TCREUR_Public/060213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, February 13, 2006, Vol. 7, No. 31

                            Headlines

F R A N C E

ALSTOM SA: To Build EUR450 Mln German Lignite Power Plant
ALSTOM SA Wins EUR200 Million Dubai Order
KAUFMAN & BROAD: S&P Raises Long-Term Credit Rating to BB+


G E R M A N Y

BAUUNTERNEHMUNG MANFRED: Koblenz Court Names Administrator
DETLEF HENSCHKE: Creditors Have Until Feb. 22 to File Claims
DITLINDE MEIFORTH: Meeting of Creditors Slated for April 11
G. & E. ROLF: Koln Court Begins Bankruptcy Proceedings
HOSTSUPPORT GMBH: Koln Firm Under Bankruptcy Administration

INTEMA GESELLSCHAFT: Duesseldorf Courts Calls in Administrator
KOSIE GASTRONOMIE: Creditors' Meeting Set on March 14
NEUHAUSELER FORSTBAUMSCHULEN: Starts Bankruptcy Proceedings
PEPUR HANDELS: Claims Registration Ends March 24
PVG PARKETTVERLEGUNG: Firm Falls Into Bankruptcy

VITUS ESSER: Dortmund Court Begins Bankruptcy Process


H U N G A R Y

NABI RT: Sells Kaposvar Assets to Cut Debt
PANNONPLAST RT: Slashes Stake in Tool Unit


I R E L A N D

ELAN CORPORATION: Sells Prialt Rights to Eisai


K A Z A K H S T A N

ASTROS: Sets Last Day for Filing of Claims
ERFURT: Declares Insolvency
GUNAYDIN: Sets Proofs of Claim Deadline
KASINTERTREID: Creditors' Claim Due Late March
NEFTEGAZPROM SHYMKENT: Insolvency Affirmed

PAVLODARTRANSSTROI: Sent to Bankruptcy by Pavlodar Court
SAIRAM AVIA: Gives Creditors Until Next Month To File Claims


L U X E M B O U R G

STOLT-NIELSEN: Annual General Meeting Set May 18


N E T H E R L A N D S

ROYAL SHELL: Buys Another 700,000 'A' Shares for Cancellation


R U S S I A

AK BARS: Fitch Affirms B+ Rating with Stable Outlook
BOGORDSKAYA: Bankruptcy Hearing Set Next Week
BUILDER: Deadline for Proofs of Claim Ends March 14
DAIRY KURGANINSKIY: Assets for Public Auction Set Tomorrow
KOLOMENSKIY COLD-STORE COMBINE: Under Bankruptcy Supervision

KRYMSKIY TINNED: Falls Into Bankruptcy
NIVA: Bankruptcy Hearing Set Later This Month
OAO SEVERSTAL: S&P Affirms Corporate Credit Rating to B+
POCHINKI-SEL-KHOZ-TEKHNIKA: Declared Insolvent
SMIRNOVSKAYA SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set March 14

TRANS-GAS-SERVICE: Bankruptcy Supervision Procedure Begins
ZARYA: Kirov Court Brings In Insolvency Manager


U K R A I N E

BAVIR LTD.: Declared Insolvent
FINPROMEKO: Goes Into Liquidation
INTERTRANS: Reaches End of the Road
KOMAK-INVEST: Unpaid Taxes Push Group into Insolvency
KRONA: Dnipropetrovsk Court Names Liquidator

LANIVTSI' SUGAR: Ternopil Court Opens Bankruptcy Proceedings
OSMA: Bankruptcy Proceedings Begin
RUH: Insolvency Manager Takes Over Operations
SEVERODONETSKZALIZOBETON: Declared Insolvent
UKRSOTSBANK: Fitch Puts Long-Term B- on Rating Watch Positive


U N I T E D   K I N G D O M

ALTERNATIVE PLUMBING: Calls in Wilson Pitts Administrator
ASHTEAD GROUP: Acquires Fast Rentals
ASHTEAD GROUP: Reveals Third Quarter Results
BFRL LIMITED: Administrators From Rothman Pantall Move In
COMMUNITY ENVIRONMENTAL: Appoints Joint Administrators

DIRECT BINDERS: Calls In Berg Kaprow Lewis Administrator
D POULTER: Names Wilson Pitts Administrator
HATCHBAG LIMITED: Company Calls in Administrator
IN MEDIA: Appoints Begbies Traynor Administrator
MACFARLANE TRANSPORT: Hires Administrators from KPMG

MSB WASTE: Administrator from Sanderlings Takes Helm
ROYAL & SUNALLIANCE: Declares Release of Year-end Results
SHG REALISATIONS: Recruitment Agency Hires Dains Administrator
SWAN PLANT: Creditors Meeting Set Thursday
TECNOLABEL LIMITED: Calls in PwC Administrator

TTB HICKEYS: Administrators from Vantis Enter Firm
WATERSIDE TRANSPORT: Names Menzies Corporate Administrator
WOODGATE FULFILMENT: Taps Administrator from Robson Laidler

     **********

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


ALSTOM SA: To Build EUR450 Mln German Lignite Power Plant
---------------------------------------------------------
ALSTOM has won a EUR450 million contract to build the world's
biggest lignite-fired plant in Neurath, Germany, for utility RWE
Power.

The new Neurath lignite-fired power plant, with a net capacity
of 2,100 MW, will include some of the most advanced steam
turbine and generator technology in the world.

Under the contract, ALSTOM will carry out the overall power
plant engineering.  ALSTOM will also supply, erection and
commission two steam turbine islands including condensers and,
in consortium with another company, deliver two steam
generators.  The work at the building site for the construction
of the double-unit plant started last month.

The Neurath power plant will use advanced technology resulting
in high efficiency and considerably reduced carbon dioxide
emission per kWh, as compared with existing lignite-fired power
plants.  The investment is the largest one decided by the RWE
Power Group in power generation and is the continuation of a
successful co-operation between RWE Power and ALSTOM over many
decades.

Philippe Joubert, President of ALSTOM's Power Turbo-
Systems/Power Environment Sector, said: "Reducing CO2 emissions
is both an environmental imperative and a commercial concern for
our customers.  This power plant will be one of the benchmarks
in Europe for efficient, clean coal-based power production and
we are very pleased to be chosen by RWE Power to lead this
challenging and important project."

The ALSTOM-made steam turbines will be the largest in fossil
power plant construction with a gross capacity of 1,100 MW each.
They use the most modern generation of blading with flow-
optimized three-dimensional blades and the longest last-stage
blades that have been offered on the world market up to now.
ALSTOM has designed an extremely compact four-cylinder turbine
in this capacity class, which makes a decisive contribution to
the reduction of the construction costs and thus to the overall
efficiency of the power plant.  The associated generator will be
the worldwide largest two-pole generator.

ALSTOM, in consortium with another company, will deliver two
once-through steam generators - also with a gross capacity of
1,100 MW each.  They will be the largest lignite-fired steam
generators worldwide with the highest steam mass flow, with
supercritical steam pressure and the highest steam temperatures
ever realized for lignite.  Along with the steam generator size,
these supercritical steam parameters are a particular challenge
for the engineering of the individual components and -- due to
the overall height -- for the erection concept of the two
plants.

Headquartered in Paris, France, Alstom S.A. --
http://www.alstom.com/-- is a leading maker of power-generation
systems and constructs power plants, rail equipment, luxury
passenger ships, naval vessels, and natural gas tankers.   It
also produces electrical drives, motors, and generators.  The
group generates EUR13 billion in annual revenue and employs more
than 70,000 people worldwide.  The group posted EUR865 million
in net loss and EUR1.4 billion in net debt for the financial
year 2004/2005.


