TCREUR_Public/060301.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

            Wednesday, March 1, 2006, Vol. 7, No. 43

                            Headlines

G E R M A N Y

ASSMANN.GRUNAU: Concedes to Bankruptcy Process in Hamburg
AUTO-CHIC: Insolvency Report Out on April 21
AUTOHAUS THADEN: Creditors' Claims Due April 30
BRAVO-ZAUNE: Court Sets June 6 Claims Bar Date
BRUECK SCHWIMMBADTECHNIK: Thomas Krueger Leads Liquidation

BUBENZER SYSTEMS: Court Names Provisional Administrator
BUELTHOLZ OHG: Creditors' Meeting Slated on May 3
C-LAB DIGITAL: Hamburg Court Rules on Bankruptcy
CLEANTEC GEBAUDEREINIGUNG: Starts Bankruptcy Process in Aurich
DAKOM GMBH: Duesseldorf Court Stays Pending Suits

E.P.S. ELECTRONIC: Court Sets March 10 Claims Bar Date
ECONOMIC TRANSPORT: Creditors to Meet Later This Month
ELOP MAGDEBURG: Magdeburg Court Halts Pending Actions
EUROPEAN TRUST: Administrator's Report Out by April
FIMAG STRATEGISCHE: Provisional Administrator Comes In

FJH AG: Eyes EUR3 Million EBIT for 2006
GIW INDUSTRIE: Claims Registration Ends May 2
GMF GESELLSCHAFT: Administrator to Present Report this Month
HAV NAFITECH: Bielefeld Court Begins Bankruptcy Procedure
HEINRICH GMBH: Winds Up Assets in Kressbronn


H U N G A R Y

MALEV HUNGARIAN: State Approves Units' Capital Hike
PARAD KRISTALY: Buyer Shatters Acquisition Bid


I T A L Y

ASPROPULSION CAPITAL: Fitch Lifts Eur200 Million Notes To BB


K A Z A K H S T A N

AGROPROM-EXPORT: Creditors' Claim Due This Month
C-AGROSERVICE: Declared Bankrupt by Kostanai Court
DOMINO: Tumbles Into Bankruptcy
LIPOVKA: Sets Last Day for Proofs of Claim Filing
MEDCOMPLECT-K: Bankruptcy Proceedings Begin


K Y R G Y Z S T A N

EVENT: Creditors Have Until April 10 to File Proofs of Claims
FON TEX: Succumbs to Insolvency
GABI: Sets Proofs of Claim Deadline


L U X E M B O U R G

UPC BROADBAND: S&P Affirms B Rating on EUR4.17 Billion Debt


N E T H E R L A N D S

KONINKLIJKE AHOLD: Marc Smith Steps Down as Stop & Shop CEO
ROYAL SHELL: Nigerian Court Orders $1.5 Bln Payment to Ijaws


P O L A N D

BRE BANK: Fitch Lifts Individual Rating to D


R U S S I A

ABINSKIY: Krasnodar Court Brings iIn Insolvency Manager
KHABAROVSKIY FACTORY: Names T. Semenova as Insolvency Manager
KUSHEVSK-REM-TEKH-ENTERPRISE: Under Bankruptcy Supervision
MONOLITH: Declared Insolvent by Yaroslavl Court
MOSKVICH B.E.: Undergoes Bankruptcy Supervision Procedure

SLAVYANSKIY FACTORY: Bankruptcy Hearing Slated for July 17
STEPNOYE: Bankruptcy Hearing Set March 6
TSENTRALNOYE: Sakhalin Court Opens Bankruptcy Proceedings
TYMSKIY WOOD: Firm Falls Into Bankruptcy
WOOD PROCESSING: Bankruptcy Supervision Procedure Begins


U K R A I N E

AGROEKOLOG: Sergij Sapozhnikov Takes Over Operations
AGROMASH: Court Names Insolvency Manager
BIRUZA: Poltava Court Opens Bankruptcy Proceedings
GAJSHIN' BIRD: Insolvency Shoots Down Group
KRYM-TERMINAL-CENTER: Goes Into Liquidation

LUGANSK' HOUSE: Under Bankruptcy Supervision in Lugansk Region
MAGISTRAL: Liquidator Takes Over Assets
REGAL PETROLEUM: Wins Legal Battle in Ukraine High Court
SVATOVE' BREAD: Bankruptcy Proceedings Start
TRUBOKOMPGAZSERVICE: Declared Insolvent by Kyiv Court


U N I T E D   K I N G D O M

ADVANCED TECHNOLOGY: Hires Begbies Traynor to Administer Assets
ARCHANGEL FILMWORKS: Appoints Moore Stephens Administrator
ARDENT MEDIA: Carter Clark Takes Over Operations
BELSIZE HOLDINGS: Lloyd TSB Bank Names Administrative Receiver
BRITISH ENERGY: Barclays Holds 31 Million Notifiable Shares

CASWELL PARTS: Appoints Nuttal & Co. Administrator
COLT TELECOM: S&P Places Long-term Corp. Credit Rating at B-
COMPOUND SECTIONS: Metal Manufacturer Hires Administrator
INDEPENDENT INSURANCE: Fitch Withdraws DD Fin'l Strength Rating
MAPLE PLASTICS: In Administrative Receivership

MARKET GROUP: Names Chantrey Vellacott to Liquidate Assets
MIDLAND PUMP: Engineers Enters Voluntary Liquidation
MINORPLANET SYSTEMS: Credit Suisse Holds 3.19% Equity Stake
MIRAGE FOTO: Financial Woes Prompt Voluntary Liquidation
MISYS PLC: Transfers 83,333 Shares to Scheme Participants

MS REALISATIONS: Members Pass Winding Up Resolution
PERFUME 2000: Folds Operations & Liquidates Assets
QS GROUP: Brings In Grant Thornton to Administer Assets
ROOFLOCK SYSTEMS: Taps Administrator from Barringtons
SOUTH EAST: Antony Batty to Lead Administrative Proceedings

SOUTHERN PACIFIC: Fitch Puts BB Rating on GBP3.78 Million Notes
STAG FURNITURE: Joint Administrators from PwC Take Over Helm
TASTEE FOODS: Hire Administrators from Baker Tilly
T & G ECLIPSE: Liquidator Sets Claims Registration Deadline
T & J GALLIMORE: Appoints Administrator

TRANSCEND IDEAS: Members Agree to Voluntary Liquidation
T T S TRUCKING: Freight Forwarders Succumb to Bankruptcy
TWOLYN HIRE: Taps Joint Administrators from Vantis Redhead
WESTERN BOARD: Creditors Ratify Liquidator's Appointment

     **********

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


ASSMANN.GRUNAU: Concedes to Bankruptcy Process in Hamburg
---------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Assmann.Grunau.Saggau GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 21, 2006, to register their
claims with court-appointed provisional administrator Dr. Gideon
Bohm.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 9:55 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:  ASSMANN.GRUNAU.SAGGAU GmbH
          Stahltwiete 16, 22761 Hamburg
          Attn: Jorg Saggau, Manager
          Michael Grunau, Manager

          Dr. Gideon Bohm, Administrator
          Bachstrasse 85a, 22083 Hamburg
          Tel: 040/3208360
          Fax: 040/32083636


AUTO-CHIC: Insolvency Report Out on April 21
--------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Auto-Chic Gesellschaft zur optischen Aufbereitung von
Fahrzeugen aller Art mbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 21, 2006, to register their claims
with court-appointed provisional administrator Dr. Gideon Bohm.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 10:25 a.m. on
April 21, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  Auto-Chic Gesellschaft zur optischen Aufbereitung von
          Fahrzeugen aller Art mbH
          Sievekingsallee 13, 20535 Hamburg
          Attn: Reinhold Kallnau, Manager

          Dr. Gideon Bohm, Administrator
          Bachstrasse 85a, 22083 Hamburg
          Tel: 040/3208360
          Fax: 040/32083636


AUTOHAUS THADEN: Creditors' Claims Due April 30
-----------------------------------------------
The District Court of Verden opened bankruptcy proceedings
against Autohaus Thaden GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 30, 2006, to register their
claims with court-appointed provisional administrator Dr.
Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Verden, Saal 214,
Hauptgebaude, Johanniswall 8, 27283 Verden (Aller), at 9:20
a.m., on March 10, 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 8:55 a.m., on June 30, 2006, at the same venue.

CONTACT:  AUTOHAUS THADEN GmbH
          Attn: Karl-Heinz Thaden, Manager
          Rosenstr. 10, 28875 Syke

          Dr. Christian Willmer, Administrator
          Georgstr. 5, 27283 Verden (Aller)
          Tel: 04231/884-92
          Fax: 04231/884-55


BRAVO-ZAUNE: Court Sets June 6 Claims Bar Date
----------------------------------------------
The District Court of Bremen opened bankruptcy proceedings
against Bravo-Zaune Vertriebs-GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 6, 2006, to register their
claims with court-appointed provisional administrator Stefanie
Luethje.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bremen, Saal 115,
Gerichtshaus (Neubau), Ostertorstr 25-31, 28195 Bremen, at 10:30
a.m., on March 16, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 11:00 a.m., on June 29, 2006, at the same venue.

