TCREUR_Public/060210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, February 10, 2006, Vol. 7, No. 30

                            Headlines


F I N L A N D

M-REAL CORPORATION: S&P Cuts Long-Term Credit Rating to BB-


F R A N C E

AGZ HOLDING: S&P Withdraws Rating at Company's Request
GAL FINANCE: S&P Cuts EUR100 Mil. Sub. Notes Rating to Junk
GLOBAL AUTOMOTIVE: Liquidity Issues Prompt S&P to Lower Ratings


G E R M A N Y

ABENSBERGER BOOTS: Court Begins Bankruptcy Proceedings
BAUGESCHAFT HIESCH: Bayreuth Court Calls in Administrator
ECO ROTOR: Claims Verification Deadline Set for Feb. 17
EINRICHTUNGSHAUS ALEXANDRA: Claims Filing Period Ends March 13
EPCOS AG: S&P Cuts Rating to BB+ on Poor Profitability

GRUENTEAM GMBH: Creditors Have Until Feb. 15 to Register Claims
HSSM-KONTOR: Reinbek Court Calls in Administrator
HSSM-KONTOR: Reinbek Court Calls in Administrator
MOENUS TEXTILMASCHINEN: Sells Business to Lone Star
NEO CITY: Meeting of Creditors Slated for April 3

VITAMIN-OASE: Berlin Company Falls Into Bankruptcy
WILLI HOPPE: Creditors' Meeting Slated for March 15


G R E E C E

COMMERCIAL VALUE: Fitch Rates Insurer Financial Strength at BB


K A Z A K H S T A N

EKADA: Creditors Have Until Feb. 23 to File Proof of Claims
GAMA LTD.: Mangistau Court Begins Bankruptcy Proceedings
DAULET-TRANSAVTO: Reaches Cul-de-sac
IONOTEHNIKA: Sets Proofs of Claim Deadline
KAZNEFTSNAB: East Kazakhstan Court Opens Bankruptcy Proceedings

NAURYZ BANK: Goes Into Liquidation in Almaty
SERVICETORGOFFICE: Succumbs to Insolvency
TBN GROUP: Creditors' Claim Due Last Week of February


L U X E M B O U R G

FIAT FINANCE: Fitch Assigns BB- Rating to EUR1 Bil. Bond Issue
MILLICOM INTERNATIONAL: Conference Call Set Next Week
MILLICOM INTERNATIONAL: Exceeds Nine Million Subscribers
VINTAGE CAPITAL: Fitch Affirms Class C Collateralized Debt at C


N E T H E R L A N D S

HELIX CAPITAL: Fitch Affirms EUR23.4MM Class 2001-9 Bonds at DD
ROYAL SHELL: Further Cancels 650,000 'A' Shares


R U S S I A

ARAMILSKIY: Claims Filing Period Ends March 14
ARTIFICIAL MATERIALS: Succumbs to Bankruptcy in Kransodar Region
AUTOMOTIVE FACTORY: Deadline For Proofs Of Claim Set Next Month
CHECHEN-GAS-PROM: Moscow Court Rules on Bankruptcy
OAO OMZ: Equity Sale Prompts S&P to Put Junk Rating on Watch

ORGRESBANK: Fitch Rates Three-Year RUB500-Mil Bond Issue at BB+
PORT CAUCASIA: Undergoes Bankruptcy Supervision Procedure
PROGRESS: Claims Filing Period Ends Next Week
PROM-GRAZHDAN-STROY: Declared Insolvent by Chelyabinsk Court
SEL-KHOZ-PROM-SERVICE: Insolvency Manager Takes Helm

STROY-SERVICE: Krasnodar Court Opens Bankruptcy Proceedings
VOLGOTANKER: Seeks Equity Sale to Russian Government
VOZROZHDENIE: Court Sets March 14 Claims Bar Date


S P A I N

SAEZ MERINO: Creditor Negotiations Underway


S W I T Z E R L A N D

ABB LTD.: Launches Disciplinary Probe on Units' Suspect Payments


T U R K E Y

PETKIM PETROKIMYA: Fitch Affirms Foreign Currency Rating at BB-


U K R A I N E

CHIGIRINAGROPOSTACH: Goes Into Liquidation
GORSTAR: Kyiv Court Opens Bankruptcy Proceedings
KONKOR-N: O. Tomashevskij Named Insolvency Manager
KONVIT: Court Appoints Insolvency Manager to Take Over Helm
LADMET: Court Assigns Chabanovich Taras to Liquidate Assets

PROMRESURS: Declared Insolvent by Donetsk Economic Court
SPECBUDMONTAZH: Succumbs to Insolvency
TRANSEKONOMYUG: Insolvency Manager Takes Over Helm


U N I T E D   K I N G D O M

AFFORDABLE IMPORTS: Opts to Wind Up Operations in Blackburn
ARL TECHNOLOGY: Hires S. F. Plant & Co. Administrator
AVALON MAILING: Enters Voluntary Liquidation
BLUE SKY: Names Liquidators to Wind Up Assets
BROOMCO (1984): Debt Claims Filing Period Ends Later This Month

CENTAC LIMITED: Financial Woes Spur Liquidation Process
CMT SPECIAL: Members Pass Winding Up Resolution
CW FINANCIAL: Taps Liquidators from Citroen Wells
DATACAB LIMITED: Taps Liquidator from Kranefields
ELAN RECRUITMENT: Taps Begbies Traynor to Liquidate Assets

E R HUGHES: Liquidator Takes Over Helm
FITZROY TIMBER: Calls In Administrators from Kroll Limited
FLEXEPRINT LIMITED: Administrators From Begbies Traynor Move In
GET ME TICKETS: Official Receiver Shuts Down Web Sites
GRAFF ELECTRONIC: Closes Operations & Liquidates Assets

HARCON SHEET: Creditors Confirm BDO Stoy as Liquidators
HENLYS GROUP: Bus Maker Crashes Into Liquidation
HMV GROUP: Permira Advisers Limited Reaction on HMV's Rejection
HT (UK): Creditors Meeting Set Today
INTERNATIONAL RADIATORS: Appoints Administrator

J R CROMPTON: Falls Under Administrative Proceedings
K M MEATS: Yorkshire Bank Appoints PwC Receiver
LASERLINE IMAGING: Creditors Confirm S. Franklin as Liquidator
LEICA GEOSYSTEMS: Names Baker Tilly to Wind Up Assets
M.B.S. WALES: Financial Woes Prompt Voluntary Liquidation

MJM UTILITIES: Names Jones Lowndes Dwyer Administrator
MX MARINE: Liquidator From Baker Tilly Enters Firm
NOMISS LIMITED: Succumbs to Liquidation Proceedings in Hereford
PHOENIX VESSELS: Calls in Moore Stephens Administrator
PRO-CRAFT LIMITED: Names Administrators from Begbies Traynor

PURE LINEN: Members Agree to Wind Up Assets in London
R A BLACKBURN: Liquidator Takes Over Helm
RENTOKIL INITIAL: Mulls Sale of Manned Guarding Operations
SANS SERIF: Mounting Debts Lead to Liquidation Proceedings
SILMERE LIMITED: I.G. Simpson Named to Wind Up Assets

TRIMPLEY ESTATES: Creditors Approve Liquidator's Appointment
WYCOMBE BIKE: Brings In Peter Maurice Levy as Liquidator

     **********

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F I N L A N D
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M-REAL CORPORATION: S&P Cuts Long-Term Credit Rating to BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Finland-based forest products company
M-real Corp. to 'BB-' from 'BB'.  At the same time, the 'B'
short-term corporate credit rating was affirmed.  The outlook is
negative.

"The rating action primarily reflects M-real's continued weak
operating performance, and the limited prospects for cash flow
improvement and debt reduction in the short to medium term. This
is the result of continued tough market conditions for the
group's core businesses, higher input costs, and the group's
internal weak performance," said Standard & Poor's ratings
analyst Andreas Zsiga.

The negative outlook reflects the risk that there will be no
meaningful improvement in underlying cash flow, which could
prevent the expected improvement in credit measures in a timely
manner.  The expected financial recovery is dependent on a
sustainable margin improvement resulting from price increases,
and efficiency and cost structure improvement well ahead of
input cost increases.  The outlook could be revised to stable if
the company demonstrates a sustainable improvement in operating
efficiency, in combination with better market conditions,
leading to improved financial performance.


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F R A N C E
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AGZ HOLDING: S&P Withdraws Rating at Company's Request
------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' long-term
corporate credit rating on France-based liquid petroleum gas
distributor AGZ Holding, a wholly owned subsidiary of UGI Corp.
(not rated).  The 'BB-' senior unsecured rating on guaranteed
subsidiary AGZ Finance was also withdrawn.  The outlook on AGZ
Holding was stable at the time of the withdrawal.

The withdrawal of the rating was made at the request of the
company, and follows prepayment of the outstanding EUR165
million unsecured notes, due 2011, issued by AGZ Finance, which
were rated 'BB-'.  Management confirmed that the notes and
previously secured bank facility have been refinanced by a
EUR380 million syndicated term loan.


GAL FINANCE: S&P Cuts EUR100 Mil. Sub. Notes Rating to Junk
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on France-based auto logistics provider
Global Automotive Logistics S.A.S. to 'B-' from 'B+', owing to
increased liquidity concerns and its weak operating performance.  
At the same time, the rating on related entity GAL Finance
S.A.'s EUR100 million subordinated notes was lowered to 'CCC'
from 'B-'.  All ratings remain on CreditWatch with negative
implications, where they were placed on Aug. 1, 2005, reflecting
our uncertainty over the company's future performance.

"The downgrade reflects our increased concerns that GAL will not
meet mandatory debt repayments in 2006 without additional
support from either its banks, shareholders, or other sources,"
said Standard & Poor's credit analyst Eve Greb.  "GAL's weak
liquidity is caused by the sharp decline in its performance over
the past few quarters."

