TCREUR_Public/060216.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, February 16, 2006, Vol. 7, No. 34

                            Headlines

F R A N C E

EUROTUNNEL S.A.: Unit Gets New License from French Minister


G E R M A N Y

AXTRO GMBH: Meiningen Court Commences Bankruptcy Proceedings
BAUMERT ELEKTRO: Court to Verify Claims Next Month
B & B IMMOBILIENVERWALTUNG: Creditors' Claim Due March
COLOR OBERFLACHENVEREDLUNG: Court Freezes Pending Suits
ESTRICH-KURZ GMBH: Insolvency Report Out by April

HPF BEDACHUNGEN: Administrator to Present Report Next Month
K+F MONTAGEN: Creditors' Meeting Set on March 28
POTATO POINT: Begins Bankruptcy Proceedings in Essen
P S AUTOVERMIETUNG: Calls In Administrator
RUNKEL TRANSPORT: Creditors to Meet Late May

TIEF- UND STRASSENBAU: To Verify Claims on March 30
TRINKS & HUEBNER: Claims Registration Ends March 1
UMWELTANALYTISCHES ZENTRUM: Begins Bankruptcy Process
WERBEAGENTUR FISCHER: Hamburg Court Rules on Bankruptcy


I R E L A N D

ARDAGH GLASS: S&P Lowers Rating of PIK Notes to CCC+ From B-


I T A L Y

PARMALAT SPA: Posts 14% Rise in EBITDA


K A Z A K H S T A N

AK BARYS: Affirms Insolvency
AR-SERVICE: Last Day for Filing Proofs of Claim Set
DOKUCHAEVSKAYA: Economic Court Declares Group Bankrupt
TOKNO SERVICE: Bankruptcy Proceedings Begin
UIALY: Gives Creditors Until Next Week to File Claims


K Y R G Y Z S T A N

BERRA: Sets Proofs of Claim Deadline
IRBIS LTD.: Creditors Have Until Late March to File Claims
ROS TECHNO: Declares Insolvency

N E T H E R L A N D S

AURELIA ENERGY: S&P Affirms BB- Rating On Watch Negative
PROBUS ESTATES: Unit Sells Five Dutch Properties for EUR25.7 Mln
ROYAL SHELL: Buys Back 600,000 A Shares for Cancellation
STICHTING MEMPHIS: Fitch Puts B Rating to EUR8.8MM Class G Notes


R U S S I A

BUILDER: Firm Falls Into Bankruptcy
CENTERTELECOM: Sergey Pridantsev to Head Administrative Board
CONCERN SITRONICS: Fitch Puts B- to US$200 Million Bond
ENERGO-ZHIL-STROY-98: Bankruptcy Supervision Procedure Begins
EVLASHEVSKAYA: Penza Court Brings In Insolvency Manager

FISH HARBOR: Insolvency Manager Takes Over Helm
GALICH-STROY: Bankruptcy Hearing Set March 9
LUNINSKIY: Undergoes Bankruptcy Supervision Procedure
MOSCOW EXPERIMENTAL: Bankruptcy Hearing Set May 4
NOVONIKOLAEVSKIY MEAT: Declared Insolvent by Volgograd Court

ORENBURGSKAYA: Succumbs to Bankruptcy Process in Orenburg
PENZENSKIY: Public Aution for Six Properties Set Next Week
VIMPEL-COMMUNICATIONS: S&P Keeps BB Rating on Kyivstar Bid


U K R A I N E

AVANGARD: Insolvency Manager Comes In
BEREZINO: Declared Insolvent by Cherkassy Court
BIKOM: Enters Liquidation Proceedings
KYIVSTAR GSM: S&P Puts BB- Credit Rating on Watch Positive
MINERAL WATER: V. Fomin Takes Over Operations

PLUS: Kyiv Court Opens Bankruptcy Proceedings
SMART-GROUP: Declared Insolvent
UKRPROM-VUGLE-ZABEZPECHENNYA: Succumbs to Insolvency
NORTON: Bankruptcy Proceedings Begin


U N I T E D   K I N G D O M

2-U-DIRECT: Liquidates Assets in Staffordshire
ABBEY CATERING: Calls in Mazars Administrator
ACCESS RECRUITMENT: Taps M C Bowker to Liquidate Assets
AUCTION CENTRE: Enters Voluntary Liquidation
AUTO DATA: Hires Grant Thornton Administrator

BCR (NORFOLK): Shuts Down Operations & Liquidates Assets
BOOTS GROUP: Office of Fair Trading Clears Alliance Merger
BREWTEMP LIMITED: Begins Voluntary Liquidation Proceedings
BRITISH AIRWAYS: Assists EU Commission & USDOJ Cartel Probe
CHOICE GIFT: Supplier Calls in PwC Administrator

DATAMEC COMPUTER: Names Simon Thornton to Wind Up Company
DAYLIGHT CLEANING: Starts Winding Up Proceedings
DIAMOND NURSING: Taps Joint Administrators from Tenon Recovery
DRIVER PROVIDER: Hires Joint Administrators from Kroll Limited
FUTURA HOME: Registration of Claims Ends April 30

GOSHERON PACKAGING: Financial Woes Prompt Voluntary Liquidation
HADEN DUCOST: Joint Administrators Take Over Helm
HALLMORE TRADING: Taps David Rubin as Liquidator
HOST TRADING: Closes Business & Liquidates Assets
ICON LEATHER: Members Pass Winding Up Resolution

IT SOLUTIONS: Enters Voluntary Liquidation in Birmingham
KENT DOUBLE: Brings In Abbott Fielding to Liquidate Assets
MAYDAY HOLDINGS: Liabilities Spur Liquidation Proceedings
MAYDAY VEHICLE: Begins Wind Up Procedures in Luton
MISYS PLC: Transfers 79,800 Shares to Scheme Participants

RESPONSE INTERNATIONAL: Appoints Joint Administrators from Berg
RIVERSIDE PLUMBING: Taps Joint Administrators from PKF
SATURN INDUSTRIES: Tool Maker Contacts Administrator
SKYEPHARMA PLC: Fidelity International Holds 4.65% Equity Stake
SMART APPROACH: Joint Administrators From PwC Move In

VEDANTA RESOURCES: S&P Puts BB Rating to Unit's Convertible Debt
WEST MONMOUTHSHIRE: Taps Keith Morgan to Liquidate Assets
WISDOM TELECOM: Members Pass Winding Up Resolution
WOODGROVE PACKING: Brings In KPMG LLP as Liquidator

     **********

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


EUROTUNNEL S.A.: Unit Gets New License from French Minister
-----------------------------------------------------------
The French Minister for Equipment, Transport, Housing, Tourism
and Maritime affairs granted a new European Community Railway
Operator's license to Europorte 2, the Eurotunnel subsidiary
dedicated to the development of international rail freight.

Europorte 2 was a pioneer in the liberalization of international
rail freight when, in February 2004, following the opening of
the Trans-European Rail Freight network to competition, it
obtained the first license to be granted in France.

Following the changes to the management team of Eurotunnel and
Europorte 2, a new strategy has been devised, based on the needs
of customers, with realistic objectives that take account of the
Group's situation.

Europorte 2 is currently engaged in research into synergies that
exist with the incumbent railways undertakings, with the goal of
increasing the very low levels of cross Channel rail freight
activity.  At the same time, Europorte 2 maintains its
independence in order to pursue other opportunities, either
alone or in partnership.

"It is clearly part of Europorte 2's mission to participate in
the development of European rail freight and the attribution of
this new licence by the Minister for Transport demonstrates that
this is also the intention of the French authorities," Europorte
2 Chairman Jacques Gounon said.  "Bearing in mind the expertise
Eurotunnel has established, Europorte 2 has a vocation rapidly
to become a vector for growth for the Group."

                      About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel S.A. -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains which carry cars, coaches and trucks.
It manages the infrastructure of the Channel Tunnel and receives
toll revenues from train operating companies whose trains pass
through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 6,
2006, Fitch Ratings said that ratings of the unwrapped notes of
Eurotunnel-related debt repackaging vehicles, Fixed-Link Finance
B.V. (FLF1) and Fixed-Link Finance 2 B.V. (FLF 2) remain on
Rating Watch Negative, after the company agreed on a Memorandum
of Understanding (MoU) with the Ad-Hoc committee.

The ratings involved are:

FLF 1:

  (a) GBP200 million Class A1 notes due 2025: 'BB+';
  (b) EUR103 million Class A2 notes due 2025: 'BB+';
  (c) GBP0.05 million Class B1 notes due 2025: 'B+';
  (d) EUR135 million Class B2 notes due 2025: 'B+'; and
  (e) EUR142 million Class C2 notes due 2025: 'B-'.

FLF1's GBP232 million Class G1 notes due 2025 and EUR365 million
Class G2 notes due 2025 (both wrapped by MBIA) are rated 'AAA'.

