TCREUR_Public/060224.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, February 24, 2006, Vol. 7, No. 40

                            Headlines

F R A N C E

DRESSER-RAND: Finalizes Business Integration with Tuthill Energy


G E R M A N Y

DHB AG: Fitch Affirms Individual C Rating
LEICA CAMERA: Socrates Privatstiftung Takes Over Majority Shares
MALERBETRIEB BARTEL: Court of Schwerin Begins Bankruptcy Process
MALERFACHHANDEL SCHIPPERS: Creditors' Meeting Set on March 29
MATRATZEN REAL: Axel Schwentker Takes Over Operations

MERCATO CASH: Court Sets March 15 Claims Bar Date
MOLLPLANEN GMBH: Norbert Weber Leads Winding Up Procedure
NUR-TV: Proofs of Claims Due April 27
OPTIMA-EINKAUFSCENTER: Claims Verification Slated for May 17
PETER FUESSGEN: Yields to Bankruptcy Process

SACHSENRING FAHRZEUGTECHNIK: HQM Takes Over Helm
SPLITTER HOLDING: Administrators' Report Out March
TELESIGNAL INTERNATIONAL: Creditors' Claims Due Next Month
TTC INDUSTRIE: Court Freezes Pending Proceedings
VIEH MARKIERUNGSTECHNIK: Hermann Wittebrock Takes Over Firm

WUELBECK BUEROCENTRUM: Bochum Court Rules on Bankruptcy


I T A L Y

IMPREGILO SPA: Parent Company IGLI Foregoes Call Option


I R E L A N D

RAMCO ENERGY: Secures Irish License Extensions Until Year-End
VALENTIA TELECOM: S&P Places BB+ Credit Rating on Watch Negative


K A Z A K H S T A N

EDILET-N: Declared Bankrupt by Almaty Court
IRTYSHMETALKOMPLEKT: Court Sets March 6 Claims Bar Date
KURCHUMSKOYE ATP: Court Rules on Bankruptcy
MEHTRANSTROI: Pavlodar Court Sends Group Into Bankruptcy
PARS ENERGY: Collapses Under Bankruptcy


N E T H E R L A N D S

ROYAL SHELL: Cancels Another 1 Million Shares in Buyback


R U S S I A

AGRO-STAROIVANOVSKOYE: Taps Y. Shevchenko as Insolvency Manager
ASTANA FINANCE: Fitch Sustains Long-term BB+ to US$125M Bond
AVTO-SPETS-TEKHNIKA: Insolvency Manager Takes Helm
BANK URALSIB: Fitch Changes Long-Term Rating Outlook to Positive
BEKOVO-AGRO-TEKHNIKA: Bankruptcy Hearing Set for April 20

CONCERN SITRONICS: Prices US$200 Million Eurobond Issue
GEO-TEKHNIKA -1: Undergoes Bankruptcy Supervision in Saratov
MDM INTERNATIONAL: Fitch Assigns BB- to US$2 Billion Notes
NOLINSKIY MEAT: Selling Assets Via Public Auction on March 10
PBB LPN: Fitch Puts B- Ratings on US$100 Million Notes

SARATOV-ZHIL-STROY: Declared Insolvent by Saratov Court
SERPUKHOVSKAYA: Bankruptcy Supervision Procedure Begins
STROY-DETAIL: Firm Falls Into Bankruptcy
TUKAY-AGRO-KHIM-SERVICE: Claims Filing Period Ends March 21
TYUMENSKAYA: Tyumen Court Brings In Insolvency Manager


U K R A I N E

BUDIVELNIK: Lviv Court Opens Bankruptcy Proceedings
KOMETA: Sergij Zagorodnij Takes Over Operations
LAYTON: Bankruptcy Proceedings Begin in Lviv Region
LISOVI OZERA: Court Names Pavlo Duplika as Insolvency Manager
MONTAZH: Insolvency Manager Comes In

RAJKOOPZAGOTPROM: Yields to Bankruptcy Process
TECHNOCENTER: Begins Liquidation Following Insolvency
TORGBUDSERVICE: Succumbs to Insolvency Proceedings in Kyiv


U N I T E D   K I N G D O M

AMICUS OUTSOURCING: In Administrative Receivership
AUTOMOTIVE COMPONENTS: Hires BDO Stoy Hayward Administrator
BALLOON PROMOTIONS: Joint Administrators Enter Firm
BRAY COURT: Creditors' Meeting Set Next Week
CIRCATEX GROUP: Deadline for Proofs of Claim Set Tomorrow

C. L. LEES: Claims Filing Period Ends Tomorrow
ENERSYS: Buys Majority Stake in Modular Energy Devices
ENERSYS: Posts $7.8MM Net Earnings for 3rd Fiscal Quarter 2006
FET LIMITED: Calls In Joint Administrators from Gerald Edelman
IRONFIRM LTD: Meeting of Creditors Slated on March 1

MFI FURNITURE: Goldman Sachs Holds 15.9% Notifiable Equity Stake
MISYS PLC: Transfers 30,495 Shares Held in Treasury
MOWLEM PLC: High Court Confirms Scheme of Arrangement
NSF MOTORS: Repairmen Succumb to Bankruptcy
PROMPT FINISHING: Taps Filippa Connor to Liquidate Assets

QUAINTBROOK LIMITED: Video Shop Begins Winding Up Process
RAIL TECH: Taps Joint Administrators from Grant Thornton
REGENT STREET: Retailer Hires Joint Administrators from CBA
RETAIL VARIATIONS: Creditors' Meeting Set Next Week
SARACEN UTILITIES: Electricity Distributor Winds Up Operations

SELECT FRANCE: Calls In Administrators from BDO Stoy Hayward
SLJ WINDOWS: Supplier Surrenders to Bankruptcy
STAMGATE LIMITED: Creditor to Meet Next Week
STEVE AITKEN: Names Timothy Simon Cockroft as Liquidator
SUREFIT KITCHEN: Claims Registration Ends March 3

UTEC SERVICES: Hires Haines Watts Administrator
VISUAL DISPLAYS: Administrators from Begbies Traynor Enter Firm
WALTER ROBINSON: Appoints X L Business Solutions Administrator
WILLIAMS FOODS: Appoints Tenon Recovery to Administer Assets

     **********

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


DRESSER-RAND: Finalizes Business Integration with Tuthill Energy
----------------------------------------------------------------
Dresser-Rand Group Inc. (NYSE: DRC) has finalized the plan for
integrating its steam turbine business with the steam turbine
assets of Tuthill Energy Systems, which it acquired in September
2005.

The plan is expected to result in annual operating synergies of
approximately US$15 million.  In 2006, the Company expects to
realize operating synergies of approximately US$10.5 million,
which will be partially offset by approximately US$4.5 million
of integration expenses.  Additionally, Dresser-Rand will record
a net non-cash curtailment gain in the first quarter of 2006 of
about US$12 million.  This gain results from a reduction in the
estimated future cash costs of certain previously recorded
retiree healthcare benefits.

The key elements of the plan include:

   -- ceasing manufacturing operations at its Millbury,
      Massachusetts facility and shifting production to its
      other facilities around the world;

   -- maintaining a commercial and technology center in
      Millbury;

   -- implementing a new competitive labor agreement at its
      Wellsville, New York facility;

   -- rationalizing product offerings, distribution and sales
      channels;

   -- back-office rationalization; and

   -- providing aftermarket parts and services support for the
      installed base of Tuthill equipment through Dresser-Rand's
      worldwide service-center network.

"The decision regarding the cessation of manufacturing
activities in Millbury was very difficult to reach because of
its impact on the affected employees and the communities where
they live and work," said Dresser-Rand CEO, Vincent R. Volpe,
Jr. "However, these actions will result in improved products and
services offerings for customers while better positioning
Dresser-Rand to be cost competitive in the worldwide markets we
serve.  We have made substantial progress to date and are moving
quickly to complete the integration while taking steps to ensure
a smooth transition with no disruption to promised deliveries or
service to our clients."

                        Debt Reduction

Separately, during the first two months of 2006 the Company
reduced its term debt by US$30 million.  As a result, the
Company will incur an additional non-cash charge relating to the
writeoff of unamortized debt issuance costs of approximately
US$0.6 million.  Annual interest expense will be reduced by
approximately US$1.8 million.  The Company plans to further
reduce debt this year.

Bookings for the fourth quarter were strong, totaling
US$410 million which is 42% higher than third quarter 2005 and
36% higher than the prior year's fourth quarter.  Backlog grew
to US$872 million compared to US$638 million at the end of 2004,
providing a very solid order book for 2006.  The Company plans
to discuss fourth quarter and full-year 2005 results at its
conference call following the filing of its Form 10-K for 2005
by March 31, 2006.

Excluding the curtailment gain, the Company expects operating
income and earnings per share for the full year 2006 to be
consistent with the current First Call consensus estimate.
First quarter operating income is expected to be between US$17
million and US$19 million, which is in line with the Company's
plan for 2006 and consistent with the historical seasonal
pattern of the first quarter representing 7% to 10% of full year
operating income.  The Company expects first quarter earnings
per share, excluding the curtailment gain and unamortized debt
issuance costs mentioned above, to be in the range of US$0.03 to
US$0.05.

Dresser-Rand is among the largest suppliers of rotating
equipment solutions to the worldwide oil, gas, petrochemical,
and process industries.  It operates manufacturing facilities in
the United States, France, Germany, Norway, India, and Brazil,
and maintains a network of 24 service and support centers
covering 105 countries.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 1, 2005,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on compression equipment maker Dresser-Rand Group
Inc. and revised the outlook on the company to positive.

As of Sept. 30, 2005, the Olean, New York-based company had
about $600 million of debt.