ALSTOM SA Wins EUR200 Million Dubai Order
------------------------------------------
ALSTOM has won orders worth around EUR200 million with Dubai
Aluminum Company Limited (DUBAL) for the turnkey construction of
a 430 MW gas-fired combined-cycle power plant and the supply of
fume treatment systems for an aluminum smelter in Dubai, United
Arab Emirates.

ALSTOM Chairman and CEO Patrick Kron, Mohamed Al-Gureir DUBAL
Managing Director and Abdullah Kalman DUBAL CEO signed the
contracts at an official ceremony held in Dubai.

DUBAL is extending two of its nine aluminum smelting pot-lines
at its plant, located in the south of the Emirate, and
consequently needs more power for the production process.

ALSTOM will carry out the engineering, supply, building and
commissioning of the new power plant, including the supply of
two ALSTOM's GT13E2 gas turbines, three generators, steam
turbine, heat recovery steam generator, digital control system
and balance of plant.

ALSTOM will also supply two fume treatment centers for the
extension of the two pot-lines, which will significantly
decrease the fluoride and particulate emissions produced in the
aluminum production process.

The power plant will begin delivering power as early as January
2007 with project completion scheduled for December 2007.

Philippe Joubert, President of ALSTOM's Power Turbo-
Systems/Power Environment Sector, said: "The GT13E2 is proving
itself to be the flexible, powerful solution required for power
production for aluminum smelting.  We are strong players in the
aluminum market because of two factors: this technology and our
plant integrator capability.  This contract represents a
significant development in the business relationship between our
two companies."

ALSTOM has, over the past three years, won several contracts to
build turnkey power plants for the three aluminum producers in
the Middle East, namely Aluminum Bahrain, Sohar Aluminum Company
and DUBAL.

In 2003, ALSTOM won a contract with Aluminum Bahrain  (ALBA) for
a 650 MW 2X GT13 gas-fired combined cycle power station as part
of an expansion project for its aluminum smelter plant.  This
followed two earlier contracts in 1990 and 1995 for two gas-
fired power stations.  In 2005, ALSTOM won a repeat gas turbine
upgrade order for its gas-fired, combined-cycle power plant at
Manama, Bahrain

In 2004, ALSTOM won a contract with Dubai Aluminum (DUBAL) to
upgrade and extend an existing gas-fired power station to cater
for an increase in aluminum.

At the end of 2005, ALSTOM won a contract from Sohar Aluminum
Company for the turnkey construction and long-term maintenance
of a 1000 MW 4X GT13 gas-fired combined cycle power plant in
Oman.

ALSTOM is also a world leader in environmental control systems
and has supplied several fume treatment systems to control
emissions from aluminum smelters owned by ALBA and DUBAL. ALSTOM
also won a contract in 2005 in Argentina with aluminum producer
Aluar for the turnkey construction of a 465 MW 2X GT13 gas-fired
combined cycle power station.

Headquartered in Paris, France, Alstom S.A. --
http://www.alstom.com/-- is a leading maker of power-generation
systems and constructs power plants, rail equipment, luxury
passenger ships, naval vessels, and natural gas tankers.   It
also produces electrical drives, motors, and generators.  The
group generates EUR13 billion in annual revenue and employs more
than 70,000 people worldwide.  The group posted EUR865 million
in net loss and EUR1.4 billion in net debt for the financial
year 2004/2005.


KAUFMAN & BROAD: S&P Raises Long-Term Credit Rating to BB+
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on France-based residential property
developer Kaufman & Broad S.A. (KBSA) to 'BB+' from 'BB',
reflecting its solid credit measures.  At the same time, the
rating on KBSA's EUR150 million senior unsecured notes was
raised to 'BB' from 'BB-'.  The outlook is stable.

"The upgrade acknowledges KBSA's consistent revenue and earnings
growth over the past few years, above-par financial profile, and
our expectation that its market positions, prudent operating
strategy, and relatively flexible cost structure will continue
to underpin the group's credit quality in the future," said
Standard & Poor's credit analyst Izabela Listowska.

The ratings on KBSA are constrained by the group's narrow
business focus and the property development industry's above-
average risk profile--owing to its high fragmentation, volume
and price cyclicality together with an inherently speculative
element, and heavy working capital needs.  These negative
factors are offset by KBSA's strong regional positions in the
domestic new housing market, prudent risk policies, and long
cycle-tested track record.

In the full fiscal year ended Nov. 30, 2005, KBSA recorded
revenues of EUR1.05 billion ($1.27 billion) and operating income
(EBIT) of EUR121 million, representing growth of 26% and 30%,
respectively.

"Healthy profitability measures, including a gross margin of
about 25% and an operating margin of about 11%, are expected to
be sustained over time, driven by healthy demand for housing
units, KBSA's widening geographic coverage in structurally
growing and high-margin areas in southern France, and its
ongoing cost-optimization efforts," said Ms. Listowska.

Standard & Poor's believes that KBSA's flexible cost structure,
which includes a large share of labor employed on variable
contractual terms, is likely to mitigate margin pressures should
the current upward cyclical trend end, which is not expected in
the short term.

Further upside potential in the ratings is limited by the
group's narrow business focus and the industry's above-average
risk profile.  Conversely, downside risk would primarily be
related to a weakening of the activity in the French residential
market.  The ratings do not factor in any major debt-financed
acquisitions.


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


BAUUNTERNEHMUNG MANFRED: Koblenz Court Names Administrator
----------------------------------------------------------
The District Court of Koblenz opened bankruptcy proceedings
against Bauunternehmung Manfred Schmitz GmbH on Jan. 13.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until April 9, 2006,
to register their claims with court-appointed provisional
administrator Rainer Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koblenz, Saal 111,
Hauptjustizgebaude, Karmeliterstrasse 14, 56068 Koblenz, at 9:00
a.m., on April 25, 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:  BAUUNTERNEHMUNG MANFRED SCHMITZ GmbH
          Kruppstr. 43, 56072 Koblenz
          Contact:
          Rainer Schmitz, Manager
          Kruppstr. 17a, 56072 Koblenz

          Mechthild Greve, Administrator
          Josef-Gorres-Platz 5, 56068 Koblenz
          Tel: 0261/30479-0
          Fax: 0261/9114729


DETLEF HENSCHKE: Creditors Have Until Feb. 22 to File Claims
------------------------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
Detlef Henschke GmbH on Jan. 11.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 22, 2006, to register their claims
with court-appointed provisional administrator Hans P. Runkel.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koln, Hauptstelle,
Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14, at
11:30 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:  DETLEF HENSCHKE GmbH
          An der Schlossfabrik 35, 42499 Hueckeswagen
          Contact:
          Detlef Henschke, Manager
          Wiehagener Str. 98, 42499 Hueckeswagen

          Hans P. Runkel, Administrator
          Richmodstr. 6, 50667 Koln
          Tel: 0221-92042-220
          Fax: +4922192042-200


DITLINDE MEIFORTH: Meeting of Creditors Slated for April 11
-----------------------------------------------------------
The District Court of Itzehoe opened bankruptcy proceedings
against Ditlinde Meiforth GmbH on Jan. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until March 10, 2006, to register their
claims with court-appointed provisional administrator Ulrich
Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Itzehoe, at 2:00 p.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:  DITLINDE MEIFORTH GmbH
          Contact:
          Ditlinde Meiforth, Manager
          Hauptstrasse 16, 25548 Kellinghusen