FLF 2:

GBP120 million Class A notes due 2026 are rated 'BBB-' and
remain on Rating Watch Negative, and the GBP620 million
guaranteed notes due 2027/28 (wrapped by MBIA) are rated 'AAA'.
Eurotunnel's Tier 1A debt forms the collateral for the FLF2
notes.

As reported in TCR-Europe on Feb. 3, Standard & Poor's Ratings
Services said that its 'BBB' senior
secured bank loan rating on U.K. and France-based Eurotunnel
S.A. remained on CreditWatch with negative implications,
following the expiry on Jan. 31, 2006, of a waiver that allowed
Eurotunnel to negotiate a debt restructuring.

The following ratings on the nonguaranteed debt issued by
related Fixed-Link Finance B.V.'s Class A, B, and C notes also
remain on CreditWatch with negative implications:

  (a) Senior secured debt: 'BB-',
  (b) Subordinated debt: 'CCC+', and
  (c) Junior subordinated: 'CCC-'.

The 'B' senior secured rating on Fixed-Link Finance 2 B.V.'s
nonguaranteed notes also remains on CreditWatch with negative
implications.


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


AXTRO GMBH: Meiningen Court Commences Bankruptcy Proceedings
------------------------------------------------------------
The District Court of Meiningen opened bankruptcy proceedings
against Axtro GmbH on Jan. 19, 2005.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 28, to register their claims with
court-appointed provisional administrator Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 10:00 a.m. at the District Court of
Meiningen, Lindenallee 15, Saal A 0208 at which time the
administrator will present his first report of 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:  AXTRO GmbH
          Gustav-Koenig-Strasse 20
          96515 Sonneberg

          Klaus Siemon, Administrator
          Strasse der Nationen 51
          09111 Chemnitz


BAUMERT ELEKTRO: Court to Verify Claims Next Month
--------------------------------------------------
The District Court of Osterode am Harz opened bankruptcy
proceedings against Baumert Elektro GmbH on Jan. 24, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 28 to
register their claims with court-appointed provisional
administrator Erika Koether.

Creditors and other interested parties are encouraged to attend
the meeting on March 20, 9:09 a.m. at the District Court of
Osterode am Harz, Amtshof 20 at which time the administrator
will present his first report of 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:  BAUMERT ELEKTRO GmbH
          Rothemuehlenweg 3
          37520 Osterode am Harz

          Erika Koether, Administrator
          Richard-Wagner-Strasse 52
          10585 Berlin


B & B IMMOBILIENVERWALTUNG: Creditors' Claim Due March
------------------------------------------------------
The District Court of Moenchengladbach opened bankruptcy
proceedings against B & B Immobilienverwaltung GmbH on Jan. 26,
2006.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 6,
to register their claims with court-appointed provisional
administrator Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting on March 27, 9:30 a.m. at the District Court of
Moenchengladbach, Hohenzollernstr. 157, 41061 Moenchengladbach
at which time the administrator will present his first report of
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 & B IMMOBILIENVERWALTUNG GmbH
          Krefelder Str. 35
          41063 Moenchengladbach
          Contact:
          Bernd Busley, Manager
          Holter Kreuz 12 a,
          41069 Moenchengladbach

          Eberhard Stock, Administrator
          Wilhelmshofallee 75
          47800 Krefeld


COLOR OBERFLACHENVEREDLUNG: Court Freezes Pending Suits
-------------------------------------------------------
The District Court of Hagen opened bankruptcy proceedings
against Color Oberflachenveredlung Gesellschaft mit beschrankter
Haftung on Jan. 27, 2006.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until Feb. 17, to register their claims with court-
appointed provisional administrator Dr. Ekkehard Padeck.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 11:15 a.m. at the District Court of
Hagen, - Haupthaus (Neubau) -, Heinitzstrasse 42, 58097 Hagen,
Etage 2, Raum 283 at which time the administrator will present
his first report of 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:  COLOR OBERFLACHENVEREDLUNG GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Am Hofe 15
          58640 Iserlohn
          Contact:
          Thomas Rademacher, Manager
          Friedensstr. 42
          58642 Iserlohn

          Dr. Ekkehard Padeck, Administrator
          Friedrich-Ebert-Platz 2
          58095 Hagen
          Phone: 02331/39 50 58
          Fax: +492331395012


ESTRICH-KURZ GMBH: Insolvency Report Out by April
-------------------------------------------------
The District Court of Marburg/Lahn opened bankruptcy proceedings
against Estrich-Kurz GmbH on Jan. 20, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 23 to register their claims
with court-appointed provisional administrator Dr. Hans-Joerg
Laudenbach.

Creditors and other interested parties are encouraged to attend
the meeting on April 26, 9:00 a.m. at the District Court of
Marburg/Lahn, Gerichtsgebaude, Universitatsstrasse 48, 35037
Marburg/Lahn at which time the administrator will present his
first report of 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:  ESTRICH-KURZ GmbH
          Hauptstrasse 31
          34633 Ottrau
          Contact:
          Manfred Kurz, Manager

          Dr. Hans-Joerg Laudenbach, Administrator
          Fach 62, Carlo-Mierendorff-Strasse 15,
          35398 Giessen
          Phone: 0641/98292-15
          Fax: 0641/98292-85


HPF BEDACHUNGEN: Administrator to Present Report Next Month
-----------------------------------------------------------
The District Court of Koblenz opened bankruptcy proceedings
against HPF Bedachungen GmbH on Jan. 20, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Feb. 27 to register
their claims with court-appointed provisional administrator Jens
Lieser.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 9:00 a.m. at the District Court of
Koblenz, Hauptjustizgebaude, Karmeliterstrasse 14, 56068 Koblenz
at which time the administrator will present his first report of
the insolvency proceedings.  The court will verify the claims
set out in the administrator's report on April 7, 9:00 a.m.
while creditors may constitute a creditors committee and/or opt
to appoint a new insolvency manager.

CONTACT:  HPF BEDACHUNGEN GmbH
          Wiesen 17
          56182 Urbar
          Contact:
          Monique Frank, Manager

          Jens Lieser, Administrator
          Josef-Goerres-Platz 5
          56068 Koblenz
          Phone: 0261/304-790
          Fax: 0261/911-4729


K+F MONTAGEN: Creditors' Meeting Set on March 28
------------------------------------------------
The District Court of Gera opened bankruptcy proceedings against
K+F Montagen GbR on Jan. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 24, 2006, to register their claims
with court-appointed provisional administrator Dr. H. Hess.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Gera, Rudolf-Diener-Str. 1,
Zimmer 317, at 1:35 p.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:  K+F MONTAGEN GbR

          Dr. H. Hess, Administrator
          Barbarossahof 4-5, 99092 Erfurt


POTATO POINT: Begins Bankruptcy Proceedings in Essen
----------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against Potato Point GmbH on Jan. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Feb. 20, 2006, to register their claims
with court-appointed provisional administrator Joseph Albers.

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
9:30 a.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:  POTATO POINT GmbH
          Schlosserstr. 7a, 45881 Gelsenkirchen
          Contact:
          Siegfried Malina, Manager

          Joseph Albers, Administrator
          Von-der-Recke-Str. 5-7, 45879 Gelsenkirchen
          Tel: 0209/179890
          Fax: 02091485096


P S AUTOVERMIETUNG: Calls In Administrator
------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against P S Autovermietung GmbH on Jan. 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 10, 2006, to register their
claims with court-appointed provisional administrator Georg
Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Muehlenstrasse
34, 40213 Duesseldorf, 3. OG Altbau, A 341, at 10:15 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:  P S AUTOVERMIETUNG GmbH
          Karlstr. 4, 40210 Duesseldorf
          Contact:
          Peter Schmid, Manager

          Georg Kreplin, Administrator
          Berliner Allee 21, 40212 Duesseldorf


RUNKEL TRANSPORT: Creditors to Meet Late May
--------------------------------------------
The District Court of Cologne opened bankruptcy proceedings
against RUNKEL Transport- und Handelsgesellschaft mbH on
Jan. 20, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until April 30 to register their claims with court-appointed
provisional administrator Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on May 30, 11:00 a.m. at the District Court of
Cologne, Hauptstelle, Luxemburger Strasse 101 at which time the
administrator will present his first report of 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:  RUNKEL TRANSPORT- UND HANDELSGESELLSCHAFT mbH
          Voltastr. 5
          50129 Bergheim
          Contact:
          Klara Runkel, Manager

          Dr. Joerg Nerlich, Administrator
          Aachener Str. 563-565
          50933 Cologne
          Phone: 0221/ 940 80 30
          Fax: +492219408039


TIEF- UND STRASSENBAU: To Verify Claims on March 30
---------------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against Tief- und Strassenbau Seidewitztal GmbH on Jan. 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 16, 2006,
to register their claims with court-appointed provisional
administrator Dr. Helmut Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Olbrichtplatz 1,
01099 Dresden, at 9:45 a.m., on Feb. 22, 2006, at which time the
administrator will present his first report on the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report at 10:30 a.m., on March 30, 2006, at
the same venue.

