TCREUR_Public/060209.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, February 9, 2006, Vol. 7, No. 29

                            Headlines

F R A N C E

APM: Foundry Faces Liquidation Following 2005 Insolvency


G E R M A N Y

ALL TRANS: Kempten Firm Under Bankruptcy Administration
HEINZ MERSINGER: Court to Verify Claims on April 6
MAINZER STRASSE: Court Begins Bankruptcy Proceedings
MAOR HANDELSGESELLSCHAFT: Creditors' Meeting Set for March 21
O.H. LEDERWARENHANDELSGESELLSCHAFT: March Claims Deadline Set

PETATEC SERVICE: Creditors' Meeting Set on March 2
PETERKA COMPUTER: Ansbach Court Calls In Administrator
SALZLAND BAU: Claims Registration Deadline Set on Feb. 20
SCHUELERHAUS BREMSNITZ: Gera Court Names Administrator
WOLF GMBH: Court Sets March 17 Claims Bar Date


I R E L A N D

ARDAGH GLASS: Competition Prompts Moody's to Review Ratings


I T A L Y

BANCA NAZIONALE: BNP Paribas Board to Sign Takeover Bid Today
PARMALAT SPA: Court Okays Brazilian Unit's Recovery Plan


K A Z A K H S T A N

AKVAPARK ZOLOTYE: Authorities Open Bankruptcy Proceedings
COMPANY RSU-2: Last Day for Filing of Claims Set Next Month
OMEGA STAR: Declared Insolvent
ORAL-XXI: Has Until March to File Proofs of Claim
SKAUT: Bankruptcy Proceedings Started by Mangistau Court

U-MARKET: Deadline for Filing of Claims Last Week of March


L U X E M B O U R G

BLUE EAGLE: Fitch Affirms Junk Ratings on Fixed-Rate Notes


N E T H E R L A N D S

ROYAL SHELL: Further Cancels 850,000 'A' Shares
VENDEX KBB: Fitch Rates Senior Secured Debt at BB+
VICTORIA ACQUISITION: Fitch Puts EUR275-Mil Bond Ratings on B+


R U S S I A

ALAPAEVSKIY FACTORY: Undergoes Bankruptcy Supervision Procedure
BUILDING MATERIALS: Court Sets Feb. 14 Claims Bar Date
CHERDAKLINSKIY: Ulyanovsk Court Brings In Insolvency Manager
CHUVASH-OPT-TORG: Declared Insolvent by Chuvashiya Court
INDUSTRY-STROY-SERVICE: Succumbs to Bankruptcy

KUBAN-AGRO-SERVICE: Under Bankruptcy Supervision in Krasnodar
MEAT-MOL-KOMPLEKT: Insolvency Manager Takes Over Helm
NADEZHDA: Mariy El Court Opens Bankruptcy Proceedings
NORTH-WEST: Posts Preliminary 2005 Financial Results
REINFORCED CONCRETE: Claims Filing Period Ends Next Week

ULYBINO: Assets For Public Auction Set Feb. 15


S W E D E N

SKANDIA INSURANCE: Final Acceptance of Old Mutual's Offer Closes
SKANDIA INSURANCE: Reveals Changes in Nominating Committee


U K R A I N E

AVANGARD-2003: Zaporizhya Court Begins Bankruptcy Proceedings
AZOVSTAL IRON: Planned US$200-Mil LPN Gets Moody's (P)B3 Rating
BAHMACHTEPLOKOMUNENERGO: Court Names Insolvency Manager
DOBRINYA: Declared Insolvent by Vinnitsya Court
FLAX-CONTRACT: Court Freezes Debt Payments

GRABARIVSKE BREAD: Bankruptcy Supervision Begins
SINTEZ-TRAST: Court Names S. Sidko Temporary Insolvency Manager
SOFIYIVKA: Kyiv Court Launches Liquidation
UKRAINA: Kirovograd Court Affirms Insolvency


U N I T E D   K I N G D O M

ACTIF ACCOUNTING: Financial Woes Prompt Voluntary Liquidation
ADIURI SYSTEMS: Joint Administrators Take Over Firm
ASHFIELD RETAIL: Taps Liquidator to Wind Up Assets
BIOGROVE PROPERTIES: Begins Voluntary Liquidation in Boston
BOND (RSC): Taps Abbott Fielding as Liquidator

BRITISH AIRWAYS: Earns GBP164-Mil Pre-Tax Profit in 3rd Quarter
CAPI LIMITED: Creditors Meeting Set Next Week
CLARPO MANUFACTURERS: Succumbs to Liquidation Proceedings
COLOURSMART PRINT: Winding Up Assets in Port Talbot
CONTRACT VEHICLE: Names Jonathan Lord as Liquidator

CORUS GROUP: Fitch Affirms Senior Unsecured BB- Rating
DANKA BUSINESS: Posts Nine-Month Loss of GBP10.5 Million
DERWENT RECYCLING: Winds Up Operations
G L N DEVELOPMENTS: Appoints Valentine & Co. to Liquidate Assets
GATE PERSONNEL: Enters Voluntary Liquidation

GIZMONDO (EUROPE): High Court Orders Liquidation
H L GORNER: Calls in BDO Stoy Hayward Administrator
HARLESDEN MARKETING: Shuts Down Operations
HENRY NEWBOULD: Creditors Meeting Set Next Week
HMV GROUP: Turns Down Permira Advisers' Conditional Proposal

HOWELLS HOME: Brings In Begbies Traynor as Joint Liquidators
IMR BUILDING: Members Pass Winding Up Resolution
KRYOTRANS LIMITED: In Administrative Receivership
LAURELS PROPERTY: Names Harris Lipman Administrator
SALTY'S PARTNERSHIP: Hires Rogers Evans to Administer Assets

SHAKESPEARE UNDERWRITING: Appoints Tenon Recovery Administrator
SOCK SHOP: Retailer Appoints Poppleton & Appleby Administrator
STYLACATS LIMITED: Creditors Meeting Set Feb. 16
TEXTILE MILL: Names Administrators from Tait Walker
YORKSHIRE COLOURS: Meeting of Creditors Set Feb. 14

* European TMT Companies Get Issuer Default Ratings from Fitch
* Fitch Assigns Issuer Default Ratings to European RLCP Firms

     **********

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


APM: Foundry Faces Liquidation Following 2005 Insolvency
--------------------------------------------------------
The Commercial Court of Nanterre placed APM into liquidation
after it filed for insolvency last July 2005, Les Echos reports.

The French foundry has accumulated EUR20 million in losses and
has been in the red for the past three years.

According to reports, the company was looking for possible
buyers to take over the operation but got only one offer from
German group Osaci.  Its main customer, PSA Peugeot Citroen, did
not commit to continue its order by volume that would have
guaranteed enough business for the company, Les Echoes relates.

Headquartered in Meung-sur-Loire, France, APM --
http://www.apmfrance.com/-- specializes in producing automobile
parts and currently employs 176 staff.


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


ALL TRANS: Kempten Firm Under Bankruptcy Administration
-------------------------------------------------------
The District Court of Kempten opened bankruptcy proceedings
against All Trans GmbH on Jan. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 14, 2006, to register their claims
with court-appointed provisional administrator Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Kempten, SS 157/I,
Residenzplatz 4-6, at 9:20 a.m., on April 4, 2006, at which time
the administrator will present his first report on the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  ALL TRANS GmbH
          Bergmangstrasse 25 in 87674 Ruderatshofen

          Martin Schoebe, Administrator
          Ainmillerstr. 11, 80801 Muenchen
          Tel: 089/1893770
          Telefax: 089/18937750


HEINZ MERSINGER: Court to Verify Claims on April 6
--------------------------------------------------
The District Court of Ludwigshafen/Rhein opened bankruptcy
proceedings against Heinz Mersinger GmbH on Jan. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 20, 2006,
to register their claims with court-appointed provisional
administrator Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Ludwigshafen/Rhein,
Sitzungssaal VIII, Wittelsbachstr. 10, 67061 Ludwigshafen/Rhein,
at 9:30 a.m., on April 6, 2006, at which time the administrator
will present his first report on the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  HEINZ MERSINGER GmbH
          Am Herrschaftsweiher 2, 67071 Ludwigshafen
          Contact:
          Gerd Mersinger, Manager

          Markus Ernestus, Administrator
          O3, 11+12, 68161 Mannheim


MAINZER STRASSE: Court Begins Bankruptcy Proceedings
----------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Mainzer Strasse GmbH & Co. KG on Jan. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until May 11, 2006,
to register their claims with court-appointed provisional
administrator Dr. Joachim Heitsch.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 9:15
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 at 9:05 a.m., on July 10, 2006, at the same venue.

CONTACT:  MAINZER STRASSE GmbH & CO. KG
          Breite Str. 12,14199 Berlin

          Dr. Joachim Heitsch, Administrator
          Berliner Str. 117, 10713 Berlin


MAOR HANDELSGESELLSCHAFT: Creditors' Meeting Set for March 21
-------------------------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against MAOR Handelsgesellschaft OHG on Jan. 24.  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 Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Hauptstelle,
Muehlenstrasse 34, 40213 Duesseldorf, 4. OG. Altbau, A 409, at
9:00 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:  MAOR HANDELSGESELLSCHAFT OHG
          Hildebrandtstr. 24 c, 40215 Duesseldorf
          Contact:
          Mara Markowitz, Manager
          Am Brueckerbach 48, 40591 Duesseldorf

          Dr. Biner Bahr, Administrator
          Jagerhofstrasse 21, 40479 Duesseldorf


O.H. LEDERWARENHANDELSGESELLSCHAFT: March Claims Deadline Set
-------------------------------------------------------------
The District Court of Bad Homburg opened bankruptcy proceedings
against O.H. Lederwarenhandelsgesellschaft mbH on Jan. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 10, 2006,
to register their claims with court-appointed provisional
administrator Angelika Amend.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bad Homburg, Steinkaut 10-
12, 61352 Bad Homburg v. d., at 9:20 a.m. on April 3, 2006, at
which time the administrator will present his first report on
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager.

CONTACT:  O.H. LEDERWARENHANDELSGESELLSCHAFT mbH
          c/o Rajiv V. Valia, Oberhochstadter Str.
          56, 61440 Oberursel/Ts

          Angelika Amend, Administrator
          Minnholzweg 2b, D-61476 Kronberg/Ts.
          Tel: 06173/78340
          Fax: 06173/783422


PETATEC SERVICE: Creditors' Meeting Set on March 2
--------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Petatec Service GmbH on Jan. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 13, 2006,
to register their claims with court-appointed provisional
administrator Thomas Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 10:15
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 10:05 a.m., on June 8, 2006, at the same venue.

CONTACT:  PETATEC SERVICE GmbH
          Saatwinkler Damm 42 a,13627 Berlin

          Thomas Kuehn, Administrator
          Luetzowstr. 100, 10785 Berlin


PETERKA COMPUTER: Ansbach Court Calls In Administrator
------------------------------------------------------
The District Court of Ansbach opened bankruptcy proceedings
against Peterka Computer & Beratung GmbH on Jan. 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 24, 2006,
to register their claims with court-appointed provisional
administrator Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Ansbach, Sitzungssaal 1,
EG, Promenade 8, 91522 Ansbach, at 9:45 a.m. on March 24, 2006,
at which time the administrator will present his first report on
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager.

