax: 30301226


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G R E E C E
===========


COMMERCIAL VALUE: High Investment Risk Prompts Fitch's BB Rating
----------------------------------------------------------------
Fitch Ratings assigned Commercial Value AAE an Insurer Financial
Strength rating of 'BB' with Stable Outlook.

The rating reflects CV's high investment risk, weak risk
management and corporate governance.  Profitability, although
improving, remains low amid challenging conditions in the Greek
motor market.  Offsetting these negatives are CV's competitive
positioning in the Greek market, its diversification across
products, the relatively low risk profile of its life products
portfolio and its good capital position.

Fitch is concerned that CV's investments are highly
concentrated, especially in the Aspis Group.  Fitch also
identified a significant exposure to the financial sector in
both the bond and equity portfolios while the relatively high
level of investment in real estate is an additional risk factor.

CV does not have clear management guidelines on, or
quantification of, the mismatching risk between assets and
liabilities.  There is no dedicated risk management team in
place and the company's unit-linked investments are highly
concentrated in Aspis Group companies.  Although the company's
accounts were qualified in 2004, the quantum of the
qualification was not in itself material.

Fitch considers CV to be well positioned to benefit in the
medium to long term from the developments in the Greek life and
non-life insurance marketplace.  The company's experience in
successfully integrating six different businesses is valuable in
the context of its strategy of targeted acquisitions.  CV
operates in most major insurance lines in the Greek market.  
Fitch views positively the company's balanced exposure to life
and non-life risks.  Fitch also notes the diversification value
of CV's relative strength in marine business since this line is
only loosely correlated to the rest of the non-life book.  The
agency views CV's level of capitalization as good following a
EUR12 million subordinated debt issue in 2005.

A high proportion of CV's life and health products sales are
unit-linked products that carry lower risk.  Fitch notes the
relatively high level of guarantees on CV's long-term products;
however, the agency also considers that the company's charging
structure is adequate to mitigate this potential risk.

CV's exposure to earthquake risk is significant but Fitch
considers that the reinsurance program in place provides an
appropriate level of cover.  Fitch also assessed the reinsurance
program in respect of CV's other lines of business and considers
it to be adequate.

Fitch notes that the company has managed to reduce expenses and
steadily improve earnings since 2003.  However, the company's
return on equity is expected to remain below 5% (Fitch's
calculations) in both 2005 and 2006.  Fitch perceives the Greek
motor market as a threat to CV's plans to improve its
profitability in the short term.  A large number of insurers
operate in a relatively small but very competitive market.  
Small, less well managed companies may reduce their rates
further in order to keep their market share.

Although CV's reserves follow the local GAAP requirement and
appear stronger than a number of its peers in the Greek market,
the company has only limited data available to set up the non-
life reserves and does not use ultimate loss ratio benchmarks to
compensate for the lack of internal claims data.  As a
consequence Fitch considers that there is a degree of
uncertainty in the adequacy of non-life reserves.


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


MALEV RT: Outlines Capital Hike for Spun-off Units
--------------------------------------------------
Troubled flag carrier Malev Hungarian Airlines Rt. will raise
the capital of two of its main units, Budapest Business Journal
says.

Chief Executive Janos Gonci pegged the capital hike at HUF1.7
billion for its ground services unit, Malev Ground Handling, and
HUF2 billion for its maintenance division, Aeroplex.  Mr. Gonci
revealed the units' additional capital would be used to repay
their loans to parent company Malev Rt.  Shareholders will meet
at the end of the month to approve the proposed capital hike.

At the end of 2005, Malev spun off its ground services and
maintenance activities into two separate units.

Headquartered in Budapest, Hungary, Malev Hungarian Airlines Rt.
-- http://www.malev.hu/-- trimmed its annual operating deficit  
by around 60% to HUF2 billion in 2005 from HUF4.9 billion in
2004.  Chief Executive Officer Janos Gonci expects a breakeven
this year and turnaround profit in 2007.  

Since the fall of Communism in the country, the government,
which owns 99.95% of Malev, has failed to dispose of the
airline, which has struggled amid competition from budget
airlines.


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


ALITALIA SPA: Projects EUR125 Mln Loss if Volare Purchase Fails
---------------------------------------------------------------
National carrier Alitalia S.p.A. estimates a loss of EUR125
million (EUR16 million annually) if they fail to acquire low-
cost rival Volare S.p.A.

Managing Director Giancarlo Cimoli told the Senate that
Alitalia's acquisition of Volare is vital to the carrier's aim
to increase its share of domestic traffic.  Mr. Cimoli described
the takeover as "extremely important, to be obtained at all
costs."  The takeover would allow Alitalia to resume and end its
partnership talks with Air France.

The Industry Ministry recently suspended Alitalia's planned
takeover after a Roman court forbade the carrier to participate
in the auction for Volare.  Alitalia offered EUR38 million for
Volare, excluding the latter's debts.  

                        Bankruptcy Threat

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

                         About Volare

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

                         About Alitalia

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


PARMALAT SPA: Can Pursue EUR10 Billion Suit Against BofA
--------------------------------------------------------
Ailing dairy giant Parmalat S.p.A can now proceed with its
EUR10 billion legal battle against Bank of America in relation
to Europe's largest ever corporate fraud.

A U.S. federal district judge ruled that the ailing food group
has the right to proceed with its claims against BofA under the
provisions of the Racketeer Influenced and Corrupt Organisations
(RICO) laws of the United States.  Claims under such provisions
could be subject to trebling.  This claim is additional to the
aiding and abetting, breach of fiduciary duty and civil
conspiracy claims that the same Judge had already sustained.  
Under the law, Parmalat could receive compensation up to three
times the claimed damages.  BofA is one of the banks Parmalat is
suing for allegedly abetting its collapse on December 2003.

Parmalat clarifies that as a result of this ruling the scope of
the claims in the case has been substantially increased and that
in the event that anyone of its claims against Bank of America
under this civil action were to succeed at trial, the Court
would be entitled to award full damage relief in Parmalat's
favor.

A full-text copy of the Judge's Memorandum Opinion is available
for free at: http://www.parmalat.net/en/doc/show_case_doc[1].pdf

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that  
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat SpA and its Italian affiliates filed separate petitions
for Extraordinary Administration before the Italian Ministry of  
Productive Activities and the Civil and Criminal District Court  
of the City of Parma, Italy on December 24, 2003.  Dr. Enrico  
Bondi was appointed Extraordinary Commissioner in each of the  
cases.  The Parma Court has declared the units insolvent.  
  
On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.  
04-14268, in the United States Bankruptcy Court for the Southern  
District of New York.  


PARMALAT SPA: Strikes Lay-off Deal With Workers
-----------------------------------------------
Embattled dairy concern Parmalat S.p.A. has struck a vital
restructuring deal with its unions, Il Sole 24 Ore says.