CONTACT:  TIEF- UND STRASSENBAU SEIDEWITZTAL GmbH
          Glashuetter Strasse 30 in 01825 Liebstadt

          Dr. Helmut Schwarz, Administrator
          Dreikonigskirche 10, 01097 Dresden
          Web: http://www.cmslegal.de/


TRINKS & HUEBNER: Claims Registration Ends March 1
--------------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against Trinks & Huebner GmbH on Jan. 18.  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 Frank
Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Olbrichtplatz 1,
01099 Dresden, at 9:30 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:  TRINKS & HUEBNER GmbH
          August-Bebel-Str. 45-47 in 02943 Weisswasser

          Frank Ruediger Scheffler, Administrator
          C.-D.-Friedrich-Str. 6, 01219 Dresden
          Web: http://www.tiefenbacher.de/


UMWELTANALYTISCHES ZENTRUM: Begins Bankruptcy Process
-----------------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against Umweltanalytisches Zentrum Groditz GmbH 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 Jan Gartner.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Olbrichtplatz 1,
01099 Dresden, at 10:00 a.m., on March 6, 2006, at which time
the administrator will present his first report on the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  UMWELTANALYTISCHES ZENTRUM GRODITZ GmbH
          Jan Gartner, Administrator
          Weisseritzstrasse 3, 01067 Dresden
          Web: http://www.WORAKO.de/


WERBEAGENTUR FISCHER: Hamburg Court Rules on Bankruptcy
-------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Werbeagentur Fischer GmbH on Jan. 19, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 13 to
register their claims with court-appointed provisional
administrator Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting on April 13, 10:10 a.m. at the District Court of
Hamburg, Sievekingplatz 1, 20355 Hamburg at which time the
administrator will present his first report of 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:  WERBEAGENTUR FISCHER GmbH
          Spritzenplatz 12
          22765 Hamburg
          Contact:
          Juergen Fischer, Manager

          Joachim Buettner, Administrator
          Osdorfer Landstrasse 230
          22549 Hamburg
          Phone: 8078810
          Fax: 807881-20


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I R E L A N D
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ARDAGH GLASS: S&P Lowers Rating of PIK Notes to CCC+ From B-
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Ireland-based glass-bottle
manufacturer Ardagh Glass Group PLC (Ardagh) and related entity
Ardagh Glass Holdings Ltd. (formerly Ardagh Glass Ltd.) to 'B'
from 'B+'.  At the same time, the ratings on the group's
subordinated bond and pay-in-kind (PIK) notes were lowered to
'CCC+' from 'B-'.  The outlook remains negative.

"The downgrade reflects the ongoing difficult operating
environment in Ardagh's main U.K. market, where the group's cost
base has been affected by unprecedented high and volatile
natural gas prices," said Standard & Poor's credit analyst
Vanessa Brathwaite.

With no hedging in place, Ardagh's margins have come under
pressure and we expect this pressure on margins to intensify
during 2006.  This is because the U.K. market will move closer
to a situation of overcapacity with a new competitor, Quinn
Glass, due to enter the market this year.  It will be extremely
difficult for Ardagh to recover the cost inflation in this
market, where customer concentration (and, therefore, price-
negotiating power) is very high.  Ardagh's top-ten customers
represent nearly two-thirds of sales.

It will be extremely difficult for Ardagh to recover the cost
inflation in this market, where customer concentration (and,
therefore, price-negotiating power) is very high. Ardagh's top-
ten customers represent nearly two-thirds of sales.

A continued deterioration in Ardagh's operating environment in
the U.K. could lead to a further weakening of the group's
operating cash flows beyond expectations.  The ratings could be
lowered again if Standard & Poor's views it unlikely that Ardagh
will be able to maintain adequate operating cash flows or credit
measures for the ratings.  In addition, the ratings could be
lowered if the group is unable to maintain satisfactory
liquidity, with enough cash and available lines to fund working
capital and debt servicing.


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I T A L Y
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PARMALAT SPA: Posts 14% Rise in EBITDA
--------------------------------------
Ailing food group Parmalat S.p.A. remains optimistic of a
turnaround after booking an impressive performance in 2005, the
Associated Press says.

Parmalat saw its full-year EBITDA soar by 14% to EUR307.8
million in 2005 from EUR268.9 million a year before.  Full year
revenue grew by 3.8%to EUR3.87 billion from EUR3.73 billion.
Local revenues added EUR1.15 billion to the total figure, up by
3.2%.  Parmalat likewise improve its sales performance in
Canada, Australia, South America and Africa.  Parmalat, however,
failed to duplicate the feat in Spain and Portugal, where sales
dropped by almost 10% due to weak consumer spending.

The dairy giant also trimmed its net debt to EUR375.9 million at
the end of 2005 from EUR541.9 million a year earlier.

For the fourth quarter alone, Parmalat posted a five-percent
rise in EBITDA, from EUR84.9 million in 2004 to EUR89.4 million
in 2005.  Fourth quarter revenue, meanwhile, rose one percent
EUR1.06 billion from EUR1.05 billion.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


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


AK BARYS: Affirms Insolvency
----------------------------
LLC Ak Barys has declared insolvency.  Proofs of claim will be
accepted at Pavlodar, Satpayev Str. 10 until February 28, 2006.

CONTACT:  Pavlodar, Satpayev Str. 10


AR-SERVICE: Last Day for Filing Proofs of Claim Set
---------------------------------------------------
LLC Ar-Service has declared insolvency.  Proofs of claim will be
accepted at East Kazakhstan region, Semipalatinsk,
Tanirbergenova Str. 25-61 until February 28, 2006.

CONTACT:  East Kazakhstan region,
          Semipalatinsk, Tanirbergenova Str. 25-61


DOKUCHAEVSKAYA: Economic Court Declares Group Bankrupt
------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan region declared LLC Agrofirma Dokuchaevskaya of
Timiryazevsk district bankrupt on Dec. 5, 2005.

Proofs of claim will be accepted at North Kazakhstan region,
Petropavlovsk, Konstitutsia Kazakhstan Str., Department of Rural
Economy on or before Feb. 23, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF NORTH
          KAZAKHSTAN REGION
          North Kazakhstan region,
          Petropavlovsk,
          Konstitutsia Kazakhstan Str.
          Department of Rural Economy


TOKNO SERVICE: Bankruptcy Proceedings Begin
-------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan region has commenced bankruptcy proceedings against
LLC Tokno Service.

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


UIALY: Gives Creditors Until Next Week to File Claims
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan region declared LLC Uialy of Airtausk district
declared bankruptcy on Dec. 7, 2005.

Proofs of claim will be accepted at North Kazakhstan region,
Petropavlovsk, Konstitutsia Kazakhstan Str. Department of Rural
Economy until Feb. 23, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF NORTH
          KAZAKHSTAN REGION
          North Kazakhstan region,
          Petropavlovsk,
          Konstitutsia Kazakhstan Str.
          Department of Rural Economy


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


BERRA: Sets Proofs of Claim Deadline
------------------------------------
LLC Berra has declared insolvency.  Proofs of claim will be
accepted on or before April 3, 2006.

The company can be contacted at +996 (312) 66-34-01.


IRBIS LTD.: Creditors Have Until Late March to File Claims
----------------------------------------------------------
LLC Irbis Ltd. has declared insolvency.  Proofs of claim will be
accepted on or before March 31, 2006.

CONTACT:  IRBIS LTD.
          Bishkek, Gerzena Str. 9-35
          Phone: +996 (502) 54-29-69


ROS TECHNO: Declares Insolvency
-------------------------------
LLC Ros Techno has declared insolvency.  Proofs of claim will be
accepted on or before April 3, 2006.

The company can be contacted at +996 (312) 98-66-85.


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


AURELIA ENERGY: S&P Affirms BB- Rating On Watch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Netherlands Antilles-based oil
services company Aurelia Energy N.V. (also referred to as
Bluewater) on CreditWatch with negative implications.  Aurelia
Energy owns six floating production, storage, and offloading
units (FPSOs) used in the oil production industry.

The CreditWatch placement follows the announcement by Aurelia on
Feb. 10, 2006, of the acquisition of a shuttle tanker for $129.5
million.  This follows on from last year's $210 million
acquisition of a 55% share in an FPSO.

"Moreover, in light of management's growth-oriented strategy, we
consider further cash outlays possible, if and when decisions
are taken to convert the newly acquired tanker or the already-
owned Aoka Mizu hull into FPSOs," said Standard & Poor's credit
analyst Per Karlsson.  The rating outlook was already negative,
reflecting the company's weak financial metrics and aggressive
financial policy. A one-notch rating downgrade is now likely.

Before resolving the CreditWatch status, we will analyze the
financing structure in more detail, and will also look at
expected contractual revenue streams and likely investment plans
for the next few years (including the capital expenditure to
convert the shuttle tanker or the Aoka Mizu hull).  We will also
take into consideration the 2005 full-year result, which should
be available in late March 2006. This should include a few
positive aspects, such as the unwinding of Aurelia's U.K. tax
leases, which yielded about $85 million in cash flows, and its
new bareboat contract for the Bleo Holm vessel.