"The positive outlook reflects the company's improved financial
risk profile mainly as a result of its debt reduction through
the use of cash flow and a portion of IPO proceeds," said
Standard & Poor's credit analyst Ben Tsocanos.


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


DHB AG: Fitch Affirms Individual C Rating
-----------------------------------------
Fitch Ratings affirmed Germany's Duesseldorfer Hypothekenbank AG
ratings of Long-term BBB+ with Stable Outlook, Short-term F2,
Support 5 and Individual C.  At the same time, the bank's public
sector Pfandbriefe have been rated AAA by the agency.

The ratings reflect DHB's high proportion of generally low-risk
public sector assets and a lean cost structure that is a result
of not having a branch network.  They also take into account the
bank's modest profitability, its small size, gradually
increasing credit risk and a dependence on wholesale markets for
funding.

Fitch's Financial Institutions team's, Sabine Bauer said, "Given
DHB's private ownership and the lack of transparency regarding
the financial strength of its owners, external support, although
possible, cannot be relied upon."

"The Stable Outlook indicates that the potential for a rating
upgrade is limited at this stage, particularly when the bank's
relatively small size and modest profitability are taken into
account," she added.

DHB achieved an improved performance in 2005, with reported net
income of EUR17.8 million, up nearly 50 percent on FYE04.  ROE
at end-2005 improved to a still modest 8.2 percent.  The main
driver was higher net interest revenue, up 25 percent year-on-
year, as a result of higher margins in DHB's growing public
sector business abroad and also decreased funding costs.

Levels of new mortgage lending did not meet management
expectations in 2005 and therefore this division was not a major
contributor to higher net interest revenue, as might otherwise
have been expected.  Despite an increase in operating costs by
around a quarter, DHB was able to maintain a cost/income ratio
of approximately 24 percent.

Fitch notes that operating profitability has improved to 12.3
percent in 2005 compared to 8.8 percent in 2004, which also
reflects lower write-offs on Argentinean debt; these positions
have materially burdened DHB's profitability since 2001.

The bank's credit risk profile has been gradually increasing due
to its small, albeit growing real estate loan book.  Fitch
understands that management continues to focus on expansion of
its mortgage sector and intends to adapt its credit risk
policies to achieve its goals; the agency will monitor the pace
at which DHB's credit risk profile increases in this regard.

At the same time, Fitch notes that the bank is shifting into
higher foreign sovereign risks.  Non-performing loans to gross
real estate loans stood at 3.3 percent at end-2005 and loan loss
provisions increased to a still acceptable 42bps of gross real
estate loans compared to 19bps in 2004.

Loan loss reserve coverage improved significantly to 37 percent
at end-2005 compared to 19 percent at end-2004.  This is still
only moderate but to some extent mitigated by property
collateral held by the bank.

Hidden losses relating to DHB's remaining Argentinean debt
exposures amounted to EUR12.6 million at end-2005 but have been
guaranteed by the bank's owner until 2007.  Capitalization is
sufficient but is very small in absolute terms.

DHB is a privately owned Pfandbriefbank and subject to the
restrictions of the Pfandbrief legislation.  It has focused on
secondary markets public sector lending from its inception and
employed 47 staff as at end-2005.  With narrowing opportunities
for profit growth in this sector, it aims to expand its mortgage
business in Germany and abroad, as noted above.

Schuppli family founded DHB in 1997.  They also established and
later sold majority stakes in Dexia Kommunalbank Deutschland AG
and Hypothekenbank in Essen AG; the family continues to maintain
49 percent stake in the latter.


LEICA CAMERA: Socrates Privatstiftung Takes Over Majority Shares
----------------------------------------------------------------
Socrates Privatstiftung, Vienna, Austria, informed Leica Camera
AG that on Feb. 10, 2006 its share of voting rights of Leica
Camera AG has exceeded the 50% threshold.  The share of voting
rights held by SOCRATES Privatstiftung now amounts to
approximately 50.04%, approximately 50.04% of which are
attributable to SOCRATES Privatstiftung according to section 22
(1) sentence 1 no. 1 of the German Securities Trading Act
(Wertpapierhandelsgesetz).  SOCRATES Privatstiftung holds 100%
of the interest in ACM Projektentwicklung GmbH, Salzburg,
Austria, which company in turn holds approximately 50.04 % of
Leica Camera AG.

Headquartered in Solms, Germany, Leica Camera AG, --
http://www.leica-camera.com-- in February 2005 its banks
partially terminated their credit lines after the firm said it
expects a loss of half of its registered share capital in March
2005.  The group closed the first half of its fiscal year
2004/2005 (FY end March 31) with sales of EUR45 million, 15%
below the figure in the first half last year.

Leica Camera has closed the first half of fiscal year 2005/2006
with sales growing by 6.7% on the previous year period, to
EUR48.0 million, as of Sept. 30, 2005.  At -EUR1.9 million,
operating result continues to be unsatisfactory, although
reduced by EUR2.2 million compared to the previous year period.
Extraordinary result comes to -EUR1.4 million, up from prior
year's -EUR2.4 million.  Net loss after tax was reduced by
EUR2.8 million and amounts to -EUR4.6 million.


MALERBETRIEB BARTEL: Court of Schwerin Begins Bankruptcy Process
----------------------------------------------------------------
The District Court of Schwerin opened bankruptcy proceedings
against Malerbetrieb Bartel Verwaltungs-GmbH on Jan. 23.
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 Marc Odebrecht.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Schwerin, at 10:30 a.m. on
April 3, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  MALERBETRIEB BARTEL VERWALTUNGS-GmbH
          August-Bebel-Strasse 10, 19412 Brueel
          Attn: Rene Bartel, Manager

          Marc Odebrecht, Administrator
          August-Bebel-Strasse 4, 19055 Schwerin


MALERFACHHANDEL SCHIPPERS: Creditors' Meeting Set on March 29
-------------------------------------------------------------
The District Court of Nordhorn opened bankruptcy proceedings
against Malerfachhandel Schippers GmbH on Jan. 24.
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 Karl-Hermann Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Nordhorn, Seilerbahn 15,
48529 Nordhorn, at 9:00 a.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:  MALERFACHHANDEL SCHIPPERS GmbH
          Reithalle 1, 49843 Uelsen
          Attn:
          Geert Schippers, Manager
          Steeneberg 40, 49843 Uelsen

          Karl-Hermann Kruse, Administrator
          Emsstrasse 7, 48499 Salzbergen
          Tel: 05976/1505
          Fax: 05976/9381


MATRATZEN REAL: Axel Schwentker Takes Over Operations
-----------------------------------------------------
The District Court of Duisburg opened bankruptcy proceedings
against Matratzen REAL Verwaltungs GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 31, 2006,
to register their claims with court-appointed provisional
administrator Axel Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duisburg, Kardinal-Galen-
Strasse 124-130, 47058 Duisburg, II. Etage, Saal 215, at 9:30
a.m., on April 6, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 11:00 a.m., on May 31, 2006, at the same venue.

CONTACT:  MATRATZEN REAL VERWALTUNGS GmbH
          Dorstener Strasse 164, 46145 Oberhausen
          Attn:
          Michael Clauss, Manager
          Hardenbergufer 130, 45239 Essen

          Axel Schwentker, Administrator
          Lindnerstrasse 165, 46149 Oberhausen


MERCATO CASH: Court Sets March 15 Claims Bar Date
-------------------------------------------------
The District Court of Paderborn opened bankruptcy proceedings
against Mercato Cash & Carry Handels- und Vertriebs-GmbH 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 Carsten Hecker.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Paderborn, Bogen 2-4, 33098
Paderborn, II Etage, Saal 230a, at 9:45 a.m. on March 31, 2006,
at which time the administrator will present his first report on
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager.

CONTACT:  MERCATO CASH & CARRY HANDELS- UND VERTRIEBS-GmbH
          Wollmarktstr. 133, 33098 Paderborn
          Attn: Vittorio Corsario, Manager
          Brunnenstr. 6, 33154 Salzkotten-Oberntudorf

          Carsten Hecker, Administrator
          Elsener Strasse 92 - 94, 33102 Paderborn
          Tel: (0 52 51) 32 114
          Fax: (0 52 51) 32 127


MOLLPLANEN GMBH: Norbert Weber Leads Winding Up Procedure
---------------------------------------------------------
The District Court of Wuppertal opened bankruptcy proceedings
against mollplanen GmbH & Co. KG on Jan. 31.  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 Norbert
Weber.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Wuppertal, Eiland 2, 42103
Wuppertal, 2. Etage, Sitzungssaal A234, at 8:30 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 at 8:30
a.m., on April 18, 2006, at the same venue.

CONTACT:  MOLLPLANEN GmbH & Co. KG
          Trecknase 7 - 9, 42897 Remscheid
          Attn: Ursula Hengst, Manager
          Ioannis Trikaliotes, Manager

          Norbert Weber, Administrator
          Friedrich-Ebert-Strasse 146, 42117 Wuppertal


NUR-TV: Proofs of Claims Due April 27
-------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Nur-TV Verlagsgesellschaft mbH on Jan. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 27, 2006,
to register their claims with court-appointed provisional
administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II Stock Saal 218, at 10:05
a.m., on March 16, 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 10:05 a.m., on June 22, 2006, at the same venue.

CONTACT:  NUR-TV VERLAGSGESELLSCHAFT mbH
          Humboldtstrasse 11,14193 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


OPTIMA-EINKAUFSCENTER: Claims Verification Slated for May 17
------------------------------------------------------------
The District Court of Bonn opened bankruptcy proceedings against
Optima-Einkaufscenter Maria Mueller KG on Jan. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 11, 2006,
to register their claims with court-appointed provisional
administrator Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bonn, Wilhelmstrasse 21,
53111 Bonn, 1 Stock, Saal W126, at 12:00 noon, 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 at 12:00 noon, on
May 17, 2006, at the same venue.