The deal centers on a 24-month lay-off fund for a maximum of 321
employees.  It also includes some internal redeployment, early
retirement, outplacement and re-qualifications.  Parmalat
allocated over EUR44 million for the 2005-2006 restructuring and
another EUR20 million for promotion and publicity this year.

The program is part of Chief Executive Enrico Bondi's grand plan
of returning the group into profitability.  Included in the plan
are divestment of non-core activities and recovery of billions
of euros in investor money.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that  
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat SpA and its Italian affiliates filed separate petitions
for Extraordinary Administration before the Italian Ministry of  
Productive Activities and the Civil and Criminal District Court  
of the City of Parma, Italy on December 24, 2003.  Dr. Enrico  
Bondi was appointed Extraordinary Commissioner in each of the  
cases.  The Parma Court has declared the units insolvent.  
  
On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.  
04-14268, in the United States Bankruptcy Court for the Southern  
District of New York.  


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


INVECO: Declares Insolvency
---------------------------
LLC Investment Industry Company Inveco has declared insolvency.  
The proofs of claim will be accepted at Astana, Pushkina Str.
179-67 on or before March 27, 2006.  

CONTACT:  INVECO
          Astana, Pushkina Str. 179-67


LUKS OIL: Creditors Have Until March 27 to File Proofs of Claim
---------------------------------------------------------------
LLC Luks Oil MK has declared insolvency.  The proofs of claim
will be accepted at Almaty, Begalina Str. 108 on or before March
27, 2006.  

The company can be contacted at 8 (3272) 91-75-16.


KASKOR MASHZAVOD: Bankruptcy Proceedings Begin
----------------------------------------------
The Taxation Committee and the Specialized Inter-Regional
Economic Court of Mangistau region has commenced bankruptcy
proceedings against LLC Kaskor Mashzavod Ars on Dec. 9, 2005,
Aktau micro district 27, 51.

More information can be availed at 8 (3292) 41-22-37.


SATURN ABS: Mangistau Authorities Open Bankruptcy Proceedings
-------------------------------------------------------------
The Taxation Committee and the Specialized Inter-Regional
Economic Court of Mangistau region commenced bankruptcy
proceedings against LLC Saturn Abs on Dec. 9, 2005.

More information can be availed 8 (3292) 41-22-37.


T&T LTD.: Court Sets Proofs of Claim Deadline for March 27
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of the East
Kazakhstan region commenced bankruptcy proceedings against LLC
T&T Ltd. on Dec. 13, 2005.  Proofs of claim will be accepted at
East Kazakhstan region, Ust-Kamenogorsk, Myzy Str. 2/1 on or
before March 27, 2006.  

The company is available by phone at 8(3232) 24-06-50.


=================
L I T H U A N I A
=================


AB BANKAS: Fitch Lifts Individual Rating to 'D'
-----------------------------------------------
Fitch Ratings upgraded Lithuania-based AB Bankas NORD/LB
Lietuva's Individual rating to 'D' from 'D/E'.  At the same
time, Fitch has changed Long-term rating Outlook to Positive
from Stable.  

Other ratings involved are:

  (a) Long term affirmed at 'A-';
  (b) Short-term at 'F2'; and
  (c) Support at '1'.

The upgrade in the Individual rating reflects the improving
profitability seen at NORD/LBL combined with the renewed
commercial focus of the bank following three years of
restructuring.  The Individual rating also reflects the benefits
NORD/LBL should be able to receive from the expertise of its new
shareholder, DnB NOR of Norway.

"Since the acquisition by NORD/LB in 2002, NORD/LBL has
undergone significant restructuring," says Tim Beck, Director in
Fitch's Financial Institutions team.  DnB NOR and NORD/LB
jointly own DnB NORD, which controls NORD/LBL.

"This program has cut costs, upgraded risk management techniques
and improved the product offering.  This has begun to show
benefits through increased business activity and profitability,
though Fitch still views profitability as rather weak," Mr. Beck
adds.

The Outlook is changed to Positive to reflect that on DnB Nor's
rating, following the transfer of NORD/LBL to DnB NORD in
December.  It also considers the likelihood that NORD/LBL's
Long-term rating could be upgraded should cooperation and
integration with DnB NOR continue.  NORD/LBL's Long-term, Short-
term and Support ratings reflect the extremely high potential
support the bank can receive from DnB NOR.

NORD/LB acquired NORD/LBL in 2002.  In November 2005 NORD/LB and
DnB NOR established a joint venture, DnB NORD, to serve the
Danish, Finnish, Estonian, Latvian, Lithuanian and Polish
markets.  DnB NORD is based in Denmark, 51%-owned by DnB NOR and
49% by NORD/LB. In December NORD/LBL was transferred to DnB
NORD.


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


IFCO SYSTEMS: S&P Raises Credit Rating to BB- on Improved Biz
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on IFCO Systems N.V., the Netherlands-
based provider of reusable plastic containers and pallet
services, to 'BB-' from 'B+' reflecting the strong improvement
in IFCO's operating performance.  The outlook is stable.

At the same time, Standard & Poor's raised its senior secured
debt rating on IFCO to 'B' from 'B-'.

"Revenues and margins have increased in IFCO's pallet-management
services business, where the group has strengthened its market
position in the past 12 months," said Standard & Poor's credit
analyst Vanessa Brathwaite.  "This is despite higher input costs
including significantly higher fuel and transportation costs."

The group has also increased revenues in its RPC business, where
IFCO appears to be reaping the benefits of its position as
Europe's largest independent supplier of RPCs for the transport
of fruit and vegetables.  The number of journeys the RPCs make
in this segment has more than doubled since 2004, boosted by
higher penetration among the existing customer base and higher
volumes in the U.S. business. In addition, breakage rates, which
had been a problem, have improved significantly following the
upgrade of the group's RPC crate pool in Europe.  The
improvements in the group's operations have allowed IFCO both to
fund the upgrade of its European RPC pool (now 90% complete)
from internally generated cash flows and improve its credit-
protection measures.

Standard & Poor's expects the improvement in IFCO's operating
performance to be sustained.  Although the growth of capital
expenditure is expected to continue to consume the majority of
cash flow IFCO generates in the short-term, credit metrics
should still remain adequate for the ratings.

Further upside potential for the ratings would primarily be
related to a stronger-than-expected financial profile. Standard
& Poor's will continue to monitor IFCO's financial policy,
particularly with regard to dividends and the group's appetite
to increase debt in the medium term. IFCO would need to generate
free operating cash flow to boost liquidity, because its
liquidity position currently remains constrained by covenants
that prohibit the group increasing its available credit lines.

