TCREUR_Public/060214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, February 14, 2006, Vol. 7, No. 32

                            Headlines

B E L A R U S

* Fitch Upgrades Three State-Owned Belarusian Banks to B-


G E R M A N Y

B. P. T. GMBH: Wuppertal Court Opens Bankruptcy Proceedings
CORONET KONIG: Creditors' Meeting Set on April 11
DOBA BAUUNTERNEHMUNG: Claims Registration Ends Feb. 22
ENTEC UMWELTTECHNIK: Potsdam Court to Verify Claims on April 19
KAMPS AG: Fitch Lowers Senior Unsecured Rating to B-

KAPITAL & ANLAGE: Regensburg Court Calls in Administrator
MALERBETRIEB SCHERER: Pirmasens Firm Under Administration
PLAN BAU: Proofs of Claim Due Feb. 28
PROJEKT CONSULT: Court-Appointed Administrator Takes Over
REIFEN WEISS: Creditors to Meet on April 4

SAGEWERK & HOLZBAU: Bankruptcy Process Begins in Chemnitz
VOLKSWAGEN AG: Earnings Level Still 'Unsatisfactory'


I T A L Y

ALITALIA SPA: Passenger Traffic Up in 2005
BANCA IFIS: Fitch Lifts Individual Rating to C


K A Z A K H S T A N

ABSOLUTE TRUST: Sets Proofs of Claim Deadline
COMPANY OTK: Succumbs to Insolvency
ICMEP: Declares Insolvency
IMS-GROUP: Gives Creditors Until End of the Month to File Claims
JAZIRA-LEATHER: Creditors' Claims Due Later This Month

KAZAKH BANKS: S&P Raises Long-Term Ratings; Outlook Stable


N E T H E R L A N D S

ROYAL SHELL: Cancels 600,000 'A' Shares in Buyback


R U S S I A

BANK SAINT-PETERSBURG: Moody's Revises Outlook to Positive
BELOGODSKAYA: Confectionery Shop Succumbs to Bankruptcy
COMPLECT-STROY-MONTAGE: Claims Filing Period Ends March 14
DAIRY BOROVINSKIY: Bankruptcy Hearing Set Today
GEORGIEVSKOYE: Deadline for Proofs of Claim Set Next Week

INVEST-SIB-COAL: Kemerovo Court Brings in Insolvency Manager
KRASNOUFIMSKAYA: Assets for Public Auction Tomorrow
OAO NOVATEK: Moody's Assigns Ba2 Corporate Family Rating
REPAIR-MECHANICAL FACTORY: Declared Insolvent
ROS-BIO-PRODUCT: Firm Falls Into Bankruptcy

SIBACADEMBANK: Moody's Changes Ratings Outlook to Positive
SVOBODNENSKAYA: Furniture Company Goes Bankrupt
ZOLOTUKHINSKIY REFINERY: Bankruptcy Hearing Set May 31


S W E D E N

SKANDIA INSURANCE: Acceptance of Old Mutual's Offer Reaches 88%


U K R A I N E

AGROPROMTRANS: Reaches Cul-de-sac
ASKANIYA: Succumbs to Bankruptcy
GALINA: Court Names Temporary Insolvency Manager
KORTIK: Declared Insolvent
METALPROM: Under Bankruptcy Supervision

PROMIN: Bankruptcy Supervision Starts
SOLYARIS: Liquidator Takes Over Operations
SPEKTR: Salo Mikola Named Insolvency Manager
UKRPROMINVEST-AUTO: Goes Into Liquidation
UKREXIMBANK: Fitch Rates Sub Debt `B'


U N I T E D   K I N G D O M

ABBEY NATIONAL: Appoints Liquidator
BFWL LTD.: Apparel Wholesaler Calls in Administrator
COMBI (UK): Administrators Named
COMMUNITY ENVIRONMENTAL: Creditors' Meeting Set Today
COMPASS GROUP: On Track to Save GBP50 Mln Amid Restructuring

COREDALE LIMITED: In Administrative Receivership
FLAXALL LIMITED: Textile Plant Closure Sends 50 People Jobless
HENRY REMINGTON: Joint Liquidators Take Helm
LANGBAR INTERNATIONAL: Director Stuart Pearson Steps Down
LINWOOD DOUBLE: Appoints Begbies Traynor Administrator

MORRIS SWAIN: Taps Joint Administrators from Bridgestones
MP AUTOMATION: Hires Administrator from Kallis & Co.
PROCESSED POLYMERS: Meeting of Creditors Set Next Week
PROOFINGS TECHNOLOGY: Calls in PKF Administrator
RED EARTH: Fortis Bank Appoints Menzies Corporate Receiver

RED SHARK: Joint Administrators from Begbies Traynor Move In
SKIL CONTROLS: Liquidator from Begbies Traynor Enters Firm
SPEYMILL GROUP: New Fund to Focus on German Real Estate
TURNER & SCOTT: Names Baker Tilly Liquidator
* Large Companies with Insolvent Balance Sheets

     **********

=============
B E L A R U S
=============


* Fitch Upgrades Three State-Owned Belarusian Banks to B-
---------------------------------------------------------
Fitch Ratings upgraded the ratings of Belarusbank (BBK)
Belagromprombank (BAPB), and Belpromstroibank (BPB) to Long-term
'B-' from 'CCC+' and Short-term 'B' from 'C'.  The Support
ratings of the three banks are affirmed at '5'.  The Individual
ratings of the three banks are also affirmed at 'D/E' (BBK),
'D/E' (BAPB) and 'E' (BPB).  The Outlooks on the three banks are
Stable.

The upgrade of the Long-term and Short-term ratings reflects
Fitch's greater level of comfort with regard to the propensity
of the Belarusian authorities to support the banks in case of
need, following further consultations with, and representations
from, the authorities.  However, the weak state of government
finances imposes limitations on their ability to provide
support, and therefore the probability of it being forthcoming.
Upside potential for the Long-term and Short-term ratings of the
three banks could result from an improvement in Belarus' credit
standing.  Downside risk would arise from a deterioration of the
sovereign's credit position, or evidence that the state, whose
propensity to support the banks in time of stress has not
recently been tested, would not be prepared to provide the
necessary support in a timely manner.

BBK's Individual rating reflects the bank's weak capitalization
and profitability, potentially vulnerable liquidity and
susceptibility to state interference.  However, it also
considers the bank's significant franchise, relatively
diversified balance sheet and limited trading risk.  A
substantial improvement of capitalization and performance would
be important positive factors for BBK's stand-alone credit
strength; deterioration in capitalization or asset quality could
put downward pressure on the Individual rating.

BAPB's Individual rating reflects very high levels of credit
risk, very weak performance and potentially vulnerable
liquidity.  It also considers the bank's significant equity
base, which provides a buffer to absorb potential losses.
However, Fitch notes that capital ratios have fallen during the
last two years, and a marked reduction in IFRS/BIS ratios based
on end-2005 accounts could put significant downward pressure on
the Individual rating.

BPB's Individual rating reflects the bank's weak capitalization,
potentially substantial asset-liability mismatches and
concentrated loan book.  At the same time, it also considers the
bank's limited trading risk.  A substantial improvement of
capitalization and performance would be important positive
factors for BPB's standalone credit strength.

BBK is the largest bank in Belarus and is 99.8%-owned by the
state.  It dominates the Belarusian retail market, with around a
60% share of retail deposits.

BAPB is the second largest bank in Belarus and is 98% state-
owned, with a heavy focus on the agricultural sector and lending
under government programs.

BPB is the fourth largest bank in the country and is 77%-owned
by the state.  Historically, it has serviced the manufacturing
sector, although in the last three years has developed retail
franchise.  In addition to its existing operations, BPB is
likely to be granted state export-import bank status in 2006.


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


B. P. T. GMBH: Wuppertal Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The District Court of Wuppertal opened bankruptcy proceedings
against B. P. T. GmbH on Jan. 25.  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 Johannes
Koepsell.

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 10:00 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:  B. P. T. GmbH
          Schaberger Str. 40, 42659 Solingen
          Contact:
          Antonius Jakob Petrus Bakker, Manager

          Johannes Koepsell, Administrator
          Morianstrasse 3, 42103 Wuppertal


CORONET KONIG: Creditors' Meeting Set on April 11
-------------------------------------------------
The District Court of Darmstadt opened bankruptcy proceedings
against CORONET Konig & Boschke GmbH on Jan. 20.  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 Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Darmstadt, Saal 14, 1. OG,
Geb„ude D, Mathildenplatz 15, 64283 Darmstadt, at 11:00 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:  CORONET KONIG & BOSCHKE GmbH
          Engerstrasse 5, 32051 Herford
          Contact:
          Dieter Titze, Manager
          Buchenstrasse 22, 87700 Memmingen

          Tobias Hoefer, Administrator
          Soldnerstr. 2, 68219 Mannheim
          Tel: 0621/87708-0
          Fax: 0621/8770820


DOBA BAUUNTERNEHMUNG: Claims Registration Ends Feb. 22
------------------------------------------------------
The District Court of Dortmund opened bankruptcy proceedings
against DOBA Bauunternehmung und Baustoffhandel GmbH on Jan. 20.
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 Dr. Sabine Aldermann.

