TCREUR_Public/060302.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, March 2, 2006, Vol. 7, No. 44

                            Headlines

F R A N C E

LEGRAND HOLDING: Fitch Puts BB+ on Issuer Default Rating


G E R M A N Y

HECKLER & KOCH: S&P Cut Rating To B- Due To Proposed PIK Notes
HEITMANN HANDELS: Bielefeld Court Sets Creditors' Meeting
HELLERSCHE DRUCKEREI: Claims Registration Ends March 20
HOCHBAU UND SANIERUNG: Udo Mueller Takes Lead
HORNITEX GROUP: Production Sites Acquired by Sonae Industria

INTERTAINMENT AG: Albis Finance Acquires Receivables of HVB
KLIMASCH UND SOHN: Dresden Court Rules on Bankruptcy
KTB TANGERMUENDE: Court Stays Pending Proceedings
KURT POHL: Names Christoph Rosenmueller Administrator
LASER CONNECTION: Insolvency Report Out by April

LPS BAUELEMENTE: Christine Frosch Leads Bankruptcy Proceedings
LUTHE-LADENBAU: Creditors' Meeting Slated on April 11
MGS -- MARMOR: Begins Insolvency Procedure


I R E L A N D

ELAN CORPORATION: Suspends Trading As FDA Reviews Tysabri Drug


I T A L Y

IMPREGILO SPA: Denies Astaldi Merger Plans


K A Z A K H S T A N

AKKORD 2001: Declared Bankrupt
EFTUS: Sets Deadline for Filing of Claims
JANASEMEISKEI: Goes Bust
PROMENAD: Reaches Cul-de-sac
UNITED OIL: Burns Into Insolvency


N E T H E R L A N D S

ROYAL SHELL: Continues Share Buyback with 900,000 A Shares


R U S S I A

AGRICULTURAL UNION: Insolvency Manager Move In
AMUR-ZET-AGRO-PROM-SNAB: Bankruptcy Supervision Procedure Begins
BEREZOVSKOYE: Bankruptcy Hearing Set April 26
EXPO-WOOD: Succumbs to Bankruptcy
KLYUCHEVSKOY: Undergoes Bankruptcy Supervision Procedure

KOLYVANSKOYE: Hires O. Klemeshov Insolvency Manager
SERGACH-AGRO-PROM-KHIMIYA: Claims Filing Period Ends March 28
SIB-TYAZH-MASH: Bankruptcy Hearing Set April 13
TIKHVINSKIY WOOD-PROM-KHOZ: Goes Bust
UYARSKOYE: Krasnoyarsk Court Opens Bankruptcy Proceedings


U K R A I N E

AGROPRODUKT: Bankruptcy Supervision Begins
IPPON: Succumbs to Insolvency
KOMGRI: Under Bankruptcy Supervision
LAN: Vinnitsya Court Names Liquidator
LANTAN: Zaporizhya Court Opens Bankruptcy Proceedings

MELOS: Court Appoints Insolvency Manager
POBUTSERVICE: Goes Into Liquidation
TANOV: A. Metlyaev Takes Over Operations
TOR-ST: Declared Insolvent
TRANSGRUP-BUD: Insolvency Manager Comes In


U N I T E D   K I N G D O M

AB GRAPHICS: Printing Firm Hires Administrator
ASSOCIATED CARE: Paul Fleming Takes Over Operations
AVIATION HAZARD: Consultancy Liquidates Assets
BOLIVIA CORPORATION: Appoints Fanshawe Lofts Administrator
BRYCREST LIMITED: Manufacturer Appoints Administrator

CABLE & WIRELESS: UK Unit to Trim Down Staff & Customer Base
CENTRAL HOLDINGS: Creditors Confirm Voluntary Liquidation
CERAMIC SURFACES: Appoints Gary Corbett to Liquidate Assets
CHESHIRE CLOTHING: Taps Joint Administrators from Kroll Limited
COMCATCO LIMITED: Joint Administrators Take Control

DIVERSESCOPE LIMITED: Joint Administrators Takes Over Helm
DORSET WINDOWS: Members Pass Winding Up Resolution
DUDLEY HOTELS: Names Administrator from Mazars
EMERGENCY RECRUITMENT: Names David Wald Administrator
H & H DIRECT: Wholesalers Start Liquidating Assets

J.O.E. LIMITED: Financial Liabilities Prompt Liquidation
JOHN MATTHEWS: Manufacturer Succumbs To Bankruptcy
L.B.J. FABRICATIONS: Calls in Administrator from Vantage
MARBLE-ARCH LIMITED: Appoints Ian Franses Administrator
MERIT-A: Accountants Yield to Bankruptcy

P C FRIEND: Hires Haines Watts Administrator
PLAN-IT UK: Administrators from KPMG Enter Firm
QUEEN OF HEARTS: Cake Maker Contacts Administrator
REGAL PETROLEUM: Man Financial Holds 8.10% Equity Stake
SIM-TEC DISTRIBUTION: Mobile Phone Retailer Calls Administrator

SKYEPHARMA PLC: Sets Extraordinary General Meeting for March 9
TEKPRINT LIMITED: Taps Joint Administrators from Harrisons
TROJEN FAN: Creditors Meeting Set Today
WARSHIPS PRESERVATION: Vessel Firm Sinks

     **********

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


LEGRAND HOLDING: Fitch Puts BB+ on Issuer Default Rating
--------------------------------------------------------
Fitch Ratings placed France-based Legrand Holding S.A.'s BB+
Issuer Default Rating on Rating Watch Positive, following the
launch of its initial public offering.