CONTACT:  BRAVO-ZAUNE VERTRIEBS-GmbH
          Huchtinger Heerstrasse 143, 28259 Bremen
          Attn: Juergen Haupenthal, Manager
          Huchtinger Heerstr. 143, 28259 Bremen

          Stefanie Luethje, Manager
          Ostertorsteinweg 74/75, 28203 Bremen
          Tel: 792570
          Fax: 7925757
          Web: http://www.oelb.de/
          E-mail: Luethje@oelb.de


BRUECK SCHWIMMBADTECHNIK: Thomas Krueger Leads Liquidation
----------------------------------------------------------
The District Court of Offenbach am Main opened bankruptcy
proceedings against Brueck Schwimmbadtechnik GmbH on Feb. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 16, 2006,
to register their claims with court-appointed provisional
administrator Thomas Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Offenbach am Main,
Kaiserstrasse 16-18, 63065 Offenbach am Main, at 9:20 a.m. on
April 6, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  BRUECK SCHWIMMBADTECHNIK GmbH
          Berliner Allee 10, 63225 Langen
          Attn: Christoph Luehn, Manager
          Urberacher Str. 8-10, 63225 Langen

          Thomas Krueger, Administrator
          Zeilweg 42, 60439 Frankfurt am Main
          Tel: 069/963761
          Fax: 069/963761-145


BUBENZER SYSTEMS: Court Names Provisional Administrator
-------------------------------------------------------
The District Court of Betzdorf opened bankruptcy proceedings
against Bubenzer Systems GmbH & Co KG 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 Dr. Klaus Ortmueller.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Betzdorf, Friedrichstrasse
17, 57518 Betzdorf, at 10:05 a.m., on April 5, 2006, at which
time the administrator will present his first report on the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report at 10:00 a.m., on May 24,
2006, at the same venue.

CONTACT:  BUBENZER SYSTEMS GmbH & Co KG
          Friedrichshttenstrasse 1, 57548 Kirchen-Wehbach
          Attn: Heinz Becher, Manager
          Im Wiesengrund 7, 56459 Stockum-Pueschen

          Dr. Klaus Ortmueller, Administrator
          Molzbergstrasse 1, 57518 Betzdorf
          Tel: 02741/93400
          Fax: 02741/934033


BUELTHOLZ OHG: Creditors' Meeting Slated on May 3
-------------------------------------------------
The District Court of Muenster opened bankruptcy proceedings
against BUELTHOLZ oHG on Feb. 5.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until April 12, 2006, to register their claims
with court-appointed provisional administrator Andreas
Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Muenster, Gerichtsstr. 2-6,
48149 Muenster, Sitzungssaal Saal 13 B, at 9:15 a.m. on May 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:  BUELTHOLZ oHG
          Buelt 27, 48619 Heek
          Attn: Andras Csordas, Manager
          Schuerkamp 2, 48619 Heek
          Dirk Ollerich, Manager
          No. 2, Im Dorf 20, 21256 Handeloh

          Andreas Sontopski, Administrator
          Gnoiener Platz 1, 48493 Wettringen


C-LAB DIGITAL: Hamburg Court Rules on Bankruptcy
------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against C-LAB Digital Media GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 22, 2006, to register their
claims with court-appointed provisional administrator Hendrik
Gittermann.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 11:50 a.m. on
April 19, 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:  C-LAB DIGITAL MEDIA GmbH
          Borstelmannsweg 109-115, 20537 Hamburg
          Attn: Burkhard Buergerhoff, Manager

          Hendrik Gittermann, Administrator
          Palmaille 63, 22767 Hamburg
          Tel: 040/306969-10


CLEANTEC GEBAUDEREINIGUNG: Starts Bankruptcy Process in Aurich
--------------------------------------------------------------
The District Court of Aurich opened bankruptcy proceedings
against Cleantec Gebaudereinigung GmbH & Co. KG 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 Heiko Janssen.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Aurich, Schlossplatz 2,
26603 Aurich, at 11:00 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:  CLEANTEC GEBAUDEREINIGUNG GmbH & Co. KG
          Moor 4-10, 26605 Aurich
          Attn: Guenther Held, Manager
          Hermann-Tempel-Str. 21, 26603 Aurich

          Heiko Janssen, Administrator
          Julianenburger Str. 19, D-26603 Aurich
          Tel: 04941/97440
          Fax: 04941/9744137


DAKOM GMBH: Duesseldorf Court Stays Pending Suits
-------------------------------------------------
The District Court of Duesseldorf opened bankruptcy proceedings
against DaKom GmbH Vertrieb von Daten- und Telekommunikations
Technik on Feb. 1, 2006.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until March 1 to register their claims with court-appointed
provisional administrator Volker Quinkert.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Hauptstelle,
Muehlenstrasse 34, 40213 Duesseldorf, 4. OG. Altbau, Raum A 409,
April 7, 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:  DAKOM GmbH VERTRIEB VON DATEN- UND TELEKOMMUNIKATIONS
          TECHNIK
          An der Guempgesbruecke 17
          41564 Kaarst
          Attn: Michael Kasten, Manager
          Martinstrasse 21
          40668 Meerbusch


E.P.S. ELECTRONIC: Court Sets March 10 Claims Bar Date
------------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against E.P.S. Electronic Provider Systems Vertriebsgesellschaft
fuer Computer, Hard- und Software mbH 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 Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 10:50 a.m. on
April 11, 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:  E.P.S. ELECTRONIC PROVIDER SYSTEMS
          VERTRIEBSGESELLSCHAFT FUER COMPUTER, HARD- UND
          SOFTWARE mbH
          Wendenstrasse 27-29, 20097 Hamburg
          Attn: Marcus Lueders, Manager

          Jan H. Wilhelm, Administrator
          Einstein-Ring 11/15, 22761 Hamburg
          Tel: 8995615
          Fax: 8995610


ECONOMIC TRANSPORT: Creditors to Meet Later This Month
------------------------------------------------------
The District Court of Essen opened bankruptcy proceedings
against Economic Transport- und Service GmbH on Feb. 1, 2006.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 15 to
register their claims with court-appointed provisional
administrator Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Essen, Hauptstelle,
Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293,
March 29, 1:10 p.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:  ECONOMIC TRANSPORT- UND SERVICE GmbH
          Sabinastrasse 37
          45136 Essen
          Attn: Rene Frederik Rother, Manager
          Dilldorfer Allee 22
          45257 Essen

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


ELOP MAGDEBURG: Magdeburg Court Halts Pending Actions
-----------------------------------------------------
The District Court of Magdeburg opened bankruptcy proceedings
against elop magdeburg gmbh training. engineering. 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 Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Magdeburg, Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg, at
10:50 a.m. on April 3, 2006, at which time the administrator
will present his first report on the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  ELOP MAGDEBURG gmbh TRAINING. ENGINEERING.
          Haus 1-2, Lorenzweg 42, 39124 Magdeburg
          Attn: Georg Kronbichler, Manager
          Paul-Eipper-Weg 7, 82166 Grafelfing

          Andreas Kienast, Administrator
          Lennestr. 10, 39112 Magdeburg
          Tel: 0391/5973322
          Fax: 0391/5973333


EUROPEAN TRUST: Administrator's Report Out by April
---------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against European Trust Holding A.G. Zweigniederlassung
Deutschland on Feb. 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hamburg, Sievekingplatz 1,
20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 12:05 p.m. on
April 6, 2006, at which time court-appointed provisional
administrator Jorn Weitzmann 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:  EUROPEAN TRUST HOLDING A.G. ZWEIGNIEDERLASSUNG
          DEUTSCHLAND
          Luxemburg, 26, Rue Michel Rodange, L-2430 Luxembourg
          Attn: Georg Hennigsmeier, Manager
          Osdorfer Landstrasse 230, 22549 Hamburg

          Jorn Weitzmann, Administrator
          Tel: 460797-0
          Fax: 460797-25


FIMAG STRATEGISCHE: Provisional Administrator Comes In
------------------------------------------------------
The District Court of Frankfurt am Main opened bankruptcy
proceedings against FIMAG Strategische Finanzmanagement AG on
Jan. 20, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 23 to register their claims with court-appointed
provisional administrator Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Frankfurt am Main,
Klingerstrasse 20, 60313 Frankfurt am Main, May 4, 8:55 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:  FIMAG STRATEGISCHE FINANZMANAGEMENT AG
          Mannheimer Str. 115
          60327 Frankfurt am Main

          Michael C. Frege, Administrator
          Barckhausstrasse 12-16
          60325 Frankfurt/Main
          Phone: 069/71701-300
          Fax: 069/71701-40-410
          E-mail: Michael.Frege@cmslegal.de


FJH AG: Eyes EUR3 Million EBIT for 2006
---------------------------------------
The Prime Standard-listed consulting and software house FJH AG
(ISIN DE 0005130108) will again be pursuing an active growth
strategy in 2006.

According to the plan approved by the Executive Board and
Supervisory Board, FJH will be aiming to achieve sales of around
EUR56 million in the current fiscal year, with earnings before
interest and taxes (EBIT) of just under EUR3 million.  The
annual net income is set to stand at around EUR2 million.  From
the second quarter, a positive free cash flow is again
anticipated.  "Having successfully completed the restructuring
phase we now want to resume our pro-active market role,"
explains Chairman of the Executive Board Ulrich Korff.

