TCREUR_Public/060220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, February 20, 2006, Vol. 7, No. 36

                            Headlines

F R A N C E

AEVUM: Placed Into Compulsory Liquidation


G E R M A N Y

BRAMAX GMBH: Hagen Court Sets Feb. 26 Claims Bar Date
DIKOM AGENTUR: Begins Bankruptcy Proceedings
HERRE & SOHN: Names Dr. Steffen Koch as Administrator
IFD GMBH: District Court of Erfurt Calls In Administrator
JB-HAUSSERVICE: Claims Registration Ends March 14

LANG LADENBAU: Bankruptcy Hearing Set April 11


K A Z A K H S T A N

KARAR-A: Sets Deadline for Filing Proofs of Claims
NAURZUM INVEST: Succumbs to Insolvency
ULAR COMPANY: Declares Insolvency


K Y R G Y Z S T A N

HOUSING OFFICE: Shareholders to Meet End of Month
SARVAR: Creditors' Claim Due Next Month
VILLING-EURO: Declares Insolvency


R U S S I A

AGRICULTURAL INDUSTRIAL: Insolvency Manager Takes Over Helm
AGRO-SOYUZ: Deadline for Proofs of Claim Ends Tomorrow
AMUR-LIT-MASH: Declared Insolvent by the Khabarovsk Court
BREAD OF SOLIKAMSK: Undergoes Bankruptcy Supervision Procedure
KAMCHAT-FISH-SERVICE: Court Rules on Bankruptcy

KAMCHAT-LADA: Kamchatka Court Opens Bankruptcy Proceedings
KAMCHATSKAYA: Bankruptcy Hearing Set Dec.1
MAGADANSKAYA: Claims Filing Period Ends Tomorrow
NORD: Kemerovo Court Opens Bankruptcy Proceedings
SHIPUNOVSKIY: Firm Falls Into Bankruptcy

CONCERN SITRONICS: Moody's Gives (P)B3 Corp. Family Rating


S W I T Z E R L A N D

ABB LTD: Earns $735 Million of Net Income in 2005
ABB LTD: US Distr. Court to Hear Unit's Revised Plan on Feb. 28


U K R A I N E

ADOMS: Declared Insolvent by Polatva Court
GREBINKA' RAJSPOSTACH: Yurij Teleshun Takes Over Helm
HERSON-NAFTO-PRODUKT: Succumbs to Bankruptcy
LATRA: Court Names Vyacheslav Letskan to Liquidate Assets
MEGALAND: Sent Into Liquidation by Kyiv Court

REJS: Goes Into Liquidation
SKRIM PRO: Bankruptcy Supervision Starts
TEMP: Poltava Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

AZLEC ELECTRICAL: Starts Liquidation Proceedings
BABS INTERNATIONAL: RBS Invoice Appoints Receiver
BOUNTYGOLD LIMITED: Appoints Liquidator from Kallis & Co.
BURMAN HI-TON: Hires Kroll Limited to Administer Assets
CHINGFORD RESTAURANT: Members Pass Winding Up Resolution

COMFY NIGHTS: Bed Manufacturer Calls in Administrators
CONSERVE UK: Liquidating Assets in Northampton
CONSTRUCTION COATING: In Administrative Receivership
CRIMZON COMMERCIAL: Yields to Voluntary Liquidation
CROMPTON SPECIALIST: Holding Company Hires Administrators

DEPENDABLE PACKAGING: Bank of Scotland Appoints Receiver
EMMOTT REDMAN: Members Recommend Voluntary Liquidation
F.E.TOWE: Claims Registration Ends March 10
FROSTMIST LIMITED: Meeting of Creditors Set Today
JAGER JEWELLERY: Taps Joint Administrators from Baker Tilly

JUNIOR BY: Retailer Calls In Liquidator from DTE Leonard
KAY O'NEILL: Joint Administrators Takes Over Helm
LIME STREET: Appoints McTear Williams & Wood Administrator
LUSCHER ZED: BDO Stoy Leads Receivership Proceedings
MERCANTILE & GENERAL: Names M.C. Batten as New Scheme Adviser

MESSENGER INSURANCE: Court Sets Feb. 28 Claims Bar Date
NORPRINT LABELLING: In Administrative Receivership
P.H. POOL: Taps P.H. Pool Services to Administer Assets
PILGRIM MEZZANINE: Names Begbies Traynor as Administrator
R U DEVELOPMENTS: Administrators Move In

SARACEN CYCLES: Contacts Administrators from Poppleton & Appleby
* EMEA Energy and Utilities Get IDRs from Fitch

     **********

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


AEVUM: Placed Into Compulsory Liquidation
-----------------------------------------
The Commercial Court in Le Mans, France placed Aveum in
compulsory liquidation, Les Echos reports.

Two months ago, the company filed for receivership and shed 160
workers.  Its remaining 190 employees are hoping that the
company's main client, Philips, will fulfill its commitments to
save their jobs, the paper said.

This French electronic firm specializes in the after-sales
service for high-tech products and in the configuration of
mobile phones.  


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

BRAMAX GMBH: Hagen Court Sets Feb. 26 Claims Bar Date
-----------------------------------------------------
The District Court of Hagen opened bankruptcy proceedings
against BRAMAX GmbH on Jan. 30.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until Feb. 27, 2006, to register their claims
with court-appointed provisional administrator Dr. Dirk Andres.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hagen, Heinitzstrasse 42,
58097 Hagen, Etage 2, Raum 283, at 9:30 a.m. on March 20, 2006,
at which time the administrator will present his first report on
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager

CONTACT:  BRAMAX GmbH
          Hauptstr 67, 58791 Werdohl

          Dr. Dirk Andres, Administrator
          Grabenstr. 28, 58095 Hagen
          Tel: 02331/39 76 56
          Fax: +4923313976570


DIKOM AGENTUR: Begins Bankruptcy Proceedings
--------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against DiKom Agentur fuer dialogorientierte Kommunikation GmbH
on Jan. 30.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 28, 2006, to register their claims with court-appointed
provisional administrator Dr. Biner Bahr.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Muehlenstrasse
34, 40213 Duesseldorf, 4. OG. Altbau, Raum A 409, at 9:30 a.m.
on April 7, 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:  DIKOM AGENTUR FUER DIALOGORIENTIERTE KOMMUNIKATION
          GmbH          
          Graf-Recke-Strasse 26, 40239 Duesseldorf
          Contact:
          Lutz Cleffmann, Manager
          Schwanenmarkt 12, 40213 Duesseldorf
          
          Dr. Biner Bahr, Administrator
          Jagerhofstrasse 21, 40479 Duesseldorf


HERRE & SOHN: Names Dr. Steffen Koch as Administrator
-----------------------------------------------------
The District Court of Hildesheim opened bankruptcy proceedings
against Herre & Sohn GmbH on Jan. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 16, 2006, to register their claims
with court-appointed provisional administrator Dr. Steffen Koch.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hildesheim, Saal 124,
Hauptgebaude, Kaiserstrasse 60, 31134 Hildesheim, at 8:50 a.m.
on April 3, 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:  HERRE & SOHN GmbH
          Heinrich-Hertz-Str. 5, 31134 Hildesheim
          Contact:
          Horst-Dieter Kranz, Manager
          Heinrich-Hertz-Str. 5, 31137 Hildesheim

          Dr. Steffen Koch, Administrator
          Konigstr. 26, 30175 Hannover
          Tel: 0511/5248523
          Fax: 0511/5422944
          Web: http://www.hww.kanzlei.de/


IFD GMBH: District Court of Erfurt Calls In Administrator
---------------------------------------------------------
The District Court of Erfurt opened bankruptcy proceedings
against IFD GmbH on Jan. 25.  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 Friedemann
Schulz.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hagen, Saal 15, Amtsgericht
Erfurt, Rudolfstr 46, 99092 Erfurt, at 1:00 p.m. on March 23,
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:  IFD GmbH
          Carl-Zeiss-Str. 40 a, 99097 Erfurt
          Contact:
          Bernd Emil Rader, Manager

          Friedemann Schulz, Administrator
          Clara-Zetkin-Str. 40, 99099 Erfurt


JB-HAUSSERVICE: Claims Registration Ends March 14
-------------------------------------------------
The District Court of Halle-Saalkreis opened bankruptcy
proceedings against JB-Hausservice GmbH on Jan. 20.  
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 Katrin Bringezu.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Halle-Saalkreis, Saal
1.044, Justizzentrum, Thueringer Str. 16, 06112 Halle, at 11:15
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:  JB-Hausservice GmbH
          Dorfstrasse 8, 06679 Muschwitz OT Sohesten
          Contact:
          Jorg Breiting, Manager

          Katrin Bringezu, Administrator
          Nonnenstr. 37, 04229 Leipzig
          Tel: 0341/486930
          Fax: 0341/4869393


LANG LADENBAU: Bankruptcy Hearing Set April 11
----------------------------------------------
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


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


KARAR-A: Sets Deadline for Filing Proofs of Claims
--------------------------------------------------
LLC Karar-A has declared insolvency.  Proofs of claim will be
accepted at Akmola region, Korgaljinsk district, Korgaljin,
Lenin Str. 24 on or before February 28, 2006.