The RWP on Legrand will be resolved once the IPO has been
completed and the proceeds have been applied.  Nonetheless, the
agency estimates that any potential rating upgrade in connection
with this transaction is likely to be limited to one notch.

Following the IPO, Legrand is expected to repay the total
outstanding amount of the shareholder PIK loan in addition to
carrying out a EUR300 million capital increase.  This, in
addition to the below-mentioned high-yield bond redemption,
should allow Legrand to return to a more flexible capital
structure.  

Legrand estimates a pro-forma net debt/EBITDA ratio of 3.1x post
IPO. Fitch considers that the expected adequate cash flow
generation levels should allow Legrand to deleverage further,
while allowing the company to maintain a moderate acquisition
spending strategy.

On Jan. 10, 2006, Legrand entered into a EUR2.2 billion credit
facility to refinance an existing EUR1.4 billion credit facility
signed in 2004, redeem the total outstanding amount of high-
yield notes of approximately EUR574 million, as well as
partially repay the portion of the subordinated shareholder PIK
loan corresponding to the vendor loan.  The refinancing of the
debt is expected to reduce the recurrent annual cash interest
expenses by approximately EUR40 million.

Following the IPO, Legrand will still be majority-owned by
Wendel Investissement and Kohlber Kravis and Roberts & Co., two
private equity firms.

Legrand is leading manufacturer of low-voltage electrical
fittings and accessories in a geographically highly fragmented
market due to the existence of various domestic standards and
installation conditions.  

In 2005 Legrand generated sales of EUR3.248 billion, a 6.6%
increase on 2004 on a like-for-like basis.  In FY05 EBITDA
totaled EUR661 million and represented 20.4% of sales, up from
EUR624 million in 2004.  In FY05 free cash flow generation was
adequate and represented 10.1% of sales at EUR328 million.


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


HECKLER & KOCH: S&P Cut Rating To B- Due To Proposed PIK Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based small-arms contractor
Heckler & Koch GmbH to 'B-' from 'B', reflecting the intention
of the group's indirect parent, Heckler & Koch Beteiligungs GmbH
(HKB), to issue EUR100 million of additional debt in the form of
pay-in-kind (PIK) notes.  The outlook is negative.

At the same time, Standard & Poor's lowered its senior unsecured
debt rating on Heckler & Koch's EUR120 million notes due 2011 to
'B-' from 'B'.

The downgrade reflects the very aggressively leveraged position
the proposed PIK notes will leave the group in, at 7.9x its
EUR33.5 million EBITDA in the 12 months to Sept. 30, 2005 (on an
adjusted total debt basis).

"Standard & Poor's is concerned by the impact on the group of
the lack of an effective counter-balance to the dominant
influence, and very aggressive financial policy, of its
shareholders," said Standard & Poor's credit analyst Leigh
Bailey.  "At the same time, the issue of additional debt, partly
to fund payments to shareholders, represents a substantial
increase in financial risk at a time when the group's sales and
profitability growth in 2006 are likely to be constrained.  This
follows the suspension by the U.S. authorities of the tender
process for a replacement modular rifle contract of significant
value."

The negative outlook reflects Standard & Poor's concerns
relating to the very aggressive financial policy adopted by the
group's shareholders and our expectation that Heckler & Koch's
cash-flow-protection measures will be stretched for the rating
category due to the increased leverage from the PIK notes.

Should the group be successful in obtaining a rifle production
contract from the U.S. authorities and its financial ratios are
in line with expectations, the outlook could be revised to
stable.  Further aggressive action by shareholders, however,
could result in a lowering of the ratings if this compromises
the company's liquidity levels.


HEITMANN HANDELS: Bielefeld Court Sets Creditors' Meeting
---------------------------------------------------------
The District Court of Bielefeld opened bankruptcy proceedings
against Heitmann Handels- GmbH & Co KG 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 Hans-Achim Ernst.     

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 11:40 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:  HEITMANN HANDELS- GmbH & Co KG
          Industriezentrum 62, 32139 Spenge
          Attn:
          Lutz Peter Collier, Manager
          Paradies 6, 32139 Spenge

          Hans-Achim Ernst, Administrator
          Bunsenstr. 3, 32052 Herford


HELLERSCHE DRUCKEREI: Claims Registration Ends March 20
-------------------------------------------------------
The District Court of Friedberg opened bankruptcy proceedings
against Hellersche Druckerei GmbH & Co. KG on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 20, 2006,
to register their claims with court-appointed provisional
administrator Robert Hahn.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Friedberg, Homburger
Strasse 18, 61169 Friedberg, at 9:00 a.m. on April 5, 2006, at
which time the administrator will present his first report on
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and/or opt to appoint a new insolvency manager.