CONTACT:  PETERKA COMPUTER & BERATUNG GmbH
          Bergerstr. 11 in 91781 Weissenburg

          Joachim Exner, Administrator
          Stahlstr. 17, 90411 Nuernberg
          Tel: 0911/951285-0
          Fax: 0911/95128510


SALZLAND BAU: Claims Registration Deadline Set on Feb. 20
---------------------------------------------------------
The District Court of Magdeburg opened bankruptcy proceedings
against Salzland Bau GmbH Stassfurt on Jan. 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 20, 2006, to
register their claims with court-appointed provisional
administrator Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Magdeburg, Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg, at
11:00 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:  SALZLAND BAU GmbH STASSFURT
          Industriestr. 12, 39418 Stassfurt
          Contact:
          Sven Richter, Manager
          Oststr. 7, 39418 Stassfurt OT Rathmannsdorf

          Heiko Rautmann, Administrator
          Editharing 31, 39108 Magdeburg
          Tel: 0391/5066030
          Fax: 0391/5066033


SCHUELERHAUS BREMSNITZ: Gera Court Names Administrator
------------------------------------------------------
The District Court of Gera opened bankruptcy proceedings against
Schuelerhaus Bremsnitz e.V. on Jan. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 24, 2006, to register their
claims with court-appointed provisional administrator J.
Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Gera, Rudolf-Diener-Str. 1,
Zimmer 310, at 1:15 p.m., on March 29, 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:  SCHUELERHAUS BREMSNITZ e.V.
          Contact:
          Bernd Ronnefarth, Manager
          Cospedaer Grund 37, 07743 Jena

          J. Schneider, Administrator
          Tatzendpromenade 2a, 07745 Jena


WOLF GMBH: Court Sets March 17 Claims Bar Date
----------------------------------------------
The District Court of Arnsberg opened bankruptcy proceedings
against Wolf GmbH Bedachungen on Jan. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 17, 2006, to register their
claims with court-appointed provisional administrator Manfred
Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Arnsberg, Eichholzstrasse
4, 59821 Arnsberg, EG, 328, at 9:50 a.m. on April 28, 2006, at
which time the administrator will present his first report on
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager.

CONTACT:  WOLF GmbH BEDACHUNGEN
          Stadtwalt 7, 58739 Wickede
          Contact:
          Carla Wolf, Manager

          Manfred Gottschalk, Administrator
          Kirchender Dorfweg 14, 58313 Herdecke
          Tel: 02330/80310
          Fax: 02330/8031100


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I R E L A N D
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ARDAGH GLASS: Competition Prompts Moody's to Review Ratings
-----------------------------------------------------------
Moody's Investors Service placed all the ratings of Ardagh Glass
Group and its subsidiary Ardagh Glass Finance B.V. on review for
possible downgrade in response to the sustained intensification
of the competitive environment in the U.K., marked by increased
capacity in the market and rising input prices, particularly
energy costs.

This rating review was prompted by the deterioration in credit
metrics and free cash flow generation over the past year, as
reflected in the interim results of September 30, 2005, and
Moody's concern that there is no visibility at this time with
respect to when margins and cash flow will recover.

Ratings affected:

    --- The Ba3 Corporate Family Rating of Ardagh Glass Group
        PLC;

    --- The B3 rating of the EUR125 million Senior Unsecured
        notes due 2015 at Ardagh Glass Group PLC; and

    --- The B2 rating of the EUR175 million Senior Subordinated
        notes due 2013 at Ardagh Glass Finance B.V.

Moody's rating review will focus on the potential adverse impact
on credit metrics, and free cash flow generation due to:

    --- The intensifying competitive environment in the UK glass
        container industry, which is marked by overcapacity that
        is anticipated to increase further with the expected
        full deployment of a competitor's plant (Quinn) by mid-
        2006 and consequent pricing and margin pressure; and

    --- The volatility of raw material prices and energy costs,
        which have negatively impacted margins.

Moody's review will also focus on Ardagh's liquidity position
over the short to medium term and access to alternative sources
of liquidity in light of covenant limitations within some of its
financing arrangements.  Moody's notes that a resolution of the
review could be accompanied by a more than one notch downgrade
of the rating.

Moody's intends to complete its review within the next 90 days.

Registered in Ireland, Ardagh Glass Group Plc is the leading
supplier of glass containers by volume in the United Kingdom
through its subsidiaries, Rockware and Redfearn.  In addition,
Ardagh Glass operates glass container manufacturing businesses
in Italy and Germany and is also a leading provider of
technology and machinery to the glass manufacturing industry
through Heye International.  For the last twelve months ended
September 30, 2005, Ardagh Glass generated revenues of EUR532.7
million.


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


BANCA NAZIONALE: BNP Paribas Board to Sign Takeover Bid Today
-------------------------------------------------------------
The Board of Directors for BNP Paribas will meet today, Feb. 9,
to approve a EUR9 billion bid for Banca Nazionale del Lavoro,
Claudio de Lillo writes for Reuters.

As reported in TCR-Europe on Feb. 7, BNP Paribas entered into
conditional agreements with 13 shareholders of BNL, including
Unipol, to acquire 1.47 billion BNL shares, representing
approximately 48% of the shares of BNL, at a price of EUR2.925
per share.

A source told Reuters that authorities have 60 days from the
board approval to give a final approval.

                     Terms of the Agreement

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

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

BNP Paribas plans to fund this investment partially through:

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

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

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

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

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

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

                      About BNP Paribas

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

                          About BNL

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

                        *     *     *

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


PARMALAT SPA: Court Okays Brazilian Unit's Recovery Plan
--------------------------------------------------------
Justice Alexandre Alves Lazzarini of the First District Company
Recovery and Bankruptcy Court of Justice of Sao Paulo approved
the reorganization plan of Parmalat Brasil y Industria de
Alimentos S.A., Gazeta Mercantil reports.

The plan gained green light despite Parmalat's failure to
present its Negative Tax Debt Certification, one the
requirements outlined in the New Bankruptcy and
Restructuring Law of Brazil.  Thomaz Felsberg of Felsberg &
Associados law firm said there was no need to since "there still
is no law providing for parceling the tax debts."

The Brazilian government has yet to draft a law for parceling
tax debts in consonance to NRBL.  A precedent ruling was handed
to Brazilian carrier Varig.  Justice Luiz Roberto Ayoub of Rio
de Janeiro said, "it makes no sense to block the possibility of
a company reorganizing itself for lack of negative certification
of debts."

Under the plan, presented by Integra Consultants, Parmalat
Brasil will launch a capital hike and issue new bonds to prop up
its finances.  The group will also sell its operating assets to
provide additional capital and at the same time repay part of
its debt.  The plan also includes a schedule of payments on the
BRL900 million it owed to suppliers and banks.

The recovery plan was drafted under Brazil's new bankruptcy law
that took effect on June 2005, allowing Parmalat Brasil to
replace a creditors' agreement with a judicial recovery request.
The unit filed for bankruptcy shortly after the collapse of
Italian parent Parmalat S.p.A.

Parmalat Brasil filed for bankruptcy protection on June 24,
2005, under Brazil's new bankruptcy law.  The filing came after
the unit's creditors denied the extension of the BRL800 million
payment deadline for the Company's debt.  Under the NBRL,
debtors are permitted to remain in possession and control of
their businesses and properties.  In addition, as part of the
judicial reorganization under the NBRL, most creditors are
effectively prohibited from enforcing claims against the
Debtors.

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.


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


AKVAPARK ZOLOTYE: Authorities Open Bankruptcy Proceedings
---------------------------------------------------------
The Taxation Committee and the Specialized Inter-Regional
Economic Court of Mangistau region commenced bankruptcy
proceedings against LLC Akvapark Zolotye Gorki on Dec. 12, 2005,
Aktau, micro district 27, 51.

The company can be contacted at 8 (3292) 41-22-37.


COMPANY RSU-2: Last Day for Filing of Claims Set Next Month
-----------------------------------------------------------
LLC Company RSU-2 has declared insolvency.  The proofs of claim
will be accepted at Almaty, Utegen Batyra Str. 106-26 on or
before March 27, 2006.

The company can be contacted at 8 (3272) 41-87-51.


OMEGA STAR: Declared Insolvent
------------------------------
LLC Omega Star has declared insolvency.  The proofs of claim
will be accepted at Almaty, Marecheka Str. 14a on or before
March 27, 2006.

CONTACT:  OMEGA STAR
          Almaty, Marecheka Str. 14a


ORAL-XXI: Has Until March to File Proofs of Claim
-------------------------------------------------
LLC Oral-XXI has declared insolvency.  The proofs of claim will
be accepted at East Kazakhstan region, Ust-Kamenogorsk,
Kosmicheskaya Str. 6/1 on or before March 27, 2006.

CONTACT:  ORAL-XXI
          East Kazakhstan region,
          Ust-Kamenogorsk, Kosmicheskaya Str. 6/1


SKAUT: Bankruptcy Proceedings Started by Mangistau Court
--------------------------------------------------------
Taxation Committee and the Specialized Inter-Regional Economic
Court of Mangistau region commenced bankruptcy proceedings
against LLC Skaut on Dec. 14, 2005, Aktau, micro district 27,
51.

The company can be contacted at 8 (3292) 41-22-37.

U-MARKET: Deadline for Filing of Claims Last Week of March
----------------------------------------------------------
LLC U-Market has declared insolvency.  The proofs of claim will
be accepted at Almaty, Baikadamova Str. 10 on or before
March 27, 2006.

The company can be contacted at 8 (3272) 48-30-29.


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


BLUE EAGLE: Fitch Affirms Junk Ratings on Fixed-Rate Notes
----------------------------------------------------------
Fitch Ratings affirmed Blue Eagle CDO I S.A.'s due 2015 notes
following a satisfactory performance review.

The notes involved are:

  (a) Class A-1 floating-rate notes (ISIN XS0120810493) at AAA;
  (b) Class A-2 fixed-rate notes (ISIN XS0121028285) at AAA;
  (c) Class B-1 floating-rate notes (ISIN XS0120810733) at BBB+;
  (d) Class B-2 fixed-rate notes (ISIN XS0120811038) at BBB+;
  (e) Class C fixed-rate notes (ISIN XS0120811111) at CCC;
  (f) Class D fixed-rate notes (ISIN XS0120811384) at CC; and
  (g) Combination notes (ISIN XS0120811970) at CC.

In December 2000, Blue Eagle I CDO S.A, a limited liability
company organized under Luxembourg law, issued EUR500 million of
various Classes of fixed-rate and floating-rate notes and
invested the proceeds in a portfolio of investment-grade and
sub-investment grade debt securities.

Since the review in April 2005, the portfolio has suffered one
further default.  Calpine defaulted on Dec. 20, 2005.  The asset
has a corporate recovery rate of 'RR5'.  This translates into a
mid-point recovery percentage of 20% for Fitch's analysis,
compared to market expectations of 40%.  The notional balance of
the Calpine bond represents 3.45% of the current portfolio
notional outstanding.  Total defaults now stand at eight assets
totaling some EUR65.55 million (with EUR48 million of realized
loss).

Currently the 'CCC+' and below bucket contains four assets,
representing 6.71% of the total portfolio (compared to 9.9% in
April 2005).  The Fitch weighted average rating factor has
improved slightly to 50.60 at present from 50.88 in April 2005.

At the last determination date on Dec. 12, 2005 the Class D par
value and interest coverage tests were failing.  Interest has
been diverted to repay the Class A notes.  The Class A notes
have amortized to 28% of their original notional balance.  As a
consequence of this de-leveraging, the overcollateralization
levels for the Class A and B notes continue to build.

