TCREUR_Public/060227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, February 27, 2006, Vol. 7, No. 41

                            Headlines

B U L G A R I A

NATSIONALNA ELEKTRICHESKA: S&P Affirms BB Corp. Credit Rating


F R A N C E

CAP GEMINI: S&P Affirms BB+ Rating & Revises Outlook to Stable
LEGRAND: S&P Placed BB+/B Ratings on CreditWatch Positive


G E R M A N Y

ABU AKADEMIE: Yields to Bankruptcy Process in Potsdam
AERO FLIGHT: Creditors' Meeting Set First Week of March
BADER BAUSTOFFE: Insolvency Report Out on April
BAU MAXX: Essen Court Launches Bankruptcy Proceedings
B.F. MAINHATTAN: Gives Creditors Until April to File Claims

KULLER & MUTH: Names Dr. Helmut Schmitz to Administer Assets
MONITOR--GEMEINNNUETZIGE: Begins Winding Up Process
NORMSCHLIFF GERATEBAU: Firm Surrenders to Insolvency
PETER FUESSGEN: Meeting of Creditors Set on April 28
PLANEN BAUEN: Aachen Court Freezes Pending Actions

POSTERT DESIGN: Claims Registration Ends Today
PROFI-POLSTER: Court Names M. Hansberg Provisional Administrator
QUIL GMBH: Duisburg Court Begins Bankruptcy Procedure
REHA RENT: Hagen Court Rules on Bankruptcy
REICH & SCHMITZ: Claims Verification Set on June 16

RIS LOGISTIK: Cornelia Monert Leads Bankruptcy Proceedings
RKL RUHR: Court Sets April 3 Claims Bar Date
ROGAL INGENIEURGESELLSCHAFT: Begins Bankruptcy Process
ROOFING BEDACHUNG: Succumbs to Insolvency Proceedings in Bonn
SPEDITION SEELIGER: Creditors' Meeting Slated for May 5


I C E L A N D

* Fitch Rates Four Icelandic Banks on Revised Iceland's Outlook


K A Z A K H S T A N

CHEREMSHANSKAYA BATTERY: Creditors' Claims Due Next Month
NUR INTERNATIONAL: Declared Bankrupt by Kyzlorda Court
SENIM LTD: Succumbs to Bankruptcy Process
VOSHOD: Karaganda Economic Court Rules on Bankruptcy


N E T H E R L A N D S

ROYAL SHELL: Buys Back 500,000 A Shares for Cancellation


R O M A N I A

S.C. HIDROELECTRICA: S&P Affirms Long-term Credit Rating at BB-


R U S S I A

BASH-NEFTE-ZAVOD-STROY: Court Begins Insolvency Proceedings
FISHING FACTORY: Kamchatka Brings In Insolvency Manager
INEKS: Bankruptcy Supervision Procedure Begins
IVOT-GLASS: Names D. Tkach as Insolvency Manager
KANSKOYE REPAIR-TECHNICAL: Bankruptcy Hearing Set on April 11

KARACHEVSKOYE: Claims Filing Period Ends March 21
KINCHERSKOYE: Declared Insolvent by Chuvashiya Court
LACQUERS: Sakhalin Court Opens Bankruptcy Proceedings
MUROM-AGRO-PROM-DOR-STROY: Bankruptcy Hearing Set May 23
TUYMAZINSKIY BAKERY: Court Sets March 21 Claims Bar Date


U K R A I N E

ADER UKRAINE: Bankruptcy Proceedings Begin
AFRIKANIVSKE: Liquidating Assets Due to Insolvency
KOZOVA' AGROHIMKOMPLEKS: Insolvency Manager Takes Over Firm
STEEL-CONSTRUCTION: Crumbles Under Insolvency
TEPLOBUD: Under Bankruptcy Supervision in Zaporizhya Region

UKRENERGORESURS: Brokbiznesbank Leads Liquidation Process
UKRSPECKOMPLEKT: Dnipropetrovsk Names Liquidator
ZNAMYANSKIJ QUARRY: Viktor Dengubov Takes Over Operations


U N I T E D   K I N G D O M

1ST FOUR: Brings In Liquidator From Simmonds & Company
24 HOUR: Courier Service Liquidates Assets
ADDICTION LIMITED: Names Tenon Recovery as Administrator
ALLISON STONE: Registration of Claims Ends March 17
BESPOKE KITCHEN: Joint Liquidators Lead Winding Up Procedures

BKC LIMITED: Gets Creditors' Nod to Liquidate Assets
BRITANNIA FINANCE: Taps Administrators from Grant Thornton
CABLE & WIRELESS: Mulls Sale of 20% Equity Stake in Batelco
CAPITAL CITY: Hires Fanshawe Lofts to Administer Assets
CHAPEL FINANCE: Administrators From Grant Thornton Move In

C L HUGHES: Joint Administrators from PKF Enter Firm
CORNWELL ARCHER: Appoints Administrators from Tenon Recovery
CT GLASS: KPMG Administrators Take Over Operations
GERRY CLARKE: Retailer Contacts Joint Administrators
HAIRFLAIR MAGAZINES: Chantrey Vellacott Leads Administration

LADBROKES PLC: S&P Cuts Long-Term Corporate Credit Rating to BB
LAUNDO LIMITED: Creditors' Meeting Set Today
LAWGRA (NO. 1207): Meeting of Creditors Slated for March 2
MIDLAND LEISURE: Fitness Club Operator Calls in Administrator
MISYS PLC: Transfers 10,000 Shares to Scheme Participants

NEEDHAM GROWERS: Hires Vantis Numerica as Administrator
NORFOLK HOUSE: Names W.C. Swindell to Administer Assets
PEACOCK AND THOMPSON: Administrator Takes Over Helm
PREFERRED RESIDENTIAL: Fitch Rates GBP4.32 Mln Class FTc at B
PRODUCT LINE: Timothy Calverley Leads Administration

QS GROUP: Joint Liquidators Offer Assets for Sale
RENTOKIL INITIAL: Posts GBP659.6 Mln Equity Deficit at Dec. 31
SKYEPHARMA PLC: Stephen Harris Acquires 100,000 Shares
STAG FURNITURE: Administrators Puts Business on Sale
STHENOS CAPITAL: Creditors' Claims Due March 9

UPTOWN RECORDS: Members Pass Winding Up Resolution

     **********

===============
B U L G A R I A
===============


NATSIONALNA ELEKTRICHESKA: S&P Affirms BB Corp. Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Bulgaria-based electric utility Natsionalna Elektricheska
Kompania EAD  to developing from stable.  At the same time,
Standard & Poor's affirmed its 'BB' long-term corporate credit
rating on NEK.

The outlook revision is due to the uncertainty over the planned
restructuring of NEK. The outcome of the proposed restructuring,
which is planned ahead of Bulgaria's entry into the EU, is
unclear at this point in time, and could lead to either positive
or negative implications for the company's credit quality.

"We view the transmission and system operations as the strongest
business, and it could potentially earn a higher rating than the
current rating on NEK," said Standard & Poor's credit analyst
Magnus Pettersson.  "On the other hand, the rating could be
lowered if NEK were to take more risks in the Belene nuclear
power plant or venture into other market-exposed electricity
generation and supply operations."


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


CAP GEMINI: S&P Affirms BB+ Rating & Revises Outlook to Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised to stable, from
negative, its outlook on France-based IT services group Cap
Gemini S.A., after the company reported significantly improved
figures for second-half 2005.

At the same time, Standard & Poor's affirmed its 'BB+' long-term
corporate credit and senior unsecured debt ratings on Cap
Gemini.

"The stable outlook reflects our expectation that Cap Gemini's
operating performance will continue to gradually improve, in
line with recent trends," said Standard & Poor's credit analyst
Patrice Cochelin.  It would take further significant operating
improvement for the outlook to be changed to positive, however.  
Conversely, the outlook could return to negative if Cap Gemini's
operating performance (notably its margins) weakened. The
company is also expected to retain a sound balance sheet.
Moderate acquisitions can be accommodated within the current
rating.

Revenues were up a solid 10%, year-on-year, in fourth-quarter
2005, on a comparable basis, largely reflecting the continued
ramp-up of recently won outsourcing contracts--outsourcing was
up 10% in fourth-quarter 2005 and represented 38% of revenues,
up from 32% in 2004.

"Cap Gemini's focus on operational improvement has enabled
significant margin progress over the course of 2005," said Mr.
Cochelin.  Continued cost cutting, improving controls (which
reduced cost overruns on technology services contracts), and the
disposal of several loss-making units pushed the EBITDA margin
up to 7.8% in second-half 2005, from 4.4% in the first half.

We expect Cap Gemini's revenue growth to slow down in 2006, to
come back in line with market trends of mid-single digit growth.
The slow ramp-up of profitability (particularly in outsourcing)
and high competition on Cap Gemini's markets should put
operating margins after depreciation in the mid-single digit
area in 2006.

