TCREUR_Public/060217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, February 17, 2006, Vol. 7, No. 35

                            Headlines

F R A N C E

MFI FURNITURE: Closes EUR135-Mil Hygena Cuisines Sale to Nobia


G E R M A N Y

AEM-TEC: Stralsund Court Opens Bankruptcy Proceedings
ART IST: Loses Signal Due to Bankruptcy
DAS KREATIVE: Claims Verification Slated for May 4
DATALINE GMBH: Hamburg Court Opens Bankruptcy Proceedings
DEMER & CO: Creditors' Meeting Set on April 21

F W G WOHNUNGS: Starts Bankruptcy Process in Chemnitz
FELDMANN-CHEMIE: Bankruptcy Proceedings Start
IHR ZIMMERMANN: Creditors' Claims Due Next Week
IMMOBILIENGALERIE HOLZKIRCHEN: Proofs of Claim Deadline Set
LANG LADENBAU: Calls In Administrator

NORDPLAST BAUELEMENTE: Creditors to Meet Next Month
OHLMS BETEILIGUNGS: Insolvency Report Out Mid-March


I R E L A N D

ELAN CORPORATION: TYSABRI(R) Trial Lifted by FDA


K A Z A K H S T A N

ALTAI TREID: Creditors Have Until End of Month to File Claims
DARYA-K: Sets Deadline for Filing of Claims
KARMO WEST 1: Declared Insolvent by Almaty Court
LI-GEON: Last Day for Filing of Claims Set
MYRZA: Almaty Court Sends Group Into Insolvency


L U X E M B O U R G

MILLICOM INTERNATIONAL: Posts 2005 Financial Results


R U S S I A

ALTAYSKAYA: Deadline for Proofs of Claim Set Next Week
ATF BANK: Fitch Keeps Short-term B Rating with Stable Outlook
IVANOVSKIY FISH: Firm Falls Into Bankruptcy
JUPITER: Bankruptcy Hearing Set March 23
KALUZHSKIY: To Sell Properties Next Week

MARKS-CAR-REPAIR-SERVICE: Succumbs to Bankruptcy
NOGLIKSKAYA: Bankruptcy Supervision Procedure Begins
PANDA: Declared Insolvent by Samara Court
PICHKIRYAEVSKOYE: Ryazan Court Opens Bankruptcy Proceedings
STEPANOVSKOYE: Claims Filing Period Ends March 14

ZELENOKUMSKIY: Stavropol Court Opens Bankruptcy Proceedings


U K R A I N E

AGRONAFTA: Under Bankruptcy Supervision
KREMINNA' DISTRICT: Lugansk Court Appoints Insolvency Manager
KRIVBAS-ASFALT: Liquidator Takes Over Helm
DNIPROLIVZAPCHASTINA: Goes Into Liquidation
DNIPROSTAL: Oleksandr Chechelnitskij Named Insolvency Manager

POLISSYA-HMIL: Succumbs to Bankruptcy in Zhitomir Region
SHEVCHENKIVSKE: Folds Under Bankruptcy Supervision
SOLGOSPTEHNIKA: Court Rules on Bankruptcy
TAVRIYA: Mikolaiv Court Opens Bankruptcy Proceedings
VIDRODZHENNYA: Court Names V. Bezpalov to Liquidate Assets


U N I T E D   K I N G D O M

ADVANCED METAL: Hires Gagen Dulari Sharma as Liquidator
AG ELECTRO-OPTICS: Members Pass Wind Up Resolution
AK COMMERCIAL: Calls In Joint Liquidators from Tenon Recovery
ALPHASTREAM INTERNATIONAL: In Administrative Receivership
ANVIL PLANT: Financial Woes Prompt Voluntary Liquidation

AVIS EUROPE: Restructuring Efforts to Cut 200 Jobs
CODEGARDEN LIMITED: Hires Deloitted & Touche Administrator
GAP PERSONNEL: Recruitment Agency Hires Administrator
JPI COLORWORKSHOP: Claims Registration Ends March 6
KELSEY ROOFING: Begins Bankruptcy Proceedings

MEDINET CORP: Hires Vincent Simmons to Liquidate Assets
MONARCH PERSONNEL: Employment Agency Contacts Administrator
OPHELIA SYSTEMS: Creditors Confirm P&A Partnership as Liquidator
OTTER CONSTRUCTION: Enters Voluntary Liquidation
PERKINS OF CHELSEA: Members Pass Winding Up Resolution

PRIORY PAVING: Brings In Tenon Recovery to Wind Up Operations
PROFESSIONAL MAGNETICS: Joint Administrators Takes Over Helm
PROJECT DEVELOPMENT: Creditors Meeting Set Today
SALCON INVENT: Meeting of Creditors Set Next Week
SEASONS ASIAN: Starts Winding Up Process

SKILLSIT LIMITED: Administrators Move In
SOUNDS MUSICAL: Retailer Contacts Administrator
STAG FURNITURE: Files for Bankruptcy & Appoints Administrators
STARTEC GLOBAL: Liquidates Assets in London
SUPERIOR DRIVEWAYS: Closes Operations & Liquidates Assets

TASC INTERIORS: Appoints Administrators from Moore Stephens
TECHNOLOGY TELFORD: Hires Administrator
TEMPTATION KIDZ: Taps Nedim Ailyan to Liquidate Assets
TOTAL COMMITMENT: Recruitment Agency Hires Administrator
TOWER BAY: Hotel Operator Books Administrator from Houghton

UNWINS GROUP: Meeting of Creditors Set Next Week
VBS LIMITED: Joint Administrators From RE10 Enter Firm
WIND ACQUISITION: Fitch Rates EUR250 Million Tap Issuance at B+
WIGHTLINK FINANCE: Performance Decline Spurs Fitch's BB Rating
* Fitch States European Mezzanine's Record Issuance

* KPMG Names John Hughes as Partner in Manchester Office

     **********

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


MFI FURNITURE: Closes EUR135-Mil Hygena Cuisines Sale to Nobia
--------------------------------------------------------------
The Board of Directors for MFI Furniture Group Plc completed the
sale of its French retail business, Hygena Cuisines SA, to Nobia
AB for total gross cash proceeds (before expenses) of EUR135
million.

The decision to sell Hygena Cuisines is part of the strategic
review of the Group's business being conducted by Matthew Ingle
following his appointment as Chief Executive in October 2005.
As part of this review, the Board has decided to focus resources
on its core UK operations, in particular the continued growth of
Howden Joinery and the recovery of Retail.  The sale to Nobia
follows a competitive auction process, managed for MFI by
Cazenove, in which keen interest was expressed in Hygena
Cuisines by a number of parties.  The cash proceeds will be
applied to reducing the Group's bank debt.

The transaction has received the support of the Hygena Cuisines
Works Council and the business will continue to be managed by
Hygena's current management team.

As part of the agreement reached with Nobia, MFI will continue
to supply Hygena Cuisines with kitchen furniture products for a
term of three years after completion.  MFI has also agreed to
provide certain information technology services to Hygena
Cuisines for a limited period of time until the transition in
ownership and systems has been assured.

In addition to the business of Hygena Cuisines, Nobia is
acquiring the ownership of the Hygena trademark in continental
Europe.  MFI's ability in due course to expand the Howden
Joinery business outside the UK is unaffected.  Howdens
currently operates 12 depots in France through Houdan
Menuiseries SA.

In the year ended December 2005, Hygena Cuisines reported
audited turnover of EUR195.2 million and profit before tax of
EUR8 million.  The gross assets being sold amounted to EUR83
million as at Dec. 31, 2005.

"This is an excellent deal for MFI and for the employees and
customers of Hygena Cuisines," Matthew Ingle, MFI Chief
Executive, said.  "We are very proud of what the business has
achieved under our ownership and I am confident that it will
continue to flourish as part of Nobia.  The sale and cash
receipt strengthen our ability to focus our efforts on the
recovery and growth of the Group here in the UK."

"This is an important strategic move for Nobia," Fredrik
Cappelen, President and CEO of Nobia, said.  "By acquiring
Hygena's extensive operations, we will strengthen our foothold
in Continental Europe, while establishing a solid platform for
growth in the French market.  To control the sales points is an
important part of our strategy and this deal brings the grand
total of directly operated stores to 695.  In addition the
acquisition of Hygena increases the synergy potential within
Nobia."

Headquartered in Lille, France, Hygena Cuisines SA is one of
France's leading specialist retailers of kitchen and bathroom
interiors with 138 directly operated stores throughout France.
Hygena has over 900 employees.

Nobia is one of Europe's leading kitchen interiors company with
sales of approximately SEK 12 billion and around 6,700
employees.  The Group owns a number of well-known brands with
strong positions in the Nordic countries, the United Kingdom,
Austria, and Germany.