CONTACT:  OPTIMA-EINKAUFSCENTER MARIA MUELLER KG
          Kolner Str. 133, 53894 Mechernich
          Attn:
          Anna Maria Mueller, Manager

          Siegfried Mueller, Administrator
          Zum Markt 10, 53894 Mechernich
          Tel: 02443 / 98120
          Fax: 0244398 12 19


PETER FUESSGEN: Yields to Bankruptcy Process
--------------------------------------------
The District Court of Krefeld opened bankruptcy proceedings
against Peter Fuessgen Verwaltungs GmbH on Jan. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 25, 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 11:10 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 10:05
a.m., on June 23, 2006, at the same venue.

CONTACT:  PETER FUESSGEN VERWALTUNGS GmbH
          Siempelkampstr 94, 47803 Krefeld
          Attn:
          Peter Fuessgen, Manager
          Neue Ritterstr. 43, 47805 Krefeld

          Wilhelm Klaas, Administrator
          Eichendorffstrasse 25, 47800 Krefeld


SACHSENRING FAHRZEUGTECHNIK: HQM Takes Over Helm
------------------------------------------------
Sachsenring Fahrzeugtechnik has been taken over by Harterei- und
Qualitatsmanagement (HQM) for an undisclosed amount, Die Welt
reports.

HQM will now be in-charge of Sachsenring's Zwickau operation
including its 170 employees.

Sachsenring Fahrzeugtechnik is a German supplier to the
automobile industry, which underwent insolvency proceedings for
three and a half years.  Insolvency Administrator Bruno M.
Kubler said the company's efforts paved way to exit from
insolvency.


SPLITTER HOLDING: Administrators' Report Out March
--------------------------------------------------
The District Court of Sulzbach opened bankruptcy proceedings
against Splitter Holding AG on Feb. 1, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 31 to register their claims
with court-appointed provisional administrator Martin Abegg.

Creditors and other interested parties are encouraged to attend
the meeting on March 28, 11:00 a.m. at the District Court of
Sulzbach, Vopeliusstrasse 2, 66280 Sulzbach at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  SPLITTER HOLDING AG
          Bruchwiesenstrasse 26
          66111 Saarbruecken
          Contact:
          Henning Ruppersberg, Manager

          Martin Abegg, Administrator
          Bahnhofstr. 101
          66111 Saarbruecken
          Phone: 0681-31026
          Fax: 0681-390008


TELESIGNAL INTERNATIONAL: Creditors' Claims Due Next Month
----------------------------------------------------------
The District Court of Kleve opened bankruptcy proceedings
against Telesignal International GmbH on Feb. 1, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 2 to
register their claims with court-appointed provisional
administrator Heinrich Stellmach.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 10:00 a.m. at the District Court of
Kleve, Schlossberg 1 (Schwanenburg), 47533 Kleve at which time
the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  TELESIGNAL INTERNATIONAL GmbH
          Rudolf-Diesel-Strasse 16
          46446 Emmerich
          Contact:
          Inge Maria Johanna Broekx, Manager
          P/a Grasbaan 58
          5658 EP Eindhoven/Niederlande

          Heinrich Stellmach, Administrator
          Salierstr. 4
          46395 Bocholt


TTC INDUSTRIE: Court Freezes Pending Proceedings
------------------------------------------------
The District Court of Sulzbach opened bankruptcy proceedings
against TTC Industrie- und Fertigungstechnik GmbH on Feb. 1,
2006.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 3 to
register their claims with court-appointed provisional
administrator Dr. Udo Michalsky.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 10:30 a.m. at the District Court of
Sulzbach, Vopeliusstrasse 2, 66280 Sulzbach at which time the
administrator will present his first report of the insolvency
proceedings.  The court will verify the claims set out in the
administrator's report on April 5, 8:35 a.m. while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  TTC INDUSTRIE- UND FERTIGUNGSTECHNIK GmbH
          Poensgen-und-Pfahler-Strasse 3
          66386 St.Ingbert

          Dr. Udo Michalsky, Administrator
          Kaiserstrasse 77
          66386 St. Ingbert
          Phone: (06894) 3876 311
          Fax: (06894) 382185


VIEH MARKIERUNGSTECHNIK: Hermann Wittebrock Takes Over Firm
-----------------------------------------------------------
The District Court of Sulzbach opened bankruptcy proceedings
against Vieh Markierungstechnik GmbH on Feb. 1, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 4 to
register their claims with court-appointed provisional
administrator Hermann Wittebrock.

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 10:50 a.m. at the District Court of
Sulzbach, Vopeliusstrasse 2, 66280 Sulzbach at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  VIEH MARKIERUNGSTECHNIK GmbH
          Luisenthaler Strasse 156
          66115 Saarbruecken
          Contact:
          Ruediger Fischer, Manager


          Hermann Wittebrock, Administrator
          Pestelstrasse 4
          66119 Saarbruecken
          Phone: (0681) 581151
          Fax: (0681) 581165


WUELBECK BUEROCENTRUM: Bochum Court Rules on Bankruptcy
-------------------------------------------------------
The District Court of Bochum opened bankruptcy proceedings
against Wuelbeck BueroCentrum GmbH on Jan. 26, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 10 to
register their claims with court-appointed provisional
administrator Dr. Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting on April 10, 8:45 a.m. at the District Court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  WUELBECK BUEROCENTRUM GmbH
          Wittener Str. 21
          58456 Witten

          Dr. Petra Mork, Administrator
          Arndtstr. 28
          44135 Dortmund
          Phone: (0231) 95 206 30
          Fax: (0231) 95 206 316


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


IMPREGILO SPA: Parent Company IGLI Foregoes Call Option
-------------------------------------------------------
The parent of Impregilo S.p.A. will not hike its holdings at the
troubled construction group, La Repubblica says.

IGLI S.p.A. decided to forego an option that allows it to
acquire an 11.8% equity stake from co-parent Gemina S.p.A.  A
successful transaction could have raised IGLI's holdings to
29.8%.  The two-year option also allows IGLI to acquire the
stake at EUR2.6 per share.

With the withdrawal, Gemina is reportedly mulling to sell the
stake to the Ligresti family, which owns Fondiaria-SAI S.p.A.
Impregilo is currently reviewing a possible merger with Astaldi
S.p.A., Societa Italiana Condotte, or Grandi Lavori Fincosit
S.p.A.

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.


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


RAMCO ENERGY: Secures Irish License Extensions Until Year-End
-------------------------------------------------------------
The Irish Authorities granted extensions to the licensing
options over Ramco Energy PLC's four Celtic Sea interests until
Dec. 31, 2006.

Ramco has also placed its Irish exploration assets under the
control of a recently established subsidiary, Lansdowne Oil &
Gas plc, which has completed a GBP750,000 fundraising
substantially with institutions.  These funds will be utilised
to complete the work programmes on its existing assets and to
build Lansdowne's prospect inventory.  The Irish Authorities and
Lansdowne's  partners have approved the asset transfers to
Lansdowne.

                            Assets

The Irish exploration assets transferred to Lansdowne are
Ramco's 19.25% carried interest in the Frontier Exploration
Licence in the Donegal Basin, and its interests in four Celtic
Sea Licensing Options, Midleton (100%), Rosscarbery (77%), East
Kinsale (100%) and Seven Heads Oil (74%).

The Lansdowne exploration portfolio provides a balance between
the large higher risk Inishbeg prospect, offshore Donegal and
the smaller but lower risk gas opportunities in the Celtic Sea,
close to existing infrastructure.  In addition, the interest in
the Seven Heads Oil prospect offers an appraisal opportunity of
an existing oil discovery.

Lansdowne's strategy is to focus on shallow water exploration
and appraisal opportunities on the Irish continental shelf.
Lansdowne is in the process of seeking farm-in partners for
those prospects not already subject to farm-out arrangements,
with a view to retaining a 15 - 30% non-operated interest
through such arrangements.  Lansdowne's objective is to progress
a multi-well programme in 2006 / 2007.  Drilling is planned to
commence with an exploration well on the Inishbeg prospect in
the Donegal Basin, through which Lansdowne is carried, in summer
this year.

                         Management

Dr. Steve Boldy, who has 25 years experience in the industry,
will be Lansdowne's Chief Executive Officer.  Mr. Boldy spent
almost 19 years at Amerada Hess before joining Ramco in 2003.

                      The Fundraising

The fundraising, which comprised the issue of 900,267
Convertible Preference Shares of 25p each in Lansdowne, has
raised 666,000 after costs.  On conversion, the holders of the
Convertible Preference Shares will hold approximately 4.7 per
cent. of the issued share capital of Lansdowne, subject to
adjustment in certain circumstances.  The Convertible Preference
Shares have been subscribed primarily by institutions but
Stephen Remp, a director of Ramco, and Steven Bertram, a
director of both Ramco and Lansdowne, have subscribed for
GBP30,000 and GBP20,000 of Convertible Preference Shares,
respectively.

            Change of Nominated Adviser and Broker

Ramco has appointed John East & Partners Limited as its
Nominated Adviser and Broker.

"We believe that Lansdowne has considerable potential; it has
attractive exploration assets, an established position in
Ireland and an experienced management team," Steven Bertram,
Managing Director of Ramco, said.  "There is a mature prospect
inventory and the first exploration well is scheduled to be
drilled in 2006 on the Donegal acreage, through which Lansdowne
is carried."

