TCREUR_Public/060215.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, February 15, 2006, Vol. 7, No. 33

                            Headlines



F I N L A N D

METSO CORP: Acquires Paper Machine Manufacturer in China


F R A N C E

CITADEL HOLDINGS: Sells Paris Office for EUR22.3 Million


G E R M A N Y

AUTOHAUS HERZ: Opens Bankruptcy Proceedings in Essen
BIRNBAUM & BERGMANN: Dresden Court Starts Bankruptcy Proceedings
EBERHARD ZENKER: Creditors' Meeting Set on March 29
ELBE PROTEGO: Claims Verification Set on April 12
K. THRIEN: Essen Court Calls In Administrator


H U N G A R Y

NABI RT: Cuts 2005 Losses by Half
* Hungarian Bankruptcy Rate Almost Equals U.K.


K A Z A K H S T A N

AKBULAK-2030: Succumbs to Bankruptcy Procedure
AMINA M: Bankruptcy Proceedings Begin
NARTLEK-SH: Creditors' Claim Due Later This Month
SAUYR-TAU: Declares Insolvency
TULKIN & K: Undergoes Bankruptcy Proceedings


K Y R G Y Z S T A N

AVICOM: Sets Last Day for Filing of Claims
KURKURO: Bankruptcy Proceedings End


N E T H E R L A N D S

ROYAL SHELL: Buys Another 600,000 'A' Shares for Cancellation


R U S S I A

BELOGORSKAYA: Amur Court Opens Bankruptcy Proceedings
CHARIOT: Moscow Court Rules on Bankruptcy for Jeweler
ISYANGULOVSKIY BAKERY: Insolvency Manager Takes Over Helm
LIPETSK-ELEVATOR-STROY: Proofs of Claim Deadline Set March 21
MAYSKOYE: Succumbs to Bankruptcy Proceedings in Krasnodar

NOVOTITAROVSKIY: Court Names A. Savaelyev as Insolvency Manager
OBUV-TORG: Claims Filing Period Ends Next Week
SERGACH-AGRO-SERVICE: Court Sets March 21 Claims Bar Date
STROY-HYDRO-MECHANIZATION: Under Bankruptcy Supervision
TNK-BP: Fitch Affirms US$700 Million Eurobond Rating at BB+

TRANS-SERVICE: Declared Insolvent by Tyumen Court
VIMPEL COMMUNICATIONS: Submits $5-Bil Bid for Ukraine's Kyivstar


S W E D E N

CONCORDIA BUS: Moody's Ups Junk Corp. Family Rating to B3


U K R A I N E

BYTE: Under Bankruptcy Supervision in Kyiv Region
DOLINA' MILK: Stepanov Volodimir Named Insolvency Manager
KYIVSTAR GSM: VimpelCom Offers to Buy 100% Equity for $5 Billion
KONOTOPAGROPROMBUD: Sumi Court Rules on Bankruptcy
MEAT VOLINSKIJ: Volinska Court Rules on Bankruptcy

OPTIMA-TRADE: Insolvency Manager Comes In
RAJAGROBUD: Kirovograd Court Opens Bankruptcy Proceedings
SNYATIN' CHEESE: Goes Into Liquidation
TRIPILLYA: Court Names Olena Konyuhova as Liquidator
UKREXIMBANK: Moody's Rates New Loan Participation Notes at Ba2


U N I T E D   K I N G D O M

A1 STRETCH: Hires Marriott Palmer Brown Administrator
AJM FRAMES LIMITED: Creditors Meeting Set Next Week
BREATHE INTERNET: Debt Claims Filing Period Ends Today
CLARICH LIMITED: Names F A Simms & Partners Administrator
DIRECT MARBLE: Appoints Administrator from CRG Insolvency

DURALAMP UK: Taps Joint Administrators from Wilson Pitts
ELLISFORD SUNDRIES: Joint Administrators Take Over Helm
ESG RE: Fitch Downgrades IFS Ratings to CCC+; Outlook Negative
FINEMOOD LIMITED: Taps Pattinsons to Administer Assets
HR OWEN: Disposes Premier Automotive Group East Anglia Business

ID TELECOMMUNICATIONS: Names Administrator from Cowgill Holloway
J.G. AUSTWICK: Closes Operations & Liquidates Assets
LEGALCO.CO.UK: Calls in Kroll Limited as Administrator
LIGHT CONTROL: Creditors Confirm Liquidators' Appointment
LUXFER HOLDINGS: Weak Cash Flow Prompts Moody's Junk Ratings

MAXON GROUP: Enters Voluntary Liquidation
MEERKAT CULTURE: Advertising Firm Calls in Administrator
MIRO PRESS: Members Pass Winding Up Resolution
MY KINDA: Taps Liquidator to Wind Up Assets
NORFOLK FRESH: Joint Administrators Enter Firm

NTH DEGREE: Taps Portland Business to Liquidate Assets
ONE THIRTEEN: Financial Woes Prompt Voluntary Liquidation
PATCHCOTT PHARMACEUTICALS: Winds Up Operations
POLYFORM PACKAGING: Brings In Rifsons to Liquidate Assets
PWI (ICT CONSULTANCY): Simon Thornton to Liquidate Assets

ROSSENDALE SPINNERS: Taps Administrators from Bridgestones
SKYEPHARMA PLC: Ian Gowrie-Smith Retires from Board
SPIRENT PLC: Initially Pays US$7.5 Million for QuadTex
SOUTH EAST: Calls in Administrators from ThorntonRones
THOMAS WILLIAM: Holding Company Hires Joint Administrators

     **********

=============
F I N L A N D
=============


METSO CORP: Acquires Paper Machine Manufacturer in China
--------------------------------------------------------
Metso Paper entered an agreement to buy the entire share capital
of Shanghai-Chenming Paper Machinery Co. Ltd, a Chinese
manufacturer of paper machines.  The company is currently owned
by Shandong Chenming and Shanghai Heavy Machinery, and it is
located in the Shanghai area in Jiading.  The finalization of
the transaction is subject to approval by the Chinese
authorities.  The transaction value will be published after the
finalization.

The Shanghai-Chenming Paper Machinery's foundry and machine shop
manufacture primarily narrow paper and board machines for the
Chinese market as well as dry-end components.  The company
employs 630 people, and its net sales in 2004 amounted to about
EUR13 million.

"When finalized, the acquisition will enable us to better serve
not only our Chinese customers but also the pulp and paper
industry in Asia.  The Shanghai area is also excellent in terms
of developing the purchasing function," notes Risto Hautamaki,
President, Metso Paper.

China's paper industry is growing strongly.  Since the year
2000, about half the orders for new, big paper manufacturing
lines have come from China.  Metso Paper is a leading supplier
of paper machinery in China, and its strategic objective is to
strengthen its presence in customer service, servicing,
manufacturing, and sourcing.

The company's current main owner, Shandong Chenming, is one of
the biggest paper manufacturers in China and a Metso Paper
customer.  Metso Paper has delivered several paper machines to
Shandong Chenming's mills in Shouguang and Wuhan.  The most
recent order was for the world's biggest deinking and paper
manufacturing lines, which will start up at the end of 2006.

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.

                        *     *     *

The company's 5-1/8% senior notes due 2009 also carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB rating.

As reported in the Troubled Company Reporter-Europe on Dec. 16,
2005, Moody's Investors Service has changed the rating outlook
for the Ba1 senior unsecured and issuer ratings of Metso
Corporation, the Finland-based industrial group, to positive
from stable.


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


CITADEL HOLDINGS: Sells Paris Office for EUR22.3 Million
--------------------------------------------------------
The Board of Directors for CLS Holdings plc disclosed the sale
by its wholly owned subsidiary Citadel Holdings plc of its Le 41
building in La Defense, Paris for EUR22.3 million.

The property, comprising 6,026 sq. m. and fully let to IBM until
December 2004, was purchased by CLS Holdings plc in 1998 for
EUR11.7 million and was valued at EUR21.4 million as of
June 30, 2005.

The property has been vacant for 12 months following the
departure of IBM and was purchased by the financial accounting
firm, Fiducial, for its own occupation.

"We are delighted to have sold this property at a very
attractive price," Executive Chairman, Sten Mortstedt, said.
"The property has yielded excellent returns over our period of
ownership and after this sale the vacancy rate of our French
portfolio is just 3%."

Citadel Holding Plc, listed on the London Stock Exchange
Alternative Investment Market in July 1997, invests in and
manages office properties in Paris (France) and Lyon (France).

Citadel Holdings Limited started wind up operations on Jan. 12,
2006.