CONTACT:  HELLERSCHE DRUCKEREI GmbH & Co. KG
          Bahnhofstr. 5, 63654 Buedingen

          Robert Hahn, Administrator
          Kurt-Blaum-Platz 1, 63450 Hanau
          Tel: (06181) 9321-0
          Fax: (06181) 9321-20


HOCHBAU UND SANIERUNG: Udo Mueller Takes Lead
---------------------------------------------
The District Court of Magdeburg opened bankruptcy proceedings
against Hochbau und Sanierung Mittelelbe GmbH on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 24, 2006,
to register their claims with court-appointed provisional
administrator Udo Mueller.     

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
9:10 a.m. on April 7, 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:  HOCHBAU UND SANIERUNG MITTELELBE GmbH
          Liebknechtstr. 35/51, 39108 Magdeburg
          Attn:
          Michael Kloke, Manager
         
          Udo Mueller, Administrator
          Editharing 31, 39108 Magdeburg
          Tel: 0391/5066030
          Fax: 0391/5066033


HORNITEX GROUP: Production Sites Acquired by Sonae Industria
------------------------------------------------------------
Sonae Industria, the Portuguese timber products group has
acquired the three production sites of Hornetix Group for an
undisclosed amount, Suddeutsche Zeitung reports.

Honitex's insolvency administrator said that the deal completes
the insolvency proceedings, but the relevant agreement of the
company and Sonae will be subject to approval by the antitrust
authorities.

Its current 1,400 employees in the areas of Horn-Bad Meinberg,
Beeskow and Duisburg will not be laid off.

Hornitex Group -- http://www.hornitex.de/-- is a specialist  
manufacturer of high-grade wood based materials used for both
structural and decorative applications in the furniture and
building trade and industry.  It has subsidiaries in England,
France and Poland.


INTERTAINMENT AG: Albis Finance Acquires Receivables of HVB
-----------------------------------------------------------
Albis Finance AG, Hamburg, has informed Intertainment AG that it
has acquired the guarantee receivables of HypoVereinsbank AG
(HVB) against Intertainment AG resulting from a loan taken out
by Intertainment Licencing GmbH.  Albis Finance also informed
Intertainment that it had acquired the loan receivables of HVB
against Intertainment Licensing GmbH.  However, Intertainment
has not yet received official proof of assignment of the bank's
receivables.

Headquartered in Munich, Germany, Intertainment Ag --
http://www.intertainment.de/-- has specialized in acquiring  
theatrical, video and television film rights with large
commercial potential, which it markets in Germany and in other
European countries (including Eastern Europe).  Among its
customers are the most important media enterprises.  At the same
time Intertainment also acquires the rights to commercialize
very viable films for the People's Republic of China, as this
huge market (with about 1.3 billion people) is currently
practically untapped but in the medium term will realize its big
potential.  Through its subsidiary Intertainment Animation &
Merchandising GmbH, it markets interesting cartoons as well as
commercially viable merchandising rights.


KLIMASCH UND SOHN: Dresden Court Rules on Bankruptcy
----------------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against Klimasch und Sohn GbR 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 Olaf
Seidel.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Olbrichtplatz 1,
01099 Dresden, at 9:00 a.m. on April 25, 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:  KLIMASCH UND SOHN GbR
          Radeburger Str. 220 in 01109 Dresden

          Olaf Seidel, Administrator
          Weisseritzstrasse 3, 01067 Dresden
          Web: http://www.WORAKO.de/


KTB TANGERMUENDE: Court Stays Pending Proceedings
-------------------------------------------------
The District Court of Stendal opened bankruptcy proceedings
against KTB Tangermuende GmbH & Co. KG on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 27, 2006, to
register their claims with court-appointed provisional
administrator Dr. Lucas F. Flother.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Stendal, Saal 411,
Scharnhorststrasse 40, 39576 Stendal, at 1:00 p.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:  KTB TANGERMUENDE GmbH & Co. KG
          Indiustriestr. 1d, 39590 Tangermuende
          Attn:
          Manfred Hassmann, Manager  
        
          Dr. Lucas F. Flother, Administrator
          Halberstadter Strasse 55, 39112 Magdeburg
          Tel: 0391/5556840
          Fax: 0391/5556849


KURT POHL: Names Christoph Rosenmueller Administrator
-----------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Kurt Pohl Garten-, Landschafts- und
Sportplatzbau GmbH & Co. on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.  
Creditors have until May 11, 2006, to register their claims with
court-appointed provisional administrator Christoph
Rosenmueller.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Charlottenburg,
Amtsgerichtsplatz 1, 14057 Berlin, II Stock Saal 218, at 9:10
a.m., on March 20, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 9:15 a.m., on July 10, 2006, at the same venue.