Cap Gemini's financial profile continues to support the rating.
Tighter working capital management and favorable changes in the
business mix (outsourcing having shorter working capital
cycles), along with overall improving profitability contributed
to the EUR436 million free cash flow generation after
restructuring (EUR198 million) and before asset disposals
(EUR194 million) in 2005.  Cap Gemini should now be able to
generate free cash flow in excess of dividends (which in 2006
will resume at about EUR66 million after the company recorded a
net profit in 2005).  Funds from operations' coverage of net
debt at year-end 2005 was very strong (more than 1x), adjusting
for operating leases and pensions. Despite a convertible bond
issue during 2005, gross-debt-based FFO coverage was slightly
above 20% at year-end 2005.  Cap Gemini pays limited cash
interest and tax, which results in strong cash conversion of
profits.


LEGRAND: S&P Placed BB+/B Ratings on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'BB+/B' corporate credit ratings on
France-based Legrand, a major global manufacturer of low-voltage
electrical fittings.  The action followed the announcement that
Legrand is filing for an IPO on the Paris stock exchange.

"Once the IPO--including the announced EUR300 million capital
increase--has been completed, we expect to upgrade Legrand by
one notch and assign a stable outlook given the combination of
the removal of LBO-type shareholder PIK loans and our
expectation that Legrand's credit metrics will significantly
improve in 2006," said Standard & Poor's credit analyst Xavier
Buffon.

We consider that the shift to the post-IPO capital structure
would substantially reduce the likelihood of a further
releveraging.  Post-IPO, Legrand's financial policy targets a
moderately aggressive maximum 3x net debt to EBITDA ratio, which
would be adequate for a 'BBB-' rating, given Legrand's strong
business risk profile and solid free cash flow generation, while
also providing likely adequate acquisition headroom.

Legrand's credit ratios are expected to significantly improve in
2006, benefiting from a significant drop in interest charges on
the back of the recent debt restructuring and the early
repayment of the high yield notes, as well as the expected
continuation of solid operating performances and the beneficial
impact of recent acquisitions. Therefore, the ratio of FFO to
net debt is likely to increase to above 25% over the full-year
2006, from 21% in 2005.

Following the IPO, Legrand will remain majority owned by two
equity firms--Wendel Investissement S.A. (BBB+/Stable/A-2) and
Kohlberg Kravis Roberts & Co. (KKR; not rated)--which is rather
unusual.  While the ownership structure is not a constraining
factor for the one notch upgrade currently envisaged, the rating
implications of this structure would need to be reassessed
before considering further rating upside in the future, should
the group's financial profile further improve beyond 2006.


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


ABU AKADEMIE: Yields to Bankruptcy Process in Potsdam
-----------------------------------------------------
The District Court of Potsdam opened bankruptcy proceedings
against ABU Akademie fuer Bildung und Umschulung Potsdam-
Mittelmark 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 Christoph Schulte-
Kaubruegger.  

Creditors and other interested parties are encouraged to attend
the meeting on April 5, 1:40 p.m. at the District Court of
Potsdam 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:  ABU AKADEMIE FUER BILDUNG UND UMSCHULUNG POTSDAM-
          MITTELMARK GmbH
          Ernst-Thalmann-Strasse 10
          14806 Belzig

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


AERO FLIGHT: Creditors' Meeting Set First Week of March
-------------------------------------------------------
The District Court of Bad Homburg v.d.Hoehe opened bankruptcy
proceedings against Aero Flight GmbH & CO Luftverkehrs KG on
Jan. 27, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.  

Creditors and other interested parties are encouraged to attend
the meeting on March 6, 10:00 a.m. at the District Court of Bad
Homburg v.d.Hoehe at which time the court-appointed provisional
administrator, Ottmar Hermann, 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.  

Headquartered in Oberursel, Germany Aero Flight GmbH & CO
Luftverkehrs KG -- http://www.flyaeroflight.de/-- is the  
successor of insolvent Aero-Lloyd charter airline.  It owns six
Airbus planes and employs 300 people.

The federal office of civil aeronautics, Luftfahrt-Bundesamt
(LBA), ordered Aero Flight in November 2005 to stop operating
after failing to fulfill the requirements to extend its license,
which expired on Oct. 31, 2005.  Aero Flight tried to sell
itself to Icelandic carrier Avion Group, but the deal fizzled
out because of various demands raised by its shareholders.  

Earlier this month, Avion made another takeover offer for Aero
Flight's core assets.  Avion has set up a new local unit for the
purchase and will apply for an operating license LBA.

CONTACT:  AERO FLIGHT GmbH & CO LUFTVERKEHRS KG
          Lessingstr. 7-9
          D-61440 Oberursel
          Phone: +49 (0) 6171-899 200
          Fax: +49 (0) 6171-899 219
          Web site: http://www.flyaeroflight.de/

          Ottmar Hermann, Administrator
          Bleichstr. 2-4
          60313 Frankfurt am Main
          Phone: 069/9130920
          Fax: 069/91309230



BADER BAUSTOFFE: Insolvency Report Out on April
-----------------------------------------------
The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Bader Baustoffe und Werkzeuge
Handelsgesellschaft mbH on Feb. 1, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 26 to register their claims
with court-appointed provisional administrator Hartwig Albers.  

Creditors and other interested parties are encouraged to attend
the meeting on April 22, 9:00 a.m. at the District Court of
Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt (Oder)
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:  BADER BAUSTOFFE UND WERKZEUGE HANDELSGESELLSCHAFT mbH
          Industriestrasse 7
          15848 Beeskow

          Hartwig Albers, Administrator
          Luetzowstrasse 100
          10785 Berlin


BAU MAXX: Essen Court Launches Bankruptcy Proceedings
-----------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against Bau Maxx GmbH on Feb. 1, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 8 to register their claims
with court-appointed provisional administrator Georg F. Kreplin.  

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 9:00 a.m. at the District Court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen 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:  BAU MAXX GmbH
          Grosse Wiese 11
          45309 Essen
          Contact:
          Zeljko Nujic, Manager

          Georg F. Kreplin, Administrator
          Limbecker Platz 1
          45127 Essen
          Phone: 0201 220 05 02
          Fax: 0201 220 05 40


B.F. MAINHATTAN: Gives Creditors Until April to File Claims
-----------------------------------------------------------
The District Court of Frankfurt am Main opened bankruptcy
proceedings against B.F. Mainhattan Gebaudereinigung
Gesellschaft on Jan. 23, 2006.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until April 11 to register their claims with
court-appointed provisional administrator Peter Jost.  

Creditors and other interested parties are encouraged to attend
the meeting on May 11, 8:30 a.m. at the District Court of
Frankfurt am Main, Klingerstrasse 20, 60313 Frankfurt am Main 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:  B.F. MAINHATTAN GEBAUDEREINIGUNG GESELLSCHAFT FUER
          GEBAUDEREINIGUNGSSERVICE mbH
          Lugisallee 6-8
          60439 Frankfurt am Main
          Attn: Kamel Bouguezzi, Manager

          Peter Jost, Administrator
          Gerichtsfach 344
          Pfingstweidstrasse 3
          D-60316 Frankfurt/Main
          Phone: 069/209739-0
          Fax: 069/20973929


KULLER & MUTH: Names Dr. Helmut Schmitz to Administer Assets
------------------------------------------------------------
The District Court of Duisburg opened bankruptcy proceedings
against Kuller & Muth Metzgereibetriebe GmbH & Co. KG on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 5, 2006,
to register their claims with court-appointed provisional
administrator Dr. Helmut Schmitz.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duisburg, Kardinal-Galen-
Strasse 124-130, 47058 Duisburg, III. Etage, Raum Raum 315, at
9:00 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 at 11:00 a.m., on April 27, 2006, at the
same venue.

CONTACT:  KULLER & MUTH METZGEREIBETRIEBE GmbH & Co. KG
          Gelderblomstrasse 4, 47138 Duisburg
          Attn: Juergen Kuller, Manager
          Uranusbogen 1, 45478 Muelheim
          
          Dr. Helmut Schmitz, Administrator
          Flohbusch 1, 47802 Krefeld


MONITOR--GEMEINNNUETZIGE: Begins Winding Up Process
---------------------------------------------------
The District Court of Hameln opened bankruptcy proceedings
against MONITOR -- gemeinnuetzige Gesellschaft fuer
Gesundheitsforschung mbH on Jan. 27.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 2, 2006, to register their claims
with court-appointed provisional administrator Dr. Martin
Moderegger.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hameln, Saal 106, Zehnthof
1, 31785 Hameln, at 10:45 a.m. on March 27, 2006, at which time
the administrator will present his first report on the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  MONITOR -- gemeinnuetzige Gesellschaft fuer
          Gesundheitsforschung mbH
          Attn:
          Olaf Starke, Manager
          Rotzingen 55, 79733 Gorwihl

          Dr. Martin Moderegger, Administrator
          Schiffgraben 23, 30159 Hannover
          Tel: 0511/3536738
          Fax: 0511/3536739
          E-mail: ra@dr-moderegger.de


NORMSCHLIFF GERATEBAU: Firm Surrenders to Insolvency
----------------------------------------------------
The District Court of Mosbach opened bankruptcy proceedings
against Normschliff Geratebau GmbH on Jan. 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 9, 2006, to
register their claims with court-appointed provisional
administrator Dr. Helmut Eisner.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Mosbach, Lohrtalweg 2,
74821 Mosbach, Raum 12, at 1:00 p.m. on Feb 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 during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  NORMSCHLIFF GERATEBAU GmbH
          Huettenweg 3, 97877 Wertheim
          Attn: Arvid & Ingvart Friedrichs, Managers

          Dr. Helmut Eisner, Administrator
          Josef-Schmitt-Strasse 10, 97922 Lauda-Konigshofen
          Tel: 09343/2065


PETER FUESSGEN: Meeting of Creditors Set on April 28
----------------------------------------------------
The District Court of Krefeld opened bankruptcy proceedings
against Peter Fuessgen GmbH & Co. KG 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 11:05 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 10:00
a.m., on June 23, 2006, at the same venue.

