TCREUR_Public/060228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, February 28, 2006, Vol. 7, No. 42

                            Headlines

G E R M A N Y

AUTOHAUS LOTZ: Insolvency Report Out on March 22
BAUUNTERNEHMEN MEIXNER: Begins Bankruptcy Process
BESTATTUNGSINSTITUT SCHUERMANN: Claims Bar Date Set on March 27
BOLAB INGENIEURGESELLSCHAFT: Court Stays Pending Suits
BUDDHA LOUNGE: Court to Verify Claims in April

D.A.CH.S. SONDERPOSTENMARKTE: Creditors' Claims Due Today
DENNSTADT & DILLHARDT: Insolvency Report Out Next Month
DEPA BAU: Bows to Bankruptcy
DOMI ZIEL: Brings In Andreas Pantlen to Administer Claims
HEROS GROUP: Seeks New Owners to Take Over Insolvent Firm

SCHWARZ MASCHINEN: Aalen Court Rules on Bankruptcy
STAHLA MONTAGEBAU: Winds Up Business in Bochum
STAHLA STAHL: Creditors' Meeting Slated for April 6
THOMAS & DABS: Court Names Michael Wilbert as Administrator
TRADE & MORE: Dr. Johannes Graute Leads Insolvency Process

TTC VERWALTUNGSGESELLSCHAFT: Claims Registration Ends March 6
W. LANGE: Koln Court Appoints Jana Dettmer to Administer Assets
WEIMAR WERK: Firm Goes Insolvent in Weimar
WOLFGANG KUEHNE: Starts Liquidation Process in Berlin
WZT GMBH: Wuppertal Court Sets March 13 Claims Bar Date


H U N G A R Y

ECONET.HU: 2005 Figures Slide Into the Red
GLOBUS RT: French Groups Eye 51% Equity Stake


K A Z A K H S T A N

ABSOLUT: Gives Creditors Until Mid-March to File Claim
AKBULAK: Sets Proofs of Claim Deadline
FINKOR: Bankruptcy Proceedings Begin
FUROR: West Kazakhstan Court Opens Bankruptcy Proceedings
IRTYSHSKYI ELEVATOR: Succumbs to Bankruptcy Process in Pavlodar


K Y R G Y Z S T A N

CAF: Declares Insolvency
ERZI: Creditors' Claims Due April
GOTTI: Succumbs to Insolvency


N E T H E R L A N D S

ROYAL SHELL: Cancels 500,000 A Shares in Buyback Transaction


R U S S I A

ALEKSIN-SEL-KHOZ-KHIMIYA: Insolvency Manager Takes Over Helm
BUILDER: Claims Filing Period Ends March 21
BUZDYAKSKOYE: Succumbs to Bankruptcy Process in Bashkortostan
DAIRY PRODUCT: Insolvency Manager Takes Over Operations
KINESHEMSKIY: Engineering Plant Goes Bust

KLINTSOVSKOYE: Bankruptcy Hearing Slated for April 25
KORTON: Firm Falls Into Bankruptcy
KRASNOYARSKIY: Declared Insolvent by Krasnoyarsk Court
PROMYSHLENNIK: Court Sets March 21 Claims Bar Date
STEPNOE: Names A. Osipov as Insolvency Manager


T U R K E Y

SEKERBANK T.A.S.: Fitch Affirms B- Issuer Default Ratings


U K R A I N E

AGROSINTEZ-HOLDING: Zaporizhya Court Rules on Bankruptcy
BROSHNIV FURNITURE: Goes Into Liquidation
EKOTEH: Court Appoints Insolvency Manager
GOODWILL-AUDIT: Succumbs to Bankruptcy in Lugansk Region
SIVERSHINA: Bankruptcy Supervision Starts

SPARTAK: Under Bankruptcy Supervision in Kyiv
STANISLAVSKE: Siuhin Mikola Takes Over Operations


U N I T E D   K I N G D O M

BALLARD TOOLMAKERS: Designers Start Insolvency Procedures
BE WISE: Joint Administrators from Grant Thornton Enter Firm
BELL CREATIVE: Art Supplier Contacts Administrator
BIRMINGHAM GOLD: Members Pass Wind Up Resolution
BLUE STAR: Recruiter Surrenders To Liquidation

BOYD NETWORKS: Members Pass Winding Up Resolution
BRISTOL BENDING: Hires Ernst & Young Administrator
BYNE CONSTRUCTION: Creditors Agree to Voluntary Liquidation
CABLE & WIRELESS: Turnaround Efforts Include More Job Cuts
CATALYST HEALTH: Health and Fitness Gym Wraps Up Operation

C-EXPORT LIMITED: Creditors' Meeting Next Week
CHARIS LIMITED: Claims Registration Ends March 22
CO-ORDINATORS SERVICE: Real Estate Developer Hires Administrator
COLT TELECOM: Applies for Block Listing in UK Market
CONTROL ENGINEERING: Meeting of Creditors Set Today

CORUS GROUP: Finance Unit Adopts Early Stock Redemption
DDI-LIZARD: Appoints Administrators from KPMG
ELITE SECURITY: Joint Administrators from Baker Tilly Move In
FCM SERVICES: Voluntary Liquidation Proceedings Begin
G & B GARDNER: Joint Administrators Take Over Helm

GATWICK RAIL: Administrators from Baker Tilly Moves In
GLAZING SOLUTIONS: Hires Robert Day to Administer Assets
GLENPACE LIMITED: Members Pass Winding Up Resolution
GREEN TYRE: Hires Tait Walker as Administrator
HAMSARD 2353: Brings In Grant Thornton to Administer Assets

HILTON GROUP: Moody's Lowers Sr. Unsec. Debt Ratings to Ba2
INDEPENDENT LIVING: Closes Operations & Liquidates Assets
JL FRENCH: Taps Administrators from BDO Stoy Hayward
MEASHAM BOATS: Administrators Take Over Operations
PERRINS CONTRACT: Taps B & C Associates to Administer Assets

QUEEN OF HEARTS: Joint Administrators Offer Assets for Sale
SEA CONTAINERS: S&P Slices Corp. Credit Rating from BB- to B+
SEA CONTAINERS: SVP David Benson Leaves Ferries Division
SOUTHERN PACIFIC: Fitch Rates GBP2.9 Mln Class FTc Notes at B
* Fitch Designates IDRs to EMEA Industrials

* Large Companies with Insolvent Balance Sheets

     **********

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


AUTOHAUS LOTZ: Insolvency Report Out on March 22
------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Autohaus Lotz Gesellschaft mit beschrankter
Haftung on Feb. 1.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until April 28, 2006, to register their claims with court-
appointed provisional administrator Joachim Voigt-Salus.

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 10:20
a.m., on March 22, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 10:20 a.m., on June 21, 2006, at the same venue.

CONTACT:  AUTOHAUS LOTZ GESELLSCHAFT MIT BESCHRANKTER HAFTUNG
          Auerbacher Str. 12 - 14,14193 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


BAUUNTERNEHMEN MEIXNER: Begins Bankruptcy Process
-------------------------------------------------
The District Court of Amberg opened bankruptcy proceedings
against Bauunternehmen Meixner GmbH on Jan. 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 20, 2006, to
register their claims with court-appointed provisional
administrator Dr. Helmut Holzapfel.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Amberg, Baustadelgasse 1,
Sitzungssaal V, 1 Stock, Zimmer 115, at 12:30 p.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:  BAUUNTERNEHMEN MEIXNER GmbH
          Geratshofen 16 in 92447 Schwarzhofen

          Dr. Helmut Holzapfel, Administrator
          Ringstr. 2+4, 94234 Viechtach
          Tel: 09942/428
          Fax: 09942/6053


BESTATTUNGSINSTITUT SCHUERMANN: Claims Bar Date Set on March 27
---------------------------------------------------------------
The District Court of Braunschweig opened bankruptcy proceedings
against Bestattungsinstitut Schuermann GmbH on Jan. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 27, 2006,
to register their claims with court-appointed provisional
administrator Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Braunschweig, Martinikirche
8, 38100 Braunschweig, at 10:00 p.m. on April 26, 2006, at which
time the administrator will present his first report on the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  BESTATTUNGSINSTITUT SCHUERMANN GmbH
          Hildesheimer Strasse 17, 38159 Vechelde
          Attn:
          Gerd Schuermann, Manager

          Torsten Gutmann, Administrator
          Lueders Partnergesellschaft,
          Zum Blauen See 5, D-31275 Lehrte
          Tel: (05132) 826838
          Fax: (05132) 826896


BOLAB INGENIEURGESELLSCHAFT: Court Stays Pending Suits
------------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against BOLAB Ingenieurgesellschaft mbH
Baugrunduntersuchung, Boden- und Baustoffpruefung fuer Berlin
und Brandenburg on Jan. 31, 2006.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 7 to register their claims with
court-appointed provisional administrator Rolf Nacke.