GAL's profitability significantly weakened in the third quarter,
with EBITDA margins declining to 2.1% for the first nine months
of 2005 (compared with 6.5% for the first nine months of 2004)
from 4.2% for the first half of 2005.  This deterioration was
mainly caused by a 12% decrease in volumes from automaker
Renault S.A. (BBB+/Stable/A-2) transported by GAL.  In addition,
there are signs of further declining volumes from Renault, which
represents more than 70% of GAL's customer base.  Renault
reported a 6.6% decrease in new passenger-car registrations in
December, which is expected to exacerbate the negative impact on
GAL's performance.

"To resolve the CreditWatch, we need further clarity regarding
GAL's liquidity situation," said Ms. Greb. "Covenants under the
company's committed bank facility have been breached several
times over the past few quarters and are expected to be breached
in 2006."

S&P considers the renewal of GAL's major contract with Renault,
which expires in 2008, as a key-rating factor for GAL's future
creditworthiness.  Another key rating factor is GAL's ability to
achieve a successful financial restructuring.


GLOBAL AUTOMOTIVE: Liquidity Issues Prompt S&P to Lower Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on France-based auto logistics provider
Global Automotive Logistics S.A.S. to 'B-' from 'B+', owing to
increased liquidity concerns and its weak operating performance.  
At the same time, the rating on related entity GAL Finance
S.A.'s EUR100 million subordinated notes was lowered to 'CCC'
from 'B-'.  All ratings remain on CreditWatch with negative
implications, where they were placed on Aug. 1, 2005, reflecting
our uncertainty over the company's future performance.

"The downgrade reflects our increased concerns that GAL will not
meet mandatory debt repayments in 2006 without additional
support from either its banks, shareholders, or other sources,"
said Standard & Poor's credit analyst Eve Greb.  "GAL's weak
liquidity is caused by the sharp decline in its performance over
the past few quarters."

GAL's profitability significantly weakened in the third quarter,
with EBITDA margins declining to 2.1% for the first nine months
of 2005 (compared with 6.5% for the first nine months of 2004)
from 4.2% for the first half of 2005.  This deterioration was
mainly caused by a 12% decrease in volumes from automaker
Renault S.A. (BBB+/Stable/A-2) transported by GAL.  In addition,
there are signs of further declining volumes from Renault, which
represents more than 70% of GAL's customer base.  Renault
reported a 6.6% decrease in new passenger-car registrations in
December, which is expected to exacerbate the negative impact on
GAL's performance.

"To resolve the CreditWatch, we need further clarity regarding
GAL's liquidity situation," said Ms. Greb. "Covenants under the
company's committed bank facility have been breached several
times over the past few quarters and are expected to be breached
in 2006."

S&P considers the renewal of GAL's major contract with Renault,
which expires in 2008, as a key-rating factor for GAL's future
creditworthiness.  Another key rating factor is GAL's ability to
achieve a successful financial restructuring.


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


ABENSBERGER BOOTS: Court Begins Bankruptcy Proceedings
------------------------------------------------------
The District Court of Regensburg opened bankruptcy proceedings
against Abensberger Boots-Center GmbH on Jan. 17.  Consequently,
all pending proceedings against the company have been
automatically stayed. Creditors have until Feb. 14, 2006, to
register their claims with court-appointed provisional
administrator Dr. Hans-Peter Lehner.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Regensburg, Zi. 105,
Augustenstr. 5, at 10:30 a.m., on March 21, 2006, at which time
the administrator will present his first report on the
insolvency proceedings. The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  ABENSBERGER BOOTS-CENTER GmbH
          Adolf-v.Braunmuehlstr. 26 in 93326 Abensberg

          Dr. Hans-Peter Lehner, Administrator
          Ditthornstr. 5, 93055 Regensburg
          Tel: 0941/640820-0
          Fax: 0941/640820-10


BAUGESCHAFT HIESCH: Bayreuth Court Calls in Administrator
---------------------------------------------------------
The District Court of Bayreuth opened bankruptcy proceedings
against Baugeschaft Hiesch GmbH on Jan. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 13, 2006, to register their
claims with court-appointed provisional administrator Dr. Thomas
Hofmann.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bayreuth, Friedrichstr. 18,
Zimmer 520, EG, at 9:00 a.m. on March 6, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  BAUGESCHAFT HIESCH GmbH
          Danndorf 40 in 95336 Mainleus
          Contact:
          Gunther Hiesch, Manager
          95336 Mainleus
                                                  
          Dr. Thomas Hofmann, Administrator
          Wilhelm-Meussdoerffer-Str. 4, 95326 Kulmbach
          Tel: 09221/9079-22
          Fax: 09221/9079-30


ECO ROTOR: Claims Verification Deadline Set for Feb. 17
------------------------------------------------------
The District Court of Bingen am Rhein opened bankruptcy
proceedings against eco rotor GmbH on Jan. 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 17, 2006, to
register their claims with court-appointed provisional
administrator Bardo M. Sigwart.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bingen am Rhein,
Gerichtsgebaude, Mainzer Strasse 52, 55411 Bingen am Rhein, at
10:15 a.m. on March 15, 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:  ECO ROTOR GmbH
          Spitalwiese 8c, 55425 Waldalgesheim
          Contact:
          Carlo Gei, Manager
          Lucas Cranach Str. 32, 55543 Bad Kreuznach
                                        
          Bardo M. Sigwart, Administrator
          Ahornweg 12, 55218 Ingelheim
          Tel: 06132/88949
          Fax: 06132/896498


EINRICHTUNGSHAUS ALEXANDRA: Claims Filing Period Ends March 13
--------------------------------------------------------------
The District Court of Nuernberg opened bankruptcy proceedings
against Einrichtungshaus Alexandra Zink Verwaltungs GmbH on
Jan. 19. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
March 13, 2006, to register their claims with court-appointed
provisional administrator Dr. Peter Roth.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Nuernberg,
Flaschenhofstrasse 35, Sitzungssaal 126/I, at 9:00 a.m., on
March 23, 2006, at which time the administrator will present his
first report on the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  EINRICHTUNGSHAUS ALEXANDRA ZINK VERWALTUNGS GmbH
          Nuernberger Strasse 91, 91217 Hersbruck

          Dr. Peter Roth, Administrator
          Saarstrasse 35, 91207 Lauf
          Tel: 09123/99959-0
          Fax: 09123/99959-99


EPCOS AG: S&P Cuts Rating to BB+ on Poor Profitability
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based electronics component
manufacturer EPCOS AG to 'BB+' from 'BBB-'.  The rating on EPCOS
Finance B.V.'s convertible senior unsecured debt, which EPCOS AG
guarantees, was also lowered to 'BB+' from 'BBB-'.  All ratings
were removed from CreditWatch negative, where they were placed
on Nov. 18, 2005.  The outlook is stable.

At Dec. 31, 2005, EPCOS' consolidated debt stood at
EUR339 million.  In the 12 months ended Dec. 31, 2005, EPCOS had
consolidated sales and EBITDA of EUR1.2 billion and EUR178
million, respectively.

The downgrade follows a review of the company's operating
performance--which has been weaker than expected over recent
quarters--and its prospects.

"Despite its good positioning on value-added and customer-
specific applications, EPCOS' performance remains affected by
very difficult industry conditions, including ongoing
overcapacity and fragmentation in the capacitors segment," said
Standard & Poor's credit analyst Patrice Cochelin.

EPCOS designs and manufactures a broad range of "passive"
electronic components.  It has particularly strong positions on
surface acoustic wave (SAC) components, which are in strong
demand with wireless equipment manufacturers.  The company's
fuel injection components also benefit from growing demand from
the automotive sector.

Sustainable growth of revenues and profits will remain a
challenge for EPCOS, however.  Very strong pricing pressure in
the company's main markets and currency fluctuations constrain
its profitability.   "The stable outlook reflects our
expectation that EPCOS will achieve its target of growth in
revenues, EBIT, and free cash flow in financial 2006," said Mr.
Cochelin.

It would take a material, sustainable improvement in the
company's margins (including, as a first step, profitability in
each segment) and free cash flow generation, for the outlook to
be revised to positive.

On the contrary, ratings pressure could build up again if free
cash flow fails to return to positive, if liquidity weakens
materially, or if fully adjusted debt does not remain below 3x
EBITDA.


GRUENTEAM GMBH: Creditors Have Until Feb. 15 to Register Claims
---------------------------------------------------------------
The District Court of Rosenheim opened bankruptcy proceedings
against Gruenteam GmbH & Co. KG on Jan. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 15, 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 Rosenheim, at 8:45 a.m. on
March 28, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  GRUENTEAM GmbH & Co. KG
          Eulenau 11 in 83043 Bad Aibling
                                                  
          Martin Schoebe, Administrator
          Ainmillerstr. 11, 80801 Muenchen
          Tel: 089/189377-0
          Fax: 089/189377-50


HSSM-KONTOR: Reinbek Court Calls in Administrator
-------------------------------------------------
The District Court of Reinbek opened bankruptcy proceedings
against HSSM-Kontor GmbH on Jan. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 13, 2006, to register their claims
with court-appointed provisional administrator Wolfgang
Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Reinbek, Parkallee 6, 21465
Reinbek, at 9:30 a.m., on April 11, 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:  HSSM-KONTOR GmbH
          Contact:
          Heiko Pfenner, Manager
          Im Eichenbusch 46, 21465 Reinbek

          Wolfgang Weidemann, Administrator
          Wendenstr. 4, 20097 Hamburg


HSSM-KONTOR: Reinbek Court Calls in Administrator
-------------------------------------------------
The District Court of Reinbek opened bankruptcy proceedings
against HSSM-Kontor GmbH on Jan. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 13, 2006, to register their claims
with court-appointed provisional administrator Wolfgang
Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Reinbek, Parkallee 6, 21465
Reinbek, at 9:30 a.m., on April 11, 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:  HSSM-KONTOR GmbH
          Contact:
          Heiko Pfenner, Manager
          Im Eichenbusch 46, 21465 Reinbek

          Wolfgang Weidemann, Administrator
          Wendenstr. 4, 20097 Hamburg


MOENUS TEXTILMASCHINEN: Sells Business to Lone Star
---------------------------------------------------
U.S. Investment Company Lone Star has acquired Moenus
Textilmaschinen GmbH on Feb. 1 for an undisclosed amount,
Borsen-Zeitung says.