Although the ratings allow for a modest debt increase, they do
not factor in any significant increase, which could lead to
deterioration in credit ratios below a level adequate for the
ratings.  To maintain the ratings, IFCO is expected to keep FFO
to lease-adjusted net debt at more than 20%.


ROYAL SHELL: Inks New MoU for Joint Projects with Sonatrach
-----------------------------------------------------------
Royal Dutch Shell PLC and Sonatrach, the Algerian national
energy company, signed a Memorandum of Understanding covering
multiple business initiatives, both in Algeria and
internationally on Feb. 6.

Areas of cooperation will include investigating the commercial
and technical feasibility for joint developments in Algeria,
including upstream development projects, LNG, products and
marketing and investigating and evaluating possible asset swap
transactions for upstream exploration, development and appraisal
projects.

The agreement was signed in the presence of Mohamed Mezaine, PDG
Sonatrach and on behalf of Shell by Catherine Tanna, Executive
Vice President, Africa at a signing ceremony in Algiers.

"This agreement confirms Shell's interest in investing in
Algeria and the growing relationship between our two companies.
In this agreement, Shell sees an important opportunity to build
on our current activities and relationships in the country by
developing new projects and initiatives jointly with Sonatrach,
in Algeria and internationally," said Ms. Tanna.

                      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.


ROYAL SHELL: Redeems 500,000 'A' Shares for Cancellation
--------------------------------------------------------
Royal Dutch Shell PLC purchased 350,000 'A' Shares for
cancellation at EUR27.16 per share on Feb. 6.  It further
purchased 150,000 'A' Shares for cancellation at 1,857.50 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell PLC will be 3,924,362,974.

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
===========


BAKALINSKIY: Insolvency Manager Takes Helm
------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Bakalinskiy after finding the
company insolvent.  The case is docketed as A07-7573/05-G-FLE.  
Mr. S. Trofimov has been appointed insolvency manager.  
Creditors have until March 14, 2006, to submit their proofs of
claim to 450057, Russia, Bashkortostan republic, Ufa,
Oktyabrskoy Revplyutsii Str. 65.

CONTACT:  BAKALINSKIY
          452660, Russia, Bashkortostan republic,
          Bakalinskiy region, Penkozavod

          S. TROFIMOV
          Insolvency Manager
          450057, Russia, Bashkortostan republic,
          Ufa, Oktyabrskoy Revplyutsii Str. 65


DAVLEKANOVSKIY BAKERY: Claims Filing Period Ends Next Week
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy supervision on open joint stock company
Davlekanovskiy Bakery.  The case is docketed as A07-35783/05-G-
ADM.  Mr. V. Plaksov has been appointed temporary insolvency
manager.  Creditors have until Feb. 14, 2006, to submit their
proofs of claim to 450006, Russia, Bashkortostan republic, Ufa,
Tsuryupy Str. 153, Rooms 8-9.

CONTACT:  DAVLEKANOVSKIY BAKERY
          453401, Russia, Bashkortostan republic,
          Davlekanovo, Voroshilova Str. 2

          V. PALAKSOV
          Temporary Insolvency Manager
          450006, Russia, Bashkortostan republic,
          Ufa, Tsuryupy Str. 153, Rooms 8-9
          Tel: 8-917-34-222-17


DEBESSKIY AGRO-COMBINE: Under Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision on open joint stock company Debesskiy
Agro-Combine (TIN 1807000057).  The case is docketed as A71-
16995/2005-G26.  Mr. V. Bayazov has been appointed temporary
insolvency manager.  Creditors have until Feb. 14, 2006 to
submit their proofs of claim to 426054, Russia, Udmurtiya
republic, Izhevsk, 30 Let Pobedy Str. 64-81.

CONTACT:  DEBESSKIY AGRO-COMBINE
          Russia, Udmurtiya republic,
          Debesskiy region, Debesy

          V. BAYAZOV
          Temporary Insolvency Manager
          426054, Russia, Udmurtiya republic,
          Izhevsk, 30 Let Pobedy Str. 64-81


KOSHKINSKOYE: Samara Court Brings In Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision on open joint stock company Koshkinskoye (TIN
6374006143).  The case is docketed as A55-13926/05-38.  Mr. M.
Bagno has been appointed temporary insolvency manager.  
Creditors have until Feb. 14, 2006, to submit their proofs of
claim to 460001, Russia, Orenburg region, Chkalova Str. 32,
Apartment 253.

CONTACT:  KOSHKINSKOYE
          Russia, Samara region,
          Koshkinskiy region, Pogruznaya St.

          M. BAGNO
          Temporary Insolvency Manager
          460001, Russia, Orenburg region,
          Chkalova Str. 32, Apartment 253


KRASNOSELSKUP-OIL-GAS-SERVICE: Succumbs to Bankruptcy
-----------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Krasnoselskup-Oil-Gas-
Service after finding the open joint stock company insolvent.  
The case is docketed as A81-730/2005.  Mr. E. Ospanov has been
appointed insolvency manager.  Creditors have until Feb. 17,
2006, to submit their proofs of claim to 625046, Russia, Tyumen
region, Motorostroiteley Str. 14, Building 1, Office 1.

CONTACT:  KRASNOSELSKUP-OIL-GAS-SERVICE:
          Russia, Yamalo-Nenetskiy autonomous region,
          Krasnoselkup

          E. OSPANOV
          Insolvency Manager
          625046, Russia, Tyumen region, Motorostroiteley
          Str. 14, Building 1, Office 1


KUYUR-GAS-SEL-ENERGO: Bankruptcy Hearing Set March 13
-----------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision on municipal unitary enterprise Kuyur-
Gas-Sel-Energo (TIN 0233004329).  The case is docketed as A07-
50344/05-G-KhRM.  Mr. K. Shamigulov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to:

   (a) KUYUR-GAS-SEL-ENERGO
       453360, Russia, Bashkortostan republic,
       Kumertau, Babevskaya Str. 24
   
   (b) K. SHAMIGULOV
       Temporary Insolvency Manager
       453360, Russia, Bashkortostan republic,
       Kumertau, Babevskaya Str. 24
   
   (c) ARBITRATION COURT OF BASHKORTOSTAN REPUBLIC
       450078, Russia, Bashkortostan republic, Ufa,
       Oktyabrskoy Revolyutsii Str. 63a

A hearing will take place on March 13, 2006.


OAO GAZPROM: Sets June AGM to Elect Board & Audit Members
---------------------------------------------------------
OAO Gazprom will hold its Annual General Shareholders' Meeting
on June 30, 2006, in Moscow.

The list of shareholders entitled to participate in the
Shareholders' Meeting will be drawn up on the basis of the OAO
Gazprom shareholders' register as of the end of the operation
day of May 12, 2006.