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, May 30,
9:40 a.m. 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:  BOLAB INGENIEURGESELLSCHAFT mbH BAUGRUNDUNTERSUCHUNG,
          BODEN- UND BAUSTOFFPRUEFUNG FUER BERLIN UND
          BRANDENBURG
          Guertelstrasse 39
          10247 Berlin

          Rolf Nacke, Administrator
          Gross-Berliner Damm 73 c
          12487 Berlin


BUDDHA LOUNGE: Court to Verify Claims in April
----------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Buddha Lounge GmbH on Jan. 25, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 17 to register their claims
with court-appointed provisional administrator Dr. Olaf
Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Insolvenzgericht,
Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405,
April 19, 10:45 a.m. 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:  BUDDHA LOUNGE GmbH
          Lange Reihe 113
          20099 Hamburg

          Dr. Olaf Buechler, Administrator
          Herrengraben 3
          20459 Hamburg
          Phone: 36968351
          Fax: 36968383


D.A.CH.S. SONDERPOSTENMARKTE: Creditors' Claims Due Today
---------------------------------------------------------
The District Court of Muehlhausen opened bankruptcy proceedings
against D.A.CH.S. Sonderpostenmarkte GmbH on Jan. 13, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Feb. 28 to
register their claims with court-appointed provisional
administrator Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Muehlhausen, Untermarkt 17,
Raum 91, April 3, 9:30 a.m., 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:  D.A.CH.S. SONDERPOSTENMARKTE GmbH
          Konrad-Zehrt-Strasse 1
          37308 Heilbad Heiligenstadt
          Contact:
          Harald Durstewitz, Manager

          Rolf Rombach, Administrator
          Magdeburger Allee 159
          99086 Erfurt


DENNSTADT & DILLHARDT: Insolvency Report Out Next Month
-------------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against Dennstadt & Dillhardt GbR on Feb. 1, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 7 to
register their claims with court-appointed provisional
administrator Werner F. Muehlenbrock.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Hauptstelle,
Zweigertstr. 52, 45130 Essen, March 28, 9:00 a.m. 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:  DENNSTADT & DILLHARDT GbR
          De-la-Chevallerie-Str. 22
          45894 Gelsenkirchen

          Werner F. Muehlenbrock, Administrator
          Bahnhofstr. 46, 45879 Gelsenkirchen
          Phone: 0209/1779520
          Fax: 0209-1779529


DEPA BAU: Bows to Bankruptcy
----------------------------
The District Court of Muehlhausen opened bankruptcy proceedings
against DePa Bau GmbH on Jan. 12, 2006.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 20 to register their claims
with court-appointed provisional administrator Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Muehlhausen, Untermarkt 17,
Raum 91, April 27, 10:00 a.m. 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:  DEPA BAU GmbH
          Am Vogelherd 11
          99734 Nordhausen

          Rolf Rombach, Administrator
          Magdeburger Allee 159
          99086 Erfurt


DOMI ZIEL: Brings In Andreas Pantlen to Administer Claims
---------------------------------------------------------
The District Court of Siegen opened bankruptcy proceedings
against domi ZIEL GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 8, 2006, to register their claims
with court-appointed provisional administrator Andreas Pantlen.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Siegen, Berliner Strasse
21-22, 57072 Siegen, Erdgeschoss, Saal 010, at 1:00 p.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:  DOMI ZIEL GmbH
          Hohler Weg 13, 57439 Attendorn
          Attn:
          Harry Krause, Manager
          Muehlenweg 6, 57439 Attendorn
          Lars Christian Esser-Clarius, Manager
          Waterland 23 a, 57439 Attendorn

          Andreas Pantlen, Administrator
          Konigsallee 90, 40212 Duesseldorf
          Tel: 0211/8606800
          Fax: 0211/8606810


HEROS GROUP: Seeks New Owners to Take Over Insolvent Firm
---------------------------------------------------------
Hanover-based Heros Group hopes to find new owners by the end of
April, Matthew Brockett of Bloomberg News cited administrator
Manuel Sack as saying.

Mr. Sack revealed that the Company's 5,000 employees have not
been laid off and its cash transport business continues to
operate, Bloomberg relates.

Last week's bankruptcy filing was made following the arrest of
four executives from the Company's Nordcash Geldbearbeitung
unit, two board members and two lower-ranking executives, who
allegedly embezzled EUR300 million from its clients for the
firm's expansion and for personal use.

Heros controls around half of Germany's money-transport business
and carries approximately EUR600 million a day.


SCHWARZ MASCHINEN: Aalen Court Rules on Bankruptcy
--------------------------------------------------
The District Court of Aalen opened bankruptcy proceedings
against SCHWARZ Maschinen- und Werkzeugbau 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 Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Aalen, Stuttgarter Strasse
7, 73430 Aalen, 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 during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  SCHWARZ MASCHINEN- UND WERKZEUGBAU GmbH
          Geissbergstrasse 1, 73432 Aalen-Waldhausen
          Attn: Joachim Mayer-Laurenz, Manager
          Deutschordenstr. 11, 73432 Aalen-Waldhausen

          Wolfgang Hauser, Administrator
          Mohringer Landstr. 5, 70563 Stuttgart
          Tel: 0711/90134-20
          Fax: 0711/90134-49
          E-mail: H.H.H@t-online.de


STAHLA MONTAGEBAU: Winds Up Business in Bochum
----------------------------------------------
The District Court of Bochum opened bankruptcy proceedings
against STAHLA MONTAGEBAU Gesellschaft mit beschrankter Haftung
on Feb. 1.  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 Frank Imberger.

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 9:45 a.m. on April 13,
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:  STAHLA MONTAGEBAU GESELLSCHAFT MIT BESCHRANKTER
          HAFTUNG
          Bergmannstr. 39, 44809 Bochum
          Attn: Hans Dobel, Manager

          Frank Imberger, Administrator
          Huestrasse 34, 44787 Bochum
          Tel: 96491-0
          Fax: 96491-33


STAHLA STAHL: Creditors' Meeting Slated for April 6
---------------------------------------------------
The District Court of Bochum opened bankruptcy proceedings
against Stahla Stahl-Apparatebau Gesellschaft mit beschrankter
Haftung & Cie 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 Frank Imberger.

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 10:40 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:  STAHLA STAHL-APPARATEBAU GESELLSCHAFT MIT BESCHRéNKTER
          HAFTUNG & CIE
          Bergmannstr. 39, 44809 Bochum
          Attn: Ingrid Dobel, Manager
          Michael Kaul, Manager

          Frank Imberger, Administrator
          Huestrasse 34, 44787 Bochum
          Tel: 964 91-0
          Fax: 964 91-33


THOMAS & DABS: Court Names Michael Wilbert as Administrator
-----------------------------------------------------------
The District Court of Bonn opened bankruptcy proceedings against
Thomas & Dabs GmbH on Feb. 1.  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 Michael Wilbert.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bonn, Wilhelmstrasse 21,
53111 Bonn, 2 Stock, Saal S 2.22, at 9:30 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 during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  THOMAS & DABS GmbH
          Wiesenstrasse 64, 53639 Konigswinter
          Attn: Heinrich Anton Thomas, Manager
          Olaf Dabs, Manager
          Burgwiesenstr. 23, 53604 Bad Honnef

          Michael Wilbert, Administrator
          Simrockstrasse 7, 53113 Bonn
          Tel: 0228-336255-5
          Fax: 0228-336255-6


TRADE & MORE: Dr. Johannes Graute Leads Insolvency Process
----------------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against trade & more cooperation Limited 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. Johannes Graute.

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
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:  TRADE & MORE COOPERATION LIMITED
          Lavesumer Str. 3, 45721 Haltern
          Attn: Dieter Schwarz, Manager
          Thomas Korf, Manager
          Lohstr. 36, 45721 Haltern

          Dr. Johannes Graute, Administrator
          Kettwiger Strasse 2-10, 45127 Essen
          Tel: 02 01/10953


TTC VERWALTUNGSGESELLSCHAFT: Claims Registration Ends March 6
-------------------------------------------------------------
The District Court of Saarbruecken opened bankruptcy proceedings
against TTC Verwaltungsgesellschaft mbH 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. Udo Michalsky.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Saarbruecken, Aussenstelle
Sulzbach, Vopeliusstrasse 2, 66280 Sulzbach, 1. Etage, Saal 13,
at 10:32 a.m., on March 1, 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 8:37 a.m., on April 5, 2006, at the
same venue.

CONTACT:  TTC VERWALTUNGSGESELLSCHAFT mbH
          Poensgen-und-Pfahler-Strasse 3, 66386 St.Ingbert
          Attn: Karl Theobald, Manager
          Frank Thielen, Manager

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


W. LANGE: Koln Court Appoints Jana Dettmer to Administer Assets
---------------------------------------------------------------
The District Court of Koln opened bankruptcy proceedings against
W. Lange Fleischgrosshandel + Zerlegebetrieb GmbH on Jan. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until April 4, 2006,
to register their claims with court-appointed provisional
administrator Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Koln, Luxemburger Strasse
101, 50939 Koln, Erdgeschoss, Saal 14, at 11:18 a.m. on May 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:  W. LANGE FLEISCHGROSSHANDEL + ZERLEGEBETRIEB GmbH
          Liebigstr. 120, 50823 Koln
          Attn: Werner Lange, Manager
          Urbacher Weg 18, 51149 Koln

          Jana Dettmer, Administrator
          Weyerstr. 54, 50676 Koln
          Tel: 0221 921217 0
          Fax: +4922192121720


WEIMAR WERK: Firm Goes Insolvent in Weimar
------------------------------------------
The District Court of Amberg opened bankruptcy proceedings
against Weimar Werk Stahlbau GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 7, 2006, to register their
claims with court-appointed provisional administrator Joachim
Exner.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Amberg, Baustadelgasse 1,
Sitzungssaal V, 1 Stock, Zimmer 115, at 2:30 p.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:  WEIMAR WERK STAHLBAU GmbH
          Thueringen Weg 2 in 99427 Weimar

          Joachim Exner, Administrator
          Stahlstr. 17, 90411 Nuernberg
          Tel: 0911/951285-0
          Fax: 0911/951285-10


WOLFGANG KUEHNE: Starts Liquidation Process in Berlin
-----------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Wolfgang Kuehne Projektentwicklung
Gesellschaft mit beschrankter Haftung on Jan. 27.  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 Knut Rebholz.

