TCREUR_Public/060221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, February 21, 2006, Vol. 7, No. 37

                            Headlines

F R A N C E

AGZ FINANCE: Moody's Withdraws All Ratings


G E R M A N Y

AUTH FUGENTECHNIK: Creditors' Meeting Slated for March 29
AUTOHAUS KONRAD: Essen Court Calls In Administrator
AUTOMOBILE KONRAD: Claims Registration Ends Feb. 28
BALGAR GMBH: Claims Verification Set on March 24
BEG BAUELEMENTE: Starts Insolvency Proceedings

BSC BUERO: Wilhelm Klaas Leads Bankruptcy Process
INTERTAINMENT AG: Local Court Appoints New Expert Lawyer
JENOPTIK AG: Fitch Affirms EUR150 Million Senior Notes at B


H U N G A R Y

GLOBUS RT: Books HUF4.3 Billion Net Loss
PANNONPLAST RT: Sells Another Unit to French Group


I R E L A N D

MAGEE: Jobs Lost as Donegal Factory Closes
SAEHAN MEDIA: Sligo Plant Shutdown to Affect 91 Jobs


I T A L Y

BANCA POPOLARE: Fitch Lowers Individual Rating to D


K A Z A K H S T A N

AITAS: Economic Court Opens Bankruptcy Proceedings
ALMATY TRADE: Bankruptcy Proceedings Begin
BEKTAH: Succumbs to Insolvency
KAZSEMENT GROUP: Declared Insolvent by Almaty Court
KOIBAS: Karaganda Court Sends Group Into Bankruptcy

NEJINKA ARDAGER: Creditors' Claims Due Next Week
TOMIRIS LIMITED: Sets Proofs of Claim Deadline


R U S S I A

CHEM-PRODUCT: Claims Filing Period Ends Today
KALTANSKIY BRICKWORKS: Selling Estate in Auction; Bids Due Today
KAMYSHLOVSKIY BAKERY: Bankruptcy Supervision Procedure Begins
LAYSKIY FEED: Sverdlovsk Court Brings In Insolvency Manager
POLYMER: Declared Insolvent by Perm Court

PYATIGORSKIY LIQUEUR-VODKA: Under Bankruptcy Supervision
SHAVINGS SLABS: Deadline for Proofs of Claim Set Today
STAY-WOOD: Bankruptcy Hearing Set March 27
TAYSHETSKOYE: Claims Filing Period Ends Today
TRUST OIL-GAS-STROY: Insolvency Manager Takes Over Helm


S W I T Z E R L A N D

GATE GOURMET: Moody's Rates Credit Facilities at (P)B1 & (P)Caa1


T U R K E Y

ANADOLU EFES: Fitch Keeps BB- Rating on Foreign Currency IDR


U K R A I N E

AGROFIRM FORTUNA: Under Bankruptcy Supervision in Sumi
BAHMACH' RAJAGROHIM: Stuk Irina Takes Over Helm
DE-BORA: Goes Into Liquidation
LOS-FIDAV: Dnipropetrovsk Court Rules on Bankruptcy
PARACELS: Declared Insolvent

SINTEZ: Bankruptcy Supervision Starts
SLAVUTICH: Under Bankruptcy Supervision
VERKON: Court Names Dovbehsko G. as Insolvency Manager
ZOVNISHHIMTORG: Court Orders Debt Moratorium


U N I T E D   K I N G D O M

ACTIVE CASHFLOW: Royal Bank Names BDO Stoy Hayward as Receiver
ALFRESCO FINE: Caterer Calls in Administrator
ALLIED DOMECQ: S&P Keeps BB Unsecured Debt Rating on CreditWatch
AQUAVITA BATHROOMS: Taps Parkin S. Booth to Liquidate Assets
ASPARAGUS LIMITED: Hires Liquidator from BN Jackson Norton

AUTO ACCESSORIES: Creditors Approve Voluntary Liquidation
BAILEY & TOWNLEY: Hires BDO Stoy Hayward to Administer Assets
BARNSBURY LIMITED: Hires Joint Liquidators to Wind Up Operations
BLOOM MEDIA: In Administrative Receivership
BRITISH AIRWAYS: Denies Pension Cuts to Curb GBP1.4-Bil Deficit

CARTONAGE REALISATIONS: Taps Begbies Traynor Administrator
DIRECT MARBLE: Meeting of Creditors Set Next Week  
FINLANDIA TRAVEL: Meeting of Creditors Set This Weekend
JONES' SAUSAGE: Appoints Joint Administrators from KPMG
MEDWAY NURSING: Joint Administrators from Baker Tilly Move In

METOXAL U.K.: Calls in Sale Smith & Co. Limited Administrator
MFI FURNITURE: Secures New GBP150 Mln Loan for Turnaround Plans
NEW WADE: Calls in Administrators from Sargent Co. and Begbies
RA INTERNATIONAL: Manufacturer Hires Administrators from PwC
REGAL PETROLEUM: Shuts Down Fields Following Junked Appeal

SERVICETOKEN LIMITED: Manufacturer Yields to Bankruptcy
SMH HOLDINGS: Names KPMG Administrator
TIMBERLAND (SOUTHERN): Hires Milsted Langdon Administrator
T P M PRINT: Starts Winding Up Process
TRIMFOAM (UK): Cushion Maker Calls in Administrator

WESTON ROYAL: Legion Club Shuts Down
WESTVAN (2001): Administrators from Deloitte & Touche Move In  
WISTARIA HOUSE: Names Middleton Partners Administrator
* Large Companies with Insolvent Balance Sheets

     **********

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


AGZ FINANCE: Moody's Withdraws All Ratings
------------------------------------------
Moody's Investors Service has withdrawn all ratings of AGZ
Holding and AGZ Finance (Antargaz) following the early
redemption of the company's EUR165 million 10% Senior Notes due
2011 on Jan. 13, 2006.

Ratings withdrawn:

   -- Corporate Family rating of Ba2; and

   -- B1 rating for EUR165 million 10% Senior Notes due 2011
      issued by AGZ Finance.

Headquartered in Paris, France, the Antargaz group is one of the
largest distributors of LPG (butane and propane) in France.  It
holds the number two or three position in its core business of
small bulk and cylinders.  It also operates in the medium/large-
bulk sector and has a small share in the growing automotive LPG
market.  Antargaz is a privately owned company whose ultimate
shareholder is UGI Corporation.  


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


AUTH FUGENTECHNIK: Creditors' Meeting Slated for March 29
---------------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against Auth Fugentechnik GmbH & Co. KG on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 15, 2006,
to register their claims with court-appointed provisional
administrator Dr. Guenter Trutnau.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Zweigertstr 52,
45130 Essen, 2. OG, gelber Bereich, Saal 293, at 1:30 p.m. on
March 29, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager

CONTACT:  AUTH FUGENTECHNIK GMBH & CO. KG
          Bredeneyer Strasse 142 a, 45133 Essen
          Contact:
          Horst Ellinghaus, Manager
          
          Dr. Guenter Trutnau, Administrator
          Kettwiger Strasse 2-10, 45127 Essen
          Tel: (0201) 1095-3


AUTOHAUS KONRAD: Essen Court Calls In Administrator
---------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against Autohaus Konrad GmbH on Feb. 1.  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 Joseph
Albers.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Zweigertstr 52,
45130 Essen, 2. OG, gelber Bereich, Saal 291, at 9:00 a.m. on
March 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:  AUTOHAUS KONRAD GmbH
          Engelbertstr. 12, 45892 Gelsenkirchen
          Contact:
          Gerhard Konrad, Manager

          Joseph Albers, Administrator
          Von-der-Recke-Str. 5-7, 45879 Gelsenkirchen
          Tel: 0209/179890
          Fax: +492091485096


AUTOMOBILE KONRAD: Claims Registration Ends Feb. 28
---------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against Automobile Konrad Vertriebsgesellschaft mbH on Feb. 1.  
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 Joseph Albers.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Zweigertstr 52,
45130 Essen, 2. OG, gelber Bereich, Saal 291, at 9:20 a.m. on
March 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:  AUTOMOBILE KONRAD VERTRIEBSGESELLSCHAFT mbH
          Engelbertstr. 12, 45892 Gelsenkirchen
          Contact:
          Gerhard Konrad, Manager
          Bernward Wegener-Konrad, Manager
          Gerhardstr. 11, 45892 Gelsenkirchen

          Joseph Albers, Administrator
          Von-der-Recke-Str. 5-7, 45879 Gelsenkirchen
          Tel: 0209/179890
          Fax: +492091485096


BALGAR GMBH: Claims Verification Set on March 24
------------------------------------------------
The District Court of Hagen opened bankruptcy proceedings
against Balgar GmbH & Co. KG on Jan. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 3, 2006, to register their
claims with court-appointed provisional administrator Johannes
Walbroel.     