The Board also approved a list of nominees for Gazprom's Board
of Directors and Audit Commission, to be voted at the
Shareholders' Meeting.

The Board will discuss eight issues in the shareholders'
meeting, including:

   -- approval of the Annual Report and accounting statements
      (including profit & loss accounts);

   -- approval of the distribution of profit based on the
      results of 2005;

   -- the amount of, time for and form of payment of annual
      dividend;

   -- election of members of the Board of Directors and Audit
      Commission;

   -- approval of auditor;

   -- introduction of amendments and additions to the Charter;

   -- remuneration of the members of the Board of Directors; and

   -- Audit.

                        About the Company

Headquartered in Moscow, Russia, OAO Gazprom --
http://www.gazprom.ru/-- produces 94% of the country's natural  
gas, controls 25% of the world's reserves, and is also the
world's largest gas producer.  It focuses on gas exploration,
processing, transport, and marketing.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 18,
2006, Standard & Poor's Ratings Services raised its long-term
corporate credit rating on OAO Gazprom to 'BB+' from 'BB', in
view of an increase in state support, and following the $7
billion purchase of the company's treasury stock by the Russian
state-owned special-purpose vehicle Rosneftegas.  

The rating upgrade reflects the cash payment from Rosneftegas,
which, together with higher export prices, has allowed Gazprom
to limit increases in year-end parent debt to about US$23
billion (closer to US$28-US$30 billion including subsidiary
debt).  In particular, this helped the company to prepay US$8
billion of the US$13 billion loan raised to finance the
acquisition of Sibneft by the end of 2005.

The agency also noted that Gazprom remains subject to general
political and emerging market risks related to Russia.  The
unpredictable nature of Russian government policy, potential
investment mandates and still very low regulated domestic gas
prices (averaging US$36/mcm in 2005), together with substantial
financial debt levels, remain key constraints on the rating on
Gazprom.  At June 30, 2005, Gazprom had US$22.7 billion of
consolidated on-balance-sheet debt, US$2.7 billion in
guarantees, and about US$1 billion of postretirement
liabilities.


OAO MEGAFON: Fitch Upgrades US$375 Million Bond Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings raised OAO MegaFon's Senior Unsecured foreign
currency rating to 'BB' from 'BB-'.  The Outlook is Stable.  Its
Short-term rating is affirmed at 'B'.

Other ratings involved are:

  (a) US$375 million bond issued by MegaFon S.A. and guaranteed      
      by OAO Megafon rose to 'BB' from 'BB-';

  (b) National Senior Unsecured rating upgraded to 'AA' from
      'AA-' with Outlook, Stable; and

  (c) Domestic RUB3 billion bond: affirmed at 'AA' from
      'AA-'.

  
"The upgrade reflects Megafon's strong financial performance
with its EBITDA margin improving to over 44% in 2005 from 42% in
2004.  The company has also moved closer to a cash generative
stage of its business development," says Nikolai Lukashevich,
director with Fitch's TMT team.

The ratings take into account that Megafon is an established
nationwide mobile operator in Russia rapidly increasing cellular
coverage in its licensed territories.  Its subscriber base and
revenue have been rapidly growing, by 67% in 2005, following a
119% increase in the year before while revenue was up 82% in
2004.  Growth is likely to extend into 2006 and beyond, based on
the continued expansion of the Russian mobile market.

Although Megafon's free cash flow was negative in 2005, it
significantly narrowed as a percentage of revenues and earnings
and is expected to almost break even in 2006 if the company
manages to successfully achieve its business goals.  Its
subscriber market share has been relatively stable, showing only
minor losses throughout 2005 although Fitch notes that this is a
rather volatile and imprecise indicator.  

Instead, the agency focuses on Megafon's share of the three
largest nationwide operators' cumulative revenues, which
substantially increased over the last 18 months to 25.5% in Q205
from 20.6% in Q104.  

Megafon managed to achieve the highest average revenue per user
of the "Big Three" operators, a result of its focus on the
middle market and conservative definition of active subscribers.  
Fitch notes, however, that such narrow focus may deprive Megafon
of valuable business opportunities offered by the mass market
segment.  

The company continues to lag its nationwide competitors in terms
of network coverage and capacity because of its relatively late
market entry, although it has substantially reduced the gap with
its peers.

Megafon's major shareholders continue to be in dispute over a
blocking 25.1% equity stake in the company.  However, this did
not preclude the board from taking strategic decisions and has
not led to operational disruptions.  

Although this dispute bars Megafon from access to new equity
capital, this has become less of a concern as internally
generated cash is sufficient to cover capital expenditure
requirements, while external financing needs are rapidly
dwindling.

Megafon's leverage is moderate in absolute terms, its net
debt/EBITDA ratio was at 1.9x at end-2004 and is likely to have
somewhat declined at end-2005 as EBITDA grew faster than debt in
2005.  2006 is likely to bring a significant ease in leverage
metrics, a result of growing EBITDA and a stronger cash
generation that will leave net debt unchanged.  

Fitch expects tangible de-leveraging from Megafon, which also
underpins the upgrade.  In 2005, Megafon extended the maturity
of shareholder loans and subordinated them to some unsecured
creditors, most notably, Eurobond holders.  

The company renegotiated the terms of financing with export
credit agencies and its major creditors, releasing security and
easing financial covenants, which significantly enhanced
Megafon's financial flexibility and alleviated short-term
refinancing risks.  

At end-2004 the company's maturity profile significantly
improved with the share of short-term debt declining to 22% from
36% at end-2003.  A further decline is unlikely, as the company
is not planning to take on more long-term loans in preparation
for debt reduction after 2007.


REM-STROY-SERVICE: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision on close joint stock company
Rem-Stroy-Service.  The case is docketed as A20-7743/05.  Mr. E.
Katyukha has been appointed temporary insolvency manager.  
Creditors may submit their proofs of claim to 360000, Russia,
Kabardino Balkariya republic, Nalchik, Lermontova Str. 54, Room
203.

CONTACT:  REM-STROY-SERVICE
          Russia, Kabardino Balkariya republic,
          Prokhladnyj, Kavkazskaya Str. 2-6

          E. KATYUKHA
          Temporary Insolvency Manager
          360000, Russia, Kabardino Balkariya republic,
          Nalchik, Lermontova Str. 54, Room 203


RESEARCH INSTITUTE: Udmurtiya Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Institute Of Metallurgic Technologies (TIN
1832009303) after finding the open joint stock company
insolvent.  The case is docketed as A71-68/2005-G21.  Mr. A.
Konovalov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 426010, Russia, Udmurtiya
republic, Izhevsk, Azina Str. 2.