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 9:40
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 at 9:20 a.m., on May 18, 2006, at the same venue.

CONTACT:  WOLFGANG KUEHNE PROJEKTENTWICKLUNG GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Dreiserstrasse 4, 12587 Berlin

          Knut Rebholz, Administrator
          Cicerostr. 22, 10709 Berlin


WZT GMBH: Wuppertal Court Sets March 13 Claims Bar Date
-------------------------------------------------------
The District Court of Wuppertal opened bankruptcy proceedings
against WZT GmbH - Zerspanungstechnologie on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 13, 2006,
to register their claims with court-appointed provisional
administrator Hans Peter Runkel.

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 9:00 a.m. on
April 13, 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:  WZT GmbH - ZERSPANUNGSTECHNOLOGIE
          Leverkuser Str. 65, 42897 Remscheid
          Attn: Gerhard Wiedmann, Manager
          Leverkuserr Str. 65, 42897 Remscheid

          Hans Peter Runkel, Administrator
          Friedrich-Ebert-Strasse 146, 42117 Wuppertal


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


ECONET.HU: 2005 Figures Slide Into the Red
------------------------------------------
IT group econet.hu recorded a drop on its losses with a
HUF166.69 million loss in 2005, compared to a HUF29.19 million
profit a year earlier, Budapest Business Journal says.

Despite a rise in revenues from HUF408.83 million in 2004 to
HUF947.58 million in 2005 due to hikes in Internet access
proceeds and online advertising, the group's material-related
expenses rose four-fold to HUF968.8 million and personnel costs
soared six-fold to HUF86.2 million last year.  As a result, the
group's operating results dropped to -HUF210.35 million in 2005
from HUF68.27 million in 2004.

The group attributed three-quarters of the losses to
depreciation write-offs and rest to operations.  Despite the
losses, econet.hu's net assets hiked 65.4% to HUF2.952 billion.
Econet.hu's major shareholders include BALCO Holding B.V.
(15.01%) and Budai Hazak (11.68%).

The group's consolidated and unaudited report was prepared in
accordance with International Financial Reporting Standards
(IFRS).

Headquartered in Budapest, Hungary, Econet.hu Rt. --
http://www.econet.hu/-- develops and operates database
Internet, WAP and SMS applications.  Econet also provides
customized database services, online publishing services, broker
and mobile Internet applications.


GLOBUS RT: French Groups Eye 51% Equity Stake
---------------------------------------------
Two companies have offered to acquire a 51% stake in troubled
canning group Globus Konzervipari Rt., Budapest Business Journal
says.

Union Fermiere Morbihannaise (UFM) and Centrale Cooperative
Agricole Bretonne's (CECAB) local unit have offered to buy the
shares at HU460 for each HUF250 face value share.

Globus' majority owners, DEG of Germany (25.45%), Chairman
Istv n Temesfoi (16.67%), Tebimpex GmbH (11.61%) and Deputy
Chairman Jozsef Jehn (3.62%), signed the acquisition deal.

Headquartered in Budapest, Hungary, Globus Konzervipari Rt. --
http://www.globus.hu/-- is the largest canning and cooling
company in the country.  Globus posted HUF4.3 billion in net
losses in 2005, HUF2 billion of which were operating losses.
The group also registered -HUF2.9 billion in one-time effect.
Globus blames its dismal performance to rising fuel prices,
entry of new market rivals and the strong Forint.


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


ABSOLUT: Gives Creditors Until Mid-March to File Claim
------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
region declared LLP Absolut bankrupt on December 20, 2005.

Proofs of claim will be accepted at West Kazakhstan region,
Uralsk, Gvardeiskaya Str. 9-18 on or before March 14, 2006.

The company can be contacted at 8 (31122) 51 77 10.


AKBULAK: Sets Proofs of Claim Deadline
---------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl region
declared Public Utility Enterprise Akbulak bankrupt on Dec. 20,
2005.

Proofs of claim will be accepted at Taraz, Suleimanova Str. 17,
Room 9 on or before March 14, 2006.

The company can be contacted at 8 326(22) 45 32 17.


FINKOR: Bankruptcy Proceedings Begin
------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
region commenced bankruptcy proceedings against LLP Finkor on
January 5, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF WEST
          KAZAKHSTAN REGION
          West Kazakhstan region,
          Uralsk, Seifulina Str. 37, Room 107


FUROR: West Kazakhstan Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
region commenced bankruptcy proceedings against LLP Furor on
January 5, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF WEST
          KAZAKHSTAN REGION
          West Kazakhstan region,
          Uralsk, Seifulina Str. 37, Room 107


IRTYSHSKYI ELEVATOR: Succumbs to Bankruptcy Process in Pavlodar
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar region
commenced bankruptcy proceedings against OJSC Irtyshskyi
Elevator on December 27, 2005.


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


CAF: Declares Insolvency
------------------------
LLC CAF has declared insolvency.  Proofs of claim will be
accepted on or before April 9, 2006.

CONTACT:  CAF
          Bishkek, Sadygslieva Str. 6
          Phone: (+996 312) 65-61-29


ERZI: Creditors' Claims Due April
---------------------------------
LLC Erzi has declared insolvency.  Proofs of claim will be
accepted on or before April 10, 2006.

CONTACT:  Bishkek, Fuchika Str. 47
          Phone: (+996 312) 65-24-11


GOTTI: Succumbs to Insolvency
-----------------------------
LLC Gotti has declared insolvency.  Proofs of claim will be
accepted on or before April 10, 2006.

CONTACT:  GOTTI
          Bishkek, Fuchika Str. 47
          Phone: (+996 312) 65-24-11


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


ROYAL SHELL: Cancels 500,000 A Shares in Buyback Transaction
------------------------------------------------------------
Royal Dutch Shell plc purchased for 400,000 'A' Shares for
cancellation at a price of 25.74 euros per share on Feb. 24,
2006.

In addition, it purchased 100,000 'A' Shares for cancellation at
a price of 1,750.85 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,915,525,000.

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


ALEKSIN-SEL-KHOZ-KHIMIYA: Insolvency Manager Takes Over Helm
------------------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision on open joint stock company Aleksin-Sel-Khoz-
Khimiya.  The case is docketed as A68-253/B-05.  Mr. A. Laptev
has been appointed temporary insolvency manager.  A hearing will
take place on April 4, 2006, 11:00 a.m. at the Arbitration Court
of Tula region at Russia, Tula region, Sovetskaya Str. 112, Hall
#31.

CONTACT:  ALEKSIN-SEL-KHOZ-KHIMIYA
          301360, Russia, Tula region,
          Aleksin, Lomonosova Str. 43

          A. LAPTEV
          Temporary Insolvency Manager
          300026, Russia, Tula region,
          Ryazanskaya Str. 1, Office 612


BUILDER: Claims Filing Period Ends March 21
-------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
proceedings against Builder after finding the limited liability
company insolvent.  The case is docketed as A11-7444/2005-K1-
63B.  Mr. A. Shurov has been appointed insolvency manager.
Creditors have until March 21, 2006, to submit their proofs of
claim to 602264, Russia, Vladimir region, Murom, Radiozavodskoye
shosse 2A.

CONTACT:  BUILDER
          602120, Russia, Vladimir region,
          Melenki, 60 Let Oktyabrya Str. 1

          A. SHUROV
          Insolvency Manager
          602264, Russia, Vladimir region,
          Murom, Radiozavodskoye shosse, 2A


BUZDYAKSKOYE: Succumbs to Bankruptcy Process in Bashkortostan
-------------------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Buzdyakskoye after finding the
open joint stock company insolvent.  The case is docketed as
A07-45756/05-G-FLE.  Mr. V. Gorbunov has been appointed
insolvency manager.

CONTACT:  BUZDYAKSKOYE
          452710, Russia, Bashkortostan republic,
          Buzdyakskiy region, Buzdyak, Gagarina Str. 10

          V. GORBUNOV
          Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A


DAIRY PRODUCT: Insolvency Manager Takes Over Operations
-------------------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against Dairy Product after finding the limited
liability company insolvent.  The case is docketed as A49-
12421/2005-218B/26.  Mr. G. Biryukov has been appointed
insolvency manager.

CONTACT:  DAIRY PRODUCT
          Russia, Penza region,
          Izmaylova Str. 13A

          G. BIRYUKOV
          Insolvency Manager
          Russia, Penza region, OPS #34,
          Post User Box 2303

          ARBITRATION COURT OF PENZA REGION
          Russia, Penza region,
          Belinskogo Str. 2


KINESHEMSKIY: Engineering Plant Goes Bust
-----------------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings against Kineshemskiy after finding the engineering
plant insolvent.  The case is docketed as A1253/05-10-B.  Mr. S.
Vinogradov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 153035, Russia, Ivanovo region,
Gen. Khlebnikova Str. 16A-36.