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 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:  DOBA BAUUNTERNEHMUNG UND BAUSTOFFHANDEL GmbH
          Baroper Str. 292, 44227 Dortmund
          Contact:
          Olav Hocker, Manager

          Dr. Sabine Aldermann, Administrator
          Landgrafenstr. 2 a, 44139 Dortmund
          Tel: 0231-8808390
          Fax: 0231-88083922


ENTEC UMWELTTECHNIK: Potsdam Court to Verify Claims on April 19
---------------------------------------------------------------
The District Court of Potsdam opened bankruptcy proceedings
against ENTEC Umwelttechnik GmbH on Jan. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 24, 2006, to register their
claims with court-appointed provisional administrator Sebastian
Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Potsdam, Nebenstelle
Lindenstrasse 6, 14467 Potsdam, Saal 301, at 10:00 a.m. on April
19, 2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  ENTEC UMWELTTECHNIK GmbH
          Paul-Jerchel-Strasse, 14641 Nauen

          Sebastian Laboga, Administrator
          Einemstrasse 24, 10785 Berlin
          Web: http://www.Kuebler-gbr.de/


KAMPS AG: Fitch Lowers Senior Unsecured Rating to B-
----------------------------------------------------
Fitch Ratings downgraded German bakery company Kamps AG's Issuer
Default and senior unsecured ratings to B- from BB- and removed
them from Rating Watch Negative.  A negative Outlook is
assigned.  Fitch's B-/RR4 senior unsecured and Recovery ratings
apply to Kamps' EUR325 million bond due 2009.

This rating action, which resolves the Rating Watch Negative
assigned in September 2005, follows meetings by Fitch with
management of both Kamps and its majority shareholder, Barilla
Holding S.p.A. of Italy.

Fitch considers that the challenges ahead for a turnaround of
Kamps continue to be significant.  While encouraging results
have been achieved so far in cost cutting, and the bakery unit
is finally generating positive like-for-like sales growth, re-
instating profitable volume growth at Kamps' packaged bread unit
after a significant downsizing of sales with a key customer in
FY04.

Fitch notes that investment in a re-launch of the two Lieker
Urkorn and Golden Toast brands will also absorb resources, as
will the opening of new stores at the group's retail bakery
chain.  Additionally, a higher concentration of sales to a small
number of German retailers constitutes a vulnerable exposure
given the currently subdued consumer environment in Germany.

Kamps will publish its FY05 figures in April 2006, but on the
back of the September 2005 profit warning Fitch expects FY05's
figures to confirm a similar pace of deterioration compared with
FY04, when EBITDA from continuing operations shrank 20% to
EUR102 million.

Fitch expects FY06 to be another year of negative cash flow.
Thanks to financing provided on a senior unsecured pari passu
basis by Barilla, the company should be able to avoid a
liquidity crisis.

However, the resources drained by the ongoing turnaround plan in
the midst of a difficult German market are far too much for
Kamps to be able, by FYE09 when its EUR325 million bond matures,
to generate enough cash flow to repay this debt obligation from
its own resources.

While a re-capitalization by the shareholders cannot be
excluded, the disposal of more of Kamps' assets is, in Fitch's
opinion, a highly probable event, thus further shrinking the
company.

Fitch continues to view Kamps as legally and operationally
distinct from its shareholders.  Yet, since it was taken over in
FY02, Kamps has benefited from significant support from its
current shareholders: the Italian bakery group Barilla and the
financial investors led by Banca Popolare Italiana.

Barilla, which fully consolidates Kamps into its financial
reports, closely monitors its operations and has seconded some
of its management to Kamps.  In addition to the EUR1 billion
initial investment, continued financial contributions by Barilla
and its partners to support Kamps have included over EUR400
million to buy assets from, and EUR50 million of lending to, the
company.

This has enabled Kamps to reduce its net debt position to an
estimated EUR360 million at FYE05 from EUR800 million at FYE02
despite an aggregated cash burn of EUR120 million.

While Kamps should remain for Barilla a cornerstone of its
international strategy, Fitch considers that the financial
investors would actually prefer to exit their investment.

While this is currently not possible due to a shareholder
agreement between them and Barilla, Fitch is concerned that the
two parties may in the future be more cautious in providing
further support towards Kamps.


KAPITAL & ANLAGE: Regensburg Court Calls in Administrator
---------------------------------------------------------
The District Court of Regensburg opened bankruptcy proceedings
against Kapital & Anlage Gesellschaft fuer den Vertrieb und die
Verwertung von Haus- und Grundbesitz mbH on Jan. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 23, 2006,
to register their claims with court-appointed provisional
administrator Dr. Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Regensburg, 105,
Augustenstr 5, at 10:00 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:  KAPITAL & ANLAGE GESELLSCHAFT FUER DEN VERTRIEB UND
          DIE VERWERTUNG VON HAUS- UND GRUNDBESITZ mbH
          Kaadener Str. 2b in 93073 Neutraubling

          Dr. Hubert Ampferl, Administrator
          Kumpfmuehler Str. 30, 93051 Regenburg
          Tel: 0941/2807370
          Fax: 0941/2807379


MALERBETRIEB SCHERER: Pirmasens Firm Under Administration
---------------------------------------------------------
The District Court of Pirmasens opened bankruptcy proceedings
against Malerbetrieb Scherer GmbH on Jan. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 15, 2006, to register their
claims with court-appointed provisional administrator Anja
Kadner.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Pirmasens, Zimmer 20,
Bahnhofstrasse 22-26, 66953 Pirmasens, at 11:00 p.m., on March
31, 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:  MALERBETRIEB SCHERER GmbH
          Tannenstrasse 5, 66987 Thaleischweiler-Froschen
          Contact:
          Barbara Scherer, Manager

          Anja Kadner, Administrator
          Lothringer Strasse 64, 66955 Pirmasens
          Phone: 06331/21120
          Fax: 06331/211250


PLAN BAU: Proofs of Claim Due Feb. 28
-------------------------------------
The District Court of Neuruppin opened bankruptcy proceedings
against PLAN Bau GmbH on Jan. 12.  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 Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Neuruppin, Karl-Marx-
Strasse 18a, 16816 Neuruppin, Saal 325, at 9:30 a.m., on March
30, 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:  PLAN BAU GmbH
          Contact:
          Frau Diana Jubert, Manager

          Susanne Mueller, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


PROJEKT CONSULT: Court-Appointed Administrator Takes Over
---------------------------------------------------------
The District Court of Darmstadt opened bankruptcy proceedings
against Projekt Consult I+B Unternehmensberatung GmbH on Jan.
19.  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 Olaf Suehrer.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Darmstadt, Zimmer 4-308, 4.
OG, Gebaude D, Mathildenplatz 15, 64283 Darmstadt, at 9:00 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:  PROJEKT CONSULT I+B UNTERNEHMENSBERATUNG GmbH
          Nordenstrasse 2, 64546 Morfelden-Walldorf
          Contact:
          Bernd Korner, Manager

          Olaf Suehrer, Administrator
          Steubenplatz 12, 64293 Darmstadt
          Tel: 06151/136270
          Fax: 06151/1362729


REIFEN WEISS: Creditors to Meet on April 4
------------------------------------------
The District Court of Bochum opened bankruptcy proceedings
against Reifen Weiss oHG on Jan. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 21, 2006, to register their claims
with court-appointed provisional administrator Udo Claes-
Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bochum, Hauptstelle,
Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at 8:30
a.m., on April 4, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and/or opt to appoint a new insolvency
manager.

CONTACT:  REIFEN WEISS oHG
          Bahnhofstr. 134, 45701 Herten
          Contact:
          Udo Beermann, Manager
          Sedanstr. 67, 45699 Herten
          Andreas Weeke, Manager
          Nimrodstr. 55, 45699 Herten

          Udo Claes-Hellmich, Administrator
          Bahnhofstrasse 46, 45879 Gelsenkirchen
          Tel: (0209) 1 55 34 90
          Fax: (02 09) 177952988


SAGEWERK & HOLZBAU: Bankruptcy Process Begins in Chemnitz
---------------------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against Sagewerk & Holzbau Kunz GmbH on Jan. 16.  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 Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Chemnitz, Saal 27, im
Gerichtsgebaude Fuerstenstrasse 21, in Chemnitz, at 9:30 a.m.,
on March 20, 2006, at which time the administrator will present
his first report on the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  SAGEWERK & HOLZBAU KUNZ GmbH
          Alte Gruenauer Strasse/Gewerbegebiet
          08134 Wildenfels
          Contact:
          Karl-Heinz Kunz, Manager

          Bernward Widera, Administrator
          Buettenstrasse 4, 08058 Zwickau
          E-mail: widera@zwickau-net.de


VOLKSWAGEN AG: Earnings Level Still 'Unsatisfactory'
----------------------------------------------------
Volkswagen AG released its 2005 consolidated financial
statements.  The company's Annual Press Conference will be on
March 7, while the International Investor Conference is set on
March 8 in Wolfsburg.

Highlights

  (a) Volkswagen Group 2005 earnings improvement attributable
      primarily to ForMotion program, but earnings level still
      unsatisfactory;

  (b) Volkswagen Passenger Car results only just above
      breakeven;

  (c) Audi reports significant increase in earnings;

  (d) Continued strong earnings at Financial Services Division;

  (e) Board of Management proposes slight increase in dividend;

  (f) Deliveries to customers increased by 3.2% to 5.24 million
      vehicles;

  (g) Operating profit before special items at around EUR3.1
      billion, Automotive Division operating profit at around
      EUR1.9 billion;

  (h) At a positive EUR2.4 billion, net cash flow in the
      Automotive Division continues to grow;

  (i) Automotive Division net liquidity improves to a positive
      EUR0.7 billion; and

  (j) ForMotion program contributes EUR 3.5 billion to earnings
      improvement.