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


AEM-TEC: Stralsund Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The District Court of Stralsund opened bankruptcy proceedings
against AEM-TEC GmbH on Jan. 23, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 24 to register their claims
with court-appointed provisional administrator Armin Becker.

Creditors and other interested parties are encouraged to attend
the meeting on March 22, 10:45 a.m. at the District Court of
Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 21 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:  AEM-TEC GmbH
          Stoltenhager Strasse 37
          18507 Grimmen

          Armin Becker, Administrator
          Steinbeckerstrasse 10
          17489 Greifswald


ART IST: Loses Signal Due to Bankruptcy
---------------------------------------
The District Court of Potsdam opened bankruptcy proceedings
against ART IST MOBIL Gesellschaft fuer Mobiles Marketing mbH on
Jan. 25, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 15 to register their claims with court-appointed
provisional administrator Ulrich Weber.

Creditors and other interested parties are encouraged to attend
the meeting on April 5, 3:15 a.m. at the District Court of
Potsdam, Nebenstelle Lindenstrasse 6, III. Stock, Saal 301 statt
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:  ART IST MOBIL GESELLSCHAFT FUER MOBILES MARKETING mbH
          Menzelstrasse 3
          14467 Potsdam

          Ulrich Weber, Administrator
          Grossbeerenstrasse 231
          14480 Potsdam


DAS KREATIVE: Claims Verification Slated for May 4
--------------------------------------------------
The District Court of Bremen opened bankruptcy proceedings
against DAS KREATIVE HAUS GmbH on Jan. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 11, 2006, to register their
claims with court-appointed provisional administrator Uwe
Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bremen, Saal 115,
Gerichtshaus, Ostertorstr 25-31, 28195 Bremen, at 9:00 a.m., on
March 9, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report at 9:00
a.m., on May 4, 2006, at the same venue.

CONTACT:  DAS KREATIVE HAUS GmbH
          Wall 175, 28195 Bremen
          Contact:
          Werner Stoffregen, Manager

          Uwe Kuhmann, Administrator
          Schuesselkorb 3, 28195 Bremen
          Tel: 0421/33061-0
          Fax: 0421/33061-10
          Web: http://www.kuhmann-insolvenzverwaltung.de/


DATALINE GMBH: Hamburg Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Dataline GmbH Steuerberatungsgesellschaft on Jan. 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 17, 2006,
to register their claims with court-appointed provisional
administrator Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 10:25 a.m. on
April 19, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  DATALINE GmbH STEUERBERATUNGSGESELLSCHAFT
          Alster 36, 20099 Hamburg
          Contact:
          Karsten Hohns, Manager

          Dr. Olaf Buechler, Administrator
          Herrengraben 3, 20459 Hamburg
          Tel: 36968351
          Fax: 36968383


DEMER & CO: Creditors' Meeting Set on April 21
----------------------------------------------
The District Court of Bonn opened bankruptcy proceedings against
Demer & Co. GmbH on Jan. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 14, 2006, to register their claims
with court-appointed provisional administrator Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bonn, Wilhelmstrasse 21,
53111 Bonn, 2 Stock, Saal S 2.22, at 9:00 a.m., on April 21,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  DEMER & CO. GmbH
          Hofgartenstrasse 30, 53840 Troisdorf
          Contact:
          Gabriele Demer, Manager

          Thomas Steger, Administrator
          Kolnstrasse 135, 53757 Sankt Augustin
          Tel: 02241/90600
          Fax: 02241/21048


F W G WOHNUNGS: Starts Bankruptcy Process in Chemnitz
-----------------------------------------------------
The District Court of Chemnitz opened bankruptcy proceedings
against F W G Wohnungs- und Gewerbebau GmbH on Jan. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 7, 2006,
to register their claims with court-appointed provisional
administrator Barbara Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Chemnitz, Saal 27, im
Gerichtsgebaude Fuerstenstrasse 21, at 11:00 a.m. on April 11,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  F W G WOHNUNGS- UND GEWERBEBAU GmbH
          Contact:
          Juergen Gunkel, Manager
          Zuger Str. 9, 09599 Freiberg

          Barbara Fritzer, Administrator
          Louis-Braille-Str. 1, 01099 Dresden
          Web: http://www.barbara.fritzer@ra-fritzer.de/


FELDMANN-CHEMIE: Bankruptcy Proceedings Start
---------------------------------------------
The District Court of Weilheim opened bankruptcy proceedings
against Feldmann-Chemie GmbH on Jan. 23, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors had until Feb. 14 to register
their claims with court-appointed provisional administrator
Martin Prager.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 9:45 a.m. at the District Court of
Weilheim 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:  FELDMANN-CHEMIE GmbH
          Herrschinger Str. 2
          82266 Inning

          Dr. Martin Prager, Administrator
          Barthstr. 16
          80339 Muenchen
          Phone: 089/8589633
          Fax: 089/85896350


IHR ZIMMERMANN: Creditors' Claims Due Next Week
-----------------------------------------------
The District Court of Paderborn opened bankruptcy proceedings
against Ihr Zimmermann Zimmerei- und Bedachungs GmbH on Jan. 26,
2006.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Feb. 24 to
register their claims with court-appointed provisional
administrator Dr. Wolfgang Koehler.

Creditors and other interested parties are encouraged to attend
the meeting on March 17, 10:30 a.m. at the District Court of
Paderborn, Hauptstelle, Am Bogen 2-4, 33098 Paderborn, II.
Etage, Saal 216 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:  IHR ZIMMERMANN ZIMMEREI- UND BEDACHUNGS GmbH
          Raiffeisenstr. 18 a
          59557 Lippstadt

          Dr. Wolfgang Koehler, Administrator
          Marktstrasse 22
          59555 Lippstadt
          Phone: 02941 / 979850
          Fax: 02941 / 979870


IMMOBILIENGALERIE HOLZKIRCHEN: Proofs of Claim Deadline Set
-----------------------------------------------------------
The District Court of Wolfratshausen opened bankruptcy
proceedings against Immobiliengalerie Holzkirchen GmbH on
Jan. 24, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 3 to register their claims with court-appointed
provisional administrator Thomas Kloeckner.

Creditors and other interested parties are encouraged to attend
the meeting on March 30, 9:00 a.m. at the District Court of
Wolfratshausen 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:  IMMOBILIENGALERIE HOLZKIRCHEN GmbH
          Raiffeisenstr. 4a
          83607 Holzkirchen

          Thomas Kloeckner, Administrator
          Loisachufer 23
          82515 Wolfratshausen
          Phone: 08171/99880
          Fax: 08171/998877


LANG LADENBAU: Calls In Administrator
-------------------------------------
The District Court of Dortmund opened bankruptcy proceedings
against Lang Ladenbau GmbH on Jan. 27.  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.
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dortmund, Gerichtsplatz 1,
44135 Dortmund, II Etage, Saal 3.201, at 8:50 a.m. on April 11,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  LANG LADENBAU GmbH
          Ruedigerstr. 12, 44319 Dortmund
          Contact:
          Ralph Lang, Manager

          Dr. Sebastian Henneke, Administrator
          Muelheimer Str. 100, 47057 Duisburg
          Tel: 0203/34840
          Fax: 0203/3484510


NORDPLAST BAUELEMENTE: Creditors to Meet Next Month
---------------------------------------------------
The District Court of Stralsund opened bankruptcy proceedings
against Nordplast Bauelemente Grimmen GmbH on Jan. 18, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 10:10 a.m. at the District Court of
Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 21 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:  NORDPLAST BAUELEMENTE GRIMMEN GmbH
          Dorfstr. 38
          18513 Holthof

          Gerhard Brinkmann, Administrator
          Freiligrathstr. 1
          18055 Rostock


OHLMS BETEILIGUNGS: Insolvency Report Out Mid-March
---------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Ohlms Beteiligungs GmbH on Jan. 23, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 26 to
register their claims with court-appointed provisional
administrator Dr. Wolfgang Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting on March 15, 9:05 a.m. at the District Court of
Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218 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 on June
29, 9:00 a.m. while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  OHLMS BETEILIGUNGS GmbH
          Halenseestrasse 3
          10711 Berlin

          Dr. Wolfgang Schroeder, Administrator
          Genthiner Str. 48
          10785 Berlin


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


ELAN CORPORATION: TYSABRI(R) Trial Lifted by FDA
------------------------------------------------
The Food and Drug Administration (FDA) informed Biogen Idec and
Elan Corporation, Plc, that they have removed the hold on
clinical trial dosing of TYSABRI(R) (natalizumab) in multiple
sclerosis (MS) in the U.S.  The companies expect to begin an
open label, multi-center safety extension study of TYSABRI
monotherapy in the U.S. and internationally in the coming weeks.
Patients who previously participated in the Phase III MS program
are eligible for entry.

