TCREUR_Public/060223.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, February 23, 2006, Vol. 7, No. 39  

                            Headlines

G E R M A N Y

HERBERT QUADFLIEG: Court Stays Proceedings Due to Bankruptcy
HEROS GROUP: Declares Bankruptcy Amid Major Fraud Probe
HESA - KALTE: Court of Duesseldorf Begins Bankruptcy Process
HESSELINK TRUCKS: Sigrid Rueffert Takes Over Operations
JOSEF HEINEN: Claims Verification Set on June 16

LED-X: Proofs of Claim Due Early March
LN IMMOBLIEN: Claims Registration Ends March 10
MAJA SPEDITIONS: Names Dr. Oliver Liersch to Administer Assets


I T A L Y

IMPREGILO SPA: Wins US$60 Million Dominican Contract


K A Z A K H S T A N

ANTEI: Aktobe Court Sends Group Into Bankruptcy
IMPERIA: Sets Proofs of Claim Filing Deadline
JYLUENERGIA: Creditors Have Until March 6 to File Claims
KAZAKHSTAN CONSTRUCTION: Last Day for Filing of Claims Set
PLINTUS-STROI: Creditors' Claim Due Next Month


N O R W A Y

PETROLEUM GEO-SERVICES: Pursues FPSO Projects with Teekay  


R U S S I A

BUILDING MATERIALS: Declared Insolvent by Moscow Court
CENTERTELECOM: Names Dmitry Karmanov as Deputy General Director
GAS-STROY: Yamalo-Nenetskiy Court Rules on Bankruptcy
INZHAVINSKIY: Court Sets Feb. 28 Claims Bar Date
KARAKULINO-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Set June 6

PERVOMAYSKIY DISTILLERY: Succumbs to Bankruptcy
TASHLINSKOYE: Claims Filing Period Ends Next Week
TRADING COMPANY: Kemerovo Court Brings In Insolvency Manager
UKHOTSKOYE: Court Names N. Mukha as Insolvency Manager
URALSVYAZINFORM: Board Lists Nominees for Election at 2006 AGM

VOLOGDA-METAL-CONSTRUCTION: Court Rules on Bankruptcy
VTOR-MET-EXPORT: Insolvency Manager Takes Charge


U K R A I N E

ENTRANSAVTO: Insolvency Manager Takes Over Operations
LEVADA-AGRO: Under Bankruptcy Supervision in Poltava
MASTER: Taps Liseyev Kirilo to Lead Liquidation Proceedings
KONDITER-INVEST: Bankruptcy Proceedings Begin
MIKOLAIVSKA BIRD: Yaroslav Gula Named as Insolvency Manager

PROMTECHSNAB: Court Begins Bankruptcy Proceedings in Donetsk
STEEL DNIPROSTAL: Succumbs to Bankruptcy Process
TECHPROMSERVICE: Insolvency Manager Takes Helm
UKRAINE-AMERICA: Declared Insolvent by Dniprpetrovsk Court
VASILIVKA' TECHNOLOGICAL: Under Sanction Procedure in Zaporizhya


U N I T E D   K I N G D O M

AMBERLEE UK: Creditors' Meeting Set Next Week
APEX PITCHMASTIC: Claims Filing Period Ends This Week
BAMFORD ROOFING: Meeting of Creditors Set Next Week
BARLOCAL MANAGEMENT: Taps Joint Administrators from Vantis
BURGESS MARINE: In Administrative Receivership

CAFE CLUB: Calls In Administrator from Jeremy Knight & Co
CELTECH OPTICAL: Members Pass Winding Up Resolution
CIVIC ENTERPRISES: Clothing Retailer Hires Joint Administrator
COMBIPURE LIMITED: Halts Operations & Liquidates Assets
CONSOLIDATED GOLD: Creditors May File Claim on Hanson Stock

CONTACT ELECTRICAL: Registration of Claims Ends April 12
CORONIS PLC: Fitch Junks GBP13.7 Mln Class F Notes From B
DANTERWAY LIMITED: Winds Up Assets in London
DAVID HANNAH: Bakery Starts Winding Up Proceedings
DELRAC LIMITED: Hires Joint Administrators from BDO Stoy Hayward

DIAMONITE INDUSTRIES: Joint Administrators Take Over
ELIZA TINSLEY: Ernst & Young Joint Administrators Enter Firm
ESSENTIS LIMITED: Deadline for Debt Claims Set Friday
GLENVARIGILL COMPANY: Obtains Support from Bank of Scotland
INDUSTRIAL STAFF: Names Wilkins Kennedy to Administer Assets

L I REALISATIONS: Creditors Approves Liquidation Process
LOUIS DRAPKIN: Creditors' Meeting Set March 2
MATRIX MANUFACTURING: Names Ninos Koumettou as Administrator
MG PROPERTIES: Real Estate Developer Appoints Administrator
MINING & PILING: Administrator from Haines Watts Moves In

NATOCARS LIMITED: Vehicle Retailer Calls In Administrator
REEPHAM LIMITED: Meeting of Creditors Set Today
SAVANT SAGE: Telecom Service Concedes to Bankruptcy
SINGER & FRIEDLANDER: Fitch Lowers Individual Rating to B/C
STEELFORCE BOWMECH: Hires BDO Stoy Hayward Administrator

TASK TEAM: Social Service Goes Bankrupt
TEALPACK SALES: Claims Registration Ends April 30
THE CONSERVATORY: Begins Liquidation Process
TI AUTOMOTIVE: Moody's Revises B1 Rating Outlook to Stable
WARWICKSHIRE SURFACING: Creditors to Meet Next Week

* Fitch Says UK Annuities Potentially Profitable But Risky

     **********

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


HERBERT QUADFLIEG: Court Stays Proceedings Due to Bankruptcy
------------------------------------------------------------
The District Court of Krefeld opened bankruptcy proceedings
against Herbert Quadflieg Service-GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until April 20, 2006, to
register their claims with court-appointed provisional
administrator Eberhard Stock.     

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 10:35 a.m. on
April 21, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  HERBERT QUADFLIEG SERVICE-GmbH
          Lerchenfeldstr. 3-7, 47877 Willich
          Attn:
          Kurt Ripkens, Manager
          Schageshofstr. 39, 47877 Willich

          Eberhard Stock, Administrator
          Wilhelmshofallee 75, 47800 Krefeld


HEROS GROUP: Declares Bankruptcy Amid Major Fraud Probe
-------------------------------------------------------
Germany's cash transport firm, Heros Group, and 23 subsidiaries
filed for insolvency proceedings on Monday, Feb. 21, leaving the
country with fears of cash shortages.

According to Expatica, an insolvency administrator was appointed
Monday to review whether the business can be saved or will have
to be wound up.

Monday's bankruptcy filings were made following the arrest of
four executives from its Nordcash Geldbearbeitung unit, two
board members and two lower-ranking executives, who allegedly
embezzled EUR300 million from its clients for the firm's
expansion and for personal use, according to published reports.

The investigation included a search of 25 businesses and private
homes in the German cities of Hamburg and Hanover and the
western towns of Viersen and Frechen last week.

"The activities of the public prosecutor's office and the police
against the Heros Group will inevitably have an effect on cash
supply as well as the monetary services industry," AFX News
quoted German monetary and security services association BDGW.

"It's potentially a serious problem," Frankfurt-based
Commerzbank AG spokesman Peter Pietsch told Bloomberg News.

Bundesbank, Germany's central bank, said about half of the
EUR547 billion of banknotes in the euro region are spent in
Germany, Bloomberg reports.

Hanover-based Heros, which employs about 3,000 guards and
clerical staff, controls around half of Germany's money-
transport business and transports around EUR600 million a day.  


HESA - KALTE: Court of Duesseldorf Begins Bankruptcy Process
------------------------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against HESA - Kalte- Klima GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 6, 2006, to register their
claims with court-appointed provisional administrator Dr. Onno
Klopp.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Muehlenstrasse
34, 40213 Duesseldorf, 3.OG Altbau, A 388, at 9:15 a.m. on March
27, 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:  HESA - KALTE- KLIMA GmbH
          Rheindorfer Str. 70, 40764 Langenfeld
          Attn:
          Juergen Schopphoff, Manager
          Neuenweg 15 a, 42929 Wermelskirchen

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


HESSELINK TRUCKS: Sigrid Rueffert Takes Over Operations
-------------------------------------------------------
The District Court of Nordhorn opened bankruptcy proceedings
against Hesselink Trucks GmbH on Jan. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 7, 2006, to register their
claims with court-appointed provisional administrator Sigrid
Rueffert.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Nordhorn, Seilerbahn 15,
48529 Nordhorn, at 11:00 a.m. on March 22, 2006, at which time
the administrator will present his first report on the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  HESSELINK TRUCKS GmbH
          Londoner Strasse 5, 48455 Bad Bentheim
          Attn:
          Franciscus B.M. Hesselink, Manager
          Loodiyk 1, 7597 NV Saasveld, Niederlande

          Sigrid Rueffert, Administrator
          Donnerschweer Strasse 398, 26123 Oldenburg
          Tel: 0441/340770
          Fax: 0441/34077340


JOSEF HEINEN: Claims Verification Set on June 16
------------------------------------------------
The District Court of Krefeld opened bankruptcy proceedings
against Josef Heinen KG on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until April 20, 2006, to register their claims
with court-appointed provisional administrator Eberhard Stock.     