CONTACT:  Peter Fuessgen GmbH & Co. KG
          Siempelkampstr. 94, 47803 Krefeld
          Attn:
          Peter Fuessgen, Manager
          Neue Ritterstr. 43, 47805 Krefeld

          Wilhelm Klaas, Administrator
          Eichendorffstrasse 25, 47800 Krefeld


PLANEN BAUEN: Aachen Court Freezes Pending Actions
--------------------------------------------------
The District Court of Aachen opened bankruptcy proceedings
against Planen Bauen Wohnen HOE Bautrager GmbH on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 9, 2006,
to register their claims with court-appointed provisional
administrator Buchpruefer Dieter Pampfer.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Aachen, Augustastrasse 78-
80, 52070 Aachen, at 11:10 a.m. on April 4, 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:  PLANEN BAUEN WOHNEN HOE BAUTRAGER GmbH
          Dobacher Str. 45, 52146 Wuerselen
          Attn: Rolf Beyer, Manager
          Morlaixplatz 27, 52146 Wuerselen

          Buchpruefer Dieter Pampfer, Administrator
          Pricker Strasse 8, 52146 Wuerselen


POSTERT DESIGN: Claims Registration Ends Today
----------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against Postert Design & Wheels GmbH & Co KG on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until today, Feb. 27,
2006, to register their claims with court-appointed provisional
administrator Rolf Weidmann.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Zweigertstr. 52,
45130 Essen, 2. OG, gelber Bereich, Saal 293, at 10:00 a.m. on
March 20, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  POSTERT DESIGN & WHEELS GmbH & Co KG
          Haedenkampstr. 71-73, 45143 Essen

          Rolf Weidmann, Administrator
          Alfredstr. 279, 45133 Essen
          Tel: 0201/437760
          Fax: 02014377620


PROFI-POLSTER: Court Names M. Hansberg Provisional Administrator
----------------------------------------------------------------
The District Court of Bochum opened bankruptcy proceedings
against Profi-Polster GmbH & Co. on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Feb. 23, 2006, to register their
claims with court-appointed provisional administrator Moritz
Hansberg.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bochum, Viktoriastrasse 14,
44787 Bochum, Erdgeschoss, Saal A29, at 10:20 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 during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  PROFI-POLSTER GmbH & Co.
          Hanielstr. 16, 44801 Bochum
          Attn:
          Wilhelm Balling, Manager
          Stiepeler Str. 65 a, 44799 Bochum

          Moritz Hansberg, Administrator
          Huestrasse 34, 44787 Bochum
          Tel: 0234-96491-0
          Fax: 0234-96491-33


QUIL GMBH: Duisburg Court Begins Bankruptcy Procedure
-----------------------------------------------------
The District Court of Duisburg opened bankruptcy proceedings
against Quil GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 6, 2006, to register their claims
with court-appointed provisional administrator Dr. Andreas
Ropke.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duisburg, Kardinal-Galen-
Strasse 124-130, 47058 Duisburg, III. Etage, Raum 315, at 9:15
a.m. on April 5, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and/or opt to appoint a new insolvency
manager.

CONTACT:  QUIL GmbH
          Bahnhofstr. 65, 46562 Voerde
          Attn:
          Horst Prommensberger, Manager
          Amalienstr. 70, 46537 Dinslaken

          Dr. Andreas Ropke, Administrator
          Dammstr. 26, 47119 Duisburg


REHA RENT: Hagen Court Rules on Bankruptcy
------------------------------------------
The District Court of Hagen opened bankruptcy proceedings
against Reha Rent GmbH on Jan. 31.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 9, 2006, to register their claims
with court-appointed provisional administrator Dr. Jens Uwe
Drowatzky.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hagen, Heinitzstrasse 42,
58097 Hagen, Etage 2, Raum 283, at 10:15 a.m. on March 30, 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:  REHA RENT GmbH
          Altenaer Str. 227, 58513 Luedenscheid
          Attn: Johann Friedrich Dirk Arens, Manager
          Hummelnstueck 22, 58762 Altena

          Dr. Jens Uwe Drowatzky, Administrator
          Feithstr. 177, 58097 Hagen
          Tel: 02331 10980
          Fax: +492331109830


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

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Krefeld, Nordwall 131,
47798 Krefeld, 1. Etage, Sitzungssaal H 131, at 10:30 a.m., on
April 21, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report at 9:15
a.m., on June 16, 2006, at the same venue.

CONTACT:  REICH & SCHMITZ GmbH
          Bahnstr. 7, 47929 Grefrath
          Attn: Peter Wilhelm Heinen, Manager
          Bahnstr. 7, 47929 Grefrath

          Eberhard Stock, Administrator
          Wilhelmshofallee 75, 47800 Krefeld


RIS LOGISTIK: Cornelia Monert Leads Bankruptcy Proceedings
----------------------------------------------------------
The District Court of Paderborn opened bankruptcy proceedings
against RIS Logistik GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until March 1, 2006, to register their claims
with court-appointed provisional administrator Cornelia Monert.     

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 216, at 8:30 a.m. on March 24, 2006,
at which time the administrator will present his first report on
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager.

CONTACT:  RIS LOGISTIK GmbH
          Graf-Zeppelin-Str. 26, 33181 Bad Wuennenberg
          Attn: Michael Castrup, Manager
          
          Cornelia Monert, Administrator
          Lise-Meitner-Str. 13, 33605 Bielefeld
          Tel: (05 21) 938410
          Fax: 9384130


RKL RUHR: Court Sets April 3 Claims Bar Date
--------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against RKL Ruhr Kristall Glas AG on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 3, 2006, to register their
claims with court-appointed provisional administrator Rolf Otto
Neukirchen.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Zweigertstr. 52,
45130 Essen, 2. OG, gelber Bereich, Saal 293, at 9:00 a.m. on
April 24, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  RKL RUHR KRISTALL GLAS AG
          Ruhrglasstr. 50, 45329 Essen
          Attn: Ralf Koch, Manager
          Bussardhof 14, 45894 Gelsenkirchen

          Rolf Otto Neukirchen, Administrator
          Zweigertstr. 28-30, 45130 Essen
          Tel: (0201) 438740
          Fax: +492014387479


ROGAL INGENIEURGESELLSCHAFT: Begins Bankruptcy Process
------------------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against Rogal Ingenieurgesellschaft fuer industrielle
Aerodynamik und Lufttechnik mbH & Co. KG on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 27, 2006,
to register their claims with court-appointed provisional
administrator Horst Piepenburg.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Muehlenstrasse
34, 40213 Duesseldorf, 3.OG Altbau, A 388, at 10:00 a.m., on
March 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 9:15
a.m., on March 20, 2006, at the same venue.

CONTACT:  Rogal Ingenieurgesellschaft fuer industrielle
          Aerodynamik und Lufttechnik mbH & Co. KG
          Friedrich-Ebert-Strasse 27, 41352 Korschenbroich
          Attn: Wilhelm Fritz Morschheuser, Manager
          Winkelsmuehler Weg 10, 40699 Erkrath

          Horst Piepenburg, Administrator
          Heinrich-Heine-Allee 20, 40213 Duesseldorf


ROOFING BEDACHUNG: Succumbs to Insolvency Proceedings in Bonn
-------------------------------------------------------------
The District Court of Bonn opened bankruptcy proceedings against
Roofing Bedachung + Isolierbau GmbH & Co. KG on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 24, 2006,
to register their claims with court-appointed provisional
administrator Dirk Obermueller.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bonn, Wilhelmstrasse 21,
53111 Bonn, Saal S 2.18, at 9:00 a.m. on April 24, 2006, at
which time the administrator will present his first report on
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager.