January-December                   2005      2004*)      +/- (%)

Volkswagen Group:

Deliveries
to customers          '000 units   5,243       5,079      + 3.2

Production            '000 units   5,219       5,093      + 2.5

Employees              Dec. 31   344,902     342,502      + 0.7

Sales revenue        EUR million  95,268      88,963      + 7.1

Operating profit before
special items       EUR million   3,143       2,037      + 54.3

Special items        EUR million     351         395      - 11.1

Operating profit after
special items       EUR million   2,792       1,642      + 70.0

Profit before tax    EUR million   1,722       1,088      + 58.2

Income tax expense   EUR million     602         391      + 54.0

Profit after tax     EUR million   1,120         697      + 60.7

Minority interests   EUR million       0           4           x

Profit attributable to
shareholders of
Volkswagen AG       EUR million   1,120         693      + 61.5

Earnings per share

- Ordinary shares   EUR            2.90        1.79      + 62.0

- Preferred shares  EUR            2.96        1.85      + 60.0

Automotive Division:

Cash flows from
investing activities EUR million   5,721       7,046      - 18.8

Net cash flow        EUR million   2,391       1,835      + 30.3

Net liquidity        EUR million     706     - 1,912           x


Volkswagen AG:

Profit after tax     EUR million     741         505      + 46.6

Proposed dividend:

Dividend

- per ordinary share  EUR           1.15        1.05

- per preferred share EUR           1.21        1.11

   *  *  *
*) Presentation and measurement changes due to the amendments
to IAS 19 and 32 resulted in the following restatements of
prior-period amounts:

1. Actuarial gains and losses from pension liabilities are now
recognized directly in equity; reversal of their recognition in
profit and loss in the previous year increased 2004 earnings by
EUR22 million.

2. Minority interests in partnerships have been measured at fair
value and reclassified as liabilities.  This re measurement
reduced the 2004 financial result by EUR33 million.

The Board of Management intends to exercise the authorization
agreed by the Annual General Meeting of Volkswagen AG and to
retire all of the 41.7 million treasury shares held by
Volkswagen AG without a further resolution by the Annual General
Meeting.  At the next meeting of the Supervisory Board on Feb.
24, 2006, the Board of Management will seek the consent of the
Supervisory Board required to retire these shares.

In addition, the Volkswagen Group intends to repurchase bonds
issued by the Automotive Division up to EUR2 billion.
Volkswagen has had ample cash reserves for some time, and its
liquidity has recently been further reinforced by the
increasingly positive net cash flow at the Automotive Division.

In addition to the high cash reserves, the Group has confirmed
and unconfirmed credit lines running into the tens of billions
of euros. This is the background to the plans to optimize the
Group's liquidity position and reduce its cost.

In order to improve the fully unsatisfactory level of
profitability of the Volkswagen Passenger Car brand, the Board
of Management of Volkswagen AG has prepared a thorough
restructuring program.

The key points of this program are:

  (a) productivity deficits, in particular in the car assembly
      plants, to be eliminated;

  (b) a reorganization of the component manufacturing business;

  (c) more competitive labor costs; and

  (d) full capacity utilization of the plants to be achieved,
      including by adjusting capacity.

In the next three years up to 20,000 direct and indirect
employees within the Volkswagen Passenger Car brand could be
effected by this restructuring program.

Sales revenue of the Volkswagen Group will improve slightly in
2006 versus 2005.  Above all the measures taken within the
ForMotion plus program to reduce material costs and optimize the
manufacturing process will contribute to an improvement in the
operating result before special items in 2006 over 2005.

                        About the Company

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

                        *     *     *

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

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

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


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


ALITALIA SPA: Passenger Traffic Up in 2005
------------------------------------------
Flag carrier Alitalia S.p.A. flew more passengers last year
despite the series of strikes launched by its disgruntled
employees, Reuters says.

Chief Executive Giancarlo Cimoli revealed that Alitalia carried
around 24 million passengers in 2005, 2 million more than in
2004.  Mr. Cimoli added the rate of increase in passenger
traffic, around 9%, is even higher than major international
competitors in Europe during January to September.

Mr. Cimoli attributed the growth to the carrier's ongoing
restructuring.  He, however, warned that Alitalia's progress
could be jeopardized if workers continue their strike against
the ailing carrier.

In an interview with Famiglia Cristiana, Mr. Cimoli reiterated a
profit forecasts this year.  The chief executive said Alitalia
posted around EUR100 million in losses for the first nine months
of 2005, but refused to reveal the carrier's full-year earnings.

The chief executive likewise criticized employees who launched
wildcat strikes in January.  He said the strikes cost Alitalia
around EUR80 million in lost revenues.

"Most of our personnel in fact criticized the initiative which
not only created problems for clients, but also caused us
notable economic damage," Mr. Cimoli said.

Mr. Cimoli asked the workers to end the unrest, saying
"otherwise there's a risk of destroying what we have built until
now with hard work."


                        Bankruptcy Threat

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

                         About Alitalia

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


BANCA IFIS: Fitch Lifts Individual Rating to C
----------------------------------------------
Fitch Ratings upgraded Italy-based Banca IFIS' ratings to Long-
term BBB- from BB+, Short-term F3 from B and Individual C from
C/D.  At the same time, the bank's Support rating is at 5 and
the Outlook is Stable.

The upgrades of the Long-term, Short-term and Individual ratings
reflect Banca IFIS' strengthened capital base following the
successful issue of fresh capital during Q405.  Following the
capital increase in Q405, Banca IFIS' total equity reached
around EUR100 million at end-2005, up from EUR60 million at end-
June 2005.

The upgrades also consider the bank's good record in managing
fast growth while generating sound profit and maintaining asset
quality.  However, Fitch notes that the bank's ratings remain
constrained by its relatively small size and by its operations
as a niche-factoring bank, which limits income diversification
and makes the bank potentially vulnerable to increasing
competition.

In addition, Fitch considers the bank's expansion to date
managed prudently, but notes that the fast pace of growth, which
will increasingly include growth outside Italy, could give rise
to operational and business risks.

Banca IFIS is a small bank providing factoring services to
predominantly Italian small- and medium-sized companies.  Based
in Mestre in north-east Italy, Banca IFIS has operated as a bank
since Jan.1, 2002, and has since expanded its activities at a
rapid pace.

The bank considers factoring as an alternative means of
providing financing to its clients, which reduces the bank's
credit risk exposure given the collateralized nature of this
type of lending.  The bank has demonstrated a good performance
record, generating an annualized return on equity of just under
25% in the first three quarters of 2005.


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


ABSOLUTE TRUST: Sets Proofs of Claim Deadline
---------------------------------------------
LLC Absolute Trust Company has declared insolvency.  Proofs of
claim will be accepted at Almaty, Dostyk ave. 85a until February
28, 2006.

CONTACT:  ABSOLUTE TRUST COMPANY
          Almaty, Dostyk ave., 85a


COMPANY OTK: Succumbs to Insolvency
-----------------------------------
LLC Company OTK has declared insolvency.  Proofs of claim will
be accepted at Almaty, Mametova Str. 18 until February 28, 2006.

The company can be contacted at 8 (3272) 33-90-28.


ICMEP: Declares Insolvency
--------------------------
LLC Engineering Plant Icmep has declared insolvency.  Proofs of
claim will be accepted at Astana, Almaty district, Liteinaya
Str. 1 until February 28, 2006.

CONTACT:  ICMEP
          Astana, Almaty district,
          Liteinaya Str. 1


IMS-GROUP: Gives Creditors Until End of the Month to File Claims
----------------------------------------------------------------
LLC IMS-Group has declared insolvency.  Proofs of claim will be
accepted at Almaty, Dostyk ave. 85a until February 28, 2006.

CONTACT:  IMS-GROUP
          Almaty, Dostyk Ave. 85a


JAZIRA-LEATHER: Creditors' Claims Due Later This Month
------------------------------------------------------
LLC Jazira-Leather Group has declared insolvency.  Proofs of
claim will be accepted at Almaty, Polejayev Str. 30a, office 29
until February 28, 2006.

CONTACT:  JAZIRA-LEATHER GROUP
          Almaty, Polejayev Str. 30a,
          Office 29


KAZAKH BANKS: S&P Raises Long-Term Ratings; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and certificate of deposit ratings on three
banks in the Republic of Kazakhstan (foreign currency, BBB-
/Stable/A-3; local currency, BBB/Stable/A-3) due to a greater
weighting of potential government support in the banks'
creditworthiness.  The three banks affected are:

(a) Kazkommertsbank (JSC) (raised to BB+ from BB);

(b) Bank TuranAlem (raised to BB from BB-); and

(c) Halyk Savings Bank of Kazakhstan (raised to BB from BB-).

At the same time, Standard & Poor's affirmed the 'B' short-term
ratings on the three banks.  The outlook on the long-term
ratings on the banks is stable.

Following today's rating actions, these three Kazakh commercial
banks have counterparty credit ratings that are one notch higher
than their respective stand-alone ratings that exclude this
potential extraordinary government support.  Standard & Poor's
views these three banks as systemically important.  The rating
differentials between the three banks reflect differences in
their commercial and financial risk profiles.