Biogen Idec and Elan had previously voluntarily suspended
TYSABRI from the U.S. market and all ongoing clinical trials
based on reports of progressive multifocal leukoencephalopathy
(PML), a rare and potentially fatal, demyelinating disease of
the central nervous system.  Biogen Idec and Elan completed a
comprehensive safety evaluation of more than 3,000 TYSABRI
patients in collaboration with leading experts in PML and MS.
The results of the safety evaluation yielded no new confirmed
cases of PML beyond the three previously reported.

On September 26, 2005 the companies announced that they
submitted a supplemental Biologics License Application to the
FDA. Subsequently, the FDA designated TYSABRI for Priority
Review.  The FDA grants Priority Review status to products that
are considered to be potentially significant therapeutic
advancements over existing therapies that address an unmet
medical need.  Based on the FDA's designation of Priority Review
for TYSABRI in MS, the companies anticipate action by the Agency
approximately six months from the submission date, or by late
March 2006.  The FDA's Peripheral and Central Nervous System
Drugs Advisory Committee will review TYSABRI on March 7 and 8,
2006.

                        About Biogen Idec

Biogen Idec (NASDAQ: BIIB) -- http://www.biogenidec.com/--  
creates new standards of care in oncology, neurology and
immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.

                           About Elan

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

                        *     *     *

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

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


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


ALTAI TREID: Creditors Have Until End of Month to File Claims
-------------------------------------------------------------
LLC Altai Treid PV has declared insolvency.  Proofs of claim
will be accepted at Pavlodar region, Aksusk district, Kalkaman,
Imanova Str. 6-1 on or before Feb. 28, 2006.

CONTACT:  ALTAI TREID PV
          Pavlodar region, Aksusk district,
          Kalkaman, Imanova Str. 6-1


DARYA-K: Sets Deadline for Filing of Claims
-------------------------------------------
LLC DARYA-K has declared insolvency.  Proofs of claim will be
accepted at Almaty, Mirzoyana Str. 129-24, Bogenbai Batyr Str.
168-206 on or before February 28, 2006.

The company can be contacted at 8 (3272) 68-93-60


KARMO WEST 1: Declared Insolvent by Almaty Court
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty region
declared LLC Karmo West 1 insolvent on December 8, 2005.  Proofs
of claim will be accepted by the Liquidation Commission at
Taldykorgan, Jansugurova Str. 113, Room 208 on or before
Feb. 21, 2006.

The company can be contacted at 8 (32822) 24-19-77.


LI-GEON: Last Day for Filing of Claims Set
------------------------------------------
LLC LI-GEON has declared insolvency.  Proofs of claim will be
accepted at Almaty, Jarokova Str. 24, Office 1 on or before
Feb. 28, 2006.

The company can be contacted at 8 (3272) 68-93-60.


MYRZA: Almaty Court Sends Group Into Insolvency
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty region
declared LLC Service Center Myrza insolvent on December 8, 2005.
Proofs of claim will be accepted by the Liquidation Commission
at Taldykorgan, Jansugurova Str. 113, Room 208 on or before
February 21, 2006.

The company can be contacted at 8 (32822) 24-19-77.


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


MILLICOM INTERNATIONAL: Posts 2005 Financial Results
----------------------------------------------------
Millicom International Cellular S.A. disclosed results for the
quarter and year ended Dec. 31, 2005.

Total revenues for the three months ended Dec. 31, 2005, were
$294.1 million, an increase of 15% from the fourth quarter of
2004.  The pro forma increase in revenues was 36% over the same
period.

The Central American market continued to perform strongly,
producing a 62% increase in revenues from $87.8 million for the
fourth quarter of 2004 to $142.0 million for the fourth quarter
of 2005, with Guatemala producing growth of 82%.

In South America, revenues increased by 24% to $40.0 million,
with Bolivia and Paraguay producing revenue increases of 23% and
25% respectively compared to the fourth quarter of 2004.

In 2005 the roll-out of GSM in Latin America was completed with
the launch of GSM services in Bolivia, enabling Millicom to
pursue higher value customers with value-added services, which
have led to strong levels of ARPU across Latin America.
Furthermore, the Tigo brand has been an outstanding success as
it has established its position as a price leading product and
is the main driver in bringing new customers onto the network.
Millicom has begun to spend significant capex across its African
operations to grow its networks in terms of capacity and
coverage.

The fourth quarter revenues for Africa were $58.1 million
compared to $44.3 million in the fourth quarter of 2004, an
increase of 31%.  The strongest markets were Ghana and Tanzania
which grew by 28% and 24% respectively.  Revenues for South East
Asia declined to $23.9 million over the same period, due to the
end of the BCC in Vietnam in May 2005.

In South Asia, Millicom recorded revenue growth of 16% to $28.9
million, from $24.9 million in the fourth quarter of 2004.
Paktel's GSM operation has faced technical network issues and in
such a competitive market, this has held back growth.  Added
investment in the network will solve these issues in the coming
months and will enable Paktel to recover market share.

The number of active GSM subscribers grew from 747,146 at the
end of the third quarter of 2005 to 871,809 at the end of the
fourth quarter, representing 87% of Paktel's total subscriber
base, with a monthly ARPU of approximately $5.  EBITDA for the
three months ended December 31, 2005 was $130.2 million, a 5%
increase from the fourth quarter of 2004 representing a 44%
margin.

On a pro forma basis EBITDA increased by 34% from the fourth
quarter of 2004.  Central America recorded growth in EBITDA of
68% from the fourth quarter of 2004 to $75.1 million and the
equivalent increase for South America was 29%, giving EBITDA of
$16.6 million.  EBITDA for Africa decreased by 2% to $21.4
million in the fourth quarter of 2005, from $21.8 million in the
fourth quarter of 2004, mainly due to start-up costs in Chad and
the Democratic Republic of Congo.  EBITDA for South Asia
increased by 56% to $7.6 million in the fourth quarter of 2005
from $4.9 million in the fourth quarter of 2004, when sales and
marketing costs associated with the launch of GSM services
impacted EBITDA. For South East Asia, EBITDA for the fourth
quarter of 2005 was lower at $11.0 million, due to the end of
the ten-year BCC in Vietnam in May 2005.

The EBITDA margin in the fourth quarter of 2005 was 44%.  For
South Asia it was 26% and for South East Asia it was 46%.
Central America and South America recorded EBITDA margins of 53%
and 42% respectively in the fourth quarter of 2005.  The EBITDA
margin for Africa was 37%.

                     Year End Results

Total revenues for the year ended December 31, 2005 were
$1,083.7 million, an increase of 18% over 2004, or 32% on a pro
forma basis.  Revenues for Central America were $452.6 million,
an increase of 48%, and for South America, revenues were $141.1
million, up 24%.  Revenues for Africa were $204.4 million,
increasing by 36%. In South East Asia revenues were $161.5
million and for South Asia, revenues were up 7% to $120.7
million.

EBITDA was $489.8 million for the year ended December 31, 2005,
an increase of 8% over 2004, or 25% on a pro forma basis.  Most
notably Central America recorded a 50% increase to $233.0
million for the year.  EBITDA for South America was $57.0
million, up 28% from 2004. EBITDA for Africa increased by 34%
from 2004 to $88.2 million for the year ended December 31, 2005.
EBITDA for South East Asia and South Asia for the year ended
December 31, 2005 was respectively $88.7 million and $25.1
million.

The Group EBITDA margin for the year ended December 31, 2005 was
45%, for Central America it was 51%, for South America 40%, for
South East Asia 55%, for South Asia 21% and for Africa 43%.
Total cellular minutes increased by 28% for the year ended
December 31, 2005 compared with 2004.  Annual increases in
revenue and EBITDA were due to similar factors noted in the
previous section.

"The outlook for Millicom is excellent," Chief Executive Officer
Marc Beuls, said.  "We decided in 2005 to increase substantially
our investments in existing markets resulting in record pro
forma revenue and EBITDA growth in fourth quarter.  Our capital
expenditure planned in 2006, including the new markets started
in 2005, will again be at least 50% higher than the previous
year.  Capital expenditure will continue to be an important
driver behind this accelerating growth pattern, but we expect
the capex/sales ratio to reduce year on year post 2006."

On Jan. 19, 2006, Millicom appointed Morgan Stanley to conduct a
review of strategic options following the receipt of a high
number of unsolicited approaches.  Mr. Beuls said a further
announcement will be made when the review is complete.

A full copy of its financial results is available free of charge
at http://bankrupt.com/misc/Millicomresults.pdf

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

                        *     *     *

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


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


ALTAYSKAYA: Deadline for Proofs of Claim Set Next Week
------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision on engineering company Altayskaya.  The case is
docketed as AO3-9006/05-B.  Mr. S. Ogorodnikov has been
appointed temporary insolvency manager.

Creditors have until Feb. 21, 2006, to submit their proofs of
claim to 656065, Russia, Altay region, Barnaul, Post User Box
2724.  A hearing will take place on March 5, 2006.