          Ulrich Rosenkranz, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg


G. & E. ROLF: Koln Court Begins Bankruptcy Proceedings
------------------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
G. & E. Rolf GmbH on Jan. 11.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 7, 2006, to register their claims
with court-appointed provisional administrator Dr. Frank
Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koln, Hauptstelle,
Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14, at
10:35 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:  G. & E. ROLF GmbH
          Wipperfuerther Str. 29 / 31, 51103 Koln
          Contact:
          Dr. Axel Rolf, Manager
          Volker Paffrath, Manager
          Heinz Paffrath, Manager

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Duesseldorf
          Tel: 0211/49 76 59 - 0
          Fax: +49211497659 59


HOSTSUPPORT GMBH: Koln Firm Under Bankruptcy Administration
-----------------------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
HostSupport GmbH & Co. KG on Jan. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 28, 2006, to register their claims
with court-appointed provisional administrator Dr. Marc d'
Avoine.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koln, Hauptstelle,
Luxemburger Strasse 101, 50939 Koln, Erdgeschoss, Saal 14, at
10:50 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:  HOSTSUPPORT GmbH & Co. KG
          Dehnerhofstrasse 6, 42477 Radevormwald
          Contact:
          Bernd Kasnitz, Manager

          Dr. Marc d' Avoine, Administrator
          Doppersberg 19, 42103 Wuppertal
          Tel: 0202/ 245070
          Fax: +492022450777


INTEMA GESELLSCHAFT: Duesseldorf Courts Calls in Administrator
--------------------------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against Intema Gesellschaft fuer Marketing- und
Vertriebsmanagement mbH on Jan. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 16, 2006, to register their claims
with court-appointed provisional administrator Dr. Frank
Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Hauptstelle,
Muehlenstrasse 34, 40213 Duesseldorf, at 8:30 a.m. on April 6,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  INTEMA GESELLSCHAFT FUER MARKETING- UND
          VERTRIEBSMANAGEMENT mbH
          Bruchhauser Weg 55, 40723 Hilden
          Contact:
          Juergen Huels, Manager

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Duesseldorf


KOSIE GASTRONOMIE: Creditors' Meeting Set on March 14
-----------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against KOSIE Gastronomie GmbH on Jan. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 28, 2006, to register their
claims with court-appointed provisional administrator Dr.
Johannes Graute.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Hauptstelle,
Zweigertstr 52, 45130 Essen, at 9:25 a.m. on March 14, 2006, at
which time the administrator will present his first report on
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager.

CONTACT:  KOSIE GASTRONOMIE GmbH
          Pferdemarkt 2-4, 45127 Essen
          Contact:
          Martina Koch, Manager
          Josephinenstr. 23, 45131 Essen

          Frank Siebers, Manager
          Ruhrland 20, 45239 Essen

          Dr. Johannes Graute, Administrator
          Kettwiger Strasse 2-10, 45127 Essen
          Tel: 02 01/10953


NEUHAUSELER FORSTBAUMSCHULEN: Starts Bankruptcy Proceedings
-----------------------------------------------------------
The District Court of Montabaur opened bankruptcy proceedings
against Neuhauseler Forstbaumschulen Verwaltungs GmbH on Jan.
17.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Feb. 24,
2006, to register their claims with court-appointed provisional
administrator Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Montabaur, Saal 106, 1.
Stock, Gerichtsgebaude, Bahnhofstrasse 47, 56410 Montabaur, at
9:40 a.m. on March 27, 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:  NEUHAUSELER FORSTBAUMSCHULEN VERWALTUNGS GmbH
          Stundenstein, 56337 Eitelborn
          Contact:
          Rolf Neugebauer, Manager
          Stundenstein, 56337 Eitelborn

          Jens Lieser, Administrator
          Josef-G”rres-Platz 5, 56068 Koblenz
          Tel: 0261/304790
          Fax: 0261/9114729


PEPUR HANDELS: Claims Registration Ends March 24
------------------------------------------------
The District Court of Erfurt opened bankruptcy proceedings
against PEPUR Handels GmbH on Jan. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 24, 2006, to register their
claims with court-appointed provisional administrator Carsten
Bloss.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Erfurt, Saal 6,
Justizzentrum Erfurt, Amtsgericht Erfurt, Rudolfstr 46, 99092
Erfurt, at 11:15 a.m. on April 5, 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:  PEPUR HANDELS GmbH
          Contact:
          Stefan Langosch, Manager
          Bretlebener Weg 9, 06578 Oldisleben

          Carsten Bloss, Administrator
          Charlottenstr. 7, 99096 Erfurt


PVG PARKETTVERLEGUNG: Firm Falls Into Bankruptcy
------------------------------------------------
The District Court of Ingolstadt opened bankruptcy proceedings
against PVG Parkettverlegung GmbH on Jan. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 9, 2006, to register their
claims with court-appointed provisional administrator Jochen
Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Ingolstadt, 85049
Ingolstadt, Schrannenstr, 3, Sitzungssaal, at 11:00 a.m. on
April 20, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  PVG PARKETTVERLEGUNG GmbH
          Contact:
          Uwe Pielath, Manager
          Eichelgrund 32 in 86697 Oberhausen

          Jochen Wagner, Administrator
          Goldknopfgasse 2, 85049 Ingolstadt
          Tel: 0841/142899-0
          Fax: 0841/142899-10


VITUS ESSER: Dortmund Court Begins Bankruptcy Process
-----------------------------------------------------
The District Court of Dortmund opened bankruptcy proceedings
against Vitus Esser Tief- und Rohrleitungsbau GmbH on Jan. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 20, 2006,
to register their claims with court-appointed provisional
administrator Kaufmann Helmut Buerenkemper.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dortmund, Nebenstelle,
Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, at 9:00
a.m. on April 10, 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:  VITUS ESSER TIEF- UND ROHRLEITUNGSBAU GmbH
          Friedrichstr. 19, 44581 Castrop-Rauxel
          Contact:
          Vitus Ruprecht Heinrich Esser, Manager

          Kaufmann Helmut Buerenkemper, Administrator
          Lipperoder Strasse 9, 59555 Lippstadt
          Tel: 02941/ 97 62-0
          Fax: 97 62 20


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H U N G A R Y
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NABI RT: Sells Kaposvar Assets to Cut Debt
------------------------------------------
The Board of Directors of NABI Autobuszipari Rt. (NABI Rt.) is
pleased to announce that it has approved an amendment of the
preliminary agreement disclosed on January 23, 2006 between NABI
Rt., NABI Gyarto es Kereskedelmi Kft. and Homerica Investments
B.V. for the acquisition of all of the stock of NABI Inc. and
substantially all of the business and assets of NABI Rt.

As a result of the amendment, the purchasers will also acquire
the Kaposvar facility in exchange for the assumption of debt.
The agreement on the sale of the Kaposvar facility is in line
with the intentions of the Board and the financiers as noted in
the January 23, 2006 announcement.

The completion of the entire transaction is now expected to
occur by February 15, 2006.

                       Debt Restructuring

Nabi Rt. in May 2005 agreed in principle with financiers to
restructure approximately US$103 million short-term debt and
other banking facilities.

Under the agreement, the financiers agreed to reduce their debt
to US$60 million, with a portion of such reduction converted to
90% equity in NABI Inc. (NABI Rt.'s main operating subsidiary)
and up to 33% equity interest in NABI Rt.  The reduced debt will
be classified as long term and will have maturities of 5 to 8
years.  All warrants formerly issued by NABI Rt. to the
financiers will also be cancelled.