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


AUTOHAUS HERZ: Opens Bankruptcy Proceedings in Essen
----------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against Autohaus Herz Marl GmbH on Jan. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 9, 2006, to register their
claims with court-appointed provisional administrator Dr.
Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Hauptstelle,
Zweigertstr. 52, 45130 Essen, I.OG, gelber Bereich, Saal 185, at
9:00 a.m. on March 24, 2006, at which time the administrator
will present his first report on the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  AUTOHAUS HERZ MARL GmbH
          Bergstr. 211/213, 45770 Marl
          Contact:
          Rolf Herz, Manager
          Schulstr. 82, 46286 Dorsten

          Dr. Winfrid Andres, Administrator
          Heinrich-Held-Str. 16, 45133 Essen
          Tel: 0201 330550
          Fax: 0201 3305511


BIRNBAUM & BERGMANN: Dresden Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against Birnbaum & Bergmann GbR on Jan. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 1, 2006, to register their
claims with court-appointed provisional administrator Dr. Martin
Dietrich.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Olbrichtplatz 1,
01099 Dresden, at 9:00 a.m. on April 12, 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:  BIRNBAUM & BERGMANN GbR
          Eiche 4c in 01239 Dresden

          Dr. Martin Dietrich, Administrator
          Konigsbruecker Str. 73, 01099 Dresden
          Web: http://www.henningsmeier.de/


EBERHARD ZENKER: Creditors' Meeting Set on March 29
---------------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against Eberhard Zenker GmbH & Co. on Jan. 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 1, 2006, to
register their claims with court-appointed provisional
administrator Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Olbrichtplatz 1,
01099 Dresden, at 11:00 a.m. on March 29, 2006, at which time
the administrator will present his first report on the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  EBERHARD ZENKER GmbH & Co.
          Kabel und Leitungstiefbau Dresden,
          Zwickauer Strasse 46 in 01069 Dresden

          Bettina Schmudde, Administrator
          Konigstrasse 1, 01097 Dresden
          Web: http://www.whitecaseinso.de/


ELBE PROTEGO: Claims Verification Set on April 12
-------------------------------------------------
The District Court of Dortmund opened bankruptcy proceedings
against ELBE PROTEGO Personenschutz 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 Stephan Heinrichsmeyer.

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 8:50
a.m. on April 12, 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:  ELBE PROTEGO PERSONENSCHUTZ GmbH
          Asternweg 4, 59229 Ahlen

          Stephan Heinrichsmeyer, Administrator
          Spiekergasse 6-8, 33330 Guetersloh
          Tel: 05241/92 02-0
          Fax: 05241 92 02 22


K. THRIEN: Essen Court Calls In Administrator
---------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against K. Thrien Bedachungs-GmbH on Jan. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 27, 2006, to register their
claims with court-appointed provisional administrator Dr.
Johannes Graute.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Hauptstelle,
Zweigertstr. 52, 45130 Essen, 2 OG, gelber Bereich, Saal 293, at
9:20 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:  K. THRIEN BEDACHUNGS-GmbH
          Haldenstr. 3, 45966 Gladbeck
          Contact:
          Franz-Josef Gorkotte, Manager

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


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


NABI RT: Cuts 2005 Losses by Half
---------------------------------
Ailing bus-maker Nabi Rt. improved its financial standing in
2005, trimming its consolidated losses by 57.7% to
US$27.36 million in 2005, Budapest Business Journal reports.

Nabi also saw its operating losses drop by 52.1% to US$18.69
million, US$10.57 million of which were restructuring expenses.
The group's 2005 pre-tax losses are pegged at US$27.2 million,
52.5% better than in 2004.  The figure included a write-off from
the sale of its Optare unit.

Nabi attributed the improvements to:

  (a) savings brought by layoffs;
  (b) closure of its Kaspovar site; and
  (c) sale of U.K. unit Optare Holdings.

Nabi is currently holding talks with Homerica for the sale of
its U.S. unit NABI Inc.  In return, Homerica will take over
Nabi's US$81 million debt and pour in fresh US$2 million in
cash.  Nabi hoped to seal the deal by February 14.

The figures were prepared using the International Financial
Reporting Standards.

                       Debt Restructuring

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

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

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

                    Master Support Agreement

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

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


* Hungarian Bankruptcy Rate Almost Equals U.K.
----------------------------------------------
Local businesses go bust almost as fast as their U.K.
counterparts, a Creditreform-Interinfo bankruptcy survey
reports.

The survey shows that around 62 per 1,000 businesses entered
bankruptcy procedures in 2005.  A total of 12,643 local
companies succumbed to bankrupt in 2005, 5% higher year-on-year:

      Sector            Bankruptcies        Total Businesses
      ------            ------------        ----------------
   Retail and Repair       2,375                 112,930
   Construction            1,643                  43,179
   Real Estate             1,366                 162,150

The number of bankruptcies ending in liquidation also went up by
2%.  Polish and Latvian liquidation rates rose 30.4% and -34.5%
respectively.

Bankruptcy Rate in Other Countries (per 10,000 businesses)

   Hungary             62
   U.K.                66
   Poland               2
   Czech Republic      42
   Slovenia           196

Creditreform noted that creditors only recover no more than 3%
of claims against Hungarian companies under liquidation.


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


AKBULAK-2030: Succumbs to Bankruptcy Procedure
----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan region has commenced bankruptcy proceedings against
LLC Akbulak-2030.

CONTACT:  SPECIALIZED INTER-REGIONAL ECONOMIC COURT
          OF SOUTH KAZAKHSTAN REGION
          South Kazakhstan Region
          Aksukent, Jandarbekova Str.
          Phone: +7 (32531) 2-02-00


AMINA M: Bankruptcy Proceedings Begin
-------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan region has commenced bankruptcy proceedings against
LLC Amina M.

CONTACT:  SPECIALIZED INTER-REGIONAL ECONOMIC COURT
          OF SOUTH KAZAKHSTAN REGION
          South Kazakhstan Region
          Aksukent, Jandarbekova Str.
          Phone: +7 (32531) 2-02-00


NARTLEK-SH: Creditors' Claim Due Later This Month
-------------------------------------------------
LLC Nartlek-SH has declared insolvency.  Proofs of claim will be
accepted at Almaty, Karasai batyr Str. 180-126 on or before
Feb. 28, 2006.

CONTACT:  NARTLEK-SH
          Almaty, Karasai batyr Str. 180-126


SAUYR-TAU: Declares Insolvency
------------------------------
LLC Sauyr-Tau has declared insolvency.  Proofs of claim will be
accepted at Almaty, micro district Aksai-4 39-13 on or before
Feb. 28, 2006.

CONTACT:  SAUYR-TAU
          Almaty,
          Micro district Aksai-4 39-13


TULKIN & K: Undergoes Bankruptcy Proceedings
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan region has commenced bankruptcy proceedings against
LLC Tulkin & K.

CONTACT:  SPECIALIZED INTER-REGIONAL ECONOMIC COURT
          OF SOUTH KAZAKHSTAN REGION
          South Kazakhstan region,
          Aksukent, Jandarbekova Str.
          Phone: +7 (32531) 2-02-00


===================
K Y R G Y Z S T A N
===================


AVICOM: Sets Last Day for Filing of Claims
------------------------------------------
LLC Avicom has declared insolvency.  Proofs of claim will be
accepted on or before April 3, 2006.

CONTACT:  AVICOM
          Bishkek,
          Kurmangan Datki Str. 169


KURKURO: Bankruptcy Proceedings End
-----------------------------------
Agricultural Farm Kurkuro has completed its bankruptcy
proceedings.  Proofs of claim will be accepted on or before
April 3, 2006.  Creditors will meet on March 20, 2006, 10:00
a.m. at Kara-Burinsk district, Amanbayeva, Tolstunova Str. 7.

CONTACT:  KURKURO
          Kara-Burinsk district,
          Amanbayeva, Tolstunova Str. 7


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


ROYAL SHELL: Buys Another 600,000 'A' Shares for Cancellation
-------------------------------------------------------------
Royal Dutch Shell PLC purchased 450,000 'A' Shares at EUR26.26
per share and another 150,000 'A' Shares at 1,794.03 pence per
share for cancellation on Feb. 13.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell PLC will be 3,920,962,974.

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
===========


BELOGORSKAYA: Amur Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Belogorskaya after finding the company
insolvent.  The case is docketed as AO4-4445/05-17/164 "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:  BELOGORSKAYA
          Russia, Amur region,
          Belogorsk, 50 Let VLKSM Str. 39

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


CHARIOT: Moscow Court Rules on Bankruptcy for Jeweler
-----------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Chariot after finding the jewelry shop insolvent.  The
case is docketed as A40-68017/05-78-175B.  Mr. A. Popov has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to Russia, Moscow-230, Post User Box 335.

CONTACT:  CHARIOT
          Russia, Moscow region,
          Pyatnitskoye Shosse, 37

          A. POPOV
          Insolvency Manager
          Russia, Moscow-230,
          Post User Box 335


ISYANGULOVSKIY BAKERY: Insolvency Manager Takes Over Helm
---------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision on Isyangulovskiy Bakery.  The case is
docketed as A07-47164/05-G-KhRM.  Mr. P. Ozerov has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 450000, Russia, Bashkortostan republic,
Ufa, Main Post Office, Post User Box 20.