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 10:25 a.m., on
April 21, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report at 9:10
a.m., on June 16, 2006, at the same venue.

CONTACT:  JOSEF HEINEN KG
          Bahnstr. 7, 47929 Grefrath
          Attn:
          Peter Heinen, Manager
          
          Eberhard Stock, Administrator
          Wilhelmshofallee 75, 47800 Krefeld


LED-X: Proofs of Claim Due Early March
--------------------------------------
The District Court of Duisburg opened bankruptcy proceedings
against LED-X GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 6, 2006, to register their claims
with court-appointed provisional administrator Dirk Hammes.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duisburg, Kardinal-Galen-
Strasse 124-130, 47058 Duisburg, III. Etage, Raum 315, at 9:45
a.m. on April 5, 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:  LED-X GmbH
          Dornerhofstrasse 12, 47058 Duisburg
          Attn:
          Oliver Heuken, Manager
          Xantener Strasse 34, D47495 Rheinberg

          Dirk Hammes, Administrator
          Wilhelmshofallee 75, 47800 Krefeld


LN IMMOBLIEN: Claims Registration Ends March 10
-----------------------------------------------
The District Court of Aachen opened bankruptcy proceedings
against LN Immoblien GmbH on Jan. 31.  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 Carsten Lange.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Aachen, Augustastrasse 78-
80, 52070 Aachen, 2. Etage, Raum Sitzungssaal 21, at 10:35 a.m.,
on March 14, 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
10:00 a.m., on May 2, 2006, at the same venue.

CONTACT:  LN IMMOBLIEN GmbH
          Weberstr. 22, 52525 Heinsberg
          Attn:
          Peter Josef Papeler, Manager
          
          Carsten Lange, Administrator
          Laurentiusstrasse 16-20, 52072 Aachen


MAJA SPEDITIONS: Names Dr. Oliver Liersch to Administer Assets
--------------------------------------------------------------
The District Court of Celle opened bankruptcy proceedings
against MaJa Speditions GmbH on Jan. 26.  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. Oliver
Liersch.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Celle, Muehlenstrasse 4,
29221 Celle, at 11:30 a.m. on March 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:  MAJA SPEDITIONS GmbH
          Sprengerstr. 44 i, 29223 Celle
          Attn:
          Jagoda Barbara Nowosad, Manager
          
          Dr. Oliver Liersch, Administrator
          Karl-Wiechert-Allee 1 c, 30625 Hannover
          Tel: 0511/554706-0
          Fax: 0511/554706-99
          Web: OLiersch@schubra.de


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


IMPREGILO SPA: Wins US$60 Million Dominican Contract
----------------------------------------------------
Troubled construction group Impregilo S.p.A. signed a US$60
million deal with the government of Dominican Republic to build
a dam on the Camu River, AFX News says.

Impregilo will build a 75-meter high dam, including a
hydroelectric plant, transmission lines and a water supply plant
for the city of La Vega.  The dam will also be used to control
floods and regulate irrigation.  The dam will be finished within
29 months.

Headquartered in Milan, Italy Impregilo S.p.A. --
http://www.impregilo.it/-- is a leading engineering group in  
Italy that has existed since 1906.  It generates more than
EUR2.96 billion in annual revenue and employs more than 11,703
people.  As of December 2004, group net result and net financial
position stood at -EUR1.76 billion and -EUR499 million
respectively.

Impregilo is optimistic it could achieve its profit forecast and
debt-to-equity ratio of 0.5 in 2007.  In September, the board
approved a EUR345 million provision to meet consolidated loss of
EUR328.5 million.  Corporate restructuring specialist Lazard
Freres & Co. LLC is advising Impregilo.


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


ANTEI: Aktobe Court Sends Group Into Bankruptcy
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe region
declared LLC Antei bankrupt.  Proofs of claim will be accepted
at Aktobe, Altynsarina Str. 31 on or before March 6, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          AKTOBE REGION
          Aktobe, Altynsarina Str. 31


IMPERIA: Sets Proofs of Claim Filing Deadline
---------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe region
declared LLC Imperia bankrupt.  Proofs of claim will be accepted
at Aktobe, Altynsarina Str. 31 on or before March 6, 2006

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          AKTOBE REGION
          Aktobe, Altynsarina Str. 31


JYLUENERGIA: Creditors Have Until March 6 to File Claims
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe region
declared JSC Jyluenergia bankrupt.  Proofs of claim will be
accepted at Aktobe, Altynsarina Str. 31 on or before March 6,
2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          AKTOBE REGION
          Aktobe, Altynsarina Str. 31


KAZAKHSTAN CONSTRUCTION: Last Day for Filing of Claims Set
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty region
declared CJSC Kazakhstan Construction Company bankrupt on
December 14, 2005.  Proofs of claim will be accepted at Almaty,
micro district Mamyr-1 13-43 on or before March 6, 2006.

The company can be contacted at 8 333 294 44-97.


PLINTUS-STROI: Creditors' Claim Due Next Month
----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe region
declared LLC Plintus-Stroi bankrupt.  Proofs of claim will be
accepted at Aktobe, Altynsarina Str. 31 on or before March 6,
2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          AKTOBE REGION
          Aktobe, Altynsarina Str. 31


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: Pursues FPSO Projects with Teekay  
---------------------------------------------------------
PGS Production, a wholly owned subsidiary of Petroleum Geo-
Services ASA, entered into an agreement with Teekay Shipping
Corporation to form a joint venture company called Teekay
Petrojarl Offshore that will focus on pursuing opportunities in
the rapidly growing global market for Mobile Production
Solutions with emphasis on developing solutions through Floating
Production Storage and Offloading units.

The joint venture will only encompass new projects.  Existing
assets of both companies are excluded from the joint venture,
amongst them all PGS' current FPSO and redeployment of those
assets.  Teekay Petrojarl Offshore will start pursuing
opportunities immediately and all details regarding the joint
venture are to be finalized within Q2, 2006.

"This is a further important move in our announced international
expansion strategy. The joint venture with Teekay allows us to
more effectively pursue further growth in the market for Mobile
Production Solutions worldwide.  Globally, we anticipate strong
growth in this market over the next three years says President
of PGS Production Espen Klitzing and continues:

"Teekay's global marketing organization, customer and shipyard
relationships are a perfect match with our engineering expertise
and experience as a quality operator of FPSOs in the harsh North
Sea environment".

"Offshore oil exploration and production is expected to grow
significantly," said Bjorn Moller, Teekay's President and Chief
Executive Officer.  "This joint venture creates a strong
platform to pursue the growing market for FPSOs that will result
from this increased offshore oil production.  The combination of
PGS' offshore engineering expertise and reputation as a quality
operator of FPSOs, and Teekay's global operations and extensive
customer network strategically positions this joint venture to
competitively pursue FPSO projects anywhere in the world."

                          About Teekay

Teekay Shipping Corporation transports more than 10 percent of
the world's seaborne oil and has recently expanded into the
liquefied natural gas shipping sector through its publicly
listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP).  With a
fleet of more than 140 tankers, offices in 15 countries and
5,100 seagoing and shore-based employees, Teekay provides a
comprehensive set of marine services to the world's leading oil
and gas companies, helping them seamlessly link their upstream
energy production to their downstream processing operations.
Teekay's reputation for safety, quality and innovation has
earned it a position with its customers as The Marine Midstream
Company.

Teekay's common stock is listed on the New York Stock Exchange
where it trades under the symbol "TK".

                      About PGS Production

PGS Production, a wholly owned subsidiary of Petroleum Geo-
Services, owns and operates the largest and most advanced fleet
of Floating Production Storage and Offloading vessels in the
North Sea.  These vessels produce oil and gas for oil companies.

In UK waters, Petrojarl Foinaven is producing the Foinaven field
for BP and CNR employs the Ramform Banff on the Banff field. On
the Norwegian shelf, Petrojarl Varg is in production for
Talisman on the Varg field, while Petrojarl I is on her 10th
successive contract, for Statoil on the Glitne field.