On completion of the restructuring, NABI Inc. will be the sole
borrower of US$60 million reduced debt.  NABI Rt. will be free
of debt, but will guarantee repayment of up to US$6.5 million of
NABI Inc.'s debt, secured by a first lien on all of NABI Rt.'s
real estate assets.

                    Master Support Agreement

The Master Support Agreement -- providing temporary waivers for
NABI's defaults under its financing agreements and setting out a
roadmap for its debt restructuring -- dated May 26, 2005,
originally due to expire on November 30, 2005 was extended
several times, most recently until January 31, 2006.  In the
absence of the MSA, the lenders could declare all of NABI's debt
immediately due and payable because of NABI's defaults and could
enforce their security interests, thereby causing liquidation
and acquiring all of the assets proposed to be sold to the
purchasers, but without the obligation to assume any
liabilities, hire employees or pay any cash consideration.

CONTACT:  NABI RT.
          45 Ujszasz u.
          Budapest 1165
          Phone:  +36-1-401-7399
          Fax: +36-1-407-2931
          E-mail: nabihq@nabi.hu
          Web site: http://www.nabi.hu/


PANNONPLAST RT: Slashes Stake in Tool Unit
------------------------------------------
Ailing plastic manufacturer Pannonplast Rt. trimmed its stake at
its tool-manufacturing unit Dexter Zrt., Budapest Business
Journal says.

Pannonplast sold a 68.8% holding in Dexter Zrt. to the unit's
management for HUF230 million.  The group used to hold a 93.9%
stake in Dexter Zrt prior to the divestment.  Dexter will burden
Pannonplast with HUF25 million in losses for the first quarter
of 2006.

Dexter has been separated from Pannonplast since Jan. 31.
Dexter posted pretax losses of HUF217 million and HUF142 million
in 2004 and 2005 respectively.

                     About the Company

Headquartered in Budapest, Hungary, Pannonplast Muanyagipari Rt.
-- http://www.pannonplast.hu/-- manufactures a wide range of
plastic-finished Products.  It trimmed its annual losses
drastically to HUF216 million in 2005 from HUF1.6 billion in
2004 despite booking a 17% decline in revenues.  CEO Balazs
Szabo, which took over in September 2004, has been cutting costs
and selling units to restore the company's profitability.


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


ELAN CORPORATION: Sells Prialt Rights to Eisai
----------------------------------------------
Elan Corporation, Plc announced that it has agreed to sell the
rights to Prialt(TM) (ziconotide, non-opioid severe chronic pain
agent) in Europe to Eisai Co., Ltd (Eisai), while retaining the
product rights in the United States.

Under the terms of the agreement, Elan may receive up to $100
million in cash; $50 million on the closing of the transaction,
a further $10 million on the earlier of two years from closing
or launches of Prialt in key European markets, and an additional
$40 million contingent on Prialt achieving revenue related
milestones in Europe.  The closing of the transaction, which is
expected to occur in the first quarter of 2006, is subject to
the receipt of relevant regulatory authority approvals and other
customary closing conditions.  Elan expects to record a gain on
closing in excess of $40 million.

Kelly Martin, Elan's President and CEO said, "Prialt is a highly
innovative, approved, intrathecal analgesic for patients
suffering from severe chronic pain.  Patient need in this area
remains significant given that there have not been any
meaningful therapeutic advances in this area for more than two
decades.  We are delighted that this transaction will enable
Eisai to offer this new therapy to patients throughout Europe."

Mr. Martin concluded, "Elan will continue to market Prialt in
the US and we look forward to working closely with Eisai on
providing patients with a unique and effective choice in the
treatment of severe chronic pain."

                          About Prialt

In February 2005, the European Commission (EC) granted marketing
approval for Prialt (ziconotide) for the treatment of severe,
chronic pain in patients who require intrathecal (IT) analgesia.
Prialt has been awarded orphan drug status in the European
Union, which designates it as a product used for the diagnosis,
prevention or treatment of life-threatening or very serious rare
disorders or conditions.

Prialt, developed by scientists at Elan, is in a class of non-
opioid analgesics known as N-type calcium channel blockers.
Prialt is the synthetic equivalent of a naturally occurring
conopeptide found in a marine snail known as Conus magus.
Research suggests that the mechanism of action of Prialt works
by targeting and blocking N-type calcium channels on nerves that
transmit pain signals.

The approval of Prialt was based on three independent pivotal
studies, each of which demonstrated significant improvement on
the Visual Analog Scale of Pain Intensity, a well-accepted pain
outcome measure.

Prialt is currently marketed by Elan in the US where it was
launched in the first quarter of 2005. Prialt revenue for full-
year 2005 was $6.3 million.

                    About Severe Chronic Pain

Severe chronic pain is defined as pain lasting longer than six
months and has multiple causes, such as failed back surgery,
injury, accident, cancer, AIDS, and other nervous system
disorders.

                       About Elan

Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a
neuroscience-based biotechnology company.   Elan shares trade on
the New York, London and Dublin Stock Exchanges.

                        *     *     *

Moody's Investors Service rates Elan's long-term corporate
family rating at Ba3.  The company's long-term foreign issuer
credit rating and long-term local issuer credit rating carry
Standard & Poor's single-B rating.

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to
Tysabri(TM).  Total revenue decreased 31% to US$102.7 million in
the first quarter of 2005 from US$148.3 million in the first
quarter of 2004.


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


ASTROS: Sets Last Day for Filing of Claims
------------------------------------------
LLC Astros has declared insolvency.  Proofs of claim will be
accepted at Republic of Kazakhstan, Almaty, Almalinsk district,
Sharipova Str. 90, room 11 on or before March 28, 2006.

The company can be contacted at 8 (3272) 58-50-70.


ERFURT: Declares Insolvency
---------------------------
LLC Erfurt has declared insolvency.  Proofs of claim will be
accepted at Republic of Kazakhstan, Pavlodar, Krupskaya Str. 76
on or before March 28, 2006.

CONTACT:  ERFURT
          Pavlodar, Krupskaya Str. 76


GUNAYDIN: Sets Proofs of Claim Deadline
---------------------------------------
LLC Gunaydin has declared insolvency.  Proofs of claim will be
accepted at Almaty, Manas Str. 85-3 on or before March 28, 2006.

CONTACT:  GUNAYDIN
          Almaty, Manas Str. 85-3


KASINTERTREID: Creditors' Claim Due Late March
----------------------------------------------
LLC Kasintertreid has declared insolvency.  Proofs of claim will
be accepted at South Kazakhstan region, Shymkent, Kazybek bi
Str. 49 on or before March 28, 2006.

CONTACT:  Kasintertreid
          South Kazakhstan region, Shymkent,
          Kazybek bi Str. 49


NEFTEGAZPROM SHYMKENT: Insolvency Affirmed
------------------------------------------
Shymkent Branch of LLC Neftegazprom-Kazakhstan has declared
insolvency.  Proofs of claim will be accepted at South
Kazakhstan region, Shymkent, Lenger highway, 5th km. on or
before March 28, 2006.

CONTACT:  SHYMKENT BRANCH OF LLC NEFTEGAZPROM-KAZAKHSTAN
          South Kazakhstan region,
          Shymkent, Lenger Highway, 5th km.


PAVLODARTRANSSTROI: Sent to Bankruptcy by Pavlodar Court
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar region
commenced bankruptcy proceedings against OJSC Pavlodartransstroi
on November 11, 2005.  Proofs of claim will be accepted at
Pavlodar, Deribasa Str. 19 on or before March 28, 2006.