FJH AG expects to close 2005 within its announced targets and
plans to post provisional figures in mid-March.  Mr. Korff
continues: "We are aiming for a turnaround in operations in 2006
and also plan a significant strengthening of our capital base."

Capital increase heralds new phase in FJH's development
In order to harness available market opportunities and to
strengthen growth further, the Executive Board and Supervisory
Board of FJH AG have chosen to facilitate a capital increase.
The funds of over EUR15 million that will be provided to the
company as a result of this capital increase will primarily be
used to strengthen the equity capital base in terms of tenders
for major projects in which FJH in collaboration with
cooperation partners is keen to step up its involvement.

As well as winning new customers this will also drive sales and
facilitate the launch of new solutions on the market.  Following
the capital increase existing short and medium-term loans will
be paid off early, so saving on interest expense.  FJH will also
obtain the financial flexibility it needs to play a pro-active
role in the anticipated market consolidation.

Explaining the reasons for the capital increase, Mr. Korff says:
"FJH has embarked on a new phase in its development and will
strengthen its market position by pursuing a cautious but active
growth strategy and further increasing stakeholder value.  For
example, our cooperation with IBM and Steria Mummert is opening
up numerous profitable opportunities for new business.  However,
acquiring major projects requires certain financial strength -
and we can achieve this through a capital increase and by
keeping liquid funds available.  Finally, we want to be among
those in our market who seize opportunities for winning new
projects and customers.  Here, too, the capital increase will
provide us with the necessary financial basis.  Following this
capital measure FJH will not only boast an undisputed
exceptional technical basis for outstanding sales success
compared with its competitors - after the difficulties of recent
years it will see an excellent corresponding financial basis
restored."

Utilizing the full powers granted by the extraordinary general
meeting on Oct. 27, 2005, the company's share capital will be
increased from the approved capital by up to EUR5,135,000 from
its current value of EUR15,662,416 to EUR20,797,416.
Accordingly, 5,135,000 new no-par value bearer shares with
subscription rights will be offered against cash contributions
at a price of EUR3.00 per share.  The subscription period for
shareholders will commence on March 1, 2006 and end on March 15,
2006.

Holders of 10.00% convertible bonds from the 2005/2010
convertible loan stock will have a subordinate right to
subscribe for any part of the capital increase that is not
subscribed for using shareholder subscription rights; this
subscription period will run from 2nd March 2006 until 16th
March 2006.The subscription ratio is 3:1.  Trade in subscription
rights will not take place.  The part of the capital increase
that is not subscribed for by shareholders is guaranteed by an
investor.  The capital increase is being handled by Baader
Wertpapierhandelsbank AG.


Headquartered in Munich, Germany, FJH AG -- http://www.fjh.com/
-- is a leading consultancy and software house for the insurance
and pensions market.  Under its brand name FJA the FJH Group
offers a broad portfolio of software solutions to support
insurance companies and pension providers in all key areas and
issues.  Products include policy administration systems, process
and document management software and point-of-service solutions
through to systems for asset liability management and corporate
control.  The Company was founded in 1980 and has been listed on
the Frankfurt Stock Exchange since February 2000.  FJH AG was
included in the Prime Standard index in January 2003.

Group 2004 revenues, following IFRS, stood at EUR67.7 million
(2003: EUR120.1 million), while the result after tax stood at -
EUR122.5 million (2003: EUR4.3 million) and the EBIT at -
EUR123.2 million (2003: EUR6.4 million).  Business suffered from
the persistent reluctance of the insurance sector to invest.
FJH's pension schemes business also failed to develop as
expected.


GIW INDUSTRIE: Claims Registration Ends May 2
---------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against GIW Industrie- und Wohnbautrager
Gesellschaft mit beschrankter Haftung & Co. Fertigteilhandels KG
on Jan. 27, 2006.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until May 2 to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, April 6,
9:35 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:  GIW INDUSTRIE- UND WOHNBAUTRAGER GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG & CO. FERTIGTEILHANDELS KG
          Martin-Luther-Strasse 113
          10825 Berlin

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


GMF GESELLSCHAFT: Administrator to Present Report this Month
-------------------------------------------------------
The District Court of Duesseldor opened bankruptcy proceedings
against GMF Gesellschaft fuer Montage und Fertigbau
raumlufttechnischer Anlagen mbH on Feb. 1, 2006.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors had until Feb. 27 to register
their claims with court-appointed provisional administrator
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Duesseldorf, Hauptstelle,
Muehlenstrasse 34, 40213 Duesseldorf, 3.OG Altbau, Raum A 388,
March 20, 9:20 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:  GMF GESELLSCHAFT FUER MONTAGE UND FERTIGBAU
          RAUMLUFTTECHNISCHER ANLAGEN mbH
          Friedrich-Ebert-Str. 27
          41352 Korschenbroich
          Attn: Wilhelm Fritz Morschheuser, Manager
          Kirchfeldstr. 157
          40215 Duesseldorf

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


HAV NAFITECH: Bielefeld Court Begins Bankruptcy Procedure
---------------------------------------------------------
The District Court of Bielefeld opened bankruptcy proceedings
against HAV NafiTech GmbH & Co. KG on Feb. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until April 6, 2006, to register their
claims with court-appointed provisional administrator Hans-Peter
Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bielefeld, Gerichtstrasse
6, 33602 Bielefeld, 4. Ebene, Saal 4065, at 11:00 a.m. on
April 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:  HAV NAFITECH GmbH & Co. KG
          Esch 2, 33824 Werther
          Attn: Guenter Butenuth, Manager
          Nordstr. 21, 33824 Werther

          Hans-Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford


HEINRICH GMBH: Winds Up Assets in Kressbronn
--------------------------------------------
The District Court of Ravensburg opened bankruptcy proceedings
against Heinrich GmbH on Feb. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Ravensburg, 88212
Ravensburg, Aussenstelle, Herrenstr. 13, Zimmer 4, at 10:00 a.m.
on March 17, 2006, at which time court-appointed provisional
administrator Matthias Bott 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:  HEINRICH GmbH
          Santisweg 30, 88079 Kressbronn
          Attn: Alois Heinrich, Manager
          Fraunhoferstr. 3, 88239 Wangen

          Matthias Bott, Administrator
          Bodnegger Str. 19, 88287 Gruenkraut


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


MALEV HUNGARIAN: State Approves Units' Capital Hike
---------------------------------------------------
Allami Privatizacios es Vagyonkezelo Rt. (State Privatization
and Holding, APV) approved Friday the recapitalization of the
two units of troubled national carrier Malev Hungarian Airlines
Rt., Business Budapest Journal says.

In a report by TCR-Europe on Feb. 8, Chief Executive Janos Gonci
pegged the capital hike at HUF1.7 billion for its ground
services unit, Malev Ground Handling, and HUF2 billion for its
maintenance division, Aeroplex.  Mr. Gonci added the units'
additional capital would be used to repay their loans to parent
company Malev Rt.  Shareholders will meet at the end of the
month to approve the proposed capital hike.

At the end of 2005, Malev spun off its ground services and
maintenance activities into two separate units.

Headquartered in Budapest, Hungary, Malev Hungarian Airlines Rt.
-- http://www.malev.hu/-- trimmed its annual operating deficit
by around 60% to HUF2 billion in 2005 from HUF4.9 billion in
2004.  Chief Executive Officer Janos Gonci expects a breakeven
this year and turnaround profit in 2007.

Since the fall of Communism in the country, the government,
which owns 99.95% of Malev, has failed to dispose of the
airline, which has struggled amid competition from budget
airlines.


PARAD KRISTALY: Buyer Shatters Acquisition Bid
----------------------------------------------
The sale of troubled glass manufacturer Parad Kristaly crashed
again, after its potential buyer failed to provide the amount
needed to complete the takeover, Budapest Business Journal
reports.

Kristaly Manufaktura Parad 1708 Export-Import, group of local
investors eyeing Parad, agreed to acquire the group in October
2005 and even deposited 10% of the final price, the paper
relates.  As a result of Kristaly's failure to beat the entire
payment deadline, the bidder loses the right to acquire Parad
and forfeits the deposit.

Headquartered in Paradsasvar, Hungary, Parad Kristaly,
manufactures potash and leadless crystal glassware.  The group,
which has racked up HUF450 million in debt and HUF120 million in
losses in 2004, fell into liquidation early last year.  The
first tender, which sought HUF318.5 million, had no takers.  The
former state enterprise was sold to local group Save in December
after posting a EUR200 million loss despite revenues of HUF1
billion.  Parad exports 70% of its products to the U.S. and
Japan.  It blames the weak dollar for its woes.


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


ASPROPULSION CAPITAL: Fitch Lifts Eur200 Million Notes To BB
------------------------------------------------------------
Fitch Ratings lifted ASPropulsion Capital B.V.'s EUR200 million
9.625% senior notes due 2013 to BB from B, assigning an R2
recovery rating to this instrument, following the implementation
of Fitch's Recovery Ratings methodology.

Fitch also upgraded Aero Invest 1 S.A.'s EUR375 million
floating-rate senior payment-in-kind notes due 2015 to B from
B-, assigning a R5 recovery rating to this instrument.

At the same time, Fitch affirmed Italy-based Avio S.p.A's Issuer
Default Rating at B+ with Stable Outlook and Short-term B.  The
agency also affirmed Avio's senior secured debt at BB and
assigned a R2 Recovery Rating.