CONTACT:  RESEARCH INSTITUTE OF METALLURGIC TECHNOLOGIES
          426010, Russia, Udmurtiya republic,
          Izhevsk, Azina Str. 2

          A. KONOVALOV
          Insolvency Manager
          426010, Russia, Udmurtiya republic,
          Izhevsk, Azina Str. 2


SEVER-GAS-SPETS-STROY: Declared Insolvent
-----------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Sever-Gas-Spets-Story
after finding the close joint stock company insolvent.  The case
is docketed as A81-2782/2005.  Mr. V. Pochuev has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 610014, Russia, Kirov region, Protrebkooperatsii Str. 6.

CONTACT:  SEVER-GAS-SPETS-STROY
          629730, Russia, Yamalo-Nenetskiy autonomous region,
          Nadym, 8th Proezd

          V. POCHUEV
          Insolvency Manager
          610014, Russia, Kirov region,
          Protrebkooperatsii Str. 6


VYROVSKOYE: Deadline for Proofs of Claim Set Feb. 14
----------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision on open joint stock company Vyrovskoye.  
The case is docketed as A72-6953/05-20/3-B.  Mr. V. Nikishkin
has been appointed temporary insolvency manager.

Creditors have until Feb. 14, 2006, to submit their proofs of
claim to 433870, Russia, Ulyanovsk region, Novospasskoye, Post
User Box 46.  A hearing will take place on March 2, 2006, 11:45
a.m.

CONTACT:  VYROVSKOYE
          Russia, Ulyanovsk region,
          Mayninskiy region, Vyry

          V. NIKISHKIN
          Temporary Insolvency Manager
          433870, Russia, Ulyanovsk region,
          Novospasskoye, Post User Box 46


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


ANETA: Under Bankruptcy Supervision in Kyiv
-------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Aneta (code EDRPOU 32822281) on
Dec. 2, 2005.  The case is docketed as 43/898.  Mr. E. Kondra
has been appointed temporary insolvency manager.

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

          Mr. E. Kondra
          Temporary Insolvency Manager
          01032, Ukraine, Kyiv region, a/b 43

          ONOMIC COURT OF KYIV REGION
          030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard 44-B


ARMATURE-INSULATOR: Court Rules on Bankruptcy
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Armature-Insulator Plant (code EDRPOU
31279844) on Dec. 1, 2005, after finding the close joint stock
company insolvent.  The case is docketed as 23/842-b.  

CONTACT:  ARMATURE-INSULATOR PLANT
          Ukraine, Kyiv region,
          Chornovol Str. 10-A

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


AUTO ENGINEERING: Court Names Oleg Bliznyuk as Liquidator
---------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Auto Engineering Group (code EDRPOU
32486992) on Dec. 14, 2005, after finding the limited liability
company insolvent.  The case is docketed as 15/867-b.  Mr. Oleg
Bliznyuk has been appointed liquidator/insolvency manager.  The
company holds account number 26004301302018 at Rajffajzenbank,
Mihajlivske branch, MFO 300528.

CONTACT:  AUTO ENGINEERING GROUP
          Ukraine, Kyiv region,
          40-richya Zhovtnya Avenue 100/2

          Mr. Oleg Bliznyuk
          Liquidator/Insolvency Manager
          Ukraine, Donetsk region,
          Kutuzov Str. 19/83

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


HIMRESURS: Succumbs to Bankruptcy Proceedings in Lugansk
--------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on Production-Commercial Enterprise
Himresurs (code EDRPOU 30714413).  The case is docketed as
20/106 b.  Mr. Oleksandr Prosolupov has been appointed temporary
insolvency manager.

CONTACT:  HIMRESURS
          93000, Ukraine, Lugansk region,
          Rubizhne, Vizvoliteliv Str. 75/68

          Mr. Prosolupov Oleksandr
          Temporary Insolvency Manager
          91048, Ukraine, Lugansk region,
          Ushakov Str. 9-a

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV Square 3a


KRASNOPEREKOPSKIJ METAL: Melts Under Bankruptcy
-----------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on OJSC Krasnoperekopskij Reinforced Metal
Products Plant (code EDRPOU 012669974).  The case is docketed as
2-20/16474-2005.  Larisa Petuhova has been appointed temporary
insolvency manager.

CONTACT:  KRASNOPEREKOPSKIJ REINFORCED METAL PRODUCTS PLANT
          96012, Ukraine, AR Krym region,
          Armyansk, Pivnichna promzona

          Larisa Petuhova
          Temporary Insolvency Manager
          95022, Ukraine, AR Krym region,
          Simferopol, Pobedi Avenue 235-a/3
          Phone: (0652) 51-57-43

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


OBERONBUDPROM: Larisa Slyusarenko Named to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Oberonbudprom (code EDRPOU 33138221) on
Dec. 13, 2005, after finding the limited liability company
insolvent.  The case is docketed as 2/251-05-10984.  Ms. Larisa
Slyusarenko has been appointed liquidator/insolvency manager.

CONTACT:  OBERONBUDPROM
          65031, Ukraine, Odessa region,
          Novomoskovska Road 21/1

          Ms. Larisa Slyusarenko
          Liquidator/Insolvency Manager
          65031, Ukraine, Odessa region,
          Novomoskovska Road 21/1

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


SAPFIR: Court Declares Bankruptcy for Sevastopol Firm
-----------------------------------------------------
The Economic Court of Sevastopol commenced bankruptcy
proceedings against Private Enterprise Sapfir (code EDRPOU
13788395) on Dec. 19, 2005, after finding the limited liability
company insolvent.  The case is docketed as 20-7/375.  Mr. Atik
Drogajtsev has been appointed liquidator/insolvency manager.

CONTACT:  SAPFIR
          99053, Ukraine, AR Krym region,
          Sevastopol, Vakulechuk Str. 31

          Mr. Atik Drogajtsev
          Liquidator/Insolvency Manager
          99059, Ukraine, AR Krym region,
          Sevastopol, P. Korchagin Str. 34/22

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


TEHPROMTORG: Court Begins Bankruptcy Supervision
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Private Enterprise Tehpromtorg (code
EDRPOU 30316277).  The case is docketed as B 24/289/05.
Mr. Sergij Zhukov has been appointed temporary insolvency
manager.

CONTACT:  TEHPROMTORG
          49000, Ukraine, Dnipropetrovsk region,
          Yangel Str. 7/151

          Mr. Sergij Zhukov
          Temporary Insolvency Manager
          49055, Ukraine, Dnipropetrovsk region, a/b 3422

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


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


24 HOUR: Appoints Liquidators to Wind Up Assets
-----------------------------------------------
Members of 24 Hour Sportslife Limited appointed John W Lewis of
J W Lewis Insolvency Services Limited to liquidate the company's
assets.