PGS Production has its head office in Trondheim, from where most
of its operations are managed. It also has an operations office
in Aberdeen.

Headquartered in Lysaker, Norway, Petroleum Geo-Services ASA --
http://www.pgs.com/-- is a technologically focused oilfield  
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units (FPSOs).

                        *     *     *

Petroleum Geo-Services' 10% senior notes due 2010 carry Standard
& Poor's B+ rating.


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


BUILDING MATERIALS: Declared Insolvent by Moscow Court
------------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Combine of Building Materials after finding
the open joint stock company insolvent.  The case is docketed as
A41-K2-1120/05.  Mr. V. Komolov has been appointed insolvency
manager.  

Creditors have until March 28, 2006, to submit their proofs of
claim to 143591, Russia, Moscow region, Istrinskiy region,
Pavlovskaya Sloboda, Oktyabrskaya Str. 37A.

CONTACT:  COMBINE OF BUILDING MATERIALS
          141292, Russia, Moscow region,
          Krasnoarmeysk, Ispytateley Str. 14

          V. KOMOLOV
          Insolvency Manager
          143591, Russia, Moscow region, Istrinskiy region,
          Pavlovskaya Sloboda, Oktyabrskaya Str. 37A


CENTERTELECOM: Names Dmitry Karmanov as Deputy General Director
---------------------------------------------------------------
Sergey Pridantsev, General Director of OJSC CenterTelecom,
disclosed the appointment of Dmitry Karmanov as the company's
new Deputy General Director and Director for Human Resources.

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

                        *     *     *

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


GAS-STROY: Yamalo-Nenetskiy Court Rules on Bankruptcy
-----------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region
commenced bankruptcy proceedings against Gas-Stroy after finding
the close joint stock company insolvent.  The case is docketed
as A81-4408/2005.  Mr. O. Zuev has been appointed insolvency
manager.  

Creditors have until March 28, 2006, to submit their proofs of
claim to 169600, Russia, Komi republic, Pechora, Pechorskiy Pr.
110.

CONTACT:  GAS-STROY
          Russia, Yamalo-Nenetskiy autonomous region, Nadym

          O. ZUEV
          Insolvency Manager
          169600, Russia, Komi republic,
          Pechora, Pechorskiy Pr. 110

          ARBITRATION COURT OF YAMALO-NENETSKIY
          AUTONOMOUS REGION
          629600, Russia, Salekhard,
          Chubynina Str. 37A


INZHAVINSKIY: Court Sets Feb. 28 Claims Bar Date
------------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Inzhavinskiy after finding the open joint
stock company insolvent.  The case is docketed as A64-11225/05-
21.  Mr. S. Fursov has been appointed insolvency manager.  

Creditors have until Feb. 28, 2006, to submit their proofs of
claim to 398046, Russia, Lipetsk region, Stakhanova Str. 2,
Apartment 120.

CONTACT:  INZHAVINSKIY
          Russia, Tambov region,
          Inzhavino, Stantsionnaya Str. 4A

          S. FURSOV
          Insolvency Manager
          398046, Russia, Lipetsk region,
          Stakhanova Str. 2, Apartment 120


KARAKULINO-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Set June 6
-----------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision on open joint stock company Karakulino-
Agro-Prom-Khimiya.  The case is docketed as A71-18010/2005-G21.  
Mr. V. Kochetov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 426063, Russia,
Udmurtiya republic, Izhevsk, Post User Box 2194.  A hearing will
take place on June 6, 2006.

CONTACT:  KARAKULINO-AGRO-PROM-KHIMIYA
          Russia, Udmurtiya republic, Karakulino

          V. KOCHETOV
          Temporary Insolvency Manager
          426063, Russia, Udmurtiya republic,
          Izhevsk, Post User Box 2194


PERVOMAYSKIY DISTILLERY: Succumbs to Bankruptcy
-----------------------------------------------
The Arbitration Court of Chita region commenced bankruptcy
proceedings against Pervomayskiy Distillery (TIN 7527006427)
after finding the limited liability company insolvent.  The case
is docketed as A78-12745/2005B-109.  Mr. S. Bertunov has been
appointed insolvency manager.

Creditors may submit their proofs of claim to 673390, Russia,
Chita region, Shilkinskiy region, Pervomayskiy, Lazo Str. 9, 2.  
A hearing will take place on June 22, 2006, 2:30 p.m.

CONTACT:  PERVOMAYSKIY DISTILLERY
          Russia, Chita region, Shilkinskiy region,
          Pervomayskiy, Promyshlennaya Str. 3

          S. BERTUNOV
          Insolvency Manager
          673390, Russia, Chita region, Shilkinskiy region,
          Pervomayskiy, Lazo Str. 9, 2


TASHLINSKOYE: Claims Filing Period Ends Next Week
-------------------------------------------------
The Arbitration Court of Orenburg region has commenced
bankruptcy supervision on open joint stock company Tashlinskoye
(TIN 5648001317).  The case is docketed as A47-16840/2005.  Mr.
N. Tokarev has been appointed temporary insolvency manager.

Creditors have until Feb. 28, 2006, to submit their proofs of
claim to 460507, Russia, Orenburg region, Prigorodnyj,
Ryabinovyj Per. 5.  A hearing will take place on April 25, 2006,
10:00 a.m. at the Arbitration Court of Orenburg region.

CONTACT:  TASHLINSKOYE
          461170, Russia, Orenburg region,
          Tashla, Khlebnaya Str. 8

          N. TOKAREV
          Temporary Insolvency Manager
          460507, Russia, Orenburg region,
          Prigorodnyj, Ryabinovyj Per. 5


TRADING COMPANY: Kemerovo Court Brings In Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced
bankruptcy supervision on LLC Trading Company.  The case is
docketed as A27-43864/2005-4.  Mr. V. Mikhaylov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 300026, Russia,
Tula, Ryazanskaya Str. 1, Office 612.  A hearing will take place
on May 22, 2006.

CONTACT:  TRADING COMPANY
          Russia, Kemerovo region,
          Pionerskiy Avenue, 4A

          V. MIKHAYLOV
          Temporary Insolvency Manager
          650054, Russia, Kemerovo region,
          Pionerskiy Avenue, 4A


UKHOTSKOYE: Court Names N. Mukha as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Ukhotskoye after finding the close joint
stock company insolvent.  The case is docketed as A05-19500/05-
8.  Mr. N. Mukha has been appointed insolvency manager.  

Creditors have until Feb. 28, 2006, to submit their proofs of
claim to 164200, Russia, Arkhangelsk region, Nyandoma,
Industrialnaya Str. 4, Room 19.

CONTACT:   UKHOTSKOYE
           164144, Russia, Arkhangelsk region,
           Kargopolskiy region, Pesok  

           N. MUKHA
           Insolvency Manager
           164200, Russia, Arkhangelsk region,
           Nyandoma, Industrialnaya Str. 4, Room 19


URALSVYAZINFORM: Board Lists Nominees for Election at 2006 AGM
--------------------------------------------------------------
The Board of Directors for Uralsvyazinform approved the list of
candidates for election into the Board and Audit Commission at
the company's Annual General Meeting of 2006.  

Following the Board's decision, the list of candidates to the
Board of Directors includes:

   -- Vladimir Adzhalov President of OOO "ATOS"

   -- Boris Antonyuk Deputy Minister of Information Technology
      and Communications of Russian Federation

   -- Victor Basargin Deputy Authorized Representative of
      Russian President in the Urals Federal District

   -- Igor Belikov Director of Non-Profit Partnership "Russian
      Institute of Directors"

   -- Alla Grigorieva Deputy Director and Head of Section at
      Corporate Governance Department of OAO "Svyazinvest"

   -- Vladimir Dudchenko Head of Research at Moscow office of
      NCH Advisors, Inc.

   -- Evgeny Enin General Director of "Russki Monolit"
      Investment Company

   -- Vladimir Kozin Director of Direct Investments and Property
      Department of OAO "Svyazinvest"

   -- Sergey Konkov Head of Federal Property Department at
      Russian Federal Property Fund

   -- Olga Koroleva Chief Accountant of OAO "Svyazinvest"

   -- Sergey Kuznetsov Senior Deputy General Director of OAO
      "Svyazinvest"

   -- Natalia Loginova Deputy Head of Section at Rosimuschestvo
      (Federal Property Service)

   -- Andrey Morozov Head of Legal Department at Moscow office
      of NCH Advisors, Inc.