The German manufacturer is the remaining part of Moenus
Textilmaschinen AG, which was also part of the insolvent
conglomerate Babcock Borsig that filed for insolvency
proceedings in 2001, the paper said.

Headquartered in Monchengladbach and Gera, Germany, Moenus
Textilmaschinen GmbH -- http://www.moenus.de/-- currently  
registers annual turnover of less than EUR100 million.  The
company has more than 160 years of experience in the field of
textile machine production.  It completely covers the process of
weaving preparation and wet and dry finishing of textiles with
more than 150 patents.


NEO CITY: Meeting of Creditors Slated for April 3
-------------------------------------------------
The District Court of Mainz opened bankruptcy proceedings
against NEO CITY Generalunternehmen fuer schluesselfertiges
Bauen GmbH on Jan. 18. Consequently, all pending proceedings
against the company have been automatically stayed. Creditors
have until Feb. 5, 2006, to register their claims with court-
appointed provisional administrator Dr. Wolfgang Petereit.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Mainz, Saal 75, Gebaude B,
Ernst-Ludwig-Strasse 7, 55116 Mainz, at 9:35 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:  NEO CITY GENERALUNTERNEHMEN FUER SCHLUESSELFERTIGES
          BAUEN GmbH
          Romerring 1, 55278 Mommenheim
          Contact:
          Viktor Mastel, Manager
          Zum Woog 10A, 56377 Nassau

          Dr. Wolfgang Petereit, Administrator
          Kaiserstrasse 24a, D-55116 Mainz
          Tel: 06131/626080
          Fax: 06131/6260813


VITAMIN-OASE: Berlin Company Falls Into Bankruptcy
--------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Vitamin-Oase GmbH on Jan. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 21, 2006, to
register their claims with court-appointed provisional
administrator Udo Feser.     

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 9:25
a.m., on March 7, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 9:25 a.m., on June 20, 2006, at the same venue.

CONTACT:  VITAMIN-OASE GmbH
          Honower Wiesenweg 22,10318 Berlin
          Contact:
          Hilmi Yuece, Manager
          Blockdammweg 1, 10317 Berlin
                                        
          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin

WILLI HOPPE: Creditors' Meeting Slated for March 15
---------------------------------------------------
The District Court of Wuppertal opened bankruptcy proceedings
against Willi Hoppe GmbH & Co. KG on Jan. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 3, 2006, to register their
claims with court-appointed provisional administrator Ingo
Kolsch.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Wuppertal, Eiland 2, 42103
Wuppertal, 2. Etage, Sitzungssaal A234, at 9:35 a.m. on
March 15, 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:  WILLI HOPPE GmbH & Co. KG
          Kreuzstrasse 20, 42277 Wuppertal
          Attn: Michael Hoppe, Manager
          Kirchwinkelstrasse 32, 58285 Gevelsberg
                                       
          Ingo Kolsch, Administrator
          Bundesallee 217, 42103 Wuppertal


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G R E E C E
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COMMERCIAL VALUE: Fitch Rates Insurer Financial Strength at BB
--------------------------------------------------------------
Fitch Ratings assigned Commercial Value AAE an Insurer Financial
Strength rating of 'BB' with Stable Outlook.

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

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

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

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

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

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

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

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


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


EKADA: Creditors Have Until Feb. 23 to File Proof of Claims
-----------------------------------------------------------
LLC Ekada has declared insolvency.  The proofs of claim will be
accepted at East Kazakhstan region, Ust-Kamenogorsk, Yugo-
Vostochnaya Str. 19 on or before Feb. 23, 2005.  

CONTACT:  EKADA
          East Kazakhstan region,
          Ust-Kamenogorsk, Yugo-Vostochnaya Str. 19  


GAMA LTD.: Mangistau Court Begins Bankruptcy Proceedings
--------------------------------------------------------
Taxation Committee and the Specialized Inter-Regional Economic
Court of Mangistau region commenced bankruptcy proceedings
against LLC GAMA LTD on Dec. 15, 2005, Aktau, micro district 27,
51.   

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


DAULET-TRANSAVTO: Reaches Cul-de-sac
------------------------------------
LLC Daulet-Transavto has declared insolvency.  The proofs of
claim will be accepted at Almaty, Emsova Str. 20 on or before
March 27, 2006.  

CONTACT:  DAULET-TRANSAVTO
          Almaty, Emsova Str. 20


IONOTEHNIKA: Sets Proofs of Claim Deadline
------------------------------------------
LLC Ionotehnika has declared insolvency.  The proofs of claim
will be accepted at 050091, Almaty, Makatayeva Str. 127 on or
before Feb. 23, 2005.  

CONTACT:  IONOTEHNIKA
          Almaty, Makatayeva Str. 127


KAZNEFTSNAB: East Kazakhstan Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of the East
Kazakhstan region commenced bankruptcy proceedings against LLC
Enterprise Kazneftsnab on Dec. 6, 2005.  The case is docketed as
2-2845.  Proofs of claim will be accepted at East Kazakhstan
region, Ust-Kamenogorsk, Myzy Str. 2/1 on or before March 27,
2006.  

The company can be contacted at 8(3232) 24-06-50 or 24-57-72.


NAURYZ BANK: Goes Into Liquidation in Almaty
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty took
placed Nauryz Bank Kazakhstan under compulsory liquidation on
Nov. 16, 2005.  A liquidation commission has been appointed.  
The proofs of claim of the creditors will be accepted by the
liquidation commission at Almaty, Gogol Str. 39a and in all
branches of the JSC Nauryz Bank Kazakhstan on or before Feb. 23,
2005.  

The company can be contacted at 8 (3272) 59-01-90, 59-75-07 or
59-01-03.


SERVICETORGOFFICE: Succumbs to Insolvency
-----------------------------------------
LLC Servicetorgoffice has declared insolvency.  The proofs of
claim will be accepted at Aktobe, Jankoj batyr Str. 28, room 412
on or before Feb. 23, 2005.  

CONTACT:  Aktobe, Jankoj batyr Str. 28, room 412


TBN GROUP: Creditors' Claim Due Last Week of February
-----------------------------------------------------
LLC TBN GROUP has declared insolvency.  The proofs of claim will
be accepted at Atyrau region, Atyrau, Avangard, micro
district 4, 7-5 on or before February 23, 2005.  

CONTACT:  TBN GROUP
          Atyrau region, Atyrau,
          Avangard, micro district 4, 7-5


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


FIAT FINANCE: Fitch Assigns BB- Rating to EUR1 Bil. Bond Issue
--------------------------------------------------------------
Fitch Ratings assigned Fiat Finance and Trade Ltd SA's issue of
EUR1 billion 6.625% maturing February 2013 notes a 'BB-' rating.  
The rating is in line with Fiat S.p.A.'s 'BB-' rating.  The
rating Outlook is Stable.

Fiat Finance & Trade is incorporated in Luxembourg and is used
as the central treasury vehicle for the Fiat group.  It is
99.99%-owned by Fiat Finance S.p.A. and 0.01% by Fiat Finance
Canada Ltd, which is in turn wholly owned by Fiat Finance S.p.A.
Fiat Finance S.p.A is wholly owned by Fiat.  The notes are
guaranteed by Fiat, the parent company, which is organised as a
holding company.  Therefore, creditors of the various operating
companies under Fiat will effectively be senior to Fiat's
creditors.  In the same way, Fiat Finance & Trade is a finance
subsidiary, without extra-group operations and with no direct
claim on operational subsidiaries' assets.  It is then fully
dependent on intra-group financing and payments to repay the
notes.

The notes do not have specific covenants other than a negative
pledge clause.  Fitch notes that an upgrade of the notes to the
investment-grade category would modify the scope of this
covenant.  In this case, in particular, the negative pledge
clause will no longer apply to Fiat's operating subsidiaries,
including Fiat Auto S.p.A., CNH Global NV and Iveco S.p.A.  In
addition, the clause will apply only to quoted indebtedness
(securities being quoted, listed or dealt over the counter) and
not to overall indebtedness (quoted indebtedness but also any
other debt including bank debt).

Fitch affirmed its rating on Fiat in January 2006 and changed
its Outlook to Stable from Negative.  The change in Outlook
reflected Fitch's opinion that Fiat has reached a trough, both
from a financial and business perspective, and that it has
initiated a rebound.  However, Fitch stresses that substantial
challenges remain and may hinder the group's recovery.


MILLICOM INTERNATIONAL: Conference Call Set Next Week
-----------------------------------------------------
Millicom International Cellular S.A. will host a conference call
to announce its financial results for the Fourth Quarter and
Full Year ended Dec. 31, 2005, on Tuesday, Feb. 14.  The
conference will start at 9 a.m. (ET)/2 p.m. (UK)/3 p.m. (CET).

Marc Beuls, President and Chief Executive Officer, and David
Sach Chief Financial Officer will host the said conference.

The conference call will be webcast in listen-only mode on
Millicom's website at http://www.millicom.com/

To participate in the conference call, please register at:
http://www.sharedvalue.net/millicom/Q405

The dial-in number to join the conference call will be available
upon registration.  You may also register by filling out the
information attached and returning it by fax to Shared Value at
+44 (0) 20 7321 5020 or contact Shared Value at +44 (0) 20 7321
5010 for further details.

The Investor & Analyst Presentation In Stockholm is set on
Feb. 20, 2006, from 8:30 a.m. to 10 a.m. (CET)

Following the announcement of its Full Year 2005 Results, the
Millicom Management invite investors and analysts to a
presentation in Stockholm on Monday Feb. 20, 2006 at 8:30 a.m.

Marc Beuls, CEO, Mikael Grahne, COO and David Sach, CFO will
provide an overview of the business, Mario Zanotti will follow
with a presentation on Central America and Iain Williams will
present on Africa.