Parties recommended the voluntarily wind up of the company's
operations after determining that the company's liabilities
hinder its ability to continue its business.  The wind up
resolution was passed on Jan. 16, 2006, during an Extraordinary
General Meeting held in Bristol.

Creditors are required to send in their full names, addresses
and descriptions, full particulars of debts or claims and the
names and addresses of Solicitors (if any), to John W. Lewis of
Suite B1, White House Business Centre, Forest Road, Kingswood,
Bristol BS15 8NH, by Feb. 28, 2006.

CONTACT:  24 HOUR SPORTSLIFE LIMITED
          14 Queen Elizabeth Gate
          50 Queens Road
          Weybridge, Surrey KT13 0AZ

          J W LEWIS & CO
          Suite B1
          White House Business Centre
          Forest Road
          Kingswood
          Bristol
          Avon BS15 8NH
          Tel: 0117 947 5747
          Fax: 0117 947 5745


A1 STRETCH: Limo-for-Hire Business Up for Sale
---------------------------------------------
Administrator Kevin T. Brown FCA of Marriott Palmer Brown is
offering Al Stretch Limos Limited for sale as a going concern.

The limousine rental business sits on leasehold premises in
Hemel Hempstead, Hertfordshire, and is established for over six
years.  The company reports approximately GBP4 million in annual
turnover.  

CONTACT:  MARRIOTT PALMER BROWN LIMITED
          113-115 George Lane
          London E18 I AB
          Phone: 020 8505 3235
          Fax: 020 8505 3289


BOLTON AND FLEET: Taps Begbies Traynor to Administer Assets
-----------------------------------------------------------
Stephen L. Conn and David P. Appleby of Begbies Traynor were
appointed administrators of Bolton And Fleet Limited (Company No
01160265) on Jan. 24.  Its registered office is at Trafford
House, Platt Fold Street, Leigh WN7 1JN.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

CONTACT:  BOLTON AND FLEET LTD
          Trafford House, Platt Fold Street,
          Leigh, Lancashire WN7 1JH


BRITISH ENERGY: To Unveil Third Quarter Results on Feb. 24
----------------------------------------------------------
British Energy Group PLC will disclose its results for the third
quarter ended Jan. 1, 2006, on Feb. 24, 2006.

Management will host a conference call and webcast for analysts,
institutional investors and bondholders at 9:15 a.m. on that
date.  Dial-in facilities can be accessed by dialing:

         UK dial in:              0845 113 0049
         International dial in:   +44 (0) 1452 542 303
         US dial in:              1 866 389 9778

There will be a replay facility for 7 days:

         UK local rate no:        0845 245 5205
         UK International no:     +44 (0) 1452 550 000
         UK PIN (access) no:      5011170#

Management will host another conference call for U.S. analysts,
institutional investors and bondholders at 2:00 p.m. on Feb. 24,
2006.  The conference can be accessed by dialing:

         UK dial in:              0845 146 2010
         International dial in:   +44 (0) 1452 542 304
         US dial in:              1 866 389 9780

There will be a replay facility for 7 days:

         UK local rate no:        0845 245 5205
         UK International no:     +44 (0) 1452 550 000
         UK PIN (access) no:      5012889#

                        About the Company

Headquartered in South Lanarkshire, British Energy --
http://www.british-energy.com/-- is U.K.'s largest power  
generator, producing 20% of the country's power through eight
nuclear facilities in Scotland and England (total capacity is
9,600 MW).  British Energy also owns the 2,000-MW coal-fired
plant (Eggborough) in England.

The company emerged as British Energy Limited with a new holding
company, British Energy group PLC, after the court approved its
scheme of arrangement in January.  Under the program, existing
creditors received 97.5% of equity in the new group.

                              *     *     *

In January 2005, Moody's Investors Service assigned a Ba2 rating
to British Energy's long term corporate family credit rating.  
At the same time, Standard & Poor's issued BB+ ratings to the
company's Long Term Foreign & Local Issuer Credit.  In October
2005, Fitch raised the company's senior unsecured debt rating to
BB+ from BB-.


CARLTON MAINTENANCE: Hires Begbies Traynor Administrator
--------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
administrators of Carlton Maintenance Services Limited (Company
No 3637281) on Jan. 19.  Its registered office is at 309
Corporation Road, Birkenhead, Merseyside CH41 1HB.  The company
offers general construction services.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

CONTACT:  CARLTON MAINTENANCE SERVICES LTD
          Commercial House, New Chester Road,
          Birkenhead, Wirral CH41 9BN
          Tel: 01516470934


CHARGECHECK LTD.: Administrator Begins Asset Sale Offer
-------------------------------------------------------
Administrator Eileen Sale of Sale Smith & Co. Ltd. offers for
sale the business and assets of Chargecheck Ltd. (trading as
Clssic Kitchens and Built In Appliances).

The assets include two leasehold showrooms (with appliances), a
warehouse and other facilities.  It reports more than GBP2
million in annual turnover.

CONTACT:  SALE SMITH & CO. LTD.
          30 Derby Street, Ormskirk,
          Lancashire L39 2BY
          Contact: Bill Brandon
          Phone: 01695 585440
          Fax: 01695 585450


ECG GROUP: Names Joint Receivers from KPMG Due to Cash Crisis
-------------------------------------------------------------
ECG Group Ltd. appointed KPMG Corporate Recovery's Blair Nimmo
and Tony Friar as joint receivers following a request by the
company's directors.

ECG has enjoyed rapid growth but experienced problems with
certain contracts, particularly down south, leading to
significant trading losses and cash flow difficulties, which
unfortunately resulted in the business becoming unsustainable.

"The business had grown substantially over the last two years to
an annualized turnover level of GPB45 million; however, the
recent discovery of a number of problematic contracts where
substantial losses were continuing to be incurred, left the
Directors with no choice but to request the appointment of
receivers," head of KPMG Corporate Recovery in Scotland, Blair
Nimmo, said.  "While it is regrettable, the current financial
situation means that the receivers have no option but to make
224 redundancies with immediate effect."

The remaining workforce of 33 employees will continue to assist
the receivers in realizing the maximum value from the business
and its assets.

"It is disappointing that we have not had the time to consider
some form of restructuring of the business aimed at avoiding
receivership, but given the current circumstances we welcome any
party who may have an interest in acquiring the business or any
of its assets to make early contact with us," Mr. Nimmo added.

To clarify, ECG Building Maintenance Ltd. continues to trade as
normal and is not affected by the receivership of ECG Group Ltd.

Headquartered in Blantyre (Glasgow), ECG Group Ltd installs
heating and ventilation systems to both the public and private
sector.  It was established in 1972 by Eric Graham and employs
257 staff across five sites in the UK.