The R2 Recovery Ratings for both senior secured debt and 2013
senior notes and the R5 for the 2015 PIK notes reflect Fitch's
view on the expected recoveries for these debt instruments in a
distressed scenario.  Recovery Ratings for Avio's debt are
capped at R2 due to the agency's country-specific treatment of
recovery ratings for Italian issuers.

Fitch is of the opinion that in a distressed scenario, a
liquidation of the company assets is most likely to result in
the greatest destruction of value for all parties.  Therefore,
the agency has applied a going concern approach to reach a
measure of the distressed enterprise value of Avio.

In Fitch's view Avio's distressed enterprise value, after
allowing for 10% administrative claims, would be approximately
EUR850 million. This valuation was reached by applying a 25%
discount to the last 12 months adjusted EBITDA of EUR180 million
and applying a 7.0x multiple.

Recovery ratings are obtained by applying Avio's distressed EV
to the three Classes of debt issued using a strict waterfall of
payments as indicated in Fitch's criteria for recovery ratings.

Fitch has applied a 25% discount to the last 12 months EBITDA as
the agency considers a substantial deterioration in current
performance would be necessary to trigger a default scenario.
The 7.0x distressed multiple is at the lower end of the multiple
range adopted by Fitch for US aerospace and defense issuers and
was reached through comparison with other deals in this sector
in Europe and Fitch's estimate of an achievable distressed
multiple.

Avio operates in a market benefiting from high barriers to
entry, and as a core supplier to many well-known civil and
military aero-engine and propulsion programs, would be well
positioned to attract the interest of potential purchasers.

The B+ Issuer Default Rating reflects Avio's established market
position within the European aerospace industry, globally
recognized technical expertise, long-standing client
relationships, strategic importance to the Italian government
and the long-term nature of the projects in which it
participates.

These are offset by the company's relatively modest size,
leveraged capital structure, high exposure to the cyclical civil
aerospace industry, heavy customer concentration and the risk of
major contract reductions or delays.


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


AGROPROM-EXPORT: Creditors' Claim Due This Month
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP Agroprom-Export bankrupt on Dec. 26, 2005.  Proofs
of claim will be accepted at Kostanai, Gogol Str. 177a on or
before March 17, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          KOSTANAI REGION
          Kostanai, Gogol Str. 177a


C-AGROSERVICE: Declared Bankrupt by Kostanai Court
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP C-Agroservice bankrupt on December 26, 2005. The
proofs of claim will be accepted at Kostanai, Gogol  Str. 177a
on or before March 17, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          KOSTANAI REGION
          Kostanai, Gogol Str. 177a


DOMINO: Tumbles Into Bankruptcy
-------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan region declared LLP Entertaining Complex Domino
bankrupt on December 26, 2005.  Proofs of claim will be accepted
at Petropavlovsk, Voldarskei Str. 126-79 on or before March 17,
2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF NORTH
          KAZAKHSTAN REGION
          Petropavlovsk, Voldarskei Str. 126-79


LIPOVKA: Sets Last Day for Proofs of Claim Filing
-------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan region declared LLP Lipovka bankrupt on December 26,
2005.  Proofs of claim will be accepted at Petropavlovsk,
Voldarskei Str. 126-79 on or before March 17, 2006.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF NORTH
          KAZAKHSTAN REGION
          Petropavlovsk, Voldarskei Str. 126-79


MEDCOMPLECT-K: Bankruptcy Proceedings Begin
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region has commenced bankruptcy proceedings against LLP
MEDCOMPLECT-K on January 12, 2005.

A hearing took place on January 27, 2006 at the Specialized
Inter-Regional Economic Court of Kyzylorda region.

CONTACT:  THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF
          KYZYLORDA REGION
          Kyzylorda, Aitike bi Str.29


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


EVENT: Creditors Have Until April 10 to File Proofs of Claims
-------------------------------------------------------------
LLC Event has declared insolvency.  Proofs of claim will be
accepted on or before April 10, 2006.

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


FON TEX: Succumbs to Insolvency
-------------------------------
LLC Fon Tex has declared insolvency.  Proofs of claim will be
accepted on or before April 7, 2006.

The company can be contacted at (+996 312) 54-33-17.


GABI: Sets Proofs of Claim Deadline
-----------------------------------
LLC Gabi has declared insolvency.  Proofs of claim will be
accepted on or before April 7, 2006.

The company can be contacted at (+996 312) 54-33-17.


===================
L U X E M B O U R G
===================


UPC BROADBAND: S&P Affirms B Rating on EUR4.17 Billion Debt
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
debt rating and '3' recovery rating on the EUR4.17 billion
equivalent senior secured loan issued by UPC Broadband Holding
B.V. (UPC; B/Stable/--), the pan-European cable business.

At the same time, Standard & Poor's affirmed its 'CCC+' long-
term debt rating on the EUR800 million of senior notes issued by
related entity UPC Holding B.V., two notches below the corporate
credit rating on UPC, and assigned a '5' recovery rating to the
debt.

"The '3' recovery rating on the senior secured loan indicates
our expectation of meaningful recovery of principal, of 50% to
80%, for lenders in the event of a payment default," said
Standard & Poor's recovery analyst Marc Lewis. "The senior notes
are rated 'CCC+', two notches below the 'B' corporate credit
rating on UPC, because noteholders are structurally subordinated
to the senior debt with minimal security in the form of a share
pledge of UPC Holding."

The corporate credit rating on UPC reflects the group's
significant sustained leverage and weak cash flow; its
propensity for acquisitions, including the debt-funded purchase
of Cablecom Holdings AG (B/Stable/--); and operational
challenges.  The ratings are supported by the fact that the
group has a diverse portfolio of cable operations; is reporting
subscriber, revenue, and EBITDA growth; and is implementing a
triple-play strategy.  UPC comprises the main operating assets
of Liberty Global Inc. (LGI; B/Stable/--).

The core business for most of the assets remains a basic cable
analogue TV (CATV) offering with relatively low average revenue
per user and varying degrees of competition from satellite and,
in the medium term, from digital-subscriber-line (DSL) video
products.  Where networks are bi-directional--as in The
Netherlands, Switzerland, and Austria--digital products are
being promoted and broadband is also significant or an important
high-margin growth driver. Telephony, either switched or voice
over Internet protocol, completes the triple-play offering. The
CATV businesses are generally stable but the national incumbent
telecoms and other DSL providers provide significant competition
for LGI's broadband products.  The complexity of the group's
structure--with diverse countries, languages, currencies,
regulations, and tax regimes--poses additional operational
risks.

                      Recovery Analysis

The EUR4.17 billion senior secured loan is rated 'B', the same
level as the corporate credit rating, with a '3' recovery
rating.  The loan is secured by a pledge of shares of all
intermediate holding companies that own the cable-operating
subsidiaries. No assets are pledged, but lenders benefit from
assignment of intercompany loans between intermediate holding
companies and operating companies.  This structure enables
senior lenders to achieve pari passu ranking with unsecured
creditors at the operating company level.

The loan documentation provides for a full suite of financial
covenants as well as a 50% excess cash flow sweep. Negligible
amortization of term loans, no restrictions on capital
expenditure, combined with a covenant floor of 4x total-debt-to-
EBITDA, however, provides limited compulsion for any material
deleveraging.  The documentation also permits additional debt of
up to EUR100 million to be raised within the borrower group,
with up to EUR15 million of this separately secured.  Standard &
Poor's has based its recovery analysis on the expectation that
debt, currently provided to Cablecom on a stand-alone basis,
will be rolled into the UPC facilities in due course, although
such a move remains at the discretion of management and would
require UPC lender approval.

The borrower group has a diverse geographic footprint in Europe
from an insolvency perspective.  Broadly 30% of revenues are
earned in countries with reasonable insolvency regimes for
secured creditors (such as The Netherlands).  Standard & Poor's
estimates that up to 50% of revenues are earned in countries
where the insolvency regimes are relatively unfriendly for
secured creditors (such as France and Central and Eastern
European countries).

For the purposes of loan recovery assessment, Standard & Poor's
simulates a hypothetical default scenario. Given the nature of
UPC's business and substantial subscriber base, Standard &
Poor's has valued UPC on a going-concern approach, assuming that
a default would occur through excessive leverage, and with a
restructured balance sheet the group could continue to trade.
Standard & Poor's hypothetical default scenario assumes a
combination of increased competition, increased retention and
subscriber acquisition costs, and management's miscalculation of
analogue subscribers' appetite for additional services.  These
factors are expected to have a harsher impact in mature Western
European markets than developing Central and Eastern European
markets.  Our simulated default scenario also takes into account
increased interest margins (and interest rates) required to
obtain covenant waivers, although consideration has been given
to extensive interest-rate hedging already in place.

Additionally, Standard & Poor's has assumed that the UPC
facilities are increased (and working capital facilities
extended) to accommodate a refinancing of Cablecom debt.

A combination of these factors would lead to a hypothetical
default in early 2009.  Assuming full drawings on working
capital facilities, Standard & Poor's expects that approximately
EUR5 billion of senior secured debt will be outstanding. Using a
combination of a discounted cash flow and market multiple
valuation approach, and taking into account pari passu ranking
with unsecured creditors, Standard & Poor's expects meaningful
recovery of principal at the higher end of the 50%-80% recovery
range, thereby leading to a '3' recovery rating.