CONTACT:  ROOFING BEDACHUNG + ISOLIERBAU GmbH & Co. KG
          Broltalstrasse 6 - 10, 53819 Neunkirchen-Seelscheid
          Attn: Barbara Melita Kapp, Manager
          Marianne Hemmersbach, Manager
          Brunnenwiese 8, 53809 Ruppichteroth-Oberlueckerath
         
          Dirk Obermueller, Administrator
          Godesberger Allee 125-127, 53175 Bonn
          Tel: 81 000 45
          Fax: 81 000 820


SPEDITION SEELIGER: Creditors' Meeting Slated for May 5
-------------------------------------------------------
The District Court of Arnsberg opened bankruptcy proceedings
against Spedition Seeliger-Gammel GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Arnsberg, Eichholzstrasse
4, 59821 Arnsberg, EG, 328, at 9:00 a.m. on May 5, 2006, at
which time the court-appointed provisional administrator, Dr.
Axel Kampmann, 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:  SPEDITION SEELIGER-GAMMEL GmbH
          Hammerstrasse 94, 59457 Werl
          Attn: Johann Heinrich Gammel, Manager
          Merge 6, 59457 Werl

          Dr. Axel Kampmann, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Tel: 0231/5411-0
          Fax: 0231/5411-220


=============
I C E L A N D
=============


* Fitch Rates Four Icelandic Banks on Revised Iceland's Outlook
---------------------------------------------------------------
Fitch Ratings confirmed the ratings of four Icelandic banks as
follows:

  a) Kaupthing Bank: Long-term A, Short-term F1, Individual B/C         
     and Support 2;

  b) Landsbanki Islands: Long-term A, Short-term F1, Individual    
     B/C and Support 2;

  c) Islandsbanki: Long-term A, Short-term F1, Individual B/C
     and Support 2; and

  d) Straumur-Burdaras: Long-term BBB-, Short-term F3,
     Individual C/D and Support 3.

The banks' rating Outlooks remain Stable despite the revision of
Iceland's sovereign Outlook to Negative on Feb. 21, 2006;
Iceland's Long-term foreign currency Issuer Default Rating was
affirmed at AA-.

Ratings assigned to KB, LBK and ISB in November 2005 and to
Straumur in January 2006 take into account Iceland's macro-
prudential risks, including rising inflation, rapid credit
growth, buoyant asset prices, a steep current account deficit
and escalating external indebtedness.  

For KB, LBK and ISB, these risks are offset to some extent by
the banks' large capital bases, with Tier 1 ratios of 9.4%,
11.9% and 9.9% respectively at end-2005, and by the significant
geographic diversification of their loan portfolios, with
foreign lending representing between around 35% and 70% of the
banks' loan books at end-2005.

Positions in foreign currencies are subject to strict limits
from the Central bank of Iceland, and stress-tests indicate that
the banks are well-equipped to absorb shocks on this front.   
Foreign currency lending to Icelandic corporates is significant,
and could represent an indirect FX risk for the banks.  

An estimate 75% of the cash flows of Icelandic listed corporates
are in foreign currencies and, according to banks' information,
a limited proportion of the foreign currency borrowers are not
hedged against FX risk; however, a track record still has to be
built in this respect to ascertain the quality of the hedges by
some foreign currency borrowers.  

Stress-tests by the banks on interest rate risk also indicate
that the overall impact on the banks' capitalization of a 100bps
shift in interest rates would be relatively limited.  

Straumur only acquired its investment-banking license in January
2004 and its ratings reflect its less established position
compared with its peers and a lower degree of diversification of
its activities, despite a substantial capital base, with a Tier
1 ratio of around 35% as at January 2006.

Fitch will continue to monitor the evolution of the Icelandic
macro-imbalances and the management of these risks by the banks.


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


CHEREMSHANSKAYA BATTERY: Creditors' Claims Due Next Month
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
region declared OJSC Cheremshanskaya Battery Farm bankrupt on
Dec. 14, 2005.  Proofs of claim will be accepted at East
Kazakhstan region, Glubokovsk district, Cheremshanka on or
before March 6, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF EAST
          KAZAKHSTAN REGION
          Phone: 8 (231) 3-31-25


NUR INTERNATIONAL: Declared Bankrupt by Kyzlorda Court
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region declared LLC Nur International bankrupt on Dec. 9, 2005.  
Proofs of claim will be accepted at Kyzylorda, Jahayeva Str. 71,
on or before March 6, 2006.

CONTACT:  NUR INTERNATIONAL
          Kyzylorda, Jahayeva Str. 71


SENIM LTD: Succumbs to Bankruptcy Process
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
region declared LLC Senim Ltd. bankrupt on Dec. 13, 2005.  
Proofs of claim will be accepted at East Kazakhstan region,
Semipalatinsk, Auezova Str. 116 on or before March 6, 2006.

CONTACT:  SENIM LTD.
          Phone: 8 300 521 98-63


VOSHOD: Karaganda Economic Court Rules on Bankruptcy
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region declared LLC Voshod bankrupt.  Proofs of claim will be
accepted at Karaganda, Loboda Str. 20 on or before March 6,
2006.

CONTACT:  VOSHOD
          Karaganda, Loboda Str. 20


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


ROYAL SHELL: Buys Back 500,000 A Shares for Cancellation
--------------------------------------------------------
Royal Dutch Shell plc purchased 400,000 'A' Shares for
cancellation at a price of 25.71 euros per share on Feb. 23,
2006.

In addition, it purchased 100,000 'A' Shares for cancellation at
a price of 1,752.69 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,916,025,000.

As of that date, 2006 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.

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 O M A N I A
=============


S.C. HIDROELECTRICA: S&P Affirms Long-term Credit Rating at BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services revised it outlook on
Romania-based hydropower generator S.C. Hidroelectrica S.A. to
positive from stable.  At the same time, Standard & Poor's
affirmed its 'BB-' long-term corporate credit ratings on
Hidroelectrica.

"The outlook revision is due to the expected positive impact
from a faster and more favorable market deregulation development
than previously expected," said Standard & Poor's credit analyst
Magnus Pettersson.  More than 80% of electricity produced in
Romania is now sold at market prices, and this is expected to
have a substantial positive impact on Hidroelectrica.

If 2005 results are in line with Standard & Poor's expectations
and if there is no adverse political or regulatory interference,
the ratings would likely be raised by one notch.  On the other
hand, the outlook could be revised back to stable or to negative
if the 2005 results fail to meet our expectations or in the
event of an adverse development in the market reform.


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


BASH-NEFTE-ZAVOD-STROY: Court Begins Insolvency Proceedings
-----------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Bash-Nefte-Zavod-Stroy after
finding the open joint stock company insolvent.  The case is
docketed as A07-14035/05-G-PAV.  Ms. L. Vlasova has been
appointed insolvency manager.  Creditors have until March 21,
2006, to submit their proofs of claim to Russia, Bashkortostan
republic, Ufa, Gorkogo Str. 69A.

CONTACT:  BASH-NEFTE-ZAVOD-STROY
          Russia, Bashkortostan republic,
          Ufa, Gorkogo Str. 71

          L. VLASOVA
          Insolvency Manager
          Russia, Bashkortostan republic,
          Ufa, Gorkogo Str. 69A


FISHING FACTORY: Kamchatka Brings In Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Kamchatka region commenced bankruptcy
proceedings against Fishing Factory Industrial after finding the
limited liability company insolvent.  The case is docketed as
A24-5020/05-05.  Mr. A. Protsenko has been appointed insolvency
manager.

CONTACT:  FISHING FACTORY INDUSTRIAL
          Russia, Petropavlovsk-Kamchatskiy

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


INEKS: Bankruptcy Supervision Procedure Begins
----------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision on close joint stock company Ineks.  The case is
docketed as A40-71143/05-44-148B.  Ms. A. Nekhina has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 127486, Russia,
Moscow, Korovinskoye Shhosse, 10, Building 2, Office 37.  A
hearing will take place on May 16, 2006, 11:00 a.m. at the
Arbitration Court of Moscow at Russia, Moscow region, Novaya
Basmannaya Str. 10, Hall 773.

CONTACT:  INEKS
          121096, Russia, Moscow region,
          Barklaya Str. 9/2

          A. NEKHINA
          Temporary Insolvency Manager
          127486, Russia, Moscow, Korovinskoye Shhosse 10,
          Building 2, Office 37


IVOT-GLASS: Names D. Tkach as Insolvency Manager
------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision on open joint stock company Ivot-Glass.  The case is
docketed as A09-14794/05-28.  Mr. D. Tkach has been appointed
temporary insolvency manager.  A hearing will take place on June
19, 2006, 11:00 a.m. at Russia, Bryansk region, Trudovoy Per. 6,
Room 312.

CONTACT:  IVOT-GLASS
          242650, Russia, Bryansk region,
          Dyatkovskiy region, Ivot, Lenina Str. 3

          D. TKACH
          Temporary Insolvency Manager
          242650, Russia, Bryansk region,
          Dyatkovskiy region, Ivot, Lenina Str. 3


KANSKOYE REPAIR-TECHNICAL: Bankruptcy Hearing Set on April 11
-------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision on open joint stock company Kanskoye
Repair-Technical Enterprise #2.  The case is docketed as #A33-
28831/2005.  Mr. S. Vasilyev has been appointed temporary
insolvency manager.  A hearing will take place on April 11,
2006, 10:00 a.m. at 660021, Russia, Krasnoyarsk region, Lenina
Str. 143, Room 14.