CONTACT:  PAVLODARTRANSSTROI
          Pavlodar, Deribasa Str. 19


SAIRAM AVIA: Gives Creditors Until Next Month To File Claims
------------------------------------------------------------
LLC Sairam Avia has declared insolvency.  Proofs of claim will
be accepted at South Kazakhstan region, Shymkent, Tashenova Str.
6a on or before March 28, 2006.

CONTACT:  Sairam Avia
          South Kazakhstan region,
          Shymkent, Tashenova Str. 6a


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


STOLT-NIELSEN: Annual General Meeting Set May 18
------------------------------------------------
Stolt-Nielsen S.A. announced that its annual meeting of
shareholders will be held on Thursday, May 18, 2006, 2:00 p.m.
local time at the offices of Services Generaux de Gestion S.A.,
23, avenue Monterey, L-2086 Luxembourg.  All shareholders of
record as of March 28, 2006 will be entitled to vote at the
meeting.

                    About the Company

Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) --
http://www.stoltnielsen.com/-- is one of the world's leading
providers of transportation services for bulk liquid chemicals,
edible oils, acids, and other specialty liquids. The Company,
through the parcel tanker, tank container, terminal, rail and
barge services of its wholly owned subsidiary Stolt-Nielsen
Transportation Group, provides integrated transportation for its
customers.  Stolt Sea Farm, wholly owned by the Company,
produces and markets high quality turbot and Southern bluefin
tuna.  The Company also owns 25% of Marine Harvest, the world's
largest aquaculture company.


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

ROYAL SHELL: Buys Another 700,000 'A' Shares for Cancellation
-------------------------------------------------------------
Royal Dutch Shell PLC bought 525,000 'A' Shares for cancellation
at EUR26.37 per share on Feb.9.  It further purchased 175,000
'A' Shares for cancellation at 1,812.48 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell PLC will be 3,922,162,974.

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
===========


AK BARS: Fitch Affirms B+ Rating with Stable Outlook
----------------------------------------------------
Fitch Ratings affirmed Russia-based AK Bars Bank's ratings at
Long-term 'B+', Short-term 'B', Support '4', Individual 'D', and
National Long-term 'A-(rus)'.  The Outlooks on the Long-term and
National Long-term ratings remain Stable.

The Long-term, Short-term and Support ratings of AK Bars Bank
are driven by the moderate likelihood of support being available
from the government of the Republic of Tatarstan (rated 'BB').

AK Bars' Individual rating reflects its weak, albeit improving,
performance, high loan concentration, substantial funding from
related parties and considerable market risk, as well as certain
weaknesses in the bank's operating environment.  However, it
also takes into account its currently strong capitalization and
solid niche in the republic's banking sector.

Upward or downward pressure on AK Bars' Long-term and National
Long-term ratings could result from an upgrade or downgrade,
respectively, of the Republic of Tatarstan's Long-term rating.
Higher transparency of relations between the republic and AK
Bars could also lead to a potential upgrade.  AK Bars'
Individual rating is not expected to change in the near-term.

AK Bars was founded by the Tatarstan government in 1993.  It is
the largest bank in the region by assets, and one of the 20
largest Russian banks.  AK Bars' main shareholders are
Tatarstan-based companies, most of which (93% stake in the bank)
are controlled by the government.


BOGORDSKAYA: Bankruptcy Hearing Set Next Week
---------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision on open joint stock company Bogordskaya.
The case is docketed as A43-23883/2005, 24-398.  Mr. A. Kokorin
has been appointed temporary insolvency manager.

Creditors have until Feb. 14, 2006, to submit their proofs of
claim to 603001, Russia, Nizhniy Novgorod region, Torgovaya Str.
14.  A hearing will take place on Feb. 21, 2006, 11 a.m. at the
Arbitration Court of Nizhniy Novgorod region.

CONTACT:  BOGORDSKAYA
          606107, Russia, Nizhniy Novgorod region,
          Bogorodskiy region, Bogorodsk, Kuznechnyj Per. 11

          A. KOKORIN
          Temporary Insolvency Manager
          603001, Russia, Nizhniy Novgorod region,
          Torgovaya Str. 14


BUILDER: Deadline for Proofs of Claim Ends March 14
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Builder after finding the open
joint stock company insolvent.  The case is docketed as A43-
16621/2005-24-276.  Mr. E. Filipyev has been appointed
insolvency manager.  Creditors have until March 14, 2006, to
submit their proofs of claim to 603005, Russia, Nizhniy Novgorod
region, Post User Box 51.

CONTACT:  BUILDER
          Russia, Nizhniy Novgorod region,
          Gagino, Internatsionalnaya Str. 13

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


DAIRY KURGANINSKIY: Assets for Public Auction Set Tomorrow
----------------------------------------------------------
The bidding organizer of Dairy Kurganinskiy will sell its
property on Feb. 14, 2006, 3 p.m.  The public auction will take
at Russia, Krasnodar, Rashpilevskaya Str. 181.

The assets for sale are:

(a) Lot 1: Different buildings for a starting price of
RUB11,955,205 inclusive of VAT;

(b) Lot 2: A building complex and equipment for a starting price
of RUB2,250,000 inclusive of VAT.

Preliminary examination and reception of bids are done daily
from 10 a.m. to 4 p.m. until tomorrow only.  The list of
documentary requirements is available at Russia, Krasnodar
region, Rashpilevskaya Str. 134.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
4070281030410100214 in South-West Branch of Sberbank RF Rostov-
na-Donu, Kurganinskoye OSB #1584, Kurganinsk, correspondent
account 30101810600000000602, BIC 046015602.

CONTACT:  DAIRY KURGANINSKIY
          Russia, Krasnodar region, Kurganinsk

          ATDUNDER MEDIA
          Bidding Organizer
          Russia, Krasnodar region,
          Rashpilevskaya Str. 134
          Tel: 861-2555452/86160-53-5-68


KOLOMENSKIY COLD-STORE COMBINE: Under Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision on open joint stock company Kolomenskiy Cold-Store
Combine.  The case is docketed as 41-K2-24680/05.  Mr. V. Kofnov
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 101000, Russia,
Moscow region, Velozavodskaya Str. 9, Apartment 221.  A hearing
will take place on May 15, 2006, 11:45 a.m. at Russia, Moscow
region, Akademika Sakharova Str. 18, Hall 440.

CONTACT:  KOLOMENSKIY COLD-STORE COMBINE
          140411, Russia, Moscow region,
          Kolomna, Ozerskiy Pr. 3

          V. KOFNOV
          Temporary Insolvency Manager
          101000, Russia, Moscow region,
          Velozavodskaya Str. 9, Apartment 221


KRYMSKIY TINNED: Falls Into Bankruptcy
--------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Krymskiy Tinned Food Combine after finding
the open joint stock company insolvent.  The case is docketed as
A-32-2959/04-1/205-B.  Mr. V. Gribov has been appointed
insolvency manager.  Creditors have until March 14, 2006, to
submit their proofs of claim to 350075, Russia, Krasnodar
region, Stasova Str. 180.

CONTACT:  KRYMSKIY TINNED FOOD COMBINE
          353380, Russia, Krasnodar region,
          Krymsk, Sverdlova Str. 2

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


NIVA: Bankruptcy Hearing Set Later This Month
---------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision on close joint stock company Niva.  The case is
docketed as A-70-14409/3-05.  Mr. V. Devyatkov has been
appointed temporary insolvency manager.

Creditors have until Feb. 14, 2006, to submit their proofs of
claim to 625001, Russia, Tyumen region, Post User Box 85.  A
hearing will take place on Feb. 28, 2006.