CONTACT:  ALTAYSKAYA
          659315, Russia, Altay region,
          Biysk, Promzona

          S. OGORODNIKOV
          Temporary Insolvency Manager
          656065, Russia, Altay region,
          Barnaul, Post User Box 2724


ATF BANK: Fitch Keeps Short-term B Rating with Stable Outlook
-------------------------------------------------------------
Fitch Ratings affirmed BB- Long-term, Short-term B, Individual D
and Support 3 ratings, to Kazakhstan-based ATF Bank.  The Long-
term rating Outlook is Stable.  The rating action follows the
recent announcement that ATF is looking to acquire a controlling
stake in Kazakhstan's Valut-Tranzit Bank.

The Long-term, Short-term and Support ratings of ATF continue to
reflect Fitch Ratings' view of the moderate probability of state
support being available in case of need.

This takes into account the sovereign's ability to provide
support, as reflected in its Long-term Foreign Currency Issuer
Default Rating of BBB, and its propensity to make support
available to banks of ATF's size, which Fitch considers to be
moderate.

Although ATF's market share in the local banking system is set
to increase should the deal go through, in Fitch's view this
would not be, at least initially, to an extent that would
materially effect ATF's systemic importance, and hence the
Kazakhstani authorities' propensity to provide support.

V-TB's relatively small size, its acceptable asset quality to
date and the planned equity injection from ATF's shareholders to
fund the deal, decrease the possibility of ATF's stand-alone
credit profile deteriorating following the acquisition.

In addition, ATF would benefit from V-TB's considerable branch
network, which is the third largest in the country, its focus on
retail and the wide range of non-banking services provided by V-
TB's subsidiaries.  However, time would be needed to see if ATF
could successfully adapt its strategy and exploit the advantages
of the proposed acquisition.

ATF is the fourth-largest commercial bank in Kazakhstan by
assets with a market share of around 7.7% of assets at end-Q305.
It provides a broad range of banking services to large companies
and SMEs, and is also expanding its retail business, focusing on
higher- and middle-income individuals.


IVANOVSKIY FISH: Firm Falls Into Bankruptcy
-------------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Ivanovskiy Fish Combine after finding the
open joint stock company insolvent.  The case is docketed as
A17-1269/05-10-B.  Mr. A. Ryabov has been appointed insolvency
manager.  Creditors have until March 14, 2006, to submit their
proofs of claim to 153006, Russia, Ivanovo region, 15th Proezd,
4, Office 608.

CONTACT:  IVANOVSKIY FISH COMBINE
          Russia, Ivanovo region,
          Zhedeleva Str. 33

          A. RYABOV
          Insolvency Manager
          153006, Russia, Ivanovo region,
          15th Proezd, 4, Office 608
          Tel: (0932) 47-54-41


JUPITER: Bankruptcy Hearing Set March 23
----------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision on open joint stock company JUPITER.  The
case is docketed as A14-25365-2005-178/7b.  Mr. R. Gura has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Voronezh
region, Sredne-Moskovskaya Str. 6A.  A hearing in the Court is
to take place on March 23, 2006, 10:00 a.m.

CONTACT:  JUPITER
          Russia, Voronezh region,
          Bochugar, Zavodskaya Str. 2

          R. GURA
          Temporary Insolvency Manager
          Russia, Voronezh region,
          Sredne-Moskovskaya Str. 6A


KALUZHSKIY: To Sell Properties Next Week
----------------------------------------
The open joint stock company Kaluzhskiy will sell 25 real estate
properties on Feb. 21, 2006, 11:00 a.m. at 249860, Russia,
Kaluga region, Dzerzhinsk region, Tovarkovo-1.  Starting price
is RUB17,870,000 (inclusive of VAT).

Preliminary examination and reception of bids are done from
10:00 a.m. to 4:00 p.m. on or before Feb. 20, 2006.  The list of
documentary requirements is available at 249860, Russia, Kaluga
region, Dzerzhinsk region, Tovarkovo-1.

To participate, bidders must deposit an amount equivalent to 10%
of the starting price to the settlement account
40702810200000000602, BIC 042908701, correspondent account
301018106000000701 on OJSC GAZ-ENERGO-BANK, Kaluga on or before
Feb. 20, 2006.

CONTACT:  KALUZHSKIY
          249860, Russia, Kaluga region,
          Dzerzhinsk region, Tovarkovo-1

          I. KHOMYAKOV
          Insolvency Manager/Bidding Organizer
          249860, Russia, Kaluga region,
          Dzerzhinsk region, Tovarkovo-1


MARKS-CAR-REPAIR-SERVICE: Succumbs to Bankruptcy
------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Marks-Car-Repair-Service after finding the
open joint stock company insolvent.  The case is docketed as A-
57-284B/00-32.  Mr. A. Gurchenko has been appointed insolvency
manager.  Creditors have until March 14, 2006, to submit their
proofs of claim to 410012, Russia, Saratov region, B. Kazachya
Str. 23/27.

CONTACT:  MARKS-CAR-REPAIR-SERVICE
          Russia, Saratov region, Marks

          A. GURCHENKO
          Insolvency Manager
          410012, Russia, Saratov region,
          B. Kazachya Str. 23/27


NOGLIKSKAYA: Bankruptcy Supervision Procedure Begins
----------------------------------------------------
The Arbitration Court of Sakhalin region has commenced
bankruptcy supervision on open joint stock company Noglikskaya.
The case is docketed as A59-2907/04-S16.  Mr. V. Biryukov has
been appointed temporary insolvency manager.  Creditors have
until Feb. 21, 2006, to submit their proofs of claim to 680000,
Russia, Khabarovsk region, Main Post Office, Post User Box 1/17.

CONTACT:  NOGLIKSKAYA
          694450, Russia, Sakhalin region,
          Nogliki, Post User Box 40

          V. BIRYUKOV
          Temporary Insolvency Manager
          680000, Russia, Khabarovsk,
          Main Post Office, Post User Box 1/17


PANDA: Declared Insolvent by Samara Court
-----------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Panda (TIN 6336008877) after finding the
close joint stock company insolvent.  The case is docketed as
A55-3810/2005-24.  Mr. E. Kuznetsov has been appointed
insolvency manager.  Creditors have until March 14, 2006, to
submit their proofs of claim to 445359, Russia, Samara region,
Zhigulevsk-9, Post User Box 54.

CONTACT:  PANDA
          Russia, Samara region, Chapaevsk

          E. KUZNETSOV
          Insolvency Manager
          445359, Russia, Samara region,
          Zhigulevsk-9, Post User Box 54


PICHKIRYAEVSKOYE: Ryazan Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Ryazan region commenced bankruptcy
proceedings against Pichkiryaevskoye (TIN 6218000289) after
finding the close joint stock company insolvent.  The case is
docketed as A54-8022/2005S6.  Mr. A. Sergovskiy has been
appointed insolvency manager.  Creditors have until March 14,
2006, to submit their proofs of claim to 101000, Russia, Moscow,
Lubyanskiy Proezd, 5, Building 1.

CONTACT:  PICHKIRYAEVSKOYE
          Russia, Ryazan region,
          Sasovskiy region, Pichkiryaevo

          A. SERGOVSKIY
          Insolvency Manager
          101000, Russia, Moscow region,
          Lubyanskiy Proezd, 5, Building 1


STEPANOVSKOYE: Claims Filing Period Ends March 14
-------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Stepanovskoye (TIN/KPP 5040008767/504001001)
after finding the close joint stock company insolvent.  The case
is docketed as A41-K2-7720/05.  Mr. A. Zorin has been appointed
insolvency manager.  Creditors have until March 14, 2006, to
submit their proofs of claim to 119311, Russia, Moscow region,
Stroiteley Str. 7, Building 1, Office 1.

CONTACT:  STEPANOVSKOYE
          140178, Russia, Moscow region,
          Ramenskiy region, Nikitskoye

          A. ZORIN
          Insolvency Manager
          119311, Russia, Moscow region,
          Stroiteley Str. 7, Building 1, Office 1


ZELENOKUMSKIY: Stavropol Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Zelenokumskiy after finding the open joint
stock company insolvent.  The case is docketed as A63-81/2005-
S5.  Mr. V. Orlov has been appointed insolvency manager.
Creditors have until March 14, 2006, to submit their proofs of
claim to 355000, Russia, Stavropol region, Zootekhnicheskiy Per.
15, Office 75.

CONTACT:  ZELENOKUMSKIY
          Russia, Stavropol region, Zelenokumsk

          V. ORLOV
          Insolvency Manager
          355000, Russia, Stavropol region,
          Zootekhnicheskiy Per. 15, Office 75


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


AGRONAFTA: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Herson REGION commenced bankruptcy
supervision procedure on LLC Agronafta.  The case is docketed as
12/227-B-05.  Mr. Zaporozhets Dmitro has been appointed
temporary insolvency manager.