If you would like to attend please email Sarah Nicholls at
snicholls@sharedvalue.net

The Investor Presentation in Stockholm will also be webcast in
listen-only mode on Millicom's website http://www.millicom.com/

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

                        *     *     *

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


MILLICOM INTERNATIONAL: Exceeds Nine Million Subscribers
--------------------------------------------------------
Millicom International Cellular S.A., one of the world's leading
cellular operators in emerging markets, exceeded nine million
subscribers across its 16 operations in January.

"Subscriber growth for Millicom's operations has been strong
during 2005 and 2006 has started well," Marc Beuls, Millicom
President and Chief Executive Officer said.  "The key drivers
have been the roll out of GSM services in all 16 of our markets,
substantially increased capex and the launch of the Tigo brand
in Latin America in 2005 and in Africa starting in 2006.  We are
continuing to invest heavily in extra capacity and coverage,
which gives us a competitive advantage in each market.  The
prospects for Millicom's markets are particularly exciting as
mobile penetration levels currently lag behind the penetration
rates in the more developed countries in each region, but good
economic growth in our countries of operation means that this
gap is closing rapidly."

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

                        *     *     *

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


VINTAGE CAPITAL: Fitch Affirms Class C Collateralized Debt at C
---------------------------------------------------------------
Fitch Ratings affirmed Vintage Capital S.A.'s collateralised
debt obligation notes as follows:

  -- Class A-1 notes (ISIN XS0122397853) at 'AAA'
  -- Class A-2 notes (ISIN XS0122398232) at 'BB-' (BB minus)
  -- Class B notes (ISIN XS0122398588) notes at 'CC'
  -- Class C notes (ISIN XS0122399123) at 'C'.

In December 2000, Vintage Capital S.A., a special purpose
vehicle with limited liability incorporated under the laws of
Luxembourg, acquired a bond portfolio originated by Banca Monte
dei Paschi di Siena and a credit default swap portfolio
originated by Bank of America.  These acquisitions were financed
by issuing EUR198 million floating-rate notes.  The bond
portfolio contains asset-backed securities, corporate, financial
institution and sovereign debt.  The CDS portfolio references
corporates in Europe and North America.  The final maturity date
of the transaction is in December 2010.

In December 2005, 13.61% of the CDS portfolio matured, with the
remaining portfolio due to mature in December 2007.  Despite the
three credit events to date, the notes have passed all their
ratings stresses under all scenarios, leading to these
affirmations.

The credit protection payments have fully exhausted the reserve
fund and resulted in a write-down of the unrated Class D notes.  
In addition there has been one default in the bond portfolio and
three assets have suffered principal write-downs.  The Class A-1
notes have continued to pay down as a result of principal
amortisation to the bond portfolio, and are now at EUR3.29
million compared to EUR108 million at origination.


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


HELIX CAPITAL: Fitch Affirms EUR23.4MM Class 2001-9 Bonds at DD
---------------------------------------------------------------
Fitch Ratings affirmed Helix Capital (Netherlands) B.V. Series
2001-9 and Series 2001-9a notes due January 2007:

   -- EUR75,000,000 Class 2001-9a notes (ISIN XS0140088294)
      affirmed at 'A-'

   -- EUR23,433,000 Class 2001-9 notes (ISIN XS0140088377)
      affirmed at 'DD'.

The issuer, Helix Capital (Netherlands) B.V., is a special
purpose vehicle incorporated with limited liability under the
laws of the Netherlands.  Helix Capital initially provided
protection to Bank of America N.A. on a portfolio of 175 (non-
equally sized) corporate reference entities and a mezzanine
tranche of a collateralised debt obligation.

Currently, the portfolio references 168 entities, and the
reference portfolio notional has decreased to EUR1.118 billion
from EUR1.155 billion following the credit events on WorldCom,
Marconi, Teleglobe, British Energy, Solutia, Mirant and most
recently Delphi Corporation.  Delphi was called as a credit
event on Oct. 1, 2005, and the final valuation was received in
January 2006.

The Class 2001-9a rating was affirmed at 'A-' due to the
stability of the underlying portfolio since March 2005.  The
Weighted Average Fitch Factor -- Fitch's measure of the credit
quality of the portfolio -- has remained stable at 6.64 from
6.66 (each equivalent to a 'BBB'/'BBB-'(BBB minus) rating) at
closing.  There are currently 36 speculative grade names in the
reference portfolio compared to none at closing.

The transaction has been reviewed using Vector, the agency's
multi-step Monte Carlo model that simulates portfolio
performance of portfolios of credit risk, and delivers rating
specific default and recovery rates.

The agency will closely monitor any changes to the existing
portfolio and will take further action as required.


ROYAL SHELL: Further Cancels 650,000 'A' Shares
-----------------------------------------------
Royal Dutch Shell PLC bought 500,000 'A' Shares for cancellation
at EUR26.18 per share on Feb.8.  It also purchased 150,000 'A'
Shares for cancellation at 1,797.29 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell PLC will be 3,922,862,974.

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

                          *     *     *

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

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

                        About the Company

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

                           The Trouble

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


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


ARAMILSKIY: Claims Filing Period Ends March 14
----------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad region
commenced bankruptcy proceedings against Aramilskiy after
finding the open joint stock company insolvent.  The case is
docketed as A56-30911/2004.  Mr. V. Rozhdestvenskiy has been
appointed insolvency manager.  Creditors have until March 14,
2006, to submit their proofs of claim to 624000, Russia,
Sverdlovsk region, Aramil, Shkolnaya Str. 46A.

CONTACT:  ARAMILSKIY
          197342, Russia, St-Petersburg,
          Krasnogvardeyskiy Per. 15

          V. ROZHDESTVENSKIY
          Insolvency Manager
          624000, Russia, Sverdlovsk region,
          Aramil, Shkolnaya Str. 46A


ARTIFICIAL MATERIALS: Succumbs to Bankruptcy in Kransodar Region
----------------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Artificial Materials after finding the open
joint stock company insolvent.  The case is docketed as A-32-
50641/2005-38/557-B.  Mr. A. Mavrov has been appointed
insolvency manager.

Creditors have until Feb. 14, 2006, to submit their proofs of
claim to 350075, Russia, Krasnodar region, Stasova Str. 180.  A
hearing will take place on Dec. 12, 2006, 2:30 p.m.

CONTACT:  ARTIFICIAL MATERIALS
          Russia, Krasnodar region,
          Armavir, Promzone

          A. MAVROV
          Insolvency Manager
          350075, Russia, Krasnodar region,
          Stasova Str. 180


AUTOMOTIVE FACTORY: Deadline For Proofs Of Claim Set Next Month
---------------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Automotive Factory (TIN 1650053481) after
finding the open joint stock company insolvent.  The case is
docketed as A65-12720/2005-SG4-16.  Mr. I. Zakirov has been
appointed insolvency manager.  Creditors have until March 14,
2006, to submit their proofs of claim to 422540, Russia,
Tatarstan republic, Zelenodolsk, Post User Box 566.

CONTACT:  AUTOMOTIVE FACTORY
          Russia, Tatarstan republic,
          Naberezhnye Chelny, M. Dzhalilya

          I. ZAKIROV
          Insolvency Manager
          422540, Russia, Tatarstan republic,
          Zelenodolsk, Post User Box 566


CHECHEN-GAS-PROM: Moscow Court Rules on Bankruptcy
--------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Chechen-Gas-Prom after finding the open
joint stock company insolvent.  The case is docketed as A40-
60852/05-73-112B.  Mr. A. Kubasov has been appointed insolvency
manager.  Creditors have until Feb. 14, 2006 to submit their
proofs of claim to 111250, Russia, Moscow region,
Krasnokazarmennaya Str. 9, Office ROSAU.

CONTACT:  CHECHEN-GAS-PROM
          107140, Russia, Moscow region,
          Krasnoprudnaya Str. 12/1, Building 1

          A. KUBASOV
          Insolvency Manager
          111250, Russia, Moscow region,
          Krasnokazarmennaya Str. 9, Office ROSAU


OAO OMZ: Equity Sale Prompts S&P to Put Junk Rating on Watch
------------------------------------------------------------
Standard & Poor's Rating Services placed its 'CCC+' long-term
corporate credit and 'ruBB' national scale ratings on Russia-
based heavy-engineering holding company OAO OMZ (Uralmash-Izhora
Group) on CreditWatch with developing implications.  
This follows the announced acquisition of more than 75% of the
company by a group of investors represented by Gazprombank
(BB/Positive/B).

"The CreditWatch placement reflects the strong upside potential
for OMZ resulting from this change of control," said Standard &
Poor's credit analyst Tatiana Kordyukova.  "The company's
business position might benefit from restructuring efforts and
new order inflow if the new shareholders are related to--and
their actions coordinated with--the government, as reported."

Furthermore, the company's currently weak financial profile
might be boosted by new financing and liquidity support from
Gazprombank or the government.

Nevertheless, the existing significant level of uncertainty
regarding the identity of the new shareholders and their
strategy toward the company's businesses and finances leave room
for a limited, but probable, downside scenario.  It has been
reported that the new shareholders might reorganize the company,
which could lead OMZ's debtholders to present debt for early
repayment, depending on how the reorganization will be carried
out.  We are also concerned that there is no committed liquidity
support from the controlling shareholders so far. Moreover,
management's attention might be diverted from its current
operations and financing activities in the course of a
reorganization, which adds further uncertainty.

Standard & Poor's will monitor any new information about OMZ's
shareholders, their strategy, and the pattern and the timing of
the restructuring.

"The CreditWatch implications might be revised to positive or
the ratings raised if there is tangible evidence of operational
and financial support from the new shareholders," added Ms.
Kordyukova.  "Any changes that could provoke deterioration in
credit quality, such as tightening liquidity or an inconsistent
business strategy, might trigger a downgrade."