                        About the Company

Headquartered in the U.K., Ramco Energy PLC --
http://www.ramco-plc.com/-- and its subsidiaries operate in two
divisions: Oil Field Services and Oil and Gas Exploration and
Production.  Its oil services division specializes in down-hole
tubular maintenance and pipeline coatings.  It operates
primarily in Japan, Norway, and the U.K.  Its oil and gas
exploration and production division operates in the Caspian Sea
region, Central and Eastern Europe, and the Irish Sea.  It also
holds a 50% stake in British Steel Ramco Pipeline Services, a
joint venture with British Steel, to provide pipeline-coating
services.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 6,
Ramco concluded the sale of its 86.5% interest in the
Seven Heads Gas Field for GBP5.7 million in cash to Marathon
International Petroleum Hibernia Limited.

The sale process for the gas field commenced in July 2005 and
was coordinated by Ernst & Young as part of a waiver agreement
with Ramco's lenders.  Marathon was the successful bidder in a
competitive tender process.

All of the proceeds of the sale, after costs, flow to Ramco's
lenders and retire sums due to the lenders.  The loans had been
secured against the interest in the gas field as a part of the
finance package entered into in April 2003, to help fund the
development of the gas field.

                 Business and Financial Problem

Ramco negotiated the rescheduling of its debt with lenders after
encountering problems with its Seven Heads' operations.
Troubles at the field resulted to a GBP93 million charge at its
accounts in 2004.  The resulting pre-tax loss for 2003 amounted
to GBP104.1 million.

Its bankers and a major creditor had agreed to extend waiver
agreements for GBP12.0 million and GBP1.55 million in debt until
it sells the 86.5% interest it holds in the troublesome
operation.

A sale of its interest in Seven Heads and other others was
feared to leave Ramco relying largely on a cash-generative
services business to fund early stage exploration activity, in
countries including Bulgaria.  Ramco aimed to be debt free by
the end of 2005 and participate in a drilling program in 2006.

                         Legal Problem

In April 2004, a Texas Court issued a final judgment against
Ramco Energy PLC, Ramco Oil Limited and certain other defendants
in a case alleging breach of contract arising from
confidentiality and non circumvention obligations in relation to
investments in an oilfield development project in Kazakhstan,
which Ramco subsequently decided not to pursue.

The ruling was an award against Ramco for past and future
damages of US$6.4 million plus interest and legal fees of US$9.8
million.  The award of legal fees was made jointly and severally
against Ramco and its co-defendant Halliburton.  The plaintiff
subsequently agreed settlement terms with Halliburton, which has
been dismissed from the case.

Ramco has filed motions to appeal.  It said that the appeal to
the Texas Appellant Court, which may be followed by a further
appeal to the Texas Supreme Court, is expected to take several
years to complete.


VALENTIA TELECOM: S&P Places BB+ Credit Rating on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed all its ratings,
including its 'BB+' long-term corporate credit rating, on
Valentia Telecommunications upc on CreditWatch with negative
implications.  This follows an announcement by Valentia's owner,
Ireland-based fixed and mobile telecommunications operator
eircom Group PLC that it has received a preliminary approach
from Babcock & Brown Capital, which may or may not lead to an
offer being made for the group.

"The CreditWatch placement reflects the possibility that
Valentia's credit quality could be weakened by the potential
takeover if the transaction is substantially debt financed and
results in higher leverage for the group," said Standard &
Poor's credit analyst Michael O'Brien.

"If Babcock & Brown were to hold a controlling stake in eircom,
the corporate credit rating on Valentia would likely be lowered,
with the extent of the downgrade depending on the capital
structure put in place," Mr. O'Brien added.  "A downgrade of
more than one notch cannot be ruled out."

In the event that a transaction does not materialize, we would
still have to assess the impact of this development on
management's financial strategies and alternatives in the
future, which could lead either to an affirmation or a
downgrade.

Standard & Poor's expects to resolve the CreditWatch either when
there is more clarity on the funding structure of any bid or on
the completion of a potential transaction following an offer by
Babcock & Brown.


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


EDILET-N: Declared Bankrupt by Almaty Court
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty region
declared LLC Edilet-N bankrupt on February 16, 2005.  Proofs of
claim will be accepted at Taldykorgan, micro district 4, 1-89 on
or before March 6, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          ALMATY REGION
          Phone: 8 (3282) 25-55-25


IRTYSHMETALKOMPLEKT: Court Sets March 6 Claims Bar Date
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
region declared LLC Irtyshmetalkomplekt bankrupt on December 8,
2005.  Proofs of claim will be accepted on or before March 6,
2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF EAST
          KAZAKHSTAN REGION
          8 (32344) 27-13-70


KURCHUMSKOYE ATP: Court Rules on Bankruptcy
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
region declared JSC Kurchumskoye ATP bankrupt on December 6,
2005.  Proofs of claim will be accepted on or before March 6,
2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF EAST
          KAZAKHSTAN REGION
          8 (32344) 27-13-70


MEHTRANSTROI: Pavlodar Court Sends Group Into Bankruptcy
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar region
declared LLC Mehtranstroi bankrupt on December 8, 2005.  Proofs
of claim will be accepted at Pavlodar, Puteiskei gorodok, 2 on
or before March 6, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          PAVLODAR REGION
          Phone: 8 (318(2) 55-78-46
                           55-16-25

PARS ENERGY: Collapses Under Bankruptcy
---------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
region declared LLC Pars Energy bankrupt on December 9, 2005.
Proofs of claim will be accepted at Aktau 12-71-52 on or before
March 6, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          MANGISTAU
          Phone: 8 (329(2) 43-70-36


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


ROYAL SHELL: Cancels Another 1 Million Shares in Buyback
--------------------------------------------------------
Royal Dutch Shell plc purchased 775,000 'A' Shares for
cancellation at a price of 26.03 euros per share on Feb. 22,
2006.

In addition, it purchased 225,000 'A' Shares for cancellation at
a price of 1,777.79 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,916,525,000.

As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell
plc were in issue.

                           *     *     *

In 2005, Shell returned US$5 billion to shareholders via market
purchases of shares.  This target included shares purchased for
cancellation by The Shell Transport and Trading Company PLC and
Royal Dutch Petroleum Company prior to the Group unification of
US$500 million.  The Company expected to continue its buyback
program in 2006 and planned to provide an update on the 2006
buyback program with the full year results announcement on Feb.
2, 2006.

Shell's buyback scheme was aimed at reviving shareholders' and
investors' confidence.  The buyback program followed last year's
damaging reserves overestimation scandal.

                        About the Company

Headquartered in The Hague and incorporated in England and
Wales, Royal Dutch Shell PLC -- http://www.shell.com/-- has
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.  The
company is listed on the London, Amsterdam, and New York stock
exchanges.

                           The Trouble

Shell admitted overstating proved reserves by almost 6 billion
barrels between January 2004 and February last year.  This led
to the ouster of three top executives, including former Chairman
Philip Watts.  The company was fined EUR150 million in total
after investigations launched by U.S. and British regulators.
Shell has since revised the method by which it calculates
reserves to comply with U.S. regulations.  Shell's proved
reserves stood at 10.2 billion barrels at the end of 2004.


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


AGRO-STAROIVANOVSKOYE: Taps Y. Shevchenko as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Agro-Staroivanovskoye after finding the open
joint stock company insolvent.  The case is docketed as A08-
3564/05-11.  Mr. Y. Shevchenko has been appointed insolvency
manager.  Creditors have until March 21, 2006, to submit their
proofs of claim to Russia, Belgorod region, Preobrazhenskaya
Str. 132-28.

CONTACT:  AGRO-STAROIVANOVSKOYE
          0309800, Russia, Belgorod region,
          Volokonovskiy region, Staroivanovka

          Y. SHEVCHENKO
          Insolvency Manager
          Russia, Belgorod region,
          Preobrazhenskaya Str. 132-28


ASTANA FINANCE: Fitch Sustains Long-term BB+ to US$125M Bond
------------------------------------------------------------
Fitch Ratings sustained a final Long-term rating of BB+ to
Astana Finance B.V.'s USD125 million 7.625 percent bond due
2009, which has been guaranteed unconditionally and irrevocably
by JSC Astana Finance.

AF is rated Long-term BB+ with Stable Outlook, Short-term B,
Individual D/E and Support 3.

AF was created in 1997 by the municipality of Astana to
facilitate development finance for Astana, the rapidly growing
new capital of Kazakhstan and for the surrounding Akmola region.
It has since diversified geographically.  AF's main businesses
are lending and making equity investments.


AVTO-SPETS-TEKHNIKA: Insolvency Manager Takes Helm
--------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision on limited liability company Avto-Spets-
Tekhnika (TIN 3123071254).  The case is docketed as A08-
12042/05-2 "B".  Mr. E. Masliev has been appointed temporary
insolvency manager.

CONTACT:  AVTO-SPETS-TEKHNIKA
          308000, Russia, Belgorod region,
          2nd Tsentralnaya Str. 2

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


BANK URALSIB: Fitch Changes Long-Term Rating Outlook to Positive
----------------------------------------------------------------
Fitch Ratings changed the Outlook on the Long-term B rating of
Russia's Bank Uralsib to Positive from Stable.  The bank's other
ratings are affirmed at Short-term B, Individual D and Support
4.

The change in the Outlook reflects recent improvements in
efficiency and core profitability and a reduction in loan
concentrations.  In addition, Uralsib's Long-term, Short-term
and Individual ratings also take into account the bank's
nationwide franchise, which is sizeable for a Russian privately-
owned bank, relatively high capital ratios, adequate liquidity
and low levels of loan impairment to date.

However, core profitability, despite improvements, is still only
moderate and related party exposures, albeit mainly to other
financial service companies within the broader Uralsib Financial
Corporation, are significant.