   -- Vladimir Statyin General Director of Non-Profit
      Partnership "Association for Protection of Shareholder
      Rights"

   -- Lyubov Timoshenko Director of Economic Policy and Finance
      Department of Ministry for Information Technology and
      Communication of RF

   -- Anatoly Ufimkin General Director of OAO "Uralsvyazinform"

   -- Sergey Chernogorodsky Director of Shareholder Equity
      Department of OAO "Svyazinvest"

   -- Evgeny Chechelnitsky Deputy Head of Federal Communications
      Surveillance Service

The candidate list for Audit Commission includes:

   -- Natalia Belyakova Deputy Director of Finance Department of
      OAO "Svyazinvest"

   -- Svetlana Bocharova Head of Section at Accounting
      Department of OAO "Svyazinvest"

   -- Bogdan Golubitsky Head of Section at Economic Planning and
      Budgeting Department of OAO "Svyazinvest"

   -- Lidia Kalinina Head of Section at Electric Communications
      Department of OAO "Svyazinvest"

   -- Evgeny Nechayev Head of Section at Economic and Tariff
      Policy Department of OAO "Svyazinvest"

   -- Natalia Feoktistova Head of Section at Legal Department of
      OAO "Svyazinvest"

   -- Kirill Frolov Deputy Director of Internal Audit Department
      of OAO "Svyazinvest"

Shareholders holding more than 2% equity in the company can
nominate candidates.  The Board consists of 11 members, while
the Audit Commission occupies seven slots.

Headquartered in Perm, Uralsvyazinform, offers data
communications, radio and TV-program broadcasting as well as
wireless and paging communications.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 6, 2005,
Fitch Ratings has downgraded OAO Uralsvyazinform's (Urals)
ratings to Senior Unsecured 'B+' from 'BB-' and National Senior
Unsecured 'A-(rus)' from 'A+(rus)'.  Following the downgrade,
the Outlook is now Negative, the company's two domestic bonds of
RUB2 billion and RUB3 billion are also downgraded to 'A-(rus)'
from 'A+(rus)'.  The Short-term rating is affirmed at 'B'.

The downgrade reflects an anticipated increase in Urals'
leverage on the back of larger-than-projected capital
expenditure and increasing competition in the mobile segment,
which led to significant mobile margin erosion.


VOLOGDA-METAL-CONSTRUCTION: Court Rules on Bankruptcy
-----------------------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Vologda-Metal-Construction after finding the
limited liability company insolvent.  The case is docketed as
A13-13457/2005-17.  Mr. V. Klubov has been appointed insolvency
manager.  Creditors have until March 28, 2006, to submit their
proofs of claim to 162510, Russia, Vologda region, Kaduy,
Vesennyaya Str. 6-62.

CONTACT:  VOLOGDA-METAL-CONSTRUCTION
          160026, Russia, Vologda region,
          Preobrazhenskogo Str. 32

          V. KLUBOV
          Insolvency Manager
          162510, Russia, Vologda region,
          Kaduy, Vesennyaya Str. 6-62


VTOR-MET-EXPORT: Insolvency Manager Takes Over Helm
---------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Vtor-Met-Export after finding the close
joint stock company insolvent.  The case is docketed as A40-
64023/05-74-98B.  Mr. A. Demitrov has been appointed insolvency
manager.  Creditors have until Feb. 28, 2006, to submit their
proofs of claim to 109025, Russia, Moscow region, Talalikhina
Str. 1, Room 2.

CONTACT:  VTOR-MET-EXPORT
          113054, Russia, Moscow region,
          Bakhrushina Str. 25

          A. DEMITROV
          Insolvency Manager
          109025, Russia, Moscow region,
          Talalikhina Str. 1, Room 2


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


ENTRANSAVTO: Insolvency Manager Takes Over Operations
-----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Entransavto (code EDRPOU 32166588) after
finding the limited liability company insolvent.  The case is
docketed as 25/275.  Mr. R. Kravchenko has been appointed
liquidator/insolvency manager.

CONTACT:  ENTRANSAVTO
          71503, Ukraine, Zaporizhya region,
          Energodar, Promzona, a/b 7

          Mr. R. Kravchenko
          Liquidator/Insolvency Manager
          71500, Ukraine, Zaporizhya region,
          Energodar, Skifska Str. 18/17, a/b 42

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


LEVADA-AGRO: Under Bankruptcy Supervision in Poltava
----------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on Agricultural LLC Levada-Agro (code
EDRPOU 31428950) on December 20, 2005.  The case is docketed as
8/333.  Mr. Volodimir Nesvit has been appointed temporary
insolvency manager.

CONTACT:  LEVADA-AGRO
          38300, Ukraine, Poltava region,
          Velikobagachanskij district, Krasnogorovka

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



MASTER: Taps Liseyev Kirilo to Lead Liquidation Proceedings
-----------------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Master (code EDRPOU 32574643) after finding
the limited liability company insolvent.  The case is docketed
as 21/279-05-11600.  Mr. Liseyev Kirilo has been appointed
liquidator/insolvency manager.

CONTACT:  MASTER
          Ukraine, Odessa region,
          Yevrejska Str. 21/20

          ECONOMIC COURT OF ODESSA REGION
          65032, Ukraine, Odessa region,
          Shevchenko Avenue 4


KONDITER-INVEST: Bankruptcy Proceedings Begin
---------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Konditer-Invest (code EDRPOU 25223273) on
December 12, 2005 after finding the limited liability company
insolvent.  The case is docketed as 25/283.  Mr. Olena
Klyashtorna has been appointed liquidator/insolvency manager.

CONTACT:  KONDITER-INVEST
          69013, Ukraine, Zaporizhya region,
          Vijskbud Str. 99/7

          Mr. Olena Klyashtorna
          Liquidator/Insolvency Manager
          Ukraine, Zaporizhya region,
          Peremogi Str. 75, office 68
          Phone: 8 (0612) 33-12-11

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


MIKOLAIVSKA BIRD: Yaroslav Gula Named as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Agricultural LLC Mikolaivska Bird Factory
(code EDRPOU 00852677) on after finding the limited liability
company insolvent.  The case is docketed as 6/59-4/33.  Mr.
Yaroslav Gula has been appointed liquidator/insolvency manager.

CONTACT:  MIKOLAIVSKA BIRD FACTORY
          Ukraine, Lviv region,
          Mikolaivskij district, Kiyivets

          Mr. Yaroslav Gula
          Liquidator/Insolvency Manager
          79005, Ukraine, Lviv region,
          Ivan Franko Str. 9
          Phone: (0322) 96-54-96

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


PROMTECHSNAB: Court Begins Bankruptcy Proceedings in Donetsk
------------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against LLC Promtechsnab (code EDRPOU 30701844)
after finding the limited liability company insolvent.  The case
is docketed as 27/97 B.  Mr. A. Karpenko has been appointed
liquidator/insolvency manager.

CONTACT:  PROMTECHSNAB
          83017, Ukraine, Donetsk region,
          50 Gvardejskoi Divizii Str. 17

          Mr. A. Karpenko
          Liquidator/Insolvency Manager
          85400, Ukraine, Donetsk region,
          Selidovo, Dubinin Str. 6

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


STEEL DNIPROSTAL: Succumbs to Bankruptcy Process
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on CJSC DNIPROSTAL (code EDRPOU 23363751)
on December 1, 2005.  The case is docketed as B 24/266/05.  Mr.
Volodimir Kozachenko has been appointed temporary insolvency
manager.

CONTACT:  STEEL DNIPROSTAL
          49069, Ukraine, Dnipropetrovsk region,
          Kirov Avenue 111-a

          Mr. Volodimir Kozachenko
          Temporary Insolvency Manager
          49044, Ukraine, Dnipropetrovsk region,
          Gogol Str. 6/29

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



TECHPROMSERVICE: Insolvency Manager Takes Helm
----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Techpromservice (code EDRPOU
31155019) on December 22, 2005.  The case is docketed as B
26/161/05.  Ms. Nataliya Chesnova has been appointed temporary
insolvency manager.

CONTACT:  TECHPROMSERVICE
          49000, Ukraine, Dnipropetrovsk region,
          Dzerzhinskij Str. 1/65

          Ms. Nataliya Chesnova
          Temporary Insolvency Manager
          49101, Ukraine, Dnipropetrovsk region,
          Kirov Avenue 28-a, office 210
          Phone: 36-10-75

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


UKRAINE-AMERICA: Declared Insolvent by Dniprpetrovsk Court
----------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Ukraine-America (code EDRPOU 24987436) after
finding the limited liability company insolvent.  The case is
docketed as B 40171/05.  Mr. Igor Kulchitskij has been appointed
liquidator/insolvency manager.