CONTACT:  KANSKOYE REPAIR-TECHNICAL ENTERPRISE #2
          663604, Russia, Krasnoyarsk region,
          Kansk, Tovarnaya Str. 2

          S. VASILYEV
          Temporary Insolvency Manager
          660017, Russia, Krasnoyarsk region,
          Post User Box 20647


KARACHEVSKOYE: Claims Filing Period Ends March 21
-------------------------------------------------
The Arbitration Court of Bryansk region commenced bankruptcy
proceedings against Karachevskoye after finding the open joint
stock company insolvent.  The case is docketed as A09-2208/
05-26.  Mr. I. Vyshegorodtsev has been appointed insolvency
manager.  Creditors have until March 21, 2006, to submit their
proofs of claim to 394018, Russia, Voronezh region, Kirova
Str. 9, Office #30.

CONTACT:  KARACHEVSKOYE
          Russia, Bryansk region,
          Karachev, Volodarskogo Str. 66

          I. VYSHEGORODTSEV
          Insolvency Manager
          394018, Russia, Voronezh region,
          Kirova Str. 9, Office #30


KINCHERSKOYE: Declared Insolvent by Chuvashiya Court
----------------------------------------------------
The Arbitration Court of Chuvashiya republic commenced
bankruptcy proceedings against Kincherskoye after finding the
close joint stock company insolvent.  The case is docketed as
A79-7042/2005.  Mr. I. Khabibullin has been appointed insolvency
manager.  Creditors have until March 21, 2006, to submit their
proofs of claim to 420021, Russia, Tatarstan republic, Kazan,
Post User Box 24.

CONTACT:  KINCHERSKOYE
          Russia, Chuvashiya republic,
          Urmanskiy region, St, Yansitovo

          I. KHABIBULLIN
          Insolvency Manager
          420021, Russia, Tatarstan republic,
          Kazan, Post User Box 24


LACQUERS: Sakhalin Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Lacquers after finding the close joint stock
company insolvent.  The case is docketed as A59-5846/05-s4.  
Ms. S. Oganezova has been appointed insolvency manager.  

CONTACT:  S. OGANEZOVA
          Insolvency Manager
          693007, Russia, Yuzhno-Sakhalinsk 7,
          Post User Box 48


MUROM-AGRO-PROM-DOR-STROY: Bankruptcy Hearing Set May 23
--------------------------------------------------------
The Arbitration Court of Vladimir region has commenced
bankruptcy supervision on limited liability company Murom-Agro-
Prom-Dor-Stroy.  The case is docketed as A11-18153/2005-K1-94B.  
Mr. V. Larin has been appointed temporary insolvency manager.  A
hearing will take place on May 23, 2006, at 1:30 p.m.

CONTACT:  MUROM-AGRO-PROM-DOR-STROY
          Russia, Vladimir region,
          Muromskiy region, Voykova, 45

          Post address: 602267, Russia, Vladimir region,
          Murom, Post Office 17, Post User Box 45

          V. LARIN
          Temporary Insolvency Manager
          602267, Russia, Vladimir region,
          Murom, Melnikovskoye Shosse, 15

          ARBITRATION COURT OF VLADIMIR REGION
          600025, Russia, Vladimir region,
          Oktyabrskiy Pr. 14


TUYMAZINSKIY BAKERY: Court Sets March 21 Claims Bar Date
--------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Tuymazinskiy Bakery (TIN
0269008574) after finding the open joint stock company
insolvent.  The case is docketed as A07-12381/05-G-ADM.  Mr. S.
Trofimov has been appointed insolvency manager.  Creditors have
until March 21, 2006, to submit their proofs of claim to 450057,
Russia, Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii
Str. 65.

CONTACT:  TUYMAZINSKIY BAKERY
          452750, Russia, Bashkortostan republic,
          Tuymazy, Michurina Str. 2

          S. TROFIMOV
          Insolvency Manager
          450057, Russia, Bashkortostan republic,
          Ufa, Oktyabrskoy Revolyutsii Str. 65


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


ADER UKRAINE: Bankruptcy Proceedings Begin
------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Ader Ukraine (code EDRPOU 31549820) after
finding the limited liability company insolvent.  The case is
docketed as B 40/86/05.  Mr. Yevgen Shevtsov (license AB 216778)
has been appointed liquidator/insolvency manager.

CONTACT:  ADER UKRAINE
          49081, Ukraine, Dnipropetrovsk region,
          Saranska Str. 93

          Mr. Yevgen Shevtsov
          Liquidator/Insolvency Manager
          49069, Ukraine, Dnipropetrovsk region, a/b 392

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


AFRIKANIVSKE: Liquidating Assets Due to Insolvency
--------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Afrikanivske (code EDRPOU 30772894) after
finding the limited liability company insolvent.  The case is
docketed as B-19/74-05.  Mr. O. Tishenko has been appointed
liquidator/insolvency manager.

CONTACT:  AFRIKANIVSKE
          Ukraine, Harkiv region,
          Barvinkivskij district, Afrikanivske

          Mr. O. Tishenko
          Liquidator/Insolvency Manager
          61002, Ukraine, Harkiv region,
          Petrovskij Str. 6/8-15
          Phone: (057) 700-55-97

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square 5, Derzhprom 8th Entrance


KOZOVA' AGROHIMKOMPLEKS: Insolvency Manager Takes Over Firm
-----------------------------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
proceedings against Kozova' Agrohimkompleks (code EDRPOU
05490888) after finding the open joint stock company insolvent.  
The case is docketed as 15/B-551.  Mr. Vasil Androshuk has been
appointed liquidator/insolvency manager.

CONTACT:  KOZOVA' AGROHIMKOMPLEKS
          Ukraine, Ternopil region,
          Kozova, Roksolani Str. 17

          Mr. Vasil Androshuk
          Liquidator/Insolvency Manager
          03548, Ukraine, Ternopil region,
          Berezhani, Sichovih Striltsiv Str. 67/33

          ECONOMIC COURT OF TERNOPIL REGION
          46000, Ukraine, Ternopil region,
          Ostrozski Str. 14a


STEEL-CONSTRUCTION: Crumbles Under Insolvency
---------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against LLC Steel-Construction Service (code EDRPOU
30409518) after finding the limited liability company insolvent.  
The case is docketed as 20/4b.  Mr. Oleksandr Prosolupov has
been appointed liquidator/insolvency manager.

CONTACT:  STEEL-CONSTRUCTION SERVICE
          91000, Ukraine, Lugansk region,
          Centralna Str. 1

          Mr. Oleksandr Prosolupov
          Liquidator/Insolvency Manager
          91048, Ukraine, Lugansk region,
          Ushakov Str. 9-A

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


TEPLOBUD: Under Bankruptcy Supervision in Zaporizhya Region
-----------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Teplobud (code EDRPOU 25488161).  
The case is docketed as 25/287.  Mr. P. Chulakov has been
appointed temporary insolvency manager.

CONTACT:  TEPLOBUD
          69009, Ukraine, Zaporizhya region,
          Almazna Str. 54

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



UKRENERGORESURS: Brokbiznesbank Leads Liquidation Process
---------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrenergoresurs (code EDRPOU 30218618) after
finding the limited liability company insolvent.  The case is
docketed as 43/809.  JSB Brokbiznesbank has been appointed
liquidator.

CONTACT:  UKRENERGORESURS
          01151, Ukraine, Kyiv region,
          Peremogi Avenue 67

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


UKRSPECKOMPLEKT: Dnipropetrovsk Names Liquidator
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Ukrspeckomplekt (code EDRPOU 23359376) on
January 5, 2006 after finding the private production-commercial
enterprise insolvent.  The case is docketed as B 40/165/05.  Ms.
Ludmila Zayikina has been appointed liquidator/insolvency
manager.

CONTACT:  Ms. Ludmila Zayikina
          Liquidator/Insolvency Manager
          04050, Ukraine, Kyiv region,
          Melnikov Str. 2/10

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


ZNAMYANSKIJ QUARRY: Viktor Dengubov Takes Over Operations
---------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Znamyanskij Quarry after finding the close
joint stock company insolvent.  The case is docketed as 10/139.  
Mr. Viktor Dengubov has been appointed liquidator/insolvency
manager.

CONTACT:  ZNAMYANSKIJ QUARRY
          27444, Ukraine, Kirovograd region,
          Znamyanka district, Subotsi, Karyerna Str. 1

          Mr. Dengubov Viktor
          Liquidator/Insolvency Manager
          Ukraine, Kirovograd region,
          Znamyanka, Kiyivska Str. 23, office 5
          Phone: 8 (05233) 2-29-29

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25022, Ukraine, Kirovograd region,
          Lunacharski Str. 29


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


1ST FOUR: Brings In Liquidator From Simmonds & Company
------------------------------------------------------
Gordon Allan Mart Simmond, of Simmonds & Company, was appointed
Liquidator after members of The 1st Four Limited decided to
liquidate the company's assets on Feb. 7, 2006.

Director J. A. Cayzer expressed that the company could no longer
continue its business due to mounting debts.

CONTACT:  THE 1ST FOUR LIMITED
          Seymour Court
          Runcorn Cheshire
          WA7 1SY
          Tel: 01928 571 414
          Fax: 01928 571 157
          Web: http://www.1st-4-group.com/


24 HOUR: Courier Service Liquidates Assets
------------------------------------------
Members of 24 Hour Broadway Express Limited resolved to
liquidate the company's assets during an Extraordinary General
Meeting on Feb. 9, 2006.