ORGRESBANK: Fitch Rates Three-Year RUB500-Mil Bond Issue at BB+
---------------------------------------------------------------
Fitch Ratings assigned Orgresbank's three-year RUB500 million
bond issue a National Long-term 'BB+(rus)' rating.  Orgres is
rated Long-term 'B-', Short-term 'B', Individual 'D', Support
'5', and National Long-term 'BB+(rus)'.  The Outlooks on both
the Long-term and the National Long-term ratings are Stable.

The bank's obligations under the issue will rank at least pari
passu with the claims of other senior unsecured creditors of
Orgres, save those preferred by relevant legislation.  Under
Russian law, the claims of retail depositors rank above those of
other senior unsecured creditors.  At end-September 2005, retail
deposits accounted for under 6% of Orgres' total liabilities,
according to the bank's unaudited IFRS accounts.

Orgres was established in 1994.  It is ultimately owned by two
members of senior management, including the Chairman of the
management board, and five corporates largely in the IT-related
and consumer electronics sectors, which are in turn owned by a
small number of individuals.  Orgres ranks among the top 50
banks in Russia by equity.


PORT CAUCASIA: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision on open joint stock company Port Caucasia
- South Region.  The case is docketed as A-32-32783/2005-44/451-
B.  Mr. K. Labzin has been appointed temporary insolvency
manager.  

Creditors may submit their proofs of claim to 350042, Russia,
Krasnodar, Kolkhoznaya Str. 3, Office 307.  A hearing will take
place on May 22, 2006.

CONTACT:  PORT CAUCASIA - SOUTH REGION
          350024, Russia, Krasnodar region,
          Shorsa Str. 12

          K. LABZIN
          Temporary Insolvency Manager
          350042, Russia, Krasnodar region,
          Kolkhoznaya Str. 3, Office 307


PROGRESS: Claims Filing Period Ends Next Week
---------------------------------------------
The Arbitration Court of Karachaevo Cherkessiya republic has
commenced bankruptcy supervision on close joint stock company
Progress.  The case is docketed as A25-3464/05-8.  Mr. V.
Khubiev has been appointed temporary insolvency manager.  
Creditors have until Feb. 14, 2006, to submit their proofs of
claim to Russia, Karachaevo Cherkessiya republic, Cherkessk, U.
Alieva Str. 72.

CONTACT:  PROGRESS
          Russia, Karachaevsk,
          Pervomayskaya Str. 2/66

          V. KHUBIEV
          Temporary Insolvency Manager
          Russia, Karachaevo Cherkessiya republic,
          Cherkessk, U. Alieva Str. 72


PROM-GRAZHDAN-STROY: Declared Insolvent by Chelyabinsk Court
------------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Prom-Grazhdan-Stroy after finding the close
joint stock company insolvent.  The case is docketed as A76-
16270/05-34-100.  Mr. P. Tumbasov has been appointed insolvency
manager.  Creditors have until March 14, 2006, to submit their
proofs of claim to 455026, Russia, Chelyabinsk region,
Magnitogorsk, Post User Box 33.

CONTACT:  PROM-GRAZHDAN-STROY
          Russia, Chelyabinsk region, Magnitogorsk

          P. TUMBASOV
          Insolvency Manager
          455026, Russia, Chelyabinsk region,
          Magnitogorsk, Post User Box 33


SEL-KHOZ-PROM-SERVICE: Insolvency Manager Takes Helm
----------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision on limited liability company Sel-Khoz-
Prom-Service.  The case is docketed as A-32-24160/05-27/364-B.  
Mr. V. Gribov has been appointed temporary insolvency manager.
Creditors have until Feb. 14, 2006, to submit their proofs of
claim to 350075, Russia, Krasnodar region, Stasova Str. 180.

CONTACT:  SEL-KHOZ-PROM-SERVICE
          352500, Russia, Krasnodar region,
          Labinsk, Krasnaya Str. 98

          V. GRIBOV
          Temporary Insolvency Manager
          350075, Russia, Krasnodar region,
          Stasova Str. 180


STROY-SERVICE: Krasnodar Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Stroy-Service after finding the close joint
stock company insolvent.  The case is docketed as A-32-
19463/2005-1/260B.  Ms. E. Kuts has been appointed insolvency
manager.

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

    (a) STROY-SERVICE
        352700, Russia, Krasnodar region,
        Timashevsk, Chkalova Str. 27a
    
    (b) E. KUTS
        Insolvency Manager
        352700, Russia, Krasnodar region,
        Timashevsk, Chkalova Str. 27a
    
    (c) ARBITRATION COURT OF KRASNODAR REGION
        Russia, Krasnodar region,
        Krasnaya Str. 6
    
A hearing will take place on Dec. 18, 2006.


VOLGOTANKER: Seeks Equity Sale to Russian Government
----------------------------------------------------
Volgotanker asks the Russian government to take the inland
shipping group under state control, saying the nationalization
was already inevitable, Maria Levitov writes for The Moscow
Times.

Back-tax claims of up to RUB3.3 billion crippled the company and
attack by tax authorities made business impossible, Arkady
Ostrovsky of The Financial Times reports.  

The paper reveals that local tax inspectors in Samara accused
Volgotanker of allegedly receiving value added tax refunds
applied to chartered oil cargoes for export.

The company, besieged by tax investigations, resigns that its
former connection with embattled Yukos oil group would lead it
to similarly land in state hands, Mr. Ostrovsky relates.

"The tax authorities and prosecutors take us to be part of
Yukos, although we are not and we have the official documents to
prove it," MosNews cited Andrey Kleymenov, vice president of
Volgotanker, as saying. "There are no other ways to prove it so
we can expect the same future as the oil company.  We understand
our fate," Kleymenov adds.

                      About the Company

Volgotanker specializes in the transportation of oil and
petroleum products via Europe's inland-waterway system.  At
present, the fleet of Volgotanker consists of 353 vessels
including tankers, OBOs, barges and servicing vessels.  Besides
shipping the companies of the Group specialize in fleet
servicing, shipbuilding and ship repair.


VOZROZHDENIE: Court Sets March 14 Claims Bar Date
-------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Vozrozhdenie (TIN 5217000252)
after finding the open joint stock company insolvent.  The case
is docketed as A43-4988/05-18-173.  Mr. A. Obukhov has been
appointed insolvency manager.  Creditors have until March 14,
2006, to submit their proofs of claim to 603000, Russia, Nizhniy
Novgorod region, Post User Box 602.

CONTACT:  VOZROZHDENIE
          606340, Russia, Nizhniy Novgorod region,
          Knyaginskiy region, Vozrozhdenie

          A. OBUKHOV
          Insolvency Manager
          603000, Russia, Nizhniy Novgorod region,
          Post User Box 602


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


SAEZ MERINO: Creditor Negotiations Underway
-------------------------------------------
A Valencia business court approved the application of Saez
Merino to enter the court-supervised negotiations with its
creditors, Expansion says.  

According to reports, the company's assets of EUR175.47 million
is far outstripping its debts of EUR65.8 million but the said
application will help the Spanish textile firm of its viability
in the future by renegotiating its debts, selling off assets and
carrying out a redundancy plan.  The court however, has
appointed an administrator to deal with this case.

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


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


ABB LTD.: Launches Disciplinary Probe on Units' Suspect Payments
----------------------------------------------------------------
ABB Ltd. disclosed to the U.S. Department of Justice and the
Securities and Exchange Commission details of suspect payments
in a country in the Middle East.

These payments and several others made by company subsidiaries
in a number of countries were discovered by ABB as a result of
the company's internal compliance reviews.  These payments have
been voluntarily disclosed recently to the DoJ and SEC.

The payments may be in violation of the Foreign Corrupt
Practices Act or other applicable laws.  The consequences for
ABB could include penalties, other costs and business-related
impact.

ABB is cooperating on these issues with the relevant
authorities, and is continuing its internal investigations and
compliance reviews.  ABB has begun a disciplinary investigation
involving a number of employees.

"Proper business conduct is the hallmark of a sound
organization.  It is the only way to build a sustainable
business, as well as being a legal necessity," Fred Kindle, ABB
president and chief executive officer, said.  "At ABB we have a
zero tolerance policy and respond to any breaches of compliance.  
The reported incidents are regrettable and are a further reason
why we need to increase our efforts to improve performance in
this respect."

                      About the Company

Headquartered in Zurich, Switzerland, ABB Ltd. --
http://www.abb.com/ -- is a leader in power and automation  
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 103,000 people.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 3,
2006, Standard & Poor's Ratings Services was maintaining its
credit ratings on Switzerland-based engineering services group
ABB Ltd. (BB+/B) and related entities on CreditWatch with
positive implications.

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

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

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

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


===========
T U R K E Y
===========


PETKIM PETROKIMYA: Fitch Affirms Foreign Currency Rating at BB-
---------------------------------------------------------------
Fitch Ratings changed the Outlook on Turkey-based Petkim
Petrokimya Holding A.S.' Senior Unsecured foreign currency
rating to Positive from Stable to be in line with the Outlook on
the Republic of Turkey's Long-term foreign currency rating.  Its
Senior Unsecured foreign currency rating is affirmed at 'BB-'.  
Fitch also affirmed Petkim's Senior Unsecured local currency
rating at 'BB' with Stable Outlook.  At the same time, Petkim's
National rating is upgraded to 'AA-(AA minus)(tur)' from
'A+(tur)'.  The Outlook is Stable.

The affirmation of the Senior Unsecured local currency 'BB'
rating is based on the significant rebound in sales and
profitability in third quarter 2005, as well as the company's
intact net cash position.  The Stable Outlook on the local
currency rating reflects Fitch's view that Petkim's credit
profile will be sustained in the intermediate term.  The foreign
currency rating remains constrained by the sovereign Long-term
foreign currency 'BB-' (BB minus) rating.  The National rating
upgrade is a reflection of Fitch's revised assessment of
Petkim's credit quality relative to similarly-rated entities in
Turkey.

Petkim was founded in 1965 and remains the country's largest
petrochemicals company and producer of thermoplastics.  The
company is 54% owned by the Turkish Privatisation
Administration, 7% by the State Pension Fund and 39% of the
company is publicly listed.