CONTACT:  ISYANGULOVSKIY BAKERY
          Russia, Bashkortostan republic, Zianchurinskiy region,
          Isyaigulovo, Kusakova Str. 1

          P. OZEROV
          Temporary Insolvency Manager
          450000, Russia, Bashkortostan republic,
          Ufa, Main Post Office, Post User Box 20


LIPETSK-ELEVATOR-STROY: Proofs of Claim Deadline Set March 21
-------------------------------------------------------------
The Arbitration Court of Lipetsk region commenced bankruptcy
proceedings against Lipetsk-Elevator-Stroy after finding the
open joint stock company insolvent.  The case is docketed as
A36-4073/2005.  Mr. G. Klodev has been appointed insolvency
manager.  Creditors have until March 21, 2006, to submit their
proofs of claim to 123100, Russia, Moscow, A. Zhiviva Str. 6.

CONTACT:  LIPETSK-ELEVATOR-STROY
          Russia, Lipetsk region,
          Sasovskiy region, Pichkiryaevo

          G. KLODEV
          Insolvency Manager
          123100, Russia, Moscow region,
          A. Zhiviva Str. 6


MAYSKOYE: Succumbs to Bankruptcy Proceedings in Krasnodar
---------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Mayskoye after finding the open joint stock
company insolvent.  The case is docketed as A-32-15236/2005-
27/214 B.  Mr. A. Kulinich has been appointed insolvency
manager.  Creditors have until March 21, 2006, to submit their
proofs of claim to Russia, Krasnodar region, Pavlovskaya Str.
Pobedy Str. 98.

CONTACT:  MAYSKOYE
          Russia, Krasnodar region, Pervomayskiy

          A. KULINICH
          Insolvency Manager
          Russia, Krasnodar region,
          Pavlovskaya St., Pobedy Str. 98


NOVOTITAROVSKIY: Court Names A. Savaelyev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Novotitarovskiy after finding the open joint
stock company insolvent.  The case is docketed as A-32-
20053/2005-1/306-B.  Mr. A. Savelyev has been appointed
insolvency manager.  Creditors have until March 21, 2006, to
submit their proofs of claim to 350059, Russia, Krasnodar
region, Uralskaya Str. 134.

CONTACT:  NOVOTITAROVSKIY
          140178, Russia, Krasnodar region,
          Ramenskiy region, Nikitskoye

          A. SAVELYEV
          Insolvency Manager
          350059, Russia, Krasnodar region,
          Uralskaya Str. 134


OBUV-TORG: Claims Filing Period Ends Next Week
----------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Obuv-Torg after finding the close joint
stock company insolvent.  The case is docketed as A48-6933/05-
17B.  Mr. A. Gorbachev has been appointed insolvency manager.
Creditors have until Feb. 21, 2006, to submit their proofs of
claim to 302025, Russia, Orel region, Moskovskoye Shosse, 137,
Room 1.

CONTACT:  OBUV-TORG
          Russia, Orel region,
          Avtovokzalnaya Str. 73A

          A. GORBACHEV
          Insolvency Manager
          302025, Russia, Orel region,
          Moskovskoye Shosse, 137, Room 1
          Tel: (4862) 33-56-78


SERGACH-AGRO-SERVICE: Court Sets March 21 Claims Bar Date
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Sergach-Agro-Service (TIN
5229000909) after finding the open joint stock company
insolvent.  The case is docketed as A43-15666/2005-18-303.  Mr.
E. Shishkin has been appointed insolvency manager.  Creditors
have until March 21, 2006, to submit their proofs of claim to
607510, Russia, Nizhniy Novgorod region, Sergach, Sovetskaya
Str. 55.

CONTACT:  SERGACH-AGRO-SERVICE
          607510, Russia, Nizhniy Novgorod region,
          Sergach, Sovetskaya Str. 135

          E. SHISHKIN
          Insolvency Manager
          607510, Russia, Nizhniy Novgorod region,
          Sergach, Sovetskaya Str. 55
          Tel: 8-903-606-33-58


STROY-HYDRO-MECHANIZATION: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision on limited liability company Stroy-Hydro-
Mechanization.  The case is docketed as A-70-11093/3-2005.  Mr.
A. Zaytsev has been appointed temporary insolvency manager.

Creditors have until Feb. 21, 2006, to submit their proofs of
claim to Russia, Tyumen region, Melnikayte Str. 106, Office 455.
A hearing will take place on March 7, 2006, 9:00 a.m.

CONTACT:  STROY-HYDRO-MECHANIZATION
          Russia, Tyumen region,
          Nekrasova Str. 11

          A. ZAYTSEV
          Temporary Insolvency Manager
          Russia, Tyumen region,
          Melnikayte Str. 106, Office 455


TNK-BP: Fitch Affirms US$700 Million Eurobond Rating at BB+
-----------------------------------------------------------
Fitch Ratings assessed TNK-BP International Ltd's Senior
Unsecured rating at BB+ with Outlook Positive and Short-term B.
Its US$700 million eurobond is affirmed at BB+.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

The company continues to demonstrate efficiency gains stemming
from the use of technological advancements to rehabilitate and
refurbish existing mature brownfield assets.  At the same time,
the company is divesting a part of its inherited portfolio of
production assets so as to focus on higher quality and more
lucrative greenfield projects.

While such a strategy will have a short-term impact on
production and reserves, Fitch views TNK-BP's proposed business
plan as fundamentally important to the long-term success of the
company's upstream business.  The commissioning of new projects
using advanced technology will ensure proper development of new
fields so as to maximize natural flow rates, maintain optimal
field pressure and ensure the longevity of crude oil production.

The ratings also reflect the growing importance of the
downstream sector to the company's business model.  TNK-BP has
recently completed an upgrade of its main refinery at Ryazan
that enables it to start producing larger volumes of euro area-
quality diesel.

TNK-BP launched a new vacuum gasoil hydrotreater at its 300,000
barrel-per-day facility, which is expected to improve yields of
high-octane gasoline by 51% and diesel by 11% while cutting less
valuable fuel oil output by 8%.

Such investment into the company's downstream business is
expected to generate both short- and long-term benefits in view
of the government's recently implemented policy to encourage the
production of value-added products for export rather than
unrefined crude.  TNK-BP is well positioned to take advantage of
this new governmental priority now that refurbishment of its
main refinery is complete.

TNK-BP has a moderate financial profile, with a targeted gearing
ratio of between 25% and 35% and a minimum dividend payout ratio
of 40% of net income.  As of end-2004, the company had a gearing
ratio of 24% with net debt of US$2.9 billion and as of 9M05, 23%
with a net debt of US$3.1 billion.

Last year the company registered its US$5 billion debt issuance
program, but has not utilized the facility to date.  The
facility is expected to be utilized in 2006.  The company aims
to reduce the proportion of secured debt to below 40% over the
next two to three years, and maintain secured debt at a level
lower than 15% of total group assets.


TRANS-SERVICE: Declared Insolvent by Tyumen Court
-------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Trans-Service (OGRN 1027201291941, TIN
7206004570) after finding the close joint stock company
insolvent.  The case is docketed as A-70-5294/3-05.  Mr. D.
Pushkarev has been appointed insolvency manager.  Creditors have
until March 21, 2006, to submit their proofs of claim to 625048,
Russia, Tyumen region, Stankostroiteley Str. 1, Office 305a.

CONTACT:  TRANS-SERVICE
          Russia, Tyumen region,
          Tobolsk, Pionerskaya baza

          D. PUSHKAREV
          Insolvency Manager
          625048, Russia, Tyumen region,
          Stankostroiteley Str. 1, Office 305


VIMPEL COMMUNICATIONS: Submits $5-Bil Bid for Ukraine's Kyivstar
----------------------------------------------------------------
OJSC Vimpel-Communications (NYSE: VIP) submits an offer to
acquire 100% of CJSC Kyivstar G.S.M. for US$5 billion in
VimpelCom common registered shares plus the assumption of debt.

VimpelCom believes that the proposed acquisition of Kyivstar
would create significant value for the shareholders of
VimpelCom, Telenor ASA and Altimo, the telecom subsidiary of
Alfa Group.  Kyivstar, which is beneficially owned 56.5% by
Telenor and 43.5% by Alfa Group, is the leading mobile operator
in Ukraine, with approximately 14.3 million subscribers as of
Jan. 31, 2006.

"We very much regret that our offer has been the subject of
press speculation at this early stage," Alexander Izosimov,
VimpelCom's Chief Executive Officer, said.  "We believe the
acquisition of Kyivstar will create significant value for all
our shareholders and provide an opportunity to create more value
than on a standalone basis.  This transaction, which would be
subject to approval by our public minority shareholders, would
put us firmly on track to become the number one telecoms company
in the CIS."

VimpelCom management will continue to seek, to pursue and
negotiate a potential transaction as it believes that the
combination of VimpelCom and Kyivstar is compelling from a
strategic and financial perspective.  The offer also responds to
Telenor's stated request that VimpelCom should explore other
entry alternatives into Ukraine.  VimpelCom is confident that
its offer presents an attractive opportunity for all parties
involved, including Telenor, Altimo and VimpelCom, to move
forward with expansion into Ukraine.

The indicative price of US$5 billion reflects VimpelCom's
estimates not only of Kyivstar's current market position and
operating margins but also of VimpelCom management's belief that
it can generate significant synergies, as well as significant
operating efficiencies, over the next five years from the
combination of Kyivstar and VimpelCom.  Including the expected
synergies, the acquisition is expected to be accretive on a net
earnings basis to VimpelCom public shareholders from 2007.