CONTACT:  S. VINOGRADOV
          Insolvency Manager
          153035, Russia, Ivanovo region,
          Gen. Khlebnikova Str. 16A-36


KLINTSOVSKOYE: Bankruptcy Hearing Slated for April 25
-----------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision on open joint stock company Klintsovskoye (TIN
3203001044).  The case is docketed as A09-15064/05-27.  Mr. M.
Slanko has been appointed temporary insolvency manager.  A
hearing will take place on April 25, 2006, 10:00 a.m. at the
Arbitration Court of Bryansk region at Russia, Bryansk, Trudovoy
Per. 6, Room #601.

CONTACT:  KLINTSOVSKOYE
          243140, Russia, Bryansk region,
          Kluintsy, K. Marksa Str. 38

          M. SLANKO
          Temporary Insolvency Manager
          243020, Russia, Bryansk region,
          Novozybkov, Sadovaya Str. 58


KORTON: Firm Falls Into Bankruptcy
----------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Korton after finding the close joint stock
company insolvent.  The case is docketed as A40-67662/05-123-
159B.  Mr. A. Savelyev has been appointed insolvency manager.

CONTACT:  KORTON
          121357, Russia, Moscow region,
          Vereyskaya Str. 5, Building 1

          A. SAVELYEV
          Insolvency Manager
          125481, Russia, Moscow region,
          D-481, Post User Box 27


KRASNOYARSKIY: Declared Insolvent by Krasnoyarsk Court
------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Krasnoyarskiy after finding the open joint
stock company insolvent.  The case is docketed as A33-
15577/2005.  Mr. A. Gafarov has been appointed insolvency
manager.  Creditors have until March 21, 2006, to submit their
proofs of claim to 660017, Russia, Krasnoyarsk region, Post User
Box 20647.

CONTACT:  KRASNOYARSKIY
          660111, Russia, Krasnoyarsk region,
          Pogranichnaya Str. 42

          A. GAFAROV
          Insolvency Manager
          660017, Russia, Krasnoyarsk region,
          Post User Box 20647


PROMYSHLENNIK: Court Sets March 21 Claims Bar Date
--------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Promyshlennik after finding the open joint
stock company insolvent.  The case is docketed as A57-108B/05-
23.  Mr. D. Moskovksiy has been appointed insolvency manager.
Creditors have until March 21, 2006, to submit their proofs of
claim to 413840, Russia, Saratov region, Balakovo, Lenina Str.
118-24.

CONTACT:  PROMYSHLENNIK
          413700, Russia, Saratov region, Pugachev

          D. MOSKOVKSIY
          Insolvency Manager
          413840, Russia, Saratov region,
          Balakovo, Lenina Str. 118-24


STEPNOE: Names A. Osipov as Insolvency Manager
----------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Stepnoe after finding the close joint stock
company insolvent.  The case is docketed as A-57-627B/05-12.
Mr. A. Osipov has been appointed insolvency manager.

CONTACT:  STEPNOE
          Russia, Saratov region, Balakovo

          A. OSIPOV
          Insolvency Manager
          413863, Russia, Saratov region,
          Balakovo-23, Post User Box 151


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


SEKERBANK T.A.S.: Fitch Affirms B- Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings removed Rating Watch Positive on Sekerbank
T.A.S.'s Long-term foreign currency and local currency Issuer
Default Ratings of B- and National Long-term of BBB.  These
ratings have simultaneously been affirmed.  The Turkish bank's
other ratings are affirmed at Individual D/E, Short-term B and
Support 5.

This follows the announcement from the bank that its agreement
to sell a 51% controlling stake to Netherlands-based Rabobank
had expired.  Sekerbank has stated that it will continue
discussions with prospective investors that have indicated a
desire to purchase an ownership position.  Fitch will closely
monitor the potential effects of any possible future
transaction.

Sekerbank is a medium-sized Turkish bank with 203 branches
throughout Turkey and it ranked 17th by assets among the 47
banks with total consolidated assets of US$2.4 billion and
equity of US$248 million at the end-September 2005.


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


AGROSINTEZ-HOLDING: Zaporizhya Court Rules on Bankruptcy
--------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Agrosintez-Holding (code EDRPOU
31326569) on January 12, 2006.  The case is docketed as 25/304.
Mr. O. Mantsurov has been appointed temporary insolvency
manager.

CONTACT:  AGROSINTEZ-HOLDING
          72012, Ukraine, Zaporizhya region,
          Mihajlivskij district, Rozdol

          Mr. O. Mantsurov
          Temporary Insolvency Manager
          71500, Ukraine, Zaporizhya region,
          Energodar, Centralna Str. 2/41

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


BROSHNIV FURNITURE: Goes Into Liquidation
-----------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Broshniv Furniture (code EDRPOU
30760543) after finding the limited liability company insolvent.
The case is docketed as B-16/175.  Mr. Yurij Gorodchuk has been
appointed liquidator/insolvency manager.

CONTACT:  BROSHNIV
          77614, Ukraine, Ivano-Frankivsk region,
          Rozhnyativskij district, Broshniv,
          Sichovih Striltsiv Str. 52

          Mr. Yurij Gorodchuk,
          Liquidator/Insolvency Manager
          8000, Ukraine, Ivano-Frankivsk region,
          Tlumach, Promislovij Lane 6

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


EKOTEH: Court Appoints Insolvency Manager
-----------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Ekoteh (code EDRPOU 21888582) after finding
the limited liability company insolvent.  The case is docketed
as B 15/165/05.  Ms. Ludmila Chmil has been appointed
liquidator/insolvency manager.

CONTACT:  EKOTEH
          53201, Ukraine, Dnipropetrovsk region,
          Nikopol, Hersonska Str. 372

          Ms. Ludmila Chmil
          Liquidator/Insolvency Manager
          53210, Ukraine, Dnipropetrovsk region,
          Nikopol, Kashtanova Str. 51/79

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


GOODWILL-AUDIT: Succumbs to Bankruptcy in Lugansk Region
--------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Goodwill-Audit (code EDRPOU 30797285
26046639) on December 23, 2005 after finding the limited
liability company insolvent.  The case is docketed as 22/17 b.
Ms. Granina Muzalina has been appointed liquidator/insolvency
manager.

CONTACT:  GOODWILL-AUDIT
          Ukraine, Lugansk region,
          Alchevsk, Lenin Str. 56/104

          Ms. Granina Muzalina
          Liquidator/Insolvency Manager
          Ukraine, Lugansk region,
          Alchevsk, Metalurgiv Avenue 26/76

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


SIVERSHINA: Bankruptcy Supervision Starts
-----------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on Sivershina (code EDRPOU 21391080).
The case is docketed as 5/241 B/121 B.  Ms. Irina Stuk has been
appointed temporary insolvency manager.

CONTACT:  SIVERSHINA
          Ukraine, Chernigiv region,
          Miru Avenue 20

          Ms. Irina Stuk
          Temporary Insolvency Manager
          14008, Ukraine, Chernigiv region,
          Nahimov Lane 50

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


SPARTAK: Under Bankruptcy Supervision in Kyiv
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC SPARTAK (code EDRPOU 20584173).
The case is docketed as 89/14 b-05.  Mr. Oleksandr Bandola has
been appointed temporary insolvency manager.

CONTACT:  SPARTAK
          07823, Ukraine, Kyiv region,
          Borodyanskij district, Nova Buda

          Mr. Oleksandr Bandola
          Temporary Insolvency Manager
          04119, Ukraine, Kyiv region,
          Simyi Hohlovih Str. 6-b/31

          ECONOMIC COURT OF KYIV REGION
          01032, Ukraine, Kyiv region,
          Komintern Str. 165


STANISLAVSKE: Siuhin Mikola Takes Over Operations
-------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced
bankruptcy proceedings against Stanislavske after finding the
limited liability company insolvent.  The case is docketed as
B-7/77.  Mr. Siuhin Mikola has been appointed
liquidator/insolvency manager.

CONTACT:  STANISLAVSKE
          Ukraine, Ivano-Frankivsk region,
          Krajkivskij Str. 1

          Mr. Siuhin Mikola
          Liquidator/Insolvency Manager
          Phone: 6-77-85

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk region,
          Shevchenko Str. 16a


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


BALLARD TOOLMAKERS: Designers Start Insolvency Procedures
---------------------------------------------------------
John Michael Munn and Joseph Gordon Maurice Sadler, of Elwell
Watchorn & Saxon, were appointed Joint Liquidators of Ballard
Toolmakers Limited after members unanimously decided to
liquidate the company's assets on Feb. 8, 2006.

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

CONTACT:  BALLARD TOOLMAKERS LIMITED
          10C Boundary Road
          Buckingham Road Ind Est Brackley Northamptonshire
          NN137ES
          Tel: 01280 841 341
          Fax: 01280 841 342


BE WISE: Joint Administrators from Grant Thornton Enter Firm
------------------------------------------------------------
Malcolm Shierson, Martin Ellis and Daniel Smith of Grant
Thornton UK LLP were appointed joint administrators of Be Wise
Group Limited (Company Number 02335205) and Be-Wise Limited
(Company Number 01283466) on Feb. 9.  Its registered office is
at Harbour House, 121 Gardner Road, Portslade, Brighton BN41
1QS.