Although the deal has suffered a further default since April
2005, the remaining collateral has shown stable performance and
this, together with the amortization of the Class A notes,
contribute to the affirmation of its ratings at their current
levels.


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


ROYAL SHELL: Further Cancels 850,000 'A' Shares
-----------------------------------------------
Royal Dutch Shell PLC purchased 600,000 'A' Shares for
cancellation at EUR26.81 per share on Feb.7.  It further
purchased 250,000 'A' Shares for cancellation at 1,841.51 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell PLC will be 3,923,512,974.

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.

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.


VENDEX KBB: Fitch Rates Senior Secured Debt at BB+
--------------------------------------------------
Fitch Ratings assigned an Issuer Default Rating of BB- to Vendex
KBB and Victoria Acquisition III B.V. with a Stable Outlook.  As
a result of the application of the new recovery ratings
approach, Fitch has revised Vendex KBB's Senior Secured debt to
BB+ from BB and Victoria Acquisition III B.V's EUR275 million
7.875% Senior Subordinated notes due 2014 to B+ from B.

The IDR of BB- continues to reflect Vendex's leading market
position across different retail formats, strong brand awareness
of its HEMA merchandise stores and the strength of its DIY
operations.  The rating also factors in the improvement in
operating cash flows as of October 2005, stemming from the
streamline in working capital and modest outlays relating to
capital spending.

Despite the improvement seen to date in the liquidity position
of the issuer, the business remains highly exposed to the
evolution of Dutch consumer confidence and the lack of a visible
turnaround in its department store concept V&D.   Retail
spending in the Netherlands has shown signs of revival in recent
months although fierce competition could still translate into
pricing pressure, therefore capping net sales growth.

Following the prepayment of the mortgage loan with the proceeds
of a sale and leaseback agreement signed with IEF Nederland B.V.
and Bouwfonds Asset Management B.V. at the end of November 2005,
lease adjusted leverage is expected to remain above 5.0x, albeit
lower than the 5.9x at closing of the LBO in July 2004.  Fitch
is also aware that management will be looking at different
potential uses for the group's large cash position.  It is
expected that, if considered appropriate, the IDR will not move
more than one notch up or down from the current BB-.

The revision of the bank loan rating to BB+ from BB reflects
Fitch's expectation that of superior recoveries for senior
secured lenders in the case of a default, in accordance with
Fitch's revised recovery analysis.  Following the prepayment of
the mortgage loan, senior leverage on a consolidated basis has
reduced from 3.9x to 2.6x, while most of the retail segments in
which the group operates have remained profitable through the
cycle, reflecting Vendex's high brand awareness.

Despite the prepayment of the mortgage loan, Vendex is
considered to retain average to material levels of secured debt
outstanding ranking ahead of the Senior Notes, also factoring in
the high operational gearing via operating leases and the
materiality of its revolving credit facilities for seasonal
purposes.  In addition, the group still exhibits fairly high
financial leverage for the BB IDR category for its sector, when
normalized for cyclical effects, hence the notching down on the
Senior Notes to B+.

Vendex's primary operations are in a sector that displays
average to weak resilience in the face of debt restructuring,
given its reliance on the brand name and lack of tangible
assets.  However, the group's fairly high brand awareness and
diversification across various retail segments are positive
factors as the company could extract value from selling any of
these businesses well before entering into difficulties. In such
a scenario, should Vendex's brands retain value and given the
barriers to entry to the Dutch market, Vendex's brands could
stand for an opportunity for other European consolidators
looking to enter the market.  However, depending on the depth of
the potential distress, the existence of large operating leases
could complicate any workout process.


VICTORIA ACQUISITION: Fitch Puts EUR275-Mil Bond Ratings on B+
--------------------------------------------------------------
Fitch Ratings assigned an Issuer Default Rating of BB- to Vendex
KBB and Victoria Acquisition III B.V. with a Stable Outlook.  As
a result of the application of the new recovery ratings
approach, Fitch has revised Vendex KBB's Senior Secured debt to
BB+ from BB and Victoria Acquisition III B.V's EUR275 million
7.875% Senior Subordinated notes due 2014 to B+ from B.

The IDR of BB- continues to reflect Vendex's leading market
position across different retail formats, strong brand awareness
of its HEMA merchandise stores and the strength of its DIY
operations.  The rating also factors in the improvement in
operating cash flows as of October 2005, stemming from the
streamline in working capital and modest outlays relating to
capital spending.

Despite the improvement seen to date in the liquidity position
of the issuer, the business remains highly exposed to the
evolution of Dutch consumer confidence and the lack of a visible
turnaround in its department store concept V&D.   Retail
spending in the Netherlands has shown signs of revival in recent
months although fierce competition could still translate into
pricing pressure, therefore capping net sales growth.

Following the prepayment of the mortgage loan with the proceeds
of a sale and leaseback agreement signed with IEF Nederland B.V.
and Bouwfonds Asset Management B.V. at the end of November 2005,
lease adjusted leverage is expected to remain above 5.0x, albeit
lower than the 5.9x at closing of the LBO in July 2004.  Fitch
is also aware that management will be looking at different
potential uses for the group's large cash position.  It is
expected that, if considered appropriate, the IDR will not move
more than one notch up or down from the current BB-.

The revision of the bank loan rating to BB+ from BB reflects
Fitch's expectation that of superior recoveries for senior
secured lenders in the case of a default, in accordance with
Fitch's revised recovery analysis.  Following the prepayment of
the mortgage loan, senior leverage on a consolidated basis has
reduced from 3.9x to 2.6x, while most of the retail segments in
which the group operates have remained profitable through the
cycle, reflecting Vendex's high brand awareness.

Despite the prepayment of the mortgage loan, Vendex is
considered to retain average to material levels of secured debt
outstanding ranking ahead of the Senior Notes, also factoring in
the high operational gearing via operating leases and the
materiality of its revolving credit facilities for seasonal
purposes.  In addition, the group still exhibits fairly high
financial leverage for the BB IDR category for its sector, when
normalized for cyclical effects, hence the notching down on the
Senior Notes to B+.

Vendex's primary operations are in a sector that displays
average to weak resilience in the face of debt restructuring,
given its reliance on the brand name and lack of tangible
assets.  However, the group's fairly high brand awareness and
diversification across various retail segments are positive
factors as the company could extract value from selling any of
these businesses well before entering into difficulties. In such
a scenario, should Vendex's brands retain value and given the
barriers to entry to the Dutch market, Vendex's brands could
stand for an opportunity for other European consolidators
looking to enter the market.  However, depending on the depth of
the potential distress, the existence of large operating leases
could complicate any workout process.


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


ALAPAEVSKIY FACTORY: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
supervision on Alapaevskiy Factory Of Reinforced Concrete
Products.  The case is docketed as A60-29271/2005-S11.  Mr. A.
Kashkurov has been appointed temporary insolvency manager.

Creditors have until Feb. 14, 2006, to submit their proofs of
claim to:

    (a) ALAPAEVSKIY FACTORY OF REINFORCED CONCRETE PRODUCTS
        624600, Russia, Sverdlovsk region,
        Alapaevsk, Tokarej Str. 12

    (b) A. KASHKUROV
        Temporary Insolvency Manager
        620062, Russia, Ekaterinburg,
        Post User Box 177


BUILDING MATERIALS: Court Sets Feb. 14 Claims Bar Date
------------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Factory Of Building Materials after finding
the company insolvent.  The case is docketed as A-57-687b/05-32.
Mr. A. Kamynin has been appointed insolvency manager.

Creditors have until Feb. 14, 2006, to submit their proofs of
claim to 410000, Russia, Saratov region, Main Post Office, Post
User Box 23.  A hearing will take place on June 15, 2006, 10
a.m. at Saratov, B. Vvoz Str. 1, Department 32.

CONTACT:  FACTORY OF BUILDING MATERIALS
          413840, Russia, Saratov region,
          Balakovo, Komsomolskaya Str. 59

          A. KAMYNIN
          Insolvency Manager
          410000, Russia, Saratov region,
          Main Post Office, Post User Box 23


CHERDAKLINSKIY: Ulyanovsk Court Brings In Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Cherdaklinskiy after finding the company
insolvent.  The case is docketed as A72-5339/04-19/24-B.  Mr. A.
Bespalov has been appointed insolvency manager.  Creditors have
until March 14, 2006, to submit their proofs of claim to 433400,
Russia, Ulyanovsk region, Cherdakly, Pionerskaya Str. 1.

CONTACT:  A. BESPALOV
          Insolvency Manager
          433400, Russia, Ulyanovsk region,
          Cherdakly, Pionerskaya Str. 1


CHUVASH-OPT-TORG: Declared Insolvent by Chuvashiya Court
--------------------------------------------------------
The Arbitration Court of Chuvashiya republic commenced
bankruptcy proceedings against Chuvash-Opt-Torg after finding
the close joint stock company insolvent.  The case is docketed
as A79-15401/2005.  Mr. M. Shamsiev has been appointed
insolvency manager.  Creditors have until March 14, 2006, to
submit their proofs of claim to 420015, Russia, Kazan, Post User
Box 20.

CONTACT:  CHUVASH-OPT-TORG:
          Russia, Chuvashiya republic, Cheboksary

          M. SHAMSIEV
          Insolvency Manager
          420015, Russia, Kazan,
          Post User Box 20


INDUSTRY-STROY-SERVICE: Succumbs to Bankruptcy
----------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Industry-Stroy-Service after finding the
close joint stock company insolvent.  The case is docketed as
A55-25629/05-38.  Mr. A. Shevtsov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to

CONTACT:  INDUSTRY-STROY-SERVICE
          Russia, Samara region, Tolyatti

          A. SHEVTSOV
          Insolvency Manager
          Tel: 8 (84235) 375-20


KUBAN-AGRO-SERVICE: Under Bankruptcy Supervision in Krasnodar
-------------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision on limited liability company Kuban-Agro-
Service.  The case is docketed as A-32-15327/05-38/321-B.
Mr. V. Vivchar has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 603136, Russia,
Krasnodar region, Dinskaya St., Sovetskaya Str. 7 "A",
Office 10.

CONTACT:  KUBAN-AGRO-SERVICE:
          Russia, Krasnodar region, Dinskaya Str

          V. VIVCHAR
          Temporary Insolvency Manager
          603136, Russia, Krasnodar region, Dinskaya Str
          Sovetskaya Str. 7 "A", Office 10


MEAT-MOL-KOMPLEKT: Insolvency Manager Takes Over Helm
-----------------------------------------------------
The Arbitration Court of Omsk has commenced bankruptcy
supervision on limited liability company Meat-Mol-Komplekt.  The
case is docketed as K/E-355/05.  Mr. V. Khmelnitskiy has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 644024, Russia, Omsk-24, Marksa Pr.
4-209A.

CONTACT:  V. KHMELNITSKIY
          Temporary Insolvency Manager
          644024, Russia, Omsk-24,
          Marksa Pr. 4-209 A
          Tel: (3812) 31-05-27
          Fax: 31-00-13


NADEZHDA: Mariy El Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Mariy El republic commenced bankruptcy
proceedings against Nadezhda after finding the open joint stock
company insolvent.  The case is docketed as A-38-2166-11/47-
2005.  Mr. A. Yazev has been appointed insolvency manager.
Creditors have until March 14, 2006, to submit their proofs of
claim to 424005, Russia, Mariy El republic, Yoshkar-Ola, Post
User Box 62.