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


CHIGIRINAGROPOSTACH: Goes Into Liquidation
------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Chigirinagropostach (code EDRPOU 00908780)
on Dec. 1, 2005, after finding the open joint stock company
insolvent.  The case is docketed as 14/5087.  Pension Fond of
Ukraine Department of Chigirin district has been appointed
liquidator.

CONTACT:  CHIGIRINAGROPOSTACH
          20901, Ukraine, Cherkassy region,
          Chigirin, Kirov Str. 164 A

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


GORSTAR: Kyiv Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Gorstar (code EDRPOU 31288199) after finding
the limited liability company insolvent.  The case is docketed
as 249/3 b-05.  Ms. O. Sukmanova has been appointed
liquidator/insolvency manager.

CONTACT:  GORSTAR
          Ukraine, Kyiv region,
          Irpin, Gostomel

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


KONKOR-N: O. Tomashevskij Named Insolvency Manager
--------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Konkor-N (code EDRPOU 33250303) after
finding the limited liability company insolvent.  The case is
docketed as 2/258/05.  Mr. O. Tomashevskij has been appointed
liquidator/insolvency manager.

CONTACT:  KONKOR-N
          Ukraine, Mikolaiv region,
          Industrialna Str.

          Mr. O. Tomashevskij
          Liquidator/Insolvency Manager
          Phone: (0512) 36-72-27

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


KONVIT: Court Appoints Insolvency Manager to Take Over Helm
-----------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Konvit (code EDRPOU 23274674) after finding
the limited liability company insolvent.  The case is docketed
as 6/298-29/262.  Mr. Vinnikov Vitalij has been appointed
liquidator/insolvency manager.

CONTACT:  KONVIT
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81

          Mr. Vinnikov Vitalij
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          Pustomiti, Sportivna Str. 2/9

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


LADMET: Court Assigns Chabanovich Taras to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Ladmet (code EDRPOU 05480341) on Nov. 10,
2005, after finding the limited liability company insolvent.  
The case is docketed as 6/193-4/104.  Mr. Chabanovich Taras has
been appointed liquidator/insolvency manager.

CONTACT:  LADMET
          Ukraine, Lviv region,
          Plastova Str. 11-a

          Mr. Chabanovich Taras
          Liquidator/Insolvency Manager
          Ukraine, Lviv region,
          Pustomiti district, Yampil

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


PROMRESURS: Declared Insolvent by Donetsk Economic Court
--------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Promresurs (code EDRPOU 31366120) on Oct. 6,
2005 after finding the private enterprise insolvent.  The case
is docketed as 3/173 B.  Mr. Yurij Menzarenko has been appointed
liquidator/insolvency manager.

CONTACT:  PROMRESURS
          Ukraine, Donetsk region,
          Tsusimska str.

          Mr. Yurij Menzarenko,
          Liquidator/Insolvency Manager
          86405, Ukraine, Donetsk region,
          Yenakiyeve, a/b 154
  
          ECONOMIC COURT OF DONETSK REGION
          83048, Ukraine, Donetsk region,
          Artema Str. 157


SPECBUDMONTAZH: Succumbs to Insolvency
--------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Specbudmontazh (code EDRPOU 22801999) on
after finding the limited liability company insolvent.  The case
is docketed as 01/5069.  Pension Fond of Ukraine Department of
Chigirin district has been appointed liquidator.

CONTACT:  SPECBUDMONTAZH
          20901, Ukraine, Cherkassy region,
          Chigirin district, Orbita

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


TRANSEKONOMYUG: Insolvency Manager Takes Over Helm
--------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Transekonomyug (code EDRPOU 32996931) on
after finding the limited liability company insolvent.  The case
is docketed as 2/259/05.  Mr. O. Tomashevskij has been appointed
liquidator/insolvency manager.

CONTACT:  Mr. O. Tomashevskij,
          Liquidator/Insolvency Manager
          Phone: (0512) 36-72-27

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


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

AFFORDABLE IMPORTS: Opts to Wind Up Operations in Blackburn
-----------------------------------------------------------
Affordable Imports Limited decided to close its operations after
members passed a resolution to wind up the company on Dec. 21,
2005.

Director N J Gregory disclosed that the company can no longer
continue its business due to mounting debts.  J M Titley, of DTE
Leonard Curtis, is appointed liquidator.

CONTACT:  AFFORDABLE IMPORTS LIMITED
          Blakewater House
          Phoenix Park
          Blackburn Lancashire
          BB1 5RW
          Tel: 01254 278963
          Fax: 01254 278985


ARL TECHNOLOGY: Hires S. F. Plant & Co. Administrator
-----------------------------------------------------
Simon Franklin Plant and Daniel Plant of S F Plant & Co were
appointed joint administrators of ARL Technology Limited
(Company No 05195737) on Jan. 25.  The company manufactures
pumps and compressors.

CONTACT:  ARL TECHNOLOGY LIMITED
          12 Clifton Vale
          Bristol BS8 4PT

          S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Tel: 0207 538 2222
          Fax: 0207 538 3322


AVALON MAILING: Enters Voluntary Liquidation
--------------------------------------------
Avalon Mailing Services Ltd is voluntarily liquidating its
assets after members passed a resolution on Dec. 21, 2005, to
wind up the company.

Subsequently, they appointed John W. Lewis and Terry C. Evans,
of J W Lewis Insolvency Services Ltd, to supervise the
liquidation proceedings.

CONTACT:  AVALON MAILING SERVICES LTD
          The Post House
          The Village
          Burrington Bristol
          BS40 7AA
          Tel: 0117 300 9357
          Fax: 0117 300 9377


BLUE SKY: Names Liquidators to Wind Up Assets
---------------------------------------------
Blue Sky Networking Limited appointed P.R. Boyle and J.C.
Sallabank of Harrisons to liquidate the company's assets after
members passed a resolution to wind up the company on Dec. 19,
2005.

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

CONTACT:  BLUE SKY NETWORKING LIMITED
          Blue Sky House
          Church Lane
          Chew Stoke Bristol Avon
          BS40 8TU
          Tel: 01275 334180
          Fax: 01275 334181


BROOMCO (1984): Debt Claims Filing Period Ends Later This Month
---------------------------------------------------------------
Broomco (1984) Limited voluntarily liquidated its assets after
members voted to wind up the company's operations during an EGM
held on Jan. 23 in Wiltshire.

Company Director G. Sharmaq disclosed that Martin N. Widdowson
of Brebner Allen & Trapp is appointed liquidator after members
found out that the company cannot continue its business due to
its liabilities.

Creditors are required on or before Feb. 28, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to:

          Martin N. Widdowson
          The Quadrangle
          180 Wardour Street
          London
          W1F 8LB

                        About Brebner

Brebner, Allen & Trapp -- http://www.brebner.co.uk/-- is one of  
the country's leaders in providing professional services to
businesses.  These include taxation consultancy, financial and
management accountancy, audit, investigations for acquisitions
and mergers, general business advice and company secretarial
services.


CENTAC LIMITED: Financial Woes Spur Liquidation Process
-------------------------------------------------------
On Dec. 20, 2005, members of Centac Limited agreed to wind up
the company after learning that the company can no longer
continue its business due to mounting debts.  Subsequently, they
appointed Jane Walker, of Errington Walker Limited, to oversee
the liquidation process.

CONTACT:  CENTAC LIMITED
          Barn House
          Clifford Chambers Stratford-Upon-Avon
          Warwickshire
          CV37 8HX
          Tel: 01789 414 417


CMT SPECIAL: Members Pass Winding Up Resolution
-----------------------------------------------
Members of CMT Special Products Limited convened on Dec. 19,
2005, and agreed that it is in the company's best interests to
liquidate its assets.

Liabilities prompted the members to pass the winding-up
resolution.  They appointed C H I Moore to liquidate the
company's assets.

CONTACT:  C M T SPECIAL PRODUCTS LIMITED
          6 Croxstalls Close
          Walsall West Midlands
          WS3 2XT
          Tel: 01922 493033
          Fax: 01922 493043


CW FINANCIAL: Taps Liquidators from Citroen Wells
-------------------------------------------------
Members of CW Financial Consultants Limited appointed Murzban
Khurshed Mehta and Mark Richard Phillips, of Citroen Wells, to
liquidate the company's assets.

Parties recommended the voluntarily wind up of the company's
operations after determining that the company's liabilities
hinder its ability to continue its business.  The wind up
resolutions were passed on Jan. 23, during an Extraordinary
General Meeting held in London.

Creditors are required on or before March 23, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to Murzban Khurshed Mehta of Citroen Wells, Devonshire
House, 1 Devonshire Street, London W1W 5DR.

CONTACT:  CW FINANCIAL ADVICE LIMITED
          130 Leamington Road, Coventry, CV3 6JY

          CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Tel: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk/


DATACAB LIMITED: Taps Liquidator from Kranefields
-------------------------------------------------
Datacab Limited decided to liquidate its assets after members
voted to wind up the company's operations during an
Extraordinary General Meeting on Jan. 27, in Harrow, Middlesex.

J. Singh, chairman of Datacab Limited, disclose that the company
cannot continue its business due to its surmounting debts.

Nimish Patel of Kranefields is appointed liquidator.

Creditors are required on or before March 7, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to Nimish C. Patel, of Trinity House, Heather Park
Drive, Wembley, Middlesex HA0 1SU.

CONTACT:  DATACAB LTD
          Cumberland House, 80 Scrubs Lane
          London NW10 6RF
          Tel: 020 8964 2123

          KRANEFIELDS
          Trinity House, Heather Park Drive,
          Wembley, Middlesex HA0 1SU
          Helpline: 870 787 2346


ELAN RECRUITMENT: Taps Begbies Traynor to Liquidate Assets
----------------------------------------------------------
Elan Recruitment Limited decided to close its business on
Dec. 22, 2005.  Members passed a resolution to wind up the
company and appointed Richard Andrew Segal and Paul Michael
Davis, of Begbies Traynor (South) LLP, to manage the liquidation
proceedings.