                     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.

Headquartered in Solihull, England, Be Wise Group Limited --
http://www.bewise.com/-- sells clothes.


BELL CREATIVE: Art Supplier Contacts Administrator
--------------------------------------------------
Stephen Cork of Smith & Williamson was appointed administrator
of Bell Creative Supplies Limited (Company Number 02521521) on
Feb. 14.

Headquartered in Manchester, England, Bell Creative --
http://www.bellcreative.co.uk/-- manufactures, sells and
distributes graphics, fine art, hobby craft and reprographics
trade materials.  It has warehouses in Harlow and Essex
servicing the South of England and Manchester and covering the
Midlands and North of England as well.  The company also exports
to over 20 countries including the U.S.A.

CONTACT:  SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Tel: 020 8492 8600
          Fax: 020 8492 8601
          E-mail: jem1@smith.williamson.co.uk


BIRMINGHAM GOLD: Members Pass Wind Up Resolution
------------------------------------------------
Members of Birmingham Gold & Silversmiths Limited resolved to
liquidate the company's assets during an Extraordinary General
Meeting on Feb. 9, 2006.

They authorized Eileen T. F. Sale, of Sale Smith & Co. Limited,
to administer the winding up process.

CONTACT:  BIRMINGHAM GOLD & SILVERSMITHS LTD
          18-19 Caroline Street
          Birmingham West Midlands
          B3 1TR
          Tel: 0121 236 6595
          Fax: 0121 200 2711
          Web: http://www.bhamgoldandsilver.co.uk/


BLUE STAR: Recruiter Surrenders To Liquidation
----------------------------------------------
Blue Star Recruitment Ltd is liquidating its assets after
members found out that the company cannot continue its
operations due to mounting debts.

Duncan Robert Beat, of Tenon Recovery, was appointed Liquidator.

CONTACT:  BLUE STAR RECRUITMENT LTD
          57 Goodmayes Road
          Ilford Essex
          IG3 9UD
          Tel: 020 8597 0900
          Fax: 020 8597 6655


BOYD NETWORKS: Members Pass Winding Up Resolution
-------------------------------------------------
Members of Boyd Networks Limited passed a resolution to wind up
the company during an extraordinary general meeting on Feb. 8,
2006.

Chairman R. D. Boyd revealed that the company could no longer
continue its business due to mounting debts.

Timothy Frank Corfield, of Griffin & King, was appointed
Liquidator to wind up the company's business.

CONTACT:  BOYD NETWORKS LIMITED
          40 New Road
          Stourbridge West Midlands
          DY8 1PA
          Tel: 0871 223 6207
          Fax: 0871 223 6208
          Web: http://www.boydnetworks.com/


BRISTOL BENDING: Hires Ernst & Young Administrator
--------------------------------------------------
David K. Duggins and Ian Best of Ernst & Young LLP were
appointed administrators of Bristol Bending Services Limited
(Company Number 01693514), Bristol Bending Services Automotive
Components Ltd (Company Number 01407977) and Cavendish
Industries Limited (Company Number 01477338) on Feb. 13.  Its
registered office is at Little Park, Milton Abbas, Dorset DT11
0DA.

CONTACT:  ERNST & YOUNG LLP
          One Bridewell Street,
          Bristol BS1 2AA
          Tel: +44 [0] 117 981 2050
          Fax:   +44 [0] 117 981 2051
          Web site: http://www.ey.com/


BYNE CONSTRUCTION: Creditors Agree to Voluntary Liquidation
-----------------------------------------------------------
Creditors of Byne Construction Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company's operations on Feb. 6, 2006.

Creditors also ratified the appointment of Paul Atkinson and
Jeremy Stuart French, as Joint Liquidators.

CONTACT:  BYNE CONSTRUCTION LIMITED
          Coldham Lane
          Gislingham Eye Suffolk
          IP238JA
          Tel: 01379 783 446
          Fax: 01379 788 800


CABLE & WIRELESS: Turnaround Efforts Include More Job Cuts
----------------------------------------------------------
Troubled telecommunications firm Cable & Wireless revealed plans
for more job cuts in an effort to restructure the company, the
Sunday Times reports.

The company's new executive chairman, John Pluthero, warned
staff of a reduction of 485 jobs and a decrease in the number of
clients in order to focus on the Company's largest corporate
customers, the paper relates.

"That's just the start," Mr. Pluthero said in a memo seen by The
Times.  "As we reduce the number of customers we serve, fix some
of our problems, strip out layers of management, we will need
fewer people to run the business."

The job cuts are in addition to the 700 disclosed last year
during the company's acquisition of rival Energis, Dominic White
writes for the telegraph.co.uk.

Reuters cited a C&W spokesman saying the report was "pure
speculation".

                       About the Company

Headquartered in London, 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.  Fitch Ratings has affirmed Cable & Wireless'
ratings at Long-term 'BB+' with Stable Outlook and Short-term
'B'.

                        *     *     *

Cable & Wireless' 8-3/4% senior unsubordinated notes due 2012
carry Moody's Investors service's, Standard and Poor's and
Fitch's low-B ratings.


CATALYST HEALTH: Health and Fitness Gym Wraps Up Operation
----------------------------------------------------------
John Michael Munn and Joseph Gordon Maurice Sadler, both of
Elwell Watchorn & Saxton LLP, were appointed Joint Liquidators
of Catalyst Health & Fitness Limited after members decided to
liquidate the company's asset on Feb. 2, 2006.

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

CONTACT:  CATALYST HEALTH & FITNESS LIMITED
          102 Fulham Palace Road
          London
          W6 9PL
          Tel: 020 7930 0742


C-EXPORT LIMITED: Creditors' Meeting Next Week
----------------------------------------------
Creditors of C-Export Limited (Company Number 02286726) will
meet on March 6, 11 a.m. at Deloitte & Touche LLP, Abbots House,
Abbey Street, Reading RG1 3BD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. M. Martin and R. D. Allen, joint
administrative receivers of Deloitte & Touche LLP, Abbots House,
Abbey Street, Reading RG1 3BD not later than March 3, 2006.

CONTACT:  C-EXPORT LTD
          P.O .Box 166
          Totton
          Southampton, Hampshire SO40 4GY
          Tel: 02380 661771
          Fax: 02380 661772
          E-mail: cexportltd@pol.com

          DELOITTE & TOUCHE LLP
          Abbots House, Abbey Street,
          Reading RG1 3BD
          Web site: http://www.deloitte.com/


CHARIS LIMITED: Claims Registration Ends March 22
-------------------------------------------------
Creditors of Charis (UK) Limited are given until March 22, 2006,
to send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Joint Liquidator, David Moore.

CONTACT:  CHARIS (U K) LIMITED
          1-3 Cambridge Walks
          Southport Merseyside
          PR8 1EN
          Tel: 01704 512 400


CO-ORDINATORS SERVICE: Real Estate Developer Hires Administrator
----------------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of Co-Ordinators Service (Engineering) Limited (Company Number
00375181) on Jan. 30.  The company develops and sells real
estate property.

CONTACT:  CO-ORDINATORS SERVICE (ENGINEERS) LTD
          Hazel Lane, Great Wyrley,
          Walsall, West Midlands WS6 6AA
          Tel: 01922413712

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


COLT TELECOM: Applies for Block Listing in UK Market
----------------------------------------------------
COLT Telecom Group plc applied for a block listing of 11,000,000
ordinary shares of 2.5 pence each to the UK Listing Authority
and the London Stock Exchange on Feb. 24.

The shares are being allotted to trade on the LSX and to be
admitted to the Official List upon allotment pursuant to the
Company's obligations under the COLT Savings-Related Share
Option Scheme Plan.

Participants in the Plan have or will become entitled to these
shares following the exercise of share options.  These shares
will rank equally with the existing issued ordinary shares of
the Company.

Colt Telecom -- http://www.colt.net/-- offers business
communication services across Europe.  Through its fiber optic
network, the Company offers voice, bandwidth, e-business and
managed network services to finance, industry and service sector
customers and governments.

                        *     *     *

The Company's 7-5/8% senior notes due 2008 carry Moody's
Investors' Service's and Standard and Poor's single-B ratings.


CONTROL ENGINEERING: Meeting of Creditors Set Today
---------------------------------------------------
Creditors of Control Engineering (Derby) Limited (Company Number
01970101) will meet on Feb. 28, 11 a.m. at Holiday Inn, Bostocks
Lane, Sandiacre.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to T. Papanicola, administrator of Bond Partners
LLP, The Grange, 100 High Street, London N14 6TG.

CONTACT:  CONTROL ENGINEERING (DERBY) LTD
          24 Alfreton Road
          Derby DE21 4AF
          Tel: 01332-341953

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


CORUS GROUP: Finance Unit Adopts Early Stock Redemption
-------------------------------------------------------
Stockholders of Corus Finance plc, a subsidiary of Corus Group
PLC, passed a resolution to grant the Company the ability to
redeem the stock early.  The relevant supplemental trust deed
has now been executed.

The Company announces that:

  (a) stock which is the subject of a valid offer to sell
      pursuant to the invitation made on Feb. 1, 2006 (as
      amended by RNS announcement on Feb. 13, 2006) will be
      purchased on the terms of that offer; and

  (b) stock which is not the subject of a valid offer to sell
      pursuant to such invitation will be redeemed.