Furthermore, a large, strategic stake in the equity of Russian
oil company Lukoil can result in considerable volatility in the
bank's earnings and equity.  At the same time, Fitch notes that
Uralsib's capital ratios could withstand a large reduction in
the value of this stake and still remain reasonable.

Uralsib was formed as a result of the merger in October 2005 of
five Russian banks, and analysis is based primarily on 9M05
management IFRS accounts for the merged entity.  Continuation of
positive performance, franchise and diversification trends,
coupled with maintenance of relatively high capital ratios in
light of the large Lukoil exposure, could lead to an upgrade of
the bank's Long-term rating.

At end-9M05, Uralsib was the second largest privately owned
Russian bank by assets and the largest by equity.  Uralsib
Financial Corporation, a large Russian group owning financial
and non-financial assets, which in turn has two individual
shareholders, holds an 89% stake in Uralsib.

An approximately 8% stake in the bank is held by the government
of the Bashkortostan Republic, the region of Russia where Ural-
Siberian bank, the largest of Uralsib's legal predecessors, was
based.


BEKOVO-AGRO-TEKHNIKA: Bankruptcy Hearing Set for April 20
---------------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
supervision on open joint stock company Bekovo-Agro-Tekhnika.
The case is docketed as A-49-11579/2005-148b/26.  Mr. V.
Fedoseev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 440039, Russia,
Penza region, Shmidta Str. 4.  A hearing will take place on
April 20, 2006, 11:30 a.m.

CONTACT:  BEKOVO-AGRO-TEKHNIKA
          Russia, Penza region,
          Bekovskiy region, Bekovo

          V. FEDOSEEV
          Temporary Insolvency Manager
          440039, Russia, Penza region,
          Shmidta Str. 4


CONCERN SITRONICS: Prices US$200 Million Eurobond Issue
-------------------------------------------------------
Concern SITRONICS, the technology business subsidiary of Sistema
(LSE: SSA), disclosed the pricing of its debut Eurobond
transaction.

The 3-year US$200 million issue was priced at 99.672% with an
annual coupon of 7.875%.  The notes are being offered and sold
outside the United States in offshore transactions in reliance
on Regulation S under the U.S. Securities Act.

The loan notes are being issued through Concern SITRONICS' 100%
beneficially owned subsidiary, Sitronics Finance S.A., which is
a Luxembourg registered company, and are guaranteed by Concern
SITRONICS.

ABN AMRO and Credit Suisse is the lead manager of the said
issue.  Application has been made to list the loan notes on the
London Stock Exchange.

Concern SITRONICS intends to use the proceeds of the offering
for general corporate purposes, including capital expenditure
and the refinancing of certain short-term debt.

                          About SISTEMA

Sistema is the largest private sector consumer services company
in Russia and the CIS, with over 50 million customers.  Sistema
develops and manages market-leading businesses in selected
service-based industries, including telecommunications,
technology, insurance, banking, real estate, retail and
media.  Founded in 1993, the company reported revenues of
US$5.4 billion for the first nine months of 2005, and total
assets of US$12.1 billion as of Sept. 30, 2005.  Sistema's
shares are listed under the symbol 'SSA' on the London Stock
Exchange, under the symbol 'AFKS' on the Russian Trading System
(RTS), and under the symbol 'SIST' on the Moscow Stock Exchange
(MSE).

                     About CONCERN SITRONICS

Headquartered in Moscow, Russia, Concern SITRONICS is the
technology arm of Sistema active in four core segments: Telecom
equipment manufacturing & software development
(Infocommunication Technologies), Information Technologies,
Microelectronic Components and Consumer Electronics.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 20,
Moody's Investors Service assigned a provisional (P)B3 corporate
family rating to the Joint Stock Company Concern Sitronics.

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

On Feb. 16, TCR-Europe reported that Fitch Ratings gave Concern
Sitronics JSC a Long-term IDR rating of B- with a Stable Outlook
and an expected rating of B- to Sitronics' guaranteed up to
US$200 million bond with a maturity of three years.  The
assignment of the final bond rating is contingent on receipt of
final documents conforming to information already received.

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

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


GEO-TEKHNIKA -1: Undergoes Bankruptcy Supervision in Saratov
------------------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision on close joint stock company Geo-Tekhnika-1.  The
case is docketed as A-57-734B/05-31.  Mr. V. Ovchinnikov has
been appointed temporary insolvency manager.  A hearing will
take place on April 30, 2006, 2:45 p.m. at the Arbitration Court
of Saratov region.

CONTACT:  GEO-TEKHNIKA-1
          Russia, Saratov region

          V. OVCHINNIKOV
          Temporary Insolvency Manager
          Russia, Saratov region,
          Chernyshevskogo Str. 92, Office 166

          ARBITRATION COURT OF SARATOV REGION
          Russia, Saratov, B. Vvoz Str. 1


MDM INTERNATIONAL: Fitch Assigns BB- to US$2 Billion Notes
----------------------------------------------------------
Fitch Ratings assigned a final Long term BB- ratings to MDM
International Funding's USD2 billion debt issuance program, a
USD250 million 7.5% Issue 1 due December 2007 and a USD300
million 6.8% Issue 3 due February 2007 of MDM International
Funding's made under this program.

The proceeds from the issues are used to finance advances to
Russia's MDM Bank.  The Issues are limited recourse obligations
of the issue and noteholders will be relying solely on the
credit and financial standing of MDM Bank.

MDM is the largest subsidiary of MDM Holding GmbH, the holding
company of the group that, in addition to the bank and sub-
holding companies, consists of MDM Bank St. Petersburg and banks
in Latvia and the Urals.

It also owns a number of securities, leasing, real estate and
asset management companies.  The ultimate shareholders of the
group are Andrey Melnichenko and Sergey Popov, his partner in
other industrial assets. MDM's strategy is to grow in defined
areas of commercial, retail and investment banking.


NOLINSKIY MEAT: Selling Assets Via Public Auction on March 10
-------------------------------------------------------------
The bidding organizer of open joint stock company Nolinskiy Meat
Combine will sell seven buildings on March 10, 2006, 11 a.m. at
613440, Russia, Kirov region, Nolinskiy region, Perevoz.

Preliminary examination and reception of bids are done from 9:00
a.m. to 2:00 p.m. by Tuesday, Feb. 28.  The list of documentary
requirements is available at 613440, Russia, Kirov region,
Nolinskiy region, Perevoz.

CONTACT:  NOLINSKIY MEAT COMBINE
          613440, Russia, Kirov region,
          Nolinskiy region, Perevoz

          Insolvency Manager/Bidding Organizer
          613440, Russia, Kirov region,
          Nolinskiy region, Perevoz


PBB LPN: Fitch Puts B- Ratings on US$100 Million Notes
------------------------------------------------------
Fitch Ratings assigned ratings to PBB LPN Issuance Limited's
US$100 million loan participation program of Long-term B- and
Short-term B.  The proceeds from the notes are to be used solely
for financing a loan to JSC Probusinessbank.

Issues under the program are rated separately.  Fitch has also
assigned an Expected Long-term rating of B- to the upcoming
issue under the program.  The final rating on the issue is
contingent upon receipt of final documentation conforming
materially to information already received.

PBB LPN Issuance Limited, a Cypriot-registered special-purpose
vehicle, will only pay note holders principal and interest
received from PBB.  In addition, the Issuer charges in favor of
a trustee certain of its rights and interests under the loan
agreement.

The terms and conditions of the loan agreement specify that the
claims of the Issuer against PBB will rank at least pari passu
with the claims of other unsecured creditors of PBB save those
whose claims are preferred by any bankruptcy, insolvency,
liquidation or similar laws of general application.

Under Russian law, the claims of retail depositors rank above
those of other senior unsecured creditors. At end-2004, retail
deposits accounted for 25% of PBB's total liabilities, according
to its consolidated audited IFRS accounts.

The terms and conditions contain a negative pledge clause, which
allows for a degree of securitization by PBB and its
subsidiaries.  Were such transactions to be undertaken, Fitch
comments that the nature and extent of any over-
collateralization would be assessed by the agency for any
potential impact on unsecured creditors.

PBB ranks within the top 100 banks in Russia, with consolidated
assets of about US$622 million at end-H105, and provides
corporate and retail services primarily in Moscow and through
recently acquired regional banks in the Volga region and
Yekaterinburg.

Starting in 2003, PBB has implemented an ambitious strategy
focusing on the regional development of its franchise, both
through organic growth and acquisitions.


SARATOV-ZHIL-STROY: Declared Insolvent by Saratov Court
-------------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Saratov-Zhil-Stroy after finding the close
joint stock company insolvent.  The case is docketed as A57-
403B/05-32.  Mr. A. Otstavnov has been appointed insolvency
manager.  Creditors have until March 28, 2006, to submit their
proofs of claim to 410004, Russia, Saratov region,
Astrakhanskaya Str. 22/36, Post Office 34-73.

CONTACT:  SARATOV-ZHIL-STROY
          410033, Russia, Saratov region,
          Molodyezhnuj Pr. 5

          A. OTSTAVNOV
          Insolvency Manager
          410004, Russia, Saratov region,
          Astrakhanskaya Str. 22/36, Post Office 34-73


SERPUKHOVSKAYA: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision on open joint stock company SERPUKHOVSKAYA STOCKING
FACTORY (TIN 5043000318).  The case is docketed as A41-K2-
18380/05.  Mr. A. Krylenko has been appointed temporary
insolvency manager.  A hearing will take place on April 13,
2006.