CONTACT:  AGRONAFTA
          73000, Ukraine, Herson region,
          Sadova Str. 21

          Mr. Zaporozhets Dmitro
          Temporary Insolvency Manager
          73000, Ukraine, Herson region, a/b 48

          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


KREMINNA' DISTRICT: Lugansk Court Appoints Insolvency Manager
-------------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Kreminna' District Printing House (code
EDRPOU 02470939) on December 8, 2005 after finding the open
joint stock company insolvent.  The case is docketed as 21/115
b.  Mr. Roman Rachok has been appointed liquidator/insolvency
manager.

CONTACT:  KREMINNA' DISTRICT PRINTING HOUSE
          Ukraine, Lugansk region,
          Kreminna, Radyanska Str. 5

          Mr. Roman Rachok
          Liquidator/Insolvency Manager
          91033, Ukraine, Lugansk region, Oboronna Str. 24

          ECONOMIC COURT OF LUGANSK REGION
          91000, Ukraine, Lugansk region,
          Geroiv VVV Square 3a


KRIVBAS-ASFALT: Liquidator Takes Over Helm
------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Krivbasasfalt (code EDRPOU 31250914) on
December 6, 2005 after finding the company insolvent.  The case
is docketed as B 29/63/05.  Mr. Oleksandr Shramko has been
appointed liquidator/insolvency manager.

CONTACT:  KRIVBASASFALT
          53022, Ukraine, Dnipropetrovsk region,
          Krivij Rig district,
          Maryanivka, Lozuvatska str.

          Mr. Oleksandr Shramko
          Liquidator/Insolvency Manager
          50093, Ukraine, Dnipropetrovsk region,
          Krivij Rig, Nezalezhnosti Ukraini Str. 26/9

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


DNIPROLIVZAPCHASTINA: Goes Into Liquidation
-------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Dniprolivzapchastina (code EDRPOU 24991484)
on Dec. 28, 2005, after finding the limited liability company
insolvent.  The case is docketed as 40/167/05.  Mr. Babich
Svitlana has been appointed liquidator/insolvency manager.

CONTACT:  DNIPROLIVZAPCHASTINA
          Ukraine, Dnipropetrovsk region,
          Slavogorodska Str. 34

          Mr. Babich Svitlana,
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          Karl Marks Avenue 65/205

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


DNIPROSTAL: Oleksandr Chechelnitskij Named Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Dniprostal (code EDRPOU 32660810) on
December 16, 2005 after finding the limited liability company
insolvent.  The case is docketed as 24/794-B.  Mr. Oleksandr
Chechelnitskij has been appointed liquidator/insolvency manager.

CONTACT:  DNIPROSTAL
          Ukraine, Kyiv region,
          Urlivska Str. 3-A/67

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


POLISSYA-HMIL: Succumbs to Bankruptcy in Zhitomir Region
--------------------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
supervision procedure on Polissya-Hmil (code EDRPOU 30736950).
The case is docketed as 7/137 B.  Mr. Borejko Andrihj has been
appointed temporary insolvency manager.

CONTACT:  POLISSYA-HMIL
          10014, Ukraine, Zhitomir region,
          Chernyahivskij Str. 8/5

          Mr. Borejko Andrihj
          Temporary Insolvency Manager
          Ukraine, Zhitomir region,
          Zhitomir district, Novogujvinske,
          9 Pyatirichki Str. 9-B/15

          ECONOMIC COURT OF ZHITOMIR REGION
          10002, Ukraine, Zhitomir region,
          Putyatinski Square 3/65


SHEVCHENKIVSKE: Folds Under Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Agrofirm Shevchenkivske (code
EDRPOU 31734514) on Dec. 19, 2005.  The case is docketed as
25/249.  Mr. Y. Arhipov has been appointed temporary insolvency
manager.

CONTACT:  SHEVCHENKIVSKE
          70433, Ukraine, Zaporizhya region,
          Zaporizhya district, Shevchenkivske,
          Miru Str. 73

          Mr. Y. Arhipov
          Temporary Insolvency Manager
          69013, Ukraine, Zaporizhya region,
          Radishev Str. 85
          Phone: 8 (0612) 17-98-59

          ECONOMIC COURT OF ZAPORIZHYA REGION
          69001, Ukraine, Zaporizhya region,
          Shaumyana Str. 4


SOLGOSPTEHNIKA: Court Rules on Bankruptcy
-----------------------------------------
The Economic Court of Hmelnitskij region region commenced
bankruptcy proceedings against OJSC SOLGOSPTEHNIKA (code EDRPOU
03764293) after finding the limited liability company insolvent.
The case is docketed as 2/70-B.  Mr. Poberezhnij Volodimir has
been appointed liquidator/insolvency manager.

CONTACT:  SOLGOSPTEHNIKA
          Ukraine, Hmelnitskij region region,
          Yarmolintsi, Pushkin Str. 36

          Mr. Poberezhnij Volodimir
          Liquidator/Insolvency Manager
          29000,Ukraine, Hmelnitskij region,
          Starokostyantinivske shose Str. 22/64

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


TAVRIYA: Mikolaiv Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against JSCCT Tavriya (code EDRPOU 05829393) after
finding the joint stock company (close type) insolvent.  The
case is docketed as 10/215.  Ms. Ludmila Chudajkina has been
appointed liquidator/insolvency manager.

CONTACT:  TAVRIYA
          57500, Ukraine, Mikolaiv REGION,
          Ochakiv, 60 rokiv SRSR Str. 27

          Ms. Ludmila Chudajkina,
          Liquidator/Insolvency Manager
          54058, Ukraine, Mikolaiv region,
          Lazurna Str. 2-b, a/b 1041
          Phone: (0512) 41-60-48
                  8 (050) 136-07-40

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


VIDRODZHENNYA: Court Names V. Bezpalov to Liquidate Assets
----------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against LLC Vidrodzhennya (code EDRPOU 30997289) on
Dec. 29, 2005, after finding the limited liability company
insolvent.  The case is docketed as B 15/191/05.  Mr. V.
Bezpalov has been appointed liquidator/insolvency manager.

CONTACT:  VIDRODZHENNYA
          52120, Ukraine, Dnipropetrovsk region,
          Pyatihatskij district, Lihovka

          Mr. V. Bezpalov
          Liquidator/Insolvency Manager
          49081, Ukraine, Dnipropetrovsk region,
          Vorontsov Avenue 75/232
          Phone: (0562) 23-41-67

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


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


ADVANCED METAL: Hires Gagen Dulari Sharma as Liquidator
-------------------------------------------------------
Members of Advanced Metal Polishing Limited passed a resolution
to wind up the company's operations on Dec. 22, 2005.

They named Gagen Dulari Sharma to manage the liquidation
proceedings.

CONTACT:  ADVANCED METAL POLISHING LIMITED
          Unit 2 Chestom Road
          Bilston West Midlands
          WV140RD
          Tel: 01902 354 365


AG ELECTRO-OPTICS: Members Pass Wind Up Resolution
--------------------------------------------------
AG Electro-Optics Limited appoints William Antony Batty of
Antony Batty & Co to manage the liquidation of the company's
assets.

Members pass a wind-up resolution on Dec. 14, 2005, after
liabilities hinder its ability to continue as a going concern.

CONTACT:  A G ELECTRO-OPTICS LIMITED
          Farside House
          Nantwich Road
          Tarporley Business Centre
          Tarporley Cheshire
          CW6 9UY
          Tel: 01829 733305
          Fax: 01829 733679


AK COMMERCIAL: Calls In Joint Liquidators from Tenon Recovery
-------------------------------------------------------------
Tenon Recovery's Charles M. Brook and Martin A. Shaw were
appointed Joint Liquidators after members passed a resolution to
wind up the AK Commercial Limited's operations on Feb. 2.

Chaiman A. Bass said the company could not continue its business
due to its liabilities.

CONTACT:  A K COMMERCIAL LIMITED
          Unit 14 Old Forge Trading EST
          Dudley Road
          Stourbridge West Midlands
          DY9 8EL
          Tel: 01384 424 646
          Fax: 01384 896 610


ALPHASTREAM INTERNATIONAL: In Administrative Receivership
---------------------------------------------------------
HSBC Bank Plc appointed David Harry Gilbert and Shay Bannon of
BDO Stoy Hayward LLP joint administrative receivers of
Alphastream International Limited (Company Number 01817665) on
Jan. 31.  The company manufactures paper stationery

Headquartered in London, BDO Stoy Hayward --
http://www.bdo.co.uk/-- is the UK member firm of BDO
International, the world's fifth largest accountancy network
with more than 600 offices in 100 countries.  Its services
include: audit and assurance, business restructuring, corporate
finance, disputes and investigations, investment management,
risk assurance services, tax services, and valuations.