Both of the above will be made at a price determined on
the basis of the reference gilt yield at 11:00 am today,
Feb. 28, 2006.  Settlement will be on March 3, 2006.  Further
details are contained in the Invitation Memorandum dated Feb. 1,
2006.

                      About the Company

Corus Group PLC -- http://www.corusgroup.com/-- is one of the
world's largest metal producers with a turnover of over
GBP9 billion and major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.

Operating through four divisions -- Strip Products, Long
Products, Aluminium and Distribution & Building Systems -- Corus
has over 48,000 employees in over 40 countries and sales offices
and service centers worldwide.

Corus was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V.  It suffered six years ago from the
crisis in British manufacturing, which prompted it to shake up
management, close plants, cut jobs, and sell assets to lower
debt.  Its debt was thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 9,
Fitch Ratings affirmed U.K.-based steel company Corus Group
PLC's ratings at Senior Unsecured 'BB-' and Short-term 'B'.  The
Outlook is Stable.

At the same time, Fitch affirmed the ratings of Corus' debt
instruments as follows:

  (a) Corus Group PLC EUR800 million 7.5% senior notes 'B+';

  (b) Corus Group PLC EUR307 million 3.0% convertible
      bonds 'B+';

  (c) Corus Finance PLC GBP200 million 6.75% guaranteed
      bonds 'B+';

  (d) Corus Finance PLC EUR20 million 5.375% guaranteed
      bonds 'B+'; and

  (e) Corus Finance PLC GBP150 million 11.5% debenture
      stock 'BBB-'.

Fitch also affirmed the ratings of Corus' other debt instruments
as below and simultaneously withdrawn them due to lack of
information.  The agency will no longer provide rating coverage
of three instruments:

  (a) Corus Group PLC EUR800 million senior secured bank
      facilities 'BB';

  (b) Corus Nederland BV EUR152 million 4.625% convertible
      subordinated bonds 'BB+'; and

  (c) Corus Nederland BV EUR136 million 5.625% unsecured
      bonds 'BB+'.

The ratings reflect Corus' leading market position as the third-
largest steel producer in Europe by volume, and the continued
turnaround in the company's financial performance since 2003.


DDI-LIZARD: Appoints Administrators from KPMG
---------------------------------------------
David John Crawshaw and Richard John Hill of KPMG LLP were
appointed administrators of DDI-Lizard Limited (Company Number
05044121) on Feb. 15.

DDI-Lizard Limited -- http://www.ddi-lizard.co.uk/-- installs
and maintains audiovisual and videoconferencing systems.

CONTACT:  DDI-LIZARD LTD
          1 Heathlands
          Heath Gardens, Twickenham
          Middlesex TW1 4BP
          Tel: 020 8917 4500
          Fax: 020 8744 3835
          E-mail: sales@ddi-lizard.co.uk

          KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Tel: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk/


ELITE SECURITY: Joint Administrators from Baker Tilly Move In
-------------------------------------------------------------
Lindsey J. Cooper and Adrian David Allen were appointed joint
administrators of Elite Security (North West) Limited (Company
Number 3080881) on Feb. 8.

Headquartered in Birmingham, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of
chartered accountants and business advisers in the United
Kingdom. The firm's annual fee income is over GBP168 million and
is part of a global network which has 122 member firms in 85
countries as an independent member of Baker Tilly International.

Elite Security (North West) Limited --
http://www.elitesecurity-nw.co.uk/-- is North West's leading
security company.


FCM SERVICES: Voluntary Liquidation Proceedings Begin
-----------------------------------------------------
FCM Services Limited is liquidating its assets after members
agreed to wind up the company on Dec. 22, 2005.

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

Colin Ian Vickers of Vantis Numerica is appointed liquidator.

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:  FCM SERVICES LIMITED
          Merlin Quay, Hazel Road
          Woolston, Southampton
          Hants
          SO19 7GB
          Tel: 02380 434466
          Fax: 02380 434477
          Email: fcm@btconnect.com
          Web site: http://www.fcm-services.co.uk/


G & B GARDNER: Joint Administrators Take Over Helm
--------------------------------------------------
Robert M. Rutherford and Jonathan R. Booth of Parkin S Booth &
Co were appointed joint administrators of G & B Gardner & Newton
Limited (Company Number 00193874) on Feb. 10.  Its registered
office is at 135 Hall Street, St Helens, Merseyside WA10 1ER.

G & B Gardner & Newton Limited -- http://www.glassbending.co.uk/
-- manufactures bent and curved glass, roof lights, and curved
glass bathroom bowls.  The company started its business in 1836.

CONTACT:  G. & B. GARDNER & NEWTON LTD
          135 Hall Street St. Helens,
          Merseyside WA10 1ER
          Tel: 01744 28661
          Fax: 01744 26934

          PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Tel: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


GATWICK RAIL: Administrators from Baker Tilly Moves In
------------------------------------------------------
John David Ariel and Karl Holmes of Baker Tilly were appointed
administrators of Gatwick Rail Services Limited (Company Number
04358859) o Feb. 10.

Headquartered in Birmingham, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of
chartered accountants and business advisers in the United
Kingdom. The firm's annual fee income is over GBP168 million and
is part of a global network which has 122 member firms in 85
countries as an independent member of Baker Tilly International.

Headquartered in Reigate, England, Gatwick Rail Services Limited
-- http://www.gatwickrailservices.co.uk/-- offers construction
and railway services.


GLAZING SOLUTIONS: Hires Robert Day to Administer Assets
--------------------------------------------------------
Glazing Solutions Limited is liquidating its assets after
members found out that the company cannot continue its
operations due to its liabilities.

Robert Day, of Robert Day and Company Limited, was appointed
Liquidator.

CONTACT:  GLAZING SOLUTIONS LIMITED
          Hedsor Road
          Bourne End Buckinghamshire
          SL8 5ES
          Tel: 01628 850 075


GLENPACE LIMITED: Members Pass Winding Up Resolution
----------------------------------------------------
Glenpace Limited appointed Gagen Dulari Sharma to liquidate its
assets.

Members passed a resolution to wind up the Company at an
extraordinary general meeting held on Nov. 30 in London.

CONTACT:  Glenpace Ltd
          270 Bearwood Road
          Smethwick
          West Midlands
          B66 4HT
          Tel: 0121 565 5350


GREEN TYRE: Hires Tait Walker as Administrator
----------------------------------------------
Gordon S. Goldie and Allan David Kelly of Tait Walker were
appointed joint administrators of Green Tyre Company Plc
(Company Number 02667900) on Feb. 9.

The Green Tyre Company -- http://www.greentyre.co.uk/--  
manufactures a range of environment friendly tyres that are
guaranteed never to puncture or go flat.

CONTACT:  GREEN TYRE COMPANY PLC
          Riverside Park Road
          Riverside Industrial Estate
          Middlesbrough TS2 1UU
          Tel: 01642-223322
          Fax: 01642-223313
          E-mail: sales@greentyre.co.uk

          TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Tel: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk/


HAMSARD 2353: Brings In Grant Thornton to Administer Assets
-----------------------------------------------------------
Malcolm Shierson, Martin Ellis and Daniel Smith of Grant
Thornton UK LLP were appointed administrators of Hamsard 2353
Limited (Company Number 04246489) on Feb. 9.  Its registered
office is at Harbour House, 121 Gardner Road, Portslade,
Brighton, East Sussex BN41 1QS.  The company sells clothing.

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


HILTON GROUP: Moody's Lowers Sr. Unsec. Debt Ratings to Ba2
-----------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured long-
term ratings of Hilton Group Plc and its guaranteed subsidiaries
Hilton Group Finance Plc and Hilton Group Finance (Jersey) Ltd.
to Ba2 from Baa3; the outlook is stable.

This rating action concludes the review initiated on Dec. 29,
2005, and follows Hilton Group Plc's announcement that it will
distribute an exceptional dividend of 240 pence per share on
April 25, 2006, following the completion of the disposal of its
hotel assets to Hilton Hotels Corporation.

Moody's believes that the return of cash to shareholders, up to
GBP4.2 billion if the GBP300 million convertible bond due 2010
is converted, results in credit metrics that are too weak for
the investment grade category, given the company's less
diversified business profile following the disposal of its hotel
division.

Ladbrokes Plc, as the company has been renamed, is a pure-play
betting company generating most of its revenues in the
competitive U.K. betting market.  While recognizing the
company's strong market position in U.K. retail betting, its
experienced management team and the business's proven degree of
resilience to a potential economic downturn, Moody's believes
that Ladbrokes will face a number of operating challenges going
forward:

   -- The expected more moderate level of organic growth in U.K.
      retail betting following the completion of the roll-out of
      Fixed Odds Betting Terminals (FOBTs), which has reached
      the limits per shop established by the Code of Conduct
      agreed between bookmakers, the government and the Gaming
      Board in November 2003.  Moody's understands that the
      company may explore investment opportunities outside the
      U.K., which could represent additional sources of growth
      but could also at some point result in the deployment of
      capital with a potentially negative impact on the cash
      flow-to-debt metrics.