CONTACT:  SERPUKHOVSKAYA
          142204, Russia, Moscow region,
          Serpukhov, Beregovaya Str. 21

          A. KRYLENKO
          Temporary Insolvency Manager
          107045, Russia, Moscow region,
          Rozhdestvennskiy Avenue, 5/7, Office 34


STROY-DETAIL: Firm Falls Into Bankruptcy
----------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Stroy-Detail after finding the open joint
stock company insolvent.  The case is docketed as A59-5928/05-
S4.  Mr. A. Kravchenko has been appointed insolvency manager.

CONTACT:  A. KRAVCHENKO
          Insolvency Manager
          680000, Russia, Khabarovsk region,
          Komsomolskaya Str. 82, Office 1


TUKAY-AGRO-KHIM-SERVICE: Claims Filing Period Ends March 21
-----------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision on open joint stock company Tukay-Agro-
Khim-Service.  The case is docketed as A65-38855/2005-SG4-31.
Mr. I. Gilyazov has been appointed temporary insolvency manager.

Creditors have until March 21, 2006, to submit their proofs of
claim to 422983, Russia, Tatarstan republic, Chistipol, GOS-3,
Post User Box 5.  A hearing will take place on May 11, 2006,
8:30 a.m.

CONTACT:  TUKAY-AGRO-KHIM-SERVICE
          Russia, Tatarstan republic,
          Naberezhnye Chelny

          I. GILYAZOV
          Temporary Insolvency Manager
          422983, Russia, Tatarstan republic,
          Chistipol, GOS-3, Post User Box 5


TYUMENSKAYA: Tyumen Court Brings In Insolvency Manager
------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision on open joint stock company Tyumenskaya (TIN
7204055057).  The case is docketed as A70-12074/3-05.  Mr. V.
Vinogradov has been appointed temporary insolvency manager.

CONTACT:  TYUMENSKAYA
          625017, Russia, Tyumen region,
          Avtoremontnaya Str. 47

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


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


BUDIVELNIK: Lviv Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against LLC Budivelnik (code EDRPOU 20832010) after
finding the limited liability company insolvent.  The case is
docketed as 6/278-29/365.  Mr. Pavlo Duplika has been appointed
liquidator/insolvency manager.

CONTACT:  Mr. Pavlo Duplika,
          Liquidator/Insolvency Manager
          82100, Ukraine, Lviv region,
          Drogobich, Kotlyarevskij Str. 55
          Phone: (0322) 41-30-55

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


KOMETA: Sergij Zagorodnij Takes Over Operations
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Kometa (code EDRPOU 21483698) after finding
the limited liability company insolvent.  The case is docketed
as 24/752-b.  Mr. Sergij Zagorodnij has been appointed
liquidator/insolvency manager.

CONTACT:  KOMETA
          04214, Ukraine, Kyiv region,
          Geroiv Dnipra Str. 15

          Mr. Sergij Zagorodnij
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region,
          M. Kotsubinskij Str. 4-b, office 2

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


LAYTON: Bankruptcy Proceedings Begin in Lviv Region
---------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Layton after finding the limited liability
company insolvent.  The case is docketed as 9/64.  Mr. Pavlo
Duplika has been appointed liquidator/insolvency manager.

CONTACT:  LAYTON
          Ukraine, Rivne region,
          Kostopil, Geroiv UPA Str. 21

          Mr. Pavlo Duplika
          Liquidator/Insolvency Manager
          82100, Ukraine, Lviv region,
          Drogobich, Kotlyarevskij Str. 55
          Phone: (0322) 41-30-55

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


LISOVI OZERA: Court Names Pavlo Duplika as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Lisovi Ozera (code EDRPOU 22384343) after
finding the private enterprise insolvent.  The case is docketed
as 6/183-5/112.  Mr. Pavlo Duplika has been appointed
liquidator/insolvency manager.

CONTACT:  LISOVI OZERA
          Ukraine, Lviv region,
          Sambir district, Ralivka

          Mr. Pavlo Duplika,
          Liquidator/Insolvency Manager
          82100, Ukraine, Lviv region,
          Drogobich, Kotlyarevskij Str. 55
          Phone: (0322) 41-30-55

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


MONTAZH: Insolvency Manager Comes In
------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Montazh (code EDRPOU 32972664) on Dec. 30,
2004 after finding the limited liability company insolvent.  The
case is docketed as 21/283-05-11604.  Mr. Liseyev Kirilo has
been appointed liquidator/insolvency manager.

CONTACT:  MONTAZH
          Ukraine, Odessa region,
          Nizhinska Str. 61/7

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


RAJKOOPZAGOTPROM: Yields to Bankruptcy Process
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Rajkoopzagotprom (code EDRPOU 01784558)
after finding the joint enterprise insolvent.  The case is
docketed as 6/253-8/221.  Mr. Pavlo Duplika has been appointed
liquidator/insolvency manager.

CONTACT:  RAJKOOPZAGOTPROM
          Ukraine, Lviv region,
          Kamyanko-Buzka, Sirka Str. 4a

          Mr. Pavlo Duplika
          Liquidator/Insolvency Manager
          82100, Ukraine, Lviv region,
          Drogobich, Kotlyarevskij Str. 55
          Phone: (0322) 41-30-55

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


TECHNOCENTER: Begins Liquidation Following Insolvency
-----------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Technocenter (code EDRPOU 32434546) after
finding the limited liability company insolvent.  The case is
docketed as 42/220 B.  Ms. S. Lunkova has been appointed
liquidator/insolvency manager.

CONTACT:  TECHNOCENTER
          83042, Ukraine, Donetsk region,
          Kamenelivarnikiv Str. 1

          Ms. S. Lunkova
          Liquidator/Insolvency Manager
          83000, Ukraine, Donetsk region,
          Artema Str. 62/1

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


TORGBUDSERVICE: Succumbs to Insolvency Proceedings in Kyiv
----------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Torgbudservice (code EDRPOU 32856876) after
finding the limited liability company insolvent.  The case is
docketed as 24/802-b.

CONTACT:  TORGBUDSERVICE
          01024, Ukraine, Kyiv region,
          Tsurupinska Str. 3/27

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


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


AMICUS OUTSOURCING: In Administrative Receivership
--------------------------------------------------
Dabs.com Plc appointed Michael Chamberlain of Chamberlain & Co
administrative receiver of Amicus Outsourcing Limited (Company
Number 04560857) on Feb. 8.  The company operates a call center.

CONTACT:  CHAMBERLAIN & CO
          Aireside House
          24/26 Aire Street
          Leeds
          West Yorkshire LS1 4HT
          Tel: 0113 242 0808
          Fax: 0113 242 0866
          E-mail: mail@chamberlain-co.co.uk


AUTOMOTIVE COMPONENTS: Hires BDO Stoy Hayward Administrator
-----------------------------------------------------------
Shagun Sunil Dubey, Geoffrey Stuart Kinlan and Christopher Kim
Rayment of BDO Stoy Hayward were appointed joint administrators
of Automotive Components Investments Limited (Company Number
03437183) on Feb. 10.

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.


BALLOON PROMOTIONS: Joint Administrators Enter Firm
---------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were
appointed joint administrators of Balloon Promotions Limited
(Company Number 01171928) on Feb. 6.  Its registered office is
at 7 Royal Parade, London SW6 7RE.

CONTACT:  ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Tel: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk/


BRAY COURT: Creditors' Meeting Set Next Week
--------------------------------------------
Creditors of Bray Court Homes Limited (Company Number 04362038)
will meet on March 2, 2006, 11 a.m. at BDO Stoy Hayward LLP,
Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. H. Thompson, joint administrator of BDO Stoy
Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire
RG1 3EX not later than 12 noon, March 1, 2006.

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.


CIRCATEX GROUP: Deadline for Proofs of Claim Set Tomorrow
---------------------------------------------------------
Creditors of Circatex Group Limited (Company Number 5067435)
will meet on Feb. 27, 10:30 a.m. at The Royal Station Hotel,
Neville Street, Newcastle upon Tyne NE1 5DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to R. H. Kelly, joint administrator of Ernst & Young
LLP, PO Box 61, Cloth Hall Court, 14 King Street, Leeds LS1 2JN
not later than Feb. 24, 2006.

Headquartered in South Shields, England, Circatex Group Limited
-- http://www.circatex.com/-- manufactures printed circuit
board.

CONTACT:  ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Tel: +44 [0] 113 298 2200
          Fax: +44 [0] 113 298 2201
          Web site: http://www.ey.com/


C. L. LEES: Claims Filing Period Ends Tomorrow
----------------------------------------------
Creditors of C. L. Lees Limited (Company Number 01423311) will
meet on Feb. 27, 11 a.m. at DTE Leonard Curtis, Bamford 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, Feb. 24.

CONTACT:  C L LEES LTD
          60 Cato Street,
          Birmingham, West Midlands B7 4TS
          Tel: 01213776272

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


ENERSYS: Buys Majority Stake in Modular Energy Devices
------------------------------------------------------
EnerSys (NYSE: ENS) purchased a controlling interest in Modular
Energy Devices, Inc. (ModEnergy), a development stage company,
for an undisclosed amount.  ModEnergy produces large format
lithium-ion rechargeable batteries utilized in aerospace and
defense applications as well as specialized standby power and
commercial applications.

ModEnergy, based in Westerly, Rhode Island, has developed a
proprietary method for assembling lithium-ion cells into battery
systems that are designed to be safer and more cost effective
than competitive products currently available.

"The ModEnergy investment gives us a foothold in the emerging
lithium-ion segment of the industrial battery market and
supplements our already broad line of battery offerings," John
D. Craig, chairman, president and CEO of EnerSys, said.  "This
investment is targeted towards our aerospace and defense battery
business and will complement our lead-acid and nickel based
specialty product lines in the standby and specialty battery
markets."