The offer is subject, among other things, to completion of due
diligence and all required approvals by VimpelCom's board and
minority shareholders, together with a fairness opinion from
VimpelCom's financial adviser, UBS Investment Bank.

Kyivstar -- http://www.kyivstar.net/-- operates mobile services
and is partially owned by Telenor ASA.

                     About VimpelCom

Headquartered in Moscow, Russia, Vimpel Communications --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan, with newly acquired
operations in Ukraine, Tajikistan and Uzbekistan.  The VimpelCom
Group's license portfolio covers approximately 232 million
people.   Geographically it covers 78 regions in Russia (with
136.5 million people, representing 94% of Russia's population)
as well as the entire territories of Kazakhstan, Ukraine,
Tajikistan and Uzbekistan.  VimpelCom was the first Russian
company to list its shares on the New York Stock Exchange.
VimpelCom's ADSs are listed on the NYSE under the symbol "VIP".

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 9,
2006, Moody's has affirmed the ratings of VimpelCom:

   -- the company's senior implied rating was affirmed at Ba3;
      and

   -- the ratings on the company's loan participation notes were
      affirmed.

Concurrently, Moody's assigned a (P)B1 rating to the company's
proposed $300 million in new loan participation notes.  The
ratings outlook is stable.

Ratings affected are:

  (a) Senior implied rating affirmed at Ba3,

  (b) Unsecured issuer rating affirmed at B1,

  (c) $250.0 million in 10.45% senior unsecured loan
      participation notes due 2005 affirmed at B1,

  (d) $450.0 million in 10% senior unsecured loan participation
      notes due 2009 affirmed at B1,

  (e) $300.0 million in 8.375% senior unsecured loan
      participation notes due 2011 at B1,

  (f) Up to $300.0 million in proposed new senior unsecured loan
      participation notes due 2010 at (P)B1.


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


CONCORDIA BUS: Moody's Ups Junk Corp. Family Rating to B3
---------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Concordia Bus AB to B3 from Caa3.

Concurrently the rating on the EUR130 million senior secured
notes issued by Concordia Bus Nordic AB was upgraded to B3 from
Caa1 and the rating on the EUR160 million senior subordinated
notes issued by Concordia Bus was withdrawn.

The ratings upgrade reflects Moody's view that the restructuring
has substantially strengthened the company's financial position
and that the current interest cost burden (estimated to be c.
SEK170 million per annum) should be sustainable over the near
term given the expected performance of the company.

In addition, the upgrade reflects the progress to date that the
company has made in exiting loss-making contracts and increasing
the proportion of indexation relating to labor costs and diesel
prices, as well as its success in winning new tenders despite
the uncertainty surrounding the company during its
restructuring.  Moreover, Moody's notes that the company's move
to the procurement of buses on a long-term, group-wide basis
should positively impact margins going forwards.

However, the rating continues to factor the company's high
financial leverage and the severe operational challenges faced
by the company, which are endemic across the Scandinavian bus
industry.  These include the fragmented, competitive markets in
which the company operates in as well as the under-indexation of
contract pricing which has destroyed margins on existing
contracts.  Whilst Moody's notes positively that pricing in
Concordia Bus' main market of Sweden appears to have stabilized
and that a recent contract awarded in Stockholm has factored in
a quality assessment of the bidders -- in which Concordia Bus
performed well -- as opposed to solely factoring in price, the
rating reflects Moody's expectation that pricing in Norway and
Finland will continue to decline.

Furthermore, whilst Moody's recognizes the progress Concordia
Bus has made to date in changing the indexation of costs on new
contracts such that it better reflects actual costs incurred by
the company, Moody's cautions that fuel and labor costs are
still under represented in the indexation calculation;
consequently a further above-inflation rise in fuel or labor
costs will negatively impact margins as a result of both the
time lag associated with passing on costs through indexation
increases as well as the under-indexation of revenues to actual
costs.  Moody's therefore believes that in order for Concordia
Bus to achieve EBIT-breakeven, there will be continual pressure
on the company to reduce operating costs to compensate for this
under-indexation, which Moody's views as a significant
challenge.  However, this pressure should ease over the medium-
term as newer contracts incorporate more balanced indexing, and
older loss-making contracts come to an end.

Moody's also cautions that the company's current liquidity
position is weak.  Given the current lack of any revolving
credit facilities, the company's liquidity is limited to its
unrestricted cash on its balance sheet (c. SEK299 million as at
30 November 2005), its operating cash flow generation and cash
from the disposals of buses.

However, since future purchases of buses will be financed on a
non-recourse basis through finance leases raised at an
unrestricted subsidiary of Concordia Bus, the impact of capex on
free cash flow should be limited.  Whilst Moody's expects the
company to generate positive free cash flow, intra-month working
capital fluctuations can be significant (up to SEK200 million).
Consequently, in the event that the company does not secure any
back-up credit facilities, underperformance in the company's
operations may lead to liquidity problems.  The stable outlook
reflects Moody's views that the company will be able to obtain
suitable credit lines, which will assist the management of
working capital swings.

These ratings have been upgraded:

   -- Concordia Bus AB's corporate family rating has been
      upgraded to B3 (from Caa3);

   -- The rating on the EUR130 million 9.125% secured notes due
      2009 issued by Concordia Bus Nordic AB has been upgraded
      to B3 from Caa1.

Concurrently, the Ca rating on the EUR160 million 11% senior
subordinated notes due 2010 issued via Concordia Bus AB has been
withdrawn following the completion of the restructuring which
resulted in the conversion of the vast majority of these notes
into equity of the company.

The outlook for all ratings is stable.

Concordia Bus AB, headquartered in Stockholm, Sweden, is the
largest private bus transportation company in the Nordic region
with revenues for the 6 months period ended 31 August 2005 of
SEK2.3 billion.


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


BYTE: Under Bankruptcy Supervision in Kyiv Region
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Byte (code EDRPOU 30402706) on
December 20, 2005.  The case is docketed as 46/111-b-15/610-b.
Mr. A. Fomenko has been appointed temporary insolvency manager.

CONTACT:  BYTE
          01023, Ukraine, Kyiv region,
          Mechnikov Str. 8/22

          Mr. A. Fomenko
          Temporary Insolvency Manager
          03150, Ukraine, Kyiv region, a/b 481

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


DOLINA' MILK: Stepanov Volodimir Named Insolvency Manager
---------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Dolina' Milk Plant (code EDRPOU
00445699) on December 29, 2005 after finding the open joint
stock company insolvent.  The case is docketed as B-7/21.  Mr.
Stepanov Volodimir has been appointed liquidator/insolvency
manager.

CONTACT:  DOLINA' MILK PLANT
          77500, Ukraine, Ivano-Frankivsk region,
          Dolina, Naftovikiv Str. 11

          Mr. Stepanov Volodimir,
          Liquidator/Insolvency Manager
          Ukraine, Ternopil, a/b 97

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


KYIVSTAR GSM: VimpelCom Offers to Buy 100% Equity for $5 Billion
----------------------------------------------------------------
OJSC Vimpel-Communications (NYSE: VIP) submits an offer to
acquire 100% of CJSC Kyivstar G.S.M. for US$5 billion in
VimpelCom common registered shares plus the assumption of debt.

VimpelCom believes that the proposed acquisition of Kyivstar
would create significant value for the shareholders of
VimpelCom, Telenor ASA and Altimo, the telecom subsidiary of
Alfa Group.  Kyivstar, which is beneficially owned 56.5% by
Telenor and 43.5% by Alfa Group, is the leading mobile operator
in Ukraine, with approximately 14.3 million subscribers as of
Jan. 31, 2006.

"We very much regret that our offer has been the subject of
press speculation at this early stage," Alexander Izosimov,
VimpelCom's Chief Executive Officer, said.  "We believe the
acquisition of Kyivstar will create significant value for all
our shareholders and provide an opportunity to create more value
than on a standalone basis.  This transaction, which would be
subject to approval by our public minority shareholders, would
put us firmly on track to become the number one telecoms company
in the CIS."

VimpelCom management will continue to seek to pursue and
negotiate a potential transaction as it believes that the
combination of VimpelCom and Kyivstar is compelling from a
strategic and financial perspective.  The offer also responds to
Telenor's stated request that VimpelCom should explore other
entry alternatives into Ukraine.  VimpelCom is confident that
its offer presents an attractive opportunity for all parties
involved, including Telenor, Altimo and VimpelCom, to move
forward with expansion into Ukraine.

The indicative price of US$5 billion reflects VimpelCom's
estimates not only of Kyivstar's current market position and
operating margins but also of VimpelCom management's belief that
it can generate significant synergies, as well as significant
operating efficiencies, over the next five years from the
combination of Kyivstar and VimpelCom.  Including the expected
synergies, the acquisition is expected to be accretive on a net
earnings basis to VimpelCom public shareholders from 2007.

The offer is subject, among other things, to completion of due
diligence and all required approvals by VimpelCom's board and
minority shareholders, together with a fairness opinion from
VimpelCom's financial adviser, UBS Investment Bank.