CONTACT:  KARAR-A
          Akmola region, Korgaljinsk district,
          Korgaljin, Lenin Str. 24


NAURZUM INVEST: Succumbs to Insolvency
--------------------------------------
LLC Naurzum Invest has declared insolvency. Proofs of claim will
be accepted at 111407, Republic of Kazakhstan, Kostanai region,
Naurzumsk district, Ulendy on or before February 28, 2006.

CONTACT:  NAURZUM INVEST
          Republic of Kazakhstan, Kostanai region,
          Naurzumsk district, Ulendy


ULAR COMPANY: Declares Insolvency
---------------------------------
LLC Ular Company PV has declared insolvency.  Proofs of claim
will be accepted at Pavlodar, Krupskaya Str. 76 on or before
March 28, 2006.

CONTACT:  ULAR COMPANY PV
          Pavlodar, Krupskaya Str. 76


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


HOUSING OFFICE: Shareholders to Meet End of Month
-------------------------------------------------
OJSC Housing Office will hold a general shareholders' meeting on
Feb. 28, 2006, at 2:00 p.m.

Agenda:

  (a) Approval of the returning board;
  (b) The company's voluntary liquidation;
  (c) Election of the liquidation committee

The company can be contacted at +996 (312) 21-36-25 or 21-36-21.


SARVAR: Creditors' Claim Due Next Month
---------------------------------------
LLC Sarvar declares about its insolvent. The proofs of claim
will be accepted on or before March 31, 2006.

CONTACT:  SARVAR
          Osh, Pervomayskaja Str. 13


VILLING-EURO: Declares Insolvency
---------------------------------
LLC Villing-Euro-Asia-Sez has declared insolvency.  Proofs of
claim will be accepted on or before March 31, 2006.

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


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


AGRICULTURAL INDUSTRIAL: Insolvency Manager Takes Over Helm
-----------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Agricultural Industrial after finding the
company insolvent.  The case is docketed as A27-38983/2005-4.  
Mr. A. Protodyakonov has been appointed insolvency manager.  
Creditors have until Feb. 21, 2006, to submit their proofs of
claim to 650065, Russia, Kemerovo region, Moskovskiy Pr. 45A,
Office 21.

CONTACT:  AGRICULTURAL INDUSTRIAL
          652170, Russia, Kemerovo region,
          Verkh-Chebula, Sovetskaya Str. 2

          A. PROTODYAKONOV
          Insolvency Manager
          650065, Russia, Kemerovo region,
          Moskovskiy Pr. 45A, Office 21


AGRO-SOYUZ: Deadline for Proofs of Claim Ends Tomorrow
------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision on open joint stock company Agro-Soyuz.  
The case is docketed as A08-13523/05-11 "B".  Mr. E. Masliev has
been appointed temporary insolvency manager.  Creditors have
until Feb. 21, 2006, to submit their proofs of claim to 308033,
Russia, Belgorod, Vatutina Pr. 18 "B", 1.

CONTACT:  AGRO-SOYUZ
          309740, Russia, Belgorod region,
          Rovenki, Komsomolskaya Str. 34

          E. MASLIEV
          Temporary Insolvency Manager
          308033, Russia, Belgorod region,
          Vatutina Pr. 18 "B", 1


AMUR-LIT-MASH: Declared Insolvent by the Khabarovsk Court
---------------------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Amur-Lit-Mash after finding the open joint
stock company insolvent.  The case is docketed as A73-2552/2005-
36.  Mr. A. Tregubov has been appointed insolvency manager.  
Creditors have until March 21, 2006, to submit their proofs of
claim to 681032, Russia, Komsomolsk-na-Amure, GOS-32, Post User
Box 24.

CONTACT:  AMUR-LIT-MASH
          681008, Russia, Komsomolsk-na-Amure,
          Kulturnaya Str. 1

          A. TREGUBOV
          Insolvency Manager
          681032, Russia, Komsomolsk-na-Amure,
          GOS-32, Post User Box 24


BREAD OF SOLIKAMSK: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision on limited liability company Bread Of Solikamsk.  
The case is docketed as A70-6472/3-05.  Mr. V. Ivanov has been
appointed temporary insolvency manager.  Creditors have until
Feb. 21, 2006, to submit their proofs of claim to 628260,
Russia, Khanty-Mansiyskiy autonomous region, Tyumen region,
Yugorsk, Kirova Str. 10-88.

CONTACT:  BREAD OF SOLIKAMSK
          Russia, Tyumen region,
          Energetikov Str. 42A

          V. IVANOV
          Temporary Insolvency Manager
          628260, Russia, Khanty-Mansiyskiy autonomous region,
          Tyumen region, Yugorsk, Kirova Str. 10-88


KAMCHAT-FISH-SERVICE: Court Rules on Bankruptcy
-----------------------------------------------
The Arbitration Court of Kamchatka region commenced bankruptcy
proceedings against Kamchat-Fish-Service after finding the close
joint stock company insolvent.  The case is docketed as A24-
5022/05-05.  Mr. A. Protsenko has been appointed insolvency
manager.  Creditors have until Feb. 21, 2006, to submit their
proofs of claim to 683024, Russia, Petropavlovsk-Kamchatskiy,
Post User Box 228.

CONTACT:  KAMCHAT-FISH-SERVICE
          Russia, Kamchatka region, P-Kamchatskiy

          A. PROTSENKO
          Insolvency Manager
          683024, Russia, Petropavlovsk-Kamchatskiy,
          Post User Box 228


KAMCHAT-LADA: Kamchatka Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Arbitration Court of Kamchatka region commenced bankruptcy
proceedings against Kamchat-Lada after finding the open joint
stock company insolvent.  The case is docketed as A24-5019/05-
05.  Mr. A. Protsenko has been appointed insolvency manager.  
Creditors have until Feb. 21, 2006, to submit their proofs of
claim to 683024, Russia, Petropavlovsk-Kamchatskiy, Post User
Box 228.

CONTACT:  KAMCHAT-LADA
          Russia, Kamchatka region,
          P-Kamchatskiy

          A. PROTSENKO
          Insolvency Manager
          683024, Russia, Petropavlovsk-Kamchatskiy,
          Post User Box 228


KAMCHATSKAYA: Bankruptcy Hearing Set Dec.1
------------------------------------------
The Arbitration Court of Kamchatka region commenced bankruptcy
proceedings against Kamchatskaya after finding the open joint
stock company insolvent.  The case is docketed as A24-1144/04-
14.  Mr. E. Khramenok has been appointed insolvency manager.

Creditors have until March 21, 2006, to submit their proofs of
claim to 683029, Russia, Petropavlosk-Kamchatskiy, 23 GOS, Post
User Box 113.  A hearing will take place on Dec. 1, 2006,.

CONTACT:  KAMCHATSKAYA
          684000, Russia, Kamchatka region,
          Elizovo, Vilyuyskaya Str. 6

          E. KHRAMENOK
          Insolvency Manager
          683029, Russia, Petropavlosk-Kamchatskiy,
          23 GOS, Post User Box 113  


MAGADANSKAYA: Claims Filing Period Ends Tomorrow
------------------------------------------------
The Arbitration Court of Magadan region has commenced bankruptcy
supervision on limited liability company Magadanskaya.  The case
is docketed as A37-3864/05-12B.  Mr. L. Ermolaev has been
appointed temporary insolvency manager.  Creditors have until
Feb. 21, 2006, to submit their proofs of claim to 685000,
Russia, Magadan, Proletarskaya Str. 8, office 317.