They authorized Arif Anwar, of Rifsons, to administer the
winding up process.

CONTACT:  CONTACT:  24 HOUR BROADWAY EXPRESS LIMITED
          308 Broadway
          Bexleyheath Kent
          DA6 8AA
          Tel: 020 8304 4000


ADDICTION LIMITED: Names Tenon Recovery as Administrator
--------------------------------------------------------
S. R. Thomas and S. J. Parker of Tenon Recovery were appointed
administrators of Addiction Limited (Company Number 2584680) on
Feb. 13.  Its registered office is at 5 Elstree Gate, Elstree
Way, Borehamwood, Herefordshire WD6 1JD.  The company sells
clothes.

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


ALLISON STONE: Registration of Claims Ends March 17
---------------------------------------------------
Allison Stone (Wigan) Limited is liquidating its assets after
members found out that the company cannot continue its
operations due to its liabilities.

Appointed Liquidator, Timothy Calverley, of Haines Watts,
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 17,
2006.

CONTACT:  ALLISON STONE (WIGAN) LIMITED
          Manchester Road
          Westhoughton Bolton Lancashire
          BL5 3JA
          Tel: 01942 816 706
          Web: http://www.allisonstone.co.uk/


BESPOKE KITCHEN: Joint Liquidators Lead Winding Up Procedures
-------------------------------------------------------------
The Bespoke Kitchen Company Limited appointed Robert Derek
Smailes and Stephen Blandford Ryman, of Rothman Pantall & Co. to
jointly liquidate the company's assets.

The company is voluntarily liquidating its assets after parties
passed a resolution to wind up the company during an
extraordinary general meeting held on Jan. 27, 2006, in London.

CONTACT:  THE BESPOKE KITCHEN COMPANY LIMITED
          96 Great Western Road
          Glasgow
          G4 9AD
          Tel: 0141 332 5503


BKC LIMITED: Gets Creditors' Nod to Liquidate Assets
----------------------------------------------------
Creditors of B K C (Manufacturing) Limited confirmed the
company's voluntary liquidation after members passed a
resolution to wind up the company's operations on Jan. 27, 2006.

Creditors also ratified the appointment of Robert Derek Smailes
and Stephen Blandford Ryman, of Rothman Pantall & Co, as Joint
Liquidators.

CONTACT:  B K C (MANUFACTURING) LIMITED
          U15
          Bridgend Works
          Bridgend Stonehouse Gloucestershire
          GL102BA
          Tel: 01453 825 253
          Fax: 01453 825 254


BRITANNIA FINANCE: Taps Administrators from Grant Thornton
----------------------------------------------------------
Leslie Ross and Keith Hinds of Grant Thornton UK LLP were
appointed administrators of Britannia Finance Holdings Plc
(Company Number 03517603) and Britannia Finance Limited
(Company Number 03517603) on Feb. 10.  

The companies offer provision of installment credit and motor
finance brokerage services.

                     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.  

CONTACT:  BRITANNIA FINANCE HOLDINGS
          Gallagher House, Offices 3 & 5
          Cashel Road
          Birkenhead, Wirral CH41 1DY
          Tel: 0151 639 7666
          Fax: 0151 639 8555


CABLE & WIRELESS: Mulls Sale of 20% Equity Stake in Batelco
-----------------------------------------------------------
Cable and Wireless plc confirms that it is in discussions
concerning the potential disposal of its 20% holding in Bahrain
Telecom (Batelco) to a third party or parties.

The process is at a preliminary stage and there can be no
certainty that it will lead to a transaction.

Headquartered in London, England, Cable & Wireless PLC --
http://www.cw.com/new-- is one of the world's leading   
international communications companies.  It provides voice, data
and IP (Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.  Its principal operations are in the United
Kingdom, continental Europe, Asia, the Caribbean, Panama and the
Middle East.  

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 7,
Fitch Ratings sustained Cable & Wireless PLC's Senior Unsecured
rating at 'BB' with Negative Outlook and simultaneously
withdrawn it.  

A few days back, Fitch downgraded Cable & Wireless PLC's Senior
Unsecured rating to 'BB' with a Negative Outlook from 'BB+' with
a Stable Outlook.  At the same time, the agency affirmed the
Short-term rating at 'B'.  The lack of guidance on current year
results and required reorganization costs, as well as the
toughening of conditions in corporate and residential U.K.
markets underpin the Negative Outlook.

The downgrade reflects the deterioration of the performance of
the U.K. business.  C&W has announced that U.K. EBITDA in FY07
will be no higher than in the current year because of the fierce
competition, reorganization of the business and the reduction of
non-recurring positive items.  Therefore, these negative factors
are expected to outweigh the first full year EBITDA contribution
from the recently acquired Energis.

C&W faces increasingly challenging market conditions in the U.K.
In the corporate segment, price competition, high levels of
churn and acceleration of migration from legacy to IP-based
services are continuing to erode margins.  Moreover, in the
residential segment, unbundled broadband provider Bulldog is
investing in both marketing and capital equipment in order to
build its customer base.  Fitch therefore expects that C&W will
record negative free cashflows this year and next year.

Nevertheless, the cash balance of around GBP1.3billion and the
relatively stable cash flows from international operations
provide some measure of financial flexibility.


CAPITAL CITY: Hires Fanshawe Lofts to Administer Assets
-------------------------------------------------------
Antony Robert Fanshawe and Stephen John Adshead of Fanshawe
Lofts were appointed joint administrators of Capital City
Chauffeurs Limited (Company Number 03969817) on Feb. 9.  Its
registered office is at Third Floor, 55 Gower Street, London
WC1E 6HQ.

Headquartered in Greenwich, London, Capital City Chauffeurs
Limited -- http://www.capitalcity.info/-- started in 1995.  The  
company offers car rental services.

CONTACT:  FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Tel: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: sa@fanshawe-lofts.co.uk  
                  arf@fanshawe-lofts.co.uk


CHAPEL FINANCE: Administrators From Grant Thornton Move In
----------------------------------------------------------
Nigel Morrison and Richard Hawes of Grant Thornton were
appointed administrators of Chapel Finance Limited (Company
Number 02542649) on Feb. 8.  Its registered office is at Unit
11, Frankland Road, Blagrove, Swindon, Wiltshire SN5 8YW.

Chapel Finance Limited offers car financing.

                     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.  

CONTACT:  CHAPEL FINANCE LTD
          The Old Chapel, Lydiard Green,
          Swindon, Wiltshire SN5 3LP
          Tel: 01793 770267
          Fax: 01793 772151


C L HUGHES: Joint Administrators from PKF Enter Firm
----------------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF were appointed joint
administrators of C L Hughes & S A Hughes (t/a Clarkes of
Wrexham) on Feb. 9.  Its registered office is at Llay Garage,
Shones Lane, Wrexham LL12 0PL.

CONTACT:  PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Tel: 0161 8325481
          Fax: 0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk/


CORNWELL ARCHER: Appoints Administrators from Tenon Recovery
------------------------------------------------------------
S. R. Thomas and S. J. Parker of Tenon Recovery were appointed
administrators of Cornwell Archer Limited (Company Number
4527866) on Feb. 13.  

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


CT GLASS: KPMG Administrators Take Over Operations
--------------------------------------------------
Francis Graham Newton and Richard Dixon Fleming of KPMG LLP were
appointed administrators of CT Glass Limited (Company Number
01717027) on Feb. 13.  

CT Glass Limited -- http://www.ctglass.co.uk/-- manufactures  
glass.

CONTACT:  CT GLASS LTD
          Lower Lane
          Bradford
          West Yorkshire BD4 8QW
          Tel: 01274 783783
          Fax: 01274 783800
          E-mail: sales@ctglass.co.uk  

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


GERRY CLARKE: Retailer Contacts Joint Administrators
----------------------------------------------------
Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions Ltd were appointed joint administrators of
Gerry Clarke Sports Limited (Company Number 1936935) on Feb. 9.  
The company sells sports equipment.

CONTACT:  GERRY CLARKE SPORTS LTD
          85 High Street,
          Wallingford, Oxfordshire OX10 0BW
          Tel: 01491-837043

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


HAIRFLAIR MAGAZINES: Chantrey Vellacott Leads Administration
------------------------------------------------------------
Richard Howard Toone and William John Turner of Chantrey
Vellacott DFK LLP were appointed administrators of Hairflair
Magazines Limited (Company Number 03730496) on Feb. 9.  The
company publishes magazines.

CONTACT:  HAIRFLAIR MAGAZINES LTD
          Freebournes House,
          Freebournes Road,
          Witham, Essex CM8 3US
          Tel: 01376 534540
          Fax: 01376 534546

          CHANTREY VELLACOTT DFK LLP
          Russell Square House
          10-12 Russell Square
          London WC1B 5EH
          Tel: 020 7307 8200
          Fax: 020 7307 8222
          E-mails: kmurphy@cvdfk.com
                   wturner@cvdfk.com


LADBROKES PLC: S&P Cuts Long-Term Corporate Credit Rating to BB
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based Ladbrokes PLC (formerly
Hilton Group PLC) to 'BB' from 'BBB'.  The rating has been
removed from CreditWatch with negative implications, where it
was placed on Oct. 14, 2005.  The outlook is stable.