The senior notes provided to UPC Holding are rated 'CCC+', two
notches below the corporate credit rating, with a recovery
rating of '5', indicating negligible (0%-25%) recovery of
principal.  This is due to structural subordination of these
facilities to the senior secured debt, as well as the limited
security package that includes only a share pledge over the
borrowing company.


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


KONINKLIJKE AHOLD: Marc Smith Steps Down as Stop & Shop CEO
-----------------------------------------------------------
Ahold disclosed the retirement of Marc Smith as chief executive
officer of the Company's Stop & Shop/Giant-Landover Arena.

Mr. Smith will remain in position for a period of time to allow
for an effective transition.  The precise timing of his
departure will be determined as the transition progresses and by
the needs of the company.  The timeframe is expected to be
several months.  A search, both internally and externally, is
underway for his successor.

During the transition period, Mr. Smith will continue as CEO,
managing the day-to-day operations of Stop & Shop and Giant.  In
addition, Anders Moberg, CEO and President of Ahold, will take a
direct role in managing the transition process.

Mr. Smith has been the CEO of Stop & Shop since 2000 and assumed
responsibility for Giant in 2004.  He joined the company in
1988.  Commenting on his time at the company, Mr. Smith said:
"The strength of Stop & Shop and Giant resides in its people.
It's been a privilege and a pleasure to lead and support them.
I am proud of what we have been able to accomplish together in
the nearly two decades I have been part of the company."

Anders Moberg said: "I want to thank Marc for his immense
contribution to the company.  His knowledge of the business,
dedication, and leadership has been instrumental in the
development of Stop & Shop as a market leader, and as one of the
cornerstones of Ahold.  By taking on the additional
responsibility of integrating Giant, he has built a sound
foundation for moving Giant forward.  Marc has given his all for
the company and its associates.  I respect his decision, and I
wish him and his family the best of success for the future."

                        About the Company

Koninklijke Ahold NV -- http://www.ahold.com/-- retails food
through supermarkets, hypermarkets and discount stores in
Northand South America, Europeand Asia.  The company's chain
stores includes Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                     Restructuring Program

Ahold got in trouble in 2003 when it admitted a US$500 million
overstated EBITDA at its U.S. foodservice distribution arm,
requiring restatement of financial accounts for 2002 and
previous years.  In November that year, it announced a 3-year
'Road to Recovery' program that includes a EUR2.5 billion rights
issue, EUR300 million and US$1.45 billion backup credit
facilities, and at least EUR2.5 billion in asset sales.  The
program is aimed at returning the company to investment grade by
end of 2005.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


ROYAL SHELL: Nigerian Court Orders $1.5 Bln Payment to Ijaws
------------------------------------------------------------
Royal Dutch Shell plc disclosed that the Federal High Court in
Port Harcourt in Nigeria entered a judgment in favor of the Ijaw
Aborigines of Bayelsa State against Shell Petroleum Development
Company of Nigeria Limited operated joint venture, of which
Shell owns 30%.

The Ijaw Aborigines group is demanding that SPDC complies with a
Resolution of the Nigerian National Assembly, which required
SPDC to pay $1.5 billion (Shell share $450 million) to the Ijaw
communities for alleged environmental damages arising from
SPDC's operations.

SPDC has yet to receive the text of the judgement and cannot
comment until it has studied it in detail.  However, SPDC
believes that its appeal, which it has filed yesterday
afternoon, has strong grounds as independent expert advice
demonstrates that there is no evidence to support the underlying
claims.  SPDC remains strongly committed to dialogue with the
Ijaw people and all its other stakeholders.

                           *     *     *

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

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

                        About the Company

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

                           The Trouble

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


===========
P O L A N D
===========


BRE BANK: Fitch Lifts Individual Rating to D
--------------------------------------------
Fitch Ratings lifted Poland-based BRE Bank's rating to Long-term
Issuer Default rating A- from BBB+, Support 1 from 2, and
Individual D from D/E.  Following the upgrade, the Outlook is
now Stable.  The bank's Short-term rating is affirmed at F2.

The Long-term IDR and Support rating upgrades follow the upgrade
of the Long-term IDR rating of BRE's 72% shareholder,
Commerzbank, to A from A-.  BRE's Long-term IDR, Short-term and
Support ratings are based on the very strong potential support
Fitch considers Commerzbank would provide to BRE in case of
need.

Commerzbank includes BRE in the list of subsidiaries backed by
its Patronatserklaerung published in its 2004 annual report.  In
Fitch's view, Commerzbank has improved its previously lax
oversight of BRE.  The upgrade to BRE's Individual rating
reflects a continuation of positive trends in the bank's
operating and net profitability.

Director in Fitch's Financial Institutions team, Chris Birney
says, "BRE has achieved a turnaround in its core operations,
while reducing its overall risk profile."

"Improved profitability has come with an increased focus on core
banking operations," he added.

The rapid development of the bank's retail division was a
highlight of the bank's performance in 2005, and should continue
in 2006.  Continued development of the retail business should
improve the bank's cost of funding, while diversifying the loan
portfolio.  However, Fitch considers higher risk, the high
proportion of Swiss Franc mortgage lending in the retail
portfolio that mitigates this.

A further upgrade of the Individual rating is unlikely without
strengthened capital.  At present profitability levels and
projected growth rates, BRE will not generate enough capital to
significantly increase capital adequacy beyond current levels
even without dividend payments.

BRE's Tier 1 ratio of 6.7% is adequate for an Individual D-rated
bank but is considerably lower than the ratio maintained by many
of its larger peers.  Should the bank's profitability fall, or
should loan growth exceed expectations, the bank's Individual
rating could be downgraded unless additional capital is raised.


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


ABINSKIY: Krasnodar Court Brings iIn Insolvency Manager
------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision on limited liability company Abinskiy.
The case is docketed as A-32-63487/05-38/673-B.  Mr. S. Chumak
has been appointed temporary insolvency manager.  A hearing will
take place on Aug. 21, 2006, 10:00 a.m. at the Arbitration Court
of Krasnodar region located at Russia, Krasnaya Str. 6.

CONTACT:  ABINSKIY
          Russia, Krasnodar region,
          Abinsk, Vokzalnaya Str. 37

          S. CHUMAK
          Temporary Insolvency Manager
          350072, Russia, Krasnodar region,
          Moskovskaya Str. 50, Apartment 25


KHABAROVSKIY FACTORY: Names T. Semenova as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision on open joint stock company Khabarovskiy
Factory Of Heating Equipment.  The case is docketed as A73-
17766/21005-39.  Ms. T. Semenova has been appointed temporary
insolvency manager.  A hearing will take place on June 26, 2006.

CONTACT:  KHABAROVSKIY FACTORY OF HEATING EQUIPMENT
          680015, Russia,
          Khabarovsk region, Suvorova Str. 73

          T. SEMENOVA
          Temporary Insolvency Manager
          680000, Russia, Khabarovsk-13,
          Post User Box 4227


KUSHEVSK-REM-TEKH-ENTERPRISE: Under Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision on open joint stock company Kushevsk-Rem-
Tekh-Enterprise.  The case is docketed as A-32-63356/2005-1/611
B.  Mr. K. Bogdanov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 352040, Russia,
Krasnodar region, Pavlovskaya Str., Putyevaya Str. 13.  A
hearing will take place on March 21, 2006, 10:00 a.m.

CONTACT:  KUSHEVSK-REM-TEKH-ENTERPRISE
          352030, Russia, Krasnodar region,
          Kushevskaya Str., Gagarina Str. 12

          K. BOGDANOV
          Temporary Insolvency Manager
          352040, Russia, Krasnodar region,
          Pavlovskaya Str., Putyevaya Str. 13


MONOLITH: Declared Insolvent by Yaroslavl Court
-----------------------------------------------
The Arbitration Court of Yaroslavl region commenced bankruptcy
proceedings against Monolith after finding the limited liability
company insolvent.  The case is docketed as A82-15490/05-30-
B/63.  Mr. I. Gladkov has been appointed insolvency manager.
Creditors have until March 28, 2006, to submit their proofs of
claim to 150003, Russia, Yaroslavl region, Lenina Pr. 21b.

CONTACT:  MONOLITH
          152620, Russia, Yaroslavl region, Uglich,
          Yaroslavlskaya Str. 50, Office 202

          I. GLADKOV
          Insolvency Manager
          150003, Russia, Yaroslavl region,
          Lenina Pr. 21b


MOSKVICH B.E.: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision on close joint stock company Moskvich
B.E.  The case is docketed as A-32-63140/2005-1/608 B.  Mr. K.
Bogdanov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 352040, Russia,
Krasnodar region, Pavlovskaya Str. 13.  A hearing will take
place on April 24, 2006, 11:00 a.m.

CONTACT:  MOSKVICH B.E.
          352026, Russia, Krasnodar region,
          Kushevskiy region, Komsomolskiy, Mira Str. 21

          K. BOGDANOV
          Temporary Insolvency Manager
          352040, Russia, Krasnodar region,
          Pavlovskaya Str. 13


SLAVYANSKIY FACTORY: Bankruptcy Hearing Slated for July 17
----------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision on close joint stock company Slavyanskiy
Factory Building Materials.  The case is docketed as A-32-
68868/2005-2/736 B.  Ms. I. Krasnikova has been appointed
temporary insolvency manager.   A hearing will take place on
July 17, 2006, 2:15 p.m.