CONTACT:  NADEZHDA
          425400, Russia, Mariy El republic,
          Sovetskiy, Shosseynaya Str. 19

          A. YAZEV
          Insolvency Manager
          424005, Russia, Mariy El republic,
          Yoshkar-Ola, Post User Box 62


NORTH-WEST: Posts Preliminary 2005 Financial Results
----------------------------------------------------
JSC North-West Telecom summed up the preliminary results of
operation for 2005 according to the Russian Accounting
Standards, which show an improvement of the key financial and
economic figures of the company and the fulfilment of its
business plan.

The consolidated proceeds amounted to RUR20.1 billion, up 13% as
compared to 2004.  EBITDA increased by 31% and reached RUR5.2
billion.  The EBITDA margin grew to 26% as compared to 22% in
2004, and net profit grew by 28%, having exceeded RUR 1.8
billion.

In 2005, the volume of investment of JSC NWT reached
RUR5.1 billion (RUR 4.7 billion in 2004), and the plan of number
capacity introduction was exceeded by 6%.  391,000 telephone
numbers were put into operation, including 125,000 new numbers
and 266,000 replacement numbers.  Thus, the installed capacity
of the company's network was 4,807,000 numbers as of the start
of 2006.
The queue for telephone installation was reduced to 109,300
unsatisfied applications.

The digitalization level of the network reached 54% by the end
of 2005. In most regional centers of the Northwestern Federal
District the digitalization level of the network came close to
100%.  Owing to the improvement of the key financial and
economic figures, it is expected that RUR 397 million, or almost
22% of company's net profit, will be allocated for paying
dividends to the shareholders of the company based on the
results of the year 2005.

                  About North-West Telecom

OAO North-West Telecom is one of Russia's major
telecommunication companies, and the leading operator in the
North-West Federal District, providing traditional telephone
services, as well as internet and advanced data services.  NWT
originated from the merger of 10 regional fixed line operators
and is ranked among the Financial Times' Top 100 major Eastern
European companies.  NWT ranks eighth in Standard & Poor`s
Transparency Index of the 50 largest MICEX-listed companies and
fifth in the S & P Corporate governance rating.  NWT
international debt is rated by S&P B+ with stable outlook and
domestic debt ruA+.

                        *     *     *

Standard & Poor's has assigned B+ ratings to North-West
Telecom's long-term foreign issuer and local issuer credit
ratings.  Fitch also assigned a B+ rating to the company's
foreign currency long-term debt and a B rating to its foreign
currency short-term debt.


REINFORCED CONCRETE: Claims Filing Period Ends Next Week
--------------------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Factory Of Reinforced Concrete Products-6
after finding the limited liability company insolvent.  The case
is docketed as A55-29901/2005 (42).  Mr. E. Dulnev has been
appointed insolvency manager.  Creditors have until Feb. 14,
2006, to submit their proofs of claim to 443031, Russia, Samara,
Demokraticheskaya Str. 8, Office 209.

CONTACT:  FACTORY OF REINFORCED CONCRETE PRODUCTS-6
          Russia, Samara region, Novokujbyshevsk

          E. DULNEV
          Insolvency Manager
          443031, Russia, Samara region,
          Demokraticheskaya Str. 8, Office 209
          Tel: 927-93-88


ULYBINO: Assets For Public Auction Set Feb. 15
----------------------------------------------
The bidding organizer of close joint stock company Ulybino will
sell its property worth RUB1,750,000 on Feb. 15, 2006, 4 p.m.
(local time).  The public auction will take place at Russia,
Novosibirsk region.

Preliminary examination and reception of bids are done daily
from 10 a.m. to 5 p.m. until tomorrow, Feb. 9.  The list of
documentary requirements is available at 630132, Russia,
Novosibirsk, Sovetskaya Str. 64, Office 706.

CONTACT:  ULYBINO
          Russia, Novosibirsk region, Iskitimskiy region,
          Uybino and Chupino

          LLC ADVICE
          Bidding Organizer
          630132, Russia, Novosibirsk,
          Sovetskaya Str. 64, Office 706
          Tel: 3-340-052
          Fax: 3-575-763


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


SKANDIA INSURANCE: Final Acceptance of Old Mutual's Offer Closes
----------------------------------------------------------------
Old Mutual PLC confirmed that its offer for Skandia Insurance
Co. Ltd. closes for final acceptance at the close of business
today, Feb. 9, 2006.

The terms of the offer remain as previously announced, with Old
Mutual offering each Skandia shareholder:

   -- in respect of 39.3% of the number of Skandia shares
      tendered by such shareholder: SEK42.0 per Skandia share in
      cash; and

   -- in respect of the remaining 60.7% of the number of Skandia
      shares tendered by such shareholder: 2.260 new Old Mutual
      shares.

Old Mutual has no intention to amend the terms of its offer.

                    Shareholder Acceptances

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

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

                        About the Company

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

                         *     *     *

                         2003 Scandal

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


SKANDIA INSURANCE: Reveals Changes in Nominating Committee
----------------------------------------------------------
The composition of Skandia Insurance Co. Ltd.'s Nominating
Committee has changed as a result of Old Mutual's offer for
Skandia now being declared unconditional.

Paolo Pellegrini (Paulson & Co.), Lars Forberg (Cevian Capital)
and Per Granstrom (Fidelity Investments International) have
resigned from the Committee.

The new members are Hasan Askari (Old Mutual) and Ossian Ekdahl
(First Swedish National Insurance Pension Fund).  Hasan Askari
has been appointed chairman of the Committee.  Carl Rosen
(Second and Fourth Swedish National Pension Funds) and Sten
Trolle (Swedish Shareholders' Association), who are existing
members of the Committee, will continue to serve as members.
One seat on the Committee is vacant for the time being.
Skandia's chairman, Lennart Jeansson, is a co-opted member of
the Committee.

The Nominating Committee's recommendation for directors on
Skandia's board ahead of the Extraordinary General Meeting on
Feb. 21, 2006, will be announced by a press release as soon as
the recommendation is finalized.

                        About the Company

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

                         *     *     *

                         2003 Scandal

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


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


AVANGARD-2003: Zaporizhya Court Begins Bankruptcy Proceedings
-------------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Avangard-2003 (code EDRPOU 31880274) on
December 7, 2005 after finding the limited liability company
insolvent.  The case is docketed as 25/268.  Mr. V. Ishenko has
been appointed liquidator/insolvency manager.

CONTACT:  AVANGARD-2003
          72312, Ukraine, Zaporizhya region,
          Melitopol district, Nova Bogdanivka,
          Lenin Str. 45

          Mr. V. Ishenko
          Liquidator/Insolvency Manager
          72311, Ukraine, Zaporizhya region,
          Melitopol, a/b 21
          Phone: (0619) 42-09-74

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


AZOVSTAL IRON: Planned US$200-Mil LPN Gets Moody's (P)B3 Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional corporate
family rating of (P)B2 to the Ukrainian steel producer PJSC
Azovstal Iron & Steel Works and (P)B3 rating to the proposed
offering of approximately US$200 million senior unsecured loan
participation notes with expected maturity of three to five
years to be issued by Azovstal Capital B.V., a Dutch special
purpose vehicle.  The notes are issued for the sole purpose of
financing Azovstal Capital B.V.'s 100% sub-participation in a
loan extended by Moscow Narodny Bank Limited to Azovstal.  This
is the first time that Moody's has rated the debt of this
company.  The outlook for the ratings is stable.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavour
to assign a definitive rating to the securities.  A definitive
rating may differ from a provisional rating.

                  Summary Rating Rationale

Following solid steel demand and a strong global pricing
environment, Azovstal's financial metrics have strengthened to a
level, which would be commensurate with a higher corporate
family rating than the assigned B2.

The B2, however, takes into account a number of additional
credit considerations, which influence the overall rating level:

  (1) Azovstal's limited transparency with respect to the
      structure and financial position of the overall group as
      well its relations and cash flows with affiliated and
      shareowner held companies, e.g.  the company's supply of
      raw material exclusively from entities outside of the
      borrowing group;

  (2) Vulnerability of a sizeable share of revenues, which are
      derived from the export market; notwithstanding that the
      sole flow of export trade is through a trading entity
      wholly owned by common shareholders but which remains
      outside of the borrowing group;

  (3) Potential for highly volatile earnings given dependence on
      semi-finished products and slab;

  (4) Ongoing uncertainty with respect to availability of
      natural gas and the extent to which an increase in gas
      prices in 2006 is likely to affect cost position of the
      company;

  (5) Azovstal's historical low profitability, as compared to
      its Russian peers, and the resulting risk of negative
      profitability in an event of a protracted downturn in the
      steel industry;

  (6) Risk of protectionist measures in Azovstal's major markets
      for finished products;

  (7) The company's need to upgrade technology and its
      concentrated production at a single site in the Ukraine;

  (8) Possible contingent liabilities with regard to
      environmental regulation; and

  (9) Significant country, fiscal and regulatory risks
      associated with Ukrainian operating environment.

The rating also takes into account these credit strengths:

  (1) Azovstal's integrated business profile with own coke
      plants and secure access to iron ore and coal mines via
      affiliated companies;


  (2) The company's low cost structure, giving it a significant
      advantage over steel producers in mature countries;

  (3) Azovstal's strong market position as a major supplier of
      slabs to Italy and other Western countries;

  (4) Its geographically advantageous location on the shores of
      Azov Sea and close to the major Ukrainian iron ore and
      coal reserves, which should bolster the company's
      operating margins relative to those of its peers;

  (5) Azovstal's role as the third largest steel producer in
      Ukraine;

  (6) The company's dominant position in the production of rails
      in Ukraine; and

  (7) Relatively strong historical financial metrics and low
      leverage, in line with the regional peer group.

The rating of the loan participation notes has been notched down
to (P)B3 in light of their contractual subordination to existing
secured term bank debt.  Moody's expects that the maximum gross
debt level will be around US$300 million, with secured debt
constantly reduced and to be minimal in the near term with a
maximum of around 20% to be reached going forward.  Moody's also
notice a refinancing risk on the notes, given the three to five-
year maturity of the instrument.

                        Rating Outlook

The stable outlook reflects Moody's expectation that the results
of the company will improve further thanks to the implementation
of cost savings and modernization programs at the production
site.

A rating upgrade could be prompted:

  (i) If the implementation of cost savings proves successful
      and leads to less volatile results over time supporting
      strong free cash flow generation; and/or

(ii) if the structure of System Capital Management becomes
      clearer, with the inclusion of Azovstal's iron suppliers
      and the main trading entity into the consolidation of
      Azovstal.

A downgrade would be considered in the event that the company
substantially increased its indebtedness such that, coupled with
lower cash flows generated by the business, its cash flow-to-
debt metrics deteriorated significantly.

                     Transaction Overview

The loan participation notes are subject to various restrictions
and financial covenants, including a minimum equity level of
US$1 billion and a limitation regarding additional indebtedness
if the ratio of total net debt to EBITDA rises above 3x.  As at
December 30, 2004, the consolidated equity of the company was
approximately US$1.1 billion.

At the end of the third quarter 2005, the company had access to
cash balances of US$132 million.  Secured debt amounted to
US$252 million.  Following the proposed notes issue and
including the availability of secured bilateral medium-term bank
lines, the company will have access to increased liquid
resources, which should be sufficient to cover its operating
needs as well as the planned upsurge in capital investment
requirements in 2006.