CONTACT:  MAGADANSKAYA
          198206, Russia, Magadan

          L. ERMOLAEV
          Temporary Insolvency Manager
          685000, Russia, Magadan region,
          Proletarskaya Str. 8, Office 317


NORD: Kemerovo Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Nord after finding the close joint stock
company insolvent.  The case is docketed as A27-16799/2005-4.  
Mr. A. Gusev has been appointed insolvency manager.  Creditors
have until March 21, 2006, to submit their proofs of claim to
652050, Russia, Kemerovo region, Yurga, Zvezdnaya Str. 46.

CONTACT:  NORD
          652050, Russia, Kemerovo region,
          Yurga, Metallurgov Avenue, 4

          A. GUSEV
          Insolvency Manager
          652050, Russia, Kemerovo region,
          Yurga, Zvezdnaya Str. 46


SHIPUNOVSKIY: Firm Falls Into Bankruptcy
----------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Shipunovskiy after finding the open joint
stock company insolvent.  The case is docketed as A03-21030/05-
B.  Mr. T. Shmakov has been appointed insolvency manager.  
Creditors have until Feb. 21, 2006, to submit their proofs of
claim to 656049, Russia, Altay region, Barnaul, Post User Box
3503.

CONTACT:  SHIPUNOVSKIY
          Russia, Altay region,
          Shipunovskiy region, Shhipunovo

          T. SHMAKOV
          Insolvency Manager
          656049, Russia, Altay region,
          Barnaul, Post User Box 3503


CONCERN SITRONICS: Moody's Gives (P)B3 Corp. Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B3 corporate
family rating to the Joint Stock Company Concern Sitronics.  

Concurrently, Moody's assigned a provisional (P)B3 rating to the
proposed notes of up to US$200 million to be issued by Sitronics
Finance S.A.  The outlook on the ratings is stable.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign a definitive rating to the securities.  A definitive
rating may differ from a provisional rating.

The (P)B3 corporate family rating reflects these credit
weaknesses:

  (a) significant event risk due to the company's intentions to
      continue to grow through acquisitions;

  (b) high business risk associated with the company's operating
      activities in the technology sector;

  (c) the competitive nature of the markets in which the company
      operates;

  (d) the complex corporate structure due to a number of
      business lines, their geographic dispersion and the
      presence of minority shareholders;

  (e) relatively high leverage on a pro-forma 2005 EBITDA basis;

  (f) dependence on dividends and inter-company loan payments to
      service the notes; and

  (g) negative cash flow from operations for the first nine
      months of 2005, although this is expected to have turned
      positive for the quarter in Q4 2005.

More positively, the rating reflects these credit strengths:

  (a) the company's 94.5% ownership by JSFC Sistema (rated
      B1/Stable) and the latter's recent equity contribution to
      Sitronics' share capital;

  (b) Sitronics' strong track record of revenue and EBITDA
      growth;

  (c) cross-selling opportunities to other Sistema subsidiaries
      such as Mobile TeleSystems OJSC (rated Ba3/Stable) and
      Moscow City Telephone Network PJSC (rated Ba3/Stable); and

  (d) the potential for growth given the increasing demand in
      Russia and the CIS for technology products in industries
      such as telecommunications, defense and banking.

                     Credit Weaknesses

Sitronics is anticipating strong revenue growth over the next
three years as a result of the combination of organic growth and
acquisitions.  In 2006, M&A activities are expected to account
for a significant part of revenue and EBITDA.  For example,
Sitronics recently announced the signing of a non-binding offer
to purchase a 51% stake in Intracom Telecom for approximately
EUR120 million.  The (P)B3 rating factors in event risk within
parameters currently assumed in the company's business plan.

Sitronics' primary activity is technology business, which
inherently carries a relatively high business risk.  The
company's info-communication division (represented by its two
main subsidiaries Strom Telecom a.s. and Closed Joint Stock
Company Mediatel) faces the ongoing challenges of keeping up
with new developments in the telecommunications industry with a
view to offer products such as Next Generation Networks, whilst
Sitronics' information technology business (represented by
Kvazar-Micro Corporation B.V. and its subsidiary companies) is
aiming to increase its share in the system integration market --
a more technologically demanding and higher-margin business.  In
addition, the microelectronics division will need to introduce
more advanced technology for the production of microchips and
smart cards.

Sitronics is currently in the midst of a significant business
transformation entailing the launch of new products and
technologies, its entry into new markets (the CIS, other
emerging markets such as India and Brazil as well as markets in
Western Europe and the USA) and changes to its product mix in
the existing businesses to increase profitability.  Moody's
notes that this organic growth is associated with execution risk
with regard to the company's business plan, which could result
in revenue and EBITDA growth below levels as outlined in the
plan.  Additionally, Sitronics will face integration risk as it
continues to grow through M&A activities.

Sitronics operates in highly competitive markets.  For example,
in the info-communications market the company has to compete
with multinational companies such as Siemens, Alcatel, Ericsson
and Huawei.  In its consumer electronics division, Sitronics
faces competition from domestic producers for low-priced
products as well as from international well-recognized producers
for high-quality products.  Imports currently represent over 80%
of all products on the Russian consumer electronics market.  
Overall, Sitronics has modest market shares in most of its
product lines.

In Moody's view, Sitronics is highly leveraged for a company
with high business risk operating in the emerging markets.  
Following the bond issuance, the company's leverage will be
approximately 1.85x Total Debt to 2005 expected EBITDA.  The
absolute debt level is expected to increase further in the
course of 2006 mainly due to the acquisition activity including
debt associated with Intracom acquisition.  Moody's notes that
in 2006 de-leveraging through improved profitability will be
largely underpinned by M&A activities.  Thus, it will create
some uncertainty as regards the company's financial profile over
the next 12 to 18 months.

Moody's notes that Sitronics generated negative free cash flow
from operations in 2003, 2004 and the first nine months of 2005.  
However, the company has indicated that it anticipates that cash
flow from operations turned positive for the quarter in Q4 2005.  
The (P)B3 corporate family rating assumes that Sitronics will
generate positive cash flow from operations going forward.

                      Credit Strengths

The (P)B3 rating is supported by Sitronics' 94.5% ownership by
Sistema, which recently made an equity contribution to the
company's share capital in the amount of approximately US$200
million.  Due to Sitronics' expected revenue contribution, the
company falls under the definition of a principal subsidiary for
cross-default provisions in Sistema's borrowings.

The rating also reflects Sitronics strong revenue and EBITDA
growth over the past several years, although some of this growth
is due to acquisitions.  Moody's believes that Sitronics is well
positioned to benefit from cross selling to other Sistema
subsidiaries such as MTS and MGTS.  For example, both companies
are major customers of the info-communication division.  
Sitronics' microelectronics division plans to sell smart cards
to Sistema's banking division once production commences.  
Furthermore, Sitronics is well positioned to benefit from the
growing demand for technology products such as microchips for e-
passports.

                     Rating Outlook

The stable outlook on the ratings assumes that the company's
external growth will be within the financial parameters as
currently factored into the rating.  Furthermore, the ratings
rely on Moody's expectation that the company will de-leverage
from its current levels of debt over the next 12 to 18 months.  
In the event the company does not turn operating cash flow
positive or increases its debt levels beyond the expectations
currently embedded in the corporate family rating, negative
pressure on the rating could develop.

                 Structural Considerations

The (P)B3 rating on the bonds reflects dependence on dividend
and inter-company loan payments for debt service on the proposed
bond issuance without previous track record of such cash up-
streaming.  Moody's noted that the majority of dividend payments
would be derived from the company's info-communication division
and, over the medium term, the information technology division.

At the same time, the proposed terms and conditions of the notes
limit debt incurrence at Sitronics' subsidiaries to 10% of the
company's consolidated debt.  In the event that an acquired
subsidiary retains its debt after a specified period of time, it
has to provide a guarantee to the bonds, which will rank pari-
passu with its existing and future unsecured and unsubordinated
debt obligations.

                      About the Company

Headquartered in Moscow, Sitronics is a large diversified group
of technology companies with operations in Russia, Ukraine and
Eastern Europe.  For the first nine months of 2005, the company
generated US$652.3 million in revenue and US$143.6 million in
EBITDA on a consolidated basis.


=====================
S W I T Z E R L A N D
=====================


ABB LTD: Earns $735 Million of Net Income in 2005
-------------------------------------------------
ABB Ltd.'s 2005 net income reached $735 million compared to a
$35 million loss in 2004, with strong increases in orders,
revenues and EBIT.  Continuing market strength and further
operational improvements in the fourth quarter of 2005
contributed to the strong result.