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 10:00 a.m. on March 24, 2006,
at which time the administrator will present his first report on
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager

CONTACT:  BALGAR GmbH & CO. KG
          Giesestr. 26, 58636 Iserlohn
          Contact:
          Juergen Balgar, Manager
          Martin-Luther-King-Str. 1, 58638 Iserlohn

          Johannes Walbroel, Administrator
          Rathausplatz 21-23, 58507 Luedenscheid
          Tel: 02351/3653-0
          Fax: +492351365399


BEG BAUELEMENTE: Starts Insolvency Proceedings
----------------------------------------------
The District Court of Potsdam opened bankruptcy proceedings
against BEG Bauelemente GmbH Brandenburg on Jan. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 10, 2006,
to register their claims with court-appointed provisional
administrator Dr. Juergen D. Spliedt.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Potsdam, Nebenstelle
Lindenstrasse 6, Saal 004 statt., at 10:00 a.m. on April 26,
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:  BEG BAUELEMENTE GmbH BRANDENBURG
          Sonneneck 12

          Dr. Juergen D. Spliedt, Administrator
          Uhlandstrasse 165/166, 10719 Berlin


BSC BUERO: Wilhelm Klaas Leads Bankruptcy Process
-------------------------------------------------
The District Court of Krefeld opened bankruptcy proceedings
against BSC Buero-Service-Center GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 23, 2006, to
register their claims with court-appointed provisional
administrator Wilhelm Klaas.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Krefeld, Nordwall 131,
47798 Krefeld, 1. Etage, Sitzungssaal H 131, at 9:02 a.m., on
April 28, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report at 10:10
a.m., on June 23, 2006, at the same venue.

CONTACT:  BSC BUERO-SERVICE-CENTER GmbH
          Kruetzpoort 1, 47804 Krefeld
          Contact:
          Christioph Baumeister, Manager
         
          Wilhelm Klaas, Administrator
          Eichendorffstrasse 25, 47800 Krefeld


INTERTAINMENT AG: Local Court Appoints New Expert Lawyer
--------------------------------------------------------
The Local Court in Munich (Amtsgericht Munchen) has appointed
Dr. Martin Prager as the new expert lawyer in connection with
the application for insolvency filed by Intertainment AG and
Intertainment Licensing GmbH.  

Dr. Prager has been commissioned to prepare a report within the
period of five weeks.  This expert opinion is intended to
clarify whether the two companies are over-indebted and unable
to meet their financial obligations, or whether there is a
threat of impending insolvency, further to ascertain what
prospects there are for continuing the indebted company as a
going concern, and whether the assets are sufficient to cover
the costs of the insolvency proceedings.

The Munich lawyer, Dr. Michael Jaffe, originally commissioned to
draw up the expert report was released from this function by the
court on his own application in order to preclude any
possibility of potential conflicts of interest in advance.
Dr. Jaffe had informed the court of new circumstances that he
had only just become aware of that do not exclude other
insolvency proceedings being affected.

Headquartered in Munich, Germany, Intertainment Ag --
http://www.intertainment.de/-- has specialized in acquiring  
theatrical, video and television film rights with large
commercial potential, which it markets in Germany and in other
European countries (including Eastern Europe).  Among its
customers are the most important media enterprises.  At the same
time Intertainment also acquires the rights to commercialize
very viable films for the People's Republic of China, as this
huge market (with about 1.3 billion people) is currently
practically untapped but in the medium term will realize its big
potential.  Through its subsidiary Intertainment Animation &
Merchandising GmbH, it markets interesting cartoons as well as
commercially viable merchandising rights.


JENOPTIK AG: Fitch Affirms EUR150 Million Senior Notes at B
-----------------------------------------------------------
Fitch Ratings affirmed Jenoptik AG's ratings at Senior Unsecured
B and Short-term B.  Jenoptik's EUR150 million senior notes have
also been affirmed at B.  The Senior Unsecured rating, as well
as the rating of the EUR150 million Senior Notes are removed
from Rating Watch Negative.  A Stable Outlook is assigned to the
Senior Unsecured rating.

The Senior Unsecured rating and the rating of the Senior Notes
were put on RWN on Dec. 20, 2005, following the company's
announcement that it was going to sell its approximately 73%
stake in M&W Zander Holding AG to Springwater Capital.  Fitch
understands that the transaction has not closed yet but has been
advised by management that this is the most likely scenario.

On the negative side, the disposal would significantly reduce
Jenoptik's size, with remaining sales in a region of EUR400
million and the company's financial flexibility.  Moreover
Jenoptik AG has made available sizeable guarantee facilities for
the separated businesses, which has been factored in.  

Despite these negatives, Fitch has decided to affirm the ratings
on management's intention to apply the expected cash proceeds
for debt repayment.  Fitch estimates that net debt/EBITDAR will
be close to 4.0x post transaction, with a potential further
reduction to 3.0x thereafter.  

Fitch has also positively taken into account that the disposal
of the businesses under the M&W Zander Holding AG, which are
marked by much higher earnings volatility and lower margins than
the remaining Photonics activities, will improve the business
risk of Jenoptik AG.  

It was largely the Clean Systems business that led to the poor
performance in FY03; clearly demonstrating how much this
business' performance is dependent on individual projects.  The
Photonics business has in contrast generally performed within
its target EBIT-band of 9-10% so far.

Finally, Jenoptik is still faced with the DEWB lawsuit, posing a
significant event risk.

In the event the transaction does not materialize, Fitch would
also affirm the ratings.  Under this scenario, Jenoptik would
have reported debt of approximately EUR476 million, but a cash
position of EUR106 million, yielding net debt of EUR370 million.

Based on a Fitch extrapolated EBITDA of around EUR81 million for
the full year 2005, leverage would correspond to approximately
4.6x, leaving a more aggressive financial profile but better
financial flexibility.

Fitch will again review Jenoptik's ratings upon disclosure of
their full-year report in April/May 2006.


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


GLOBUS RT: Books HUF4.3 Billion Net Loss
----------------------------------------
Canning group Globus Konzervipari Rt. saw its financial figures
slip into the red in 2005, Budapest Business Journal reports.

Globus posted HUF4.3 billion in net losses in 2005 -- HUF2
billion of which were operating losses.  The group also
registered -HUF2.9 billion in one-time effect.  Globus blames
its dismal performance to rising fuel prices, entry of new
market rivals and the strong Forint.

Headquartered in Budapest, Hungary, Globus Konzervipari Rt. --
http://www.globus.hu/-- is the largest canning and cooling  
company in the country.


PANNONPLAST RT: Sells Another Unit to French Group
--------------------------------------------------
Ailing Plastic maker Pannonplast Rt. has sold the assets of its
Pannonplast Technical Plastic unit to French group Plastiques Du
Val De Loire (PVL), Budapest Business Journal says.

Under the sale contract, the Szekesfehervar site will be leased
to PVL's local unit, Dunainjecion, with Pannonplast retaining
ownership of the property.  PVL, however, has an option to
acquire the site in the future.  The parties, however, refused
to divulge the price and terms of the contract.