"The upgrades reflect our opinion that the government of
Kazakhstan would likely provide extraordinary assistance to the
systemically important banks in the country in the event that
these banks encounter distress," said Standard & Poor's credit
analyst Magar Kouyoumdjian.

Extraordinary government support refers to specific actions--
recapitalization, liquidity support, or the purchase of problem
assets at below market prices--that would prevent banks,
including private sector banks, from failing.

Potential government support for systemically important banks in
Kazakhstan is likely, but not assured.  This reflects the
dominant role of at least the three largest banks in financing
the country's economy as well as serving the population, and the
protective regulatory policies concerning the banking sector.

Most of the banking system in Kazakhstan is privately owned,
which implies limited government interference in their
strategies.  On the negative side, there are political
considerations and the bank has a nontransparent ownership
structure.

The country's strong fiscal stance--largely driven by high oil
prices--provides the authorities with the financial capacity to
provide exceptional support to the banking sector. Furthermore,
we consider that the Kazakh authorities are strongly committed
to maintaining a stable financial system.  It should be
emphasized, however, that Standard & Poor's does not assume that
the government will support all distressed banks under any
circumstances, as support has been selective and more
forthcoming to larger and more systemically important banks.

Specific past actions in support of troubled banks have gone
beyond the liquidity facilities that central banks would
typically be expected to offer in their role as lender of last
resort.  In the past, they have demonstrated a willingness to
intervene to rescue distressed financial institutions.  Since
the end of communism in 1991, the Kazakh government has
intervened and rescued several banks during the frequent
turbulent periods among Kazakh banks.  Nonetheless, the recent
experience with troubled midsize bank Nauris-bank--which failed
in 2005--shows that the Kazakh authorities will allow banks that
are not systemically important to fail.

Ratings List
                              To                 From
Kazkommertsbank (JSC)
Counterparty credit rating
                           BB+/Stable/B       BB/Stable/B
Certificates of deposit
                           BB+/B              BB/B

Bank TuranAlem
Counterparty credit rating
                           BB/Stable/B        BB-/Positive/B
Certificates of deposit
                           BB/B               BB-/B

Halyk Savings Bank of Kazakhstan
Counterparty credit rating
                          BB/Stable/B        BB-/Stable/B
Certificates of deposit
                          BB/B               BB-/B

N.B.: This list does not include all ratings affected.


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


ROYAL SHELL: Cancels 600,000 'A' Shares in Buyback
--------------------------------------------------
Royal Dutch Shell PLC bought 400,000 'A' Shares for cancellation
at EUR26.28 per share on Feb.10.  It further purchased 200,000
'A' Shares for cancellation at 1,800.55 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell PLC will be 3,921,562,974.

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
===========


BANK SAINT-PETERSBURG: Moody's Revises Outlook to Positive
----------------------------------------------------------
Moody's Investors Service has changed the outlook on Bank St.
Petersburg's B1 long-term foreign currency deposit rating and E+
Financial Strength Rating (FSR) to positive from stable.

The outlook on the bank's Not-Prime short-term deposit rating
remains unchanged at stable.

According to Moody's, the outlook change reflects:

  (i) The entry of committed strategic shareholders with a 30%
      stake in 2005 and associated changes to the supervisory
      board, which should better facilitate the bank's future
      institutional development;

(ii) The bank's strengthening positions in its home market;

(iii) Good financial fundamentals uncompromised by the very
      rapid pace of growth;

(iv) The bank's eventual disposal of its investment in a
      protracted hotel construction project that in the past
      diverted considerable management attention from core
      activities; and

  (v) An overall improvement in the bank's operating
      environment.

However, Moody's notes that Bank St. Petersburg's loan
portfolio, in addition to the rapid pace of growth, continues to
display high single-name and sectoral concentrations.  More
specifically, as of 30 September 2005 the bank's exposures to 17
borrowers exceeded 10% of its shareholders' funds, while
construction and real estate loans accounted for 23.2% and 11.4%
of the total portfolio, respectively.  Coupled with the regional
focus of the bank's portfolio, these concentrations potentially
heighten the bank's credit and liquidity risk under adverse
scenarios.

Although these concentration levels are compatible with the
current B1/E+ ratings and their corresponding positive outlook,
greater sectoral and geographical diversification would be
essential for the bank to attain higher ratings.  Bank St.
Petersburg's future ratings direction will also depend on

  (i) Its ability to diversify its business activities and
      revenue streams and grow its earnings while cutting its
      reliance on the level of net interest margins;

(ii) Its ability to withstand the rising competition;

(iii) Continued capital support from the bank's shareholders to
      fuel its rapid balance sheet growth; and

(iv) maintenance of its currently strong financial
      fundamentals.

Bank St. Petersburg is headquartered in St. Petersburg, Russian
Federation, and reported total assets of RUB26.2 billion (US$920
million) under IFRS (reviewed by the auditors) as of Sept. 20,
2005.  It became the largest privately held bank in St.
Petersburg following the recent takeover of Industry &
Construction Bank (Baa2/Prime-2/D-/stable) by state-owned
Vneshtorgbank (Baa2/Prime-2/D-/stable) and a period of high
double-digit growth during the first nine months of 2005.


BELOGODSKAYA: Confectionery Shop Succumbs to Bankruptcy
-------------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Belogodskaya (TIN 2804002696) after finding
the confectionery shop insolvent.  The case is docketed as AO4-
4445/05-17/165 "B".  Ms. I. Lagutina has been appointed
insolvency manager.  Creditors have until March 14, 2006, to
submit their proofs of claim to 675000, Russia, Amur region,
Blagoveshensk, Shimanovskogo Str. 46/2.

CONTACT:  BELOGODSKAYA
          Russia, Amur region,
          Belogorsk, Kirova Str. 71

          I. LAGUTINA
          Insolvency Manager
          675000, Russia, Amur region,
          Blagoveshensk, Shimanovskogo Str. 46/2


COMPLECT-STROY-MONTAGE: Claims Filing Period Ends March 14
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Complect-Stroy-Montage (TIN
5252013303) after finding the close joint stock company
insolvent.  The case is docketed as A43-14511/2005-24-262.  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:  COMPLECT-STROY-MONTAGE
          Russia, Nizhniy Novgorod region,
          Pavlovo, Vokzalnaya Str. 80

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


DAIRY BOROVINSKIY: Bankruptcy Hearing Set Today
-----------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision on open joint stock company Dairy Borovinskiy.  The
case is docketed as A-70-8142/3-2005.  Ms. G. Andreeva has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Tyumen
region, Tobolsk, 9-5, "B"-5.  A hearing will take place on Feb.
14, 2006, 10:20 a.m.

CONTACT:  DAIRY BOROVINSKIY
          442508, Russia, Tyumen region, Kuznetskiy region,
          Evlshevo, Kuznetskaya Str. 2

          G. ANDREEVA
          Temporary Insolvency Manager
          Russia, Tyumen region,
          Tobolsk, 9-5, "B"-5


GEORGIEVSKOYE: Deadline for Proofs of Claim Set Next Week
---------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision on close joint stock company
Georgievskoye.  The case is docketed as A33-28829/2005.  Mr. A.
Gantimurov has been appointed temporary insolvency manager.

Creditors have until Feb. 21, 2006 to submit their proofs of
claim to:

(a) GEORGIEVSKOYE
    Russia, Krasnoyarsk region, Georgievka

(b) A. GANTIMUROV
    Temporary Insolvency Manager
    660075, Russia, Krasnoyarsk region,
    Post User Box 2411

(c) ARBITRATION COURT OF KRASNOYARSK REGION
    660021, Russia, Krasnoyarsk region,
    Lenina Str. 143


INVEST-SIB-COAL: Kemerovo Court Brings in Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision on open joint stock company Invest-Sib-
Coal.  The case is docketed as A27-42615/2005-4.  Mr. G. Tretyak
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 650099, Russia,
Kemerovo region, N. Ostrovskogo Str. 32, Room 502.  A hearing
will take place on April 19, 2006.

CONTACT:  INVEST-SIB-COAL
          Russia, Kemerovo region,
          Pionerskiy Avenue, 4A

          G. TRETYAK
          Temporary Insolvency Manager
          650099, Russia, Kemerovo region,
          N. Ostrovskogo Str. 32, Room 502


KRASNOUFIMSKAYA: Assets for Public Auction Tomorrow
---------------------------------------------------
The bidding organizer of open joint stock company
Krasnoufimskaya will sell its property worth RUB2,259,000
inclusive of VAT on Feb. 15, 2006, 4 p.m. (local time).  The
public auction will take place at Russia, Ekaterinburg region,
Cherkasskaya Str. 10.

The list of documentary requirements is available at Russia,
Ekaterinburg, Cherkasskaya Str. 10.  To participate, bidders
must deposit an amount equivalent to 20% of the starting price
to the settlement account 40702810300010000667 in
Ekaterinburgskiy branch of bank Vyatich (OJSC) Ekaterinburg,
correspondent account 301018100000000933, BIC 046568933.

CONTACT:  KRASNOUFIMSKAYA
          Russia, Sverdlovsk region,
          Krasnoufimsk region, Lesozavodskaya Str. 13-15

          LLC URALSKIY CENTRE OF AUCTION ORGANIZATION
          Bidding Organizer
          Russia, Ekaterinburg,
          Cherkasskaya Str. 10
          Tel: (343) 234-28-37


OAO NOVATEK: Moody's Assigns Ba2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has assigned a Ba2 Corporate Family
Rating to OAO Novatek (Novatek).  The outlook is stable.