"We have successfully moved into a phase of profitable organic
growth," said Fred Kindle, ABB President and CEO.  "Our market-
leading positions led to a significant increase in orders and
revenues, and further operational improvements contributed to a
strong increase in EBIT.

"We met our original 2005 targets which, in view of the special
charges throughout the year, is a solid achievement.  A strong
second half of 2005 has given us a good basis now to enter 2006
and generate further profitable growth," Mr. Kindle said.

The Power Technologies division reported a 64-percent increase
in EBIT in the fourth quarter, in spite of $43 million in
charges related to the previously announced transformer
consolidation program.  The Automation Technologies division
increased EBIT by 25 percent in the quarter, reflecting further
operational improvements.  Positive EBIT in Non-core activities
and lower Corporate costs also contributed to the profit
improvement for both the quarter and the full year, and helped
the company meet its 2005 targets.

Net income was $222 million in the fourth quarter, despite a
$72-million expense in discontinued operations for the
revaluation of ABB shares reserved to cover part of the
company's asbestos liabilities.  Cash flow from operating
activities topped $1 billion for the full year, even after a
negative impact of approximately $600 million resulting from
reduced securitization and from discretionary pension
contributions.

ABB cut net debt to approximately $500 million at Dec. 31, 2005,
from more than $1 billion at the end of 2004.  ABB also reduced
its unfunded pension liabilities by approximately $600 million,
to $839 million at the end of December, and its outstanding
securitization by $600 million, to $320 million.

Fourth-quarter market overview Most of ABB's end markets
remained robust in the fourth quarter of 2005.  In the power
sector, utilities in Asia and the Middle East continued to
support high levels of economic expansion with investments in
power transmission and distribution (T&D) infrastructure.  In
Europe and the Americas, T&D investments were aimed mainly at
replacing aging infrastructure and improving the performance and
reliability of existing grids.

In the automation-related sectors, demand growth was strongest
in the minerals and mining and marine industries.  Investments
in the pulp and paper industry increased from very low levels in
the U.S.  Overall, customer spending in North America and
Western Europe was aimed mainly at improving the performance of
existing assets, while customers in Asia and the Middle East
invested in new production capacity.  Demand for robotics
solutions in the automotive sector softened in North America and
Europe but increased in Asia.  The construction market remained
weak in most of Europe.

Summary of fourth-quarter 2005 results Orders received grew
7% (local currencies: 14%) in the fourth quarter compared to the
same quarter in 2004, reflecting the continued favorable market
development in most regions and customer segments.  For the two
divisions, combined orders received increased by 12% (local
currencies: 19%).

Base orders (below $15 million) increased by 6 percent in the
quarter (11% in local currencies), reflecting the continuing
improvement in economic conditions in most of ABB's markets.  
Large orders increased by 22% (local currencies: 41%) as
customers invested in new assets, especially in the power
sector.

Asia was once again the main driver of growth, with orders 29%
higher (local currencies: up 33%) compared to the fourth quarter
of 2004.  Asia accounted for 25% of all orders received in the
quarter, compared to 21% in the same quarter in 2004. Orders in
Europe - representing 46% of total orders versus 49% in the
year-earlier period - were flat (local currencies: up 12%), with
growth mainly in Western Europe.  Orders in the Americas
accounted for 18% of total orders in the fourth quarter compared
to 19% in the same quarter in 2004, and were flat in both dollar
and local currency terms.  The Middle East and Africa continued
to grow, with orders rising 6% (local currencies: 11%).  The
Middle East and Africa region accounted for 11% of orders,
unchanged from the same period in 2004.

The order backlog for the group, including Non-core activities,
at the end of the fourth quarter of 2005 was $12,050 million,
down 2% (local currencies: up 7%) compared to the end of the
fourth quarter in 2004.  For the two divisions, the order
backlog was 3% higher (local currencies: up 12%) versus the same
quarter a year earlier, a further reflection of the buoyant
market in 2005.

Revenues in the fourth quarter rose 2% (local currencies: up
7%). The divisions reported a combined revenue increase of 8%
(local currencies: 12%) versus the same period in 2004, mainly a
result of higher volumes.

EBIT amounted to $520 million in the fourth quarter of 2005,
more than double the same period in 2004, and the EBIT margin
grew to 8.6% from 4.2% in the previous period.  Increased
revenues, continued productivity improvements, greater capacity
utilization, supply management measures, a return to profit in
Non-core activities and further reductions in corporate costs
all contributed to the improved EBIT and EBIT margin.

The 2005 fourth-quarter loss in Discontinued operations amounted
to $63 million, consisting mainly of a $72-million expense on
the mark-to-market treatment of the approximately 30 million ABB
shares reserved to cover part of the company's asbestos
liabilities.  This was partly offset by a gain on the sale of a
control valves business in Japan in the fourth quarter.

ABB's net income for the fourth quarter amounted to $222 million
compared to a net loss of $223 million in the same quarter in
2004.  Contributing to the loss in the fourth quarter of 2004
was a provision of $232 million related to asbestos liabilities.

Cash flow from operating activities Net cash generated from
operating activities in the fourth quarter of 2005 amounted to
$695 million, compared to $898 million for the same period in
2004.  The decrease resulted from a discretionary cash
contribution of approximately $130 million to reduce unfunded
pension liabilities, and an $81-million negative impact from
reduced securitization.

                           Delisting

Delisting of shares in Frankfurt completed ABB completed its
previously-announced delisting of shares from the Frankfurt
Stock Exchange on Dec. 21, 2005.  The delisting of shares from
the London Stock Exchange was completed in the third quarter.  
ABB's shares continue to be traded on the Swiss Stock Exchange
(SWX), the Stockholm Stock Exchange and the New York Stock
Exchange.

               Summary of full-year 2005 results

For the full year 2005, orders received increased 9% (local
currencies: 8%).  For the two divisions, combined orders
received rose 14% (local currencies: 13%) as demand grew across
most of ABB's customer segments, especially in the second half
of the year.  The improvement was driven by a 12-percent
increase in base orders (local currencies: up 10%) that more
than offset a decrease in large orders.

Regionally, 2005 orders grew 19 percent in the Americas (local
currencies: 15 percent) as a result of a recovery in demand for
power systems and equipment, especially in the U.S., and as
industrial growth continued in both North and South America.
Orders in Asia increased 16 percent (local currencies: 14
percent), reflecting the ongoing investments in power and
industry infrastructure to support robust economic growth. In
Europe, orders were flat in 2005 in both dollar and local
currency terms compared to 2004. Modest growth in Western Europe
offset a decrease in Eastern Europe, caused mainly by a
reduction in large projects. Orders from the Middle East and
Africa increased 31 percent (local currencies: 30 percent),
driven largely by the growing need for power and automation
products and systems to support expansion in the oil and gas
sector.  

Revenues grew 9 percent (local currencies: 8 percent). For the
two divisions, full-year revenues increased 12 percent (local
currencies: 10 percent), reflecting primarily the strong order
backlog, as well as success in the second half of the year in
adjusting prices in transformers to offset the rapid increase in
raw materials costs at the end of 2004 and the beginning of
2005.

EBIT for the full year amounted to $1,742 million, an increase
of 67 percent compared to the year before. Contributing to the
improvement were productivity benefits from earlier cost-
reduction programs, higher factory loadings, improved project
execution, lower Corporate costs and a return to profit in Non-
core activities. As a result, the company achieved an attractive
return on capital employed of 14 percent.

The loss in Discontinued operations amounted to $143 million, of
which $123 million resulted from the mark-to-market treatment of
the asbestos shares.

Net income in 2005 rose to $735 million following a loss in 2004
of $35 million.  The net income margin in 2005 was 3.3 percent,
including a negative impact of 0.5 percentage points from the
mark-to-market accounting treatment of the ABB shares reserved
for asbestos liabilities.

Cash flow from operating activities amounted to $1,012 million
compared to $902 million in 2004.  The 2005 amount includes a
negative impact of approximately $500 million from reduced
securitization activities and approximately $130 million from
higher discretionary pension funding.  Free cash flow for 2005
was $902 million, resulting in a cash conversion ratio (free
cash flow as a share of net income) of 123 percent.

                        Balance sheet

Net debt (total debt less cash and marketable securities) was
$508 million at the end of the fourth quarter of 2005, compared
to approximately $1.1 billion at the end of 2004 and $886
million at the end of the third quarter of 2005.  Positive cash
flows in the fourth quarter, despite the negative impact of
reduced securitization activities and higher discretionary
pension contributions, were the main contributors to the lower
net debt.