CONTACT:  Kurt Pohl Garten-, Landschafts- und Sportplatzbau
          GmbH & Co.
          Teltower Damm 222,14167 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


LASER CONNECTION: Insolvency Report Out by April
------------------------------------------------
The District Court of Monchengladbach opened bankruptcy
proceedings against Laser Connection Hans Mueller GmbH on Feb.
6.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 24,
2006, to register their claims with court-appointed provisional
administrator Dr. Christian Potrafke.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Monchengladbach, 157, 41061
Monchengladbach, Erdgeschoss, Sitzungssaal A 14, at 9:15 a.m. on
April 26, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  LASER CONNECTION HANS MUELLER GmbH
          Ostmarkstrasse 21, 41068 Monchengladbach
          Attn:
          Hans Mueller, Manager

          Dr. Christian Potrafke, Administrator
          Eickesmuehle 8, 41238 Monchengladbach


LPS BAUELEMENTE: Christine Frosch Leads Bankruptcy Proceedings
--------------------------------------------------------------
The District Court of Cochem opened bankruptcy proceedings
against LPS Bauelemente GmbH on Feb. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 17, 2006, to register their
claims with court-appointed provisional administrator Christine
Frosch.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Cochem, Saal 200, II. OG
Ravenestrasse 39, at 10:35 a.m. on March 27, 2006, at which time
the administrator will present his first report on the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and/or opt to
appoint a new insolvency manager.

CONTACT:  LPS BAUELEMENTE GmbH
          TALO-Haus an der B 421, 56865 Panzweiler
          Attn:
          Juergen Heinz Piklor, Manager
          Breitenweg 14, 56858 Altlay
          Matthias Josef Schiel, Manager
          Berliner Strasse 9, 55487 Sohren

          Christine Frosch, Administrator
          Simeonstrasse 5, 54290 Trier
          Tel: 0651/9941060
          Fax: 0651/9941061


LUTHE-LADENBAU: Creditors' Meeting Slated on April 11
-----------------------------------------------------
The District Court of Bueckeburg opened bankruptcy proceedings
against Luthe-Ladenbau GmbH & Co.KG on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 7, 2006, to
register their claims with court-appointed provisional
administrator Olaf Handschuh.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bueckeburg, Saal 504,
Schulstr 2, 31675 Bueckeburg, at 10:00 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:  LUTHE-LADENBAU GmbH & Co.KG
          Behrenstr. 3, 31737 Rinteln
          Attn:
          Carsten Schemberg, Manager

          Olaf Handschuh, Administrator
          Mindener Str. 6, 31675 Bueckeburg
          Tel: 05722/1016
          Fax: 05722/1018


MGS -- MARMOR: Begins Insolvency Procedure
------------------------------------------
The District Court of Magdeburg opened bankruptcy proceedings
against MGS -- Marmor- und Granitwerk Schielo GmbH on Feb. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 2, 2006,
to register their claims with court-appointed provisional
administrator Klaus Wrede.     

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Magdeburg, Saal D,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg, at
10:00 a.m. on March 30, 2006, at which time the administrator
will present his first report on the insolvency proceedings.  
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and/or opt to appoint a new
insolvency manager.

CONTACT:  MGS -- MARMOR- UND GRANITWERK SCHIELO GmbH
          Konigeroder Str. 59b, 06493 Schielo

          Klaus Wrede, Administrator
          Lennestrasse 10, 39112 Magdeburg
          Tel: 0391/5973315
          Fax: 0391/5973333


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I R E L A N D
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ELAN CORPORATION: Suspends Trading As FDA Reviews Tysabri Drug
--------------------------------------------------------------
Elan Corporation Plc announced it has agreed with the Irish
Stock Exchange (ISE), the Financial Services Authority in the
United Kingdom and the New York Stock Exchange (NYSE) to suspend
trading of its securities (ADRs and ordinary shares) during the
scheduled U.S. Food and Drug Administration (FDA) Advisory
Committee meeting to review Tysabri, commencing March 7, 2006,
for up to two days.

On March 7, 2006, trading will be suspended on the NYSE and will
be suspended on the ISE and London Stock Exchange from 1 p.m.
Greenwich Mean Time (GMT) to coincide with the start of the
Advisory Committee meeting. When the Advisory Committee meeting
is complete, the company will request the stock exchanges to
resume trading.

                           About Elan

Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a  
neuroscience-based biotechnology company.   Elan shares trade on
the New York, London and Dublin Stock Exchanges.

                        *     *     *

Moody's Investors Service rates Elan's long-term corporate
family rating at Ba3.  The company's long-term foreign issuer
credit rating and long-term local issuer credit rating carry
Standard & Poor's single-B rating.

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to
Tysabri(TM).  Total revenue decreased 31% to US$102.7 million in
the first quarter of 2005 from US$148.3 million in the first
quarter of 2004.


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I T A L Y
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IMPREGILO SPA: Denies Astaldi Merger Plans
------------------------------------------
Local builders Impregilo S.p.A. and Astaldi S.p.A. rejected
reports of a possible merger, AFX News says.

The denial was made after local daily Il Sole 24 Ore reported
that both companies are in preliminary merger talks.  A merger
would create a larger company with EUR4 billion in sales.  Il
Sole 24 Ore added Astaldi, the country's second largest builder,
control the new group, with links with smaller companies such as
Societa Italiana Condotte, Pizzarotti and Grassetto.

In March 2005, Astaldi, withdrawn its bid to acquire a majority
stake in Impregilo.  

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

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


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


AKKORD 2001: Declared Bankrupt
------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
declared LLP Akkord 2001 bankrupty on December 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


EFTUS: Sets Deadline for Filing of Claims
-----------------------------------------
LLP Eftus has declared insolvency.  Proofs of claim will be
accepted at Shymkent, Timiryazeva Str. 38 on or before March 20,
2006.