CONTACT:  ELAN RECRUITMENT LIMITED
          Grampian House
          Meridian Gate
          Marsh Wall
          London
          E14 9YT
          Tel: 020 75374114
          Fax: 020 75373927
          Web: http://www.elanrecruitment.com/


E R HUGHES: Liquidator Takes Over Helm
--------------------------------------
E. H. Hughes, director of E. R. Hughes & Sons Limited, informs
that the special resolution to wind up the company was passed at
an EGM held on Jan. 27 at Parkin S Booth & Co, 44 Old Hall
Street, Liverpool L3 9EB.  Jonathan R. Booth of Parkin S Booth &
Co was appointed liquidator.

Creditors are required on or before March 10, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to Jonathan R. Booth of 44 Old Hall Street, Liverpool
L3 9EB.

CONTACT:  E R HUGHES & SONS LTD
          16 Marina Walk, Ellesmere Port,
          Merseyside CH65 0BL
          Tel: 01513551520

          PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Tel: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk/


FITZROY TIMBER: Calls In Administrators from Kroll Limited
----------------------------------------------------------
A. J. Wolstenholme and J. M. Wright of Kroll Limited were
appointed joint administrators of Fitzroy Timber Tailors Limited
(Company No 00647830) on Jan. 27.  The company develops and
sells real estate properties.

CONTACT:  FITZROYTIMBER TAILORS LTD
          Fitzroy Court      
          Ikeston Road      
          Nottingham NG7 3HD  
          Tel: 0870 4289 102    
          Fax: 0870 4289 103    
      E-mail: esales@timber-tailors.co.uk

          KROLL LIMITED
          134 Edmund Street,
          Birmingham B3 2ES
          Web site: http://www.krollworldwide.com/


FLEXEPRINT LIMITED: Administrators From Begbies Traynor Move In
---------------------------------------------------------------
Peter A. Blair and Richard A. B. Saville of Begbies Traynor were
appointed administrators of Flexeprint Limited (Company No
03260871) on Jan. 26.  

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

Headquartered in Nottingham, Flexeprint --
http://www.flexeprint.com/-- is an innovative print management  
company supplying a total print solution to customers in the
U.K. and U.S.A.  


GET ME TICKETS: Official Receiver Shuts Down Web Sites
------------------------------------------------------
Three related firms known as "GET ME TICKETS" are facing
liquidation following the petition filed by the Department of
Trade and Industry, Creditman reports.

The companies -- GET ME TICKETS Limited, GET ME TICKETS.NET
Limited, and GET ME TICKETS.COM Limited -- operated as reseller
of concert and festival tickets via various Web sites.

A probe by the DTI's Companies Investigation Branch under
section 447 of the Companies Act 1985 prompted the petitions
that are scheduled for hearing on March 22.  The Official
Receiver has been named as provisional liquidator of the trading
company GET ME TICKETS Limited.

Established on Sep. 17, 2001, GET ME TICKETS Limited was led by
directors Michael Rangos and Kavitha Thavaratnam.  They also
headed GET ME TICKETS.NET Limited that was incorporated on Jan.
13, 2004.  Meanwhile, GET ME TICKETS.COM Limited was founded on
Nov. 2, 2004.
They are not related to the U.S.-based organization operating
the getmetickets.com web site.

The Official Receiver, who is tasked to protect and preserve the
companies' assets and financial records, has already closed the
six Web sites:

      -- http://www.getmetickets.net/
      -- http://www.getmetickets.tv/
      -- http://www.getmetickets.us/
      -- http://www.getmetickets.biz/
      -- http://www.getmetickets.info/and  
      -- http://www.getmetickets.org/

CONTACT:  THE OFFICIAL RECEIVER
          Public Interest Unit
          21 Bloomsbury Street
          London WC1B 3SS
          Tel. : 020 7637 6383/6665
          E-mail: piu.or@insolvency.gsi.gov.uk


GRAFF ELECTRONIC: Closes Operations & Liquidates Assets
-------------------------------------------------------
Members of Graff Electronic Machines Limited agreed to liquidate
the company's operations on Dec. 19, 2005.

They appointed Philip Anthony Brooks and Julie Willetts, of
Blades Insolvency Services, to manage the winding-up activities.

CONTACT:  GRAFF ELECTRONIC MACHINES LIMITED
          Woodhill Road
          Collingham Newark Nottinghamshire
          NG23 7NR
          Tel: 01636 893036
          Fax: 01636 893317


HARCON SHEET: Creditors Confirm BDO Stoy as Liquidators
-------------------------------------------------------
Harcon Sheet Metal Limited appointed Toby Underwood and Charles
MacMillan of BDO Stoy Hayward as joint liquidators.

Members passed a resolution to wind up the company on Dec. 19,
2005.  The Company's creditors confirmed the liquidator's
appointment at a creditors' meeting held later that day.

At a subsequent Meeting of Creditors, duly convened pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Toby Underwood and Charles MacMillan was
confirmed.

CONTACT:  HARCON SHEET METAL LIMITED
          Banksfield Road
          Hebden Bridge West Yorkshire
          HX7 5NW
          Tel: 01422 885691
          Fax: 01422 884034


HENLYS GROUP: Bus Maker Crashes Into Liquidation
------------------------------------------------
Henlys Group PLC succumbed to liquidation following losses of
GBP35 million and GBP34 million in 2001 and 2003, respectively,
ICC Credit reports.

Founded in 1947, the London-based company manufactured a range
of vehicles including buses and coaches.  Hawley Group acquired
Henlys in 1985, which saw the establishment of a Motoring
Division.  The division, however, was sold to the Plaxton Group
in 1989 and was named Henlys Group PLC years after.

The group had been performing well, with turnover ranging from
GBP400 million to GBP700 million in a span of six years starting
1994.  It booked its highest profit of GBP42 million in 2000.  
However, a joint venture with Transbus International in 2000 saw
a plunge in Henly's profits.  The company's results dipped into
the red in 2001 and 2003.  In 2004, Transbus International fell
into receivership, sparking financial troubles at Henlys.

According to ICC Credit, Henlys is not alone in this sector with
7% of companies in liquidation, while 14% face County Court
Judgments.

CONTACT:  HENLYS GROUP PLC
          1 Imperial Place
          Elstree Way
          Borehamwood
          Herts.
          WD6 1JJ
          Tel: 020 8953 9953
          Fax: O20 8207 2477
          Web: http://www.henleys.com/


HMV GROUP: Permira Advisers Limited Reaction on HMV's Rejection
---------------------------------------------------------------
Permira Advisers Limited is disappointed at HMV Group Board's
reaction and believes that their proposed 190 pence cash per
share purchase is attractive to the shareholders of HMV Group.

Permira reserves the right to increase its proposed offer price,
however there can be no certainty at all that any offer will
ultimately be forthcoming.

                      Permira Offer

HMV confirmed it received a conditional proposal regarding a
possible offer for the Group at 190 pence per ordinary share
from Permira Advisers Limited on Feb. 7.

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.


HT (UK): Creditors Meeting Set Today
------------------------------------
Creditors of HT (UK) Limited (Company No 05268815) will meet
today, Feb. 10, 2006, 2:30 p.m. at 3000 Manchester Business
Park, Aviator Way, Manchester (Airport) M22 5TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to D. A. Hole, administrator of Alexander Business
Consulting, 3000 Manchester Business Park, Aviator Way,
Manchester (Airport) M22 5TG.

CONTACT:  HT (UK) LTD
          Apollo, Lichfield Road Industrial Estate,
          Tamworth, Staffordshire B79 7TA
          United Kingdom

          ALEXANDER BUSINESS CONSULTING
          3000 Manchester Business Park,
          Aviator Way, Manchester (Airport) M22 5TG


INTERNATIONAL RADIATORS: Appoints Administrator
-----------------------------------------------
John Neville Whitfield and Gerald Clifford Smith of RSM Robson
Rhodes LLP were appointed joint administrators of International
Radiators Limited (Company No 04585658) on Jan. 25.  Its
registered office is at Thorpe Way, Grove Park, Enderby,
Leicester LE19 1SU.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a  
UK partnership of chartered accountants and management
consultants, providing a wide range of auditing, assurance,
advisory and compliance services for both private and public
sectors.

Headquartered in Enderby, Leicester, International Radiators
(IRL)-- http://www.irl.cc/-- is UK's first honeycomb automotive  
radiator plant.


J R CROMPTON: Falls Under Administrative Proceedings
----------------------------------------------------
J R Crompton Limited appointed Deloitte partners, Nick Dargan
and Bill Dawson, as Administrators.  The business was originally
established in 1852 and remains one of the world's leading
producers of paper products for the tea-bag and coffee-filter
industry, with a turnover of approximately GBP70 million.

"The business is continuing to trade as normal with the full
support of the employees, customers and suppliers,"
Administrator Nick Dargan commented.  "It has been a very
successful business for many years and, while there are a number
of balance sheet issues that need to be resolved, can still be a
major player in the world beverage industry in the future."

"We have already received serious expressions of interest from a
number of parties and are confident that the business will
survive and prosper," he added.

                         About Deloitte

Deloitte & Touche LLP -- http://www.deloitte.com/-- is the  
United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss
Verein whose member firms are separate and independent legal
entities.  It provides audit, tax, consulting and corporate
finance services through more than 9,000 people in 21 locations.  

                      About the Company

Headquartered in Manchester, J R Crompton operates three
specialist paper mills in Lydney, Simpson Clough and Devon
Valley hiring a total of 461 employees.


K M MEATS: Yorkshire Bank Appoints PwC Receiver
-----------------------------------------------
Yorkshire Bank Plc appointed Edward Klempka and Ian David Stokoe
of PricewaterhouseCoopers LLP joint administrative receivers of
K M Meats Limited (Reg No 02596033) on Jan. 26.  The company
sells meat and meat products.