                       About VimpelCom

Headquartered in Moscow, Russia, Vimpel Communications --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan, with newly acquired
operations in Ukraine, Tajikistan and Uzbekistan.  The VimpelCom
Group's license portfolio covers approximately 232 million
people.   Geographically it covers 78 regions in Russia (with
136.5 million people, representing 94% of Russia's population)
as well as the entire territories of Kazakhstan, Ukraine,
Tajikistan and Uzbekistan.  VimpelCom was the first Russian
company to list its shares on the New York Stock Exchange.
VimpelCom's ADSs are listed on the NYSE under the symbol "VIP".

Kyivstar -- http://www.kyivstar.net/-- operates mobile services
and is partially owned by Telenor ASA.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 18,
Standard & Poor's Ratings Services raised its long-term
corporate credit ratings on Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM to 'BB-' from
'B+'.  The outlook is stable.

At the same time, the long-term senior unsecured debt rating on
the company's loan-participation notes issued by Dresdner Bank
AG (A/Stable/A-1) was raised to 'BB-' from 'B+'.

"The rating action reflects Kyivstar's continued strong market
performance," said Standard & Poor's credit analyst Michael
O'Brien.  "It also reflects growth in subscribers, EBITDA, and
operating cash flow generation in excess of earlier
expectations."


KONOTOPAGROPROMBUD: Sumi Court Rules on Bankruptcy
--------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against OJSC Konotopagroprombud (code EDRPOU
23051129) on December 12, 2005 after finding the limited
liability company insolvent.  The case is docketed as 6/120-05.
Ms. I. Ponomaryova has been appointed liquidator/insolvency
manager.

CONTACT:  KONOTOPAGROPROMBUD
          Ukraine, Sumi region,
          Konotop, Miru Avenue 40

          Ms. I. Ponomaryova
          Liquidator/Insolvency Manager
          41615, Ukraine, Sumi region,
          Konotop, Lazarevskij Str. 15/2
          Phone: 7-79-12

          ECONOMIC COURT OF SUMI REGION
          40030, Ukraine, Sumi region,
          Shevchenko Avenue 18/1


MEAT VOLINSKIJ: Volinska Court Rules on Bankruptcy
--------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against CJSC Meat Combine Volinskij (code EDRPOU
31674183) on November 21, 2005, after finding the close joint
stock company insolvent.  The case is docketed as 7/103-B.

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


OPTIMA-TRADE: Insolvency Manager Comes In
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Optima-Trade (code EDRPOU 32707832) on
December 30, 2005, after finding the limited liability company
insolvent.  The case is docketed as 43/928.  Mr. Yurij Ulyanchuk
(license AB 116097) has been appointed liquidator/insolvency
manager.

CONTACT:  OPTIMA-TRADE
          01103, Ukraine, Kyiv region,
          Druzhbi Narodiv Boulevard 8/9

          Mr. Yurij Ulyanchuk,
          Liquidator/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


RAJAGROBUD: Kirovograd Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Rajagrobud on December 7, 2005, after
finding the close joint stock company insolvent.  The case is
docketed as 10/49.  Mr. Oleksandr Serduk has been appointed
liquidator/insolvency manager.

CONTACT:  RAJAGROBUD
          28008, Ukraine, Kirovograd region,
          Oleksandriya district, Vojnivka

          Mr. Oleksandr Serduk
          Liquidator/Insolvency Manager
          28000, Ukraine, Kirovograd region,
          Oleksandriya, Chervonogo kozatstva Str. 41/2

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


SNYATIN' CHEESE: Goes Into Liquidation
--------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Snyatin' Cheese Plant (code
EDRPOU 00445742) after finding the open joint stock company
insolvent.   The case is docketed as 14/155.  Mr. O. Illyashenko
has been appointed liquidator/insolvency manager.

CONTACT:  SNYATIN' CHEESE PLANT
          Ukraine, Ivano-Frankivsk region,
          Snyatin, Hronovich Str. 3

          Mr. O. Illyashenko
          Liquidator/Insolvency Manager
          76015, Ukraine, Ivano-Frankivsk region, a/b 67

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


TRIPILLYA: Court Names Olena Konyuhova as Liquidator
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Tripillya (code EDRPOU 31111077) after
finding the limited liability company insolvent.  The case is
docketed as 15/868-b.  Ms. Olena Konyuhova has been appointed
liquidator/insolvency manager.

CONTACT:  TRIPILLYA
          01001, Ukraine, Kyiv region,
          Mala Zhitomirska Str. 20/10

          Ms. Olena Konyuhova
          Liquidator/Insolvency Manager
          01001, Ukraine, Kyiv region,
          Mala Zhitomirska Str. 20-A/20

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


UKREXIMBANK: Moody's Rates New Loan Participation Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned a rating of Ba2 to the Loan
Participation Notes to be issued in a private placement on a
limited-recourse basis by Credit Swiss International for the
sole purpose of financing a subordinated foreign currency loan
to Ukreximbank.

The issuer will be accountable to the noteholders only for the
amounts actually received from the bank under the subordinated
loan agreement.  The volume of the issue will be US$95 million,
with the maturity of ten years.  The interest rate is 8.4% per
annum, with a step-up in five years from the date of the issue.
The outlook for the rating is stable.

Moody's notes that Ukreximbank already has subordinated LPNs
outstanding, which are also rated at the Ba2 level, have similar
characteristics and which are now going to be prepaid by the
bank and replaced with the current issue, due to the improved
terms of borrowing.

Moody's points out that the rating for Ukreximbank's
subordinated debt has pierced Ukraine's B1 sovereign ceiling for
bonds, reflecting the bank's government ownership, important
role in the country's economy and at the same time the
likelihood that this instrument may be caught up in a
moratorium.  Moody's views the likelihood of the bank receiving
support from the Ukrainian financial authorities in a case of
distress as very high and as the primary driver of the rating.

Ukreximbank is headquartered in Kyiv, Ukraine, and reported
total consolidated assets of UAH7.6 billion (US$1.5 billion)
under IFRS (unaudited) as at September 30, 2005.

Assignments:

   Subordinated Regular Bond/Debenture, Assigned Ba2


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


A1 STRETCH: Hires Marriott Palmer Brown Administrator
-----------------------------------------------------
Kevin Thomas Brown of Marriott Palmer Brown was appointed
administrator of A1 Stretch Limos Limited (Company Number
03688269) on Jan. 27.  Its registered office is at 17 Frogmore
Road, Hemel Hempstead, Hertfordshire HP3 9RW.

A1 Stretch Limos Limited -- http://www.a1stretch.co.uk/--  
offers rentals and sells car.

CONTACT:  A1 STRETCH LIMOS LIMITED
          Tel: 01442 838 212
          Fax: 01442 838 201

          MARRIOTT PALMER BROWN
          Enterprise House,
          113-115 George Lane,
          South Woodford, London E18 1AB


AJM FRAMES LIMITED: Creditors Meeting Set Next Week
---------------------------------------------------
Creditors of AJM Frames Limited will meet on Feb. 22, 2006, 10
a.m. at Quality Hotel, Stoke-on-Trent, 66 Trinity Street,
Hanley, Stoke-on-Trent ST1 5NB.

Creditor who wants to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to F. G. Newton, joint administrator of KPMG LLP,
Corporate Recovery, St James' Square, Manchester M2 6DS not
later than 12 noon, Feb. 21, 2006.

AJM Frames is one of UK's largest manufacturers of photo-framed
art.

CONTACT:  AJM FRAMES LTD
          Sandford Industrial Estate,
          Sandford, Whitchurch,
          Shropshire SY13 2NA
          Tel: 01948 841050/07830 130175

          KPMG LLP
          St. James' Square
          Manchester
          Greater Manchester M2 6DS
          Tel: 0161 838 4000
          Fax: 0161 838 4040


BREATHE INTERNET: Debt Claims Filing Period Ends Today
------------------------------------------------------
Creditors of Breathe Internet Limited will meet on Feb. 16,
2006, 10:30 a.m. at Harris Lipman, 2 Mountview Court, 310 Friern
Barnet Lane, Whetstone, London N20 0YZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. J. Atkins, joint administrator of Harris
Lipman, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone,
London N20 0YZ not later than 12 noon, Feb. 15, 2006.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Tel: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk/


CLARICH LIMITED: Names F A Simms & Partners Administrator
---------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners PLC were appointed administrators of Clarich Limited
(Company Number 4993048) on Jan. 27.  Its registered office is
at Building 25, Leicester Road, Rugby, Warwickshire CV21 1BD.

Clarich Limited -- http://www.clarichltd.com/-- manufactures AC
& DC electrical windings.

CONTACT:  CLARICH LTD
          Building 25
          Leicester Road
          Rugby, Warwickshire CV21 1BD
          United Kingdom
          Tel: (01788) 554433
          Fax: (01788) 554434

          F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Tel: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


DIRECT MARBLE: Appoints Administrator from CRG Insolvency
---------------------------------------------------------
Charles Howard Ranby-Gorwood of CRG Insolvency & Financial
Recovery was appointed administrator of Direct Marble & Granite
Supplies Limited (Company Number 04944269) on Feb. 1.  Its
registered office is at Alexandra Dock Business Centre,
Fisherman's Wharf, Grimsby, North East Lincolnshire DN31 1UL.