Concurrently, Moody's Interfax Rating Agency has assigned a
Aa2.ru long term National Scale Rating (NSR) to the company.
Moscow-based Moody's Interfax is majority-owned by Moody's
Investors Service, a leading global rating agency.  This is the
first time that Moody's Investors Service has assigned credit
ratings to Novatek.

According to Moody's and Moody's Interfax, the Ba2 global scale
Corporate Family Rating reflects Novatek's global default and
loss expectation, while the Aa2.ru NSR reflects the standing of
Novatek's credit quality relative to its domestic peers.

Summary of Rating Rationale

Moody's states that Novatek's ratings reflect:

  (1) The group's substantial reserves, primarily natural gas;

  (2) Very high operating and capital efficiency;

  (3) Limited exposure to commodity price risk given low prices
      of domestic Russian gas;

  (4) Strong growth prospects from increasing domestic demand
      and tighter supply;

  (5) Novatek's clear and transparent group structure;

  (6) The company's well-articulated and prudent financial
      policies; and

  (7) Moody's expectation that Novatek will maintain a robust
      financial profile going forward.

At the same time, Moody's adds that Novatek's ratings are
currently constrained by:

  (1) The group's high dependence on majority state-owned OJSC
      Gazprom for pipeline access;

  (2) The effective control of the Russian gas sector by
      Gazprom;

  (3) Ongoing project and execution risk related to Novatek's
      high level of undeveloped reserves;

  (4) A certain degree of customer concentration risk and (5)
      wider geopolitical risks from operating solely in Russia.

Detailed Rating Rationale

Novatek's ratings benefit from the significant scale associated
with its reserve and production base, which position Novatek
amongst the world's largest exploration & production (E&P)
companies.  Furthermore, Novatek's high operating and capital
efficiency enable it to produce solid margins despite Russia's
domestic gas prices being kept significantly below international
averages, which in turn limits Novatek's risk exposure to
volatile world crude oil prices.  Consequently, Moody's believes
that Novatek will be able to benefit from gradually rising
domestic prices, which should be able to compensate for any cost
inflation, and particularly as far as transport tariffs are
concerned, which are outside the control of the company.

Novatek's ratings are also supported by the growing demand for
natural gas in Russia, which faces increasingly tight supply due
to Gazprom's focus on export markets and liquefied natural gas
(LNG).  Moody's believes that this growing gap between domestic
supply and demand will be filled increasingly by independent
domestically focused gas companies.  Finally, Moody's adds that
Novatek's ratings benefit from the group's clear and transparent
group structure, strong corporate governance and relatively low
privatisation risk, given that the group's core operating
assets, which it fully owns, are all green-field operations.

Moody's also states that Novatek's ratings are constrained by
both fundamental risk factors and geopolitical influences, the
latter of which presently limit Novatek's Ba2 rating by several
notches below the company's fundamentally investment-grade
credit profile.  Overall, ratings are constrained by Novatek's
high dependence on Gazprom, which holds the monopoly for gas
transportation and exports.  While Gazprom must ensure third-
party access to the giant Unified Gas Supply System (UGSS), this
is subject to the availability of capacity, which necessitates
close co-ordination of Novatek's activities with Gazprom.

Moody's adds that this risk is in large part mitigated by
Novatek's cooperative working relationship with Gazprom over the
past decade, and the benefits available to Gazprom from the
presence of a reliable domestic partner, which allows Gazprom to
focus its strategic attention on profitable exports.  At the
same time, Moody's would require evidence of continued unimpeded
operations under more attractive domestic pricing conditions
before Novatek's ratings could be raised closer to the company's
fundamental credit quality.  Ratings are also constrained by
Novatek's high proportion of undeveloped reserves, which will
require increased capital investments to come on stream, as well
as some customer concentration risk, given that Novatek sells
close to 60% of its gas to five key customers, most of which on
short term contracts.

Rating Outlook

Novatek's ratings are stable.  To support the ratings, Moody's
expects the company to produce growing positive free cash flow
going forward, thereby implying that its growing capital
investments and dividends can be funded from internal cash flow
generation, while building up gradual cash balances.  Moody's
has factored some flexibility into the ratings and would expect
retained cash flow (after maintenance investments) to total debt
of at least 40% from what is expected to be at least 100% by
year-end 2005.  Accordingly, Novatek's ratings are currently
strongly positioned.  Moody's also expects Novatek to maintain
secured debt as a percentage of total debt at no more than 15%,
thereby eliminating the requirement to notch down any subsequent
senior unsecured debt from the Corporate Family Rating.

Moody's views Novatek's ratings as strongly positioned within
the Ba2 rating category, supported by the company's strong
financial metrics and favourable business fundamentals.  Ratings
could experience upward pressure over the medium term, if
Novatek is able to maintain its productive working relationship
with Gazprom consistently, even under more attractive domestic
market conditions, and upon coming closer to its 2010 production
target of 45 billion cubic meters (bcm), primarily by developing
its Yurkharovskoye field, while strongly outperforming above
financial parameters.

Moody's would also expect a larger overall number of longer-term
gas supply contracts with a somewhat more diversified customer
base before ratings could benefit.  At the same time, ratings
could come under pressure, if Novatek were repeatedly unable to
find transportation access to the UGSS for its gas or were
otherwise impaired from undertaking its operations.  Ratings
could also come under pressure, if there was a material step
change in financial policy, which would result in negative free
cash flow and consistently higher debt; nonetheless ratings do
allow for some flexibility to increase investments or for higher
shareholder returns, provided they are adopted in the context of
above mentioned financial parameters.

Issuer Background

OAO Novatek, based in Moscow, is Russia's second largest gas
company after state-controlled Gazprom, and the largest of the
country's independent gas producers.  In the first nine months
ending 30 September 2005, Novatek reported sales volumes
(including purchases) of 20.6 billion cubic meters (bcm) of
natural gas all of which is sold domestically, 1.3 million tons
(mt) of liquids (crude oil, stable gas condensates and LPG), and
560,000 tons of oil products.  Total revenues in the first three
quarters amounted to RUR28.6 billion (US$995.5 million).


REPAIR-MECHANICAL FACTORY: Declared Insolvent
---------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Repair-Mechanical Factory (TIN 7415001413)
after finding the open joint stock company insolvent.  The case
is docketed as A76-21458/05-55-118.  Mr. A. Lavrov has been
appointed insolvency manager.  Creditors have until March 14,
2006 to submit their proofs of claim to 456208, Russia,
Chelyabinsk region, Zlatoust, Post User Box 2234.

CONTACT:  REPAIR-MECHANICAL FACTORY
          456313, Russia, Chelyabinsk region,
          Miass, Sevastopolskaya Str. 1A

          A. LAVROV
          Insolvency Manager
          456208, Russia, Chelyabinsk region,
          Zlatoust, Post User Box 2234


ROS-BIO-PRODUCT: Firm Falls Into Bankruptcy
-------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Ros-Bio-Product after finding the
close joint stock company insolvent.  The case is docketed as A
43-17333/2005, 33-278.  Ms. N. Sotneva has been appointed
insolvency manager.  Creditors have until March 14, 2006 to
submit their proofs of claim to 603018, Russia, Nizhniy Novgorod
region, Post User Box 15.

CONTACT:   ROS-BIO-PRODUCT
           Russia, Nizhniy Novgorod region,
           Sarov, Silkina Str. 34

           N. SOTNEVA
           Insolvency Manager
           603018, Russia, Nizhniy Novgorod region,
           Post User Box 15


SIBACADEMBANK: Moody's Changes Ratings Outlook to Positive
----------------------------------------------------------
Moody's Investors Service has changed to positive from stable
the outlook on the B1 long-term foreign currency deposit rating
and E+ financial strength rating (FSR) of Russia's Sibacadembank
(SAB).  The 'Not-Prime' short-term rating and its stable outlook
remain unchanged.

Moody's said that the change in outlook takes into account an
improved macro-economic environment in Russia, as reflected in
the two-notch upgrade of the country's ceiling for foreign-
currency bank deposits to Baa2 from Ba1 in October 2005.  The
structural weaknesses of the Russian banking system continue to
be important factors affecting bank ratings; however, they do
not constrain SAB's ratings at their current level.

The positive outlook also reflects SAB's strengthened ownership
structure, following the US$40 million share issue in December
2005, as a result of which the European Bank for Reconstruction
and Development (EBRD, rated Aaa) has become the largest
shareholder with a 28.44% equity stake, and the overall share of
foreign ownership in the bank has increased to 45.62%.

Since the first-time ratings were assigned to SAB in February
2005, the bank has established a good access to both
international and domestic capital markets, resulting in a
lengthening maturity profile of funding, which may represent a
competitive advantage in the Russian context.  SAB's
strengthening franchise (mainly through rapid growth in the SME
sector of its home region of Siberia) is an additional factor
prompting the outlook change.  In terms of total assets, SAB is
currently one of the 40 largest banks in Russia overall, and one
of the country's five largest regional banks.