CONTACT:  ALPHASTREAM INTERNATIONAL LTD
          12 Kelly Street,
          Greenock, Renfrewshire PA16 8JX
          Tel: 01475730099


ANVIL PLANT: Financial Woes Prompt Voluntary Liquidation
--------------------------------------------------------
Anvil Plant Hire Limited is voluntarily liquidating its assets
after members elected to wind up the company on Dec. 22, 2005.

The voluntary liquidation came as a result of the company's
inability to pay its debts.  D.F. Wilson and J.N.R. Pitts are
appointed joint liquidators.

CONTACT:  ANVIL PLANT HIRE LIMITED
          2 Ash Tree Lane
          Chatham Kent
          ME5 7BZ
          Tel: 01634 582 543


AVIS EUROPE: Restructuring Efforts to Cut 200 Jobs
--------------------------------------------------
Avis Europe plc is restructuring its European headquarters,
corporate operations and shared service centers.

In its pre-close trading update on Dec. 15, 2005, Avis confirmed
in particular that it was seeking to accelerate the benefits
resulting from the transfer of back-office activities to the
shared service center in Budapest and to generate further
efficiencies from a focus on support services in general.

The restructuring efforts include:

   -- a substantial reduction in staff and running costs at the
      European headquarters;

   -- acceleration of the transfer of back-office activities
      into the shared service center in Budapest;

   -- consolidation of all call center activities into the
      existing Barcelona facility and closure of the Manchester
      call center; and

   -- a number of personnel and overhead cost initiatives within
      corporate operations.

The project will also involve investment in two key areas of the
recovery strategy: web-services and yield management.

                            Job Cuts

Subject to the employee consultation process, the net headcount
reduction is expected to be approximately 200 positions,
primarily in the European headquarters and the UK and German
corporate operations.  It is expected that some 180 positions
will be transferring from Manchester to the Barcelona call
center and there will be further transfers of roles to the
Budapest shared service center.  Redundancies will be phased
over the next 18 months.

Non-staff related overhead costs will be reduced through a
number of initiatives, including the re-negotiation and exit of
certain non-fleet supplier contracts in the areas of
telecommunications, systems, transportation and professional
services.

In addition to EUR6 million of exceptional costs taken in 2005,
the exceptional costs of the project are expected to amount to
some EUR40 million in 2006 and EUR7 million in 2007. The project
will generate anticipated savings of around EUR7 million in
2006, EUR25 million in 2007 and EUR30 million per annum
thereafter.

"We are working closely with our staff to achieve these
essential changes," Murray Hennessy, Chief Executive, Avis
Europe plc, said.  "This has been a difficult decision, but
necessary to ensure that we deliver on the goals set out in our
recovery strategy and put Avis on the right track for the
future."

Avis now expects that underlying profit before taxation for the
year-ended Dec. 31, 2005, which will be announced on March 3,
2006, will be ahead of the market's previous expectations.  This
is principally due to stronger than expected trading in the last
month of the year.  Trading expectations for 2006, however,
remain unchanged.

Headquartered in Berkshire, United Kingdom, Avis Europe plc --
http://www.avis-europe/-- operates car rental services in
Europe, Africa, the Middle East and Asia serving customers via
the Avis and Budget brands.

At June 30, 2005, Avis Europe reported EUR76 million in
stockholders' deficit, compared to a EUR21 million deficit at
June 30, 2004.


CODEGARDEN LIMITED: Hires Deloitted & Touche Administrator
----------------------------------------------------------
Christopher James Farrington and Andrew Philip Peters of
Deloitte & Touche LLP were appointed joint administrators of
Codegarden Limited (Company Number 5205262) on Aug. 16, 2005.
Its registered office is at 20-22 New Star Road, Leicester LE4
9JD.  Codegarden Limited is a non-trading holding company.

                         About Deloitte

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


GAP PERSONNEL: Recruitment Agency Hires Administrator
-----------------------------------------------------
A. Poxon and P. Reeves of DTE Leonard Curtis were appointed
administrators of Gap Personnel Limited (Company Number
03538026) on Jan. 31.  The company is engaged in labor
recruitment.

Headquartered in Bury, DTE Leonard Curtis --
http://www.dtegroup.com/-- provides business advisory services.

CONTACT:  GAP PERSONNEL LTD
          Unit 22
          Rosehill Business Centre
          Normanton Road
          Derby, Derbyshire DE23 6RH
          Tel: 01332 224122
          Fax: 01332 204418


JPI COLORWORKSHOP: Claims Registration Ends March 6
---------------------------------------------------
Members of JPI Colorworkshop Limited voted to liquidate the
company's assets during an Extraordinary General Meeting on
Jan. 19.

Creditors are given until March 6, 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
appointed liquidator, Fiona Monson.

CONTACT:  JPI COLORWORKSHOP LIMITED
          The Clock House
          4 Dorking Road
          Epson Surrey
          KT187LX
          Tel: 01372 730 980
          Fax: 01372 730 999


KELSEY ROOFING: Begins Bankruptcy Proceedings
---------------------------------------------
Members of Kelsey Roofing Holdings Limited passed a resolution
to wind up the company during and extraordinary general meeting
on Jan. 30, 2006.

Chairman R. Samways stated the company could not continue its
business due to its liabilities.

C. K. Rayment and G. S. Kinlan, of BDO Stoy Hayward LLP, were
appointed Joint Liquidators.

CONTACT:  KELSEY ROOFING HOLDINGS LIMITED
          Kelsey Ho
          Paper Mill Drive
          Redditch Worcestershire
          B98 8QJ
          Tel: 01527 594 400


MEDINET CORP: Hires Vincent Simmons to Liquidate Assets
-------------------------------------------------------
Members of Medinet Corporation Limited (t/a Pharmalogical)
agreed to voluntarily wind up the company's operations on
Dec. 22, 2005.

Vincent A. Simmons of Bennett Verby is appointed liquidator to
oversee the wind-up activities.

CONTACT:  MEDINET CORPORATION LIMITED
          Rutherford House
          40 Pencroft Way
          Manchester Science Park Manchester
          M15 6GG
          Tel: 0161 227 0150


MONARCH PERSONNEL: Employment Agency Contacts Administrator
-----------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of employment agency Monarch Personnel
Limited (Company Number 5456574) on Feb. 6.

Headquartered in London, Tenon Recovery --
http://www.tenongroup.com/-- provides accounting and business
advice to owner-managed and private business.

CONTACT:  MONARCH PERSONNEL LTD
          Kildiummy, 5a Suttie Cotts,
          Inverurie, Aberdeenshire AB51 0UN
          Tel: 01224-790799


OPHELIA SYSTEMS: Creditors Confirm P&A Partnership as Liquidator
----------------------------------------------------------------
Creditors of Ophelia 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 Sheffield.

CONTACT:  OPHELIA SYSTEMS LIMITED
          43 Branksome Avenue
          Barnsley South Yorkshire
          S70 6HX
          Tel: 01226 244 516


OTTER CONSTRUCTION: Enters Voluntary Liquidation
------------------------------------------------
Otter Construction Limited is voluntarily liquidating its assets
after members elected to wind up the company on Dec. 22, 2005.

Mark Newman, of Vantis Business Recovery, is appointed
liquidator.

CONTACT:  OTTER CONSTRUCTION LIMITED
          19 Oakdene Road
          Ramsgate Kent
          CT126DR
          Tel: 01843 607000
          Fax: 01843 850603


PERKINS OF CHELSEA: Members Pass Winding Up Resolution
------------------------------------------------------
At an extraordinary general meeting of Perkins Of Chelsea
Limited on Dec. 22, 2005, members resolved that the Company
undergo voluntary liquidation.

Subsequently, they appointed M. Sanders to lead the winding-up
proceedings.

CONTACT:  PERKINS OF CHELSEA LIMITED
          Gable House
          239 Regents Park Road
          London
          N3 3LF
          Tel: 020 7727 9495


PRIORY PAVING: Brings In Tenon Recovery to Wind Up Operations
-------------------------------------------------------------
Priory Paving (UK) Limited appointed Ian William Kings of Tenon
Recovery 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.

Creditors confirmed the liquidators' appointment on Dec. 21,
2005.

CONTACT:  PRIORY PAVING (UK) LIMITED
          1 West
          Havelock Street
          South Shields Tyne and Wear
          NE33 5DZ
          Tel: 0191 454 3111


PROFESSIONAL MAGNETICS: Joint Administrators Takes Over Helm
------------------------------------------------------------
D. F. Wilson and J. N. R. Pitts of Wilson Pitts were appointed
joint administrators of Professional Magnetics Media Limited
(Company Number 04975974) on Jan. 27.  The company offers
reproduction of video and audio recording services.