Gearing, defined as total debt divided by total debt plus
stockholders' equity (including minority interest) decreased to
52 percent at the end of December 2005, versus 63 percent at the
end of 2004.

                     Pension liabilities

In line with ABB's strategy to reduce total financial
obligations, additional discretionary pension contributions of
approximately $400 million were made in 2005 to local pension
funds that were not required to be funded under local laws.  
This and a number of other factors allowed ABB to reduce its
unfounded pension liability to $839 million at the end of
December 2005 from $1,451 million at the end of 2004.

                         Dividend

For the first time since fiscal year 2000, ABB's Board of
Directors has proposed a dividend for 2005 of CHF 0.12 per
share.  Translated into U.S. dollars using year-end 2005
exchange rates, the dividend corresponds to approximately 26
percent of ABB's 2005 net income.  The proposal is subject to
approval by shareholders at the company's annual general
meeting, scheduled for May 4, 2006, in Zurich, Switzerland.  
Should the proposal be approved, the ex-dividend date would be
May 9, 2006.

                         Asbestos

ABB disclosed on Feb. 9, 2006, that a U.S. District Court judge
set the hearing for the revised Plan of Reorganization for
Combustion Engineering, an ABB subsidiary in the U.S., for
Feb. 28, 2006.  The judge indicated that, if no objections were
filed by Feb. 21, 2006, he intended to issue a confirmation
order on Feb. 28 for the plan, which is aimed at settling CE's
asbestos liabilities.  The judge's decision would be followed by
a 30-day appeals period, after which -- assuming no appeals were
filed -- the plan could be made effective.

The consolidated provision at Dec. 31, 2005, related to asbestos
matters in the U.S. was $1,128 million, a net increase of
$105 million from Dec. 31, 2004.  The increase is due to the
revaluation of ABB shares reserved to cover asbestos
liabilities.

In September 2005, claimants to a parallel asbestos-related Plan
of Reorganization for another U.S. subsidiary, ABB Lummus Global
Inc., voted 96% in favor of the Lummus plan.  That plan has not
yet been filed with the Bankruptcy Court for review.

       Revised divisional structure effective Jan. 1, 2006

On Sept. 6, 2005, ABB published performance targets for the
period 2005 to 2009 and announced a revised divisional
structure, which took effect on Jan. 1, 2006.  The company will
begin reporting under the new divisional structure on April 27,
2006, starting with the first-quarter 2006 results.

                     Outlook for 2006

The trading environment for ABB in 2006 is not expected to vary
significantly from that seen in 2005.  Demand for power
transmission and distribution infrastructure is expected to
continue growing in Asia, the Middle East and the Americas.  
Equipment replacement and improved network efficiency and
reliability are forecast to be the drivers of higher demand in
Europe and North America.  The company believes the U.S. Energy
Bill and European Union regional interconnection projects will
have a positive impact, mainly in 2007 and beyond.

Automation-related industrial investments are expected to
continue in most sectors, notably metals and minerals, marine
and oil and gas.  If oil prices remain at current levels, ABB
expects further investments to expand both production and
refining activities, as well as the power infrastructure and
marine shipping needed to support that expansion.  Overall,
automation-related demand growth is expected to be strongest in
Asia and the Americas in 2006, with
more modest growth in Europe.

Headquartered in Zurich, Switzerland, ABB Ltd. --
http://www.abb.com/-- is a leader in power and automation   
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 103,000 people.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 3,
2006, Standard & Poor's Ratings Services was maintaining its
credit ratings on Switzerland-based engineering services group
ABB Ltd. (BB+/B) and related entities on CreditWatch with
positive implications.

Conditional on the final successful resolution of the asbestos
litigation settlement for U.S. subsidiary Combustion Engineering
Inc., ABB's credit ratings will be raised to 'BBB-/A-3', with
the senior unsecured debt to be raised to 'BB+'.  The outlook
will be positive.

The ratings on ABB had been placed on CreditWatch with positive
implications on Nov. 7, 2005, reflecting the continual
improvement in ABB's financial profile and capital structure in
recent years, and its potential to return to a low investment-
grade rating on successful completion of the asbestos litigation
settlement for CE.

The CE reorganization plan has been confirmed by the U.S.
Bankruptcy Court, and is currently with the District Court for
final approval.  A hearing is expected to be held soon.  If the
District Court approves the plan, there will be a 30-day appeal
period. If no appeals are lodged, the plan will be final.

"At the new rating level, ABB's rating will reflect the
company's improved financial position, including sound free
operating cash flow generation, a sound liquidity position, and
adequate debt protection measures," said Standard & Poor's
credit analyst Andreas Zsiga.


ABB LTD: US Distr. Court to Hear Unit's Revised Plan on Feb. 28
---------------------------------------------------------------
A United States District Court judge set the hearing of the
revised Plan of Reorganization for Combustion Engineering, an
ABB subsidiary in the U.S., for Feb. 28, 2006.

The judge said he intended to issue an entry and affirmation of
the confirmation order of the Plan of Reorganization on that
date.  If there are no objections during the 30-day appeals
period following the Feb. 28 hearing, the plan would then become
effective.  ABB could then start the process of setting up the
Trust Fund for asbestos claimants.

"This is a very positive step forward.  If the judge confirms
the plan, and no appeals are filed during the 30-day period, the
order will become final and the plan effective, to the benefit
of all parties involved," said Fred Kindle, ABB President and
CEO.

No appeals were filed against the Plan of Reorganization before
it was confirmed by the U.S. Bankruptcy Court in Pittsburgh,
Pennsylvania on Dec. 19, 2005.

In September 2005, claimants to a parallel asbestos-related Plan
of Reorganization for another U.S. subsidiary, ABB Lummus Global
Inc., voted 96% in favor of the plan.  That plan has not yet
been filed with the Bankruptcy Court.

Headquartered in Zurich, Switzerland, ABB Ltd. --
http://www.abb.com/-- is a leader in power and automation   
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The
ABB Group of companies operates in around 100 countries and
employs about 103,000 people.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 3,
2006, Standard & Poor's Ratings Services was maintaining its
credit ratings on Switzerland-based engineering services group
ABB Ltd. (BB+/B) and related entities on CreditWatch with
positive implications.

Conditional on the final successful resolution of the asbestos
litigation settlement for U.S. subsidiary Combustion Engineering
Inc., ABB's credit ratings will be raised to 'BBB-/A-3', with
the senior unsecured debt to be raised to 'BB+'.  The outlook
will be positive.

The ratings on ABB had been placed on CreditWatch with positive
implications on Nov. 7, 2005, reflecting the continual
improvement in ABB's financial profile and capital structure in
recent years, and its potential to return to a low investment-
grade rating on successful completion of the asbestos litigation
settlement for CE.

The CE reorganization plan has been confirmed by the U.S.
Bankruptcy Court, and is currently with the District Court for
final approval.  A hearing is expected to be held soon.  If the
District Court approves the plan, there will be a 30-day appeal
period. If no appeals are lodged, the plan will be final.

"At the new rating level, ABB's rating will reflect the
company's improved financial position, including sound free
operating cash flow generation, a sound liquidity position, and
adequate debt protection measures," said Standard & Poor's
credit analyst Andreas Zsiga.


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


ADOMS: Declared Insolvent by Polatva Court
------------------------------------------
The Economic Court of Polatva region commenced bankruptcy
proceedings against Adoms (code EDRPOU 31493600) on after
finding the close joint stock company insolvent.  The case is
docketed as 7/61.  Mr. I. Avramenko has been appointed
liquidator/insolvency manager.

CONTACT:  ADOMS
          Ukraine, Poltava region,
          Kremenchuk, Yarmarkova Str. 13

          Mr. I. Avramenko
          Liquidator/Insolvency Manager
          36003, Ukraine, Poltava region,
          Nezalezhnosti Square 1-B, room 18

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


GREBINKA' RAJSPOSTACH: Yurij Teleshun Takes Over Helm
-----------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Grebinka' Rajspostach (code EDRPOU 00906462)
after finding the open joint stock company insolvent.  The case
is docketed as 7/37.  Mr. Yurij Teleshun has been appointed
liquidator/insolvency manager.