The company can be contacted at 8 (3252) 54-52-47


JANASEMEISKEI: Goes Bust
------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
region OJSC Janasemeiskei declared bankruptcy on December 22,
2005.  Proofs of claim will be accepted at Ust-Kamenogorsk,
Kojeduba Str. 46 on or before March 17, 2006.

The company can be contacted at 8 (3232) 206337 or 2578733.


PROMENAD: Reaches Cul-de-sac
----------------------------
LLP Promenad has declared insolvency.  Proofs of claim will be
accepted at Almaty, Almalykskaya Str. 2b on or before March 20,
2006.

The company can be contacted at 8 (3272) 58-41-33, 58-41-29 or
64-61-66.


UNITED OIL: Burns Into Insolvency
---------------------------------
LLP United Oil has declared insolvency.  Proofs of claim will be
accepted at Almaty, Jeltoksan Str. 118, Office 26 on or before
March 20, 2006.

The company can be contacted at 8 (3272) 58-41-33, 58-41-29 or
64-61-66.


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


ROYAL SHELL: Continues Share Buyback with 900,000 A Shares
----------------------------------------------------------
Royal Dutch Shell plc purchased 900,000 'A' Shares for
cancellation at a price of 25.52 euros per share on Feb. 28,
2006.

In addition, it purchased 300,000 'A' Shares for cancellation at
a price of 1,735.97 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,914,325,000.

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

                           *     *     *

In 2005, Shell returned US$5 billion to shareholders via market
purchases of shares.  This target included shares purchased for
cancellation by The Shell Transport and Trading Company PLC and
Royal Dutch Petroleum Company prior to the Group unification of
US$500 million.  The Company expected to continue its buyback
program in 2006.

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

                        About the Company

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

                          The Trouble

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


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


AGRICULTURAL UNION: Insolvency Manager Move In
----------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision on limited liability company Agricultural
Union.  The case is docketed as A45-23554/05-27/328.  Mr. V.
Bogachev has been appointed temporary insolvency manager.  A
hearing will take place on March 20, 2006, 2:30 p.m. at the
Arbitration Court of Novosibirsk region located at Russia,
Novosibirsk region, Kirova Str. 3, Room 915.

CONTACT:  AGRICULTURAL UNION
          632640, Russia, Novosibirsk region,
          Kochenevo, Stepnaya Str. 1

          V. BOGACHEV
          Temporary Insolvency Manager
          630058, Russia, Novosibirsk region,
          Sirenevaya Str. 19, Apartment 94


AMUR-ZET-AGRO-PROM-SNAB: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------------
The Arbitration Court of Evreyskiy autonomous region has
commenced bankruptcy supervision on open joint stock company
Amur-Zet-Agro-Prom-Snab.  The case is docketed as A16-1702/2005-
5.  Mr. D. Bichutskiy has been appointed temporary insolvency
manager.

CONTACT:  AMUR-ZET-AGRO-PROM-SNAB
          Russia, Evreyskiy autonomous region,
          Amurzet, Lenina Str. 87

          D. BICHUTSKIY
          Temporary Insolvency Manager
          679017, Russia, Evreyskiy autonomous region,
          Birobidzhan-17, Post User Box 47


BEREZOVSKOYE: Bankruptcy Hearing Set April 26
---------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision on close joint stock company
Berezovskoye.  The case is docketed as A45-28105/05-10/409.  Mr.
V. Ross has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 630126, Russia,
Novosibirsk, Post User Box 29.  A hearing will take place on
April 26, 2006, 9:30 a.m.

CONTACT:  BEREZOVSKOYE
          633276, Russia, Novosibirsk region,
          Ordynskiy region, Berezovka

          V. ROSS
          Temporary Insolvency Manager
          630126, Russia, Novosibirsk region,
          Post User Box 29


EXPO-WOOD: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Expo-Wood after finding the limited
liability company insolvent.  The case is docketed as A27-
34407/2005-4.  Mr. V. Kuptsov has been appointed insolvency
manager.  Creditors have until March 28, 2006, to submit their
proofs of claim to 654000, Russia, Kemerovo region,
Novokuznetsk, Pionerskiy Pr. 21 "A".

CONTACT:  EXPO-WOOD
          Russia, Kemerovo region,
          Novokuznetskiy region, Sosnovka

          V. KUPTSOV
          Insolvency Manager
          654000, Russia, Kemerovo region,
          Novokuznetsk, Pionerskiy Pr. 21 "A"


KLYUCHEVSKOY: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision on open joint stock company Klyuchevskoy.  The case
is docketed as A03-18716/05-B.  Mr. V. Sirotkin has been
appointed temporary insolvency manager.  

CONTACT:  KLYUCHEVSKOY
          Russia, Altay region,
          Klyuchevskiy region, Klyuchi

          V. SIROTKIN
          Temporary Insolvency Manager
          656031, Russia, Barnaul,
          Post User Box 646


KOLYVANSKOYE: Hires O. Klemeshov Insolvency Manager
---------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision on Kolyvanskoye.  The case is docketed as
A45-28931/05-48, 522.  Mr. O. Klemeshov has been appointed
temporary insolvency manager.