CONTACT:  SLAVYANSKIY FACTORY BUILDING MATERIALS
          353560, Russia, Krasnodar region,
          Slavyansk-na-Kubani, Zelenskogo Str. 1a

          I. KRASNIKOVA
          Temporary Insolvency Manager
          350089, Russia, Krasnodar region,
          Dumenko Str. 33, Apartment 96

          ARBITRATION COURT OF KRASNODAR REGION
          350000, Russia,
          Krasnodar region, Krasnaya Str. 6


STEPNOYE: Bankruptcy Hearing Set March 6
----------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision on open joint stock company Stepnoye.
The case is docketed as A-32-37486/2005-37/495-B.  Mr. T.
Mamatkulov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 350042, Russia,
Krasnodar region, Kolkhoznaya Str. 3, Office 307.  A hearing
will take place on March 6, 2006.

CONTACT:  STEPNOYE
          Russia, Krasnodar region,
          Belorechinskiy region, Stepnoy

          T. MAMATKULOV
          Temporary Insolvency Manager
          350042, Russia, Krasnodar region,
          Kolkhoznaya Str. 3, Office 307


TSENTRALNOYE: Sakhalin Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Tsentralnoye after finding the open joint
stock company insolvent.  The case is docketed as A59-5833/05-
S16.  Mr. G. Kulakov has been appointed insolvency manager.

CONTACT:  TSENTRALNOYE
          Russia, Sakhalin region,
          Tikhmenevo, Nagornaya Str. 1

          G. KULAKOV
          Insolvency Manager
          Russia, Yuzhno-Sakhalinsk,
          Amurskaya Str. 4-75


TYMSKIY WOOD: Firm Falls Into Bankruptcy
----------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Tymskiy Wood after finding the open joint
stock company insolvent.  The case is docketed as A59-5825/05-
S16.  Ms. L. Lazareva has been appointed insolvency manager.

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


WOOD PROCESSING: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision on limited liability company Wood
Processing Factory #1.  The case is docketed as A26-10826/2005-
18.  Mr. A. Ezhov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 197706, Russia,
St-Petersburg, Primorskoye Shosse, 261, Apartment 91.  A hearing
will take place on May 19, 2006.

CONTACT:  WOOD PROCESSING FACTORY #1
          186730, Russia, Kareliya republic,
          Lakhdenpokhya, Leningradskoye Shosse, 64

          A. EZHOV
          Temporary Insolvency Manager
          197706, Russia, St-Petersburg,
          Primorskoye Shosse, 261, Apartment 91


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


AGROEKOLOG: Sergij Sapozhnikov Takes Over Operations
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Agroekolog (code EDRPOU 23379120) on
Jan. 10, 2006 after finding the close joint stock company
insolvent.  The case is docketed as 15/764-b.  Mr. Sergij
Sapozhnikov has been appointed liquidator/insolvency manager.

CONTACT:  AGROEKOLOG
          04050, Ukraine, Kyiv region,
          Melnikov Str. 81

          Mr. Sergij Sapozhnikov
          Liquidator/Insolvency Manager
          03141, Ukraine, Kyiv region,
          Amosov Str. 4/85

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


AGROMASH: Court Names Insolvency Manager
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC AGROMASH (code EDRPOU 31172653) after
finding the limited liability company insolvent.  The case is
docketed as 15/815-b.  State Tax Inspection of Kyiv region has
been appointed liquidator.

CONTACT:  AGROMASH
          02090, Ukraine, Kyiv region,
          Sosyura Str. 6

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


BIRUZA: Poltava Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Biruza (code EDRPOU 31873602) after finding
the private enterprise insolvent.  The case is docketed as
10/35.  Mr. Ivan Gritsenko has been appointed
liquidator/insolvency manager.

CONTACT:  BIRUZA
          Ukraine, Poltava region,
          Kobelyatskij district, Grigoro-Brigadirivka

          Mr. Ivan Gritsenko
          Liquidator/Insolvency Manager
          36009, Ukraine, Poltava region,
          Kondratenko Str. 6, 2nd floor

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


GAJSHIN' BIRD: Insolvency Shoots Down Group
-------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Gajshin' Bird Factory (code EDRPOU 00852275)
after finding the limited liability company insolvent.  The case
is docketed as 5/2 B-02.  Mr. Yurij Ignatchenko has been
appointed liquidator/insolvency manager.

CONTACT:  GAJSHIN' BIRD FACTORY
          Ukraine, Kyiv region,
          Pereyaslav-Hmelnitskij district, Gajshin

          Mr. Yurij Ignatchenko, Liquidator/Insolvency Manager
          Ukraine, Poltava region, Kozelshinskij district,
          Phone/Fax: (044) 234-71-39

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


KRYM-TERMINAL-CENTER: Goes Into Liquidation
-------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against LLC Krym-Terminal-Center (code EDRPOU
24025045) after finding the limited liability company insolvent.
The case is docketed as 2-8/4855-2004.  Mr. Viktor Koblitskij
(license AA 779275 of September 23, 2004) has been appointed
liquidator/insolvency manager.

CONTACT:  KRYM-TERMINAL-CENTER
          Ukraine, AR Krym region,
          Yalta, Orehova Str. 30/2

          Mr. Viktor Koblitskij
          Liquidator/Insolvency Manager
          98607, Ukraine, AR Krym region,
          Yalta, a/b 30

          THE ECONOMIC COURT OF AR KRYM REGION
          95000, Ukraine, AR Krym region,
          Simferopol, Karl Marks Str. 18


LUGANSK' HOUSE: Under Bankruptcy Supervision in Lugansk Region
--------------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on JSCCT Lugansk' House Building Combine
(code EDRPOU 01240479).  The case is docketed as 20/192 b.  Mr.
Horoshevskij Mihajlo has been appointed temporary insolvency
manager.

CONTACT:  LUGANSK' HOUSE BUILDING COMBINE
          91017, Ukraine, Lugansk region,
          Fabrichna Str. 1

          Mr. Horoshevskij Mihajlo
          Temporary Insolvency Manager
          Ukraine, Lugansk region,
          Cheluskintsiv Str. 143/85

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


MAGISTRAL: Liquidator Takes Over Assets
---------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Magistral (code EDRPOU 24427909) on December
19, 2005 after finding the private enterprise insolvent.  The
case is docketed as B 24/287/05.  Ms. Roza Romashko has been
appointed liquidator/insolvency manager.

CONTACT:  MAGISTRAL
          49094, Ukraine, Dnipropetrovsk region,
          Naberezhna Peremogi Str. 38

          Ms. Roza Romashko
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region,
          Moskovska Str. 6/301,305
          Phone: 8 (056) 778-12-49, 778-12-46

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


REGAL PETROLEUM: Wins Legal Battle in Ukraine High Court
--------------------------------------------------------
Regal Petroleum plc received an order from the Supreme
Administrative Court of Ukraine suspending the ruling of the
Kiev Court of Appeal until the appeal to the Supreme
Administrative Court of Ukraine is heard.

The order allows production at the Company's operations on its
GOL/MEX and SV fields in Ukraine to restart in the next few
days.

The Company shut down operations at these fields on Feb. 16 as a
consequence of the legal challenge brought by
Chernihivnaftogasgeologia against the Ministry of Environmental
Protection with respect to the validity of Regal's production
licenses in Ukraine.

Regal is awaiting notification of a hearing date for its further
appeal to the Supreme Administrative Court of Ukraine to
establish the validity of its licenses.

                        About the Company

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

                         *     *     *

                        Chairman's Exit

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

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


SVATOVE' BREAD: Bankruptcy Proceedings Start
--------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Svatove' Bread Products Combine (code EDRPOU
00952752) on January 10, 2006 after finding the open joint stock
company insolvent.  The case is docketed as 20/174 b.  Mr. E.
Lugovskij has been appointed liquidator/insolvency manager.

CONTACT:  SVATOVE' BREAD PRODUCTS COMBINE
          92600, Ukraine, Lugansk region,
          Svatove, 50-richya Peremogi Str. 25

          Mr. E. Lugovskij
          Liquidator/Insolvency Manager
          91055, Ukraine, Lugansk region,
          Frunze Str. 4/93

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


TRUBOKOMPGAZSERVICE: Declared Insolvent by Kyiv Court
-----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Trubokompgazservice (code EDRPOU 30184317)
after finding the limited liability company insolvent.  The case
is docketed as 15/814-b.  State Tax Inspection of Kyiv region
has been appointed liquidator.

CONTACT:  TRUBOKOMPGAZSERVICE
          02090, Ukraine, Kyiv region,
          Raskova Str. 11

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


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


ADVANCED TECHNOLOGY: Hires Begbies Traynor to Administer Assets
---------------------------------------------------------------
I. E. Walker and S. R. Haskew of Begbies Traynor were appointed
joint administrators of Advanced Technology Coatings Ltd
(Company Number 03775884) on Feb. 16.  Its registered office is
at 1 Colleton Crescent, Exeter EX2 4DG.