CONTACT:  GREBINKA' RAJSPOSTACH
          Ukraine, Poltava region,
          Grebinka, Ulyanov Str. 2

          Mr. Yurij Teleshun
          Liquidator/Insolvency Manager
          36003, Ukraine, Poltava region,
          Nezalezhnosti Square 1-B, room 18
  
          CONOMIC COURT OF POLTAVA REGION
          36000, Ukraine, Poltava region,
          Zigina Str. 1


HERSON-NAFTO-PRODUKT: Succumbs to Bankruptcy
--------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on OJSC Herson-Nafto-Produkt (code EDRPOU
05474263) on Dec. 12, 2005.  The case is docketed as 26/34/02.  
Ms. Nataliyaliya Kupa (license AB 216978) has been appointed
temporary insolvency manager.

CONTACT:  HERSON-NAFTO-PRODUKT
          73000, Ukraine, Herson region,
          Chajkovskij Str. 236

          Ms. Nataliyaliya Kupa
          Temporary Insolvency Manager
          50106, Ukraine, Dnipropetrovsk region,
          Krivij Rig, a/b 6031
  
          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


LATRA: Court Names Vyacheslav Letskan to Liquidate Assets
---------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Latra (code EDRPOU 31724548) after finding
the limited liability company insolvent.  The case is docketed
as 15/599-b.  Mr. Vyacheslav Letskan has been appointed
liquidator/insolvency manager.

CONTACT:  LATRA
          Ukraine, Kyiv region,
          Lugova Str. 20

          Mr. Vyacheslav Letskan
          Liquidator/Insolvency Manager
          03057, Ukraine, Kyiv region,
          Dovzhenko Str. 16-v/42
  
          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard 44-B


MEGALAND: Sent Into Liquidation by Kyiv Court
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Megaland (code EDRPOU 32956092) after
finding the limited liability company insolvent.  The case is
docketed as 44/562-b.  Mr. Andrij Vershinin has been appointed
liquidator/insolvency manager.

CONTACT:  MEGALAND
          03118, Ukraine, Kyiv region,
          Proletarska Str. 5/1

          Mr. Andrij Vershinin
          Liquidator/Insolvency Manager
          03110, Ukraine, Kyiv region, a/b 151

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


REJS: Goes Into Liquidation
---------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against Rejs (code EDRPOU 03032712) Dec. 19, 2005,
after finding the company insolvent.  The case is docketed as
4/52.  Dubrovitsya' City State Tax Inspection has been appointed
liquidator.

CONTACT:  REJS
          34000, Ukraine, Rivne region,
          Zarichenskij district, Mutvitsya, Centralna str.

          ECONOMIC COURT OF RIVNE REGION
          33001, Ukraine, Rivne region,
          Yavornitski Str. 59


SKRIM PRO: Bankruptcy Supervision Starts
----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Production Studio Skrim Pro (code
EDRPOU 31534259).  The case is docketed as 5/221 B.  Ms. L.
Paramonova has been appointed temporary insolvency manager.

CONTACT:  SKRIM PRO
          84642, Ukraine, Donetsk region,
          Gorlivka, 15/369

          Ms. L. Paramonova
          Temporary Insolvency Manager
          83055, Ukraine, Donetsk region,
          Universitetska Str. 35/18

          ECONOMIC COURT OF DONETSK REGION
          83048, Ukraine, Donetsk region,
          Artema Str. 157


TEMP: Poltava Court Opens Bankruptcy Proceedings
------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Temp (code EDRPOU 03770336) after finding
the limited liability company insolvent.  The case is docketed
as 10/42.  Mr. Mikola Kupriyenko has been appointed
liquidator/insolvency manager.

CONTACT:  TEMP
          37140, Ukraine, Poltava region,
          Chornuhinskij district, Voronki

          Mr. Mikola Kupriyenko
          Liquidator/Insolvency Manager
          36023, Ukraine, Poltava region,
          Kolektivna Str. 6/102

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


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


AZLEC ELECTRICAL: Starts Liquidation Proceedings
------------------------------------------------
Members of Azlec Electrical Supplies Limited unanimously decided
to liquidate its assets during an Extraordinary General Meeting
on Feb. 2.

Chairman D. Needham stated the company could not continue its
business due to its liabilities.

David R. Acland, of Begbies Traynor, was appointed Liquidator.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

CONTACT:  AZLEC ELECTRICAL SUPPLIES LIMITED
          Unit 5 Acorn Business Centre
          Butts Street
          Acorn Court
          Leigh Lancashire
          WN7 3DD
          Tel: 01942 260 033
          Fax: 01942 260 066


BABS INTERNATIONAL: RBS Invoice Appoints Receiver
-------------------------------------------------
RBS Invoice Finance Limited appointed Nicholas John Miller and
Ian Robert of Kingston Smith & Partners LLP joint administrative
receivers of Babs International Limited (Company Number
04067239) on Sept. 12, 2001.

BABS -- http://www.babs.co.uk/-- is the exclusive distributor  
for a range of high-quality machines for the office, and print
finishing equipment for the reprographic departments, copy shops
and commercial printers.   The company was formerly named
Business Aids and was formed in 1961.

CONTACT:  BABS INTERNATIONAL LTD
          3 Whitby Avenue
          Park Royal
          London NW10 7SQ
          Tel: +44 (0) 20 8965 9821
          Fax: +44 (0) 20 8961 7435
          E-mail: info@babs.co.uk

          KINGSTON SMITH AND PARTNERS LLP
          Devonshire House, 60 Goswell Road,
          London EC1M 7AD
          Tel: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk/


BOUNTYGOLD LIMITED: Appoints Liquidator from Kallis & Co.
---------------------------------------------------------
Kallis & Co.'s, Kikis Kallis was appointed Liquidator after
members of Bountygold Limited decided to wind up the company's
assets on Jan. 31.

Director T. Ismail disclosed the voluntary liquidation came as a
result of the company's inability to continue its business due
to its financial obligations.

CONTACT:  BOUNTYGOLD LIMITED
          Ormond Terrace
          Regent Street
          Cheltenham Gloucestershire
          GL501HR
          Tel: 01242 228 887


BURMAN HI-TON: Hires Kroll Limited to Administer Assets
-------------------------------------------------------
Joanne Marie Wright and Adrian John Wolstenholme of Kroll
Limited were appointed administrators of Burman Hi-Ton Limited
(Company Number 03760972) on Feb. 7. Its registered office is at
Montgomery Street, Birmingham, West Midlands B11 1DY.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk  
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Headquartered in Birmingham, England, Burman Hi-Ton Limited --
http://www.burmanhiton.co.uk/-- manufactures motorcycle  
gearboxes.


CHINGFORD RESTAURANT: Members Pass Winding Up Resolution
--------------------------------------------------------
Members of Chingford Restaurant Limited passed a resolution to
wind up the company during an extraordinary general meeting on
Feb. 6, 2006.

Harjinder Johal and George Michael, of Ashcrofts, will lead the
winding up process.

CONTACT:  CHINGFORD RESTAURANT LIMITED
          101 Old Church Road
          London
          E4 6ST
          Tel: 020 8529 5171


COMFY NIGHTS: Bed Manufacturer Calls in Administrators
------------------------------------------------------
Peter Sargent of Sargent & Company and Michael Saville of
Begbies Traynor were appointed administrators of Comfy Nights
Limited (Company Number 4843700) on Feb. 3.  Its registered
office is at Unit 7, Moorbank Mills, Thomas Street, off
Artillery Street, Heckmondwike WF16 0NT.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

Headquartered in West Yorkshire, Comfy Nights Limited --
http://www.comfynights.co.uk/-- manufactures beds.


CONSERVE UK: Liquidating Assets in Northampton
----------------------------------------------
Conserve UK Limited is voluntarily liquidating its assets after
members passed a resolution to wind up the company on Dec. 15,
2005.

The voluntary liquidation came as a result of the company's
liabilities.

Gary Steven Pettit and Peter John Windatt, of BRI Business
Recovery and Insolvency, are appointed joint liquidators to
oversee the wind up activities.

CONTACT:  CONSERVE UK LIMITED
          First Floor Barratt House
          Kingsthorpe Road
          Northampton Northamptonshire
          NN2 6EZ
          Tel: 01604 710 055
          Fax: 01604 710 065


CONSTRUCTION COATING: In Administrative Receivership
----------------------------------------------------
HSBC Bank Plc appointed Michael Edward George Saville and Rob
Sadler of Begbies Traynor as joint administrative receivers of
Construction Coating Company Limited (Company Number 01085232)
on Feb. 3.  