Pannonplast said it would absorb the unit's losses, which
amounted to HUF100 million since the start of the year.  It
added the unit will be included in its consolidated figures
until Feb. 13, the Journal reports.   The group was forced to
write off the unit's HUF430 million losses as condition of the
sale.

Headquartered in Budapest, Hungary, Pannonplast Muanyagipari Rt.
-- http://www.pannonplast.hu/-- manufactures a wide range of  
plastic-finished Products.  It trimmed its annual losses
drastically to HUF216 million in 2005 from HUF1.6 billion in
2004 despite booking a 17% decline in revenues.  CEO Balazs
Szabo, which took over in September 2004, has been cutting costs
and selling units to restore the company's profitability.


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


MAGEE: Jobs Lost as Donegal Factory Closes
------------------------------------------
Another major clothing factory in Donegal will shut down its
business leaving 60 workers jobless, Business World reports.

Clothing manufacturer Magee confirms that it will end its
production and its remaining workers will go by June 2007.   
According to Chairman Lynn Temple, the decision is regrettable
but the establishment can no longer pick up the high cost of
manufacturing clothes in Ireland.

"The skill and experience of our staff has been a big part of
Magee's success and it has always been our ethos to create
employment at home in Donegal.  However, the economics of the
marketplace means that this is no longer possible in clothing
manufacturing," Mr. Temple told BW.

However, the said decision will not affect the company's other
subsidiaries -- the Magee shops and Magee weaving operations --
which currently employ 60 workers.  

Headquartered in Donegal, Ireland, Magee --
http://www.mageeclothing.com/-- was established in 1886.  It  
has a selection of classic and contemporary clothing for men and
women.  It offers the customer a range of Irish gifts and Irish
Knitwear, and the Weaver's Loft restaurant.  The company also
offers a dress rental service for special occasions - morning
coats, dinner suits and traditional Prince Charlie and Prince
Edward jackets.


SAEHAN MEDIA: Sligo Plant Shutdown to Affect 91 Jobs
----------------------------------------------------
Saehan Media Ireland Limited will shut down its plant in
Hazelwood, Sligo this April leaving 91 workers jobless.

The company, which manufactures videotapes and videocassettes,
has been suffering heavy losses due to the decline in demand for
its products worldwide including the high manufacturing costs in
Ireland.  In 2004, it accumulated losses of EUR2.4 million
followed by an operating loss of more than EUR10 million last
year, the Business world reports.  

"In recent years we have reduced our workforce and introduced
changes in the plant to try and remain profitable.  However, the
market for videotape has collapsed and our losses at the Sligo
factory are simply going to keep rising.  We are forced to
accept that closure is the only remaining option," a company
representative said.

The employees were informed on a Feb. 17 meeting that the
factory will close on Friday, April 28.

Saehan Media Company Limited -- http://www.saehan.com/--  
manufactures and sells audio and videotapes, and optical disks.  
It opened its Sligo plant in 1991 and was one of the biggest
manufacturing employers in the west of Ireland at one time, with
a workforce of around 500.


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


BANCA POPOLARE: Fitch Lowers Individual Rating to D
---------------------------------------------------
Fitch Ratings lowered Italy-based Banca Popolare di Intra's
ratings to Long-term BBB- from BBB and Individual rating to D
from C. At the same time the agency has put on Rating Watch
Negative the bank's Long-term BBB- and Short-term F3 ratings.
The Support rating is affirmed at 3.

The downgrade of the bank's Long-term and Individual ratings
reflects the weakening of Intra's capital base stemming from
large losses in its loan portfolio.  For 2005 the bank reported
a net loss of EUR113 million, severely limiting its financial
flexibility.  

The increase in loan loss provisions to EUR247 million follows
an inspection by Banca d'Italia and a further internal review,
and is designed to reserve adequately Intra's loan portfolio.

Associate Director in Fitch's Financial Institutions group in
Milan, Paolo Fioretti said, "In view of the bank's greater
vulnerability, Fitch considers it highly likely that it will be
acquired by a larger, stronger banca popolare also based in the
north of Italy."

"This probability underpins the bank's Long-term rating.
However, should the bank not be acquired, the agency will review
the bank's ratings and does not exclude further downgrades," he
added.

The net loss reported for 2005 has depleted Intra's equity,
which, at end-December 2005, amounted to EUR260 million under
International Financial Reporting Standards.  At the same date,
Intra's Tier 1 ratio, calculated according to Italian accounting
standards, deteriorated to a mediocre 5.25%.  

However, the bank expects its capital ratios to benefit in full
or in part from conversion of EUR85 million of convertible bonds
maturing in July 2005 and from transformation of around EUR20
million revaluation reserves into Tier 1 capital.  

It thus expects to report a Tier 1 ratio above 6% by July 2005.  
In view of the large stock of impaired loans that remain on the
bank's balance sheet, Fitch considers that the bank's capital
would be stretched even with a 6% Tier 1 ratio.  

At end-December 2005, net impaired loans were equal to a weighty
111% of equity.  In the past three or four years, the bank has
invested to strengthen its control procedures.  Towards the end
of 2005, it appointed a new chairman and deputy chairman to its
board of directors.

To date, Intra's revenues have proved resilient and, in Fitch's
opinion, the bank is capable of generating an acceptable level
of pre-provisions operating profit as it returns to concentrate
on its solid customer base in its home region.  However, weak
capital adequacy and mediocre asset quality are likely to make
it difficult for the bank to strengthen its performance quickly.

Intra is a small cooperative bank with a strong local franchise.
It operates through distribution network covering a number of
prosperous provinces in Piedmont and Lombardy, benefiting from
long-standing relationships with local families and Small and
Medium sized Enterprises.


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


AITAS: Economic Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
region commenced bankruptcy proceedings against JSC Aitas on
December 6, 2005.


ALMATY TRADE: Bankruptcy Proceedings Begin
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty region
commenced bankruptcy proceedings against CJSC Almaty Regional
Trade & Purchasing Company on December 20, 2005.


BEKTAH: Succumbs to Insolvency
------------------------------
LLC Bektah has declared insolvency.  Proofs of claim will be
accepted at Akmola region, Kokshetau, Suleimanova Str. on or
before February 28, 2006.

The company can be contacted at 8 (3162) 26-81-51.


KAZSEMENT GROUP: Declared Insolvent by Almaty Court
---------------------------------------------------
LLC Kazsement Group has declared insolvency.  Proofs of claim
will be accepted at Almaty, Shevchenko Str. 157a on or before
February 21, 2006.

CONTACT:  KAZSEMENT GROUP
          Almaty, Raimbekova Ave. 486


KOIBAS: Karaganda Court Sends Group Into Bankruptcy
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region has declared LLC Koibas bankrupt.  Proofs of claim will
be accepted at Karaganda, Jambyl Str. 11 on or before Feb. 28,
2006

CONTACT: Karaganda, Jambyl Str. 11


NEJINKA ARDAGER: Creditors' Claims Due Next Week
------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan region declared LLC Nejinka Ardager bankrupt on
Dec. 12, 2005.  Proofs of claim will be accepted at North
Kazakhstan region, Taiynsha district, Taiynsha, Yujnaya Str. 9
on or before Feb. 28, 2006.

CONTACT:  NEJINKA ARDAGER
          North Kazakhstan region,
          Taiynsha district,Taiynsha,
          Yujnaya Str. 9


TOMIRIS LIMITED: Sets Proofs of Claim Deadline
----------------------------------------------
Tomiris Limited has declared insolvency.  Proofs of claim will
be accepted at Almaty, Satpayeva Str. 29, Office 37 on or before
February 28, 2006.

The company can be contacted at 8 (3272) 73-91-76 or 73-16-56.


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


CHEM-PRODUCT: Claims Filing Period Ends Today
---------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision on close joint stock company Chem-Product.  The case
is docketed as A-57-232B/05-23.  Mr. V. Zilev has been appointed
temporary insolvency manager.

Creditors have until Feb. 21, 2006, to submit their proofs of
claim to 440028, Russia, Penza, Kulibina Str. 3-63.   A hearing
will take place on April 25, 2006, 2:30 p.m.