CONTACT:  PROFESSIONAL MAGNETICS MEDIA LTD
          329 Hunslet Road
          Leeds LS10 1NJ
          United Kingdom
          Tel: 0113-270 6066
          Fax: 0113-271 8106

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


PROJECT DEVELOPMENT: Creditors Meeting Set Today
------------------------------------------------
Creditors of Project Development Services (UK) Limited will meet
on Feb. 17, 2006, 10 a.m. at Sanderling House, 1071 Warwick
Road, Acocks Green, Birmingham B27 6QT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. Fender, administrator of Sanderlings LLP,
Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham
B27 6QT.

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


SALCON INVENT: Meeting of Creditors Set Next Week
-------------------------------------------------
Creditors of Salcon Invent Limited will meet on Feb. 21, 2006,
11:00 a.m. at Baker Tilly, International House, Queens Road,
Brighton, East Sussex BN1 3XE.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. White, joint administrator of Baker Tilly,
International House, Queens Road, Brighton, East Sussex BN1 3XE
not later than 12 noon, Feb. 20, 2006.

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

CONTACT:  SALCON INVENT LIMITED
          Europa House, Southwick Square,
          Brighton, East Sussex BN42 4FJ
          Tel: 01706-764700


SEASONS ASIAN: Starts Winding Up Process
----------------------------------------
Seasons Asian Design Wear Ltd. voted to liquidate the company's
assets during an Extraordinary General Meeting on Jan. 27.

Chairman N. Fayyaz disclosed the voluntary liquidation came as a
result of the company's inability to continue its business due
to its liabilities.

Begbies Traynor (South) LLP's Richard Andrew Segal and Paul
Michael Davis were appointed Joint Liquidators.

Creditors are required 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 Richard Andrew
Segal on or before March 10, 2006.

CONTACT:  SEASONS ASIAN DESIGN WEAR LTD
          407 Ilford Lane
          Ilford Essex
          IG1 2SN
          Tel: 020 8553 3999


SKILLSIT LIMITED: Administrators Move In
----------------------------------------
Tom Lukic and Ian Best of Ernst & Young LLP were appointed
administrators of SkillsIt Limited (Company Number 3963358) on
Jan. 31.  Its registered office is at PO Box 51, University
House, Dudley, West Midlands DY3 2AG.

Skillsit Limited -- http://www.skillsIT.com-- offers IT
courses.

CONTACT:  SKILLSIT LTD
          Brook House, 3rd Floor
          229/243 Shepherds Bush Road
          Hammersmith
          London W6 7AN
          Tel: 020 8600 5100
          Fax: 020 8600 5101
          E-mail: support@skillsIT.com

          ERNST & YOUNG LLP
          No. 1 Colmore Square
          Birmingham B4 6HQ
          Tel: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com/


SOUNDS MUSICAL: Retailer Contacts Administrator
-----------------------------------------------
Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP were appointed joint administrators of Sounds Musical
Limited (Company Number 04121220) on Feb. 2.  The company sells
musical equipment.

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


STAG FURNITURE: Files for Bankruptcy & Appoints Administrators
--------------------------------------------------------------
Stag Furniture Limited (UK) Limited filed for bankruptcy on
Tuesday, Feb. 14, 2006, due to significant losses resulting from
severe retail downturn in the UK, Business Credit Management
reports.

Ian Green and Edward Klempka of PricewaterhouseCoopers LLP, in
their capacity as joint administrators, will continue to trade
the business while look for a buyer.

"We recognize that Stag is a major employer in the area and will
be doing all we can to preserve the business and jobs for
employees," Ian Green, a PwC partner, told BCM.

Headquartered in Sunderland, Stag Furniture Limited (UK) Limited
manufactures and supplies assembled cabinet furniture.  The
company, which employs 556 people, also sell to mail order
companies, and to independent and multiple retail channels.


STARTEC GLOBAL: Liquidates Assets in London
-------------------------------------------
Startec Global Communications (UK) Ltd. voluntarily liquidated
its assets after members voted to wind up the company's
operation during a meeting held on Jan. 26, 2006.

Alan Simon of Langley & Partners was appointed liquidator after
the members found out that the company couldn't continue its
business due to its liabilities.

CONTACT:  STARTEC GLOBAL COMMUNICATIONS (UK) LTD
          India House
          45 Curlew Street
          London
          SE1 2ND
          Tel: 020 7726 7040


SUPERIOR DRIVEWAYS: Closes Operations & Liquidates Assets
---------------------------------------------------------
Superior Driveways & Patios Limited is winding up its operations
due to significant liabilities.  Members appointed J. M. Titley,
of DTE Leonard Curtis, as liquidator.

CONTACT:  SUPERIOR DRIVEWAYS & PATIOS LIMITED
          28 Bolton Road West
          Ramsbottom Bury Lancashire
          BL0 9ND
          Tel: 01706 828070
          Fax: 01706 281424


TASC INTERIORS: Appoints Administrators from Moore Stephens
-----------------------------------------------------------
David A. Rolph and David R. Elliott of Moore Stephens LLP were
appointed administrators of TASC Interiors Limited (Company
Number 02833644) on Jan. 30.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Tel: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com/


TECHNOLOGY TELFORD: Hires Administrator
---------------------------------------
Gerald Frederick Davis was appointed administrator of Technology
Telford Limited (Company Number 02987875) on Feb. 1.  Its
registered office is at Heathcote House, 136 Hagley Road,
Edgbaston, Birmingham B16 9PN.  The company supplies aluminum
cladding.

CONTACT:  TECHNOLOGY TELFORD LTD
          Unit J13
          Halesfield 19
          Halesfield Industrial Estate
          Telford, Shropshire TF7 4QT
          Tel: 01952 585580
          Fax: 01952 680240
          E-mail: tec-tel@ukonline.co.uk


TEMPTATION KIDZ: Taps Nedim Ailyan to Liquidate Assets
------------------------------------------------------
At Temptation Kidz Limited's extraordinary general meeting on
Dec. 19, 2005, members resolved that it is in the Company's best
interests to liquidate its operations.

Nedim Ailyan, of Abbott Fielding, was named to oversee the wind-
up proceedings.

CONTACT:  TEMPTATION KIDZ LIMITED
          6 Plaistow Lane
          Sundridge Parade
          Bromley Kent
          BR1 4DT
          Tel: 020 84025500
          Fax: 020 84025500


TOTAL COMMITMENT: Recruitment Agency Hires Administrator
--------------------------------------------------------
David John Whitehouse and Simon Wilson of Kroll Limited were
appointed joint administrators of Total Commitment Limited
(Company Number 0271277) on Feb. 3.  Its registered office is at
37 Yorkshire Street, Oldham OL1 3RZ.  The company offers labor
recruitment services.

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


TOWER BAY: Hotel Operator Books Administrator from Houghton
-----------------------------------------------------------
Simon Thornton of Houghton Stone Business Recovery was appointed
administrator of Tower Bay Inn Limited (Company Number 05310907)
on Feb. 6.

The company operates a hotel.  Its trading name is Hotel Glen
Eagles.

CONTACT:  HOUGHTON STONE BUSINESS RECOVERY
          The Conifers, Filton Road,
          Hambrook, Bristol BS16 1QG
          Tel: 0117 957 9009


UNWINS GROUP: Meeting of Creditors Set Next Week
------------------------------------------------
Creditors of Unwins Group Management Limited (Company Number
02911096) will meet on Feb. 24, 10:00 a.m. at The Brewery,
Chiswell Street, London EC1Y 4SD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. A. Halley, joint administrator of KPMG LLP, 8
Salisbury Square, London EC4Y 8BB not later than 12 noon,
Feb. 23, 2006.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Tel: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk/


VBS LIMITED: Joint Administrators From RE10 Enter Firm
------------------------------------------------------
Nimish C. Patel and Bijal Shah of Re10 were appointed joint
administrators of VBS Limited (Company Number 03136558) on
Feb. 3.

CONTACT:  RE10
          Suite 215
          Signal House
          Lyon Road
          Harrow
          Middlesex HA1 2AQ
          Tel: 020 8863 6697
          Fax: 020 7212 2626

          RE10
          Trinity House, Heather Park Drive,
          Wembley, Middlesex HA0 1SU
          Helpline: 870 787 2346


WIND ACQUISITION: Fitch Rates EUR250 Million Tap Issuance at B+
---------------------------------------------------------------
Fitch Ratings assigned an expected B+ Rating to the anticipated
EUR250 million tap issuance of additional fungible Senior Notes
to be issued by Wind Acquisition Finance S.A.

This rating is contingent upon the issuance of at least EUR250
million notes with proceeds of at least EUR258 million used to
prepay Wind's Senior Secured Facilities.  Fitch would also
upgrade the existing EUR1.25 billion equivalent Senior Notes to
B+ RR4 from B RR5 following the tap issuance provided the above
conditions are met.

The B+ Issuer Default rating of Wind Telecomunicazioni S.p.A. is
affirmed with a Stable Outlook.  The short-term rating is B.  At
the same time, Fitch has affirmed the BB RR2 ratings assigned to
Wind's EUR6.85 billion first priority senior secured facilities
and the BB RR2 ratings of the EUR700 million second lien notes.