CONTACT:  KOLYVANSKOYE
          633161, Russia, Novosibirsk region,
          Kolyvan, Shosseynaya Str. 6

          O. KLEMESHOV
          Temporary Insolvency Manager
          630077, Russia, Novosibirsk region,
          Post User Box 174


SERGACH-AGRO-PROM-KHIMIYA: Claims Filing Period Ends March 28
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Sergach-Agro-Prom-Khimiya after
finding the open joint stock company insolvent.  The case is
docketed as A43-15663/2005, 33-268.  Mr. V. Sofronov has been
appointed insolvency manager.  Creditors have until March 28,
2006, to submit their proofs of claim to 603000, Russia, Nizhniy
Novgorod region, Post User Box 516.

CONTACT:  SERGACH-AGRO-PROM-KHIMIYA
          Russia, Nizhniy Novgorod region,
          Sergach, Yubileynyj

          V. SOFRONOV
          Insolvency Manager
          603000, Russia, Nizhniy Novgorod region,
          Post User Box 516


SIB-TYAZH-MASH: Bankruptcy Hearing Set April 13
-----------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision on open joint stock company Sib-Tyazh-
Mash.  The case is docketed as A33-24040/2005.  Mr. M. Vasilega
has been appointed temporary insolvency manager.  A hearing will
take place on April 13, 2006.

CONTACT:  SIB-TYAZH-MASH
          Russia, Krasnoyarsk region,
          Pavlova Str. 1, Building 4

          M. VASILEGA
          Temporary Insolvency Manager
          Russia, Krasnoyarsk region,
          Pavlova Str. 1, Building 4


TIKHVINSKIY WOOD-PROM-KHOZ: Goes Bust
-------------------------------------
The Arbitration Court of St-Petersburg and the Leningrad region
commenced bankruptcy proceedings against Tikhvinskiy Wood-Prom-
Khoz after finding the close joint stock company insolvent.  The
case is docketed as A56-33829/2005.  Mr. A. Marinichev has been
appointed insolvency manager.  Creditors have until March 28,
2006, to submit their proofs of claim to 194044, Russia, St-
Petersburg, B. Sampsonievskiy Pr. 60a.

CONTACT:  A. MARINICHEV
          Insolvency Manager
          194044, Russia, St-Petersburg,
          B. Sampsonievskiy Pr. 60a


UYARSKOYE: Krasnoyarsk Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Uyarskoye after finding the close joint
stock company insolvent.  The case is docketed as A33-
12183/2005.  Mr. R. Fisher has been appointed insolvency
manager.  Creditors have until March 28, 2006, to submit their
proofs of claim to 660022, Russia, Krasnoyarsk region,
Aerovokzalnaya Str. 19.

CONTACT:  UYARSKOYE
          663934, Russia, Krasnoyarsk region, Uyarskiy region,
          Sushinovka, Lenina Str. 23

          R. FISHER
          Insolvency Manager
          660022, Russia, Krasnoyarsk region,
          Aerovokzalnaya Str. 19


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


AGROPRODUKT: Bankruptcy Supervision Begins
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Agroprodukt (code EDRPOU 31786997) on
December 5, 2005.  The case is docketed as B-48/98-05.  Mr. V.
Romashenko has been appointed temporary insolvency manager.

CONTACT:  AGROPRODUKT
          64750, Ukraine, Harkiv region,
          Barvinkivskij district, Bogodarove

          Mr. V. Romashenko
          Temporary Insolvency Manager
          Ukraine, Harkiv region,
          Izum, Zaliznichna Str. 16/1

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


IPPON: Succumbs to Insolvency
-----------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Ippon (code EDRPOU 32755163) on January 10,
2006 after finding the limited liability company insolvent.  The
case is docketed as 10/542/05.  Mr. Mihajlo Tsurika has been
appointed liquidator/insolvency manager.

CONTACT:  ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


KOMGRI: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on CJSC Komgri (code EDRPOU 31591008) on
December 16, 2005.  The case is docketed as 440/2b-2005.  Mr.
Igor Orlov has been appointed temporary insolvency manager.

CONTACT:  KOMGRI
          07451, Ukraine, Kyiv region,
          Brovari district, Krasilivka, Mehanizatoriv Str.

          Mr. Igor Orlov,
          Temporary Insolvency Manager
          04053, Ukraine, Kyiv region,
          Gogolivska Str. 49/30

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


LAN: Vinnitsya Court Names Liquidator
-------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against LLC LAN (code EDRPOU 03733370) on December
13, 2005 after finding the limited liability company insolvent.  
The case is docketed as 10/184-05.  Illintsi District State Tax
Inspection has been appointed liquidator.

CONTACT:  LAN
          22700, Ukraine, Vinnitsya region,
          Illintsi district, Slobodishe

          ECONOMIC COURT OF VINNITSYA REGION
          21100, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


LANTAN: Zaporizhya Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Lantan (code EDRPOU 31315143) on December
26, 2005 after finding the limited liability company insolvent.  
The case is docketed as 25/301.  Ms. Anna Dorofeyeva has been
appointed liquidator/insolvency manager.