                       About Begbies Traynor

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

                        About the Company

Advanced Technology Coatings Ltd is engaged in high technology
coatings.  For more information about the company you can visit
their office at 1, Drakes Court, Eagle Rd. Plympton, Plymouth,
Devon PL7 5JY, England or call 44 1752 300582 or fax 44 1752
294225.


ARCHANGEL FILMWORKS: Appoints Moore Stephens Administrator
----------------------------------------------------------
Jeremy Willmont and Phillip Sykes of Moore Stephens LLP were
appointed joint administrators of Archangel Filmworks Limited
(Company Number 4383189) on Feb. 14.  The company is into film
production.

                      About Moore Stephens

Moore Stephens -- http://www.moorestephens.co.uk/-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its UK network comprises over 1,400
partners and staff.


ARDENT MEDIA: Carter Clark Takes Over Operations
------------------------------------------------
A. J. Clark of Carter Clark was appointed administrator of
Ardent Media Limited (t/a Jaguar Heritage Magazine - Company
Number 04879472) on Feb. 14.

CONTACT:  CARTER CLARK
          Meridian House
          62 Station Road
          North Chingford
          London E4 7BA
          Tel: 020 8524 1447
          Fax: 020 8524 1457
          E-mail: recovery@carterclark.co.uk


BELSIZE HOLDINGS: Lloyd TSB Bank Names Administrative Receiver
--------------------------------------------------------------
Lloyds TSB Bank Plc appointed Neil Tombs and Martin Ellis of
Grant Thornton joint administrative receivers of Belsize
Holdings Limited (Company Number 03064092) on feb. 10.  The
company is the holding company of The Belsize Engineering
Company Limited.

                      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.


BRITISH ENERGY: Barclays Holds 31 Million Notifiable Shares
-----------------------------------------------------------
British Energy Group plc received notice that Barclays PLC had a
notifiable interest in 31,089,180 ordinary shares of British
Energy Group plc, representing 5.46% of the issued share capital
of 569,557,091 units as of Feb. 21, 2006.

On Nov. 30, 2005, the Company disclosed that Barclays had a
notifiable interest in 40,909,290 ordinary shares of the
Company, representing 7.21% of the issued share capital.

                        About the Company

Headquartered in South Lanarkshire, British Energy --
http://www.british-energy.com/-- is U.K.'s largest power
generator, producing 20% of the country's power through eight
nuclear facilities in Scotland and England (total capacity is
9,600 MW).  British Energy also owns the 2,000-MW coal-fired
plant (Eggborough) in England.

The company emerged as British Energy Limited with a new holding
company, British Energy group PLC, after the court approved its
scheme of arrangement in January.  Under the program, existing
creditors received 97.5% of equity in the new group.

                              *     *     *

In January 2005, Moody's Investors Service assigned a Ba2 rating
to British Energy's long term corporate family credit rating.
At the same time, Standard & Poor's issued BB+ ratings to the
company's Long Term Foreign & Local Issuer Credit.  In October
2005, Fitch raised the company's senior unsecured debt rating to
BB+ from BB-.


CASWELL PARTS: Appoints Nuttal & Co. Administrator
--------------------------------------------------
Simon James Underwood and Colin George Wiseman of Wilkins
Kennedy were appointed joint administrators of Caswell Parts
Centre on Jan. 17.  Its registered office is at 191 Southwell
Park Road, London SE1 3TX.  The company sells motor vehicle
accessories.

CONTACT:  CASWELL PARTS CENTRE
          191 Southwark Park Road,
          London SE16 3TX
          Tel: 02072311130

          NUTTALL & CO.
          Bridge House
          Heap Bridge
          Bury
          Lancashire BL9 7HT
          Tel: 0161 447 8394
          Fax: 0161 447 8395
          E-mail: phil.nuttall@nuttalls.net


COLT TELECOM: S&P Places Long-term Corp. Credit Rating at B-
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit rating on European business telecommunications
provider COLT Telecom Group PLC on CreditWatch with positive
implications.  This follows the group's announcement that it is
to create a new European holding company, raise GBP300 million
in equity, and undergo debt reduction.

"The CreditWatch placement reflects an expected improvement in
COLT's financial profile, with total debt halving as a result of
shareholder support," said Standard & Poor's credit analyst
Simon Redmond.  "This strengthened balance sheet position, in
tandem with the potential for the group to sustain positive free
cash flows, will likely result in an upgrade to 'B' following
the equity injection and debt reduction if these proceed as
expected."

"COLT's improved financial position is seen as a significant
mitigant to the persistent and inherent stresses on its business
model," Mr. Redmond added.

The proceeds of the share offer, expected in the first half of
2006, are to be used solely to fund the redemption of
outstanding debt, which totaled GBP586 million at Dec. 31, 2005.
FMR Corp. (AA/Stable/A-1+) and other Fidelity entities, as
COLT's 58% shareholders, have indicated that they would increase
their stake to ensure full subscription to this offer.

Standard & Poor's will review the mitigants to structural
subordination for the bondholders following the GBP247.2
million-impairment charge on operating assets, but considers
that sufficient downstream loans should remain to avoid a
notching down of the notes.


COMPOUND SECTIONS: Metal Manufacturer Hires Administrator
---------------------------------------------------------
Robert Day of Robert Day and Company Limited was appointed
administrator of Compound Sections Limited (Company Number
881010) on Feb. 16.  Its registered office is at Bond Avenue,
Bletchley, Milton Keynes MK1 1JS.  The company manufactures
metal sections and components.

CONTACT:  COMPOUND SECTIONS LTD
          Bond Avenue
          Mount Farm, Bletchley
          Milton Keynes
          Buckinghamshire MK1 1JS
          Tel: 01908 622400
          Fax: 01908 622421

          ROBERT DAY & COMPANY LIMITED
          Garfield
          Church Lane
          Oving, Aylesbury
          Buckinghamshire HP22 4HL
          Tel: 0845 226 7331
          Fax: 0845 226 7332
          E-mail: enquiries@robertdayandcompany.com


INDEPENDENT INSURANCE: Fitch Withdraws DD Fin'l Strength Rating
---------------------------------------------------------------
Fitch Ratings supported UK-based Independent Insurance Company
Ltd's DD Insurer Financial Strength rating and simultaneously
withdrawn the rating due to a lack of sufficient information to
maintain a rating.  Fitch will no longer provide rating coverage
of Independent Insurance Company.


MAPLE PLASTICS: In Administrative Receivership
----------------------------------------------
Euro Sales Finance Plc appointed Christopher Ratten and Simon
Thomas of Tenon Recovery joint administrative receivers of Maple
Plastics Group Limited (Company Number 03698148), Marquin
Properties Limited (Company Number 03668079), Rolinx Performance
Coatings Limited (Company Number 04328382) and Rolinx Plastics
Company Limited (Company Number 03918498) on Feb. 13.

                       About Tenon Recovery

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


MARKET GROUP: Names Chantrey Vellacott to Liquidate Assets
----------------------------------------------------------
Kenneth William Touhey and David John Oprey of Chantrey
Vellacott DFK LLP were appointed joint administrators of The
Market Group Limited (Company Number 03987111) on Feb. 9.

                     About Chantrey Vellacot

Headquartered in Hove, East Sussex, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.


MIDLAND PUMP: Engineers Enters Voluntary Liquidation
----------------------------------------------------
Midland Pump Engineers Limited is liquidating its assets after
members elected to wind up the company's operations during an
extraordinary general meeting on Feb. 3, 2006.

Company Chairman M. J. Palmer informs that the members found out
that the company cannot continue its business due to mounting
debts.

Neil Richard Gibson and Mark Grahame Tailby, of CBA, were
appointed Joint Liquidators.

CONTACT:  MIDLAND PUMP ENGINEERS LIMITED
          22 Buckland Road
          Leicester Leicestershire
          LE5 0NT
          Tel: 0116 274 0555
          Fax: 0116 246 1566
          Web: http://www.midlandpumpengineers.co.uk/


MINORPLANET SYSTEMS: Credit Suisse Holds 3.19% Equity Stake
-----------------------------------------------------------
The Board of Directors for Minorplanet Systems PLC disclosed
that Credit Suisse Securities (Europe) Limited holds 921,200
shares in the Company, representing 3.19% of the Company's
issued voting share capital.

                        About the Company

Minorplanet Systems PLC -- http://www.minorplanet.com/-- is
headquartered in Leeds and has operations in five countries: the
United Kingdom, Germany, Holland, Australia and Ireland.
Minorplanet's largest geographic market by revenue is the United
Kingdom.  Its principal activity is the development and sale of
technology-based fleet management systems.

In October 2005, the company narrowly avoided bankruptcy after
individual and institutional investors coughed up the money to
repay an outstanding loan.  The company needed to raise GBP13.5
million to repay a GBP4.82 million funding provided by majority
shareholder GE Capital Equity and Chief Executive Terry Donovan;
and GBP500,000 by other investors in April of the same year.
The loans payable totaled GBP6.5 million, according to The
Guardian.  Proceeds of the placing and open offer will be used
as working capital to complete the firm's turnaround
initiatives, accelerate its growth plans and provide financial
stability.


MIRAGE FOTO: Financial Woes Prompt Voluntary Liquidation
--------------------------------------------------------
M. S. E. Solomos was appointed Liquidator of Mirage Foto Labs
2005 Ltd. after members resolved to liquidate the company's
asset on Jan. 31, 2006.