The B+ rating reflects improved recovery prospects for the
Senior Notes consequent to the EUR250 million tap issuance which
will be applied to prepay a similar amount of Senior Secured
facilities.  This latest proposed prepayment follows the EUR290
million prepayment of senior facilities completed in December
2005, which similarly resulted in the upgrade of the rating of
the notes to B from B-.

"The recent and proposed changes in the rating of the Senior
Notes are a direct consequence of the new, more sophisticated,
methodology recently launched by Fitch to assign instrument
specific Recovery Ratings," said Stefano Podesta, Director in
the Leveraged Finance team of Fitch in London.

He added, "Given the very high recovery rates associated with
the senior secured loan which Wind intends to partly pre-pay
using proceeds from the tap issue, the prepayment would result
in a significant increase in the value available in a distress
scenario for the benefit of subordinated senior noteholders,
enhancing their recovery prospects as indicated by the upgrade."

Fitch believes that in a distressed scenario all parties
involved will attempt to preserve the going concern value of
Wind and avoid a liquidation of the company's assets where
possible.  The agency has therefore decided to apply a going
concern approach to measure the distressed enterprise value of
Wind.

In Fitch's view Wind's distressed Enterprise Value, after
allowing for 10% administrative claims, would be approximately
EUR7.5 billion.  This valuation was reached by applying a 10%
discount to the last twelve months adjusted EBITDA of EUR1.45
billion and applying a 6.4x multiple.

Recovery ratings are obtained by applying Wind's distressed EV
to the three classes of debt issued using the strict waterfall
of payments as indicated in Fitch's criteria for recovery
ratings.

Although the application of proceeds from the notes to reduce
scheduled senior debt amortization in 2008 may be considered a
positive credit event, the agency recognizes that Wind has the
difficult task of improving profitability and, especially, cash
flow generation in an increasingly competitive market.

Therefore, the agency will consider a possible upgrade of Wind's
issuer default rating only when the company is able to
demonstrate positive free cash flow generation sufficient to
comfortably meet scheduled debt repayments from 2009 onwards.

Fitch will closely monitor Wind's operating and financial
performance as well as broader developments in the Italian
telecommunication market, which may cause delays to Wind's
progresses towards an improving credit profile.


WIGHTLINK FINANCE: Performance Decline Spurs Fitch's BB Rating
--------------------------------------------------------------
Fitch Ratings downgraded the notes of Wightlink Finance Limited
to BB+ from BBB and removed them from their Rating Watch
Negative status.  Concurrently, Fitch affirmed Red Funnel
Finance PLC at BBB.

Fitch notes that despite its dominant position, Wightlink
suffered from a recent performance decline that puts the
transaction close to its financial covenant level.  As a result,
the gap between the Wightlink and Red Funnel key credit
indicators is further widening.

Not only is leverage at Wightlink almost double that at Red
Funnel on an EBITDA and free cash flow basis, but the annuity-
based debt service coverage ratios are lower by around 85 basis
points, despite Wightlink's lower coupon.

The report analyses the causes behind Wightlink's recent decline
in financial performance, the main differences with Red Funnel,
and the challenges lying ahead for both operators in the current
high fuel costs environment.


* Fitch States European Mezzanine's Record Issuance
---------------------------------------------------
Fitch Ratings stated the record issuance of European mezzanine
debt in 2005 driven by recycled facilities and the number of
jumbo transactions is a clear reflection of the market's
maturity.

While mezzanine, alongside second lien, has proven a cheaper,
more flexible form of debt for financial sponsors than high-
yield bonds, old mezzanine facilities that are not being
refinanced and new issuance concentrated in highly leveraged
recapitalizations are likely to face poor potential recoveries,
just like HYBs.

Director in Fitch's Leveraged Finance team, Pablo Mazzini said,
"Strong demand points to a maturing market but high leverage,
not always supported by business valuations, increased
refinancing risk in back-ended debt structures, less frequent
use of warrants and further subordination by second lien all
point towards increasingly equity-type risks for mezzanine
investors,"

There was a record volume of Fitch-rated mezzanine defaults of
EUR539 million in 2005, relating to five issuers, equating to a
3.3% annual default rate.  While smaller than the volume of
defaults in the HYB market, this is an area of concern due to
the much lower scale and depth of the mezzanine market in
comparison.

Fitch also highlights the poor quality of Fitch's outstanding
mezzanine portfolio, largely comprising new, highly leveraged,
recapitalised transactions and generally under-performing old
deals, signaling a poor outlook on default rates and recovery
prospects.

Potentially higher default rates in the next twelve to eighteen
months and the workout of a transaction including second lien
and mezzanine would determine whether pricing for these two
asset classes should converge, hence making second lien
redundant as a standalone product.

In the longer term, the committed and deeper pool of mezzanine
investors is likely to turn the more flexible mezzanine product
into the subordinated debt instrument of choice for sponsors for
tranches as large as EUR500 million in size, with HYB investors
increasingly lending to larger-than-ever LBOs and crossover
corporates.

The European mezzanine market had a bumper year in 2005.  Fitch-
rated issuance totaled EUR10.7 billion in 100 deals, which
comfortably exceeded 2004's record of EUR5.8 billion.  However,
recycled mezzanine accounted for a substantial 68% of total
issuance compared to just 37% in 2004.  The large number of
jumbo transactions complemented this.  Fitch rated 14 of such
transactions in 2005 against just six in 2004.

The fact that numerous jumbo Leveraged Buy-Outs chose to issue
mezzanine rather than HYBs is evidence of the ever increasing
popularity of this asset class among investors and financial
sponsors.  Partly due to the reduction in European HYB issuance
in 2005 to EUR26 billion, second lien and mezzanine issuance
together accounted for 38% of the total junior debt issuance in
Europe as at Q405. This is a record level and compares to 20.7%
in Q404 and only 10.5% in Q403.

The proportion of mezzanine in the capital structure declined to
14% in 2005 from 14.3% in the previous year, having often been
effectively crowded out by second lien. However, the increase in
financial leverage has caused the average mezzanine facility
size to climb 34% in 2005 to EUR117 million for
recapitalizations and 20% to EUR88 million for new LBOs and
secondary or tertiary buyouts.

After the peak in Q205, average total leverage declined
marginally through to Q4, albeit still substantially higher than
Q404 and Q403.  While 78% of Fitch-rated mezzanine was warrant
less in 2005, downward pricing pressure became evident across
the board.  This was particularly acute for warrant less
facilities over EUR100 million, where the average cash pay+PIK
coupon reached a low of 996bp in Q405.


* KPMG Names John Hughes as Partner in Manchester Office
--------------------------------------------------------
KPMG LLP appointed John Hughes, a partner in the firm's
Manchester office, as Head of Private Equity in the North with
immediate effect.

Mr. Hughes is already widely known as a Transaction Services
partner and also as the Chairman of KPMG's popular Private
Equity Forums, which are regularly attended by many PE houses
and banks across the region.

In his new role, Mr. Hughes will work closely with partners
across KPMG's Corporate Finance, Transaction Services and M&A
Tax departments to further develop the firm's position as one of
the market leaders in the PE arena.  He will ensure that the
full breadth of the firm's specialist services are focussed on
the needs of Private Equity investors and their portfolio
companies.

"Private Equity is an area that I'm extremely passionate about
and I'm delighted to be taking on this new role," Commenting on
his new role, John Hughes, said.  "2006 will undoubtedly be a
year of change within this area - more and more PE houses from
outside of the region will be investing in northern businesses,
whilst we will also see the advent of greater investment from
hedge funds.  Couple this with a greater degree of
sophistication in the banking arena, and it's clear that these
are exciting times for the PE market."

In 2005, KPMG acted on 16 Private Equity deals in the North,
including the GBP84.1 million sale of Interfloor to an MBI team
backed by European Acquisition Capital (August 2005) and the
GBP62 million MBO of Ashworth Mairs Group, backed by Hermes
Private Equity (October 2005).

                        About KPMG

KPMG's Private Equity Group brings together our most experienced
private equity practitioners from across the firm to devote
their full attention to meeting the needs of the private equity
community.  The Private Equity Group gives support throughout
all stages of the private equity life cycle, combining in-depth
knowledge and understanding of the private equity market with
financial, commercial and operational skills in order to address
the issues that matter to the private equity community.

KPMG is the global network of professional services firms who
provide audit, tax and advisory services.  KPMG LLP operates
from 22 offices across the UK with over 9,000 partners and
staff.  KPMG recorded a UK turnover of 1.28 billion in the year
ended September 2005. KPMG LLP, a UK limited liability
partnership, is the UK member firm of KPMG International, a
Swiss cooperative


                            *********


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 and
Jay Malaga, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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