PROBUS ESTATES: Unit Sells Five Dutch Properties for EUR25.7 Mln
----------------------------------------------------------------
Probus Holding B.V., a subsidiary of Probus Estates PLC, entered
into a contract for the sale of its five commercial properties
in the Netherlands.

Following an auction process, agreement has been reached for the
sale of the Dutch properties to Fortress Participations B.V. for
EUR25.7 million.

In the balance sheet in the interim results of the Company for
the six months ended June 30, 2005, the Dutch properties were
valued at EUR25.5 million.  The current annual rental income
from the properties is approximately EUR2.4 million.

After payment of approximately EUR20 million to Munchener
Hypothekenbank, the first mortgage holder, the net proceeds will
be paid to Uni-Invest B.V., which holds a second mortgage as
security for its loans to the group.  The sale is expected to be
completed shortly.

Following the sale of the Dutch properties, Probus' only
significant assets will be the remaining units at the Santa
Ponsa retail development in Mallorca.  Discussions are ongoing
with respect to the sale of these assets.

                     Liquidation Threat

The company previously disclosed that its future remains
uncertain.  The Directors are aware of possible third party
interest in an acquisition of Uni-Invest's position of debt and
equity in the Company.  The Directors have no control over
the outcome of these discussions.  If Uni-Invest's position was
taken over by a third party, it would be the expectation of the
Directors that the Company would be recapitalised and its
financing structured on a more long terms basis.  However, if
these discussions do not have a favorable outcome, the Company
and its subsidiaries may be placed in liquidation.


ROYAL SHELL: Buys Back 600,000 A Shares for Cancellation
--------------------------------------------------------
Royal Dutch Shell plc purchased 600,000 'A' Shares for
cancellation at EUR26.16 per share on Feb. 14, 2006.

In addition, it purchased 150,000 'A' Shares for cancellation at
a price of 1,793.50 pence per sharej on the same date.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,920,212,974.

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.


STICHTING MEMPHIS: Fitch Puts B Rating to EUR8.8MM Class G Notes
----------------------------------------------------------------
Fitch Ratings assigned final ratings to Stichting Memphis 2006-I
mortgage-backed credit-linked note issuance due 2015 as follows:

  (a) EUR120 million Class A: AAA;
  (b) EUR112 million Class B: AA;
  (c) EUR53.6 million Class C: A+;
  (d) EUR40 million Class D: A;
  (e) EUR76.8 million Class E: BBB;
  (f) EUR58 million Class F: BB; and
  (g) EUR8.8 million Class G: B.

Stichting Memphis 2006-I is a partially-funded synthetic
securitisation of Dutch residential mortgages originated by
Postbank N.V., a 100%-owned subsidiary of ING Bank N.V. rated
AA-/ F1+, which will also act as the calculation agent.

The portfolio consists of first-ranking or first- and second-
ranking fixed and floating-rate mortgages secured over
residential properties located in the Netherlands.

The ratings are based on the quality of the collateral,
available credit enhancement and the synthetic reserve, a sound
legal structure, the underwriting and servicing of Postbank and
the guaranteed investment contract.

At closing, credit enhancement provided by subordination will
total 9.50% for the Class A notes, 6.70% for the Class B notes,
5.36% for the Class C notes, 4.36% for the Class D notes, 2.44%
for the Class E notes, 0.99% for the Class F and 0.77% for the
Class G notes.

The transaction further benefits from a synthetic reserve,
provided upfront and equal to 77 basis points of the outstanding
reference portfolio at closing.


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


BUILDER: Firm Falls Into Bankruptcy
-----------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against Builder (TIN 7713043828) after finding the close joint
stock company insolvent.  The case is docketed as A40-74012/05-
95-216B.  Mr. A. Kalmykov has been appointed insolvency manager.
Creditors have until March 21, 2006, to submit their proofs of
claim to Russia, Moscow region, Semenovskaya Square, 7.

CONTACT:  BUILDER
          Russia, Moscow region,
          Michurinskiy Pr., 25, Building 3

          A. KALMYKOV
          Insolvency Manager
          Russia, Moscow region,
          Semenovskaya Square, 7


CENTERTELECOM: Sergey Pridantsev to Head Administrative Board
-------------------------------------------------------------
The Board of Directors for OJSC CenterTelecom will form an
Administrative Board within the company, to be headed up by
Chief Executive Officer Mr. Sergey Pridantsev.

CenterTelecom provides fixed-line and mobile communications in
the Russian Central Federal District.

                        *     *     *

As reported in TCR-Europe on Feb. 9, 2006, Fitch Ratings
assigned Issuer Default ratings to companies in the European
Telecommunications, Media and Technology sectors.  Revised
Senior Unsecured ratings now apply to the senior unsecured bond
issues of these entities.  Centertelecom now carries Fitch's B-
rating with a negative outlook.


CONCERN SITRONICS: Fitch Puts B- to US$200 Million Bond
-------------------------------------------------------
Fitch Ratings gave Concern Sitronics JSC a Long-term IDR rating
of B- with a Stable Outlook and an expected rating of B- to
Sitronics' guaranteed up to US$200 million bond with a maturity
of three years.  The assignment of the final bond rating is
contingent on receipt of final documents conforming to
information already received.

The ratings take into account that Sitronics is Russia and the
CIS region's largest technology group, and its small scale on a
global perspective.  Sitronics benefits from support of Sistema
Joint Stock Financial Corp, its dominant shareholder.  Although
it does not guarantee Sitronics' obligations, Sitronics is its
second largest subsidiary and its default would trigger a cross-
default of Sistema's bonds.

The Stable Outlook reflects an expectation that although
Sitronics' businesses will continue to grow at strong rates, the
company is likely to remain a niche player and will not be able
to materially improve its competitive position vis-a-vis its
larger rivals.

Director within Fitch's TMT team, Nikolai Lukashevich commented,
"At present Sitronics' market shares are low while competition
in all of its business segments is strong.  The company intends
to proceed with its strategy of aggressive acquisitions in its
key operating segments, which will expose it to substantial
implementation risks."

It benefits from a relatively low cost base in its major
countries of operations: Russia, Ukraine and the Czech Republic.
Sitronics has full operational control over its major
subsidiaries and is understood to be in position to freely move
cash around the company through intercompany loans and
dividends.  Sitronics' capex needs are low, which will support
generation of strong free cash flows from its existing
operations.

Sitronics has four major divisions: Infocommunications,
specializing in telecom equipment and software; Microelectronic
Components; Consumer Electronics and IT.  Its Infocommunications
division has historically generated a dominant proportion of
revenues from related parties, all of which are subsidiaries of
Sistema.  Although this provides stability to a significant
portion of the Sitronics group's revenues, a challenge is to
increase sales to external clients.

The company benefits from Sistema's strong political influence
and can expect that government will place substantial orders
with its Microelectronic Components division.  Sitronics is
developing Russia's first nation-wide brand in consumer
electronics and Fitch comments that this so far untapped
opportunity provides good prospects for sector growth, tempered
by exposure to pronounced seasonal fluctuations of working
capital and revenues.
An in-house research and development division should allow
Sitronics to keep up with future technological innovations and
modernize its products without paying substantial licensing and
patent fees.

At end-3Q2005 Sitronics was only moderately leveraged: its Net
Debt to EBITDA ratio was at 0.4x and was expected to remain
below 0.5x at end of that year.  In future its leverage will be
largely driven by its M&A activities and its ability to achieve
targeted growth.

Although management projects ND/EBITDA ratio at below 1.0x in
the medium-term, Fitch notes that a failure to meet business
plan goals may cause a material deterioration of leverage
metrics such as Net Debt/EBITDA

USD200 million bond's covenants are expected to restrict
Sitronics' ability to incur debt at the subsidiary level, which
addresses the issue of potential structural subordination.
Bondholders are expected to rank pari passu with other unsecured
creditors.


ENERGO-ZHIL-STROY-98: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision on limited liability company Energo-Zhil-Stroy-98.
The case is docketed as AK/E-370/05.  Mr. V. Vinogradov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 644065, Russia,
Omsk region, 50 Let Profsoyuzov Str. 61.  A hearing will take
place on June 6, 2006, 11:30 a.m.

CONTACT:  ENERGO-ZHIL-STROY-98
          644015, Russia, Omsk region,
          Semirechenskaya Str. 18

          V. VINOGRADOV
          Temporary Insolvency Manager
          644065, Russia, Omsk region,
          50 Let Profsoyuzov Str. 61


EVLASHEVSKAYA: Penza Court Brings In Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
supervision on close joint stock company Evlashevskaya.  The
case is docketed as A49-11779/2005-192B/26.  Mr. N. Orlushkin
has been appointed temporary insolvency manager.  A hearing will
take place on April 27, 2006, 2:30 p.m. at the Arbitration Court
of Penza region at Russia, Penza region, Belinskogo Str. 2.