CONTACT:  CHEM-PRODUCT
          Russia, Saratov region, Balashovskiy region,
          Pionerovka, Rabochaya Str. 1

          V. ZILEV
          Temporary Insolvency Manager
          440028, Russia, Penza,
          Kulibina Str. 3-63


KALTANSKIY BRICKWORKS: Selling Estate in Auction; Bids Due Today
----------------------------------------------------------------
The bidding organizer of Kaltanskiy Brickworks will sell its
property on Feb. 24, 2006, 11:00 a.m. at Russia, Kemerovo
region, Kaltan, Kalinina Str. 36.  Starting price is
RUB 2,074,706.

Preliminary examination and reception of bids are done from 8:00
a.m. to 4:00 p.m. today only.  The list of documentary
requirements is available free of charge at 654018, Russia,
Kemerovo region, Novokuznetsk, Kirova Str. 64, apartment 68.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
407028103300090000217 at Osinniki branch, OJSC ACB Kuzbass-ugol-
bank, Kemerovo, BIC 043207796, correspondent account
30101810100000000796.

CONTACT:  KALTANSKIY BRICKWORKS
          Russia, Kemerovo region,
          Kaltan, Kalinina Str. 36

          V. SYSTEROV
          Insolvency Manager/Bidding Organizer
          654018, Russia, Kemerovo region,
          Novokuznetsk, Kirova Str. 64, Apartment 68


KAMYSHLOVSKIY BAKERY: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision on open joint stock company Kamyshlovskiy
Bakery.  The case is docketed as A60-30108/05-S11.  Mr. V.
Vokhmentsev has been appointed temporary insolvency manager.  
Creditors may submit their proofs of claim to 620076, Russia,
Ekaterinburg, Post User Box 57.

CONTACT:  KAMYSHLOVSKIY BAKERY
          624860, Russia, Sverdlovsk region,
          Kamyshlov, Engelsa Str. 244

          V. VOKHMENTSEV
          Temporary Insolvency Manager
          620076, Russia, Ekaterinburg,
          Post User Box 57


LAYSKIY FEED: Sverdlovsk Court Brings In Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision on open joint stock company Layskiy Feed
Mill.  The case is docketed as A60-36634/2005-S11.  Mr. V.
Medvedev has been appointed temporary insolvency manager.  
Creditors may submit their proofs of claim to 620028, Russia,
Ekaterinburg, Post User Box 308.

CONTACT:  LAYSKIY FEED MILL
          622904, Russia, Sverdlovsk region,
          Prigorodnyj region, Gornouralskiy

          V. MEDVEDEV
          Temporary Insolvency Manager
          620028, Russia, Ekaterinburg,
          Post User Box 308


POLYMER: Declared Insolvent by Perm Court
-----------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Polymer after finding the close joint stock
company insolvent.  The case is docketed as A50-2193/2005-B.  
Mr. A. Kotelnikov has been appointed insolvency manager.  
Creditors have until March 21, 2006, to submit their proofs of
claim to 614095, Russia, Perm region, Sovetskoy Armii Str. 37.

CONTACT:  POLYMER
          Russia, Perm region, Nizhniye Mully,
          Traktovaya Str. 11

          A. KOTELNIKOV
          Insolvency Manager
          614095, Russia, Perm region,
          Sovetskoy Armii Str. 37


PYATIGORSKIY LIQUEUR-VODKA: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision on open joint stock company Pyatigorskiy
Liqueur-Vodka Distillery (TIN/KPP 2632063270/263201001).  The
case is docketed as #A63-329/2005-S5.  Mr. M. Krakhmalov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 355029, Russia,
Stavropol, Mira Str. 460/3, Office 2.  A hearing will take place
on March 23, 2006, 11:00 a.m.

CONTACT:  PYATIGORSKIY LIQUEUR-VODKA DISTILLERY:
          357500, Russia, Pyatigorsk,
          Kozlova Str. 36

          M. KRAKHMALOV
          Temporary Insolvency Manager
          355029, Russia, Stavropol region,
          Mira Str. 460/3, Office 2


SHAVINGS SLABS: Deadline for Proofs of Claim Set Today
------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision on open joint stock company Shavings
Slabs (TIN 0268013860).  The case is docketed as A07-51450/05-G-
ADM.  Mr. V. Sattarov has been appointed temporary insolvency
manager.  

Creditors have until Feb. 21, 2006, to submit their proofs of
claim to 450001, Russia, Bashkortostan republic, Ufa, Oktyabrya
Pr., 11, Office 1.  A hearing will take place on April 24, 2006,
11:00 a.m. at the Arbitration Court of Bashkortostan republic at
Russia, Bashkortostan republic, Ufa, Oktyabrskoy Reviolyutsii
Str. 63a.

CONTACT:  SHAVINGS SLABS
          453102, Russia, Bashkortostan republic,
          Sterlitamak, Koshevogo Str. 2

          V. SATTAROV
          Temporary Insolvency Manager
          450001, Russia, Bashkortostan republic,
          Ufa, Oktyabrya Pr. 11, Office 1


STAY-WOOD: Bankruptcy Hearing Set March 27
------------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad region
has commenced bankruptcy supervision on close joint stock
company Stay-Wood.  The case is docketed as A56-49992/2003.  Ms.
E. Lakomskaya has been appointed temporary insolvency manager.

Creditors have until Feb. 21, 2006, to submit their proofs of
claim to 192029, Russia, St-Petersburg, Post User Box 47.  A
hearing will take place on March 27, 2006, 10:10 a.m.

CONTACT:  STAY-WOOD
          198206, Russia, St-Petersburg,
          Petergofskoye Shosse, 74/2

          E. LAKOMSKAYA
          Temporary Insolvency Manager
          192029, Russia, St-Petersburg,
          Post User Box 47


TAYSHETSKOYE: Claims Filing Period Ends Today
---------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Tayshetskoye Logging Enterprise after
finding the limited liability company insolvent.  The case is
docketed as A19-42350/05-38.  Mr. V. Safonov has been appointed
insolvency manager.

Creditors have until Feb. 21, 2006, to submit their proofs of
claim to 664025, Russia, Irkutsk region, Post User Box 146.  A
hearing will take place on April 14, 2006, 11:15 a.m. at the
Arbitration Court of Irkutsk region at Russia, Irkutsk region,
Gagarina Avenue, 70, room 319.

CONTACT:  V. SAFONOV
          Insolvency Manager
          664025, Russia, Irkutsk region,
          Post User Box 146


TRUST OIL-GAS-STROY: Insolvency Manager Takes Over Helm
-------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Trust Oil-Gas-Stroy
(TIN 8913001591) after finding the close joint stock company
insolvent.  The case is docketed as A81-4490/2005.  Mr. V.
Opryshko has been appointed insolvency manager.  Creditors have
until March 21, 2006, to submit their proofs of claim to 620075,
Russia, Ekaterinburg, Post User Box 302.

CONTACT:  TRUST OIL-GAS-STROY
          Russia, Yamalo-Nenetskiy autonomous region,
          Gubkinskiy, Gubkina Pr. 31

          V. OPRYSHKO
          Insolvency Manager
          620075, Russia, Ekaterinburg,
          Post User Box 302


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


GATE GOURMET: Moody's Rates Credit Facilities at (P)B1 & (P)Caa1
----------------------------------------------------------------
Moody's has assigned a (P)B2 rating to the new CHF475 million
first lien secured credit facility, and a (P)Caa1 rating to the
new CHF125 million second lien credit facility of Gate Gourmet
Borrower LLC and withdrew the Caa1 rating on the existing senior
secured credit facility.  

Concurrently, Moody's upgraded the company's corporate family
rating (formerly called the senior implied rating) from Caa2 to
B2.  The outlook for all 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.

Ratings affected:

   -- Corporate family rating at Gate Gourmet Borrower LLC
      upgraded from Caa2 to B2;

   -- Rating on the existing senior secured credit facilities
      issued by Gate Gourmet Borrower LLC of Caa1 withdrawn;

   -- New CHF475 million first lien secured credit facility
      rated (P)B2;

   -- New CHF125 million second lien term loan rated (P)Caa1

The outlook for all ratings is stable.