Moody's cautions, however, that, notwithstanding the positive
outlook, the ratings remain constrained by the risks arising
from SAB's very rapid asset growth, which inevitably leads to
management challenges, particularly in the areas of IT, HR and
risk management.  To support SAB's planned expansion in the
high-margin retail and SME sectors, the bank's internal systems
and processes would need to be optimised.  In addition, the
bank's credit expertise in retail lending has yet to be proved,
particularly in light of the rapid increase in overdue loans to
individuals as seen during the first three quarters of 2005.
The rapid loan growth may also put pressure on the liquidity
position, which therefore requires close monitoring.  Finally,
the increasing competition from the largest local players and
foreign entrants is likely, in Moody's view, to put a strain on
the bank's performance prospects.

The B1 long-term deposit rating imputes some degree of support
from the bank's foreign shareholders.  However, Moody's notes
that the likelihood of such support is currently insufficient to
notch the rating higher than the level commensurate with SAB's
intrinsic financial strength.

SAB is headquartered in the West Siberian city of Novosibirsk,
Russian Federation, and reported (unaudited) total assets of
US$720 million and shareholders' equity of US$55 million under
IFRS as at end-September 2005.


SVOBODNENSKAYA: Furniture Company Goes Bankrupt
-----------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Svobodnenskaya after finding the furniture
company insolvent.  The case is docketed as A04-4075/05-17-156
"b".  Mr. V. Dmitriy has been appointed insolvency manager.

Creditors may submit their proofs of claim to 675450, Russia,
Amur region, Svobodmyj, 50 Let Oktyabrya Str. 33, Section 308,
Room 2.  A hearing will take place on June 15, 2006, 8:30 a.m.

CONTACT:  SVOBODNENSKAYA
          Russia, Amur region,
          Svobodnyj, Shatkovskaya Str. 84

          V. DMITRIY
          Insolvency Manager
          675450, Russia, Amur region, Svobodmyj,
          50 Let Oktyabrya Str. 33, Section 308, Room 2
          Tel: (42643) 2-60-48


ZOLOTUKHINSKIY REFINERY: Bankruptcy Hearing Set May 31
------------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision on close joint stock company Zolotukhinskiy
Refinery.  The case is docketed as A35-13961/05 "g".  Mr. P.
Naumenko has been appointed temporary insolvency manager.

Creditors have until Feb. 21, 2006 to submit their proofs of
claim to 305029, Russia, Kursk region, K. Marksa Str. 62, Room
304.  A hearing will take place on May 31, 2006, 10 a.m.

CONTACT:  ZOLOTUKHINSKIY REFINERY
          157202, Russia, Kursk region,
          Zolotukhinskiy region

          P. NAUMENKO
          Temporary Insolvency Manager
          305029, Russia, Kursk region,
          K. Marksa Str. 62, Room 304


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


SKANDIA INSURANCE: Acceptance of Old Mutual's Offer Reaches 88%
---------------------------------------------------------------
Acceptances of Old Mutual PLC's Offer for shares and votes in
Skandia Insurance Co. Ltd. are in excess of 88% on a fully
diluted basis at close of business on Feb. 9, 2006, including
those still subject to settlement and validation as "late
trades."

Following the announcement on Feb. 8, 2006, by the Swedish
Shareholders Association (Sw. Aktiespararna) advising smaller
shareholders to sell their Skandia shares, Old Mutual has
extended its Offer until a final closing date of March 14, 2006,
so as to allow time for remaining shareholders in Skandia who
wish to accept the Offer to do so.  The terms of the Offer
remain as previously announced.

Settlement in respect of valid acceptances received by Feb. 9,
2006, is expected to take place on Feb. 17, 2006, and an update
on validated acceptance levels will be provided shortly.
Settlement of valid acceptances received by March 14, 2006, is
expected to take place on March 22, 2006.

Skandia and Old Mutual will be publishing their preliminary
results for the period ended Dec. 31, 2005, on Feb. 21, 2006,
and Feb. 27, 2006, respectively.

                        About the Company

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

                         *     *     *

                         2003 Scandal

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


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


AGROPROMTRANS: Reaches Cul-de-sac
---------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on OJSC Agropromtrans (code
EDRPOU 19398471).  The case is docketed as B-15/37.  Mr. O.
Grigoruk has been appointed temporary insolvency manager.

CONTACT:  AGROPROMTRANS
          78607, Ukraine, Ivano-Frankivsk region,
          Kosiv district, Smodna

          Mr. O. Grigoruk,
          Temporary Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Kosiv, Nezalezhnosti Str. 101

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


ASKANIYA: Succumbs to Bankruptcy
--------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on Production-Commercial Firm
Askaniya (code EDRPOU 22192431).  The case is docketed as B-
15/36.  Mr. O. Grigoruk has been appointed temporary insolvency
manager.

CONTACT:  ASKANIYA
          78632, Ukraine, Ivano-Frankivsk region,
          Kosiv district, Himchin

          Mr. O. Grigoruk,
          Temporary Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Kosiv, Nezalezhnosti Str. 101

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


GALINA: Court Names Temporary Insolvency Manager
------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy supervision procedure on Production-Commercial Firm
Galina (code EDRPOU 22171877).  The case is docketed as B-15/38.
Mr. O. Grigoruk has been appointed temporary insolvency manager.

CONTACT:  GALINA
          78607, Ukraine, Ivano-Frankivsk region,
          Kosiv district, Smodna

          Mr. O. Grigoruk
          Temporary Insolvency Manager
          Ukraine, Ivano-Frankivsk region,
          Kosiv, Nezalezhnosti Str. 101

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


KORTIK: Declared Insolvent
--------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Kortik (code EDRPOU 32385646) on after
finding the private enterprise insolvent.  The case is docketed
as 15/724-b.  LLC Absolute Trade has been appointed liquidator.

CONTACT:  KORTIK
          04119, Ukraine, Kyiv region,
          Simyi Hohlovih Str. 8/701

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


METALPROM: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Metalprom (code EDRPOU 30860524) on
December 8, 2005.  The case is docketed as 24/792-b.  Mr. Yurij
Ulyanchuk has been appointed temporary insolvency manager.

CONTACT:  METALPROM
          Ukraine, Kyiv region,
          Basejna Str. 5-b

          Mr. Yurij Ulyanchuk
          Temporary Insolvency Manager
          Ukraine, Kyiv region,
          Sichnevogo Povstannya Str. 11-a/54

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


PROMIN: Bankruptcy Supervision Starts
-------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
supervision procedure on Promin (code EDRPOU 03787561).  The
case is docketed as 2/338-B.  Mr. Sergij Yevtushenko has been
appointed temporary insolvency manager.

CONTACT:  PROMIN
          30437, Ukraine, Hmelnitskij region,
          Shepetivka district, Novichi

          Mr. Sergij Yevtushenko
          Temporary Insolvency Manager
          Ukraine, Hmelnitskij region,
          Shepetivka, Gorbatuk Str. 12/102 A, B

          ECONOMIC COURT OF HMELNITSKIJ REGION
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti Square 1


SOLYARIS: Liquidator Takes Over Operations
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Private Enterprise Solyaris (code EDRPOU
313233175) after finding the limited liability company
insolvent.  The case is docketed as 15/723-b.  LLC Absolute
Trade (code EDRPOU 32372794) has been appointed liquidator.

CONTACT:  SOLYARIS
          04028, Ukraine, Kyiv region,
          Zdolbunivskij Str. 7-A

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


SPEKTR: Salo Mikola Named Insolvency Manager
--------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC Spektr (code EDRPOU 14103330) on
December 22, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-50/174-05.  Mr. Salo
Mikola has been appointed liquidator/insolvency manager.

CONTACT:  SPEKTR
          61099, Ukraine, Harkiv region,
          Lodzinska Str. 8-A

          Mr. Salo Mikola
          Liquidator/Insolvency Manager
          61107, Ukraine, Harkiv region,
          S. Cheluskina Str. 46

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square 5,


UKRPROMINVEST-AUTO: Goes Into Liquidation
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Ukrprominvest-Auto (code EDRPOU
30404064) on September 12, 2005 after finding the limited
liability company insolvent.  The case is docketed as 15/612-b.
Kyiv region' State Tax Inspection has been appointed liquidator.

CONTACT:  UKRPROMINVEST-AUTO
          01025, Ukraine, Kyiv region,
          Usenko Str. 8

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


UKREXIMBANK: Fitch Rates Sub Debt `B'
-------------------------------------
Fitch Ratings assigned Credit Suisse International's US$95
million 8.4% issue of limited recourse loan participation notes
due February 2016 with interest rate step up in February 2011 a
Long-term 'B' rating.  The notes are to be used solely for
financing a subordinated loan to The State Export-Import Bank of
Ukraine (Ukreximbank, rated Long-term foreign currency
'BB-'/Stable, Short-term 'B', Support '3', Individual 'D/E').
CSI will only pay noteholders amounts (principal and interest),
if any, received from Ukreximbank under the loan agreement.

The difference between the rating of the notes and Ukreximbank's
Long-term rating reflects Fitch's notching policy for senior and
more junior obligations, indicating the higher expected loss for
more junior debt instruments.  It also takes into account
provisions in the subordinated loan agreement, which, in
accordance with the requirements of the National Bank of
Ukraine, allow the borrower to suspend interest payments in
certain circumstances.

Although the lender's claims in relation to repayment of the
subordinated loan will be junior to those of all unsubordinated
claims and will rank at least pari passu with all other
unsecured and subordinated obligations, claims in respect to
interest payments will rank at least pari passu with the claims
of other unsubordinated borrowers, save those preferred by
relevant (bankruptcy, liquidation etc.) laws.  The interest rate
will be fixed, with a step-up five years before maturity date.
Covenants limit mergers and disposals by Ukreximbank and its
subsidiaries, as well as transactions between the bank and its
affiliates.