CONTACT:  NIVA
          627220, Russia, Tyumen region,
          Armizonskiy region, Armizonskoye, 99

          V. DEVYATKOV
          Temporary Insolvency Manager
          625001, Russia, Tyumen region,
          Post User Box 85
          Tel: (3452) 434-957
          Fax: (3452) 905-002


OAO SEVERSTAL: S&P Affirms Corporate Credit Rating to B+
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia-based steelmaker OAO Severstal (Severstal) to positive
from stable following the company's announcement that it plans
to consolidate mining assets held by its shareholders through a
shares swap.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit and 'ruA+' national scale ratings on the company.

"The outlook revision reflects the fact that Severstal's
business profile would benefit from vertical integration into
coal and iron ore, which will help to mitigate swings in raw
material prices and bolster the company's profitability," said
Standard & Poor's credit analyst Tatiana Kordyukova.  "The
mining subsidiaries to be consolidated are expected to cover
about 70%-80% of iron ore and coking coal requirements in
Russia."

The company's parent, Severstal Group, currently owns these
assets and Severstal therefore benefits to an extent from
stability in raw material supplies.  Consolidation, however,
will help to make the relations between the members of Severstal
Group more transparent, easing one of the key constraining
factors for the ratings.  Consolidation will also help lead to
mining margins being included in Severstal's accounts.

The consolidation will be carried out though share swaps of the
controlling stakes in the mining enterprises for an additional
issue of Severstal's shares.  The move, therefore, is not
expected to lead to any significant cash outlays or debt
increase for Severstal, and the mining companies are believed to
have little financial debt.  The transaction will be structured
in several stages, which are subject to shareholder and some
regulatory approvals. Should the final terms of the transactions
differ significantly from the proposed ones, Standard & Poor's
might reassess the impact on the company's credit quality.

The corporate credit rating on Severstal could be raised by one
notch following a successful consolidation of the company's
mining assets.  We will review operating and financial
information on the consolidating enterprises, as well as the
conditions of the transaction when they are finalized.

At the same time, Standard & Poor's will continue to monitor
Severstal's financial policy in areas such as acquisitions
(including financing of shareholders' acquisitions),
distributions to shareholders, capital expenditures, debt, and
financial support to sister companies.  No large-scale debt-
financed acquisitions are factored into the rating or outlook.

In the longer term, the ratings will be driven largely by
Severstal's ability to maintain a competitive cost structure and
adequate free cash flow generation through the steel cycle.  The
ratings will be driven by the success of the company's strategy,
which is aimed at geographic diversification (in particular, the
successful integration and achieving of higher profitability at
Severstal North America) and modernizing the group's asset base
in Russia, and the impact of this strategy on the company's
leverage.


POCHINKI-SEL-KHOZ-TEKHNIKA: Declared Insolvent
----------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Pochinki-Sel-Khoz-Tekhnika after
finding the open joint stock company insolvent.  The case is
docketed as A43-10708/2005 33-233.  Mr. L. Tanklevskiy has been
appointed insolvency manager.  Creditors have until March 14,
2006, to submit their proofs of claim to 610000, Russia, Kirov
region, Moskovskaya Str. 25-a.

CONTACT:  POCHINKI-SEL-KHOZ-TEKHNIKA
          Russia, Nizhniy Novgorod region,
          Pochinki, Kommunisticheskaya Str. 16

          L. TANKLEVSKIY
          Insolvency Manager
          610000, Russia, Kirov region,
          Moskovskaya Str. 25-a


SMIRNOVSKAYA SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set March 14
---------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision on open joint stock company Smirnovskaya
Sel-Khoz-Tekhnika.  The case is docketed as A43-35359/2005 24-
533.  Mr. E. Naumov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 603136, Russia,
Nizhniy Novgorod, Vaneeva Str. 116-62.  A hearing will take
place on March 14, 2005, 10:30 a.m.

CONTACT:  SMIRNOVSKAYA SEL-KHOZ-TEKHNIKA
          Russia, Nizhniy Novgorod region,
          Shatkovskiy region, Smirnovo

          E. NAUMOV
          Temporary Insolvency Manager
          603136, Russia, Nizhniy Novgorod region,
          Vaneeva Str. 116-62


TRANS-GAS-SERVICE: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision on limited liability company Trans-Gas-Service (TIN
7215009302).  The case is docketed as A-70-14816/3-2005.  Mr. V.
Zhdanov has been appointed temporary insolvency manager.
Creditors have until Feb. 14, 2006, to submit their proofs of
claim to 625049, Russia, Tyumen region, Moskovskiy Trakt, 165-
75.

CONTACT:  TRANS-GAS-SERVICE
          Russia, Tyumen region,
          Zavodoukovsk, Vokzalnaya Str. 41A

          V. ZHDANOV
          Temporary Insolvency Manager
          625049, Russia, Tyumen region,
          Moskovskiy Trakt, 165-75


ZARYA: Kirov Court Brings In Insolvency Manager
-----------------------------------------------
The Arbitration Court of Kirov has commenced bankruptcy
supervision on open joint stock company Zarya.  The case is
docketed as A28-289/05-241/3.  Ms. L. Tomilova has been
appointed temporary insolvency manager.  A hearing will take
place on April 25, 2006.

CONTACT:  L. TOMILOVA
          Temporary Insolvency Manager
          Russia, Kirov region


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


BAVIR LTD.: Declared Insolvent
------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Bavir Ltd. (code EDRPOU 13723208) on after
finding the limited liability company insolvent.  The case is
docketed as 239/14 b-05.  State Tax Inspection of Kievo-
Svyatoshinskij district has been appointed liquidator.

CONTACT:  BAVIR LTD.
          08113, Ukraine, Kyiv region,
          Kievo-Svyatoshinskij district, Petrushki

          08132, Ukraine, Kyiv region,
          Vishneve, Lomonosov Str. 34
          Phone: 8 (0298) 5-19-52

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


FINPROMEKO: Goes Into Liquidation
---------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC Finpromeko (code EDRPOU 32950441) on
December 23, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-24/118-05.  Mr. S.
Sautenko has been appointed liquidator/insolvency manager.

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

          Mr. S. Sautenko
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Geroiv Pratsi Str. 58/47

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


INTERTRANS: Reaches End of the Road
-----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Intertrans (code EDRPOU 22957721) after
finding the limited liability company insolvent.  The case is
docketed as 46/207-b.  State Tax Inspection of Kyiv region has
been appointed liquidator.

CONTACT:  INTERTRANS
          Ukraine, Kyiv region,
          Kontraktova Square 10-A

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


KOMAK-INVEST: Unpaid Taxes Push Group into Insolvency
-----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Komak-Invest (code EDRPOU 19017440) after
finding the limited liability company insolvent.  The case is
docketed as 43/572.  State Tax Inspection of Kyiv region has
been appointed liquidator.

CONTACT:  KOMAK-INVEST
          Ukraine, Kyiv region,
          Bratska Str. 6

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


KRONA: Dnipropetrovsk Court Names Liquidator
--------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against LLC Krona (code EDRPOU 31124290) on December
20, 2005 after finding the limited liability company insolvent.
The case is docketed as B 26/103/05.  Mr. D. Lihopyok has been
appointed liquidator/insolvency manager.

CONTACT:  KRONA
          49000, Ukraine, Dnipropetrovsk region,
          Komsomolska Str. 52-a, office 2

          Mr. D. Lihopyok
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region, a/b 37
          Phone: (0562) 38-55-89

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


LANIVTSI' SUGAR: Ternopil Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
proceedings against Lanivtsi' Sugar Plant (code EDRPOU 00373052)
on December 14, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 15/B-587.  Mr. V. Olenchenko
(license AB 116262 of January 27, 2005) has been appointed
liquidator/insolvency manager.