The ratings upgrade reflects Moody's opinion that the new
capital structure will significantly strengthen the company's
financial position and that the interest and debt amortization
burden should be sustainable over the near term given the
expected improvement in operating profits in light of recent
restructuring.

The new B2 corporate family rating reflects the view that the
trend in future revenues is expected to rely more on growth in
passenger numbers than in prices.  Gate Gourmet remains a key
player in the airline catering industry.  It also remains
relatively more focused on long-haul traffic, where catering
demand has been somewhat more stable, and where IATA data
forecast steady volume growth in passenger numbers.  Finally,
Moody's notes the company's own conservative forecasts for
revenues.

The ratings nevertheless factor in the limited visibility in the
industry, and the discretionary nature of demand, such that
further airline consolidation or bankruptcies could
significantly impact demand for catering services.  Visibility
is also hampered by other exogenous factors, such as
international political events, fuel prices, and consumer
confidence.  The ratings also incorporate the expected cash
costs associated with 2006 initiatives, partly aimed at reducing
labor costs, which will constrain free cash flow generation in
2006.  Finally, the ratings factor in the company's recent
history of default, while recognizing the general consensus
among creditors for the new capital structure.

The new proposed capital structure consists of CHF600 million in
available credit facilities.  This includes CHF475 million in
first lien facilities, broken down into a first lien term loan
of CHF400 million; a revolving facility of CHF50 million; and a
letter of credit facility of CHF25 million.  It further includes
a second lien term loan of CHF125 million.  The (P)B2 rating of
the proposed first lien facility reflects its relative ranking
in the capital structure and the benefits of a strong guarantee
and security package.  

Both the first and second lien secured credit facilities will be
fully and unconditionally guaranteed (on a senior secured basis)
by the parent and the assets of U.S. subsidiaries while non-U.S.
subsidiaries will provide a guarantee for the inter-company loan
provided to Luxco 3 (the non-U.S. Holdco).  Security for the
guarantees will be comprised of a pledge of certain shares and
assets.  The second lien notes are contractually subordinated to
nearly 80% of total creditor commitments on a fully drawn basis
via an inter-creditor agreement, and are therefore rated two
notches below the first lien notes recognizing the more limited
recovery prospects in a default scenario.

The outlook is stable, reflecting Moody's current view of the
industry trend and of Gate Gourmet's position within the
industry.  At the end of 2005, prior to the proposed capital
restructuring, the company's Adjusted Total Debt/EBITDA,
adjusted for leases and guarantees, reached nearly 8.0x, and
Retained Cash Flow to Net Debt fell to approximately 4.0%.  On a
pro forma basis based on 2005 operating results, the new capital
structure would reduce the company's adjusted leverage to just
under 7.0x.  If the company achieves its goal of cost savings,
with no major unforeseen events impacting its business plan, its
credit metrics are expected to improve.  If the Retained Cash
Flow/Adjusted Total Debt were to rise to the low teens on a
sustainable basis, this could be positive for the ratings.  
There are a number of events that could impact demand and costs
in the industry.  If these resulted in the Retained Cash
Flow/Adjusted Total Debt remaining in the low single digits,
this could be negative for the ratings.

At the closing of the transaction, the company will have CHF50
million in available undrawn credit, namely the revolving credit
facility.  In 2005 the company generated CHF23 million in free
cash flows.  Moody's notes that in spite of expected benefits
accruing from recent restructuring in the US and the UK, free
cash flow is expected to decline significantly in 2006, mainly
as a result of higher restructuring costs, an exceptional cash
pension payment, and increased capital expenditures.  The
company's ability to generate higher free cash flows thereafter
will depend on there being no major disruptions to revenues or
labor costs.

Headquartered in Zurich, Switzerland, Gate Gourmet is the
world's second largest airline catering company, with reported
2005 revenues and EBITDA of CHF2.47 billion and CHF111 million
(before restructuring costs and after certain one times-items),
respectively.  The company was initially founded in 1992 as a
division of Swissair.  In December 2002 the company was acquired
by Texas Pacific Group for CHF1.1 billion (including assumed
debt).  In December 2005 the shareholders and creditors agreed
to the new proposed capital structure.  


===========
T U R K E Y
===========


ANADOLU EFES: Fitch Keeps BB- Rating on Foreign Currency IDR
------------------------------------------------------------
Fitch Ratings kept the BBB- Local Currency IDR of the Turkish
brewer Anadolu Efes Biracilik ve Malt Sanayii A.S. on Rating
Watch Negative.  Its International Foreign Currency IDR stayed
BB- with a Positive Outlook.

Efes said it will guarantee the USD500 million bridge facility
granted by Citibank and HSBC to Efes Breweries International,
its 70% subsidiary, to finance the acquisition of the Russian
brewer Krasny Vostok as well as other investment needs.  However
it is not yet known how this short-term facility will be
refinanced on a longer term basis.

Should this acquisition funding be jointly borne by EBI and
Efes, either directly or via a guarantee of EBI's financial
debt, there is a high likelihood that Fitch will downgrade Efes'
Local Currency IDR by one notch to BB+.  

Once the final structure is more certain, Fitch will act
accordingly.  Under this scenario Fitch expects Efes' Foreign
Currency rating, currently at BB- with a Positive Outlook, to
remain unaffected.


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


AGROFIRM FORTUNA: Under Bankruptcy Supervision in Sumi
------------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Agrofirm Fortuna (code EDRPOU
31593356).  The case is docketed as 6/119-05.  Mr. Olga Naumova
has been appointed temporary insolvency manager.

CONTACT:  AGROFIRM FORTUNA
          41600, Ukraine, Sumi region,
          Konotop district, Gruzke

          Mr. Olga Naumova
          Temporary Insolvency Manager
          40030, Ukraine, Sumi region,
          Harkivska Str. 122

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


BAHMACH' RAJAGROHIM: Stuk Irina Takes Over Helm
-----------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Bahmach' Rajagrohim (code EDRPOU 05491793)
after finding the limited liability company insolvent.  The case
is docketed as 9/95 B.  Mr. Stuk Irina has been appointed
liquidator/insolvency manager.

CONTACT:  BAHMACH' RAJAGROHIM
          Ukraine, Chernigiv region,
          Bahmach, Petrovskij Str. 62

          Mr. Stuk Irina
          Liquidator/Insolvency Manager
          14008, Ukraine, Chernigiv region,
          Nahimov Lane 50

          ECONOMIC COURT OF CHERNIGIV REGION
          14000, Ukraine, Chernigiv region,
          Miru Avenue 20


DE-BORA: Goes Into Liquidation
------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC De-Bora (code EDRPOU 33229381) on
Dec. 28, 2005, after finding the limited liability company
insolvent.  The case is docketed as 43/923.  Mr. Davidenko O.
has been appointed liquidator/insolvency manager.

CONTACT:  DE-BORA
          Ukraine, Kyiv region,
          Marshal Zhukov Str. 26

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


LOS-FIDAV: Dnipropetrovsk Court Rules on Bankruptcy
---------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Ukrainian-American Llc Commercial House
Los-Fidav (code EDRPOU 20034596).  The case is docketed as B
24/259/05.  Mr. I. Sanzharevskij has been appointed temporary
insolvency manager.

CONTACT:  Mr. I. Sanzharevskij
          Temporary Insolvency Manager
          61146, Ukraine, Harkiv region,
          Bluher Str. 25a/64

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


PARACELS: Declared Insolvent
----------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Paracels (code EDRPOU 32554412) on Dec. 23,
2005, after finding the limited liability company insolvent.  
The case is docketed as 15/840-b.  Mr. Stusyak Vitalij has been
appointed liquidator/insolvency manager.

CONTACT:  PARACELS
          Ukraine, Kyiv region,
          Druzhbi Boulevard 8/9

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


SINTEZ: Bankruptcy Supervision Starts
-------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Sintez (code EDRPOU 32999100) on
Dec. 29, 2005.  The case is docketed as B 24/310/05.  Mr. Andrij
Kulakov has been appointed temporary insolvency manager.