CONTACT:  UKRAINE-AMERICA
          49127, Ukraine, Dnipropetrovsk region,
          Avtoparkova Str. 7

          Mr. Igor Kulchitskij
          Liquidator/Insolvency Manager
          49026, Ukraine, Dnipropetrovsk region,
          Batumska Str. 4/45
          Phone: (0562) 788-72-53

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


VASILIVKA' TECHNOLOGICAL: Under Sanction Procedure in Zaporizhya
----------------------------------------------------------------
The Economic Court of Zaporizhya region started sanction
procedure of OJSC Vasilivka' Technological Equipment Plant (code
EDRPOU 14313872) on Jan. 10, 2006.  The case is docketed as
19/152 (05).  Mr. V. Ishenko has been appointed sanction
manager.

CONTACT:  VASILIVKA' TECHNOLOGICAL EQUIPMENT PLANT
          71600, Ukraine, Zaporizhya region,
          Vasilivka, a/b 5

          Mr. V. Ishenko, Sanction Manager
          72311, Ukraine, Zaporizhya region,
          Melitopol, a/b 21
          Phone/Fax: (0619) 42-09-74

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


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


AMBERLEE UK: Creditors' Meeting Set Next Week
---------------------------------------------
Creditors of Amberlee UK Limited (Company Number 04367054) will
meet on Feb. 27, 2006, 11 a.m. at Bond Partners LLP, The Grange,
100 High Street, London N14 6TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to T. Papanicola, administrator of Bond Partners
LLP, The Grange, 100 High Street, London N14 6TG not later than
12 noon on Feb. 24, 2006.

Headquartered in Kent, United Kingdom, Amberlee UK Limited --
http://www.amberlee.co.uk/-- is currently serving the southeast  
and the whole UK.  It is a fast growing coach and bus service,
specializing in high quality, professional bus and coach
services.

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Tel: 020 8444 2000
          Fax: 020 8444 3400


APEX PITCHMASTIC: Claims Filing Period Ends This Week
-----------------------------------------------------
Creditors of Apex Pitchmastic Limited (Company Number 01269382)
will meet on Feb. 27, 2006, 11 a.m. at Holiday Inn Hotel,
Victoria Station Road, Sheffield, South Yorkshire S4 7YE.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. Poxon, joint administrator of DTE Leonard
Curtis, DTE House, Hollins Mount, Bury BL9 8AT not later than 12
noon, Feb. 24, 2006.

CONTACT:  APEX PITCHMASTIC LTD
          Spartan House, 20 Carlisle St
          Sheffield S4 7LJ
          Tel: 0114 272 8724
          Fax: 0114 279 7885

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


BAMFORD ROOFING: Meeting of Creditors Set Next Week
---------------------------------------------------
Creditors of Bamford Roofing Limited (Company Number 4223166)
will meet on Feb. 27, 11 a.m. at Holiday Inn Hotel, Wood Lane,
Beechwood, Runcorn WA7 3HA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. Poxon, joint administrator of DTE Leonard
Curtis, DTE House, Hollins Mount, Bury BL9 8AT not later than 12
noon on Feb. 24, 2006.

CONTACT:  BAMFORD ROOFING LTD
          Bridge Road, Woolston,
          Warrington, Cheshire WA1 4AU
          Tel: 01925 828877

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


BARLOCAL MANAGEMENT: Taps Joint Administrators from Vantis
----------------------------------------------------------
Nicholas Hugh O'Reilly and Jonathan Birch of Vantis Numerica
were appointed joint administrators of Barlocal Management
Limited (Company Number 05021988) on Feb. 9.

CONTACT:  BARLOCAL MANAGEMENT LTD
          2-8 Dawes Road
          London SW6 7EN
          Tel: 020 7610 2332

          VANTIS NUMERICA
          P.O. Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Tel: 020 7467 4000
          Fax: 020 7284 4995
          Web site: http://www.vantisnumerica.com/


BURGESS MARINE: In Administrative Receivership
----------------------------------------------
HSBC Bank Plc appointed David Harry Gilbert and Simon James
Michaels of BDO Stoy Hayward LLP joint administrative receivers
of Burgess Marine Services Limited (Company Number 04134855) on
Feb. 6.  

CONTACT:  BURGESS MARINE SERVICES LTD
          Channel View Road,
          Dover, Kent CT17 9TP
          Tel: 44 (0) 1304 204829
          Fax: 44 (0) 1304 240452

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Tel: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk/


CAFE CLUB: Calls In Administrator from Jeremy Knight & Co
---------------------------------------------------------
William Jeremy Jonathan Knight of Jeremy Knight & Co was
appointed administrator of Cafe Club Limited (Company Number
5018534) on Feb. 10.  

CONTACT:  CAFE CLUB LTD
          Princes House,
          East Sussex, BN1 1EA
          Tel: 01273 710123

          JEREMY KNIGHT & CO.
          68 Ship Street
          Brighton
          Sussex BN1 1AE
          Tel: 01273 203654
          Fax: 01273 206056
          E-mail: jknight@mistral.co.uk


CELTECH OPTICAL: Members Pass Winding Up Resolution
---------------------------------------------------
Members of Celtech Optical Disc Services Limited passed a
resolution to wind up the company during an extraordinary
general meeting on Feb. 8, 2006.

Director N. Roberts disclosed that the company could no longer
continue its business due to mounting debts.

Susan Purnell and Leigh-Jane Holmes, of Purnells, were appointed
Joint Liquidators to wind up the company's business.

CONTACT:  CELTECH OPTICAL DISC SERVICES LIMITED
          41 Springvale Indstl Est
          CWMBRAN Gwent
          NP44 5BD
          Tel: 01633 482 208
          Fax: 01633 489 902


CIVIC ENTERPRISES: Clothing Retailer Hires Joint Administrator
--------------------------------------------------------------
Simon Franklin Plant and Daniel Plant of S F Plant + Co were
appointed joint administrators of clothing retailer Civic
Enterprises Limited (Company Number 02740628) on Feb. 8.

CONTACT:  CIVIC ENTERPRISES LTD
          Marketgate Shopping Centre,
          Wigan, Lancashire WN1 1JS
          Tel: 01942-825307

          S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Tel: 0207 538 2222
          Fax: 0207 538 3322


COMBIPURE LIMITED: Halts Operations & Liquidates Assets
-------------------------------------------------------
David Moore and Gary Norton of Begbies Traynor were appointed
joint administrators of Combipure Limited (Company Number
03839706) on Feb. 3.

Combipure Limited -- http://www.combipure.com/-- is a  
pharmaceutical industry.  It was formed in 1999.

CONTACT:  COMBIPURE LTD
          The Cornerstone
          Market Place
          Kegworth
          Leicestershire DE74 2EE
          Tel: +44 (0) 1509 674467
          Fax: +44 (0) 1509 674431
          E-mail: info@combipure.com

          BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Tel: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com/

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Tel: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com/


CONSOLIDATED GOLD: Creditors May File Claim on Hanson Stock
-----------------------------------------------------------
The joint liquidators for Consolidated Gold Fields Limited,
Jeremy Simon Spratt and James Robert Tucker, propose to pay into
Court funds held on trust by the company for persons whose
shares were compulsory acquired by Hanson PLC in August 1989.

Any persons who held ordinary shares of 25 pence each and who
have not previously received their entitlement are invited to
make a claim.  Written proofs of claim must be submitted to:

            KPMG LLP
            Attn: Jeremy Simon Spratt
                  James Robert Tucker
            Joint Liquidators for
            Consolidated Gold Fields Limited
            8 Salisbury Square
            London
            EC4Y 8BB
            United Kingdom
            Tel. No. +44(0)20 7694 3146
            Fax No.  +44(0)20 7694 3533

accompanied by the original share or bearer certificate and
other evidence of entitlement by 12 noon on March 1, 2006.

Consolidated Gold Field Limited was formerly known as The
Consolidated Gold Fields of South Africa Limited and
Consolidated Gold Fields PLC.


CONTACT ELECTRICAL: Registration of Claims Ends April 12
--------------------------------------------------------
Members of Contact Electrical Limited voted to liquidate the
company's assets during an Extraordinary General Meeting on
Feb. 8.

Appointed Liquidator, Gerald Frederick Davis, of Heathcote
House, 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
April 12, 2006.

CONTACT:  CONTACT ELECTRICAL LIMITED
          Yorkshire House
          9-11 Stratford Road
          Shirley Solihull West Midlands
          B90 3LU
          Tel: 0121 244 7000


CORONIS PLC: Fitch Junks GBP13.7 Mln Class F Notes From B
---------------------------------------------------------
Fitch Ratings upgraded Coronis PLC's Class C and D notes,
downgraded the Class F notes and affirmed the Class A, B and E
notes due October 2010, as follows:

  a) GBP7.3 million Class A affirmed at AAA;
  b) GBP9.6 million Class B affirmed at AAA;
  c) GBP39.7 million Class C upgraded to AAA from AA;
  d) GBP32.3 million Class D upgraded to AA- from A-;
  e) GBP29.6 million Class E affirmed at BB+; and
  f) GBP13.7 million Class F downgraded to CCC+ from B.