CONTACT:  LANTAN
          69035, Ukraine, Zaporizhya region,
          Peremogi Str. 63

          Ms. Anna Dorofeyeva
          Liquidator/Insolvency Manager
          69091, Ukraine, Zaporizhya region, a/b 2110
          Phone: 8 (0612) 65-41-24

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


MELOS: Court Appoints Insolvency Manager
----------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Melos (code EDRPOU 32507844) on January 10,
2006 after finding the limited liability company insolvent.  The
case is docketed as 10/543/05.  Mr. Mihajlo Tsurika has been
appointed liquidator/insolvency manager.

CONTACT:  ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22




POBUTSERVICE: Goes Into Liquidation
-----------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Pobutservice (code EDRPOU 03060497) on
December 8, 2005 after finding the limited liability company
insolvent.  The case is docketed as 5/90-05.  Mr. N.
Voznyakevich has been appointed liquidator/insolvency manager.

CONTACT:  POBUTSERVICE
          23100, Ukraine, Vinnitsya region,
          Zhmerinka, Radyanska Str. 15

          Mr. N. Voznyakevich
          Liquidator/Insolvency Manager
          Ukraine, Vinnitsya region,
          Hmelnitske Shose Str. 2-A, Room 712
          Phone: (0432) 39-97-85

          ECONOMIC COURT OF VINNITSYA REGION
          21100, Ukraine, Vinnitsya region,
          Hmelnitske Shose, 7


TANOV: A. Metlyaev Takes Over Operations
----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Tanov (code EDRPOU 33320621) on January 10,
2006 after finding the limited liability company insolvent.  The
case is docketed as 42/225 B.  Mr. A. Metlyaev has been
appointed liquidator/insolvency manager.

CONTACT:  TANOV
          83004, Ukraine, Donetsk region,
          Garazhna Str. 1

          Mr. A. Metlyaev
          Liquidator/Insolvency Manager
          3000, Ukraine, Donetsk region,
          Artema Str. 62/1

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


TOR-ST: Declared Insolvent
--------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Tor-ST (code EDRPOU 33320658) on January 10,
2006 after finding the limited liability company insolvent.  The
case is docketed as 42/226 B.  Mr. S. Tish has been appointed
liquidator/insolvency manager.

CONTACT:  TOR-ST
          83004, Ukraine, Donetsk region,
          Garazhna Str. 1

          Mr. S. Tish
          Liquidator/Insolvency Manager
          83000, Ukraine, Donetsk region,
          Artema Str. 62/1

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


TRANSGRUP-BUD: Insolvency Manager Comes In
------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Transgrup-Bud (code EDRPOU 33508477) on
January 12, 2006 after finding the private enterprise insolvent.  
The case is docketed as 2/278-05/11814.  Mr. Yevremenko Vitalij
has been appointed liquidator/insolvency manager.

CONTACT:  TRANSGRUP-BUD
          65031, Ukraine, Odessa region,
          Novomoskovska doroga, 21/1

          Mr. Yevremenko Vitalij
          Liquidator/Insolvency Manager
          65031, Ukraine, Odessa region,
          Novomoskovska doroga, 21/1

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


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


AB GRAPHICS: Printing Firm Hires Administrator
----------------------------------------------
Andrew T. Clay of Andrew Michaels & Co Ltd was appointed
administrator of AB Graphics (Slough) Limited (Company Number
05449183) on Feb. 15.  Its registered office is at Unit 33, 24-
28 St Leonards Road, Windsor, SL4 3BB.

Headquartered in Sheffield, AB Graphics (Slough) Limited --
http://www.abgraphics.co.uk/-- offers printing services.  The  
company was established in 1994.

CONTACT:  ANDREW MICHAELS & CO. LTD
          Concept House
          Brooke Street
          Cleckheaton
          Bradford BD19 3RY
          West Yorkshire
          Tel: 0870 750 5411
          Fax: 0870 750 5412
          E-mail: info@andrew-michaels.com


ASSOCIATED CARE: Paul Fleming Takes Over Operations
---------------------------------------------------
Members of Associated Care Training Limited passed a resolution
to wind up the company during an extraordinary general meeting
on Feb. 7, 2006.

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

Paul J. Fleming, of Parkin S. Booth and Co, was appointed
Liquidator to wind up the company's business.

CONTACT:  ASSOCIATED CARE TRAINING LIMITED
          1 SUSSEX ROAD
          SOUTHPORT MERSEYSIDE
          PR9 0SS
          Tel: 01704 530 424
          Fax: 01704 539 680



AVIATION HAZARD: Consultancy Liquidates Assets
----------------------------------------------
Aviation Hazard Analysis Limited is liquidating its assets after
members elected to wind up the company's operations during an
extraordinary general meeting held on Feb. 1, 2006.

Chairman P. Gray informed that the members found out that the
company cannot continue its business due to its mounting debts.  
Simon Atkins, of Mackenzie Goldberg, was appointed Liquidator.

CONTACT:  AVIATION HAZARD ANALYSIS LIMITED
          271 Ashdown House
          London Gatwick Airport Gatwick West Sussex
          RH6 0JH
          Tel: 01293 569 666
          Fax: 01293 569 789
          Web: http://www.aviationhazard.com/


BOLIVIA CORPORATION: Appoints Fanshawe Lofts Administrator
----------------------------------------------------------
Anthony Robert Fanshawe and Stephen John Adshead of Fanshawe
Lofts were appointed joint administrators of Bolivia Corporation
Limited (Company Number 04083799) on Feb. 15.  Its registered
office is at 41 Beach Road, Littlehampton, West Sussex BN17 5JA.  
The company sells women's designer clothing.