CONTACT:  EVLASHEVSKAYA
          442508, Russia, Penza region, Kuznetskiy region,
          Evlshevo, Kuznetskaya Str. 2

          N. ORLUSHKIN
          Temporary Insolvency Manager
          440026, Russia, Penza region,
          Marshala Krylova Str. 3A, Apartment 13


FISH HARBOR: Insolvency Manager Takes Over Helm
-----------------------------------------------
The Arbitration Court of Murmansk region has commenced
bankruptcy supervision on close joint stock company Fish Harbor.
The case is docketed as A42-5253/2005.  Mr. G. Bukin has been
appointed temporary insolvency manager.  A hearing will take
place on April 24, 2006, 10:00 a.m. at the Arbitration Court of
Murmansk region.

CONTACT:  FISH HARBOR
          Russia, Murmansk region,
          K. Marksa Str. 56

          G. BUKIN
          Temporary Insolvency Manager
          Russia, Kareliya republic, Petrozavodsk,
          Lososinskoye Shosse, 28/21, Apartment 65


GALICH-STROY: Bankruptcy Hearing Set March 9
--------------------------------------------
The Arbitration Court of Kostroma region has commenced
bankruptcy supervision on open joint stock company Galich-Stroy.
The case is docketed as A31-9687/05-18.  Mr. S. Bondarev has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 156005, Russia,
Kostroma region, Sovetskaya Str. 97-104.  A hearing will take
place on March 9, 2006.

CONTACT:  GALICH-STROY
          157202, Russia, Kostroma region,
          Galich, Gladysheva Str. 11

          S. BONDAREV
          Temporary Insolvency Manager
          156005, Russia, Kostroma region,
          Sovetskaya Str. 97-104


LUNINSKIY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
supervision on open joint stock company Luninskiy (TIN
5802000070).  The case is docketed as A49-12117/2005-216b/10.
Mr. S. Putyutin has been appointed temporary insolvency manager.
A hearing will take place on April 27, 2006, 5:00 p.m.

CONTACT:  LUNINSKIY
          Russia, Penza region,
          Lunino, Sovetskaya Str. 134

          S. PUTYUTIN
          Temporary Insolvency Manager
          Russia, Penza region,
          Pushkina Str. 2, Office 707

          ARBITRATION COURT OF PENZA REGION
          Russia, Penza region, Belinskogo Str. 2


MOSCOW EXPERIMENTAL: Bankruptcy Hearing Set May 4
-------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision on open joint stock company Moscow Experimental
Mechanical Plant.  The case is docketed as A40-58205/05-78-104
"B".  Mr. V. Shmelev has been appointed temporary insolvency
manager.  A hearing will take place on May 4, 2006.

CONTACT:  MOSCOW EXPERIMENTAL MECHANICAL PLANT
          111020, Russia, Moscow region,
          2nd Sinichkina Str. 4

          V. SHMELEV
          Temporary Insolvency Manager
          620051, Russia, Ekaterinburg,
          Post User Box 137


NOVONIKOLAEVSKIY MEAT: Declared Insolvent by Volgograd Court
------------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Novonikolaevskiy Meat Combine after finding
the open joint stock company insolvent.  The case is docketed as
A12-962/05-s58.  Mr. S. Fetisov has been appointed insolvency
manager.  Creditors have until March 14, 2006, to submit their
proofs of claim to 400005, Russia, Volgograd region, 7th
Gvardeyskaya Str. 2a, Office 400.

CONTACT:  NOVONIKOLAEVSKIY MEAT COMBINE
          403901, Russia, Volgograd region, Novonikolaevskiy
          region, Novonikolaevskiy, Oktyabrskaya Str. 1

          S. FETISOV
          Insolvency Manager
          400005, Russia, Volgograd region,
          7th Gvardeyskaya Str. 2a, Office 400


ORENBURGSKAYA: Succumbs to Bankruptcy Process in Orenburg
---------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Orenburgskaya after finding the limited
liability company insolvent.  The case is docketed as A47-
7265/2005-14GK.  Mr. K. Garkanov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 443110,
Russia, Samara-110, Post User Box 4166.

CONTACT:  ORENBURGSKAYA
          460000, Russia, Orenburg region,
          Vitebskaya Str. 1

          K. GARKANOV
          Insolvency Manager
          443110, Russia, Samara-110,
          Post User Box 4166


PENZENSKIY: Public Aution for Six Properties Set Next Week
----------------------------------------------------------
The bidding organizer of open joint stock company Penzenskiy
will sell six different properties on Feb. 22, 2006, 12 noon.
The public auction will take place at 440034, Russia, Penza,
Kalinina Str. 128A.

Preliminary examination and reception of bids are done during
office hours on or before Feb. 17, 2006.  The list of
documentary requirements is available at 440034, Russia, Penza,
Kalinina Str. 128A.

CONTACT:  PENZENSKIY
          440034, Russia, Penza,
          Kalinina Str. 118
          Tel/Fax: (8412) 32-32-71, (8452) 206-797

          Insolvency Manager/Bidding Organizer
          440034, Russia, Penza,
          Kalinina Str. 128A

          Post address: 410076, Russia,
          Saratov region, Post User Box 2492


VIMPEL-COMMUNICATIONS: S&P Keeps BB Rating on Kyivstar Bid
----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Russian mobile telecommunications operator Vimpel-
Communications (JSC) (VimpelCom; BB/Positive/--) are unaffected
by the company's announcement that it has launched a bid for
Ukraine-based mobile telecommunications operator CJSC Kyivstar
GSM (BB-/Watch Positive/--) for a consideration of $5 billion in
VimpelCom common registered shares plus assumed debt.

The all-share nature of the proposed transaction mitigates a
substantial portion of credit risk associated with a debt-funded
cash bid.  The market-consolidating transaction would also
enable VimpelCom to achieve immediate scale in the buoyant
Ukrainian mobile telecoms market.  VimpelCom is already present
in Ukraine through its ownership of the fourth-largest player,
Ukrainian Radio Systems (URS), and the potential transaction
would likely allow VimpelCom to limit future spending on URS'
network.

Although the likelihood for the transaction to be executed as
proposed appears modest at this stage, it is still possible that
Kyivstar's shareholders will eventually reach an agreement that
would lead to VimpelCom assuming full control.  Importantly, the
ratings do not factor in a significant cash component from
VimpelCom, should the acquisition bid be revised.  Any
significant cash component of a bid could have negative
implications for VimpelCom's ratings or outlook.


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


AVANGARD: Insolvency Manager Comes In
-------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Avangard (code EDRPOU 30827251) after
finding the private enterprise insolvent.  The case is docketed
as 7/41.  Ms. Inesa Chornokondratenko has been appointed
liquidator/insolvency manager.

CONTACT:  AVANGARD
          Ukraine, Poltava region,
          Kozelshinskij district, Piski

          Ms. Inesa Chornokondratenko
          Liquidator/Insolvency Manager
          Phone: (0536) 77-67-88

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


BEREZINO: Declared Insolvent by Cherkassy Court
-----------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Berezino' (code EDRPOU 00387499) after
finding the open joint stock company insolvent.  The case is
docketed as 14/3058.  Ms. Nataliya Levchenko has been appointed
liquidator/insolvency manager.

CONTACT:  BEREZINO
          Ukraine, Cherkassy region,
          Zhashkivskij district, Chervonij Kut

          Ms. Nataliya Levchenko
          Liquidator/Insolvency Manager
          18023, Ukraine, Cherkassy region,
          Tobilevich Lane 9/1

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


BIKOM: Enters Liquidation Proceedings
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Bikom (code EDRPOU 14366354) after finding
the limited liability company insolvent.  The case is docketed
as 15/827-b.  Darnitsya district State Tax Inspection of Kyiv
region has been appointed liquidator.

CONTACT:  BIKOM
          02099, Ukraine, Kyiv region,
          Borispilska Str. 7

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


KYIVSTAR GSM: S&P Puts BB- Credit Rating on Watch Positive
----------------------------------------------------------
Standard & Poor's Rating Services placed its 'BB-' long-term
corporate credit rating on Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM on CreditWatch
with positive implications.  This follows the announcement of a
bid for the company by Russian mobile telecommunications
operator Vimpel-Communications (JSC) (VimpelCom; BB/Positive/--)
for a consideration of $5 billion in common registered shares
plus assumed debt.

At the same time, the 'BB-' long-term senior unsecured debt
rating on the company's loan-participation notes issued by
Dresdner Bank AG (A/Stable/A-1) was also placed on CreditWatch
with positive implications.

"The CreditWatch placement reflects the potential for the
ratings on Kyivstar to be raised by one notch if VimpelCom
successfully completes the proposed all-share purchase of 100%
of Kyivstar," said Standard & Poor's credit analyst Michael
O'Brien.