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

CONTACT:  CONSTRUCTION COATING CO LTD
          Audrey House,
          16-20 Ely Place,
          London EC1N 6SN
          Tel: 02088909044


CRIMZON COMMERCIAL: Yields to Voluntary Liquidation
---------------------------------------------------
Members of Crimson Commercial Limited voluntarily liquidated its
assets after members voted to wind up the company's operation
during a meeting held on Feb. 3, 2006.

David Leighton Cockshott and Gary Edgar Blackburn, of BWC
Business Solutions Limited, were appointed Joint Liquidators
after the members found out that the company couldn't continue
its business due to financial obligations.

CONTACT:  CRIMZON COMMERCIAL LIMITED
          Regency House
          Kirk Lane
          Yeadon Leeds
          LS197LX
          Tel: 01788 577 599


CROMPTON SPECIALIST: Holding Company Hires Administrators
---------------------------------------------------------
Nicholas James Dargan and William Kenneth Dawson of Deloitte &
Touche were appointed administrators of holding company Crompton
Specialist Papermakers Limited (Company Number 3048978), J R
Crompton Limited (Company Number 00058810) and J R Crompton
(USA) Limited (Company Number 03097697) on Feb. 7.  Its
registered office is at 12th Floor, Sunlight House, Quay Street,
Manchester, Lancashire M3 3JZ.

J R Crompton Limited and J R Crompton (USA) Limited manufactures
and sells special long fibred papers.

Headquartered in London, 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.  


DEPENDABLE PACKAGING: Bank of Scotland Appoints Receiver
--------------------------------------------------------
Bank of Scotland appointed Richard Hawes and Nigel Morrison of
Grant Thornton UK LLP joint administrative receivers of holding
company Dependable Packaging Group Limited (Company Number
02800967) and Dependable Packs Limited (Company Number 00716970)
on Feb. 1.  

                     About Grant Thornton

Headquartered in London, Grant Thornton UK LLP --
http://www.grant-thornton.co.uk/-- is the UK member of Grant  
Thornton International, one of the world's leading international
organisations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.  

                      About the Company

Dependable Packaging Group Limited was formerly named Lessontest
Services Limited while Dependable Packs Limited manufactures and
supplies plastic packaging materials.


EMMOTT REDMAN: Members Recommend Voluntary Liquidation
------------------------------------------------------
Members at Emmott Redman Limited agreed to wind up the company's
operations after liabilities hinder its ability to continue as a
going concern.

Subsequently, they appointed Christopher Robin Ashe and Andrew
John Turner, both of Lovewell Blake, as joint liquidators.

CONTACT:  EMMOTT REDMAN LIMITED
          Rackheath Norwich
          NR136PZ
          Tel: 01603 720 310


F.E.TOWE: Claims Registration Ends March 10
-------------------------------------------
F.E. Towe Limited voted to liquidate the company's assets during
an Extraordinary General Meeting on Jan. 26.

Appointed Liquidator, C.H.I. Moore of K.J.Watkin & Co, 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) on or before March 10,
2006.

CONTACT:  F E TOWE LIMITED
          30 Navigation Street
          Walsall West Midlands
          WS2 9LT
          Tel: 01922 625 907
          Fax: 01922 637 178


FROSTMIST LIMITED: Meeting of Creditors Set Today
-------------------------------------------------
Creditors of Frostmist Limited (Company Number 1407818) will
meet on Feb. 20, 10:30 a.m. at 6th Floor, Brazennose House West,
Brazennose Street, Manchester M2 5FE.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to J. P. Oddie and G. M. Weisgard, joint
administrators of Mitchell Charlesworth, 6th Floor, Brazennose
House West, Brazennose Street, Manchester M2 5FE.

CONTACT:  MITCHELL CHARLESWORTH
          6th Floor
          Brazennose House West
          Brazennose Street
          Manchester M2 5FE
          Tel: 0161 817 6100
          Fax: 0161 817 6102
          E-mails: Jeremy.Oddie@mitchellcharlesworth.co.uk
                   geoff.weisgard@mitchellcharlesworth.co.uk


JAGER JEWELLERY: Taps Joint Administrators from Baker Tilly
-----------------------------------------------------------
Guy Edward Brooke Mander and Phillip Hartland Allen of Baker
Tilly were appointed joint administrators of Jager Jewellery
Limited (Company Number 03674792) on Feb. 3.  Its registered
office is at 99 Vittoria Street, Birmingham B1 3NU.  The company
manufactures pieces of jewelry.

Headquartered in Birmingham, 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:  JAGER JEWELLERY LTD
          99 Vittoria Street
          Birmingham B1 3NU
          United Kingdom
          Tel: 0121 236 6976
          Fax: 0121 236 6982
          E-mail: info@jagerjewellery.com


JUNIOR BY: Retailer Calls In Liquidator from DTE Leonard
--------------------------------------------------------
Junior by Marc Limited appointed S. Clancy, of DTE Leonard
Curtis as Liquidator after members decided to wind up the
company on Feb. 3.

Director S. J. Ryder disclosed the voluntary liquidation came as
a result of the company's inability to continue its business due
to its liabilities.


CONTACT:  JUNIOR BY MARC LIMITED
          61 Bridge Street Row East
          Chester Cheshire
          CH1 1NW
          Tel: 01244 401 552
          Fax: 01244 341 999


KAY O'NEILL: Joint Administrators Takes Over Helm
-------------------------------------------------
Michael John Andrew Jervis and Rob William Birchall of
PricewaterhouseCoopers LLP were appointed joint administrators
of Kay O'Neill Limited (Company Number 02737522) on Feb. 7.  Its
registered office is at Horton Road, Colnbrook, Slough SL3 0AT.

                           About PwC

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

Headquartered in Manchester, Kay O'Neill Limited offers
international logistics and freight services.


LIME STREET: Appoints McTear Williams & Wood Administrator
----------------------------------------------------------
Andrew McTear and Chris Williams of McTear Williams & Wood were
appointed administrators of Lime Street Taverns Limited (Company
Number 05329040) on Feb. 3.  

CONTACT:  MCTEAR WILLIAMS & WOOD
          90 St Faiths Lane,
          Norwich NR1 1NE
          Tel: 01603 877540
          Fax: 01603 877549
          E-mail: mail@mw-w.com
          Web site: http://www.mw-w.com/


LUSCHER ZED: BDO Stoy Leads Receivership Proceedings
----------------------------------------------------
Geoffrey Stuart Kinlan and Anthony John Sanderson of BDO Stoy
Hayward LLP were appointed joint administrators of Luscher Zed
Flexo Ltd (Company Number 05068521) on Feb. 6.

CONTACT:  LUSCHER ZED FLEXO LTD
          328 Molesey Road,
          Hersham, Surrey KT 12 3PD
          United Kingdom
          Tel: +44 (0) 1932 228977
          Fax: +44 (0) 1932 243603

          BDO STOY HAYWARD LLP
          Prospect Place, 85 Great North Road,
          Hatfield, Hertfordshire AL9 5BS
          Tel: 01707 255888
          Fax:   01707 255890
          E-mail: hatfield@bdo.co.uk
          Web site: http://www.bdo.co.uk/


MERCANTILE & GENERAL: Names M.C. Batten as New Scheme Adviser
-------------------------------------------------------------
The Mercantile & General Reinsurance Company Limited disclosed
that Mark Charles Batten, a partner in PricewaterhouseCoopers
LLP, replaced William Robert Hardy as its scheme adviser
pursuant to the company's Solvent Scheme of Arrangement in Great
Britain.

The scheme was sanctioned by an order of the Court of Session,
Scotland on Sept. 1, 2005, which took effect on Sept. 22, 2005.  

                      About the Company

The Mercantile & General Reinsurance Company Limited underwrote
general, life and health insurance policies in the London market
from 1907, and reinsurance business worldwide from 1947 until
1997.  In 1997, the Debtor commenced a solvent run-off to
determine, settle and pay all liquidated claims of their
insureds as they arise.

To shorten the Debtor's run-off period and reduce administrative
costs, Mercantile proposed a Scheme of Arrangement.  In the
Scheme, all claims pertaining to insurance will be paid in full.  
The Scheme does not apply to trade creditors or any liability of
Mercantile to its parent or subsidiary.

The Debtor asked the U.S. Bankruptcy Court for the Southern
District of New York to give full force and effect to the Scheme
and make it binding and enforceable against all Scheme Creditors
in the United States.  The Company's Board of Directors filed a
Section 304 petition on June 6, 2005 (Bankr. S.D.N.Y. Case No.
05-14076). Sara M. Tapinekis, Esq., at Clifford Chance LLP
represented the petitioners in the U.S.  As of Dec. 31, 2004,
the company reports $718,883,176 in total assets and
$383,973,900 in total debts.