CONTACT:  LANIVTSI' SUGAR PLANT
          47400, Ukraine, Ternopil region,
          Lanivtsi, Vishnivetska Str. 35

          Mr. V. Olenchenko
          Liquidator/Insolvency Manager
          Ukraine, Ternopil region,
          Protasevich Str. 8/88

          ECONOMIC COURT OF TERNOPIL REGION
          46000, Ukraine, Ternopil region,
          Ostrozski Str. 14a


OSMA: Bankruptcy Proceedings Begin
----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Osma (code EDRPOU 21520353) after finding
the private enterprise insolvent.  The case is docketed as
43/498.  State Tax Inspection of Kyiv region has been appointed
liquidator.

CONTACT:  OSMA
          Ukraine, Kyiv region,
          Yaroslavska Str. 26

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


RUH: Insolvency Manager Takes Over Operations
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ruh (code EDRPOU 32620799) after finding the
limited liability company insolvent.  The case is docketed as
15/606-b.  State Tax Inspection of Kyiv region has been
appointed liquidator.

CONTACT:  RUH
          Ukraine, Kyiv region,
          Frunze Str. 13-B

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


SEVERODONETSKZALIZOBETON: Declared Insolvent
--------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against OJSC Severodonetskzalizobeton (code EDRPOU
01235797) on December 9, 2005 after finding the open joint stock
company insolvent.  The case is docketed as 12/102 b.  Mr.
Oleksij Voronko has been appointed liquidator/insolvency
manager.

CONTACT:  SEVERODONETSKZALIZOBETON
          93400, Ukraine, Donetsk region,
          Severodonetsk, Silikatna Str. 7

          Mr. Oleksij Voronko
          Liquidator/Insolvency Manager
          91000, Ukraine, Lugansk region,
          Vedenin Str. 58

          ECONOMIC COURT OF LUGANSK REGION
          1000, Ukraine, Lugansk region,
          Geroiv VVV Square 3a


UKRSOTSBANK: Fitch Puts Long-Term B- on Rating Watch Positive
-------------------------------------------------------------
Fitch Ratings placed Ukraine-based Ukrsotsbank's Long-term 'B-'
and Support '5' ratings on Rating Watch Positive.  Ukrsots'
other ratings are Short-term 'B' and Individual 'D/E'.

The RWP follows the announcement that Italy's Banca Intesa
(rated Long-term 'A+'/Stable, Short-term 'F1', Support '2', and
Individual 'B') and Ukrsots' controlling shareholder have agreed
to enter into exclusive\ negotiations with a view to Banca
Intesa acquiring a controlling stake in the bank.  The RWP
reflects the strong ability of Banca Intesa (as captured in its
Long-term rating) to provide support to Ukrsots should it become
the bank's majority shareholder.

If and when the acquisition, which would be subject to
regulatory approvals, takes place, and after having discussed
with Banca Intesa its strategy in respect to Ukrsots, Fitch will
resolve the Rating Watch.

Ukrsots was the fourth largest bank in Ukraine by assets at end-
Q305, with a 5.2% market share.  The bank is indirectly 93%-
owned by one individual, who also owns Interpipe Corporation,
one of the largest companies in Ukraine.


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


ALTERNATIVE PLUMBING: Calls in Wilson Pitts Administrator
---------------------------------------------------------
David Frederick Wilson and Julian Nigel Richard Pitts of Wilson
Pitts were appointed joint administrators of Alternative
Plumbing Supplies Limited (Company Number 04854223) on Jan. 26.
The company sells plumbing supplies and materials.

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Tel: 0113 237 5560
          Fax: 0113 237 5561


ASHTEAD GROUP: Acquires Fast Rentals
------------------------------------
Ashtead Group PLC's U.S. unit, Sunbelt Rentals, Inc., has
recently acquired the business and assets of Fast Rentals, the
operator of a well-established rental store serving the St.
Petersburg, Florida market for US$1.05 million.

This acquisition further extends Sunbelt's presence in the
Florida Gulf area.  It follows earlier acquisitions in
Tennessee, California, Indiana, Florida and Nevada and
greenfield openings in Phoenix, Houston, Maryland, Chicago and
Las Vegas to make a total of 21 new stores opened or acquired in
the current financial year and brings the total number of
Sunbelt's stores to 207.

                           About the Company

Registered in the U.K., Ashtead Group PLC is a leading provider
of rental equipment in the U.K. and the U.S. through its a-Plant
and Sunbelt subsidiaries.  As at financial year ending April 30,
2005, the group generated annual revenues of GBP523.7 million
and EBITDA of GBP169.7 million.  Net debt stood at GBP493.2
million.

In July, Ashtead completed its refinancing, which included:

(a) the raising of approximately GBP70 million before expenses
    through the Placing and Open Offer of approximately 73.4
    million New Ordinary Shares at 95.5 pence per share; and

(b) the raising of US$250 million (approximately GBP142
    million), before expenses, by the issue of New Senior Loan
    Notes, which carry an interest rate of 8 5/8% and will be
    repayable in full in August 2015.

From the proceeds of the refinancing, Ashtead has now repaid the
Convertible Loan Note at a discount of approximately 11% and
will redeem GBP42 million of the existing Senior Loan Notes,
which carry interest at a rate of 12%.


ASHTEAD GROUP: Reveals Third Quarter Results
--------------------------------------------
Ashtead Group PLC will reveal their third quarter and nine-month
results for the period ending Jan. 31, 2006, on Tuesday, March
7, 2006.

                           About the Company

Registered in the U.K., Ashtead Group PLC is a leading provider
of rental equipment in the U.K. and the U.S. through its a-Plant
and Sunbelt subsidiaries.  As at financial year ending April 30,
2005, the group generated annual revenues of GBP523.7 million
and EBITDA of GBP169.7 million.  Net debt stood at GBP493.2
million.

In July, Ashtead completed its refinancing, which included:

(a) the raising of approximately GBP70 million before expenses
    through the Placing and Open Offer of approximately 73.4
    million New Ordinary Shares at 95.5 pence per share; and

(b) the raising of US$250 million (approximately GBP142
    million), before expenses, by the issue of New Senior Loan
    Notes, which carry an interest rate of 8 5/8% and will be
    repayable in full in August 2015.

From the proceeds of the refinancing, Ashtead has now repaid the
Convertible Loan Note at a discount of approximately 11% and
will redeem GBP42 million of the existing Senior Loan Notes,
which carry interest at a rate of 12%.


BFRL LIMITED: Administrators From Rothman Pantall Move In
---------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co. were
appointed administrators of BFRL Limited (Company Number
03056254) on Jan. 24.  Its registered office is at 144 New
Cavendish Street, London W1W 6YG.  The company was previously
named Boxfresh Retail Limited.

CONTACT:  BOXFRESH RETAIL LTD
          46 Freeport Village,
          Braintree CM7
          Tel: 01376 554634

          ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Tel: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


COMMUNITY ENVIRONMENTAL: Appoints Joint Administrators
------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
joint administrators of Community Environmental Task Team
Limited on Dec. 6, 2005.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Tel: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


DIRECT BINDERS: Calls In Berg Kaprow Lewis Administrator
--------------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint administrators of Direct Binders
& Print Limited (Company Number 03480755) on Jan. 27.