CONTACT:  SINTEZ
          49000, Ukraine, Dnipropetrovsk region,
          Batumska Str. 48/33

          Mr. Andrij Kulakov
          Temporary Insolvency Manager
          49070, Ukraine, Dnipropetrovsk region,
          K. Marks Avenue 76 A, room 209
  
          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


SLAVUTICH: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Production-Commercial Complex
Slavutich (code EDRPOU 13429555).  The case is docketed as B
15/169/05.  Mr. O. Novikov has been appointed temporary
insolvency manager.

CONTACT:  SLAVUTICH
          49000, Ukraine, Dnipropetrovsk region,
          Artema Str. 12

          Mr. O. Novikov
          Temporary Insolvency Manager
          49600, Ukraine, Dnipropetrovsk region,
          Dzerzhinskij Str. 29, office 40

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


VERKON: Court Names Dovbehsko G. as Insolvency Manager
------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Verkon (code EDRPOU 33228959) after
finding the limited liability company insolvent.  The case is
docketed as 43/922.  Mr. Dovbeshko G. has been appointed
liquidator/insolvency manager.

CONTACT:  VERKON
          Ukraine, Kyiv region,
          Marshal Zhukov Str. 26

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


ZOVNISHHIMTORG: Court Orders Debt Moratorium
--------------------------------------------
The Economic Court of Lviv region region commenced bankruptcy
supervision procedure on LLC Zovnishhimtorg (code EDRPOU
30478555) and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed as 6/273-5/231.  Mr. Igor Homishin
has been appointed temporary insolvency manager.

CONTACT:  ZOVNISHHIMTORG
          79035, Ukraine, Lviv region,
          Pasichna Str. 135

          Mr. Igor Homishin
          Temporary Insolvency Manager
          Ukraine, Lviv region,
          Polishuk Str. 87a/17

          ECONOMIC COURT OF LVIV REGION REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


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

ACTIVE CASHFLOW: Royal Bank Names BDO Stoy Hayward as Receiver
--------------------------------------------------------------
Royal Bank Invoice Finance Limited appointed Martha H. Thompson
and Antony Nygate of BDO Stoy Hayward joint administrative
receivers of Active Cashflow Services Plc (Company Number
02712227) on Feb. 3.

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:  ACTIVE CASHFLOW SERVICES PLC
          Unit 2C
          Woodway Industrial Estate
          Bicester Road Aylesbury
          Buckinghamshire HP18 9EP
          Tel: 01865 308900


ALFRESCO FINE: Caterer Calls in Administrator
---------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd., were appointed joint administrators
of Alfresco Fine Foods Limited (Company Number 3782372) on
Feb. 8.  The company supplies food to the airline industry.

CONTACT:  ALFRESCO FINE FOODS LTD
          64 Gordon Road,
          Ashford, Middlesex TW15 3EU
          Tel: 01483-729602

          PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Tel: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk
                   james.tickell@portland-solutions.co.uk


ALLIED DOMECQ: S&P Keeps BB Unsecured Debt Rating on CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' senior
unsecured debt ratings on U.K.-based wines and spirits
manufacturer Allied Domecq Ltd. (BB/Positive/B), formerly Allied
Domecq PLC, and related entities remain on CreditWatch with
negative implications.

The senior unsecured debt ratings were originally placed on
CreditWatch with negative implications on April 21, 2005,
pending the possible resolution of subordination issues
following the takeover of Allied by France-based spirits
manufacturer and marketer Pernod Ricard S.A. (Pernod;
BB/Positive/B).

The 'BB/B' corporate credit ratings on Allied remain aligned
with those on its parent, Pernod.

"We now expect Pernod's management to decide on the
implementation of a valid remedy to the current structural
subordination situation before the end of March 2006," said
Standard & Poor's credit analyst Vincent Allilaire.  "We still
cannot assess the implementation of such a remedy as either
impossible or unlikely.  This could be reached, for example,
through the granting of a Pernod Ricard guarantee to Allied's
remaining bondholders."

Should no valid remedy be provided by the end of March, Standard
& Poor's will reflect the structural subordination of Allied's
senior debt through a one-notch downgrade, to 'BB-'.

The structural subordination is caused by lenders' uneven access
to the group's assets.  In particular, bank lenders at the
Pernod level benefit from a guarantee from most of the
substantial entities of the combined group, including Allied
Domecq Ltd., resulting in enhanced access to the group's assets.  
In contrast, holders of outstanding bonds issued by Allied
Domecq Financial Services Ltd., and guaranteed by Allied Domecq
Ltd., have to share the benefit of their guarantor's assets with
the Pernod lenders, and do not benefit from a guarantee from any
other company of the Pernod group.

None of the Allied bonds includes any change-of-control clauses.  
Only three outstanding bonds, however, maturing in or beyond
2009, are expected not to be refinanced through the Pernod
group's multi-year multi-tranche EUR9.4 billion acquisition
facility:

   (a) EUR600 million maturing in 2009;
   (b) GBP450 million (EUR666 million) maturing in 2011; and
   (c) GBP250 million (EUR370 million) maturing in 2014.


AQUAVITA BATHROOMS: Taps Parkin S. Booth to Liquidate Assets
------------------------------------------------------------
Aquavita Bathrooms Limited is voluntarily liquidating its assets
after members elected to wind up the company on Feb. 2, 2006.

Paul James Fleming, of Parkin S. Booth & Co., was appointed
Liquidator.

CONTACT:  AQUAVITA BATHROOMS LIMITED
          Unit 6
          Coalbrookdale Road
          Clayhill Light Industrial Park Neston Merseyside
          CH64 3UG
          Tel: 0151 336 5955
          Fax: 0151 336 8368


ASPARAGUS LIMITED: Hires Liquidator from BN Jackson Norton
----------------------------------------------------------
Simon James Bonney, of BN Jackson Norton, was appointed
Liquidator after members of Asparagus (UK) Limited resolved to
liquidate the company's assets on Feb. 6, 2006.

Chairman P. Cockwell disclosed that the company could no longer
continue its business due to mounting debts.

CONTACT:  ASPARAGUS (UK) LIMITED
          150 Tooley Street
          London
          SE1 2TU
          Tel: 020 7234 0555
          Fax: 020 7234 0555


AUTO ACCESSORIES: Creditors Approve Voluntary Liquidation
---------------------------------------------------------
Creditors of Auto Accessories UK Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company's operations on Feb. 3, 2006.

Creditors also ratified the appointment of Robert W. Keating of
R.W. Keating & Co. as liquidator.

Director W.J. Bradley disclosed that the company could no longer
continue operating its business due to financial liabilities.

CONTACT:  AUTO ACCESSORIES UK LIMITED
          1 Tanhouse Lane
          Widnes Cheshire
          WA8 0RZ
          Tel: 0151 257 8050
          Fax: 0151 257 8050


BAILEY & TOWNLEY: Hires BDO Stoy Hayward to Administer Assets
-------------------------------------------------------------
Dermot J. Power and Matthew Dunham of BDO Stoy Hayward LLP were
appointed joint administrators of Bailey & Townley Limited
(Company Number 04870444) on Feb. 8.  

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.

Headquartered in Manchester, Bailey & Townley Limited --
http://www.baileytownley.co.uk/-- is a family-owned business  
that has been established for 25 years.  The company
manufactures of refrigeration units.


BARNSBURY LIMITED: Hires Joint Liquidators to Wind Up Operations
----------------------------------------------------------------
Members of Barnsbury (UK) Limited passed a resolution to wind up
the company during an extraordinary general meeting on Feb. 6,
2005, in London.

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

Lisa Hogg and David Field, of Wilson Field, were appointed Joint
Liquidators to wind up the company's business.