CONTACT:  Tony Friar
          Tel: 0141 226 5511

          Blair Nimmo, Head of Corporate Recovery
          KPMG Scotland
          Tel: 0131 527 6672
          Mobile: 07774 617582

          Allan Barr - PR Manager
          KPMG Scotland
          Tel: 0141 300 5896
          Mobile: 07796 181 043
          E-mail: allan.barr@kpmg.co.uk


ELISION TECHNOLOGY: Debt Claims Filing Period Ends March 17
-----------------------------------------------------------
Elision Technology Limited voluntarily liquidated its assets
after mounting liabilities prompted members to vote for the wind
up of the company's operations during a meeting held on Jan. 25.

Andrew Conquest of Grant Thornton UK LLP in London was appointed
liquidator.  

Creditors are required on or before March 17, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to Andrew Conquest.

                     About Grant Thornton

Headquartered in London, Grant Thornton UK LLP --
http://www.grant-thornton.co.uk/-- is the UK member of Grant  
Thornton International, one of the world's leading international
organisations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.  

CONTACT:  ELISION TECHNOLOGY LTD
          Catherine House, Boundary Way,
          Hemel Hempstead, Hertfordshire HP2 7RP
          Tel: 01442246660


ESTAMAN PROPERTIES: Creditors Have Until Feb. 24 to File Claims
---------------------------------------------------------------
Estaman Properties Limited decided to liquidate its assets after
members voted to wind up the company's operations during an
Extraordinary General Meeting on Jan. 13, in London.

A. Rogers, chairman of Estaman Properties Limited, disclose that
the company cannot continue its business due to surmounting
debts.

William John Turner and David John Oprey of Chantrey Vellacott
were appointed joint liquidators.

Creditors are required on or before Feb. 24, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to David John Oprey.

                     About Chantrey Vellacot

Headquartered in Hove, East Sussex, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered  
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.  

CONTACT:  ESTAMAN PROPERTIES LIMITED
          32 Great James Street
          London WC1N 3HB


FOODOLOGY UK: Administrators From KPMG Takes Over Helm
------------------------------------------------------
Richard James Philpott and Allan Watson Graham of KPMG LLP were
appointed administrators of Foodology UK Ltd (Company No
4757094) on Jan. 25.

CONTACT:  FOODOLOGY UK LTD
          Derby Road Business Park
          Clay Cross, Chesterfield
          Derbyshire S45 9AG
          Tel: (01246) 250626
          Fax: (01246) 250638

          KPMG LLP
          St Nicholas House
          Park Row
          Nottingham
          Nottinghamshire NG1 6FQ
          Tel: 0115 935 3535
          Fax: 0115 935 3500


GLOBAL NEWS: Begins Liquidation Proceedings
-------------------------------------------
L. Mastey, chairman of Global News Media Plc, informs that the
special, ordinary and extraordinary resolutions to wind up the
company were passed at an EGM held on Dec. 30 at Maitre Azoulay,
2 Rue de Sontay, 75016 Paris, France.  

Norman Cowan and Mark Pearce Riley of Wilder Coe, 12th Floor,
Southgate House, St George's Way, Stevenage SG1 1HG were
appointed joint liquidators.

Creditors are required on or before March 14, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to Norman Cowan.

CONTACT:  GLOBAL NEWS MEDIA PLC
          4th Floor Clements House
          14-18 Gresham Street
          London EC2V 7NN

          WILDER COE
          12th Floor
          Southgate House
          St. George's Way
          Stevenage
          Hertfordshire SG1 1HG
          Tel: 01438 847 200
          Fax: 01438 847 150
          E-mail: insol@wildercoe.co.uk


HENLEY OFFICES: Appoints Administrators from Baker Tilly
--------------------------------------------------------
N. Millar and A. Allen of Baker Tillly were appointed
administrators of Henley Offices Limited (Company No 04286739)
on Jan. 26.  

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

Headquartered in Ipswich, Henley Offices Ltd --
http://www.henleyoffices.com/-- was launched in 2001 to create  
a new genre of personal "workspaces" specifically for
professionals who work at home.  Its showroom is located at the
Business Design Centre, Islington, London N1.


LONDON DEMOLITION: In Administrative Receivership
-------------------------------------------------
Fairfax Gerrard Holdings Limited appointed Barry Peter Knights
of Knights & Company and Kevin James Wilson Weir of Smith &
Williamson joint administrative receivers of London Demolition
Company Limited (Reg No 02838858) on Jan. 27.  

CONTACT:  LONDON DEMOLITION COMPANY LTD
          Rear of 65 Church Street
          Chalvey, Slough  
          Berkshire SL1 2NN
          Tel: 01753 528466

          KNIGHTS & CO
          1st Floor
          Milford House
          43-45 Milford Street
          Salisbury
          Wiltshire SP1 2BP
          Tel: 01722 330688
          Fax: 01722 414546

          SMITH & WILLIAMSON LIMITED
          Imperial House,
          18-21 Kings Park Road,
          Southampton SO15 2AT
          E-mail: GP4@smith.williamson.co.uk


NEIL GRINNALL: Creditors Meeting Set Tomorrow
---------------------------------------------
Creditors of Neil Grinnall Properties Limited will meet on
Feb. 9, 2006, 12 noon at Galton Way, Hadzor, Droitwich Spa,
Worcestershire WR9 7ER.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to N. Price, joint administrative receiver of Moore
Stephens not later than 12 noon, Feb. 8, 2006.

CONTACT:  NEIL GRINNALL PROPERTIES LTD
          The Grinnall Business Centre, Sandy Lane,
          Stourport-On-Severn, Worcestershire DY13 9QB
          Tel: 01299-827767

          MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Tel: 0121 233 2557
          Fax: 0121 200 2558
          E-mails: nigel.price@moorestephens.com
                   mark.bowen@moorestephens.co.uk  
          Web site: http://www.moorestephens.co.uk/

          MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Tel: 020 7334 9191
          Fax: 020 7248 3408
          E-mail: david.rolph@moorestephens.com
          Web site: http://www.moorestephens.co.uk/


NIGHTCLUB COMPANY: Appoints Joint Administrators from PwC
---------------------------------------------------------
D. G. Hargrave and M. J. Jervis of PricewaterhouseCoopers LLP
were appointed joint administrators of The Nightclub Company
(UK) Limited (Company No 05021267) on Dec. 22.  Its registered
office is at Meridian House, Meridian East, Meridian Business
Park, Leicester LE19 1WZ.  The company operates nightclubs in
the United Kingdom.

                           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.  