The transaction could remove a rating constraint constituted by
the potential knock-on effects related to a dispute between
Kyivstar's direct shareholders, Norway-based Telenor ASA (A-
/Negative/A-2), which holds 56.52% of the company's shares, and
Storm, controlled by Altimo, an affiliate of Russia-based Alfa
Group, which holds 43.48%.  Furthermore, the potential
transaction would lead to consolidation in the Ukrainian market,
enabling Kyivstar (under VimpelCom ownership) to pursue an
unfettered strategy in Ukraine.  A successful transaction could
also result in a number of operating and financial synergies,
leading to a strengthening of Kyivstar's business profile.

Nevertheless, completion of the potential transaction would not
automatically lead to an upgrade. Standard & Poor's assessment
of the business environment in Ukraine would also be a key
consideration.  In addition, the ratings on Kyivstar remain
constrained by the political, business, and regulatory risks
associated with operating in Ukraine (foreign currency BB-
/Stable/B; local currency BB/Stable/B), which allow for only
limited--although possible--leeway for a rating upgrade.

The CreditWatch is likely to be resolved following completion or
cancellation of the potential transaction.

"Although we believe that the likelihood for the transaction to
be executed as proposed is modest at this stage, we cannot rule
out Kyivstar's shareholders eventually reaching an agreement
that would lead to VimpelCom assuming full control," Mr. O'Brien
added.

In the event of cancellation, the ratings would likely be
affirmed.

Importantly, should a revised acquisition bid include a
significant cash component from VimpelCom, potential rating
upside for Kyivstar would be unlikely, and a negative rating
action would not be ruled out.


MINERAL WATER: V. Fomin Takes Over Operations
---------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Mineral Water of Slobozhanshina (code EDRPOU
31827252) after finding the limited liability company insolvent.
The case is docketed as B-19/94-05.  Mr. V. Fomin has been
appointed liquidator/insolvency manager.

CONTACT:  Mr. V. Fomin
          Liquidator/Insolvency Manager
          61145, Ukraine, Harkiv region,
          Kosmichna Str. 26, room 112

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


PLUS: Kyiv Court Opens Bankruptcy Proceedings
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Plus (code EDRPOU 32202725) on December 8,
2005 after finding the limited liability company insolvent.  The
case is docketed as 44/509-b.  Darnitsya district Sate Tax
Inspection of Kyiv region has been appointed liquidator.

CONTACT:  PLUS
          02121, Ukraine, Kyiv region,
          Verbitskij Str. 28-a

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


SMART-GROUP: Declared Insolvent
-------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Smart-Group (code EDRPOU 32527347) on
December 8, 2005 after finding the limited liability company
insolvent.  The case is docketed as 44/508-b.  Darnitsya
district Sate Tax Inspection of Kyiv region has been appointed
liquidator.

CONTACT:  SMART-GROUP
          02093, Ukraine, Kyiv region,
          Borispilska Str. 15

          02068, Ukraine, Kyiv region,
          O. Koshitsya Str. 3
          Phone: (044) 572-60-78

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


UKRPROM-VUGLE-ZABEZPECHENNYA: Succumbs to Insolvency
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukr-Prom-Vugle-Zabezpechennya (code EDRPOU
33099481) on after finding the open joint stock company
insolvent.  The case is docketed as 44/581-b.  Ms. M.
Grzhebinska has been appointed liquidator/insolvency manager.

CONTACT:  UKR-PROM-VUGLE-ZABEZPECHENNYA
          02081, Ukraine, Kyiv region,
          Klemanska Str. 3

          Ms. M. Grzhebinska
          Liquidator/Insolvency Manager
          04080, Ukraine, Kyiv region,
          V. Hvojki Str. 18/14, office 706

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


NORTON: Bankruptcy Proceedings Begin
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Norton (code EDRPOU 31027902) on Dec. 30,
2005, after finding the limited liability company insolvent.
The case is docketed as 43/929.  Mr. Ulyanchuk Yurij has been
appointed liquidator/insolvency manager.

CONTACT:  NORTON
          01011, Ukraine, Kyiv region,
          Riznitska Str. 11/2

          Mr. Ulyanchuk Yurij
          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


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


2-U-DIRECT: Liquidates Assets in Staffordshire
----------------------------------------------
2-U-Direct Limited formalized the appointment of Michael F.
McCarthy, of Wallets Insolvency Services, as liquidator to wind
up the company's assets.

The company is voluntarily liquidating its assets after parties
passed a resolution to wind up the company during an
extraordinary general meeting held on Jan. 30, 2006 in
Staffordshire.

Creditors are required to send in full particulars of their
debts or claims and the names and addresses of their Solicitors
(if any), on or before June 30, 2006.

CONTACT:  2-U-DIRECT LIMITED
          229 Newcastle Street
          Stoke-On-Trent
          ST6 3QW
          Tel: 01782 662 888


ABBEY CATERING: Calls in Mazars Administrator
---------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed
administrators of caterer Abbey Catering Limited (Company Number
03496185) on Feb. 2.

CONTACT:  ABBEY CATERING LTD
          Millets Farm Centre
          Abingdon OX13 5HB
          Tel: 01865-391888

          MAZARS
          The Atrium
          Park Street West,
          Luton, Bedfordshire LU1 3BE
          Tel: 01582 700700
          Fax:   01582 700701
          Web site: http://www.mazars.co.uk/


ACCESS RECRUITMENT: Taps M C Bowker to Liquidate Assets
-------------------------------------------------------
Access Recruitment Limited appointed M C Bowker, of Unity
Corporate Recovery & Insolvency, to liquidate its assets after
members passed a resolution to wind up the company's operations
on Jan. 27, 2006.

Creditors have until April 27, 2006, to submit their full names,
addresses and descriptions, full particulars of debts or claims,
and the names and addresses of Solicitors (if any) to Mr.
Bowker.

CONTACT:  ACCESS RECRUITMENT LIMITED
          A 24 Woodhouse Lane
          Beighton Sheffield South Yorkshire
          S20 1AE
          Tel: 0114 288 0066
          Fax: 0114 269 6895


AUCTION CENTRE: Enters Voluntary Liquidation
--------------------------------------------
Auction Centre Limited (Company No. 04451660) is voluntarily
liquidating its assets after members elected to wind up the
company on Dec. 20, 2005.

M.C. Bowker, of Unity Corporate Recovery & Insolvency, will
supervise the winding-up activities.

CONTACT:  AUCTION CENTRE LIMITED
          Calico House
          Edge Lane Street
          Parkside Industrial Estate
          Royton Oldham Lancashire
          OL2 6DS
          Tel: 0161 627 4505


AUTO DATA: Hires Grant Thornton Administrator
---------------------------------------------
Martin G. Ellis and Nigel Ruddock of Grant Thornton UK LLP were
appointed joint administrators of Auto Data Network (UK) Limited
(Company Number 03303590), Redleaf Chichester Limited (Company
Number 05087213) and Redleaf Holdings Limited (Company Number
04980323) on Feb. 2.  Its registered office is at 5 Century
Place, Lamberts Road, Tunbridge Wells, Kent TN2 3EH.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Tel: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk/


BCR (NORFOLK): Shuts Down Operations & Liquidates Assets
--------------------------------------------------------
Members of BCR (Norfolk) Limited agreed to voluntarily wind up
the Company's operations on Dec. 22, 2005.  They also appointed
Bernard Hoffman and Ian Douglas Yerrill, both of Gerald Edelman
Business Recovery, as joint liquidators.

CONTACT:  BCR (NORFOLK) LIMITED
          5 Threxton Road Industrial Estate
          Watton Thetford Norfolk
          IP256NG
          Tel: 01953 858 900


BOOTS GROUP: Office of Fair Trading Clears Alliance Merger
----------------------------------------------------------
The Office of Fair Trading informed the Boards of Alliance
UniChem Plc and Boots Group PLC that it will not refer the
proposed merger between the two companies for review by the
Competition Commission under the provisions of the Enterprise
Act 2002, subject to certain conditions.

The two companies will now work closely with the OFT to reach
agreement on appropriate undertakings to address the concerns of
the OFT relating to the prospect of a substantial lessening of
competition in around 100 local areas identified by the OFT.

In accordance with Rule 2.10 of The City Code on Takeovers and
Mergers Boots confirms that, as at the close of business on Feb.
13, 2006, Boots' issued share capital consisted of 485,717,232
ordinary shares of 37-7/39 pence.  The ISIN number for Boots'
ordinary shares is GB00B0P7Y252.

Headquartered in Nottingham, Boots Groups PLC --
http://www.boots-plc.com/-- is a health and beauty company with
operations in retail, manufacturing and distribution.  Boots
sells its products in 130 countries and, excluding Boots
Healthcare International, employs approximately 65,000 people
globally.  Boots operates over 1,400 health and beauty stores in
the U.K. with an aggregate selling area in excess of 647,000
square meters.

                         *     *     *

                     Alliance Unichem Merger

It has agreed on a merger with Alliance Unichem plc to create
Alliance Boots, an international pharmacy-led healthcare group
with combined sales of over GBP13 billion.  It has also entered
into an agreement to sell BHI to Reckitt Benckiser plc, for an
aggregate consideration on a debt and cash free basis of
GBP1.926 billion in cash, subject to a completion working
capital adjustment.