CONTACT:  DIRECT MARBLE & GRANITE SUPPLIES LTD
          Ladysmith Rd, Trade Centre
          Grimsby DN32 9SH
          Tel: 01472 240111

          CRG INSOLVENCY & BUSINESS RECOVERY
          Suite 4
          Alexandra Dock Business Centre
          Fishermans Wharf
          Grimsby
          Lincolnshire DN31 1UL
          Tel: 01472 250001


DURALAMP UK: Taps Joint Administrators from Wilson Pitts
--------------------------------------------------------
D. F. Wilson and J. N. R. Pitts of Wilson Pitts were appointed
joint administrators of Duralamp UK Limited (Company Number
02174550) on Jan. 27.

CONTACT:  DURALAMP UK LTD
          1st Floor, Unit 3
          Leeds LS16 6QE
          West Yorkshire
          Tel: +44 113 274 7001
          Fax: +44 113 274 7004
          E-mail: info@duralamp.co.uk

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


ELLISFORD SUNDRIES: Joint Administrators Take Over Helm
-------------------------------------------------------
Paul James Fleming and Jonathan Ronald Booth of Parkin S. Booth
& Co. were appointed joint administrators of Ellisford Sundries
Limited (Company Number 1401437) on Jan. 31.  Its registered
office is at 145 Edge Lane, Liverpool L7 2PG.  The company sells
chemists sundries and giftware.

CONTACT:  ELLISFORD SUNDRIES LTD
          Unit 15-16, Interchange Motorway Industrial Est
          Wilson Road
          Liverpool L36 6JG
          Merseyside
          Tel: 0151 489 7773
          Fax: 0151 4892042

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


ESG RE: Fitch Downgrades IFS Ratings to CCC+; Outlook Negative
--------------------------------------------------------------
Fitch Ratings gave CCC+ from B- Insurer Financial Strength
ratings with Outlook negative to ESG Reinsurance Bermuda
Limited, ESG Reinsurance Ireland Limited and European Specialty
Ruckversicherung AG - the principal reinsurance subsidiaries of
ESG Re Limited, Bermuda.

The rating is based on Fitch's analysis of the company's six-
month results to June 2005 and reflects ESG's poor historical
operating performance, weak capital position, constrained
liquidity and limited financial flexibility.

Fitch views ESG's capital position as very weak according to
Fitch's own assessment.  The capital position weakened in 2004
and H105 as ESG's shareholders funds were reduced to US$17.6
million at H105 from US$28.3 million at H104.  Failure to
address the continual erosion in the group capital could result
in difficulties in ESG continuing to trade.

ESG's poor historical operating performance is highlighted by
the low return on equity achieved by the company.  Over the
2000-2004 period the company's average ROE was minus 33% based
on Fitch's estimates.

Since 2004, the company has not recorded major adverse claims
reserve developments, although high expenses and commission
ratios have weighed on ESG's operating profitability.  The
expense ratio, including commissions, was 72% in 2004 and Fitch
expects only moderate improvement in this ratio for 2005.

In common with other non-US reinsurers, ESG is required to
establish trust funds or issue letters of credit in favor of US
cedants.  A large part of the non-US reserves are also secured
in trust.  In total, 95% of current insurance liabilities are
secured.

Although this provides protection at 102% of liabilities for the
secured policyholders, it results in 78% of the company's total
investments being pledged through these collateral mechanisms at
end-June 2005, thus limiting liquid assets available to meet the
company's unsecured non-US liabilities and other cash needs.
Fitch is concerned that any unexpected losses could adversely
affect the company's ability to respond to short-term cash
calls.

Fitch considers that ESG's financial flexibility is constrained
as a result of the company's poor operating track record.
Consequently, the company may have difficulty in accessing
additional short-term financing from current shareholders or
third parties should the need arise.

The agency acknowledges the expertise of ESG in the direct
marketing business where the company has developed cutting-edge
marketing skills and customer relationship management platforms.
This know-how has enabled ESG to set up profitable partnerships
with well-rated insurers in Asia.  The company's direct
marketing business has built up in-force value, the majority of
which is expected to crystallize over the next five years.  This
off-balance sheet asset has been factored into Fitch's current
rating.


FINEMOOD LIMITED: Taps Pattinsons to Administer Assets
------------------------------------------------------
Ian Pattinson of Pattinsons was appointed administrator of
Finemood Limited (Company Number 04317417) on Feb. 2.  Its
registered office is at Essentia House, Upper Bond Street,
Hinckley, Leicestershire LE0 1RS.

Finemood Ltd. was established in 2001 and the parent company of
Shirley Price Aromatherapy and Lothian Herbs.  The company was
building a solid foundation of product ranges to support and
provide all corners of the aromatherapy market.

CONTACT:  PATTINSONS
          Kings Business Centre
          90-92 King Edward Road
          Nuneaton
          Warwickshire CV11 4BB
          Tel: 024 7637 5777
          Fax: 024 7638 7587
          E-mail: insol@pattinsons.co.uk


HR OWEN: Disposes Premier Automotive Group East Anglia Business
---------------------------------------------------------------
H. R. Owen PLC posted a circular declaring the disposal of the
Premier Automotive Group East Anglia business to Lookers
Southern Limited, a subsidiary of Lookers PLC and of
Extraordinary General Meeting to its shareholders requesting
their approval of the Proposed Disposal. The EGM will convene on
Feb. 27,2006.

A copy of the Circular has been submitted to the UKLA and will
shortly be available for inspection at the offices of Herbert
Smith LLP, Exchange House, Primrose Street, London, EC2A 2HS and
at the UKLA's Document Viewing Facility.

                        About the Company

Headquartered in London, H.R. Owen, -- http://www.hrowen.co.uk/
-- ranked 12 in the Motor Trader Top 200 list of U.K.'s largest
car dealers, started 70 years ago when Captain Harold Rolfe
launched dealerships of Rolls-Royce and Bentley motor cars.  The
company currently operates over 35 franchised automotive retail
sites, representing a wide range of brands.  Majority of its
retail operations are located in and around London, the
southeast and East Anglia.  Its portfolio features four major
manufacturers: DaimlerChrysler, Premier Automotive Group,
Volkswagen Group and BMW as well as its specialist sports car
division, under a broad range of trading names.

In June, the company said it is expecting a full year loss in
2005 and will not be issuing dividends until it is
"appropriate."  The company disclosed in April that trading had
been at a lower level than expected during the first four months
of the year, and that the group's results would be a loss for
the first six months.

Following a strategic review, the company now targets reducing
its debt by disposing of a number of its franchises, and
focusing on fewer key brands and its strong and profitable
Specialist Division.  The restructuring is also aimed at
increasing margins, strengthening the company amid economic
cycles, and boosting shareholder value.


ID TELECOMMUNICATIONS: Names Administrator from Cowgill Holloway
----------------------------------------------------------------
Gary Bell of Cowgill Holloway Business Recovery LLP was
appointed administrator of ID Telecommunications Limited
(Company Number 03990177) on Feb. 1.  Its registered office is
at Cedar House, 2 Fairfield Street, Manchester M1 3QF.

CONTACT:  ID TELECOMMUNICATIONS LTD
          Cedar House,
          2 Fairfield Street,
          Manchester, M1 3GF

          COWGILL HOLLOWAY BUSINESS RECOVERY LLP
          Regency House
          45-51 Chorley New Road
          Bolton
          Greater Manchester BL1 4QR
          Tel: 01204 414277
          Fax: 01204 414244
          E-mail: gary.bell@cowgills.co.uk


J.G. AUSTWICK: Closes Operations & Liquidates Assets
----------------------------------------------------
J. G. Austwick Limited is voluntarily liquidating its assets
after members elected to wind up the company on Dec. 21, 2005.

Chairman J. G. Austwick disclosed that the company could no
longer continue its business due to mounting debts.  David Paul
Hudson, of Begbies Traynor, is appointed liquidator.

CONTACT:  J.G. AUSTWICK LIMITED
          Unit 4/7 Chapman Court
          Charfleets Road
          Canvey Island Essex
          SS8 0PQ
          Tel: 01268 694096
          Fax: 01268 511567


LEGALCO.CO.UK: Calls in Kroll Limited as Administrator
------------------------------------------------------
David John Whitehouse and Simon Wilson of Kroll Limited were
appointed joint administrators of Legalco.Co.UK Limited (Company
Number 04243474) on Feb. 2.  Its registered office is at
Duckworth House, The Lancastrian Office Centre, Talbot Road,
Stretford, Manchester M32 0FP.

CONTACT:  LEGALCO.CO.UK LTD
          Washbrook House,
          The Lancastrian Office Centre,
          Manchester, Lancashire M32 0FP
          Tel: 01618488234

          KROLL LIMITED
          The Observatory
          Chapels Walk
          Manchester
          Greater Manchester M2 1HL
          Tel: 0161 838 4500
          Fax: 0161 838 4501


LIGHT CONTROL: Creditors Confirm Liquidators' Appointment
---------------------------------------------------------
Creditors of Light Control Systems Limited confirmed the
company's liquidation and the appointment of John Russell and
Allan Cooper, of The P&A Partnership, as liquidator.