   -- The blurring of lines and more direct competition between
      the betting business and the other compartments of the
      gaming industry in the U.K. following the enactment of the
      Gambling Bill.  On the positive side, from 2007 Ladbrokes
      will be able to introduce "category B" slot machines
      offering higher prizes, which could enhance gross win. At
      the same time, casinos will be allowed to offer sports
      betting.

   -- The impact of online betting exchanges, which are able to
      offer attractive odds thanks to a more favorable tax
      treatment and reduced operating costs, exerting downward
      pressure on the gross win margins of the traditional
      bookmakers.

Moody's also highlights the difficulty, due to a lack of
historic data, in demonstrating the stability of revenues from
FOBTs and online gaming as well as the customer loyalty for
these new gaming propositions, which have somewhat changed the
betting landscape. In addition, in the longer term, Moody's
believes that the gambling industry remains subject to the risk
of a change in regulation, in the absence of geographic and
business diversification for Ladbrokes, could have meaningful
repercussions. Nonetheless, Moody's expects the impact of the
current shift to VAT and a fixed fee per machine for FOBTs to
remain moderate.

The financial profile of Hilton Group Plc will deteriorate
following the hotel disposal and the cash distribution to
shareholders. Moody's expects pro-forma net adjusted
debt/EBITDAR to be close to 4 times and RCF/net adjusted debt to
reach the low teens as of Dec. 31, 2006 (assuming disposal and
cash return as of Dec. 31, 2005).  Management has indicated a
target of net debt to EBITDA (unadjusted) of 3.5 to 3.75x going
forward, which, in Moody's view, is commensurate with the Ba
category, also considering the amount of operating leases that
the company is retaining.

Moody's acknowledges that the business is not highly capital-
intensive and has the ability to generate solid free cash flow
with a targeted dividend cover of 2 times.  However, the rating
agency also notes that the company plans to enter a new phase of
its development outside the U.K., which could require
investments that potentially constrain any improvement in the
cash flow-to-debt metrics going forward.

Liquidity remains solid with the distribution of the exceptional
dividend being implemented after receipt of the proceeds from
disposal and new 364-day committed bank facilities including
one-year term-out option for a total amount of GBP600 million
signed on Dec. 22, 2005.

The outlook is stable, reflecting Moody's expectation that net
adjusted debt/EBITDAR will not materially exceed 4 times and
RCF/net adjusted debt will remain at least at 10% going forward.

The ratings are downgraded to Ba2 from Baa3:

   -- Senior Unsecured Long-Term Rating of Hilton Group Plc;

   -- Senior Unsecured Long-Term Rating of Hilton Group Finance
      Plc, guaranteed by Hilton Group Plc; and

   -- Senior Unsecured Long-Term Rating of Hilton Group Finance
      (Jersey) Plc, guaranteed by Hilton Group Plc.

Headquartered in Watford, England, Hilton Group plc, renamed
Ladbrokes Plc, is the largest betting operator in the U.K.


INDEPENDENT LIVING: Closes Operations & Liquidates Assets
---------------------------------------------------------
Members of Independent Living Centres Ltd. agreed to liquidate
the Company's assets on Dec. 19, 2005, after finding out that it
could no longer continue its operations due to mounting
liabilities.

Subsequently, they appointed Alex Kachani of Crawfords to lead
the wind up proceedings.

CONTACT:  Independent Living Centres Ltd
          87 Mill Lane
          Beverley
          East Yorkshire
          HO17 9DD
          Tel: 01482 881835
          Fax: 001482 881835


JL FRENCH: Taps Administrators from BDO Stoy Hayward
----------------------------------------------------
Shagun Sunil Dubey, Geoffrey Stuart Kinlan and Christopher Kim
Rayment of BDO Stoy Hayward were appointed administrators of JL
French UK Limited (Company Number 01598070) on Feb. 10.

The administration came after the Company's U.S. parent company
filed a prepackaged Chapter 11 petition in the U.S. Bankruptcy
Court for the District of Delaware on Feb. 10, 2006.  The U.S.
bankruptcy petition was filed to effectuate a balance
sheet restructuring pursuant to a prepackaged chapter 11 plan of
reorganization.

The joint administrators working with the company will determine
the future of the Witham, England and Presteigne, Wales
locations, which together are structured as one legal entity.
Management in each location is working closely with local
agencies to ensure a smooth transition, which is expected to
take several months to meet the needs of existing customers.
Those operations collectively employ approximately 700 people.

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.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.  Its
services include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.

Headquartered in Witham, England, J.L. French --
http://www.jlfrench.com/-- is a global supplier of aluminum
die-castings specializing in power train and automotive
components.  It has nine manufacturing locations around the
world including plants in the United States, United Kingdom,
Spain, and Mexico.  The company has fourteen
engineering/customer service offices to globally support its
customers near their regional engineering and manufacturing
locations.


MEASHAM BOATS: Administrators Take Over Operations
--------------------------------------------------
Ronald Eric Speight was appointed administrator of boat builders
Measham Boats Limited (Company Number 04036906) on Feb. 13.  Its
registered office is at Mannings Terrace, Measham, Swadlincote
DE12 7HU.

CONTACT:  MEASHAM BOATS LTD
          High Street, Mannings Terrace
          Measham, Swadlincote DE12 7HU
          Derbyshire
          Tel: 01530 274301


PERRINS CONTRACT: Taps B & C Associates to Administer Assets
------------------------------------------------------------
Filippa Connor of B & C Associates was appointed administrator
of Perrins Contract Sales Limited (Company No 03601479) on
Feb. 10.

Perrins Contract Sales Limited --
http://www.perrinsofficefurniture.com/-- is a preferred
supplier of executive corporate office furniture and
contemporary office furniture to blue-chip companies and public
sector organizations.  The company also supplies desks, seating,
reception desks and furniture, computer workstations, boardroom
furniture and office storage for either small or large
businesses.

CONTACT:  PCS PERRINS CONTRACT SALES LTD
          16-18 Park Road,
          Kingston-Upon-Thames, Surrey, KT2 6BG
          Tel: 0208 549 4848
          Fax: 0208 541 5858
          E-mail: info@perrinsofficefurniture.com

          B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Tel: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


QUEEN OF HEARTS: Joint Administrators Offer Assets for Sale
-----------------------------------------------------------
The Joint Administrators, Andrew Duncan and Andrew Stoneman,
offer for sale, as a going concern, the business and assets of
Queen of Hearts limited.

Features:

   -- annual turnover of GBP5 million;

   -- business founded in 1967;

   -- operates from leasehold premises in Oxford  (c. 22,000 sq.
      ft. including 4,000 sq. ft. of office space);

   -- manufacturer of authentic quality cakes for both the
      retail (multiples) and wholesale markets;

   -- around 80 employees

   -- plant and equipment for sale incorporating a working
      production line to include Comas line, oven and
      refrigeration facilities

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries. MRI, which is ranked
8th amongst the leading international accounting associations,
achieved global revenues of US$1,800 million in 2003.


SEA CONTAINERS: S&P Slices Corp. Credit Rating from BB- to B+
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Sea
Containers Ltd., including lowering the corporate credit rating
to 'B+' from 'BB-'.  All ratings remain on CreditWatch with
negative implications, where they were placed Aug. 25, 2005.

"The downgrade is based on Sea Containers' weakened financial
profile after losses incurred at its ferry operations, a
business it is in the process of divesting, and lower margins
expected on its GNER rail franchise," said Standard & Poor's
credit analyst Betsy Snyder.  "The continuing CreditWatch status
reflects uncertainties about the timing and ultimate disposition
of the ferry operations, and resolution of a series of disputes
at GE SeaCo, a joint venture in which Sea Containers holds a 50%
stake," the analyst continued.

The ratings on Bermuda-based Sea Containers reflect a relatively
weak financial profile, even after the planned divestiture of
its unprofitable ferry operations, expected to occur in 2006.
However, the company does benefit from fairly strong competitive
positions in its two major remaining businesses, GNER (Great
North Eastern Railway, a passenger rail line between London and
Scotland) and marine cargo container leasing.  Sale of the Silja
assets, which account for approximately 75% of the ferry assets,
will likely occur first, with bids already submitted. The timing
and proceeds from sale of the other ferry assets are more
uncertain.  The remaining businesses generate more stable cash
flow than the very competitive ferry businesses, which
experienced significant losses in 2004-2005 due to excess
capacity, fare discounting, and high fuel prices.

Sea Containers is restructuring the ferry operations through the
sale of certain operations and/or individual vessels,
redeployment or chartering out vessels, and staff reductions.
In November 2005, the company sold the remainder of its Orient-
Express Hotels Ltd. (OEH) shares, realizing proceeds of
approximately $262 million before expenses.  In 2006, debt will
be reduced using proceeds from the sale of OEH shares as well as
expected proceeds from sale of the ferry operations.

A further uncertainty, with potential ratings implications, is a
series of disputes between Sea Containers and General Electric
Capital Corp. regarding operations at GE SeaCo.  The disputes
are currently in arbitration, with a decision expected in early
2006.

The outcome is not determinable at this time and no loss
contingency had been recorded at Sept. 30, 2005.  Therefore, the
potential financial effects on Sea Containers and even possible
future ownership of GE SeaCo remain uncertain.

Standard & Poor's will monitor the progress of the sale of the
ferry operations, as well as resolution of the GE SeaCo
arbitration.  If either were to result in additional significant
charges that would further weaken Sea Containers' financial
profile, ratings would likely be lowered.