The assigned ratings assume that there will be no material
variations to the draft legal documentation reviewed by Moody's
and assume that these agreements are legally valid, binding, and
enforceable.

                      About the Company

Headquartered in Mariupol on the shore of Azov Sea, Azovstal is
Ukraine's third-largest steel producer with an annual production
capacity of 6.5 million mt.  The company reported sales of
approximately UAH9.9 billion (approximately US$1.9 billion) for
the first nine months of 2005.  Azovstal is majority-owned by
Ukrainian metals and mining conglomerate System Capital
Management.


BAHMACHTEPLOKOMUNENERGO: Court Names Insolvency Manager
-------------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on Production Enterprise
Bahmachteplokomunenergo (code EDRPOU) on Dec. 13, 2005.  The
case is docketed as 9/262 b.  Ms. Irina Stuk has been appointed
temporary insolvency manager.

CONTACT:  BAHMACHTEPLOKOMUNENERGO
          16500, Ukraine, Chernigiv region,
          Bahmach, Pershotravneva Str. 35a

          Ms. Irina Stuk
          Temporary Insolvency Manager
          14000, Ukraine, Chernigiv region,
          Nahimov Str. 50
          Phone: 17-48-03

          ECONOMIC COURT OF CHERNIGIV REGION
          14000, Ukraine, Chernigiv region,
          Miru Avenue 20


DOBRINYA: Declared Insolvent by Vinnitsya Court
-----------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against LLC Dobrinya (code EDRPOU 31909790) on
November 10, 2005 after finding the limited liability company
insolvent.  The case is docketed as 5/135-05.  Mr. N.
Voznyakevich has been appointed liquidator/insolvency manager.

CONTACT:  DOBRINYA
          Ukraine, Vinnitsya region,
          Krasnoarmijska Str. 1

          Mr. N. Voznyakevich
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Hmelnitske Shose Str. 2-A, room 712
          Phone: (0432) 39-97-85

          ECONOMIC COURT OF VINNITSYA REGION
          21100, Ukraine, Vinnitsya region,
          Hmelnitske Shose 7


FLAX-CONTRACT: Court Freezes Debt Payments
------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on LLC Flax-Contract-Credit (code EDRPOU
32964014) on Dec. 9, 2005, and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
7/120-B.  Mr. Cherevatij Lubomir has been appointed temporary
insolvency manager.

CONTACT:  FLAX-CONTRACT-CREDIT
          43010, Ukraine, Volinska region,
          Lutsk, Kremenetska Str. 38

          Mr. Cherevatij Lubomir
          Temporary Insolvency Manager
          79022, Ukraine, Lviv region,
          Gorodotska Str. 277

          ECONOMIC COURT OF VOLINSKA REGION
          43010, Ukraine, Volinska region,
          Lutsk, Voli Avenue 54-a


GRABARIVSKE BREAD: Bankruptcy Supervision Begins
------------------------------------------------
The Economic Court of Poltava region finished liquidation
procedure and commenced bankruptcy supervision procedure on CJSC
Grabarivske Bread Receiving Enterprise (code EDRPOU 30080593) on
Oct. 31, 2005.  The case is docketed as 8/222.  Mr. F. Lazarev
has been appointed temporary insolvency manager.

CONTACT:  GRABARIVSKE BREAD RECEIVING ENTERPRISE
          Ukraine, Poltava region,
          Piryatin district, Davidivka

          Mr. F. Lazarev
          Temporary Insolvency Manager
          36039, Ukraine, Poltava region,
          Roza Luksemburg Str. 36

          ECONOMIC COURT OF POLTAVA REGION
          36000, Ukraine, Poltava region,
          Zigina Str. 1


SINTEZ-TRAST: Court Names S. Sidko Temporary Insolvency Manager
---------------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Sintez-Trast (code EDRPOU 20060688)
on December 8, 2005.  The case is docketed as B-39/131-05.  Mr.
Sergij Sidko has been appointed temporary insolvency manager.

CONTACT:  SINTEZ-TRAST
          61002, Ukraine, Harkiv region,
          Sumska Str. 82/1

          Mr. Sergij Sidko
          Temporary Insolvency Manager
          61174, Ukraine, Harkiv region,
          Peremogi Avenue 71-b/64
          Phone: (057) 750-01-03

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


SOFIYIVKA: Kyiv Court Launches Liquidation
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against AGRICULTURAL LLC Sofiyivka (code EDRPOU
24211150) on after finding the limited liability company
insolvent.  The case is docketed as 279/11 b-05.
Yagotin' Sate Tax Inspection has been appointed liquidator.

CONTACT:  SOFIYIVKA
          07622, Ukraine, Kyiv region,
          Zgurivskij district,
          Sofiyivka, Gagarin Str. 5

          ECONOMIC COURT OF KYIV REGION
          01032, Ukraine, Kyiv region,
          Komintern Str. 165


UKRAINA: Kirovograd Court Affirms Insolvency
--------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Ukraina on Nov. 18, 2005, after finding the
limited liability company insolvent.  The case is docketed as
10/210.  Mr. Viktor Dengubov has been appointed
liquidator/insolvency manager.

CONTACT:  UKRAINA
          27422, Ukraine, Kirovograd region,
          Znamyanka district, Dmitrivka,
          Politviddilu Str. 25

          Mr. Viktor Dengubov
          Liquidator/Insolvency Manager
          Ukraine, Kirovograd region,
          Znamyanka, Kiyivska Str. 23, office 5
          Phone: 8 (05233) 2-29-29

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


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


ACTIF ACCOUNTING: Financial Woes Prompt Voluntary Liquidation
-------------------------------------------------------------
Actif Accounting Limited is voluntarily liquidating its assets
after members elected to wind up the company on Dec. 22, 2005.

Chairman V.A. Croxson disclosed that the company cannot continue
its business due to mounting debts.  Richard Rones of
ThorntonRones in Loughton, Essex, is appointed Liquidator.

CONTACT:  ACTIF ACCOUNTING LIMITED
          34A Sea Street
          Herne Bay Kent
          CT6 8SP
          Tel: 01227 366999
          Fax: 01227 366600


ADIURI SYSTEMS: Joint Administrators Take Over Firm
---------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd were appointed joint administrators of
Adiuri Systems Limited (Company No 4546912) on Jan. 23.

Headquartered in Gloucestershire, United Kingdom, Adiuri Systems
Limited -- http://www.adiuri.com/-- was founded in 2002.  The
company was created to commercially develop the research work
carried out by the Universities of Bath and Bristol.  A direct
result of this research was the development of the Adaptive
Concept Matching technology that enables the effective
manipulation of faceted classifications.

CONTACT:  PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Tel: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk
                   james.tickell@portland-solutions.co.uk


ASHFIELD RETAIL: Taps Liquidator to Wind Up Assets
--------------------------------------------------
Ashfield Retail Meats Limited appointed Philip Barrington Wood
of Barringtons Limited to liquidate the company's assets after
members passed a resolution to wind up the company on Dec. 22,
2005.

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

CONTACT:  ASHFIELD RETAIL MEATS LIMITED
          The Maltings
          Uttoxeter Staffordshire
          ST147LN
          Tel: 01889 564 754


BIOGROVE PROPERTIES: Begins Voluntary Liquidation in Boston
-----------------------------------------------------------
Members of Biogrove Properties Limited passed a resolution to
wind up the company during an extraordinary general meeting on
Dec. 21, 2005, in Nottingham.

Philip Anthony Brooks and Julie Willets, of Blades Insolvency
Services, are appointed Joint Liquidators.

CONTACT:  BIOGROVE PROPERTIES LIMITED
          The Rest, Antons Gowt
          Boston, Lincolnshire
          PE22 7BG
          Tel: 01205 751 266
          Fax: 01205 751 277


BOND (RSC): Taps Abbott Fielding as Liquidator
----------------------------------------------
Bond (RSC) Associates Limited authorized Nedim Ailyan of Abbott
Fielding to liquidate the company's assets.

Company Chairman M.G. Sturman disclosed that the company is
voluntarily liquidating its assets after parties passed a
resolution to wind up the company during an extraordinary
general meeting held on Dec. 22, 2005, in Kent.

CONTACT:  BOND (RSC) ASSOCIATES LTD
          Unit 3, Mercy Terrace
          Lewisham, London
          SE13 7UX(Road Map)
          Tel: 020 8314 1188
          Fax: 020 83141221
          Web: http://www.bondmailrooms.com/


BRITISH AIRWAYS: Earns GBP164-Mil Pre-Tax Profit in 3rd Quarter
---------------------------------------------------------------
British Airways reported a pre-tax profit of GBP164 million for
the three months ended Dec. 31, 2005, against a pre-tax profit
of GBP151 million for the same period last year.

For the nine-month period, the pre-tax profit was GBP529
million, compared to a GBP519 million profit for the same period
in 2004.   Operating profit for the quarter was GBP175 million,
against the previous year's GBP136 million.  The carrier
reported an 8.2% increase in operating margin for the quarter
compared to 2004.

"These are encouraging results which reflect better revenue and
the continued efforts of our people to strengthen the business,"
Willie Walsh, British Airways' chief executive, said.  "Revenue
is up 8.8%, driven by strong traffic volumes particularly in the
premium cabin.  Increased volumes have been achieved through
significant promotional activity.

"Total costs are up by 7.3 per cent but we have initiatives
underway to reverse the trend, such as management reductions,
changes to working practices, reduced absenteeism and
restructuring unprofitable parts of the business.

"Tackling our pension deficit is a major part of making our cost
base more competitive.   We have come to the end of a staff
awareness programme on the implications of the significant
deficit and we are reviewing the feedback before starting
consultation with the trades unions and trustees by the end of
March.

"We continue to develop and enhance our route network and
products.  Our new services to Bangalore and Shanghai are both
ahead of target, regional services will be relaunched in March,
six new European routes will soon start at London Gatwick and in
the summer we will unveil our 100 million investment in Club
World, our longhaul business class product."

Martin Broughton, British Airways' chairman, said: "Some yield
improvement is still expected for this financial year.
Consequently, revenue is now expected to grow by more than 8 per
cent.  Despite the improved revenue outlook, market conditions
remain broadly unchanged as significant promotional activity is
required to maintain seat factors.

"Underlying costs, excluding fuel, are now expected to be some
one per cent higher than the guidance we gave at the beginning
of the year, which was flat.  Fuel costs continue to be a
challenge for the industry, but our guidance is unchanged with
total fuel costs expected to be up by 525 million this year.

"Our focus remains on preparing for the move to Terminal 5 in
2008, investing in products for our customers and continuing to
drive simplification to deliver a competitive cost base."

Group turnover for the third quarter at GBP2,129 million was up
8.8% on a flying programme 3.7 per cent larger measured in
available tonne kilometres.  This reflected the impact of
increased passenger and cargo revenue and fuel surcharges.
Passenger yields were down 1.5%, measured in pence per revenue
passenger kilometres (RPKs). Seat factor was up 1.3 points at
74.1% on capacity 3.9 per cent higher measured in available seat
kilometres (ASKs).

For the nine month period, turnover improved by 8.4 per cent to
GBP6,393 million on a flying programme 2.5% higher in ATKs.
Passenger yields were up 0.5% with seat factor up 1.1 points at
76.5% on capacity 2.5% higher in ASKs.