MESSENGER INSURANCE: Court Sets Feb. 28 Claims Bar Date
-------------------------------------------------------
The Royal Court of Guernsey appointed Messrs. Peter Franks and
Gareth Hughes, partners of Ernst & Young LLP, as Messenger
Insurance PCC Limited's joint administrators.

Creditors who have claims against Messenger, contracting as Cell
GP12, may file written proofs of claims to:

          Peter Franks
          Joint Administrator
          Messenger Insurance PCC Limited
          c/o Ernst & Young
          Suite C1
          Hirzel Court, St. Peter Port
          Guernsey
          GY1 2NL
          
by 4:00 p.m. on Tuesday, Feb. 28, 2006.

Messenger is required to pay over to Cable and Wireless PLC and
Pender Insurance Limited, the surplus assets of Cell GP12
pursuant to a court order and the parties' settlement agreement.  
The Company disclosed that it will not take into account any
unnotified claim or potential claims in the calculation of the
surplus assets of Cell GP12.


NORPRINT LABELLING: In Administrative Receivership
--------------------------------------------------
The Governor and Company of the Bank of Scotland appointed Ian
Best and David K. Duggins of Ernst & Young LLP joint
administrative receivers of Norprint Labelling Systems Limited
(Company Number 03556795) on Jan. 30.  

Norprint Labelling Systems Limited -- http://www.norprint.co.uk/
-- is one of Europe's largest independent labeling systems
companies for over 150 years.

CONTACT:  NORPRINT LABELLING SYSTEMS LTD
          Horncastle Road
          Boston PE21 9HZ
          Lincolnshire
          Tel: 01205 365161
          Fax: 01205 364825

          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/


P.H. POOL: Taps P.H. Pool Services to Administer Assets
-------------------------------------------------------
Lane Bednash of David Rubin & Partners was appointed
administrator of P.H. Pool Services Limited (Company Number
01519956) on Feb. 1.

CONTACT:  P H POOL SERVICES LTD
          Wanborough Business Centre,
          Wanborough, Guildford, Surrey GU3 2JR
          Tel: 01483813181

          DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Tel: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com/


PILGRIM MEZZANINE: Names Begbies Traynor as Administrator
---------------------------------------------------------
Rob Sadler and Michael Edward George Saville of Begbies Traynor
were appointed administrators of Pilgrim Mezzanine Floors
Limited (Company Number 4097920) on Feb. 3.  Its registered
office is at 47-53 High Street, Boston, Lincolnshire PE21 8SP.  

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

Headquartered in Boston, Pilgrim Mezzanine Floors Limited --
http://www.trademezzanine.com/-- manufactures mezzanine floors.   
It was formed in October 2000.


R U DEVELOPMENTS: Administrators Move In
----------------------------------------
David Antony Willis and Matthew Colin Bowker of Jacksons
Jolliffe Cork were appointed administrators of R U Developments
(Driffield) Limited (Company Number 04941825) on Feb. 3.  The
company develops and sells real estate properties.

CONTACT:  JACKSONS JOLLIFFE CORK
          2A Low Ousegate, York YO1 9QU


SARACEN CYCLES: Contacts Administrators from Poppleton & Appleby
----------------------------------------------------------------
A. Turpin and M. T. Coyne of Poppleton & Appleby were appointed
administrators of Saracen Cycles Limited (Company Number
01898083) on Feb. 3.  Its registered office is at Saracen House,
Harriott Drive, Heathcote Industrial Estate, Warwick CV34 6TS.

Saracen Cycles Limited -- http://www.saracen.co.uk/--  
manufactures bicycles.

CONTACT:  SARACEN CYCLES LTD
          Saracen House, Harriott Drive
          Heathcote Industrial Estate
          Warwick CV34 6TS
          Warwickshire
          Tel: 01926 437700
          Fax: 01926 437701

          POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Tel: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk/


* EMEA Energy and Utilities Get IDRs from Fitch
-----------------------------------------------
Fitch Ratings gave Issuer Default ratings to companies in the
EMEA energy and utilities sectors.  Revised senior unsecured
ratings now apply to the senior unsecured bond issues of these
entities.

IDRs reflect the ability of an issuer to meet senior financial
commitments on a timely basis, effectively becoming the
benchmark probability of default.  Securities in an issuer's
capital structure will be rated higher, lower, or the same as
the IDR on the basis of their relative recovery prospects.

The process of establishing ratings for the obligations of
issuers rated between AAA and BB- will refer, for the most part,
to aggregate recoveries on the defaulted bond market as a whole
for that sector and not to issuer-specific analysis since
assumptions on enterprise value and creditor mass at default for
these entities would be largely arbitrary.  

For this reason, recovery assessments and thus individual issue
ratings will be based more on the long-term averages of recovery
for that type of security in a given sector, after giving
consideration to additional issues such as collateral value,
relative subordination and other determinants of recovery.  

For issuers rated B+ and below, recovery ratings derive from a
customized analysis of the individual issuer and their capital
structure, assuming emergence from a defaulted stress scenario.

Existing Outlooks and Rating Watch status assigned to the
previous Senior Unsecured, counter party or other issuer ratings
remain unchanged and apply to the IDRs for the issuers as below.
Similarly, the Rating Watch status on previous issue ratings
remains unchanged for the issuers listed below.

The Issuer Default ratings are listed below for issuers whose
IDR has been set at the same level as the previously assigned
Senior Unsecured rating and where there are no changes in the
issuer's secured, unsecured or subordinated debt rating.

National ratings remain unchanged with the introduction of the
IDR and Recovery rating methodology for international ratings.

Utility and Power Companies

   -- Enagas SA: A+ Outlook Stable;

   -- Eskom Holdings Limited;

   -- Local Currency IDR A Outlook Stable;

   -- Hidroelectrica del Cantabrico- Hidrocantabrico: BBB+
      Outlook Stable;

   -- Namibia Power Corporation Limited: BBB- Outlook Stable;

   -- Slovenske Elektrarne a.s.: BB+ Rating Watch Positive;

   -- Slovensky plynarensky priemysel a.s.: A Outlook Stable;

   -- Local Currency IDR A Outlook Stable;

   -- Union Fenosa SA: BBB+ Outlook Stable; and

   -- Miejskie Wodociagi i Kanalizacja w Bydgoszczy Spolka z
      o.o. BBB- Secured debt rating.

MWiK's rating is solely for the company's secured revenue bond
program.

Oil and Gas Companies

   -- Aker Kvaerner Oil & Gas Group AS: BB Outlook Positive;
   -- BG Energy Holdings Ltd: A Outlook Stable;
   -- BP PLC: AA+ Outlook Stable;
   -- Eni S.p.A.: AA- Outlook Stable;
   -- Mazeikiu Nafta AB: B+ Outlook Stable;
   -- National Iranian Oil Company: BB- Outlook Negative;
   -- OAO Gazprom: BB+ Outlook Stable;
   -- Local Currency IDR BB+ Outlook Stable;
   -- OAO Tatneft: B Outlook Stable;
   -- OJSC OC Rosneft: BB+ Outlook Stable;
   -- Local Currency IDR BB+ Outlook Stable;
   -- OTC KazTransOil: BB+ Outlook Stable;
   -- NJSC Naftogaz of Ukraine: BB- Outlook Negative;
   -- Local Currency IDR BB- Outlook Negative;
   -- Polski Koncern Naftowy ORLEN SA: BBB Outlook Stable;
   -- Repsol YPF SA: BBB+ Rating Watch Negative;
   -- The Rompetrol Group NV: B- Outlook Stable;
   -- Royal Dutch Shell;
   -- Royal Dutch Shell PLC: AA+ Outlook Stable;
   -- Royal Dutch /Shell Group: AA+ Outlook Stable;
   -- TNK-BP International Ltd: BB+ Outlook Positive;
   -- Local Currency IDR BB+ Outlook Positive;
   -- TOTAL SA: AA Outlook Positive;
   -- Turkiye Petrol Rafinerileri AS: BB- Outlook Positive;
   -- Local Currency IDR BBB- Outlook Stable;

The ratings for TNK-BP International Ltd's non-capital markets
secured debt and senior secured debt are both affirmed at BBB-
and withdrawn.


                          *********                            


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

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

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

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

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

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


* * * End of Transmission * * *