SCAFFOLD IT: In Administrative Receivership
-------------------------------------------
William John Bradford appointed G. W. Rhodes and I. P. Sykes of
Begbies Traynor joint administrative receivers of Scaffold IT
Limited (Reg No 04050663) on Jan. 20.  The company sells
scaffolding equipment.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

CONTACT:  SCAFFOLD IT LTD
          Springfield Rd, Brighton BN1 6DG
          Tel: 01273 509966


SKYEPHARMA PLC: Fidelity Int'l. Cuts Equity Stake to 5.95%
----------------------------------------------------------
Fidelity International Limited and its direct and indirect
subsidiaries, being non-beneficial holders, decreased their
holding in SkyePharma plc by 7,616,500 ordinary shares since
their last filing on Jan. 23, 2006.

Fidelity's revised holding amounts to 44,884,745 ordinary shares
of 10 pence each, representing 5.95% 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.


SKYEPHARMA PLC: Names Frank Condella as Chief Executive Officer
---------------------------------------------------------------
SkyePharma PLC appointed a new senior management team comprising
Frank Condella as Chief Executive and Dr. Ken Cunningham in the
newly created post of Chief Operating Officer.  This new role
will focus on ensuring the effective development of SkyePharma's
key products such as Flutiform(TM).

Frank C. Condella, Jr. was President of the European operations
of IVAX prior to its acquisition by Teva for more than US$7
billion in 2005.  He was closely involved with IVAX's
respiratory franchise, one of its three core therapeutic areas,
including managing the acquisition and integration of 3M's
branded respiratory business.  Prior to joining IVAX in 2002, he
occupied senior roles at Faulding Pharmaceuticals, Roche, and
the Lederle unit of American Home Products.  Mr. Condella, who
is American, has a BS Pharm degree and an MBA from Northeastern
University in Boston.

"I support the near-term strategy recently outlined by the board
and am confident that our new management team can effectively
implement it.  I believe that my experience in growing global
pharmaceutical businesses while closely managing costs will be
an important asset as we work together to build long-term
shareholder value," Mr. Condella said.

Dr. Ken Cunningham was Chief Executive of the privately owned
U.K. biotechnology company Arakis, recently acquired by the
Japanese company Sosei for US$200 million.  Dr. Cunningham has
extensive experience in the development of respiratory products
and the Arakis lead product, a treatment for chronic obstructive
pulmonary disease (COPD), was licensed to Novartis in 2005 in a
deal worth up to US$375 million.  Prior to his appointment to
the Arakis role in 2002, he was Vice President, International
Affairs for Alza and before that was Vice President for Clinical
Development for Sequus Pharmaceuticals.  Prior to that, he held
a variety of clinical development and commercial strategy
positions in Glaxo Wellcome and Warner-Lambert.  Dr. Cunningham
qualified from St. Mary's Medical School, London University.

"I am very excited about joining SkyePharma and helping drive
the development of new oral and respiratory products, including  
Flutiform(TM) which I believe will deliver significant benefit
to asthma sufferers.  I also look forward to working with Frank
Condella and the Board to build a leading international
specialty pharmaceutical business," Dr. Cunningham said.

"I am delighted that Frank and Ken have chosen to join
SkyePharma.  It is a testament to their character that they have
made the decision to come on board at such a challenging moment.  
They bring a combination of proven skills, relevant experience
and strong reputation in the pharmaceutical industry, meaning
that SkyePharma now has the ideal team to lead the company
forward," said Dr. Jerry Karabelas, SkyePharma's chairman.  ""I
hope that the appointment of Frank and Ken will prompt
recognition among the shareholders who have called for an
Extraordinary General Meeting that they are the best possible
team to lead SkyePharma.  I appeal to them to reconsider their
moves to appoint Mr. Robert Thian as executive Chairman via an
EGM.  Both Frank and Ken have current and highly relevant
pharmaceutical industry experience.  By contrast, Mr. Thian has
not had an executive role in pharmaceuticals since 1989 and has
limited visibility in the industry, his most recent experience
having been mainly restricted to water utilities and separation
technology.  I strongly believe that the new team should be
given the opportunity to realize the potential in SkyePharma."

Both Mr. Condella and Dr. Cunningham have expressed their intent
to purchase shares in SkyePharma as soon as they are able as a
mark of their confidence in SkyePharma and recognition of the
potential within the Company.

                        Board Structure

Michael Ashton will continue to act as SkyePharma's Chief
Executive until March 1, when Frank Condella can take up his
appointment, and will remain on the Board as a non-executive
director until the next Annual General Meeting in June 2006.  
Neither Mr. Condella nor Dr. Cunningham will join the Board
immediately but it is anticipated that the new executives will
join the board prior to the AGM so that their appointments can
be voted on by shareholders at that time.

                       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.


TIMBER SYSTEMS: Furniture Maker Calls in Administrator
------------------------------------------------------
A. J. Wolstenholme and J. M. Wright of Kroll Limited were
appointed administrators of Timber Systems Limited (Company No
01414276) on Jan. 24.  Its registered office is at Peat House,
Newham Road, Truro, Cornwall TR1 2DP.  

Timber Systems Limited -- http://www.timber-tailers.co.uk/--  
was previously named Timber Tailors Limited.  It manufactures
office and shop furniture.

CONTACT:  TIMBER TAILORS LTD
          Longwall Avenue
          Queen Drive Industrial Estate
          Nottingham NG2 1NA
          United Kingdom
          Tel: 0115-942 1000
          Fax: (0870) 4289103

Headquartered in Birmingham, 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.


WEST HAMPSHIRE: Water Supplier Winds Up
---------------------------------------
West Hampshire Water Plc voluntarily liquidated its assets after
members voted to wind up the company's operation during an EGM
held on Jan. 20 in Bournemouth.

Company Chairman A. R. F. Cooke disclosed that Nicholas James
Dargan and Nicholas Guy Edwards of Deloitte & Touche were
appointed joint liquidators after members found out that the
company cannot continue its business due to its liabilities.

Headquartered in Bournemouth, West Hampshire Water --
http://www.bwhwater.co.uk/-- supplies water to an estimated  
resident population of 426,300 in an area of 1,041 square
kilometers through a mains network of 2,745 kilometers in the
United Kingdom.  The Act of Parliament established West
Hampshire Water in 1893.  

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Tel: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com/


WESTFIELD STAMPINGS: Manufacturer Names Vantis Administrator
------------------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis
Numerica were appointed administrators of Westfield Stampings
Limited (Company No 00735362) on Jan. 25.  

Headquartered in West Midlands, United Kingdom, Westfield
Stampings Limited -- http://www.westfieldstampings.co.uk/-- has  
been designing and manufacturing non-ferrous stampings since
1962.

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

CONTACT:  WESTFIELD STAMPINGS LIMITED
          School Street, Dudley,
          West Midlands DY1 2AH
          United Kingdom
          Tel: (01384) 253358
          Fax: (01384) 455486

                            *********                            


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.

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