In September, Boots admitted that trading conditions have been
difficult throughout the first half with consumer spending
softening further over the last quarter.  It plans to focus on
its trading margin, costs and working capital in the second
half.

The difficult market conditions have led to like-for-like sales
below the rate planned for the full year.  Reduced consumer
spending on replacement eyewear and price deflation following
the deregulation of contact lens sales, coupled with the
disruption to the Boots Opticians business from the integration
into Boots The Chemist adversely impacted the results, and these
trends are expected to continue.


BREWTEMP LIMITED: Begins Voluntary Liquidation Proceedings
----------------------------------------------------------
Brewtemp (UK) Limited voluntarily liquidated its assets after
members voted to wind up the company's operation during a
meeting held on Jan. 27, 2006.

M C Bowker, Unity House, Clive Street, Bolton BL1 1ET was
appointed liquidator after the members found out that the
company cannot continue its business due to its liabilities.

Creditors are required on or before April 27, 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 M C Bowker.

CONTACT:  BREWTEMP (UK) LTD
          A 24 Woodhouse Lane
          Beighton Sheffield South Yorkshire
          S20 1AE
          Tel: 0114 288 0022
          Fax: 0114 288 0055


BRITISH AIRWAYS: Assists EU Commission & USDOJ Cartel Probe
-----------------------------------------------------------
British Airways Plc received a request for information from both
the European Commission and the United States Department of
Justice relating to alleged cartel activity involving British
Airways and a number of other airlines and cargo operators.

British Airways' policy is to conduct its business in full
compliance with all the applicable competition laws.  British
Airways is assisting the European Commission and United States
Department of Justice with their investigation.

                      About the Company

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

                        *     *     *

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


CHOICE GIFT: Supplier Calls in PwC Administrator
------------------------------------------------
Edward Klempka and Ian Stokoe of PricewaterhouseCoopers LLP were
appointed joint administrators of Choice Gift Vouchers Limited
(Company Number 02968386) and Keycheck Limited (Company Number
01406167) on Jan. 31.  Its registered office is at Choice House,
98 High West Street, Gateshead, Tyne and Wear NE8 1NA.

KeyCheck Limited is a non-trading holding company.  It's wholly
owned subsidiary, Choice Gift Vouchers Limited --
http://www.choicegiftvouchers.co.uk/-- trades as a
clearinghouse for retail vouchers from offices in Gateshead.
The companies are UK's leading supplier of gift vouchers.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Tel: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          E-mails: edward.klempka@uk.pwcglobal.com
          Web site: http://www.pwcglobal.com/


DATAMEC COMPUTER: Names Simon Thornton to Wind Up Company
---------------------------------------------------------
At an extraordinary general meeting of Datamec Computer Supplies
Limited on Dec. 21, 2005, members resolved that the Company
undergo voluntary liquidation.

They appointed Simon Thornton to manage the wind-up proceedings.

CONTACT:  DATAMEC COMPUTER SUPPLIES LIMITED
          Unit 4
          Leafield Way
          Leafield Industrial Estate
          Corsham Wiltshire
          SN139SW
          Tel: 01225 815000
          Fax: 01225 815007


DAYLIGHT CLEANING: Starts Winding Up Proceedings
------------------------------------------------
Members of Daylight Cleaning Services Limited passed a
resolution to wind up the company during and extraordinary
general meeting on Jan. 20, 2006.

Chairman S. Oldham stated the company could not continue its
business due to its liabilities.

Jonathan Lord is appointed liquidator.

CONTACT:  DAYLIGHT CLEANING SERVICES LIMITED
          24 Portland Close
          Hazel GR Stockport Cheshire
          SK7 5HF
          Tel: 0161 456 6283
          Fax: 0161 456 6283
          Web: http://www.window-clean.co.uk/


DIAMOND NURSING: Taps Joint Administrators from Tenon Recovery
--------------------------------------------------------------
S. R. Thomas and S. J. Parker of Tenon Recovery were appointed
joint administrators of Diamond Nursing & Care Agency Ltd
(Company Number 03464864) on Feb. 3

Diamond Nursing & Care Agency Ltd offers labor recruitment
services.

CONTACT:  TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Tel: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com/


DRIVER PROVIDER: Hires Joint Administrators from Kroll Limited
--------------------------------------------------------------
D. J. Whitehouse and S. Wilson of Kroll Limited were appointed
joint administrators of Driver Provider Limited (Company Number
03070178) on Feb. 6.  Its registered office is at 3C Selby
Place, Stanley Business Park, Skelmersdale, Lancashire WN8 8EF.

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


FUTURA HOME: Registration of Claims Ends April 30
-------------------------------------------------
Members of Futura Home Improvements Limited voted to liquidate
the company's assets during an Extraordinary General Meeting on
Jan. 25.

S. Rider, chairman of Futura Home Improvements Limited,
disclosed, the voluntary liquidation came as a result of the
company's inability to continue its business due to its
liabilities.

Appointed liquidator, Kevin Brown of Marriott Palmer Brown,
required creditors 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 him on or before
April 30, 2006.

CONTACT:  FUTURA HOME IMPROVEMENTS LIMITED
          39 Moulsham Street
          Chelmsford
          CM2 0HY
          Tel: 01621 850 614
          Fax: 01621 850 106


GOSHERON PACKAGING: Financial Woes Prompt Voluntary Liquidation
---------------------------------------------------------------
Gosheron Packaging Plc appointed M C Bowker, of Unity Corporate
Recovery & Insolvency, to liquidate the company's assets.

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

CONTACT:  GOSHERON PACKAGING PLC
          Parker International LTD Globe Works
          Globe Lane
          Dukinfield Cheshire
          SK164RE
          Tel: 0161 339 5732
          Fax: 0161 330 8319


HADEN DUCOST: Joint Administrators Take Over Helm
-------------------------------------------------
Jeremy Willmont and David Rolph of Moore Stephens LLP were
appointed joint administrators of Haden Ducost Systems Limited
(Company Number 01285079) on Feb. 6.  Its registered office is
at Equipoint, 1506-1508 Coventry Road, Birmingham B25 8AD.

Haden Ducost Systems Limited -- http://www.ducost.com/--  
manufactures paint facilities for large car plants.

CONTACT:  HADEN DUCOST SYSTEMS LTD
          Unit 7, Blackland Way
          Abingdon Business Park
          Abingdon OX14 1DY
          Oxfordshire
          Tel: 01235 541100
          Fax: 01235 553566

          MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Tel: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk/


HALLMORE TRADING: Taps David Rubin as Liquidator
------------------------------------------------
At Hallmore Trading Limited's extraordinary general meeting on
Dec. 15, 2005, members resolved that it is in the Company's best
interests to liquidate its operations.

They named David Rubin, of David Rubin & Partners, as
liquidator.

CONTACT:  HALLMORE TRADING LIMITED
          96A Clifton Hill
          London
          NW8 0JT
          Tel: 020 7372 4327
          Fax: 020 7372 3005


HOST TRADING: Closes Business & Liquidates Assets
-------------------------------------------------
Members of Host Trading Limited held a meeting on Dec. 19, 2005,
and agreed to close the company's business.

The parties then appointed Nedim Ailyan, of Abbott Fielding, as
liquidator to oversee the wind-up operations.

CONTACT:  HOST TRADING LIMITED
          13 Nursery Lane
          London
          E7 8BL
          Tel: 020 84725021
          Fax: 020 84716071


ICON LEATHER: Members Pass Winding Up Resolution
------------------------------------------------
Icon Leather Limited decided to close its operations after
members passed a resolution to wind up the company on Dec. 16,
2005.

Director D Robinson disclosed that the company could no longer
continue its business due to mounting debts.  Robert W. Keating,
of R W Keating & Co, is appointed liquidator.

CONTACT:  ICON LEATHER LIMITED
          3 Nile Close
          Nelson Court Business Centre
          Ashton-On-Ribbon Preston
          PR2 2XU
          Tel: 01772 250 804


IT SOLUTIONS: Enters Voluntary Liquidation in Birmingham
--------------------------------------------------------
IT Solutions (UK).com Limited is voluntarily liquidating its
assets after members passed a resolution on Dec. 20, 2005, to
wind up the company.

Subsequently, they appointed M H Abdulali, of Moore Stephens, to
supervise the liquidation proceedings.

CONTACT:  IT SOLUTIONS (UK).COM LIMITED
          Highgate Business Centre
          Unit 5, Highgate Rd
          Sparkbrook
          Birmingham
          B12 8EA
          Web site: http://www.itsolutionsuk.com/


KENT DOUBLE: Brings In Abbott Fielding to Liquidate Assets
----------------------------------------------------------
Kent Double Glazing Repair Co Limited appointed Nedim Ailyan, of
Abbott Fielding, to liquidate the company's assets after members
passed a resolution to wind up the company on Dec. 16, 2005.