Employee costs were up by 8.3 per cent as wage awards and higher
pension contributions were only partially offset by manpower
reductions.  This includes a GBP10 million restructuring
provision to support the first phase of the management
restructuring programme announced in November 2005.

                      About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.britishairways.com/-- is the UK's largest
international scheduled airline, flying to over 550
destinations.  The British Airways group consists of British
Airways Plc and a number of subsidiary companies including in
particular British Airways Holidays Limited and British Airways
Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


CAPI LIMITED: Creditors Meeting Set Next Week
---------------------------------------------
Creditors of Capi Limited (t/a Tucci) (Company No 02802428) will
meet on Feb. 13, 2006, 11 a.m. at The Marriott Gosforth Park
Hotel, Gosforth Park, Gosforth, Newcastle upon Tyne NE3 3LS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A D Kelly, joint administrator of Tait Walker,
Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3
3LS not later than 12 noon on Feb. 10, 2006.

CONTACT:  CAPI LIMITED
          4 Bamburgh Court First Avenue,
          Team Valley Trading Estate,
          Gateshead, Tyne & Wear NE11 0TX

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


CLARPO MANUFACTURERS: Succumbs to Liquidation Proceedings
---------------------------------------------------------
Members of Clarpo Manufacturers Limited passed a resolution to
wind up the company during an extraordinary general meeting on
Dec. 22, 2005, in Liverpool.

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

David Moore and Donald Bailey, of Begbies Traynor, are the joint
liquidators appointed to wind up the company's business.

CONTACT:  CLARPO MANUFACTURING LTD
          High Street
          Baglitt Flint
          CH6 6HE
          Flintshire
          Tel: 01352 761951
          Fax: 01352 713193


COLOURSMART PRINT: Winding Up Assets in Port Talbot
---------------------------------------------------
Coloursmart Print Solutions Limited is liquidating its assets
after a resolution to wind up the company was passed at an
extraordinary general meeting on Dec. 23, 2005, in Swansea.

G Blandford, Director and Chairman, disclosed that Gary Stones
of Stones & Co. is appointed liquidator.

CONTACT:  COLOURSMART PRINT SOLUTIONS LIMITED
          Eagle Ho, Talbot Road
          Port Talbot, West Glamorgan
          SA13 1DH
          Tel: 01639 896 543


CONTRACT VEHICLE: Names Jonathan Lord as Liquidator
---------------------------------------------------
Contract Vehicle Leasing Limited appointed Jonathan Lord of
Bridgestones to liquidate the company's assets.

The company is winding up its operations upon recommendation of
members who voted during an extraordinary general meeting held
on Dec. 21, 2005, in Oldham.

CONTACT:  CONTRACT VEHICLE LEASING LIMITED
          Suite 16K Kay Works
          Moor Lane
          Bolton Lancashire
          BL1 4TH
          Tel: 01204 407070
          Fax: 01204 401601


CORUS GROUP: Fitch Affirms Senior Unsecured BB- Rating
------------------------------------------------------
Fitch Ratings affirmed U.K.-based steel company Corus Group
PLC's ratings at Senior Unsecured 'BB-' and Short-term 'B'.  The
Outlook is Stable.

At the same time, Fitch affirmed the ratings of Corus' debt
instruments as follows:

  (a) Corus Group PLC EUR800 million 7.5% senior notes 'B+';

  (b) Corus Group PLC EUR307 million 3.0% convertible
      bonds 'B+';

  (c) Corus Finance PLC GBP200 million 6.75% guaranteed
      bonds 'B+';

  (d) Corus Finance PLC EUR20 million 5.375% guaranteed
      bonds 'B+'; and

  (e) Corus Finance PLC GBP150 million 11.5% debenture
      stock 'BBB-'.

Fitch also affirmed the ratings of Corus' other debt instruments
as below and simultaneously withdrawn them due to lack of
information.  The agency will no longer provide rating coverage
of three instruments:

  (a) Corus Group PLC EUR800 million senior secured bank
      facilities 'BB';

  (b) Corus Nederland BV EUR152 million 4.625% convertible
      subordinated bonds 'BB+'; and

  (c) Corus Nederland BV EUR136 million 5.625% unsecured
      bonds 'BB+'.

The ratings reflect Corus' leading market position as the third-
largest steel producer in Europe by volume, and the continued
turnaround in the company's financial performance since 2003.


DANKA BUSINESS: Posts Nine-Month Loss of GBP10.5 Million
--------------------------------------------------------
Danka Business Systems PLC unveiled its results for the nine
months and quarter ended Dec. 31, 2005.  In the quarter ended,
Dec. 31, 2005, revenue was GBP152.0 million, gross margins were
31.9% and the profit before tax and finance costs was
GBP0.9 million.

Distribution costs and administrative expenses (operating costs)
as a percentage of revenue were 30.3% after the benefit of
certain prior period credits described below.  Danka reported a
loss for the period of GBP1.4 million or 0.6 pence per share
which was favorably affected by the non-cash resolution of
various tax contingencies (principally in the U.S.) totaling
GBP6.0 million in the quarter (including the release of interest
accruing on the contingencies of GBP1.3 million).

"Our third-quarter results reflect continued pressure on gross
margins, particularly in our service business," said Todd Mavis,
Danka's chief executive officer.

"In the quarter, we delayed taking cost reductions and in fact
added training and other related costs in our service group
because of ongoing contract negotiations with two of our larger
service customers.  We are pleased to have successfully
concluded these new contracts with Pitney Bowes and Kodak, as we
recently announced.  In addition, we experienced a continued
decline in our average cost per copy which is being driven by
newer technology and a shifting services pricing model.  To meet
our margin challenges, we have continued to take costs out of
the business and execute on our Managed Print Services strategy
and we are pleased with our progress in these areas," he added.

For the nine months ended Dec. 31, 2005:

  (a) total revenue was GBP471.4 million, 7.5% less than the
      comparative prior year period, with retail equipment and
      related sales up by 1.5% and retail service revenue
      declining by 13.6%;

  (b) consolidated gross margins were 32.8% of revenue, compared
      to 36.9% in the comparative prior year period;

  (c) operating costs were GBP157.1 million (or 33.3% of sales),
      15.0% lower than the comparative prior year period.  The
      Group recovered GBP1.8 million in prior period
      overpayments related to a legacy Workers' Compensation
      insurance policy and the reduction of a GBP0.9 million
      reserve related to the same policy.  The Group's
      improvement in internal systems also led to a GBP3.1
      million recovery of sales (indirect) taxes, also relating
      to prior periods.  Operating costs were favorably
      affected by these items; and

  (d) there was a loss from continuing operations before tax and
      finance costs of GBP10.5 million, compared to a profit of
      GBP2.2 million in the comparative prior year period.
      Danka reported a loss for the period of GBP29.3 million
      (11.5 pence per share), compared to GBP11.2 million (4.4
      pence per share); the current period loss was favorably
      affected by the non-cash resolution of various tax
      contingencies (principally in the U.S.) totaling GBP6.0
      million (including release of interest accruing on the
      contingencies of GBP1.3 million).

For the third quarter:

  (a) total revenue was GBP152.0 million, 9.6% less than the
      comparative prior year period, with retail equipment and
      related sales declining by 4.3% and retail service revenue
      declining by 14.7%.  Primary reasons for the decline in
      retail equipment revenue were softness in certain
      Europe/Australia geographies offset by favorable foreign
      currency movements.  The decline in retail service revenue
      was due in large part to the continued decline in click
      rates and the emergence of a more utility based industry
      pricing model.  Further, the Group continued to experience
      a slower than anticipated ramp-up in volume from newer,
      printer manufacturer contracts;

  (b) consolidated gross margins were 31.9% of revenue, compared
      to 36.1% in the comparative prior year quarter.  In the
      retail equipment segment, the factors in the margin
      decline included worldwide market pressures on pricing, an
      unfavorable product mix during the quarter and product
      gaps in color.  The decline in retail service margins was
      due in large part to the effect of lower revenue on fixed
      service costs, continuing investments to meet service-
      level obligations to our newer, printer manufacturer
      partners and a decline in click rates;

  (c) operating costs were GBP46.1 million (or 30.3% of sales),
      27.4% lower than the comparative prior year period.
      Contributing to the decrease were lower overhead and
      corporate costs as a result of the Group's continued
      streamlining of operations and efficiencies from its
      Vision 21 initiative.  In addition, the Group recovered
      GBP1.8 million in prior period overpayments related to a
      legacy Workers' Compensation insurance policy and the
      reduction of a GBP0.9 million reserve related to the same
      policy.  The Group's improvement in internal systems also
      led to a GBP1.0 million recovery of sales (indirect)
      taxes, also relating to prior periods. Operating costs
      were favorably affected by these items; and

  (d) there was a profit from continuing operations before tax
      and finance costs of GBP0.9 million, compared to a loss of
      GBP3.2 million in the comparative prior year quarter.

"In addition to our continuing efforts to streamline the
business and reduce costs, we're also focused on the effective
management of working capital," noted Danka Chief Financial
Officer Ed Quibell.  "In the third quarter, we saw a GBP6.5
million improvement in net working capital.  This improvement
included a continued use of cash in the rationalization of our
payables, which we expect will favorably impact the operation of
our business.  The reduction of our cash by GBP18.8 million was
offset by the reduction in our payables and restructuring
reserves of GBP17.7 million.  We have continued to experience
slight improvement in our liquidity ratios as we have focused on
the better management of our working capital."

                        About the Company

Headquartered in London and St. Petersburg, Florida, Danka
Business Systems PLC -- http://www.danka.com/-- supplies and
services office equipment, including copiers and facsimile
machines, through its subsidiaries.  The Group distributes
products from Heidelberg/Nexpress, Canon, Ricoh and Toshiba.
They also provide a range of facilities and document management
services in North America, Europe, Australasia and South
America.

                        *     *     *

Danka's 11% senior notes due 2010 carry Moody's Investors
Service's and Standard & Poor's single-B ratings.


DERWENT RECYCLING: Winds Up Operations
--------------------------------------
Members of Derwent Recycling Limited agreed to voluntarily wind
up the Company's operations on Dec. 19, 2005.  They also
appointed Ian Michael Rose and Robert Michael Young, of Begbies
Traynor, as liquidators.

CONTACT:  DERWENT RECYCLING LIMITED
          Unit 2 Bradley Workshops
          Consett County Durham
          DH8 6HG
          Tel: 01207 592036
          Fax: 01207 502601


G L N DEVELOPMENTS: Appoints Valentine & Co. to Liquidate Assets
----------------------------------------------------------------
G L N Developments Limited is liquidating its assets after
members concurred that the Company needs to voluntarily commence
winding-up procedures.

Robert Valentine and Mark Reynolds, of Valentine & Co., was
nominated to act as liquidator to manage the wind-up activities.

CONTACT:  GLN DEVELOPMENTS LIMITED
          18 St. Johns Road
          Tunbridge Wells Kent
          TN4 9NT
          Tel: 01892 517243
          Fax: 01892 517253


GATE PERSONNEL: Enters Voluntary Liquidation
--------------------------------------------
At an extraordinary general meeting of Gate Personnel Limited on
Dec. 22, 2005, members resolved that the Company undergo
voluntary liquidation.  Philip Anthony Brooks and Julie
Willetts, of Blades Insolvency Services, were named to supervise
the Company's wind-up activities.