Direct Binders & Print -- http://www.directbinders.co.uk/--  
specializes in digital printing and photocopying for all manuals
and user guide needs.  Its major customers are Mothercare and GB
Airways.

CONTACT:  DIRECT BINDERS AND PRINT
          Unit 7, Kings Park
          Kings Park Industrial Estate
          Kings Langley WD4 8ST
          Hertfordshire
          Tel: 01923 265111

          BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Tel: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121


D POULTER: Names Wilson Pitts Administrator
-------------------------------------------
David Frederick Wilson and Julian Nigel Richard Pitts of Wilson
Pitts were appointed administrators of D Poulter Limited
(Company Number 04357148) on Jan. 31.

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Tel: 0113 237 5560
          Fax: 0113 237 5561


HATCHBAG LIMITED: Company Calls in Administrator
------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
joint administrators of Hatchbag Limited (Company Number
1850380) on Jan. 24.

Hatchbag Limited -- http://www.hatchbag.co.uk-- is a mail order
company.

CONTACT:  HATCHBAG LTD
          41 Millbrook Rd,
          West Float Industrial Estate,
          Birkenhead, Merseyside CH41 1FL
          Tel: +44 (0) 151 6395396
          E-mail: sales@hatchbag.co.uk

          BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Tel: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


IN MEDIA: Appoints Begbies Traynor Administrator
------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of In
Media Solutions Limited (Company Number 04332354) on Jan. 27.
Its registered office is at Flat 1, 25 Balham High Road, London
SW12 9AL.

In Media Solutions Limited is engaged in CD and DVD replication,
graphic design and print as well as animation and corporate
filming.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Tel: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


MACFARLANE TRANSPORT: Hires Administrators from KPMG
----------------------------------------------------
Richard Dixon Fleming and Francis Graham Newton of KPMG LLP were
appointed administrators of Macfarlane Transport Limited
(Company Number 13717115) on Jan. 31.

CONTACT:  MACFARLANE TRANSPORT HOLDINGS LIMITED
          Thornes Farm Business Park
          Pontefract Lane
          Leeds LS9 ODN
          Tel: +44 (0) 870 125 1125
          Fax: +44 (0) 113 258 0363
          E-mail: enquiries@mtluk.co.uk
          Web site: http://www.macfarlanetransport.co.uk

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


MSB WASTE: Administrator from Sanderlings Takes Helm
----------------------------------------------------
Andrew Fender of Sanderlings LLP was appointed administrator of
MSB Waste Services Limited (Company Number 04737783) on Jan. 23.

CONTACT:  MSB WASTE SERVICES LTD
          Unit 17-18
          Littleton Business Park Cannock, WS12 4TR
          Tel: 01543 500599

          SANDERLINGS LLP
          Sanderling House,
          1071 Warwick Road,
          Acocks Green, Birmingham B27 6QT


ROYAL & SUNALLIANCE: Declares Release of Year-end Results
---------------------------------------------------------
Royal & SunAlliance Insurance Group PLC will release its year-
end results 2005 on March 9, 2006. A briefing to investors and
analysts will take place at 9:30 a.m. on the same date and will
be accessible via the company website.

                        About the Company

Based in London, Royal & SunAlliance Insurance Group PLC --
http://www.royalsunalliance.com/-- is a FTSE 100 company,
listed on the London Stock Exchange and in New York.  The group
consists of three regions -- U.K., Scandinavia and International
-- with operations in 30 countries, providing general insurance
products to over 20 million customers worldwide.

In September, Royal & SunAlliance revealed a provisional
estimate of up to GBP25 million, net of reinsurance recoveries,
for claims arising from the recent hurricane (Katrina) in the
U.S.  The losses are expected to arise in the Group's Marine and
Global and Risk Managed portfolios.  The provisional loss
estimate includes a very limited exposure from the Group's U.S.
business following its restructure in 2003.

The company has decided to transfer its employees from pensions
based on final salaries to packages based on average career
earnings.  It aims to cut about GBP180 million from the
company's GBP500 million pension fund deficit.

The measure is part of the company's ongoing restructuring,
which comes amid mounting claims and weak investments.  The
company is said to have improved its risk profile, but it has
not yet totally eliminated the threat of potentially large
claims in the U.S.  The latter could dampen interest of
prospective buyers, according to analysts.


SHG REALISATIONS: Recruitment Agency Hires Dains Administrator
--------------------------------------------------------------
N. J. Hawksley and M. F. P. Smith of Dains Accountants were
appointed joint administrators of recruitment agency SHG
Realisations (2006) Limited (formerly SHG Opportunity Management
Limited - Company Number 04492267) on Jan. 26.

CONTACT:  DAINS
          St Johns Court
          Wiltell Road
          Lichfield
          Staffordshire WS14 9DS
          Tel: 01543 263484
          Fax: 01543 415465
          E-mail: nhawksley@dains.com


SWAN PLANT: Creditors Meeting Set Thursday
------------------------------------------
Creditors of Swan Plant Services Limited (Company Number
02651425) will meet on Feb. 16, 2006, 11 a.m. at DTE House,
Hollins Mount, Bury BL9 8AT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to J. M. Titley, joint administrator of DTE Leonard
Curtis, DTE House, Hollins Mount, Bury BL9 8AT not later than 12
noon, Feb. 15, 2006.

Swan Plant Services -- http://www.swan-services.co.uk/--is the
largest supplier of hired grounds maintenance equipment in the
United Kingdom.

CONTACT:  SWAN PLANT SERVICES
          Haig Road
          Parkgate Industrial Estate
          Knutsford WA16 8DX
          Cheshire
          Tel: 01565 650567
          Fax: 01565 650769

          DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Tel: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


TECNOLABEL LIMITED: Calls in PwC Administrator
----------------------------------------------
Stuart David Maddison and Edward Mark Shires of
PricewaterhouseCoopers LLP were appointed joint administrators
of Tecnolabel Limited (Company Number 04957671) on Jan. 27.  Its
registered office is at 33 Ashville Way, Whetstone, Leicester
LE8 6NU.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Donington Court
          Pegasus Business Park,
          Castle Donington, East Midlands DE74 2UZ
          Tel: [44] (1509) 604 000
          Fax:   [44] (1509) 604 010
          Web site: http://www.pwc.com


TTB HICKEYS: Administrators from Vantis Enter Firm
--------------------------------------------------
Mark Newman and Colin Ian Vickers of Vantis were appointed
administrators of TTB Hickeys Limited (Company Number 01541259)
on Jan. 27.

CONTACT:  VANTIS BUSINESS RECOVERY
          Judd House
          East Street
          Tonbridge
          Kent TN9 1HG
          Tel: 01732 378680
          Fax: 07917260099
          E-mail: mark.newman@vantisplc.com


WATERSIDE TRANSPORT: Names Menzies Corporate Administrator
----------------------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Waterside Transport Limited (Company Number 04100186) on Jan.
31.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          43/45 Portman Square
          London W1H 6LY
          Tel: 020 7487 7240


WOODGATE FULFILMENT: Taps Administrator from Robson Laidler
-----------------------------------------------------------
William Paxton of Robson Laidler LLP was appointed administrator
of Woodgate Fulfilment Limited (Company Number 02655768) on Jan.
27.  Its registered office is at Follingsby Avenue, Follingsby
Park, Gateshead, Tyne and Wear NE10 8HQ.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road, Jesmond,
          Newscastle upon Tyne
          Liquidator:
          W Paxton
          Tel: 0191 281 8191
          Fax:   0191 281 6279
          Web site: http://www.robson-laidler.co.uk



                            *********


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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