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

CONTACT:  KENT DOUBLE GLAZING REPAIR CO LIMITED
          117 Dartford Road
          Dartford
          DA1 3EN
          Tel: 01322 408 919


MAYDAY HOLDINGS: Liabilities Spur Liquidation Proceedings
---------------------------------------------------------
Members of Mayday Holdings Limited convened on Dec. 20, 2005,
and agreed that it is in the company's best interests to
liquidate its assets.

Liabilities prompted the members to pass the winding-up
resolution.  They appointed Gavin Geoffrey Bates and Peter John
Windatt, of BRI Business Recovery and Insolvency, as joint
liquidators.

CONTACT:  MAYDAY HOLDINGS LTD
          Crescent Road
          Luton
          LU2 0AR
          Tel: 01582 545 402
          Fax: 01582 415 776


MAYDAY VEHICLE: Begins Wind Up Procedures in Luton
--------------------------------------------------
On Dec. 20, 2005, members of Mayday Vehicle Rentals Limited
agreed to wind up the company after learning that the company
can no longer continue its business due to mounting debts.
Subsequently, they appointed Gavin Geoffrey Bates and Peter John
Windatt, of BRI Business Recovery and Insolvency, to oversee the
liquidation activities.

CONTACT:  MAYDAY VEHICLE RENTALS LIMITED
          Mayday Ho
          Crescent Road
          Luton
          LU2 0AR
          Tel: 01582 707 007
          Fax: 01582 415 776


MISYS PLC: Transfers 79,800 Shares to Scheme Participants
---------------------------------------------------------
Misys plc transferred Tuesday 79,800 ordinary shares to
participants in its employee share schemes at prices between 164
pence and 227 pence per share.  The shares were all formerly
held as treasury shares.

Following the above transfer of shares out of Treasury, Misys
plc holds a total of 52,413,797 ordinary shares in Treasury.
The total number of ordinary shares in issue (excluding Treasury
shares) is 507,313,239.

Headquartered in the U.K., Misys PLC -- http://www.misys.com/--  
provides industry-specific software serving the international
banking and healthcare industries and the UK general insurance
industry.

At Nov. 30, 2005, the company reported GBP155.6 million in total
stockholders' deficit.


RESPONSE INTERNATIONAL: Appoints Joint Administrators from Berg
---------------------------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint administrators of Response
International Plc (Company Number 03101201) on Feb. 2.  Its
registered office is at River Front, Enfield, Middlesex EN1 3TF.

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


RIVERSIDE PLUMBING: Taps Joint Administrators from PKF
------------------------------------------------------
Kery Bailey and Jonathan D. Newell of PKF (UK) LLP were
appointed joint administrators of Riverside Plumbing & Heating
Ltd (Company Number 01854891) on Nov. 30, 2005.

Riverside Plumbing & Heating Ltd -- http://www.rpandh.co.uk/--  
was established in 1978 and was one of the largest plumbing
firms along the North Wales Coast.

CONTACT:  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/


SATURN INDUSTRIES: Tool Maker Contacts Administrator
----------------------------------------------------
Gavin Geoffrey Bates and Peter John Windatt of BRI Business
Recovery and Insolvency were appointed joint administrators of
Saturn Industries Limited (Company Number 02614680) on Jan. 31.

Headquartered in Coventry, England, Saturn Industries Limited --
http://www.saturnindustries.co.uk/-- manufactures tools.

CONTACT:  BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road,
          Northampton NN5 5LF
          Tel: 01604 754352
          Fax: 01604 751660
          E-mail: pwindatt@briuk.co.uk


SKYEPHARMA PLC: Fidelity International Holds 4.65% Equity Stake
---------------------------------------------------------------
Fidelity International Limited and its direct and indirect
subsidiaries, being non-beneficial holders, notified SkyePharma
plc that certain notifications on Jan. 23, Jan. 26 and Feb. 6
were made in error.

Consequently, in accordance with the Companies Act 1985 (as
amended) the Company was informed on Feb. 14, that Fidelity's
revised holding amounts to 35,076,446 ordinary shares of 10
pence each, representing 4.65% of the issued share capital of
the Company, a decrease of 8,362,560 ordinary shares since their
last filing on Feb. 9, 2006.

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.


SMART APPROACH: Joint Administrators From PwC Move In
-----------------------------------------------------
Ian David Green and Roger Marsh of PricewaterhouseCoopers LLP
were appointed joint administrators for Smart Approach Limited
(Company Number 03341836) on Feb. 2.

Smart Approach -- http://www.smartapproach.com/-- is a world-
class provider of computer based (CBT) x-ray screening, x-ray
screener training and security training solutions.  It
specifically gears to assist people who are involved in
protecting high-risk environments such as airports, airlines,
ports, cruise ships, law enforcement centers, military bases and
government building.

CONTACT:  SMART APPROACH GROUP
          P.O. Box 218
          Grimsby, North East
          Lincolnshire, DN32 0XB
          United Kingdom
          Tel: +44 (0) 1472 250 300
          Fax: +44 (0) 1472 251 508
          E-mail: sales@smartapproach.com

          PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Tel: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          E-mails: edward.klempka@uk.pwcglobal.com
                   steve.a.ellis@uk.pwcglobal.com
          Web site: http://www.pwcglobal.com/


VEDANTA RESOURCES: S&P Puts BB Rating to Unit's Convertible Debt
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to
the US$725 million convertible bond issue of Vedanta Finance
(Jersey) Ltd., a wholly owned subsidiary of London-based mining
company Vedanta Resources PLC (foreign currency BB/Negative/--).

The bonds are unconditionally and irrevocably guaranteed by
Vedanta Resources PLC, and represent a senior un-subordinated
obligation of the guarantor.

The rating on Vedanta Resources PLC (Vedanta), the guarantor,
remains constrained by its increased business and financial
risks, partly stemming from its December 2005 announcement that
it was proceeding with a new US$2.1 billion aluminum smelter and
power plant project in the state of Orissa in India.  This
investment, which is in addition to the US$825 million outlays
announced over the course of the past six months, would be
partly funded by additional long-term borrowings.

Standard & Poor's is concerned that softening demand for metals
may result in lower-than-expected cash flows for part-funding
the US$2.9 billion in projects, resulting in weakened credit-
protection parameters for the company.  The oversupply in
domestic markets, capacity additions proposed by other Indian
manufacturers, and a possibility of further reduction in import
duties also exposes Vedanta to increased competition.

The rating continues to be supported by Vedanta's integrated
operations and strong competition in zinc, efficient low-cost
position in copper, and a demonstrated technical capability in
the construction of new production facilities.  Although
Vedanta's comparative cost position in aluminum is relatively
weak, this could potentially emerge as a significant contributor
to its profitability and cash flows in the medium to long term.

Vedanta is a diversified and integrated metals and mining group
headquartered in London.  The majority of its production
facilities and 76% of its sales are in India.  The company is
involved in zinc and lead, aluminum production, and copper
refining.  For the nine months ended Dec. 31, 2005, Vedanta
reported revenues of US$2.3 billion and EBITDA of US$974
million.

The outlook on Vedanta's rating remains negative, reflecting the
persisting uncertainty on the company obtaining the licenses for
mining bauxite in Orissa in India--a key component of its
ambitious expansion in the aluminum segment.


WEST MONMOUTHSHIRE: Taps Keith Morgan to Liquidate Assets
---------------------------------------------------------
West Monmouthshire Golf Club Driving Range Limited is voluntary
liquidating its assets after members elected to wind up the
company on Dec. 20, 2005.

Director S.J. Dash disclosed that the company could no longer
continue its business due to mounting debts.  Keith R Morgan, of
PKF (UK) LLP, is appointed liquidator.

CONTACT:  WEST MONMOUTHSHIRE GOLF CLUB DRIVING RANGE LIMITED
          29 Coronation Street
          Blaina Abertillery Gwent
          NP13 3HR
          Tel: 01495 291 410


WISDOM TELECOM: Members Pass Winding Up Resolution
--------------------------------------------------
At an extraordinary general meeting of Wisdom Telecom Limited on
Dec. 7, 2005, members resolved that the Company undergo
voluntary liquidation.

Subsequently, they appointed Mark Prideaux, of Debtmatters Ltd,
to supervise the wind up activities.

CONTACT:  WISDOM TELECOM LIMITED
          Park End Barns
          Kennington Road
          Radley Abingdon Oxfordshire
          OX14 2JW
          Tel: 01235 553 100
          Fax: 0870 224 2224


WOODGROVE PACKING: Brings In KPMG LLP as Liquidator
---------------------------------------------------
Members of Woodgrove Packing Limited appointed Richard James
Philpott and Mark Jeremy Orton, of KPMG LLP, to liquidate the
company's assets.

Members authorized the company's winding-up proceedings after
learning that it could no longer continue its business due to
mounting debts.

CONTACT:  WOODGROVE PACKING LIMITED
          The Wharf
          Stretton Under Fosse Rugby Warwickshire
          CV2 30PR
          Tel: 01788 832249
          Fax: 01788 832198

                             *********


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

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

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

This material is copyrighted and any commercial use, resale or
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