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

CONTACT:  LIGHT CONTROL SYSTEMS LIMITED
          Unit 7 Mead Park
          Thorpe Mead
          Banbury Oxfordshire
          OX164RY
          Tel: 0845 069 5949
          Fax: 0845 065 5545


LUXFER HOLDINGS: Weak Cash Flow Prompts Moody's Junk Ratings
------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Luxfer
Holdings Plc.  This concludes the rating review initiated on
January 25, 2005.

Ratings affected are:

   -- Corporate Family Rating downgraded to Caa2 from Caa1;

   -- GBP160.0 million 10.125% senior notes due 2009 downgraded
      to Caa3 from Caa2 (outstanding principal reduced to
      approximately GBP131.4 million as of September 30, 2004)

The rating outlook is negative.

Luxfer's Caa3 rating reflects the company's continuing weak
operating and cash flow performance, exacerbated by very limited
liquidity which raises the concern that the potential of a
default scenario resulting in a meaningful loss to bond holders
is now higher.

The downgrade of Luxfer's senior notes to Caa3 from Caa2
reflects Moody's concerns regarding the increase in loss
severity to the senior note holders in a default scenario.
Moody's notes that the company has the potential under the bond
indenture to incur additional senior secured debt above the
notes.

The negative outlook reflects Moody's concerns regarding (i) any
potential further deterioration in Luxfer's operating
performance, and; (ii) ongoing concerns with respect to the
company's liquidity and ability to grow cash flows in order to
meet its operating and financial obligations over the near term.

During 2005, Luxfer's operating performance showed minor signs
of improvement, which halted somewhat the deterioration in debt
protection measures observed since 2003.  Moody's anticipates a
slight marginal improvement in credit metrics for FYE 2005 in
comparison with the previous year's results.  In 2005, Luxfer
benefited from the savings related to the downsizing of its
Specialty Aluminium operations and from ongoing implementation
of other cost-cutting initiatives.

However, soft demand within the automotive and the aerospace
industries for relatively high added-value products such as
magnesium die-casting and high performance alloys, and
continuing exposure to increases in raw material prices and
energy costs, almost completely offset the gains obtained
through a leaner cost structure.  As a consequence, Luxfer's
profitability remained weak with Adjusted EBITDA margins at
around 9.5% for the quarter ended 30 September 2005.

Ongoing weak cash generation remains a significant concern for
Moody's as Luxfer is expected to report negative operating cash
flow for the second consecutive year because limited
contributions from operating activities are drained by working
capital requirements (GBP12.1 million for the last 12 months to
September 2005) and by material cash interests costs
(approximately GBP14 million per year).  The company's liquidity
is further stressed by capital expenditure requirements, which
Moody's anticipates to be in the range of GBP7-8 million for
fiscal year-end 2005.

As at 30 September 2005 Luxfer had GBP3.5 million of cash and
cash equivalents on the balance sheet, and availability of
GBP9.5 million under its 12-month GBP30 million revolving credit
facility (providing GBP20 million in short-term borrowings with
the rest available for letters of credit, performance bonds and
forward foreign currency contracts) which is subject to annual
renewal each January.  It is Moody's understanding that the
company is now in the final stages of negotiating credit
facilities to meet its financing requirements.  If the company
is unable to obtain sufficient financing the ratings would come
under immediate downward pressure.

Headquartered in Manchester, United Kingdom, Luxfer specialises
in the design and manufacture of high-pressure aluminium gas
cylinders, as well as aluminium-, zirconium-, and magnesium-
based engineering products for use in the aerospace, automotive,
medical and general engineering industries.  For the nine months
ended September 30, 2005, Luxfer reported consolidated revenues
of GBP176 million.


MAXON GROUP: Enters Voluntary Liquidation
-----------------------------------------
Maxon Group Plc is voluntarily liquidating its assets after
members elected to wind up the company on Dec. 19, 2005.

Malcolm Cohen and Antony David Nygate of BDO Stoy Hayward LLP is
appointed liquidator to oversee the wind-up activities.

Creditors confirmed the liquidators' appointment at a meeting
held the same day.

CONTACT:  MAXON GROUP PLC
          Maxon House
          Maxted Close
          Hemel Hempstead Industrial Estate
          Hemel Hempstead Herfordshire
          HP2 7EG
          Tel: 01442 267 777


MEERKAT CULTURE: Advertising Firm Calls in Administrator
--------------------------------------------------------
Stephen Goderski of Geoffrey Martin & Co was appointed
administrator of advertising firm Meerkat Culture Marketing
Limited (Company Number 03943946) on Feb. 2.

CONTACT:  GEOFFREY MARTIN & CO.
          7-8 Conduit Street
          London W1S 2XF
          Tel: 020 7495 1100
          Fax: 020 7495 1144
          E-mail: stephen.goderski@geoffreymartin.co.uk


MIRO PRESS: Members Pass Winding Up Resolution
----------------------------------------------
Members of Miro Press Limited agreed to voluntarily wind up the
Company's operations on Dec. 19, 2005.  They also appointed
Andrew McTear of McTear Williams & Wood as liquidators.

CONTACT:  MIRO PRESS LIMITED
          Western Way
          Bury St. Edmunds Suffolk
          IP333SP
          Tel: 01284 752319
          Fax: 01284 705118


MY KINDA: Taps Liquidator to Wind Up Assets
-------------------------------------------
Members of My Kinda Pub Limited authorized the company to
commence wind-up activities and appointed Frank Wessely and
Peter James Hughes-Holland of Vantis Numerica as liquidators.

Creditors confirmed the liquidators' appointment on Dec. 19,
2005.

CONTACT:  MY KINDA PUB LIMITED
          Bungalow
          Wycombe Road
          Saunderton High Wycombe Buckinghamshire
          HP144JB
          Tel: 01494 563 834
          Fax: 01494 563 724


NORFOLK FRESH: Joint Administrators Enter Firm
----------------------------------------------
Richard Albert Brock Saville and Peter Andrew Blair of Begbies
Traynor were appointed joint administrators of Norfolk Fresh
Produce Limited (Company Number 4237311) on Jan. 31.  The
company sells fruit, vegetables and meat.

CONTACT:  NORFOLK FRESH PRODUCE LTD
          26 Tamworth Road, Long Eaton,
          Nottingham, Nottinghamshire NG10 1JJ
          Tel: 01159464004

          BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Tel: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com/


NTH DEGREE: Taps Portland Business to Liquidate Assets
------------------------------------------------------
At an extraordinary general meeting of Nth Degree Consulting
Limited on Dec. 21, 2005, members resolved that the Company
undergo voluntary liquidation.

Peter Robin Bacon and Carl Derek Faulds, of Portland Business &
Financial Solutions Ltd., were named to supervise the Company's
wind-up activities.

CONTACT: NTH DEGREE CONSULTING LIMITED
         Queens Wharf
         Queen Caroline Street
         London
         W6 9RJ
         Tel: 0870 234 0009


ONE THIRTEEN: Financial Woes Prompt Voluntary Liquidation
---------------------------------------------------------
One Thirteen Limited appointed Stephen Goderski of Geoffrey
Martin & Co., to manage the liquidation of the company's assets.

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

CONTACT:  ONE THIRTEEN LIMITED
          Suite 6 Alexandra House
          Millstrood Road
          Joseph Wilson Industrial Estate
          Whitstabel Kent
          CT5 3PS
          Tel: 01227 770549
          Fax: 01227 280061


PATCHCOTT PHARMACEUTICALS: Winds Up Operations
----------------------------------------------
Patchcott Pharmaceuticals Limited is liquidating its assets
after members agreed to wind up the company's operations on
Dec. 20, 2005.

The voluntary liquidation came as a result of the company's
inability to pay its debts.  Irene Harbottle, of W. D. Robb &
Co., is appointed liquidator to manage the wind-up activities.

CONTACT:  PATCHCOTT PHARMACEUTICALS LIMITED
          Unit 35A
          Number One Industrial Estate
          Consett County Durham
          DH8 6SZ
          Tel: 01207 583 777
          Fax: 01207 583 833


POLYFORM PACKAGING: Brings In Rifsons to Liquidate Assets
---------------------------------------------------------
Members of Polyform Packaging Limited agreed to voluntarily wind
up the Company's operations on Dec. 22, 2005.  They also
appointed Arif Anwar, of Rifsons, as liquidators.

CONTACT:  POLYFORM PACKAGING LIMITED
          Polyform Packaging Unit 1
          Old Road
          Leighton Buzzard Bedfordshire
          LU7 2RB
          Tel: 01525 850 744
          Fax: 01525 852 707


PWI (ICT CONSULTANCY): Simon Thornton to Liquidate Assets
---------------------------------------------------------
At PWI (ICT Consultancy & Solutions) Limited's extraordinary
general meeting on Dec. 20, 2005, members resolved that it is in
the Company's best interests to liquidate its operations.

Simon Thornton was named to oversee the wind-up proceedings.