                           About PwC

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

CONTACT:  K M MEATS LTD
          Wood Street, Great Harwood,
          Blackburn, Lancashire BB6 7UD
          Tel: 01254-881740


LASERLINE IMAGING: Creditors Confirm S. Franklin as Liquidator
--------------------------------------------------------------
Creditors confirmed the appointment of S. Franklin of Panos
Eliades, Franklin & Co. as liquidator to oversee the wind-up of
Laserline Imaging International Limited's assets.

Company Chairman M. Fowler 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 London.

CONTACT:  LASERLINE IMAGING INTERNATIONAL LIMITED
          Unit 26 Silvermere Drive
          Stonehill Business Park
          London
          N18 3QB
          Tel: 020 8884 0000
          Fax: 020 8884 4545


LEICA GEOSYSTEMS: Names Baker Tilly to Wind Up Assets
-----------------------------------------------------
Leica Geosystems Gis & Mapping Limited voluntarily liquidated
its assets after members voted to wind up the company's
operations during an EGM held on Jan. 23 in Bedford.

Company Chairman A. P. Young disclosed that Graham Paul Bushby
and Guy Edward Brooke Mander are appointed joint liquidators.

Creditors are required on or before March 1, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to Graham Paul Bushby of Baker Tilly, 5th Floor,
Exchange House, 446 Midsummer Boulevard, Central Milton Keynes.

Headquartered in Surrey, England, Leica Geosystems Gis & Mapping
Limited -- http://www.leica-geosystems.com/-- is a subsidiary  
of Leica Geosystems, a global company based in Heerbrugg,
Switzerland, with tens of thousands of customers supported by
more than 2,400 employees in 21 countries and hundreds of
partners located in more than 120 countries around the world.  
The company is best known for its broad array of products that
capture accurately, model quickly, analyze easily, and visualize
and present spatial information.

                     About Baker Tilly

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

CONTACT:  LEICA GEOSYSTEMS GIS & MAPPING LTD.
          Tel: +44 1276 855 756
          Fax: +44 1276 855 365


M.B.S. WALES: Financial Woes Prompt Voluntary Liquidation
---------------------------------------------------------
M.B.S. Wales Limited is liquidating its assets after members
agreed to wind up the company's operations on Dec. 15, 2005.

The voluntary liquidation came as a result of the company's
inability to pay its debts.  Kerry Bailey and Jonathan Newell,
of PKF (UK) LLP, are appointed joint liquidators to manage the
wind-up activities.

CONTACT:  M.B.S. WALES LIMITED
          Blackmarsh Road
          Mochdre Business Park
          Mochdre Colwyn Bay CLWYD
          LL28 5HA
          Tel: 01492 542 621


MJM UTILITIES: Names Jones Lowndes Dwyer Administrator
------------------------------------------------------
Claire L. Dwyer (IP No 9329) of Jones Lowndes Dwyer LLP was
appointed administrator of MJM Utilities Limited (Company No
04305524) on Jan. 27.  

CONTACT:  MJM UTILITIES
          Unit 7/Sandfold La
          Manchester M19 3BJ
          Tel: 0161-248 8686

          JONES LOWNDES DWYER LLP
          John Swift Building
          19 Mason Street
          Manchester
          Greater Manchester M4 5FT
          Tel: 0161 832 9454
          Fax: 0161 832 9455
          E-mail: clairedwyer@joneslowndesdwyer.co.uk


MX MARINE: Liquidator From Baker Tilly Enters Firm
--------------------------------------------------
Members of MX Marine Limited appointed Graham Paul Bushby and
Guy Edward Mander of Baker Tilly to liquidate the company's
assets.

Parties recommended the voluntarily wind up of the company's
operations after determining that the company's liabilities
hinder its ability to continue its business.  The wind up
resolution was passed on Jan. 23, during an Extraordinary
General Meeting held in Bedford.

Creditors are required on or before March 1, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to Graham Paul Bushby of Baker Tilly, 5th Floor,
Exchange House, 446 Midsummer Boulevard, Central Milton Keynes.

                     About Baker Tilly

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


NOMISS LIMITED: Succumbs to Liquidation Proceedings in Hereford
---------------------------------------------------------------
Members of Nomiss Limited agreed to voluntarily wind up the
Company's operations on Dec. 21, 2005.  

Subsequently, they appointed P.R. Boyle and J.C. Sallabank, of
Harrisons, as joint liquidators to oversee the winding-up
procedures.

CONTACT:  NOMISS LIMITED
          287 Ross Road
          Hereford
          HR2 7QJ
          Tel: 0870 062 1201


PHOENIX VESSELS: Calls in Moore Stephens Administrator
------------------------------------------------------
Colin Prescott and Nigel Price of Moore Stephens LLP were
appointed administrators of Phoenix Vessels Limited (Company No
2317489) on Jan. 27.  

Phoenix Vessels Limited -- http://www.phoenixvessels.co.uk/--  
manufactures water purification system.

CONTACT:  PHOENIX VESSELS LIMITED
          Lower Tuffley Lane
          Gloucester GL2 5DP
          United Kingdom
          Tel: 1452311673  
          Fax: 1452310295

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


PRO-CRAFT LIMITED: Names Administrators from Begbies Traynor
------------------------------------------------------------
Paul Finnity and Peter A. Blair of Begbies Traynor were
appointed administrators of Pro-Craft Limited (Company No
03191239) on Jan. 27.  

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

CONTACT:  PRO-CRAFT LTD
          Tel: 01623 687800


PURE LINEN: Members Agree to Wind Up Assets in London
-----------------------------------------------------
At Pure Linen Limited's extraordinary general meeting on
Dec. 14, 2005, members resolved that it is in the Company's best
interests to liquidate its operations.

Timothy Bramston, of Kingston Smith & Partners LLP, was named to
oversee the wind-up proceedings.

CONTACT:  PURE LINEN LIMITED
          32 Seacole Close
          London
          W3 6TE
          Tel: 020 8802 4865


R A BLACKBURN: Liquidator Takes Over Helm
-----------------------------------------
R A Blackburn (Logistics) Ltd authorized Charles Howard Ranby-
Gorwood to manage the liquidation of the company's assets.

Members agreed to wind up the company on Dec. 22, 2005, after
learning that the company can no longer continue its business
due to mounting liabilities.

CONTACT:  R A BLACKBURN (LOGISTICS) LTD
          Station House
          Station Road
          Kirton Lindsey
          Gainsborough, Lincolnshire
          DN21 4BD
          Tel: 01652 640 054
          Fax: 01652 659 649


RENTOKIL INITIAL: Mulls Sale of Manned Guarding Operations
----------------------------------------------------------
Rentokil Initial PLC confirmed it is exploring the possible
disposal of its Manned Guarding business that provides services
in the U.K., North America and Belgium.

Manned Guarding is a high quality business with good market
positions and a strong management team.  However, the Company
believes that there may be other parties whose strategic focus
and/or investment priorities will mean they are able to realize
the full potential of this business.

                     About the Company

Headquartered in West Sussex England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest  
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.

The U.K. Hygiene business has traditionally provided four
services: linen, workwear, washroom, and dustmats.  The business
services U.K. customers through a nationwide network comprising
12 plants and 35 dedicated service centers, and employs around
4,000 people.  Key customer groups include hospitality,
educational, retail and office based businesses.

Following the closure of the Linen and Workwear operations, the
business will trade as Initial Washroom Solutions, focused on
providing innovative washroom management services featuring
exclusive products for hand drying and washing, air care,
sanitary disposal and washroom sanitization.  Dustmats will be
provided on a rental basis.  Additional services will include
the provision of a specialist high care and clean room laundry
operation servicing industries such as pharmaceutical companies
and food manufacturers.

At June 30, 2005, Rentokil's balance sheet showed GBP816.5
million in stockholders' deficit, compared to a GBP777.6 million
deficit at June 30, 2004.


SANS SERIF: Mounting Debts Lead to Liquidation Proceedings
----------------------------------------------------------
Members of Sans Serif Limited passed a resolution to wind up the
company during an extraordinary general meeting on Dec. 22,
2005, in Northwood.

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

Michael George Beattie is the liquidator appointed to wind up
the company's business.

CONTACT:  SANS SERIF LIMITED
          Ravenhurst House
          Ravenhurst Street
          Birmingham West Midlands
          B12 0HD
          Tel: 0121 773 8466
          Fax: 0121 773 5155


SILMERE LIMITED: I.G. Simpson Named to Wind Up Assets
-----------------------------------------------------
Silmere Limited (t/a Geoff Simpson Buildings Services) is
voluntarily liquidating its assets after members elected to wind
up the company on Dec. 22, 2005.

Director I.G. Simpson disclosed that the company can no longer
continue its business due to mounting debts.  David Anthony
Horner of David Horner & Co. is appointed liquidator.

CONTACT:  SILMERE LIMITED
          7 Lord Street
          Gainsborough Lincolnshire
          DN21 2DF
          Tel: 01427 891 391


TRIMPLEY ESTATES: Creditors Approve Liquidator's Appointment
------------------------------------------------------------
Members of Trimpley Estates Limited held a meeting on Dec. 21,
2005, and agreed to close the company's business.

The parties then appointed Robert Cooksey, of Bridgestones, as
liquidator to oversee the wind-up operations.  The Company's
creditors confirmed the liquidator's appointment at a creditors'
meeting held later that day.

CONTACT:  TRIMPLEY ESTATES LIMITED
          Saint Johns Court
          Saint Johns Road
          Stourbridge West Midlands
          DY8 1EH
          Tel: 01384 444 539


WYCOMBE BIKE: Brings In Peter Maurice Levy as Liquidator
--------------------------------------------------------
Members of Wycombe Bike Centre Limited convened on Dec. 16,
2005, and agreed that the company be wound up voluntarily.  They
appointed Peter Maurice Levy, of Levy & Partners, to supervise
the wind-up activities.

CONTACT:  WYCOMBE BIKE CENTRE LIMITED
          210 Micklefield Road
          High Wycombe Buckinghamshire
          HP13 7HB
          Tel: 01494 464 000
          Fax: 01494 464 000


                            *********                            


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
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