CONTACT:  GATE PERSONNEL LIMITED
          124 Granby Street
          Leicester
          LE1 1DL
          Tel: 0800 195 8335


GIZMONDO (EUROPE): High Court Orders Liquidation
------------------------------------------------
The High Court issued a winding up order for Gizmondo (Europe)
Limited to liquidate under UK law.  Gizmondo's parent, Tiger
Telematics, Inc., assumes that the joint liquidators from David
Rubin and Associates and Bigbee and Traynor will:

   -- terminate Gizmondo's remaining employees;

   -- cease the company's Europe operations, including the
      Gizmondo help desk, e-mail and other product support
      services; and

   -- attempt to sell Gizmondo's assets.

Tiger disclosed in a regulatory filing with the U.S. Securities
and Exchange Commission last week that it is in talks with its
lender and the liquidators regarding the possibility of
completing the acquisition of certain assets of Gizmondo Europe,
which would need to be completed in the next few days.  Tiger
provided no assurances that the lender will provide the funds
necessary to complete the transaction despite a US$5 million
bridge loan executed on Jan. 31, 2005.

Headquartered in Farnborough, Gizmondo (Europe) Limited --
http://www.gizmondo.com/-- develops handheld entertainment
devices for gaming, movies, music, camera, texting, and mapping
services.  The company, a wholly owned subsidiary of Tiger
Telematics, Inc., filed a High Court application for
administration in the United Kingdom on Jan. 20, 2006.  The
filing provides Gizmondo Europe with a moratorium in order to
effect a financial restructuring of the business.


H L GORNER: Calls in BDO Stoy Hayward Administrator
---------------------------------------------------
Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP
were appointed joint administrators of H L Gorner Limited
(Company No 00929228) on Jan. 27.

                        About BDO Stoy

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.  Its
services include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.

H L Gorner Limited -- http://www.hlgorner.co.uk/-- offers new
and used Mercedes-Benz cars, including make and model comparison
facility, parts and service in Wigan, Warrington and Clapham,
North Yorkshire.


HARLESDEN MARKETING: Shuts Down Operations
------------------------------------------
Harlesden Marketing Limited nominated Nedim Ailyan of Abbott
Fielding to manage the liquidation of the company's assets.
Members agreed to wind up the company after learning that the
company can no longer continue its business due to mounting
liabilities.

CONTACT:  HARLESDEN MARKETING LIMITED
          56 The Pentagon
          Chatham Kent
          ME4 4HP
          Tel: 01634 818 075


HENRY NEWBOULD: Creditors Meeting Set Next Week
-----------------------------------------------
Creditors of Henry Newbould Ltd (Company No 003330083) will meet
on Feb. 16, 2006, 10 a.m. at Middlesbrough Football Club,
Riverside Stadium, Middlesbrough TS3 6RS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to I Brown, joint administrator of Deloitte & Touche
LLP, 1 City Square, Leeds LS1 2AL not later than 12 noon on
Feb. 15, 2006.

CONTACT:  HENRY NEWBOULD LTD
          2 Startforth Rd
          Riverside Pk S2 1PT
          Tel: 01642 225315
          Fax: 01642 230307
          Web site: http://www.newboulds.co.uk/

          DELOITTE & TOUCHE
          1 City Square
          Leeds, West Yorkshire
          LS1 2AL
          Tel: 0113 292 1748
          Fax: 0113 244 8942


HMV GROUP: Turns Down Permira Advisers' Conditional Proposal
------------------------------------------------------------
HMV Group received a conditional proposal regarding a possible
offer for the Group at 190 pence per ordinary share from Permira
Advisers Limited.

The Board, together with its advisers, reviewed the proposal
carefully.  The Board concluded that the proposal undervalues
HMV Group.

As such, HMV Group will not be entering into any discussions
with Permira Advisers Limited with regard to the proposal.

                        About the Company

Headquartered in the U.K., HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in 8 different
countries under two powerful retail brands (HMV and
Waterstone's).

On March 31, 2005, the Group completed a refinancing of its
senior bank facilities, creating a more efficient capital
structure.  A five-year GBP260 million revolving credit facility
was arranged, replacing an existing GBP150 million revolving
credit facility, together with outstanding term debt of GBP160
million which was repaid in full.  Consequent to the
refinancing, GBP2.7 million of unamortized deferred financing
fees were written-off in the financial year to April 30, 2005,
as a non-cash exceptional interest charge.

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


HOWELLS HOME: Brings In Begbies Traynor as Joint Liquidators
------------------------------------------------------------
Howells Home Improvements Limited is liquidating its assets
after members agreed to wind up the company's operations on Dec.
21, 2005.

The voluntary liquidation came as a result of the company's
inability to pay its debts.  Ian Michael Rose and Robert Michael
Young, of Begbies Traynor, are appointed joint liquidators to
manage the wind-up activities.

CONTACT:  HOWELLS HOME IMPROVEMENTS LIMITED
          20 Gibbs Road
          Newport Gwent
          NP198AT
          Tel: 01633 665086


IMR BUILDING: Members Pass Winding Up Resolution
------------------------------------------------
At IMR Building Services Ltd's extraordinary general meeting on
Dec. 21, 2005, members resolved that it is in the Company's
best interests to liquidate its operations.

C.M. Iacovides, of Jeffreys Henry Jacobs, was named to oversee
the wind-up proceedings.

CONTACT:  IMR BUILDING SERVICES LTD
          9 Martins Drive
          Hertford
          SG137TA
          Tel: 01992 553 943


KRYOTRANS LIMITED: In Administrative Receivership
-------------------------------------------------
Fairfax Gerrard Holdings Limited appointed Stephen Cork and
Joanne Milner of Smith & Williamson Limited joint administrative
receivers of Kryotrans Limited (Reg No 03490737) on Jan. 30.

Headquartered in Buckinghamshire, United Kingdom, Kryotrans
Limited -- http://www.kryotrans.com/-- provides transport
services for temperature-sensitive materials in the
biotechnology, clinical trials and pharmaceutical industries.

CONTACT:  SMITH & WILLIAMSON
          25 Moorgate
          London EC2R 6AY
          Inner London
          Tel: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: henry.shinners@smith.williamson.co.uk


LAURELS PROPERTY: Names Harris Lipman Administrator
---------------------------------------------------
John Dean Cullen and Freddy Khalastchi of Harris Lipman LLP were
appointed joint administrators of The Laurels Property Company
Limited (Company No 03361171) on Jan. 24.  Its registered office
is at The Laurels, Sling, Coleford, Gloucestershire GL16 8JJ.
The company offers general construction and civil engineering
services.

CONTACT:  THE LAURELS PROPERTY CO LTD
          The Laurels, Parkend Walk,
          Coleford, Gloucestershire GL16 8JJ
          Tel: 01594833049

          HARRIS LIPMAN
          4-5 Mount Stuart Square
          Cardiff Bay, Cardiff
          South Glamorgan CF10 5EE
          Tel: 029 2049 5444
          Fax: 029 2049 5744


SALTY'S PARTNERSHIP: Hires Rogers Evans to Administer Assets
------------------------------------------------------------
Terry Evans of Rogers Evans was appointed administrator of
Salty's Partnership on Oct. 19, 2005.  Its registered office is
at Quay Street, Yarmouth, Isle of Wight PO41 0PE.  The company
operates a restaurant.

CONTACT:  ROGERS EVANS
          20 Brunswick Place
          Southampton
          Hampshire SO1 2AQ
          Tel: 023 8033 5888
          Fax: 023 8033 4400
          E-mail: tevans@rogersevans.co.uk


SHAKESPEARE UNDERWRITING: Appoints Tenon Recovery Administrator
---------------------------------------------------------------
Dilip K. Dattani and Patrick Ellward of Tenon Recovery were
appointed joint administrators of Shakespeare Underwriting
Limited (Company No 03562592) on Jan. 23.

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

Shakespeare Underwriting -- http://www.shakespeareuw.co.uk--  
was formed in August 1998.  It develops and markets general
insurance products specifically designed for the provincial
broker market, and backed by quality service.

CONTACT:  SHAKESPEARE UNDERWRITING LTD
          Commercial, Let Property,
          Household, Contractors All Risks Van Court,
          Caerphilly Business Park,
          Van Road, Caerphilly CF83 3ED
          Tel: 02920 407 100
          Fax: 02920 407 109
          E-mail: caerphilly@shakespeareuw.co.uk


SOCK SHOP: Retailer Appoints Poppleton & Appleby Administrator
--------------------------------------------------------------
A. Turpin and M. T. Coyne of Poppleton & Appleby were appointed
joint administrators of Sock Shop Limited (Company No 3222658)
on Jan. 25.  Its registered office is at Bridge Mill, Cowan
Bridge, Lancaster, Lancashire.  The company retails clothing.

CONTACT:  SOCK SHOP LTD
          Bridge Mill, Cowan Bridge,
          Carnforth, Lancashire LA6 2HS
          Tel: 01524-271071

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


STYLACATS LIMITED: Creditors Meeting Set Feb. 16
------------------------------------------------
Creditors of Stylacats Limited (Registered No 03710631) will
meet on Feb. 16, 2006, 11 a.m. at Commercial Buildings, 11-15
Cross Street, Manchester.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to D J Power, joint administrator of BDO Stoy
Hayward LLP, Commercial Buildings, 11-15 Cross Street,
Manchester not later than 12 noon on Feb. 15, 2006.

                      About the Company

Stylacats Ltd has developed and patented a range of ligands that
promote enhanced chiral selectivity used in the manufacture of
pharmaceutical compounds.  The company owns a number of Trifer/
Ferrocene derivative ligand patents.

Headquartered in Manchester, BDO Stoy Hayward --
http://www.bdo.co.uk/-- is the UK member firm of BDO
International, the world's fifth largest accountancy network
with more than 600 offices in 100 countries.  Its services
include: audit and assurance, business restructuring, corporate
finance, disputes and investigations, investment management,
risk assurance services, tax services, and valuations.


TEXTILE MILL: Names Administrators from Tait Walker
---------------------------------------------------
Gordon S. Goldie and Allan David Kelly of Tait Walker were
appointed administrators of Textile Mill Warehouse Limited
(Company No 04249967) on Jan. 24.

CONTACT:  TEXTILE MILL WAREHOUSE LTD
          Hill House Bowsers Hill,
          Newcastle-upon-Tyne, NE17 7AY
          Tel: 01228599805

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


YORKSHIRE COLOURS: Meeting of Creditors Set Feb. 14
---------------------------------------------------
Creditors of Yorkshire Colours Limited will meet on Feb. 14,
2006, 3 p.m. at KPMG LLP, 1 The Embankment, Neville Street,
Leeds LS1 4DW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to R D Fleming, joint administrator of KPMG LLP, 1
The Embankment, Neville Street, Leeds LS1 4DW not later than 12
noon, Feb. 13, 2006.

                      About the Company

Headquartered in Leeds, Yorkshire Colours Ltd supplies intracid
Rhodamine WT liquid.

CONTACT:  YORKSHIRE COLOURS LTD
          Kirkstall Road,
          Leeds LS3 1LL
          United Kingdom
          Tel: 44 (0) 113 244 3111
          Fax: 44 (0) 113 245 2529

          KPMG LLP
          1 The Embankment
          Neville Street
          Leeds
          West Yorkshire LS1 4DW
          Tel: 0113 231 3332
          Fax: 0113 231 3183
          E-mail: richard.fleming@kpmg.co.uk


* European TMT Companies Get Issuer Default Ratings from Fitch
--------------------------------------------------------------
Fitch Ratings assigned Issuer Default ratings to companies in
the European Telecommunications, Media and Technology sectors.
Revised Senior Unsecured ratings now apply to the senior
unsecured bond issues of these entities.