The upgrades and affirmations reflect the improved subordination
levels due to prepayments and sequential notes paydown.  The
downgrade of Class F is based on the underperformance of the
Bridge Properties Investment loan, mainly caused by
deterioration in the Seafield business, and the expected losses
on the junior tranche.

Following the prepayment of the GBP102.4 million South Quay
Estates loan in November 2005, the pool consists of only two of
the original ten loans, the balance of which as of the January
2006 interest payment date was GBP133.2 million.  

The Bridge Properties Investments Limited loan, formerly known
as the Orb or Conway loan, was originally secured on six
distribution warehouses and 15 mixed commercial properties.

The loan defaulted in January 2003 when the borrower was unable
to make scheduled interest and amortization payments, largely
due to financial problems trading difficulties of two tenants,
Seafield Logistics Limited and Poole Pottery.  

When the borrowing entities and the Seafield portfolio were
acquired by the Conway group, the loan performance started to
improve.  As in January 2006, four commercial properties have
been sold.  The balance of the loan was subsequently reduced to
GBP60.7 million as of January 2006 from GBP71.8 million at
closing.

In January 2006 Seafield Logistics was unable to fully pay its
annual rent of GBP2.2 million, due to cancellation of a sublease
from Unilever PLC.  A rent increase to GBP2.65 million per annum
had already been dismissed earlier during the quarter.  

A further rent reduction of GBP0.7 million has been requested,
which will be mainly achieved by selling or re-letting two
properties let to Seafield Logistics: the vacant Highgrounds
property and Aylesham.  The borrower was unable to pay GBP7.5
million into the depleted escrow accounts in January 2006.  This
finally triggered a letter of default from the servicer, Morgan
Stanley Mortgage Servicing.

The CCC+ rating on Class F indicates that loss is a possibility,
but with a high expected recovery should this ensue.  All
ratings are based on the assumption that up to seven properties
are sold within the next two quarters.  All sales receipts, net
of swap breakage costs, are applied towards paying down the
loan.

The seven sales are meant to reduce the loan balance to
approximately GBP41 million, with an LTV 93%.  Failure to sell
these properties in a timely manner to cure the loan could
result in a further downgrade of the distressed Class F notes.

The other remaining loan is a GBP72.5 million interest-only
loan, backed by the Oracle shopping centre in Reading, and is
performing well.  The interest coverage ratio in January 2006
was 2.16x, compared to 1.96x at closing.  

Currently, only 0.9% of the lettable space is vacant.  The
scheduled loan maturity is in October 2008.  The servicer
trapped GBP6.6 million of surplus receipts since the borrower
failed to submit financial statements.  Upon arrival, the
surplus will be released to the borrower.


DANTERWAY LIMITED: Winds Up Assets in London
--------------------------------------------
Alan Simon, of Langley & Partners, was appointed Liquidator
after members of Danterway Limited agreed to liquidate the
company's assets on Jan. 25, 2006.

Director A. Watts revealed that the company could no longer
continue its business due to financial liabilities.

CONTACT:  DANTERWAY LIMITED
          18 EDWARD STREET
          LONDON
          E16 4DP
          Tel: 01277 353 001
          Fax: 01277 353 009


DAVID HANNAH: Bakery Starts Winding Up Proceedings
--------------------------------------------------
Creditors of David Hannah and Co. Limited are given until
March 28, 2006, to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) to appointed Joint
Liquidator, David Moore.

CONTACT:  DAVID HANNAH & CO LIMITED
          Bridge Street
          Ormskirk Lancashire
          L39 4RJ
          Tel: 01695 578 385
          Fax: 01695 578 385


DELRAC LIMITED: Hires Joint Administrators from BDO Stoy Hayward
----------------------------------------------------------------
Antony David Nygate and David Harry Gilbert of BDO Stoy Hayward
LLP were appointed joint administrators of Delrac Limited
(Company Number 01594765) on Feb. 8.

CONTACT:  DELRAC LTD
          128 Malden Road
          New Malden, Surrey KT3 6DD
          Tel: 020 8336 9000
          Fax: 020 8942 0110

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Tel: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk/


DIAMONITE INDUSTRIES: Joint Administrators Take Charge
------------------------------------------------------
Jason James Godefroy and Andrew Gordon Stoneman of Menzies
Corporate Restructuring were appointed joint administrators of
Diamonite Industries Limited (Company Number 5476329) on Feb. 7.  

Diamonite Industries Limited -- http://www.diamonite.com/--  
offers vacuum forming, shopfitting and joinery, printing and
graphics and aircraft furnishings services.

CONTACT:  DIAMONITE INDUSTRIES LTD
          Diamonite Industrial Park
          Goodneston Road
          Fishponds, Bristol BS16 3JX
          United Kingdom
          Tel: 0117-965 6351
          Fax: 0117-958 3942

          MENZIES CORPORATE RESTRUCTURING
          43/45 Portman Square
          London W1H 6LY
          Tel: 020 7487 7240  


ELIZA TINSLEY: Ernst & Young Joint Administrators Enter Firm
------------------------------------------------------------
David K. Duggins and Ian Best of Ernst and Young LLP were
appointed joint administrators of:

   -- Eliza Tinsley & Co Limited (Company Number 00470945),
   -- Eliza Tinsley Group Plc (Company Number 01193823),
   -- Goldstar Holdings Limited (Company Number 01304766) and
   -- Goldstar Press Brake & Unit Tooling Limited (Company
      Number 01713483)

on Jan. 31.  Its registered office is at Hellier House, Wychbury
Court, Two Woods Lane, Brierley Hill, DY5 1TA.

CONTACT:  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/


ESSENTIS LIMITED: Deadline for Debt Claims Set Friday
-----------------------------------------------------
Creditors of Essentis Limited (Company Number 04779364) will
meet on Feb. 27, 2006, 2 p.m. at Russell Square House, 10-12
Russell Square, London WC1B 5LF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to W. J. Turner, joint administrator of Chantrey
Vellacott DFK, Russell Square House, 10-12 Russell Square,
London WC1B 5LF not later than 12 noon, Feb. 24. 2006.

                            *   *   *

Headquartered in Watford, United Kingdom, Essentis Ltd --
http://www.essentis.com/-- is an innovative card issuing and  
merchant management system.  Its rules based product definition
capabilities provide rapid introduction of new offerings in
competitive markets.

CONTACT:  CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Tel: 020 7509 9000
          Fax: 020 7436 8884
          Web site: http://www.cvdfk.com/


GLENVARIGILL COMPANY: Obtains Support from Bank of Scotland
-----------------------------------------------------------
Struggling Edinburgh-based car dealer Glenvarigill Company
Limited received Bank of Scotland's full support following the
departure of former chief executive Tim Barlett last year and
significant losses in 2004, Scotsman reports.

The company reported GBP11.3 million in pre-tax losses for the
year ended Dec. 31, 2004, compared to GBP5 million in 2003.

According to Mark Smith of The Herald, the company's latest
financials revealed for the first time Mr. Bartlett's departure
and his apparent link with the continued backing of the
company's bankers.  Mr. Bartlett, who left the company in
October 2005, spearheaded the company's GBP40 million management
buy-out from Drambuie in July 2002.

In 2003, financial investigators uncovered a black hole of
phantom assets and hidden debts in the company's annual
accounts, The Herald relates.

The company has reduced its operations since 2002 giving up its
Porsche, Ferrari and Maserati franchises to focus on Volkswagen,
Audi, Honda and Peugeot.

The dealership confirmed the appointment of Kevin Lamb as its
new chief executive officer.

Headquartered in Edinburgh, Glenvarigill Company Limited --
http://www.glenvarigill.co.uk/-- operates seven car dealerships  
in Scotland representing franchises in Audi, Volkswagen, Honda
and Peugeot.


INDUSTRIAL STAFF: Names Wilkins Kennedy to Administer Assets
------------------------------------------------------------
Stephen Paul Grant and Anthony Malcolm Cork of Wilkins Kennedy
were appointed joint administrators of labor recruitment firm
Industrial Staff Management Limited (Company Number 05137215) on
Feb. 3.  Its registered office is at Risborough House, 38-40
Sycamore Road, Amersham, Buckinghamshire HP6 5DZ.  

CONTACT:  WILKINS KENNEDY
          Risborough House,
          38-40 Sycamore Road, Amersham,
          Buckinghamshire HP6 5DZ
          Tel: 01494 725544
          Fax: 01494 431571
          E-mail: stephen.grant@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com/


L I REALISATIONS: Creditors Approves Liquidation Process
--------------------------------------------------------
Creditors of L.I. Realisations (UK) Limited confirmed the
company's voluntary liquidation after members passed a
resolution to wind up the company's operations on Jan. 26, 2006.