CONTACT:  PWI (ICT CONSULTANCY & SOLUTIONS) LIMITED
          Chapel Lane
          Old Sodbury Bristol
          BS376NQ
          Tel: 0870 242 0438
          Fax: 01454 323 680


ROSSENDALE SPINNERS: Taps Administrators from Bridgestones
----------------------------------------------------------
Jonathan Guy-Lord and Robert Lochmohr Cooksey of Bridgestones
were appointed joint administrators of Rossendale Spinners
Limited (Company Number 03115347) on Jan. 27.

Rossendale Spinners Limited --
http://www.rossendaleyarnspinners.co.uk/-- is engaged in
preparing and spinning cotton-type fibers.

CONTACT:  ROSSENDALE SPINNERS LTD
          Unit 17B, Carrs Industrial Estate,
          Todd Hall Road, Haslingden
          Rossendale BB4 5LA
          Lancashire
          Tel: 01706 227771
          Fax: 01706 831916

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


SKYEPHARMA PLC: Ian Gowrie-Smith Retires from Board
---------------------------------------------------
SkyePharma PLC disclosed the retirement of non- Executive
Director Ian Gowrie-Smith from the Board effective immediately.

The founder of SkyePharma in 1996, Mr. Gowrie-Smith remains a
major shareholder.  He decided to bring forward the date of his
retirement from the Annual General Meeting later this year in
order to ensure that the only proposal for shareholders to
consider in connection with the impending Extraordinary General
Meeting is whether Mr. Thian is suitable to become Executive
Chairman of SkyePharma.

It is the Board's strong opinion that Mr. Thian is not suited to
this role as he does not have the right experience and because
it will conflict with his existing taxing commitments.  The
Board believes that the Company should move forward under the
guidance of its newly appointed non-Executive Chairman, Chief
Executive Officer and Chief Operating Officer.

Ian Gowrie-Smith said, "I am immensely proud of my track record,
creating two UK pharmaceutical companies in the last 18 years,
both of which have reached valuations of over US$1 billion.
Today SkyePharma is the fifth largest pharmaceutical company in
the UK.  Medeva and SkyePharma stand as a credit to the teams
that built them and I think of them as two of my greatest
achievements."

"Creating and developing companies in the pharmaceutical sector
is very challenging, not only for management but also for our
investors.  Development times are long, clinical and regulatory
hurdles are formidable and costs from inception to marketing are
daunting."

"For me the most exciting news is that Flutiform is just about
to commence its Phase III trial.  I am firmly convinced that it
was the right decision for SkyePharma to carry out the
development of our lead pipeline product.  Out-licensing it
prematurely to satisfy short-term demands would not have been
sensible for an asset that we believe has a very good chance of
generating sales in excess of US$1 billion. I am fully confident
that the new management team of Dr. Jerry Karabelas, Frank
Condella and Dr. Ken Cunningham have the talent and experience
to maximize the potential of Flutiform(TM) and our other
pipeline products."

"I leave SkyePharma with a lot to look forward to. I would like
to thank everyone who has contributed to building SkyePharma
over the last ten years and wish them all well, confident in
their talents and the strengths of their Company.  I am also
grateful to shareholders for their support over the years," he
added.

                        About the Company

Headquartered in London, SkyePharma PLC --
http://www.skyepharma.com/ -- develops pharmaceutical products
benefiting from world leading drug delivery technologies that
provide easier-to-use and more effective drug formulations.  In
May, it reported net loss of GBP24.3 million for 2004, a
decrease of 44% compared with GBP43.2 million in 2003.

                        *     *     *

On Nov. 17, the Board of SkyePharma disclosed that following an
unsolicited approach from a third party, they had decided to
review all of its strategic options, including, inter alia,
offers for the Company as a whole.

On Dec. 8, SkyePharma received a number of expressions of
interest, both with respect to individual assets owned by the
Company as well as potential cash offers for the Company as a
whole.  In the light of such interest, the Board allowed a
number of parties access to a data room to commence due
diligence on the Company.

SkyePharma continues to seek potential offers for the Company as
a whole, but it is not clear at this stage that an offer for the
Company, whether in cash or otherwise, which is capable of
recommendation, will be forthcoming.  In addition, a number of
parties remain interested in potentially acquiring individual
assets owned by the Company.


SPIRENT PLC: Initially Pays US$7.5 Million for QuadTex
------------------------------------------------------
Spirent PLC, a leading communications technology company,
acquired QuadTex Systems, Inc., a fast growing US based provider
of innovative and leading test tools for internet protocol
multimedia subsystem and voice over IP testing.

Spirent is paying an initial consideration of US$7.5 million,
payable in cash on completion with up to a further US$1.5
million payable depending on certain technical milestones and
the retention of key employees.

In addition to being an excellent strategic fit with Spirent's
existing businesses, QuadTex will enhance and be a key
contributor to its solutions for triple play, VoIP and IMS
testing.  IMS, which is being driven by fixed mobile
convergence, requires comprehensive and flexible protocol
testing tools.

Unlike existing tools, QuadTex provides highly flexible and easy
to use protocol test systems allowing users to test the
functionality and interoperability of IMS systems.  The need for
testing new protocols or modified versions of existing protocols
for FMC and IMS deployment is a market that Spirent has
identified as a key area of focus.

The acquisition is in line with Spirent's stated strategy to
make selective acquisitions as it focuses on its communications
activities following the recently proposed disposal of
HellermannTyton.  Synergies are expected to be generated through
cross-selling, the integration of products to provide compelling
solutions, and through the further broadening and deepening of
customer relationships.

QuadTex, which has grown rapidly since being founded in 2002, is
based in Dallas, Texas and employs 14 people.  It also has a
development office in China.  Shipment of its products began in
the second half of 2004 and sales in 2005 totaled US$2.0 million
with rapid growth expected in 2006.  The business was cash
positive and also traded profitably in 2005.

Customers include Cisco, Ericsson, NTT and AT&T with revenues
earned principally in the USA, with a contribution from both
Asia and Europe.  The founders are expected to continue to
manage the business, which will be incorporated within Spirent's
Performance Analysis division.

Chief Executive Anders Gustafsson commented, "Spirent's
transformation continues with the acquisition of QuadTex now
following the recent acquisition of SwissQual and the
announcement of the proposed disposal of HellermannTyton."

"The acquisition is in line with our strategy to expand our
communications business, drive profitable growth and deliver
shareholder value," he added.

                        About the Company

Spirent PLC -- http://www.spirent.com/-- is a communications
technology company, which provides performance analysis and
service assurance solutions that enable the development and
deployment of next-generation networking technologies such as
broadband services, Internet telephony, 3G wireless and web
applications and security testing.  The group has about 4,400
employees in 30 countries, including 6 sites in the U.K.

                         *     *     *

Some 180 workers at Spirent plc's Service Assurance business
could lose their jobs as part of the firm's restructuring
measures.  For the first of half of 2005, the division reported
an operating loss of about GBP9 million blamed on customers
delaying capital spending, and the latest mergers among
telecommunication firms in the U.S.  The company revealed the
restructuring could result to annualized cost savings of about
GBP8 million, of which GBP3 million will affect the second half
of 2005.

Spirent also revealed losses of GBP34.1 million from 2004's
profit of GBP16.7 million.  Net debt increased to GBP42.4
million (Dec. 31, 2004 GBP26.4 million) due to a reduction in
operating cash flow, including the cash cost of restructuring,
increased capital expenditure and a GBP5.1 million currency
translation impact.


SOUTH EAST: Calls in Administrators from ThorntonRones
------------------------------------------------------
Richard Rones of ThorntonRones was appointed administrators of
South East Glass (Windows) Ltd (Company Number 02785790) on Jan.
31.  Its registered office is at Priestley House, Priestley
Gardens, Romford, Essex RM6 4SN.  The company manufactures and
installs industrial double glazed windows.

CONTACT:  SOUTH EAST GLASS LTD
          Unit 4/5, Moss Road,
          Colchester, Essex CO3 0LE
          Tel: 01206212333

          THORNTONRONES
          1st Floor
          167 High Road
          Loughton
          Essex IG10 4LF
          Tel: 020 841 9333
          Fax: 020 8418 9444
          E-mail: info@thorntonrones.co.uk


THOMAS WILLIAM: Holding Company Hires Joint Administrators
----------------------------------------------------------
James P. N. Martin and W. John Kelly of Begbies Traynor were
appointed joint administrators of holding company Thomas William
Lench Holdings Ltd (Company Number 00589619) on Feb. 2.

Founded over 120 years ago, Thomas William Lench Ltd is a major
bolt and nut manufacturer supplying quality assured structural
fasteners to the constructional steelwork industry.

CONTACT:  THOMAS WILLIAM LENCH LTD
          P.O. Box 31
          Excelsior Works
          Carnegie Road
          Rowley Regis
          West Midlands B65 8BZ
          United Kingdom
          Tel: +44 (0) 121 559 1530
          Fax: +44 (0) 121 559 3920

          BEGBIES TRAYNOR
          Newater House
          11 Newhall Street
          Birmingham B3 3NY
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com/


                            *********


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-
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Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Liv Arcipe, Julybien Atadero, Jay
Malaga, and Carmel Paderog, Editors.

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

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