Ukrexim will have the right to prepay the subordinated loan five
years before maturity, or at any time if the subordinated loan
does not qualify as Tier II capital.  Noteholders will benefit
from a put option in the event of a change in control of
Ukreximbank, which is 100%-owned by the Ukrainian state
(represented by the Cabinet of Ministers of Ukraine), provided
Ukreximbank is compliant with NBU requirements.  Ukreximbank's
Long-term and Short-term ratings are driven by the moderate
potential for support from the Ukrainian state (given the
sovereign's rating of Long-term 'BB-'/Stable).

Ukreximbank was founded in 1992 and was the sixth largest
Ukrainian bank by assets at end-Q305, with a network of over 90
branches and outlets across Ukraine. In addition to its
commercial banking activities, Ukreximbank is the only Ukrainian
bank that acts as a financial agent of the Ukrainian government
in attracting and servicing international loans to Ukrainian
corporates, which are extended under state guarantee.


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


ABBEY NATIONAL: Appoints Liquidator
-----------------------------------
S. P. Coles, director of Abbey National Business Factors Ltd.
(Company Number 1013882), Abbey National Healthcare Limited
(Company Number 3249879) and The National & Provincial Building
Society Custodian Trustee Limited (Company Number 570800),
informs that the special, ordinary and extraordinary resolutions
to wind up the companies were passed at an EGM held on Jan. 31
at Abbey National House, 2 Triton Square, Regent's Place, London
NW1 3AN.  Martin Freeman was appointed liquidator

CONTACT:  GRIFFINS
          Tavistock House South
          Tavistock Square
          London WC1H 9LG
          Tel: 020 7554 9600
          Fax: 020 7554 9666
          E-mail: martin.freeman@griffins.net


BFWL LTD.: Apparel Wholesaler Calls in Administrator
----------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co. were
appointed joint administrators of BFWL Ltd. (Company Number
03470980) on Jan. 24.  Its registered office is at 144 New
Cavendish Street, London W1W 6YG.

BFWL Ltd. is previously named Boxfresh Wholesale Ltd.  It sells
clothing and footwear.

CONTACT:  BFWL LTD.
          7 Moor Street,
          London W1D 5ND
          Tel: 02072877374

          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/


COMBI (UK): Administrators Named
--------------------------------
Paul W. Ellison of Hurst Morrison Thomson CR LLP and Greg A.
Palfrey of Smith & Williamson were appointed administrators of
Combi (U.K.) Limited (Company Number 03854041) on Jan. 30.

Combi -- http://www.combiuk.com/-- is the most senior electro
mechanical maintenance and air cargo mechanical handling
equipment manufacturer and turnkey project company in the United
Kingdom.  It is the only air cargo specialist engineering
company with established airport offices and workshops at London
Heathrow Airport, the world's business airport.

CONTACT:  COMBI U.K. LTD.
          Building 7, Blackthorne Road
          Colnbrook, Slough,
          Berkshire SL3 0AP
          Tel: +44 (0) 1753 765900
          Fax: +44 (0) 1753 765901

          HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Tel: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk

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


COMMUNITY ENVIRONMENTAL: Creditors' Meeting Set Today
-----------------------------------------------------
Creditors of Community Environmental Task Team Limited (Company
Number 4158023) will meet on Feb. 14, 2006, 10:30 a.m. at
Begbies Traynor, No 1 Old Hall Street.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to D. Moore, joint administrator of Begbies Traynor,
No 1 Old Hall Street, Liverpool L3 9HF.

                            *   *   *

The Community Environmental Task Team is based on Knowsley's
Northwood and Huyton estates.  They work on the improvement of
the local environment to create new opportunities for training
and employment.

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/


COMPASS GROUP: On Track to Save GBP50 Mln Amid Restructuring
------------------------------------------------------------
Compass Group held its Annual General Meeting at the Queen
Elizabeth II Centre, London, at 11:00 a.m. on Friday.

             Update by Sir Francis Mackay, Chairman

In the first four months of the year, overall the Group is
trading in line with expectations.  Net new business (new
business less lost business) is developing as we had planned.
We are seeing good success in new contract wins and as we have
previously discussed, we are continuing to exit or renegotiate
contracts that do not meet our financial criteria.  The Group
has substantially completed the restructuring program announced
in 2005 and remains on track to deliver the targeted GBP50
million of overhead cost savings.  Tight cost control will
continue to be a central feature of the Group going forward.

Trading has remained strong in the first four months of the year
in North America, driven by new contract wins across all of the
primary business sectors.  In the U.K., the primary business
sectors are trading in line with our expectations, with the
State Education sector continuing to be the most challenging.

In Continental Europe, our management teams continue to focus on
improving client retention and tighter cost management.  The
early results of this focus are in line with our expectations.

In the Rest of the World, the planned scale back of our presence
in the Middle East military business is proceeding as
anticipated, with profits expected to be no more than GBP5
million in the full year as previously communicated.  The
remainder of the Rest of the World business has continued to
perform well in the first four months, particularly the remote
site sector in Australasia and our businesses in South America.

Sale of Travel Concessions Business

The Group announced on Sep. 28, 2005, its decision to sell its
Travel Concessions business, primarily Select Service Partner
(SSP).  We continue to see good growth in the underlying
business, particularly in Europe.  The sale process is
progressing well and we are encouraged by the level of interest.
The sale process remains on schedule for completion by mid-2006.

Management

The process to recruit a new Group Chief Executive, led by Sir
Roy Gardner and the Nominations Committee remains ongoing and we
are making good progress.

2006 Calendar

In advance of announcing the interim results on May 16, 2006,
the group will provide its customary pre-close trading update at
7:00 a.m. on March 28, 2006.

Chief Executive Michael J. Bailey said: "This is very much a
case of 'steady as she goes'.  Trading in the first four months
is in line with our expectations and we are pleased with our
performance in both winning new business and in retaining
existing contracts."

                        About the Company

Headquartered in the U.K., Compass Group PLC --
http://www.compass-group.com/-- is the world's leading
foodservice company, with 400,000 employees specializing in
providing food, vending and related services in over 90
countries, and annual revenues of GBP12 billion.

                            *  *  *

As reported by TCR-Europe on Nov. 7, Compass Group PLC had
instructed Freshfields to conduct an investigation into the
relationships between Eurest Support Services, IHC Services,
Inc. and the United Nations.   The investigation had raised
serious concerns as to whether, within ESS, there has been, in
connection with IHC and the U.N., improper conduct and a failure
to comply with the Company's statement of business principles
(which apply to all staff, whatever their seniority).

As a result, Peter Harris was dismissed, together with Andrew
Seiwert, Eurest chief executive, and a further mid-ranking
executive who was associated with U.N. contracting.  The
management of ESS was restructured.

ESS has been suspended as contractor to the U.N. after
allegations emerged it obtained confidential information before
winning a GBP35.3 million food and water deal in Liberia.  ESS
provides food and water rations to about 30,000 U.N. troops in
peacekeeping missions.

The inquiry into alleged corrupt buying practices is another
blow to Compass, which has issued three profits warning in 12
months.  The latest, on Sept. 28, warned shareholders that full-
year profit before tax, goodwill amortization and exceptional
items could fall 10% to GBP580 million.


COREDALE LIMITED: In Administrative Receivership
------------------------------------------------
HSBC Bank Plc appointed Stephen Mark Oldfield and Robert
Jonathan Hunt of PricewaterhouseCoopers LLP joint administrative
receivers of Coredale Limited (Company Number 01125662) on Feb.
1.

Headquartered in Norfolk, United Kingdom, Coredale Limited --
http://www.coredale.co.uk/-- is an independent company engaged
in retailing cars.  The company has two office branches located
at Cromer and Fakenham and employs over 60 people.  Coredale
Limited was founded in 1973.  For more details about the company
contact 01263 515503 or 01263 515510.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          The Atrium,
          St Georges Street,
          Norwich NR3 1AG


FLAXALL LIMITED: Textile Plant Closure Sends 50 People Jobless
--------------------------------------------------------------
Some 50 workers lost their jobs as Flaxall Limited shut down its
company in Co Antrim, the Business world says.

According to reports, the company can no longer compete with the
low-cost manufacturers overseas that led to a dramatic reduction
of its orders in recent months.

The company said that these workers were informed about the
situation on Feb. 9.  These job losses are the latest in a long
line of textile industry closures to hit the province in recent
years.

Headquartered in Carrickfergus, Antrim, Flaxall Limited prints,
dyes and finishes fabrics.  They have been operating in
Carrickfergus for more than 60 years.

CONTACT:  FLAXALL PRODUCTS LTD.
          Tel: 028 9335 1333


HENRY REMINGTON: Joint Liquidators Take Helm
--------------------------------------------
Henry Remington & Company Limited voluntarily liquidated its
assets after members voted to wind up of the company's
operations during an EGM held on Feb. 1 in London.

Company Director A. M. Peto disclosed that J. A. G. Alexander
and M. J. Carter of Carter Backer Winter are appointed joint
liquidators after members found out that the company cannot
continue its business due to its liabilities.

Creditors are required on or before March 31, 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 John Alfred George Alexander of Enterprise House,
21 Buckle Street, London E1 8NN.