Creditors also ratified the appointment of Philip Anthony Brooks
and Julie Willetts, of Blades Insolvency Services, as Joint
Liquidators.

CONTACT:  L.I. REALISATIONS (UK) LIMITED
          123 BARKBY ROAD
          LEICESTER
          LE4 9LG
          Tel: 0116 276 4608
          Fax: 0116 246 0787


LOUIS DRAPKIN: Creditors' Meeting Set March 2
---------------------------------------------
Creditors of Louis Drapkin Limited will meet on March 2, 10 a.m.
at 2 Cornwall Street, Birmingham B3 2DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. Orton, joint administrative receiver of KPMG,
2 Cornwall Street, Birmingham B3 2DL not later than 12 noon on
March 1, 2006.

Headquartered in Birmingham, England, Louis Drapkin Ltd --
http://www.drapkin.co.uk/-- is a commercial printer dealing  
with agency and direct customers producing a wide range of
promotional literature from single colour flyers to very high
quality Fine Art catalogues.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Tel: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk/


MATRIX MANUFACTURING: Names Ninos Koumettou as Administrator
------------------------------------------------------------
Members of Matrix Manufacturing Limited unanimously decided to
liquidate the company's assets during an Extraordinary General
Meeting on Feb. 8, 2006.

They authorized Ninos Koumettou, of Alexander Lawson & Co, to
administer the winding up process.

CONTACT:  MATRIX MANUFACTURING LIMITED
          MALLARD PLACE
          COBURG ROAD
          LONDON
          N22 6TS
          Tel: 020 8889 5511


MG PROPERTIES: Real Estate Developer Appoints Administrator
-----------------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited were appointed joint administrators of MG Properties
(North West) Limited (Company Number 04379052) on Jan. 31.  The
company is engaged in developing and selling real estate
property.

CONTACT:  CRESSWALL ASSOCIATES LIMITED
          Maple View,
          White Moss Business Park,
          Skelmersdale WN8 9TG


MINING & PILING: Administrator from Haines Watts Moves In
---------------------------------------------------------
Andrew Appleyard of Haines Watts was appointed administrator of
Mining & Piling Limited (Company Number 00932114) and The Mini
Piling Co. Limited (Company Number 02969195) on Feb. 6.  

Bromsgrove, Worcestershire, The Mini Piling Co. Limited --
http://www.theminipilingco.co.uk/-- offers a full range of  
piling services across the United Kingdom.  

CONTACT:  HAINES WATTS
          Canterbury House
          85 Newhall Street
          Birmingham
          West Midlands B3 1LH
          Tel: 0121 212 4477
          Fax: 0121 212 4459


NATOCARS LIMITED: Vehicle Retailer Calls In Administrator
---------------------------------------------------------
Timothy Alexander Close of Milsted Langdon was appointed
administrator of Natocars Limited (Company Number 01146526) on
Feb. 8.  Its registered office is at 1 Redcliff Street, Bristol
BS1 6NP.

Natocars Limited -- http://www.natocarsltd.co.uk/-- sells motor  
vehicles.

CONTACT:  NATOCARS LIMITED
          Wylds Road
          Bridgwater TA6 4BH
          Tel: 01278 455555
          Fax: 01278 450396
          E-mail: sales@natocars.co.uk

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


REEPHAM LIMITED: Meeting of Creditors Set Today
-----------------------------------------------
Creditors of Reepham Limited (Company Number 03077135) will meet
on Feb. 23, 11 a.m. at Crawfords, Stanton House, 41 Blackfriars
Road, Salford, Manchester M3 7DB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. Kachani, joint administrator of Crawfords,
Stanton House, 41 Blackfriars Road, Salford, Manchester M3 7DB.

CONTACT:  REEPHAM LTD
          3a Park Hill
          Bury Old Road Prestwich
          Manchester M25 0FX
          Tel: 0161 721 4160
          Fax: 0161 795 5923

          CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Tel: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


SAVANT SAGE: Telecom Service Concedes to Bankruptcy
---------------------------------------------------
Harjinder Johal and George Michael, both of Ashcrofts, were
appointed Joint Liquidators Savant Sage Telecommunications
Limited after members decided to liquidate the company's asset
on Feb. 7, 2006.

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

CONTACT:  SAVANT SAGE TELECOMMUNICATIONS LIMITED
          Wembley Point
          1 Harrow Road
          Wembley Middlesex
          HA9 6DE
          Tel: 020 8900 9911
          Fax: 020 8900 9922
          Web: http://www.savantsage.co.uk/


SINGER & FRIEDLANDER: Fitch Lowers Individual Rating to B/C
-----------------------------------------------------------
Fitch Ratings upgraded UK-based Singer & Friedlander Ltd's
Support rating to 3 from 5 and lowered the Individual rating to
B/C from B.  The Long-term rating of A and Short-term of F1 have
been affirmed.  The Outlook for the Long-term is Stable.

The upgrade to the Support rating reflects Fitch's recognition
of the strategy which SF's new parent, Kaupthing Bank of
Iceland, has begun to adopt in the UK and the agency's
expectation of increasing integration of SF within Kaupthing's
UK operations, as well as its strategic importance to the group.

While Kaupthing's propensity to support its subsidiaries is
likely to be high, its ability to provide timely support to the
rated entity might be constrained by SF Group's complex legal
structure and by the fundability of Kaupthing's capital base.   
Hence, in Fitch's opinion there is a moderate probability of
support for SF from Kaupthing should the need arise.

The downgrade of the Individual rating reflects the gradual
decline in SF's underlying profitability during the past few
years.  Fitch is not expecting the bank to experience any
significant improvement in profitability in the near future, as
changes to the bank's operations arising from the plans of its
new owner will involve additional expense in 2006.  

The Long- and Short-term ratings reflect SF's good loan quality,
adequate capitalization and conservative risk management,
balanced by its relatively small size and modest profitability.

SF is the principal subsidiary of Singer and Friedlander Group,
which was acquired by Kaupthing in July 2005.  Prior to its
change of ownership, the group was a publicly listed company, in
which the bank focused on banking - including private banking -
and asset finance.  

As part of the new strategy, it will also undertake investment
banking and capital markets-related business.  Kaupthing is the
largest bank in Iceland, with a network of offices in ten
countries.


STEELFORCE BOWMECH: Hires BDO Stoy Hayward Administrator
--------------------------------------------------------
Dermot J. Power and Matthew Dunham of BDO Stoy Hayward LLP were
appointed joint administrators of Steelforce Bowmech Limited
(Company Number 0431908) on Feb. 10.

CONTACT:  STEELFORCE BOWMECH
          Unit 7, Westinghouse Road,
          Manchester M17 1LP
          Tel: 01618764999

          BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Tel: 0161 817 3700
          Fax: 0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk/


TASK TEAM: Social Service Goes Bankrupt
---------------------------------------
Task Team Social Work Services Limited is liquidating its assets
after members found out that the company cannot continue its
operations due to its liabilities.

Appointed Joint Liquidators, Ian Michael Rose and Robert Michael
Young, of Begbies Traynor, 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 May 30, 2006.

CONTACT:  TASK TEAM SOCIAL WORK SERVICES LIMITED
          Beswick House
          479-481 High Street
          Stoke-On-Trent
          ST6 5EP
          Tel: 01782 817 003
          Fax: 01782 790 101


TEALPACK SALES: Claims Registration Ends April 30
-------------------------------------------------
Creditors of Tealpack Sales Limited are given until April 30,
2006, to send in their full names, addresses and descriptions,
full particulars of debts or claims, and the names and addresses
of Solicitors (if any) to appointed Liquidator, Philip John
Gorman.

CONTACT:  TEALPACK SALES LIMITED
          Unit 3
          Ashburton Ind Est Ross-On-Wye Herefordshire
          HR9 7BW
          Tel: 01989 763 143
          Fax: 01989 763 162


THE CONSERVATORY: Begins Liquidation Process
--------------------------------------------
Peter O'Hara and Simon Weir, of O'Hara & Co, were appointed
Joint Liquidators after members of The Conservatory People
Limited decided to liquidate the company's assets on Feb. 3,
2006.