At the same time, Standard & Poor's lowered its senior unsecured
debt ratings on Ladbrokes and its guaranteed subsidiary to 'BB'
from 'BBB', in line with the corporate credit rating, but kept
the ratings on CreditWatch with negative implications.

"The downgrade follows the completion of the group's sale of its
entire global hotel division to Hilton Hotels Corp. and the
reorganization of the remaining company as a gaming operator
trading as Ladbrokes," said Standard & Poor's credit analyst
Helene Magny.

Ladbrokes has pledged to return all of the GBP3.7 billion
proceeds from the hotel sale to its shareholders, resulting in a
material increase in financial leverage for the continuing
company that will remain the obligor under the outstanding
GBP300 million convertible bond issue and the GBP2 billion Euro
MTN program (of which GBP800 million is outstanding).

The CreditWatch status of the debt issues will be resolved on
receipt of additional information on the structure of priority
claims within Ladbrokes.  The differential with the corporate
credit rating is likely to be limited to one notch.

"The ratings reflect Ladbrokes' aggressive financial profile,
with initial lease-adjusted net debt to EBITDA in the 4.0x-4.5x
range," Ms. Magny added.  "High levels of indebtedness are
partly mitigated by the group's solid business position as the
market leader in the stable and cash-generative U.K. gaming
industry."

"We expect that Ladbrokes' core business will continue to
benefit from the quality of its established U.K. customer
franchise, as well as from the existing brand equity and
profitable contribution of the online operations."

The company's strategy of incremental estate growth and steady
stream of equity dividend payments should allow it to maintain
lease-adjusted net debt to EBITDA within the target range of
4.0x-4.5x and lease-adjusted FFO to net debt at about 15%.
Although the strategy of full free cash flow use restricts
Ladbrokes' potential for decreasing financial leverage, credit
downside is limited by the proven good quality of operating cash
flows and high conversion of operating profits into
discretionary cash flows.


LAUNDO LIMITED: Creditors' Meeting Set Today
--------------------------------------------
Creditors of Laundo Limited (Company Number 04550061) will meet
on Feb. 27, 2:30 p.m. at Newcastle Marriott Gosforth Park Hotel,
Gosforth Park, High Gosforth, Newcastle upon Tyne NE3 5HN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to G. S. Goldie, joint administrators of Tait
Walker, Bulman House, Regent Centre, Gosforth, Newcastle upon
Tyne NE3 3LS.

CONTACT:  LAUNDO LTD
          Unit G13, Morton Wy Park,
          Darlington, County Durham DL1 4PQ
          Tel: 01325 355247

          RMT
          Gosforth Park Avenue
          Newcastle Upon Tyne
          Tyne And Wear NE12 8EG
          Tel: 0191 256 9500
          E-mails: linda.farish@r-m-t.co.uk  
                   ajosephs@r-m-t.co.uk


LAWGRA (NO. 1207): Meeting of Creditors Slated for March 2
----------------------------------------------------------
Creditors of LAWGRA (No. 1207) Limited - formerly Corts Security
Services Limited) will meet on March 2, 10 a.m. at Harris
Lipman, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone,
London N20 0YZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. J. Hall, joint administrator of Harris Lipman,
2 Mountview Court, 310 Friern Barnet Lane, Whetstone, London N20
0YZ not later than March 1, 2006.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Tel: (020) 8446 9000
          Fax: (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


MIDLAND LEISURE: Fitness Club Operator Calls in Administrator
-------------------------------------------------------------
Philip John Gorman of Hazlewoods LLP was appointed administrator
of Midland Leisure Limited (Company Number 04945007) on Feb. 13.  
Its registered office is at Bentley Bridge Leisure Park,
Wednesfield Way, Wednesfield, Wolverhampton WV11 1TZ.

Midland Leisure Limited operates a health and fitness club.  Its
trading name is Healthland Fitness.

CONTACT:  HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Tel: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk/


MISYS PLC: Transfers 10,000 Shares to Scheme Participants
---------------------------------------------------------
Misys plc transferred 10,000 ordinary shares to participants in
its employee share schemes at a price of 178 pence per share on
Feb. 23, 2006.  The shares were all formerly held as treasury
shares.

Following the above transfer of shares out of Treasury, Misys
plc holds a total of 52,366,284 ordinary shares in Treasury.  
The total number of ordinary shares in issue (excluding Treasury
shares) is 507,360,752.

Headquartered in the United Kingdom, 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.


NEEDHAM GROWERS: Hires Vantis Numerica as Administrator
-------------------------------------------------------
Colin Ian Vickers of Vantis Numerica was appointed administrator
of Needham Growers Limited (Company Number 03295178) on Jan. 23.  
The company is engaged in plating vegetables and nursery
products.

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:  NEEDHAM GROWERS LTD  
          Haven Nursery
          Eastergate Lane
          Walberton, Arundel
          West Sussex BN18 0BA
          Tel: 01243 542289
          Fax: 01243 544256


NORFOLK HOUSE: Names W.C. Swindell to Administer Assets
-------------------------------------------------------
William Clive Swindell was appointed administrator of Norfolk
House Furnishings Limited (Company Number 3879391) on Feb. 13.  
Its registered office is at Whitby Court, Abbey Road, Shepley,
Huddersfield HD8 8EL.

CONTACT:  NORFOLK HOUSE FURNISHINGS LTD
          85b Marsh Lane, Shepley,
          Huddersfield, West Yorkshire HD8 8AP
          Tel: 01484-608222

          William Clive Swindell, Liquidator
          Yorkshire House, 7 South Lane,
          Holmfirth, Huddersfield HD9 1HN
          Tel: 01484 688344


PEACOCK AND THOMPSON: Administrator Takes Over Helm
---------------------------------------------------
P. R. Boyle of Harrisons was appointed administrator of Peacock
And Thompson Limited (Company Number 00871609) on Feb. 13.  

CONTACT:  HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Tel: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com/


PREFERRED RESIDENTIAL: Fitch Rates GBP4.32 Mln Class FTc at B
-------------------------------------------------------------
Fitch Ratings released final ratings to Preferred Residential
Securities 06-01 PLC's GBP432 million mortgage backed floating-
rate notes as follows:

  a) USD125.00 million Class A1b due 2028: AAA;
  b) GBP57.10 million Class A1c due 2028: AAA;
  c) EUR70.00 million Class A2a due 2043: AAA;
  d) USD20.00 million Class A2b due 2043: AAA;
  e) GBP167.10 million Class A2c due 2043: AAA;
  f) Class A2c detachable coupon due 2009: AAA;
  g) EUR5.50 million Class B1a due 2043: AA;
  h) GBP26.00 million Class B1c due 2043: AA;
  i) EUR17.00 million Class C1a due 2043: A;
  j) GBP6.50 million Class C1c due 2043: A;
  k) EUR15.10 million Class D1a due 2043: BBB-;
  l) GBP10.00 million Class D1c due 2043: BBB-;
  m) GBP8.12 million Class E1c due 2043: BB;
  n) GBP4.75 million Class DTc due 2043: BBB-;
  o) GBP4.54 million Class ETc due 2043: BB; and
  p) GBP4.32 million Class FTc due 2043: B.

This is Preferred Mortgages Limited's first transaction to
consist of its 'near prime' and second charge residential
mortgages originated and located in the UK.  

The ratings are based on the quality of the collateral,
available credit enhancement, the underwriting processes of
Preferred Mortgages Limited, the servicing capabilities of PML,
for primary servicing and RSS3+UK for special servicing, the
servicing capabilities of Capstone and standby servicer Homeloan
Management Limited rated RPS2+ UK, and the sound legal structure
of the transaction.  

Credit enhancement for the Class A notes is initially provided
by the subordination of the Class B notes, Class C notes, Class
D1 notes, Class E1c notes and an initial and target reserve fund
of 0.55%.

The Class DTc notes, Class ETc notes and the Class FTc notes
will also be issued and will be repaid solely by the excess
spread available in the transaction.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model with structural stresses including
various prepayment and interest rate scenarios.  

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


PRODUCT LINE: Timothy Calverley Leads Administration
----------------------------------------------------
Timothy Calverley of Haines Watts was appointed administrator of
Product Line Services Limited (Company Number 04082908) on
Feb. 9.  Its registered office is at Unit 10 Woodhouse Business
Centre, Wakefield Road, Normanton WF6 1BB.

CONTACT:  PRODUCT LINE SERVICES LTD
          Unit 10, Woodhouse Business Centre
          Wakefield Rd, Normanton, WF6 1BB
          Tel: 01924 898485

          HAINES WATTS
          First Floor, Park House,
          Park Square West, Leeds LS1 2PS
          Tel: 0113 398 1100
          Fax:   0113 398 1101
          Web site: http://www.hwca.com/


QS GROUP: Joint Liquidators Offer Assets for Sale
-------------------------------------------------
Malcolm Shierson, Martin Ellis and Daniel Smith, Joint
Administrators of:

   -- Hamsard 2353 Limited,
   -- QS Group Plc,
   -- QS Plc,
   -- QS (West) Limited,
   -- Be-Wise Group Limited, and
   -- Be-Wise Limited

offer the group's businesses and assets for sale.