IDRs reflect the ability of an issuer to meet senior financial
commitments on a timely basis, effectively becoming the
benchmark probability of default.  Securities in an issuer's
capital structure will be rated higher, lower, or the same as
the IDR on the basis of their relative recovery prospects.

The process of establishing ratings for the obligations of
issuers rated between 'AAA' and 'BB-' will refer, for the most
part, to aggregate recoveries on the defaulted bond market as a
whole for that sector and not to issuer-specific analysis since
assumptions on enterprise value and creditor mass at default for
these entities would be largely arbitrary.  For this reason,
recovery assessments and thus individual issue ratings will be
based more on the long-term averages of recovery for that type
of security, after giving consideration to additional issues
such as collateral value, relative subordination and other
determinants of recovery.

For issuers rated 'B+' and below, recovery ratings derive from a
customized analysis of the individual issuer and their capital
structure, assuming emergence from a default-inducing stress
scenario.

Existing Outlooks and Rating Watch status assigned to the former
Senior Unsecured, counterparty or other issuer ratings remain
unchanged and apply to the IDRs for the issuers.

The Issuer Default ratings are listed below.  Issuers
highlighted with (1) denote cases where the IDR for this issuer
differs from the previously assigned Senior Unsecured rating.
(2) denotes cases where this issuer's secured, unsecured or
subordinated debt rating has changed from the previously
assigned debt rating.

Telecom Issuers:

   -- Alcatel S.A.: BBB- Outlook Stable;
   -- ASML Holding N.V.: BB- Outlook Positive;
   -- BT Group PLC: A- Outlook Negative;
   -- Cableuropa S.A.: B Outlook Positive;
   -- Centertelecom: B- Outlook Negative;
   -- Deutsche Telekom AG: A- Outlook Stable;
   -- Ericsson Telefonaktiebolaget L.M.: BBB Outlook Positive;
   -- France Telecom S.A.: A- Outlook Stable;
   -- Hellenic Telcommunications Org. S.A.: BBB Outlook Stable;
   -- JMTS: LTFC: BB Outlook Stable; LTLC: BBB- Outlook Stable;
   -- Kabel Deutschland GmbH: BB- Outlook Stable;
   -- Kazakhtelekom: 'BB' Outlook Stable;
   -- NTL Inc.: 'BB-' RWN;
   -- Nokia Corporations: A+ Outlook Negative;
   -- O2: BBB+ Outlook Stable;
   -- OAO Dalsvyaz: B Outlook Stable;
   -- OAO Megafon: BB Outlook Stable;
   -- OAO Northwest Telecom: B+ Outlook Stable;
   -- OAO Sibirtelecom: B+ Outlook Stable;
   -- OAO Uralsvyazinform: B+ Outlook Negative;
   -- Portugal Telecom S.A.: A- Outlook Stable;
   -- Royal KPN N.V.: BBB+ Outlook Stable;
   -- SFR: A- Outlook Stable;
   -- Sistema Joint Stock Financial Corp: B+ Outlook Stable;
   -- Tele Denmark Corporation: BBB+ Rating Watch Negative;
   -- Telia Sonera: A- Outlook Stable;
   -- Telecom Italia S.p.A.: A- Outlook Negative;
   -- Telenet Bid Co. N.V.: B+ Outlook Stable;
   -- Telefonica S.A.: A- Outlook Stable;
   -- Telekomunikacja Polska S.A.: BBB+ Outlook Stable;
   -- Tiscali S.p.A.: CCC Outlook Stable (1);
   -- TIM Hellas Telecommunications S.A.: B Outlook Stable;
   -- Turkcell Iletsimtlizmetlen AS: LTFC: BB- Outlook Positive;
   -- LTLC: BB Outlook Positive;
   -- Vodafone Group PLC: A Outlook Stable; and
   -- Wind Telecommunications S.p.A.: B+ Outlook Stable (2).

MEDIA ISSUERS:

   -- Bertelsmann AG: BBB+ Outlook Stable;

   -- BskyB PLC: BBB Outlook Stable;

   -- DMGT PLC: BBB Outlook Stable;

   -- Dogan Yayin Holding A.S.: LTFC: B+ Outlook Stable;
      LTLC: B+ Outlook Stable;

   -- EMAP PLC: BBB+ Outlook Negative;

   -- Hurriyet Gazetecilik Ve matbaacilik A.S:
      LTFC: BB- Outlook Positive;

   -- LTLC: BB Outlook Positive;

   -- ITV PLC: BBB Outlook Stable;

   -- Pearson PLC: BBB+ Outlook Stable;

   -- Prosiebensat.1 Media AG: BBB- Outlook Positive;

   -- Reed Elsevier PLC: A- Outlook Positive;

   -- Reuters Group PLC: A Outlook Stable;

   -- Wolters Kluwer N.V.: BBB Outlook Stable;

   -- WPP Group PLC: BBB Outlook Positive; and

   -- Vivendi Universal S.A.: BBB Outlook Positive.


* Fitch Assigns Issuer Default Ratings to European RLCP Firms
-------------------------------------------------------------
Fitch Ratings assigned Issuer Default ratings to companies in
the European Retail, Leisure, Consumer Products and
Pharmaceutical sectors.

Revised Senior Unsecured ratings now apply to the senior
unsecured bond issues of these entities.

IDRs reflect the ability of an issuer to meet senior financial
commitments on a timely basis, effectively becoming the
benchmark probability of default.  Securities in an issuer's
capital structure will be rated higher, lower, or the same as
the IDR on the basis of their relative recovery prospects.

The process of establishing ratings for the obligations of
issuers rated between 'AAA' and 'BB-' will refer, for the most
part, to aggregate recoveries on the defaulted bond market as a
whole for that sector and not to issuer-specific analysis since
assumptions on enterprise value and creditor mass at default for
these entities would be largely arbitrary.  For this reason,
recovery assessments and thus individual issue ratings will be
based more on the long-term averages of recovery for that type
of security, after giving consideration to additional issues
such as collateral value, relative subordination and other
determinants of recovery.  For issuers rated 'B+' and below,
recovery ratings derive from a customized analysis of the
individual issuer and their capital structure, assuming
emergence from a default-inducing stress scenario.

Existing Outlooks and Rating Watch status assigned to the former
Senior Unsecured, counterparty or other issuer ratings remain
unchanged and apply to the IDRs for the issuers.

The Issuer Default ratings are listed below.  Issuers
highlighted with an (1) denote cases where the IDR for this
issuer differs from the previously assigned Senior Unsecured
rating. (2) denotes cases where this issuer's secured, unsecured
or subordinated debt rating has changed from the previously
assigned debt rating.

European Food, Drinks and Beverages:

   -- Anadolu Efes Biracilik ve Malt Sanayii A.S.:
      Foreign Currency IDR 'BB-' Outlook Positive;

   -- Local Currency IDR 'BBB-'; Rating Watch Negative;

   -- Cadbury Schweppes PLC: 'BBB' Outlook Positive;

   -- Carlsberg Brewery A/S: 'BBB-' Outlook Stable;

   -- Coca-Cola Icecek Anonim Sirketi: Foreign Currency IDR
      'BB-' Outlook Positive; Local Currency IDR 'BBB' Outlook
      Stable;

   -- Diageo PLC: 'A+' Outlook Stable;

   -- Kamps AG: 'BB-' Rating Watch Negative;

   -- Nestle S.A.: 'AAA' Outlook Stable;

   -- Regentrealm Ltd.: 'B-' Outlook Negative (2);

   -- SABMiller PLC: 'BBB' Outlook Stable;

   -- Scottish & Newcastle PLC: 'BBB-' Outlook Stable;

   -- Unilever N.V.: 'A+' Outlook Stable;

   -- Unilever PLC: 'A+' Outlook Stable; and

   -- United Biscuits Finance PLC: 'B-' Outlook Negative.

European Food Retail:

   -- Carrefour: 'A+' Outlook Negative;
   -- Casino Guichard-Perrachon SA: 'BBB-' Outlook Stable;
   -- J Sainsbury plc: 'BBB' Outlook Negative;
   -- Royal Ahold N.V.: 'BB' Outlook Positive; and
   -- Tesco PLC 'A+': Outlook Stable.

European Retail:

   -- Boots Group PLC: 'BBB+' Rating Watch Negative;
   -- DSG international PLC: 'BBB+' Rating Watch Negative;
   -- GUS PLC: 'BBB+' Outlook Stable;
   -- Focus DIY (Finance) PLC: 'B-' Outlook Negative (2);
   -- Focus DIY (Investments) Ltd.: 'B-' Outlook Negative;
   -- Kingfisher PLC: 'BBB+' Outlook Negative;
   -- Marks & Spencer Group PLC: 'BBB+' Outlook Negative;
   -- Metro AG: 'BBB' Outlook Stable;
   -- Next PLC: 'BBB' Outlook Stable;
   -- Vendex KBB: 'BB-' Outlook Stable (2);
   -- Victoria Acquisition III B.V.: 'BB-' Outlook Stable (2);
      and
   -- WH Smith PLC: 'BB-' Outlook Stable.

European Hotels:

   -- Accor SA: 'BBB' Outlook Stable;
   -- De Vere Group PLC: 'BBB' Outlook Negative;
   -- Hilton Group PLC: 'BBB+' Rating Watch Negative;
   -- Sol Melia, S.A.: 'BB+' Outlook Stable; and
   -- Whitbread PLC: 'BBB' Outlook Negative.

European Luxury Goods and Foodservice:

   -- Brake Bros Acquisition PLC: 'B' Outlook Stable (2);
   -- Brake Bros Finance PLC: 'B' Outlook Stable (2);
   -- Compass Group PLC: 'BBB+' Outlook Stable;
   -- LVMH Moet Hennessy-Louis Vuitton: 'BBB' Outlook Positive;
   -- Safilo S.p.A.: 'B' Rating Watch Positive (2);
   -- Safilo Capital International S.A.: 'B' Rating Watch
      Positive;
   -- Sodexho Alliance S.A.: 'BBB' Outlook Stable; and
   -- Waterford Wedgwood PLC: 'CCC' Outlook Negative (2).

European Pharmaceutical and Healthcare:

   -- AstraZeneca PLC: 'AA+' Outlook Stable;
   -- BUPA Finance PLC: 'A-' Outlook Stable;
   -- GlaxoSmithKline PLC: 'AA' Outlook Stable;
   -- Novartis AG: 'AAA' Outlook Stable;
   -- Roche Holding Ltd.: 'AA-' Outlook Stable; and
   -- Sanofi-Aventis S.A.: 'AA-' Outlook Stable.

European Tobacco:

   -- Altadis S.A.: 'BBB+' Outlook Stable;
   -- British American Tobacco PLC: 'A-' Outlook Negative;
   -- Gallaher Group PLC: 'BBB' Outlook Stable; and
   -- Imperial Tobacco Group PLC: 'BBB' Outlook Stable.

RLCP - Other:

   -- Henkel KGaA: 'A-' Outlook Stable; and
   -- Rank Group PLC: 'BB+' Rating Watch Negative.


                            *********


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

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

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

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

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

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


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