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

CONTACT:  MIRAGE FOTO LABS 2005 LTD.
          Unit 19 Farm La Trading Est
          Farm Lane
          London
          SW6 1QJ
          Tel: 020 7381 8626
          Fax: 020 7381 9416


MISYS PLC: Transfers 83,333 Shares to Scheme Participants
---------------------------------------------------------
Misys plc transferred 83,333 ordinary shares to participants in
its employee share schemes at prices between 180 pence and 231
pence per share on Feb. 27.  The shares were all formerly held
as treasury shares.

Following the above transfer of shares out of Treasury, Misys
plc holds a total of 52,282,951 ordinary shares in Treasury.
The total number of ordinary shares in issue (excluding Treasury
shares) is 507,444,085.

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

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


MS REALISATIONS: Members Pass Winding Up Resolution
---------------------------------------------------
Members of MS Realizsations (Hull) Limited appointed Andrew
James Nichols, of Redman Nichols, as Liquidator after they
decided to wind up the company on Jan. 24, 2006.

Chairman M. Saul revealed the company could no longer continue
its business due to financial liabilities.

CONTACT:  MS REALISATIONS (HULL) LIMITED
          Unit 4 Raven Street
          Hull
          HU9 1PP
          Tel: 01482 214 966
          Fax: 01482 224 719


PERFUME 2000: Folds Operations & Liquidates Assets
--------------------------------------------------
Perfume 2000 Limited is liquidating its assets after a
resolution to wind up the company was passed at an extraordinary
general meeting on Feb. 9, 2006, in London.

Harjinder Johal and George Michael, both of Ashcrofts, were
appointed Joint Liquidators.

CONTACT:  PERFUME 2000 LIMITED
          26 Grosvenor Street
          London
          W1K 4QW
          Tel: 020 7371 6663


QS GROUP: Brings In Grant Thornton to Administer Assets
-------------------------------------------------------
Malcolm Shierson, Martin Ellis and Daniel Smith of Grant
Thornton UK LLP were appointed administrators of QS Group Plc
(Company Number 02122408) and QS Plc (Company Number 01682473)
on Feb. 9.  Its registered office is at Harbour House, 121
Gardner Road, Portslade, Brighton, East Sussex 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.

                        About the Company

QS -- http://www.qsgroup.co.uk/-- evolved from a manufacturing
business established in London in 1932, supplying clothing to
West End stores.  During the Second World War, the business
began to supply Marks and Spencer and continued growth led to
the acquisition of factories in Scotland and Southern England.


ROOFLOCK SYSTEMS: Taps Administrator from Barringtons
-----------------------------------------------------
P. B. Wood of Barringtons Limited was appointed administrator of
Rooflock Systems Limited (Company Number 04929057) on Feb. 13.
The company supplies and secures conservatory roof system.

CONTACT:  ROOFLOCK SYSTEMS LTD
          Brookside House,
          Brookside Business Park Cold Meece,
          Stone, Staffordshire, ST15 0RZ
          Tel: 01785 760286
          Fax: 01785761824

          BARRINGTONS
          Richmond House
          570-572 Etruria Road
          Basford
          Newcastle Under Lyme
          Staffordshire ST5 0SU
          Tel: 01782 713700
          Fax: 01782 713379
          E-mail: pbw@barraccount.co.uk


SOUTH EAST: Antony Batty to Lead Administrative Proceedings
-----------------------------------------------------------
William Antony Batty of Antony Batty & Co was appointed
administrator of South East Marble & Granite Limited (Company
Number 03733276) on Feb. 7.

CONTACT:  SOUTH EAST MARBLE & GRANITE
          4, Ockendon Rd Corbets Tey
          Upminster, Essex RM14 2DN
          Tel: 01708 641204

          ANTONY BATTY & COMPANY
          3 Field Court
          Grays Inn
          London WC1R 5EF
          Tel: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


SOUTHERN PACIFIC: Fitch Puts BB Rating on GBP3.78 Million Notes
---------------------------------------------------------------
Fitch Ratings assigned final ratings to Southern Pacific
Financing 06-A PLC's GBP420 million-equivalent mortgage-backed
floating-rate notes due 2044 as follows:

  a) GBP equivalent 372.96 million Class A1: AAA;
  b) GBP equivalent 14.70 million Class B1: AA;
  c) GBP equivalent 19.11 million Class C1: A;
  d) GBP equivalent 9.45 million Class D1: BBB;
  e) GBP equivalent 3.78 million Class E: BB; and
  f) GBP equivalent 3.36 million Class DTc: BBB.

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 the transaction's sound legal structure.

Credit enhancement for the Class A notes is initially 12.00%,
provided by the subordination of the Class B notes, the Class C
notes, the Class D notes, the Class E notes and an initial and
target reserve fund of 0.80%.

Class DTc 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.


STAG FURNITURE: Joint Administrators from PwC Take Over Helm
------------------------------------------------------------
Ian David Green and Edward Klempka of PricewaterhouseCoopers LLP
were appointed joint administrators of Stag Furniture (UK)
Limited (Company Number 05398747) on Feb. 14.  The company
manufactures timber and furniture.

About PwC

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


TASTEE FOODS: Hire Administrators from Baker Tilly
--------------------------------------------------
Graham Paul Bushby and Guy Edward Brooke Mander of Baker Tilly
were appointed administrators of Tastee Foods Limited (Company
Number 02599345) on Feb. 10.  Its registered office is at 60
Cartwright Street, Loughborough, Leicestershire LE11 1JW.

                        About Baker Tilly

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.

                       About the Company

Tastee Foods -- http://www.tasteefoods.co.uk/-- was established
in 1991.  It is a rapidly growing company based in the United
Kingdom manufacturing and distributing a wide range of highly
consumable ethnic foods.  Its clients are both in the UK and
abroad.  Tastee Food's products incorporate the finest
ingredients combined with eye-catching packaging, whilst
innovatively and dynamically developing a unique premium brand.


T & G ECLIPSE: Liquidator Sets Claims Registration Deadline
-----------------------------------------------------------
Creditors of T & G Eclipse Limited are given until May 8, 2006,
to send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Liquidator, Gerald Maruice
Krasner.

CONTACT:  T & G ECLIPSE LIMITED
          Unit 3 Edward Street
          Wharfedale Business Park
          Bradford West Yorkshire
          BD4 9RT
          Tel: 01274 683 300
          Fax: 01274 689 428


T & J GALLIMORE: Appoints Administrator
---------------------------------------
Ronald Eric Speight was appointed administrator of T & J
Gallimore Boats Limited (Company Number 04998191) on Feb. 13.
Its registered office is at Boot Wharf, Bridge Street, Nuneaton
CV11 5UD.

CONTACT:  T & J GALLIMORE BOATS LIMITED
          Elsmore House, 14A The Green
          Ashby De La Zouch
          Leics LE65 1JU


TRANSCEND IDEAS: Members Agree to Voluntary Liquidation
-------------------------------------------------------
Trancend Ideas Limited appointed Jeremiah Anthony O'Sullivan and
Samuel Jonathan Talby, both of Bishop Fleming, to jointly
liquidate the company's assets.

The company is voluntarily liquidating its assets after parties
passed a resolution to wind up the company during an
extraordinary general meeting held on Feb. 2, 2006, in Pembroke
Bermuda.

CONTACT:  TRANSCEND IDEAS LIMITED
          Hunt House Farm
          Frith Common
          Eardiston Tenbury Wells Worcestershire
          WR158JY
          Tel: 020 7107 2523


T T S TRUCKING: Freight Forwarders Succumb to Bankruptcy
--------------------------------------------------------
T.T.S. Trucking Limited is liquidating its assets after members
found out that the company cannot continue its operations due to
its liabilities.

Appointed Liquidator, A.J. Clark, of Carter Clark, required
creditors to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) on or before April 3, 2006.

CONTACT:  T T S TRUCKING LIMITED
          Unit 1B
          Sir Thomas Longley Road
          Centre Court
          Medway City Est Rochester Kent
          ME2 4BQ
          Tel: 01634 713 444
          Fax: 01634 713 444


TWOLYN HIRE: Taps Joint Administrators from Vantis Redhead
----------------------------------------------------------
J. S. French and G. Mummery of Vantis Redhead French Limited was
appointed joint administrators of Twolyn Hire Centres Limited
(Company Number 04372528) on Feb. 13.

Twolyn Hire Centres Limited -- http://www.twolynhire.co.uk/--  
is engaged in renting and selling tool equipment.

CONTACT:  TWOLYN HIRE CENTRES LTD
          245 Ongar Road,
          Brentwood, Essex CM15 9DZ
          Tel: 01277 229226
          Fax: 01277 231848
          E-mail: info@twolynhire.co.uk

          VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Tel: 01708 458211
          Fax: 01708 442308
          E-mail: jeremy.french@vantisredheadfrench.co.uk


WESTERN BOARD: Creditors Ratify Liquidator's Appointment
--------------------------------------------------------
Creditors of Western Board 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 John D. Cullen, of
Harries Lipman, as Liquidator.

CONTACT:  WESTERN BOARD LIMITED
          Unit A15
          Treforest Ind Est Pontypridd Mid Glamorgan
          CF375TA
          Tel: 01443 842 091
          Fax: 01443 849 620
          Web: http://www.westernboard.com/


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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