Sanjay Deshpande, EnerSys vice president for Aerospace and
Defense, who will serve as general manager of ModEnergy, added,
"EnerSys first contracted ModEnergy to develop a specific
product for a military application, which has been tested
successfully by a government agency, and we then proceeded to
make the investment in ModEnergy.  We are confident that
ModEnergy will be an excellent springboard for the continued
growth of our business in the targeted markets for these
products."

Stephen Spencer Eaves, founder and vice president of Technology
for ModEnergy, remarked, "We are excited about having EnerSys as
our strategic partner, with its global reach and operations.  We
have had one of our products under field test in a
telecommunications application, which has shown favorable
results to date.  With this investment by EnerSys, we will move
forward with the accelerated commercialization of our technology
and products in many markets around the world."

Headquartered in Reading, Pennsylvania, EnerSys, Inc. --
http://www.enersys.com/-- manufactures, distributes and
services reserve power and motive power batteries, chargers,
power equipment, and battery accessories to customers worldwide.
Reserve power batteries are used in the telecommunications and
utility industries, uninterruptible power suppliers, and
numerous applications requiring standby power.  Motive power
batteries are utilized in electric forklift trucks and other
commercial electric powered vehicles.  The Company also provides
aftermarket and customer support services to its customers from
over 100 countries through its sales and manufacturing locations
around the world.

                          *     *     *

Standard & Poor's has assigned these ratings to EnerSys:

   * Long term foreign issuer credit -- BB
   * Long term local issuer credit   -- BB


ENERSYS: Posts $7.8MM Net Earnings for 3rd Fiscal Quarter 2006
--------------------------------------------------------------
EnerSys reports $9.6 million pro forma net earnings for the
third quarter ending Jan. 1, 2006, compared to the $6.8 million
net earnings in the same period last year.

EnerSys' net earnings for the third fiscal quarter of 2006 is
$7.8 million versus $6.8 million net earnings of the prior year.

Net sales for the Company's third fiscal quarter of 2006 is
$321.8 million compared to $273.7 million in the comparable
period of the prior year, or an increase of 17.6%.

According to the Company, the results reflect the inclusion of
the acquisition of FIAMM SpA's motive power business, which
occurred in the first fiscal quarter of 2006, and GAZ GmbH's
reserve power business, which occurred in the third fiscal
quarter of 2006.  The two acquisitions contributed sales of
approximately $21 million in the third fiscal quarter of 2006 or
approximately 8 percentage points of the increase compared to
the prior year.

Additionally, the Company states that the foreign currency
translation had an unfavorable impact on their third fiscal
quarter of 2006 net sales, which resulted in an approximate 6
percentage point decrease compared to the comparable period in
the prior year.

Pro forma net earnings for the nine months of fiscal 2006 is
$24.9 million compared to pro forma net earnings of $28.1
million in the prior year.

Net earnings for the nine months of fiscal 2006 is $19.0 million
compared to net earnings of $22.2 million and net earnings
available to common shareholders of $14.1 million in the prior
year.

The pro forma adjustment for the nine months of fiscal 2006
relates primarily to the elimination of the restructuring
charges, while the pro forma adjustments for the prior year
relate to the effect of the IPO, elimination of a special charge
and elimination of the Company's non-cash Series A convertible
stock dividend, the Company says.

Net sales for the Company's nine months of fiscal 2006 is $930.1
million compared to $798.3 million in the prior year, or an
increase of 16.5%.

Headquartered in Reading, Pennsylvania, EnerSys, Inc. --
http://www.enersys.com/-- manufactures, distributes and
services reserve power and motive power batteries, chargers,
power equipment, and battery accessories to customers worldwide.
Reserve power batteries are used in the telecommunications and
utility industries, uninterruptible power suppliers, and
numerous applications requiring standby power.  Motive power
batteries are utilized in electric forklift trucks and other
commercial electric powered vehicles.  The Company also provides
aftermarket and customer support services to its customers from
over 100 countries through its sales and manufacturing locations
around the world.

                          *     *     *

Standard & Poor's has assigned these ratings to EnerSys:

   * Long term foreign issuer credit -- BB
   * Long term local issuer credit   -- BB


FET LIMITED: Calls In Joint Administrators from Gerald Edelman
--------------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman of Gerald Edelman
Business Recovery were appointed joint administrators of FET
Limited (Company Number 05265985) on Feb. 9.  Its registered
office is at Kent House, Station Road, Ashford, Kent TN23 1PP.

The company offers freight transport services.

CONTACT:  FET LTD
          Feltham, TW14 8NT
          Tel: 020 8831 1199

          GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street
          London W1N 2BR
          Tel: 020 7299 1400
          Fax: 020 7637 1440
          E-mails: bhoffman@GeraldEdelman.com
                   insolvency@edelman.co.uk


IRONFIRM LTD: Meeting of Creditors Slated on March 1
----------------------------------------------------
Creditors of Ironfirm Ltd (Company Number 01735074) will meet on
March 1, 2 p.m. at Quality Hotel Heathrow, London Road, Slough,
Berkshire SL3 8QB.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to P. A. Finn, joint administrator of

CONTACT:  IRONFIRM LTD
          708 - 710 Banbury Avenue Trad,
          Slough, Berkshire SL1 4LH
          Tel: 01753-824961

          BUSINESSCARE SOLUTIONS LIMITED
          Tong Hall
          Tong, Bradford
          West Yorkshire BD4 0RR
          Tel: 0113 287 9097
          Fax: 0113 287 9098


MFI FURNITURE: Goldman Sachs Holds 15.9% Notifiable Equity Stake
----------------------------------------------------------------
MFI Furniture Group Plc disclosed that it has received
notification pursuant to Section 198 of the Companies Act 1985,
that The Goldman Sachs Group had a notifiable interest, by
attribution only, in 99,911,149 10 pence ordinary shares of MFI
Furniture Group Plc (15.9 per cent of the issued share capital)
at the close of business on Feb. 16.

On the other hand, Morgan Stanley Securities Limited informed
the company that it and its subsidiary no longer hold a
notifiable interest in the company's ordinary shares at the
close of business on Feb. 13.

Headquartered in London, England, 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.

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


MISYS PLC: Transfers 30,495 Shares Held in Treasury
---------------------------------------------------
Misys plc transferred 30,495 ordinary shares to participants in
its employee share schemes at prices between 156p and 178p per
share.  The shares were all formerly held as treasury shares.

Following the above transfer of shares out of Treasury, Misys
plc holds a total of 52,376,284 ordinary shares in Treasury.
The total number of ordinary shares in issue (excluding Treasury
shares) is 507,350,752.

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

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


MOWLEM PLC: High Court Confirms Scheme of Arrangement
-----------------------------------------------------
The High Court confirmed Mowlem plc's reduction of capital
comprised within the proposed Scheme of Arrangement under
section 425 of the Companies Act 1985.  The scheme effectuates
the acquisition by Carillion plc of the entire issued and to be
issued share capital of Mowlem.

The Scheme was expected to become effective on Feb. 23, 2006,
upon the registration by the Registrar of Companies for England
and Wales of an office copy of the Court Order confirming the
reduction of capital.

The listing of the ordinary shares of 25 pence each in the
capital of Mowlem on the Official List and the trading of these
shares on the London Stock Exchange's main market for listed
securities will be cancelled, at Mowlem's request, with effect
from the commencement of business on Feb. 23, 2006.

The Mix and Match Facility has now closed.  Mowlem Shareholders
holding 2.6 million Existing Mowlem Shares, representing
approximately 1.8% of the existing issued ordinary share capital
of Mowlem, have elected to receive additional cash and Mowlem
Shareholders holding 123.9 million Existing Mowlem Shares,
representing approximately 86.6% of the existing issued
ordinary share capital of Mowlem, have elected to receive
additional New Carillion Shares.

As the number of opposite elections made is insufficient to
allow all elections to be satisfied in full, valid elections
under the Mix and Match Facility for additional New Carillion
Shares have been scaled back pro rata but elections for
additional cash will be satisfied in full.

Mowlem Shareholders who elected:

   -- for additional cash under the Mix and Match Facility will
      be entitled to receive 220 pence in cash for each Existing
      Mowlem Share included in the Mix and Match Facility; and

   -- for additional New Carillion Shares under the Mix and
      Match Facility will be entitled to receive approximately
      0.47 New Carillion Shares and approximately 79 pence in
      cash for each Existing Mowlem Share included in the Mix
      and Match Facility.

In respect of Existing Mowlem Shares for which no valid election
under the Mix and Match Facility has been made, Mowlem
Shareholders will receive the basic offer consideration of 82
pence in cash and 0.46 of a New Carillion Share for each
Existing Mowlem Share.

Fractions of New Carillion Shares will not be allotted, but will
be aggregated and sold in the market and the net proceeds of
such sale will be paid in cash to such Mowlem Shareholders
entitled thereto in accordance with their fractional
entitlements.

Cash consideration due under the offer will be despatched by
cheque by Lloyds TSB Registrars or settled through CREST, as
appropriate, by March 9, 2006.  Settlement of the cash
consideration will also include cash in respect of any
fractional entitlements.

The New Carillion Shares are expected to be issued and admitted
to trading on the London Stock Exchange's main market for listed
securities on 23 February 2006.  Lloyds TSB Registrars will
issue and post statements of entitlement to, or share
certificates in relation to, New Carillion Shares by March 9,
2006.

Expressions used in this announcement have the same meaning as
in the circular to Mowlem Shareholders dated Jan. 6, 2006.

                        About the Company

Headquartered in Middlesex, Mowlem Plc -- http://www.mowlem.com/
-- offers support services to public and private sector
customers across a comprehensive range of market sectors.  It
has more than 25,000 employees, and annual turnover of GBP2
billion.  It has GBP228.4 million in assets and GBP18.9 million
in debt.  Its creditors are HSBC Bank, National Westminster
Bank, and Lloyds TSB Bank.