CONTACT:  BARNSBURY (UK) LIMITED
          98 Offord Road
          London
          N1 1PF
          Tel: 020 7607 5005


BLOOM MEDIA: In Administrative Receivership
-------------------------------------------
Charles and Katherine Spencer appointed Andrew James Nichols of
Redman Nichols joint administrative receiver of Bloom Media
Limited (Company Number 03805486) on Feb. 1.

Bloom Media Ltd -- http://www.bloommedia.co.uk/-- is a  
multimedia design, hosting, and computer consulting company.

CONTACT:  BLOOM MEDIA
          West Yorkshire
          357 Roundhay Road,
          Leeds, LS8 4BU
          Tel: 0113 2350229
          E-mail: info@bloommedia.co.uk

          REDMAN NICHOLS
          Maclaren House
          Skerne Road
          Driffield
          East Yorkshire YO25 6PN
          Tel: 01377 257788
          Fax: 01377 249119
          E-mail: andrew.nichols@redman-nichols.co.uk


BRITISH AIRWAYS: Denies Pension Cuts to Curb GBP1.4-Bil Deficit
---------------------------------------------------------------
British Airways denied reports of a plan to cut staff pensions
by more than a third, Reuters reports.  The company said talks
on its GBP1.4 billion pension deficit were ongoing.

"We have not tabled any proposals so far and, as we said at the
beginning of February when we announced our quarterly results,
we will be speaking with our trade unions and our staff," a
spokeswoman told Reuters.

The carrier plans to begin consultations with trade unions and
staff by late March, The Guardian relates.

                      About the Company

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

                        *     *     *

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


CARTONAGE REALISATIONS: Taps Begbies Traynor Administrator
----------------------------------------------------------
Neil A. Brackenbury and Michael E. G. Saville of Begbies Traynor
were appointed joint administrators of Cartonage Realisations
Ltd (Company Number 02995647) on Feb. 3.  Its registered office
is at Horley Green, Horley Green House, Claremount, Halifax HX3
6AS.

The company is previously named Cartonage Ltd.  It offers
packaging services.

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.  


DIRECT MARBLE: Meeting of Creditors Set Next Week  
-------------------------------------------------
Creditors of Direct Marble & Granite Supplies Limited will meet
on March 1, 2006, 11 a.m. at The Europarc Innovation Centre,
Innovation Way, Grimsby, North East Lincolnshire.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Charles Ranby-Gorwood, administrator of CRG
Insolvency and Financial Recovery, Alexandra Dock Business
Centre, Fisherman's Wharf, Grimsby DN31 1UL not later than 12
noon, Feb. 28, 2006.

CONTACT:  DIRECT MARBLE & GRANITE SUPPLIES LTD
          Ladysmith Rd, Trade Centre
          Grimsby DN32 9SH
          Tel: 01472 24011

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

FINLANDIA TRAVEL: Meeting of Creditors Set This Weekend
-------------------------------------------------------
Creditors of Finlandia Travel Agency Limited (Company Number
00759518) will meet on Feb. 24, 2006, 11 a.m. at PKF (UK) LLP,
Farringdon Place, 20 Farringdon Road, London EC1M 3AP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at Farringdon Place, 20 Farringdon Road, London EC1M
3AP not later than 12 noon, Feb. 23, 2006.

Established in 1963, Finlandia Travel Agency Limited is based in
London.  It is one of UK's longest running specialist tour
operators to Scandinavia and the Baltic Region, and has been
operating a successful Santa Claus tour programme for 20 years.  
The company has an average annual turnover of GBP9 million.  It
employs 12 staff.

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

          PKF
          Pannell House,
          159 Charles Street,
          Leicester LE1 1LD
          Tel: 0117 906 4000
          Fax: 0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk/


JONES' SAUSAGE: Appoints Joint Administrators from KPMG
-------------------------------------------------------
Richard James Philpott and Allan Watson Graham of KPMG LLP were
appointed joint administrators of Jones' Sausage Company Limited
(Company Number 04748389) on Feb. 8.  The company is engaged in
producing and preserving meat.

CONTACT:  JONES SAUSAGE CO
          Hay Lane, Foston
          Derby DE65 5PJ
          Derbyshire
          Tel: 01283 585852
          Fax: 01283 585856

          KPMG
          Peat House
          1 Waterloo Way,
          Leicester LE1 6LP
          Tel: (0116) 256 6000
          Fax: (0116) 256 6050
          Web site: http://www.kpmg.co.uk/


MEDWAY NURSING: Joint Administrators from Baker Tilly Move In
-------------------------------------------------------------
John Ariel and K. C. Holmes of Baker Tilly were appointed joint
administrators of Medway Nursing And Care Services Ltd (Company
Number 4169249) on Feb. 1.  Its registered office is at Alpha 1
Laser Quay, Culpepper Close, Medway City Estate, Rochester, Kent
ME2 4HU.  The company operates a nursing and care facility.

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:  MEDWAY NURSING AND CARE SERVICES
          Ground Floor
          Alpha 1
          Laser Quay
          Culpeper Close
          Medway City Estate
          Tel: 01634 712 800
          Fax: 01634 716 029


METOXAL U.K.: Calls in Sale Smith & Co. Limited Administrator
-------------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co, Limited, were appointed
administrator of Metoxal U.K. Limited (Company Number 03588859)
on Jan. 31.  The company is engaged in treating and coating
metals.

CONTACT:  METOXAL UK LTD
          The Levels Industrial Estate,
          The Levels, Rugeley,
          Staffordshire WS15 1RD
          Tel: 01889570395

          SALE SMITH & CO LIMITED
          30 Derby Street,
          Ormskirk L39 2BY
          E-mail: etfs@salesmith.demon.co.uk  


MFI FURNITURE: Secures New GBP150 Mln Loan for Turnaround Plans
---------------------------------------------------------------
MFI Furniture Group Plc agreed to a new 39-month asset-backed
facility totalling GBP150,000,000, fully underwritten by Burdale
Financial Limited (a member of the Bank of Ireland group) and
Lloyds TSB Commercial Finance Limited.  The facility will
replace the Company's existing revolving syndicated credit
facility.

The new facility will be cross guaranteed by all of the
principal members of the MFI group and will be secured by fixed
and floating charges over their assets and those of the Company.

The Company has received clearance from the Pensions Regulator
in respect of the new financing arrangements.  The Company and
the trustees of the MFI Group Pension Plan and the Schreiber
Fund have agreed that, for so long as the new facilities remain
in place, security will also be granted to the Trustees by the
MFI group.   

The security granted to the Trustees will consist of:

   -- a first fixed charge over the issued share capital of
      Howden Joinery Limited; and

   -- second ranking security over other assets charged to
      secure the new facilities.  

The circumstances in which the security may be exercised have
been agreed between the Company, the Trustees, the Pensions
Regulator and the new lenders.  The security granted to the
Trustees will be released upon the new lenders being repaid in
full.

The Company will issue its 2005 preliminary results, an update
on its strategic review and current trading on 28 February 2006.

"This is good news for MFI," Matthew Ingle, CEO of MFI said.  
"The new facility will allow MFI to focus on its turnaround
plans for UK retail and the growth of Howden."

The Scotsman reports that the troubled furniture group is
battling rising debts and approximately GBP200 million in
pension deficit.

Headquartered in London, MFI Furniture Group --
http://www.mfi.co.uk/-- manufactures and sells household  
furniture.  The Company markets its furniture products through
its retail establishments located in the United Kingdom and
France.  MEI's subsidiaries include Schreiber Furniture Limited,
MFI Furniture Centres, Hygena Cuisines SA and Howden Joinery
Limited.


NEW WADE: Calls in Administrators from Sargent Co. and Begbies
--------------------------------------------------------------
Peter Sargent of Sargent & Co. and Michael Saville of Begbies
Traynor were appointed administrators of New Wade Stainless
Products Limited (Company Number 1136350) on Feb. 8.  Its
registered office is at Jubilee Works, Jubilee Street North,
Ovenden, Halifax HX3 6QY.  It operates stainless steel
fabrications.