Key features:

   -- 343 stores located throughout the U.K. trading under the
      "QS" and "Be Wise" brands;

   -- approximately 200 stores are to be sold as a portfolio and
      the balance as individual units;

   -- two freehold distribution centers

   -- "Le Shark" trademark

   -- around 4,000 staff

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk/

          Malcolm Swettenham
          Phone/Fax: 0870 991 2581
          E-mail: malcolm.swettenham@gtuk.com


RENTOKIL INITIAL: Posts GBP659.6 Mln Equity Deficit at Dec. 31
--------------------------------------------------------------
Rentokil Initial PLC disclosed preliminary results for the year
ended Dec. 31, 2005.

Highlights include:

   -- Q4 revenue up 8.2% over same period last year and up 4.8%
      for the full year at constant exchange rates; revenue up
      in all business segments

   -- Operating profit (before amortisation of customer lists
      and exceptional items) down 13.4% in Q4 versus last year
      at constant exchange rates and 14.1% lower for the full
      year.  Rate of profit deterioration slowing - adjusted
      operating profit down 0.4% in Q4 compared with 8.3% in Q3
      and 14.4% in H1

   -- Portfolio up 5.1% (annualised rate) in Q4 with better
      revenue growth and lower terminations than H1

   -- Full year profit before income tax down 25.9%

   -- Full year dividend per share of 7.38p, up 10.0%

   -- Right structure and senior team established

   -- Turnaround plan on track

   -- Active management of business portfolio

         * Sale of Style conferences

         * Acquisition of JC Ehrlich, fourth largest US pest
           control company

         * Buying back City Link franchises

         * Closure of loss-making UK linen and workwear
           activities

         * Exploring possible sale of Manned Guarding

   -- Clarification of capital structure, steps being taken to
      eliminate pension deficit

"In 2005 we set out to determine the causes of the deep-set
problems facing Rentokil Initial and to develop a clear plan to
address them," Doug Flynn, CEO of Rentokil Initial, said.  "This
has been done and the plan is now being implemented.  Our
strategic objectives are focused on the businesses within the
group that have the potential to create most shareholder value.  
We have created a clear organizational structure aligned with
these objectives and put in place a leadership team with the
skills and capabilities to deliver them.

                        Financial Results

In 2005, the Company reported GBP138.6 million in after tax
profits against GBP2.2 billion in revenues, compared to
GBP186.9 million after tax profits in 2004 on GBP2.1 billion of
revenues.

At Dec. 31, 2005, Rentokil's balance sheet showed GBP659.6
million in stockholders' deficit, compared to a GBP784 million
deficit at Dec. 31, 2004.  The Company's balance sheet also
showed strained liquidity with GBP745 million in assets
available to pay GBP789.5 million in the next 12 months.

"Whilst we anticipate the turnaround being a difficult process,
there are some clear signs of progress," Mr. Flynn said.  "We
expect to see improving revenue growth and contract retention in
2006, despite unhelpful trading conditions in our main markets.  
There will be significant organic investment and one-off costs
in the first half of the year which will impact prior year
comparisons.  Although we do not expect to achieve full year
adjusted PBTA growth before 2007, we do expect to exit 2006 on a
rising trend in the second half."

                       Turnaround Efforts

Following extensive exploration of all options, it was decided
to close the loss-making UK linen and workwear activities on 30
April 2006.  It had been hoped that it would be possible to sell
this business to one or more parties but the serious risk of
regulatory intervention and the consequent uncertainty in terms
of timing, costs and eventual exit led to the conclusion that a
third party sale was not feasible and that closure was the only
viable option.

Most recently, it has been confirmed that the Company is
exploring the possible disposal of its Manned Guarding
activities.

In addition to the chief executive officer, a number of key
senior appointments were made including a new chief financial
officer, MDs of the Pest Control/Plants and Asia Pacific
divisions, HR Director and Head of the Change Programme Office.

The operating structure was reorganized on Sept. 1, 2005, into
six new divisions.  This and all future results announcements
will be based on this new divisional structure.

                           Outlook

Market conditions in 2006 are unlikely to be helpful in the
group's major European markets and the UK is expected to weaken.

Revenue growth and contract retention are both expected to
improve in 2006 as the operational turnarounds take effect and
the investment made in sales and service begins to bear fruit.  
There will be significant organic investment and one-off costs
in the first half of the year which will impact prior year
comparisons.

"Although we do not expect to achieve full year adjusted PBTA
growth before 2007, we do expect to exit 2006 on a rising trend
in the second half," the Company disclosed.  "We are unlikely to
increase the dividend in 2006.  Beyond 2006, we expect to take a
cautious approach to dividend growth until a recovery is well
established."

Headquartered in West Sussex England, Rentokil Initial PLC --
http://www.rentokil-initial.com/-- is one of the largest   
business services companies in the world, operating in all the
major economies of Europe, North America, Asia Pacific and
Africa.  The company has some 90,000 employees providing a range
of support services in over 40 countries.


SKYEPHARMA PLC: Stephen Harris Acquires 100,000 Shares
------------------------------------------------------
Stephen Harris, a Non-executive Director of SkyePharma PLC,
acquired a notifiable interest in 100,000 ordinary shares in the
Company at a price of 42.5 pence per share on Feb. 22, 2006.  

The shares are registered in the name of Susan Margaret Harris.  
As a result of the transaction Mr. Harris now has a beneficial
interest in 257,299 ordinary shares in the Company.

Headquartered in London, England, SkyePharma PLC --
http://www.skyepharma.com/-- develops pharmaceutical products  
benefiting from world leading drug delivery technologies that
provide easier-to-use and more effective drug formulations.  In
May, it reported net loss of GBP24.3 million for 2004, a
decrease of 44% compared with GBP43.2 million in 2003.

                        *     *     *

On Nov. 17, the Board of SkyePharma disclosed that following an
unsolicited approach from a third party, they had decided to
review all of its strategic options, including, inter alia,
offers for the Company as a whole.

On Dec. 8, SkyePharma received a number of expressions of
interest, both with respect to individual assets owned by the
Company as well as potential cash offers for the Company as a
whole.  In the light of such interest, the Board allowed a
number of parties access to a data room to commence due
diligence on the Company.

SkyePharma continues to seek potential offers for the Company as
a whole, but it is not clear at this stage that an offer for the
Company, whether in cash or otherwise, which is capable of
recommendation, will be forthcoming.  In addition, a number of
parties remain interested in potentially acquiring individual
assets owned by the Company.


STAG FURNITURE: Administrators Puts Business on Sale
----------------------------------------------------
Joint Administrators Ian Green and Edward Klempka, offer for
sale the business and assets of Stag Furniture (U.K.) Ltd., a
Sunderland-based manufacturer and distributor of assembled
foiled rigid bedroom, living room and home office furniture.

Features:

   -- Strong U.K. blue chip customer base in the mail order and
      catalogue sector;

   -- Stag brand with high levels of consumer awareness;

   -- Largest U.K. manufacturer of assembled cabinet furniture;

   -- Modern and well equipped leasehold manufacturing facility
      in Sunderland (305,000 sq ft);

   -- Fleet of 50 vehicles for home delivery and retail
      deliveries;

   -- approximately 60 employees; and

   -- Turnover year to Jan. 31, 2006, approximately
      GBP22 million.

                           About PwC

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

CONTACT:  Dean Ardran
          Phone: 0114259 8264
          Fax: 0114 259 8202
          E-mail: dean.ardron@uk.pwc.com


STHENOS CAPITAL: Creditors' Claims Due March 9
----------------------------------------------
Creditors of Sthenos Capital Limited are given until March 9,
2006, to send in their full names, addresses and descriptions,
full particulars of debts or claims, and the names and addresses
of Solicitors (if any) to appointed Liquidator, Paul Appleton.

CONTACT:  STHENOS CAPITAL LIMITED
          Almack House
          28 King Street
          London
          SW1Y6SL
          Tel: 020 7389 0609



UPTOWN RECORDS: Members Pass Winding Up Resolution
--------------------------------------------------
Uptown Records (Distribution) Limited is liquidating its assets
after members elected to wind up the company's operations during
an extraordinary general meeting held on Feb. 3, 2006.

Company Director I. Salih revealed that the members found out
that the company cannot continue its business due to its
financial liabilities.  Elizabeth Arakapiotis, of Kallis & Co.,
was appointed Liquidator.

CONTACT:  UPTOWN RECORDS (DISTRIBUTION) LIMITED
          311 Ballards Lane
          London
          N12 8TZ
          Tel: 020 7434 3639
          Fax: 020 7434 3649
          Web: http://www.uptownrecords.com/


                            *********                            


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
Carmel Paderog, Editors.

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

This material is copyrighted and any commercial use, resale or
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