                        *     *     *

Mowlem registered losses of GBP7.4 million (retained loss of
GBP19.6 million) in 2004, compared to earnings of GBP49.8
million a year earlier.  Its profitability was severely affected
by a number of contract valuation write-downs and one-off
charges.  In September, it reported loss before tax of GBP73.4
million (2004: GBP6.8 million profit).

                      Accounting Errors

Mowlem's business review in February 2005 led to the discovery
of a number of accounting issues at its Technical Services unit.
The errors nearly gave rise to technical breaches under certain
bonding facilities.  The review also resulted to the split of
its Construction Services operation into three units.

The company has warned 2005 full-year results will be GBP20
million lower than current market expectations due to changes in
approach to profit recognition and contract valuation.  The
announcement followed three profits warning since June 2004.
These warnings prompted Fitch Ratings to revise the outlook on
the company to Negative from Stable.  Senior Unsecured 'BB' and
Short-term 'B' ratings were affirmed.


NSF MOTORS: Repairmen Succumb to Bankruptcy
-------------------------------------------
Members of NSF Motors Limited opted to liquidate the company's
assets during an Extraordinary General Meeting on Feb. 7.

Zafar Igbal, of Cooper Young, will lead the winding up process.

CONTACT:  NSF MOTORS LIMITED
          75-78 ROSEBANK ROAD
          LONDON
          E17 8NH
          Tel: 020 8988 0101
          Fax: 020 8532 8604


PROMPT FINISHING: Taps Filippa Connor to Liquidate Assets
---------------------------------------------------------
Filippa Connor, of B & C Associates, was appointed Liquidator
after members of Prompt Finishing Limited decided to liquidate
the company's assets on Jan. 31, 2006.

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

CONTACT:  PROMPT FINISHING LIMITED
          136 Clock Tower Road
          Isleworth Middlesex
          TW7 6DT
          Tel: 020 8560 8111
          Fax: 020 8560 9568


QUAINTBROOK LIMITED: Video Shop Begins Winding Up Process
---------------------------------------------------------
Creditors of Quaintbrook 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 Roderick Graham
Butcher, of Butcher Woods, as Liquidators.

CONTACT:  QUAINTBROOK LIMITED
          17 Hollyfield Road South
          Sutton Coldfield West Midlands
          B76 1NY
          Tel: 0121 311 0500
          Fax: 0121 311 0388


RAIL TECH: Taps Joint Administrators from Grant Thornton
--------------------------------------------------------
Ian Stewart Carr and Nigel Morrison of Grant Thornton were
appointed joint administrators of Rail Tech Group Limited
(Company Number 03332998) on Feb. 10.  Its registered office is
at 91 Dales Road, Ipswich IP1 4JR.

                      About Grant Thornton

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

                      About the Company

Headquartered in Ipswich, England, Rail Tech Group Limited --
http://www.railtech.co.uk-- provides professional signaling
service nationwide.


REGENT STREET: Retailer Hires Joint Administrators from CBA
-----------------------------------------------------------
Regent Street Marketing Limited is liquidating its assets after
members found out that the company cannot continue its
operations due to its liabilities.

Mark Grahame Tailby and Geoff Robbins, of CBA, were appointed
Joint Liquidators.

CONTACT:  REGENT STREET MARKETING LIMITED
          1-4 Church Street
          Ripley Derbyshire
          DE5 3BU
          Tel: 01773 745 068
          Fax: 01773 746 591
          Web: http://www.affordabledesigners.co.uk/


RETAIL VARIATIONS: Creditors' Meeting Set Next Week
---------------------------------------------------
Creditors of Retail Variations Plc (Company Number 03928048)
will meet on March 3, 11 a.m. at The Selfridge, Orchard Street,
London W1H 6JS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to N. H. O'Reilly, joint administrator of Vantis, 66
Wigmore Street, London W1A 3RT not later than 12 noon, March 2,
2006.

Headquartered in West Sussex, Vantis Numerica (nka Vantis plc)
-- http://www.vantisplc.com/-- provides accounting, business
and tax advisory services in the United Kingdom.


CONTACT:  RETAIL VARIATIONS PLC
          Windrush House, Windrush Park,
          Witney, United Kingdom
          Phone: 44 01993 770500
          Fax: 44 01993 779434
          Web site: http://www.past-times.com/


SARACEN UTILITIES: Electricity Distributor Winds Up Operations
--------------------------------------------------------------
Zafar Iqbal, of Cooper Young, was appointed Liquidator after
members of Saracen Utilities Limited decided to liquidate the
company's assets on Feb. 7, 2006.

Chairman Y. Manjra disclosed that the company could no longer
continue its business due to financial liabilities.

CONTACT:  SARACEN UTILITIES LIMITED
          38-44 WHITECHAPEL ROAD
          LONDON
          E1 1JE
          Tel: 0870 752 3301
          Fax: 0870 752 3302


SELECT FRANCE: Calls In Administrators from BDO Stoy Hayward
------------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed administrators of Select France
Limited (Company Number 00672031) on Feb. 10.  The company sells
holiday homes.

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:  SELECT FRANCE LTD
          Kidlington Road, Islip,
          Kidlington, Oxfordshire OX5 2RE
          Tel: 01865331350
          Fax: 01861137222


SLJ WINDOWS: Supplier Surrenders to Bankruptcy
----------------------------------------------
Members of SLJ Windows of Burnley Limited resolved to liquidate
the company's assets during an Extraordinary General Meeting on
Feb. 2, 2006.

They authorized Richard Ian Williamson, of Campbell Crossley and
Davis, to administer the winding up process.

CONTACT:  S L J WINDOWS OF BURNLEY LIMITED
          1A Dean Mill
          Plumbe Street
          Burnley Lancashire
          BB113AG
          Tel: 01282 416 699


STAMGATE LIMITED: Creditor to Meet Next Week
--------------------------------------------
Creditors of Stamgate Limited (Company Number 03521340) will
meet on March 2, 11:30 a.m. at Cardiff Sandringham Hotel, 21 St
Mary Street, Cardiff.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to D. J. Elliot, joint administrator of Wilson
Field, The Annexe, The Manor House, 260 Ecclesall Road,
Sheffield S11 9PS not later than 12 noon on March 1, 2006.

CONTACT:  WILSON FIELD
          The Annexe
          The Manor House
          260 Ecclesall Road South
          Sheffield
          South Yorkshire S11 9UZ
          Phone: 0114 235 6780
          Fax: 0114 262 0661


STEVE AITKEN: Names Timothy Simon Cockroft as Liquidator
--------------------------------------------------------
Creditors of Steve Aitken (Overhead) 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 confirmed the appointment of Timothy Simon
Cockcroft as Liquidator.

CONTACT:  STEVE AITKEN (OVERHEAD) LIMITED
          C/O Pinnacle Storage
          Cat & Fiddle Lane
          West Hallam Ilkeston Derbyshire
          DE7 6HE
          Tel: 0115 944 1844
          Fax: 0115 944 1884


SUREFIT KITCHEN: Claims Registration Ends March 3
-------------------------------------------------
Members of Surefit Kitchen Studios Limited decided to liquidate
the company's assets during an Extraordinary General Meeting on
Feb. 3.

Appointed Liquidator, Gerard Keith Rooney of Rooney Associates,
required creditors to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) on or before March 3, 2006.

CONTACT:  SUREFIT KITCHEN STUDIOS LIMITED
          Unit 1
          Sefton Lane Industrial Estate
          Liverpool Merseyside
          L31 8BX
          Tel: 0151 531 6633
          Fax: 0151 531 6633


UTEC SERVICES: Hires Haines Watts Administrator
-----------------------------------------------
Donald Iain McNaught and Ian William Wright of Haines Watts were
appointed joint administrators of Utec Services Ltd (Company
Number 04897001) on Feb. 8.  Its registered office is at 105
Carrow Road, Norwich, Norfolk NR1 1HP.

CONTACT:  HAINES WATTS
          403 Holburn Street,
          Aberdeen AB10 7GS
          E-mail: iwright@hwca.com


VISUAL DISPLAYS: Administrators from Begbies Traynor Enter Firm
---------------------------------------------------------------
Richard Andrew Segal and Paul Michael Davis of Begbies Traynor
(South) LLP were appointed administrators of Visual Displays
(U.K.) Limited (Company Number 04370342) on Feb. 10.  Its
registered office is at 9 Mansfield Street, London W1G 9NY.

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

Headquartered in London, England, Visual Displays (U.K.) Limited
-- http://www.visualdisplaysuk.co.uk/-- distributes audiovisual
equipment.


WALTER ROBINSON: Appoints X L Business Solutions Administrator
--------------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Limited was
appointed administrator of Walter Robinson (Electrical) Limited
(Company Number 05007401) on Feb. 14.

CONTACT:  WALTER ROBINSON (ELECTRICAL) LTD
          Unit 3, Eastgate,
          Elland, West Yorkshire HX5 9DQ
          Tel: 01422 370296

          X L BUSINESS SOLUTIONS LTD
          46 Moorlands Business Centre
          Balme Road
          Cleckheaton BD19 4EW
          West Yorkshire
          Tel: 01274 870 101
          Fax: 01274 870 606
          E-mail: jbleazard@XLBS.co.uk


WILLIAMS FOODS: Appoints Tenon Recovery to Administer Assets
------------------------------------------------------------
Christopher Ratten and Simon Thomas were appointed joint
administrators of Williams Foods Limited (Company Number
04848362) on Feb. 10.  Its registered office is at Unit 1,
Linton Street, Bradford, West Yorkshire BD4 7EW.

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
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The TCR Europe subscription rate is US$575 per half-year,
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