D. Grocott expressed that the company could no longer continue
its business due to mounting liabilities.

CONTACT:  THE CONSERVATORY PEOPLE LIMITED
          6 Fall Bank Industrial Estate
          Dodworth Barnsley South Yorkshire
          S75 3LS
          Tel: 0800 169 1427
          Fax: 0113 210 9540
          Web: http://www.theconservatorypeople.co.uk/


TI AUTOMOTIVE: Moody's Revises B1 Rating Outlook to Stable
----------------------------------------------------------
Moody's Investors Service has changed the outlook to stable from
negative on TI Automotive Ltd (TI Auto) corporate family rating
of B1.  

The outlook revision reflects the company's recent renegotiation
of its bank facility with the aim to extend the debt
amortization profile and increase headroom on financial
covenants, but it also reflects the expectation for relatively
stable, although weakening, operating performance over the
current financial year.  Following the renegotiation Moody's has
affirmed the B1 senior secured ratings assigned to existing
tranches of the term loan, has assigned a B1 senior secured
rating to TI Auto's new working capital facility due Dec. 2007
and has withdrawn the B1 senior secured rating of the previous
working capital facility due in June 2006.

The size of the amended facility is approximately GBP531 million
including a new GBP100 million revolver facility.  At the same
time the company further relaxed financial covenants contained
in the senior credit facility increasing headroom going forward,
added a GBP102.5 million second lien facility maturing in Dec.
2012 (unrated), which proceeds have been used to refinance short
term debt maturities, and extended the maturity of the revolver
facility to Dec. 2007.  

In Moody's view this transaction removes immediate pressure on
TI capital structure and lessens refinancing risk.  However
Moody's also notes that the company's debt amortization program
still shows a significant spike in Dec. 2007 when the GBP106.7
million Term Loan A2 will mature in concurrence with the term of
the revolver facility, followed by the maturity in June 2008 of
the GBP98.8 million of Term Loan B.

Moody's also recognizes that Company's operating margins are
likely to remain under pressure due to partial retention of
increasing raw material costs and by one-off items related to
the restructuring program, and that leverage is expected to
remain substantial due to high capital expenditure to pre
finance orders which is likely to result in cash outflows.  
However, in Moody's view, TI credit metrics are likely to remain
in line with a single B rating.

The B1 corporate family rating reflects:

   -- the company's leadership position as a global Tier 1
      automotive supplier of fluid carrying systems and fuel
      storage and delivery systems;

   -- the company's presence on a wide array of platforms
      strengthened by long-term relationships with a significant
      number of OEMs;

   -- the reasonable resilience of the business even in
      difficult market conditions, overall compared to other
      players in the automotive supplier industry, although FY
      05 and 06 results are likely to be below those recorded in
      2004;

   -- substantial barriers to entry within the industry; and

   -- management's track record in maintaining TI Auto's
      operating performance.

The rating also reflects:

   -- high customer concentration, with three customers
      accounting for more than 50% of FY04 consolidated
      revenues, although Moody's recognize that this exposure is
      expected to reduce over time;

   -- substantial on-going capex and technology investment
      requirements that are likely to absorb most of cash
      generated from operations over the intermediate term;

   -- Moody's view that the company's liquidity is heavily
      reliant on bank facilities;

   -- TI Auto's limited product diversification;

   -- the risk of potential margin compression due to the
      aggressive competitive environment; and

   -- the current high leverage of the company in the contest of
      modest deleveraging expected over the intermediate term.

The stable outlook reflects Moody's expectation that the company
will continue to perform well despite the current pressure on
operating profitability and cash flow generation.  The stable
outlook also assumes that the company going forward will
promptly address future debt maturities.

Moody's notes that growing and sustainable EBITDA generation
that would result in reduction in adjusted leverage (adjusted
for capitalized leases and pension liabilities) consistently
towards a 3x level (excluding the debt portion of preference
share which when included increases leverage to more than 5x)
and demonstrated ability to generate positive free cash flow
would likely lead Moody's to consider an upgrade of the ratings.

However, any sudden and steep deterioration in operating margins
and/or working capital management which is likely to widen FCF
losses would likely lead to a downgrade in the rating.

Moody's affirmed these B1 ratings:

   -- Corporate family rating

   -- Term Loan B for GBP98.8 million due June 2008

   -- Term Loan C for GBP223.3 million due June 2011

The ratings outlook has been changed to stable from negative

Moody's assigned the following B1 ratings:

   -- Senior secured rating to the GBP106.7 million Term Loan A2
      due Dec. 2007

   -- Senior secured rating to the new working capital facility
      of GBP100 million due Dec. 2007

Moody's withdraw the following ratings:

   -- B1 senior secured rating on the GBP210.0 million Term Loan
      A due in 2006

   -- B1 senior secured rating on previous working capital

   -- facility of GBP100 million due June 06

Structural Considerations

The B1 rating on the new GBP531.3 million senior secured credit
facilities reflects the benefits of guarantees from TI Auto's
operating subsidiaries (cumulatively representing approximately
75% of the consolidated revenues and EBITDA and 72.5% of the
group's tangible assets) as well as a comprehensive security
package (including fixed and floating charges over the share
pledges of the obligors).  The GBP102.5 million second lien
facility benefits from second ranking over the same security
package of the senior secured facility, however Moody's notes
that the second lien facility will be amortizing for GBP0.5
million each year.

The company's capital structure also includes GBP325.0 million
of cumulative redeemable preference shares, which are held by
Smiths Group.  Although redeemable, the preference shares
redemption is subject to the full repayment of the senior
secured facilities.  In Moody's opinion, the preference shares
present certain debt-like characteristics (which Moody's has
weighted as 75% debt: 25% equity), however the existence of
dividend deferral provisions, the absence of acceleration rights
and the lack of a liquidation preference ensure their
subordinated position in the capital structure.

Headquartered in Oxford, England and Warren, Michigan, TI Auto
is a leading global designer, manufacturer and vertically
integrated supplier of automotive fuel storage and delivery
systems, brake and fuel carrying systems and air conditioning
systems.  For the twelve months ended 2nd July 2005, TI Auto
reported consolidated sales of GBP1,500.2 million.


WARWICKSHIRE SURFACING: Creditors to Meet Next Week
---------------------------------------------------
Creditors of Warwickshire Surfacing Limited (Company Number
01405002) will met on Feb. 27, 11 a.m. at DTE Leonard Curtis,
Bamfords Trust House, 85-89 Colmore Row, Birmingham B3 2BB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. Poxon, joint administrator of DTE Leonard
Curtis, DTE House, Hollins Mount, Bury BL9 8AT not later than 12
noon on Feb. 24, 2006.

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


* Fitch Says UK Annuities Potentially Profitable But Risky
----------------------------------------------------------
Fitch Ratings commented on the developing UK annuity market,
which has seen several large players entering various segments
of this growing market.  The market is expected to reach
premiums of GBP53 billion by 2012, according to the Association
of British Insurers.  

Although annuities can be written profitably, Fitch Ratings
considers this to be a risky product line.  Successful companies
will need to exhibit pricing discipline and strong risk
management, including asset/liability management.

Director in Fitch's Insurance Group in London, Harish Gohil
said, "The agency believes that with good underwriting and
pricing, these products have the potential to generate returns
significantly in excess of the cost of capital."

"However, with a product of such long duration, there remains
significant uncertainty around future experience - this is why
Fitch would consider risk management and underwriting expertise
to be very important," he added.

Furthermore, annuities represent a good source of
diversification from other businesses.  In the event of
mortality shocks they may serve as a partial hedge to
traditional term assurance products.  

However, Fitch recognises that the hedge is imperfect under
normal conditions, as developments in mortality rates for
younger populations may evolve differently to those for older
generations.

"In light of the relative riskiness of the annuity sector, Fitch
considers broad-based organizations gain from writing this line
of business as it provides useful diversification benefits,"
disclosed Sanjeev Shah, Director in Fitch's London Insurance
Group.

"On the other hand, annuity specialist companies, or those for
whom the product dominates their liability profile, will be
unduly exposed to longevity and other annuity-related risks," he
added.

The entry of a number of major companies into the market is set
to intensify competition, resulting in margin pressures.  
However, in recent years, UK life insurers have been
increasingly focusing on shareholder value and Fitch expects
this focus to continue. However, the agency will continue to
monitor closely pricing and reserving developments.

Fitch's Gohil said,"A strong credit rating will be necessary to
get access to bulk annuity business, as trustees of defined-
benefits pension funds strive to reduce counterparty credit risk
for the insurers of their liabilities."

"For new entrants to the market, strong underwriting practices
will be a key factor, particularly for new start-ups who may
have limited access to data," he added.

Fitch recognizes that until the new entrants build up sufficient
scale, expense overruns will need to be financed, as the expense
loadings in the pricing basis will be insufficient to cover
fixed costs.  Crucially, for a strong rating, the new start-ups
will also need to demonstrate appropriate levels of
capitalization.

                            *********                            


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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* * * End of Transmission * * *