CONTACT:  CARTER BACKER WINTER
          Enterprise House, 21 Buckle Street,
          London E1 8NN
          Tel: + 44 (0) 20 7309 3800
          Fax: + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk/


LANGBAR INTERNATIONAL: Director Stuart Pearson Steps Down
---------------------------------------------------------
Stuart Pearson resigned as executive director of the Board of
Langbar International Limited on Feb. 10.

Mr. Pearson will remain as a Consultant to the Board, continuing
to provide information and assistance to the ongoing
investigation.

Chairman David Buchler said, "It was always the intention that
Stuart would remain on the Board for a short period of time to
allow us to effect a handover.  This process is now complete."

"Having taken legal advice, Stuart will not be attending the
informal shareholders meeting today.  The focus of the meeting
will be updating shareholders on the position of the Company and
answering questions that shareholders may have," he added.

Stuart Pearson noted, "I will continue to provide assistance and
help to the Board in its investigation."

                        About the Company

Headquartered in Bermuda, Langbar International Limited --
http://www.langbar.com/-- is an independent management and
investment firm.  Formerly Crown Corporation, it was renamed
Langbar after Stuart Pearson became chief executive in June.
Langbar International operates internationally, and is listed in
London on the Alternative Investment Market of the London Stock
Exchange.  It has investments in Argentina, Canada, Russia,
Eastern Europe, Spain and Portugal.

                          Investigation

The company is under investigation for fraud in relation to the
disappearance of the firm's GBP365 million cash deposits in
Banco do Brazil in Sao Paulo.  It has replaced Spanish firm
Gironella Velasco with Deloitte as auditor.


LINWOOD DOUBLE: Appoints Begbies Traynor Administrator
------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
joint administrators of window and conservatory retailer Linwood
Double Glazing Limited (Company Number 1797720) on Jan. 25.  Its
registered office is at Buildwas Road, Neston, South Wirral CH64
3RU.

CONTACT:  LINWOOD DOUBLE GLAZING LTD.
          Buildwas Road, Clayhill Light Industrial Park,
          Neston, CH64 3RU
          Tel: 0151 336 5995

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


MORRIS SWAIN: Taps Joint Administrators from Bridgestones
---------------------------------------------------------
Robert Lochmohr Cooksey and Jonathan Guy Lord of Bridgestones
were appointed joint administrators of Morris Swain Engineering
Limited (Company Number 01600722) on Jan. 19.

Established in 1981, Morris Swain Engineering --
http://www.axiomatic-holdings.co.uk/-- has built a solid
reputation in precision engineering and high quality
fabrications.  The company is an approved contractor to the
United Kingdom MOD and has established customers in the nuclear
and defense industries, Aerospace and Railway industries and the
United Kingdom water companies.

CONTACT:  MORRIS SWAIN ENGINEERING
          55-57 Cobham Road
          Ferndown Industrial
          Wimborne, Dorset BH21 7RB
          United Kingdom
          Tel: 44 (0) 1202 865921

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


MP AUTOMATION: Hires Administrator from Kallis & Co.
----------------------------------------------------
Kikis Kallis of Kikis Kallis, Kallis & Co. was appointed
administrator of MP Automation Limited (Company Number 03507268)
on Jan. 30.  Its registered office is at Great Central Way,
Rugby, Warwickshire CV21 3XH.  The company sells industrial
plants.

CONTACT:  MP AUTOMATION LTD.
          Measure Rite, Great Central Way,
          Rugby, Warwickshire CV21 3XH
          Tel: 01788 55087

          KALLIS & CO.
          Mountview Court
          1148 High Road
          Whetstone
          London N20 0RA
          Tel: 020 8446 6699
          Fax: 020 8492 6099


PROCESSED POLYMERS: Meeting of Creditors Set Next Week
------------------------------------------------------
Creditors of Processed Polymers Limited (Company Number
04712795) will meet on Feb. 23, 2006, 11 a.m. at 78 Carlton
Place, Glasgow G5 9TH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Anne Buchanan of PKF (UK) LLP, 78 Carlton Place,
Glasgow G5 9TH not later than 12 noon, Feb. 22, 2006.

                            *   *   *

Processed Polymers -- http://www.processedpolymers.com/offers a
wide range of services like collecting waste rubber materials
from factories, processing the waste at its purpose-built
facility in the United Kingdom and returning them to the site
for re-inclusion in its compound.

CONTACT:  PROCESSED POLYMERS LTD.
          First Floor
          59-61 High Street West
          Glossop
          Derbyshire SK13 8AZ
          United Kingdom
          Tel: +44 (0) 1457 857576
          Fax: +44 (0) 1457 862207
          E-mail: sales@processedpolymers.com

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


PROOFINGS TECHNOLOGY: Calls in PKF Administrator
------------------------------------------------
Kerry Bailey and Jonathan Newell of PKF were appointed joint
administrators of Proofings Technology Limited (Company Number
03559944) on Jan. 10.

CONTACT:  PROOFINGS TECHNOLOGY LTD.
          Hare Hill Road
          Littleborough
          Rochdale OL15 9HE
          Lancashire
          Tel: 01706 372314
          Fax: 01706 370473

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


RED EARTH: Fortis Bank Appoints Menzies Corporate Receiver
----------------------------------------------------------
Fortis Bank SA-NV appointed Andrew Gordon Stoneman and Paul John
Clark of Menzies Corporate Restructuring joint administrative
receivers of Red Earth Beauty Limited (Company Number 04777579)
on Jan. 31.  The company wholesales cosmetics.

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


RED SHARK: Joint Administrators from Begbies Traynor Move In
------------------------------------------------------------
Paul Stanley and Gary Norton Lee of Begbies Traynor were
appointed joint administrators of Red Shark Technologies Limited
(Company Number 03181781) on Jan. 31.  Its registered office is
at Marlor Walls, C12 Marquis Way, Team Valley, Gateshead NE11
0RU.

CONTACT:  RED SHARK TECHNOLOGIES LIMITED
          Web site: http://www.red-shark.com/

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


SKIL CONTROLS: Liquidator from Begbies Traynor Enters Firm
----------------------------------------------------------
Members of Skil Controls Limited (Company Number 01392001)
appointed S. L. Conn of Begbies Traynor 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 Feb. 1, 2006, during an Extraordinary
General Meeting held in Lancashire.

Creditors are required on or before March 17, 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to S. L. Conn, liquidator of Begbies Traynor, Elliot
House, 151 Deansgate, Manchester M3 3BP.

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


SPEYMILL GROUP: New Fund to Focus on German Real Estate
-------------------------------------------------------
Speymill Group PLC has initiated marketing activities with a
view to launching a further fund, Speymill Deutsche Immobilien
Company, to focus on the investment in residential real estate
across Germany.

When successfully launched this is a further fund that Speymill
Property Managers will manage and is the next step in the
Company's strategy of expanding our property management
business.

In addition, Epicure Berlin Property Company Limited, following
the launch of their fund, raised equity of approximately EUR127
million, not EUR148 million as previously announced on Nov. 9,
2005.

Executive Chairman Bob MacDonald said, "The marketing of this
fund underlines our commitment to the investment in real estate
in areas where we have extensive knowledge and contacts and
provides the opportunity for substantial value enhancement for
our investors."

                        About the Company

Headquartered in the U.K., The Speymill Group PLC (formerly
known as Wigmore Group PLC) -- http://www.wigmoregroup.com/
serves as contractors to the hotel and leisure industries.  In
June, Chairman Paul Doona said, "The year to December 2004 was a
very poor one for the Group resulting in a loss after tax of
GBP6.71 million (2003: loss GBP0.36 million) which comprised
pre-exceptional losses of GBP2.28 million (2003: loss GBP0.36
million) and exceptional costs of GBP4.43 million (2003:
GBPnil).

"The figures reflect an appalling year for the Group and root
and branch restructuring has been necessary since the financial
rescue by our majority shareholder Burnbrae.  I am, however,
confident that the Group is now on a firm financial footing and
that the long tried patience of our shareholders will ultimately
be rewarded."


TURNER & SCOTT: Names Baker Tilly Liquidator
--------------------------------------------
Turner & Scott Garage Limited decide to liquidate its assets
after members voted to wind up the company's operations during
an Extraordinary General Meeting.

J. K. Andrew, member of Turner & Scott Garage Limited, disclose
that the company cannot continue its business due to its
surmounting debts.

Philip Edward Pierce and Adrian David Allen, of Baker Tilly are
appointed joint liquidators.

Creditors are required on or before Feb. 24 2006, to send in
their full names, addresses and descriptions, full particulars
of debts or claims, and the names and addresses of Solicitors
(if any), to P. E. Pierce, of Baker Tilly, 2 Whitehall Quay,
Leeds LS1 4HG.

CONTACT:  BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Tel: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk/


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

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

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


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR    (49)         142      (34)
Sabena S.A.                          (86)       2,215     (297)


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


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


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
LVL Medical Group         LVLM.PA     (9)         105       (5)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Metaleurop S.A.           PA.PA      (24)         181      (30)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (102)       3,409     (503)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (23)         122       (7)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


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


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


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


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


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


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


ROMANIA
-------
Oltchim RM Valce          OLT        (45)          232     321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892     (321)
Zil Auto                            (168)         409  (10,680)


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (70)         489        2
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Drax Group Limited        DRX.L     (832)       2,353       84
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gallaher Group            GLH       (421)       7,866        5
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY      (405)         263     (161)
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113     (264)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.



                            *********


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

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

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

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

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

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


* * * End of Transmission * * *