SEA CONTAINERS: SVP David Benson Leaves Ferries Division
--------------------------------------------------------
David Benson will leave Sea Containers Ltd. as senior vice-
president of its ferries division tomorrow, Feb. 28.  The
Company previously announced a major restructuring of its
ferries division in November 2005.

Mr. Benson has been employed at Sea Containers since 1983, where
he served as:

   -- chief executive of Venice-Simplon Orient-Express; and
   -- senior vice-president of Passenger Transport Division for
      Sea Containers.

Businesses in this portfolio included Isle of Man Steam Packet
Company, Hoverspeed, Silja, SeaLink and SeaStreak and Great
North Eastern Railway, the operator of high-speed passenger
trains services from London to Scotland.

Under Mr. Benson's leadership Sea Containers' Passenger
Transport division played a leading role in pioneering the fast
ferry concept and operated one of the world's largest fleets of
fast-ferries from dedicated ports, following on from its cross-
Channel hovercraft.  It had input at ship design level with
Incat in the build of the 74m and 81m SeaCat, and also won the
prestigious Hales Trophy for the Blue Riband of the North
Atlantic on the delivery voyage of its first SeaCat from
Australia.

"We are grateful to David for all his loyalty, efforts and
commitment to the Company since 1983, especially in the last few
years where trading conditions in the ferries business have been
extremely challenging," Bob MacKenzie, President and CEO of Sea
Containers Ltd, said.

Paul Clark, Sea Containers' Commercial Director of Ferries,
will assume Mr. Benson's remaining duties.

Sea Containers Ltd. -- http://www.seacontainers.com/-- is a
Bermuda-registered company with regional operating offices in
London, Genoa, New York City, Rio de Janeiro, Singapore and
Sydney.  The company is owned almost entirely by U.S.
shareholders and its primary listing is on the New York Stock
Exchange.

                     Restructuring Efforts

Sea Containers is restructuring its loss-making ferries
division, which consists of Finnish-based Silja Oy Ab (the
largest), a car-carrying ferries business with 9 ships, and New
York-based commuter ferry service SeaStreak.  It has hired
Societe Generale to sell Silja.  Further, it is selling cruise
ship MV Walrus, Swedish flag cruise ship MV Silja Opera, and MV
Finnjet.  It is also taking out one of its three SuperSeaCat
fast ferries, and investing US$12 million to upgrade its
flagship vessels Silja Serenade and Silja Symphony.  The funding
for the modernization will be raised through asset sales.  It is
reducing staff and offices in Finland, Sweden and Germany to
save up to US$18 million.

The company reported a third-quarter net loss of US$34.4 million
on revenue of US$456 million, and a nine-month net loss of
US$58.5 million on revenue of US$1.3 billion.

                        *     *     *

Standard & Poor's Ratings Services lowered its ratings on Sea
Containers Ltd., including lowering the corporate credit rating
to 'B+' from 'BB-'.  All ratings remain on CreditWatch with
negative implications, where they were placed Aug. 25, 2005.


SOUTHERN PACIFIC: Fitch Rates GBP2.9 Mln Class FTc Notes at B
-------------------------------------------------------------
Fitch Ratings assigned final ratings to Southern Pacific
Securities 06-1 PLC's GBP360 million equivalent mortgage-backed
floating-rate notes as follows:

  a) GBP equivalent 132.4 million Class A1 notes due 2024: AAA;
  b) GBP equivalent 174.1 million Class A2 notes due 2044: AAA;
  c) A2c detachable coupons due 2008: AAA;
  d) GBP equivalent 24.6 million Class B notes due 2044: AA;
  e) GBP equivalent 14.1 million Class C notes due 2044: A;
  f) GBP equivalent 9.0 million Class D notes due 2044: BBB;
  g) GBP equivalent 5.8 million Class E1c notes due 2044: BB;
  h) GBP equivalent 8.30 million Class DTc due 2044: BBB;
  i) GBP equivalent 5.40 million Class ETc due 2044: BB; and
  j) GBP equivalent 2.90 million Class FTc due 2044: B.

The Class A1 notes have a legal maturity of 2024 and the A2c
detachable coupons have a legal maturity of 2009.

This transaction is a securitization of sub-prime residential
mortgages originated and located in the UK.  The ratings are
based on the quality of the collateral, available credit
enhancement, the underwriting criteria of Southern Pacific
Mortgage Limited and Southern Pacific Personal Loans Limited,
and the transaction's sound legal structure.

Credit enhancement for the Class A notes is initially 15.36%,
provided by the subordination of the Class B notes, the
Class C notes, the Class D notes, the Class E1c notes and an
initial and target reserve fund of 0.50%.

Class DTc, ETc and FTc notes will also be issued and will be
repaid solely by 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.


* Fitch Designates IDRs to EMEA Industrials
-------------------------------------------
Fitch Ratings released Issuer Default ratings to companies in
the European Industrials sector.  Revised senior unsecured
ratings now apply to the senior unsecured bond issues of these
entities.

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

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

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

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

Existing Outlooks and Rating Watch status assigned to the former
Senior Unsecured, counterparty or other issuer ratings remain
unchanged and apply to the IDRs for the issuers, as listed
below.

General Engineering

* AB Electrolux: BBB+ Outlook Negative;

* Dogus Holding: foreign currency BB- Outlook Stable; local
   currency BB- Outlook Stable;

* GEA Group AG: BBB- Outlook Stable;

* Jenoptik AG: B Outlook Stable RR4;

* Legrand Holding SA: BB+ Outlook Positive;

* Obrascon Huarte Lain: BBB- Outlook Stable;

* Pequenos y Medianos Astilleros: A+ Outlook Stable;

* Pfleiderer AG: BB Outlook Stable;

* Royal Philips Electronics: BBB+ Outlook Stable;

* Siemens AG: AA- Outlook Stable;

* Taylor Woodrow PLC: BBB+ Outlook Stable;

* ThyssenKrupp AG: BBB+ Rating Watch Negative;

* Vestel Elektronik Sanayi Ve Ticaret A.S.: foreign currency
   BB- Outlook Stable; local currency BB- Outlook Stable;

* Vinci SA: BBB+ Rating Watch Negative; and

* Wurth Gruppe Welt: A Outlook Stable.

Autos, Aerospace, Defense

* AB Volvo: A- Outlook Stable;

* Avio S.p.A.: IDR B+ Outlook Stable;

* Avio S.p.A.: Senior Secured Bank Facilities BB RR2;

* Aero Invest 1 SA: PIK Notes B RR5;

* ASPropulsion Capital BV: Senior Notes BB RR2;

* BAE Systems PLC: BBB Outlook Stable;

* DaimlerChrysler AG: BBB+ Outlook Stable;

* European Aeronautic Defence and Space Company N.V.: A Outlook
   Stable;

* Fiat S.p.A.: BB- Outlook Stable;

* Finmeccanica SpA: BBB Outlook Stable;

* Ford Otosan A.S.: local currency BBB- Outlook Negative;

* Peugeot SA: A- Outlook Stable;

* Renault SA: BBB+ Outlook Stable;

* Rheinmetall AG: BBB Outlook Stable;

* Thales: A- Outlook Stable; and

* Volkswagen Group: A- Outlook Negative.

Basic Materials

* Akzo Nobel N.V.: A- Outlook Negative;

* BASF AG: AA- Rating Watch Negative;

* BOC Group PLC: A Outlook Stable;

* Compagnie de Saint-Gobain S.A.: A- Outlook Negative;

* Corus Group Plc: BB- Outlook Stable;

* CRH Plc: A- Outlook Stable;

* Evraz Group SA: BB- Outlook Stable;

* Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi A.S.: foreign
   currency B+ Outlook Stable; local currency B+ Outlook Stable;

* Hanson PLC: BBB+ Outlook Stable;

* Holcim Ltd.: BBB+ Outlook Stable;

* JSG Acquisitions: IDR B+ Outlook Stable;

* JSG Acquisitions: Senior Secured Bank Facilities BB+ RR1;

* JSG Funding PLC: Senior Notes B RR5;

* JSG Funding PLC: Senior Subordinated Notes B- RR6;

* JSG Holdings PLC: PIK Notes CCC+ RR6;

* Lafarge SA: BBB Rating Watch Negative;

* Magnitogorsk Iron & Steel Works: BB- Outlook Stable;

* Mastercroft Limited: BB- Outlook Stable;

* Mittal Steel Company N.V: BBB Rating Watch Negative;

* Norilsk Nickel: BBB- Outlook Stable;

* OAO Nizhnekamskneftekhim: B+ Outlook Stable RR4;

* OAO Severstal: BB- Outlook Stable;

* OJSC Concern Stirol: B Outlook Stable RR4;

* OJSC Kazanorgsintez: B Outlook Stable;

* Petkim Petrokimya Holdings A.S.: foreign currency BB- Outlook
   Positive; local currency BB Outlook Stable;

* Rio Tinto Ltd.: A+ Outlook Stable;

* Rio Tinto PLC: A+ Outlook Stable;

* Royal DSM N.V.: A- Outlook Stable; and

* Saudi Basic Industries Corporation: A Outlook Stable.


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

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Liv Arcipe, Julybien Atadero 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
prior written permission of the publishers.

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

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


* * * End of Transmission * * *