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:  NEW WADE STAINLESS PRODUCTS
          Jubilee Works, Jubilee Street North,
          Halifax, West Yorkshire HX3 6QY
          Tel: 01422356658

          SARGENT & CO.
          36 Clare Road
          Halifax
          West Yorkshire HX1 2HX
          Tel: 01422 348448
          Fax: 01422 360748
          E-mail: peter@sargentcompany.com


RA INTERNATIONAL: Manufacturer Hires Administrators from PwC
------------------------------------------------------------
Robert Jonathon Hunt and Mark David Charles Hopkins of
PricewaterhouseCoopers LLP were appointed administrators of RA
International Limited (Company Number 01599647) on Feb. 8.  Its
registered office is at Kings Hill Business Park, Darlaston,
Wednesbury, West Midlands WS10 7SH.

RA International Limited -- http://www.ra-international.ltd.uk/
-- was established in 1968.  It is UK's largest independently
owned rubber, foam and plastics converter.

Headquartered in Birmingham, 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.  

CONTACT:  RA INTERNATIONAL LTD
          Kingshill Business Park
          Darlaston Road
          Wednesbury WS10 7SH
          West Midlands
          Tel: 0121 556 4271
          Fax: 0121 5022562


REGAL PETROLEUM: Shuts Down Fields Following Junked Appeal
----------------------------------------------------------
Regal Petroleum plc confirms that production has been shut down
at the company's operations on its GOL/MEX and SV fields in
Ukraine.  

The move came as a result of the Kiev appellate court's decision
rejecting the company's appeal with regards to the legal
challenge brought by Chernihivnaftogasgeologia against the
Ministry of Environmental Protection with respect to the
validity of Regal's production licences in Ukraine.

The Company has lodged an application to the Supreme
Administrative Court of Ukraine seeking an order that production
be re-opened pending Regal's further appeal to the Supreme
Administrative Court of Ukraine to establish the legality of its
licenses.

                        About the Company

Headquartered in London, Regal Petroleum PLC --
http://www.regalpetroleum.com/-- is an independent oil and gas  
producer listed on the Alternative Investment Market of the
London Stock Exchange.  It focuses on the exploration,
development and production of oil and gas assets in Ukraine,
Greece, Romania, Egypt and Liberia.

                         *     *     *

                        Chairman's Exit

Frank Timis, who served as executive chairman until he stepped
down in June, established the company in 1996.  He resigned as
the company's annual losses quadrupled.  For the year ending
Dec. 31, 2004, losses amounted to US$13.7 million, up from
US$2.9 million a year earlier.

Since March, the company has lost 83% of its value, with shares
plunging significantly at the end of April when Regal raised
GBP45 million at 390 pence a share following its discovery of a
gas prospect in Romania.  It sank further when a well in Greece
was found to be not commercially viable for exploration.


SERVICETOKEN LIMITED: Manufacturer Yields to Bankruptcy
-------------------------------------------------------
Members of Servicetoken Limited passed a resolution to wind up
the company during and Extraordinary General Meeting on Jan. 31,
2006.

Chairman L. Lunn stated the company could not continue its
business due to its liabilities.

Ian William Kings, of Tenon Recovery, was appointed Liquidator.

CONTACT:  SERVICETOKEN LIMITED
          Hadrian Works
          Haltwhistle Northumberland
          NE49 0EX
          Fax: 01434 321 690
          Tel: 01434 321 690


SMH HOLDINGS: Names KPMG Administrator
--------------------------------------
Mark Granville Firmin and Richard Dixon Fleming of KPMG LLP were
appointed administrators of SMH Holdings Limited (Company Number
05064179), SMH Limited (Company Number 05064554) and SMH Vehicle
Hire Limited (Company Number 04013214) on Feb. 8.

CONTACT:  KPMG LLP
          1 The Embankment
          Neville Street
          Leeds
          West Yorkshire LS1 4DW
          Tel: 0113 231 3332
          Fax: 0113 231 3183
          E-mail: richard.fleming@kpmg.co.uk


TIMBERLAND (SOUTHERN): Hires Milsted Langdon Administrator
----------------------------------------------------------
Timothy Alexander Close of Milsted Langdon was appointed
administrators of Timberland (Southern) Limited (Company Number
03222687) on Feb. 6.  Its registered office is at Winchester
House, Deane Gate Avenue, Taunton, Somerset TA1 2UH.  The
company sells wooden buildings and gates.

CONTACT:  TIMBERLAND (SOUTHERN) LTD
          504-506 Wallisdown Road
          Bournemouth, Dorset BH11 8PT
          Tel: 01202515800

          MILSTED LANGDON
          Winchester House
          Deane Gate Avenue
          Taunton
          Somerset TA1 2UH
          Tel: 01823 445566
          Fax: 01823 445555
          E-mail: risaacs@milsted-langdon.co.uk


T P M PRINT: Starts Winding Up Process
--------------------------------------
Members of T.P.M. Print Solutions Limited decided to wind up the
company during an Extraordinary General Meeting on Feb. 2.

Brendan Eric Doyle was appointed Liquidator.

CONTACT:  T P M PRINT SOLUTIONS LIMITED
          4 Cardiff Road
          Barry South Glamorgan
          CF63 2QY
          Tel: 0845 601 6151
          Fax: 01446 721 503


TRIMFOAM (UK): Cushion Maker Calls in Administrator
---------------------------------------------------
J. M. Titley and P. Reeves of DTE Leonard Curtis were appointed
administrators of Trimfoam (UK) Limited (Company Number
03722795) on Feb. 7.  Its registered office is at The Drill
Hall, Rifle Street, Oldham OL1 3DN.  The company manufactures
foam cushions.

CONTACT:  TRIMFOAM (UK) LTD
          The Drill Hill, Rifle Street,
          Oldham, Lancashire OL1 3DN
          Tel: 0161 621 5250
          Fax: 0161 678 7427

          DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Tel: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com/


WESTON ROYAL: Legion Club Shuts Down
------------------------------------
The Weston Royal British Legion Club has shut down its
operations for good due to substantial debts, Bristol Evening
Post reports.

The club has closed its operation since last month after
suffering tremendous cash crisis.  It ceased trading and
requested the RBL headquarters in London to revoke its license,
the paper said.

"A lot of people were against closing it but at the end they had
no choice but to vote for it," Branch secretary Merlin
Parrington told the Post.  "It was trading while insolvent. . .  
I had to send back 137 affiliation membership cards not renewed.
As time goes by, older members are dying off and the young
people are not coming forward."  

He added that the company is looking for a smaller venue to meet
with members but this will depend on what might happen to the
club's assets.    

If the club's building is sold, the money would go to the Royal
British Legion pursuant to a lease, the Post relates.

Weston Royal British Legion Club has been operating in Orchard
Street for 84 years.


WESTVAN (2001): Administrators from Deloitte & Touche Move In  
-------------------------------------------------------------
Nicholas James Dargan and William Kenneth Dawson of Deloitte &
Touche were appointed administrators of holding company Westvan
(2001) Limited (Company Number 3945586) on Feb. 7.  Its
registered office is at 12th Floor, Sunlight House, Quay Street,
Manchester, Lancashire M3 3TZ.

CONTACT:  DELOITTE & TOUCHE LLP
          1 Stonecutter Street,
          London EC4A 4TR

          DELOITTE & TOUCHE
          PO Box 500
          201 Deansgate
          Manchester
          Greater Manchester M60 2AT
          Tel: 0161 832 3555
          Fax: 0161 829 3806
          E-mail: bill.dawson@deloitte.co.uk


WISTARIA HOUSE: Names Middleton Partners Administrator
------------------------------------------------------
Julie Anne Palmer and Michael Francis Stevenson of Middleton
Partners were appointed administrators of Wistaria House
(Lymington) Limited (Company Number 4789501) on Feb. 7.  The
company operates a hotel and restaurant.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Tel: 01722 435 192
          Fax: 01722 421102
          E-mail: julie@middletonpartnerssalisbury.co.uk   
          Web site: http://www.middletonpartners.co.uk/


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


                            *********                            


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

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

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

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

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

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


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