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


BRYCREST LIMITED: Manufacturer Appoints Administrator
-----------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint administrators of Brycrest Limited (Company
Number 00948342) on Feb. 3.  

                      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.

                        About the Company

Headquartered in Halesowen, West Midlands, Brycrest Limited --
http://www.brycrest.co.uk/-- manufactures small lamps and  
switches for the automotive industry.  The company was formed in
1969.


CABLE & WIRELESS: UK Unit to Trim Down Staff & Customer Base
------------------------------------------------------------
Cable & Wireless Group PLC confirmed plans to reshape its UK
business with significant customer base and workforce
reductions.

The UK unit will break up from its 30,000 customers to focus its
business more on its 3,000 large corporate customers and public
institutions.    

"We have already made significant progress on integration in the
relatively short amount of time we have had," UK Chairman John
Pluthero said.  "Customers are crying out for a better
experience from their telecommunications supplier and we intend
to give them just that.  I am confident that we can execute our
plans successfully and achieve the objective of about GBP2
billion revenue and EBITDA of about GBP400 million, sufficient
to deliver a double-digit operating margin."

The Company is targeting a shift in its business mix such that
retail revenues will comprise about 70% of UK revenues (about
50% currently) and that 60% of revenue will be managed IP
services whereas voice comprises 60% of revenues today.  The
Company also envisages that gross margins in the UK will rise to
about 40% compared with about 33% today.

                        Job Reductions

Cable & Wireless expects that, by concentrating on fewer, larger
customers and reducing complexity in its products, systems and
processes, it can set new standards for customers' service
experience while, at the same time, reducing costs.  As part of
the reduction in costs, the Company expects that UK headcount
(Cable & Wireless UK and Energis) will fall from more than 5,500
to between 2,500 and 3,500 over the next four to five years.  It
also confirms that net headcount will be reduced by more than
350 in the second half of 2005/06.

Cable & Wireless reported cost savings derived from the merging
of Cable & Wireless UK with Energis.  These are expected to be
greater than GBP40 million on an annualized run rate basis by
the end of March 2006.  Cable & Wireless said that during
2005/06, the merger of Cable & Wireless UK with Energis will
produce capital expenditure savings of about GBP3 million.

                      NGN Connection

Cable & Wireless also confirmed its commitment to Next
Generation Network, which is viewed as an important element of
the turnaround strategy and is indeed already in progress with
over GBP50 million of capital expenditure in 2005/06.  The
Company stressed the importance of LLU as a strategic asset in
the context of NGN, delivering IP to its target customers.  
However, the pace of change for NGN will be driven by customer
demand and dual networks will be needed in the medium term.

                       About the Company

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

                        *     *     *

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


CENTRAL HOLDINGS: Creditors Confirm Voluntary Liquidation
---------------------------------------------------------
Creditors of Central Holdings UK Limited confirmed the company's
voluntary liquidation after members passed a resolution to wind
up the company's operations on Feb. 8, 2006.

Creditors also ratified the appointment of David Rankin, of
Debtmatters Limited, as Liquidator.

CONTACT:  CENTRAL HOLDINGS UK LIMITED
          Oaklands
          Hooton Road
          Hooton Ellesmere Port
          CH667ND
          Tel: 0870 758 0546



CERAMIC SURFACES: Appoints Gary Corbett to Liquidate Assets
-----------------------------------------------------------
Ceramic Surfaces Limited appointed Gary Corbett, of Milner
Boardman & Partners, to 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. 9, 2006.

CONTACT:  CERAMIC SURFACES LIMITED
          Brrok Bridge Garage
          Prescot Merseyside
          L34 1LP
          Tel: 0151 493 9300


CHESHIRE CLOTHING: Taps Joint Administrators from Kroll Limited
---------------------------------------------------------------
D. J. Whitehouse and S. Wilson of Kroll Limited were appointed
joint administrators of Cheshire Clothing Company Limited
(Company Number 05214294) on Feb. 14.  Its registered office is
at 9 Marshfield Bank, Crewe, Cheshire CW2 8UY.  

                        About Kroll Limited

Kroll Limited -- http://www.krollworldwide.com/-- offers risk  
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.


COMCATCO LIMITED: Joint Administrators Take Control
---------------------------------------------------
Andrew Andronikou, Ladislav Hornan and Peter Kubik of UHY Hacker
Young were appointed joint administrators of Comcatco Limited
(Company Number 04484716) on Feb. 10.  

The company operates a bar and restaurant and offers catering
service.  Its office is located at The Food Court, The
Harlequin, Watford, Hertfordshire WD17 2TA or call 01923 237203
for more details.

CONTACT:  UHY HACKER YOUNG
          St James Buildings
          79 Oxford Street
          Manchester
          Greater Manchester M1 6HT
          Tel: 0161 236 6936
          Fax: 0161 228 0117
          E-mail: e.cook@uhy-uk.com


DIVERSESCOPE LIMITED: Joint Administrators Takes Over Helm
----------------------------------------------------------
Andrew Gordon Stoneman and Andrew John Duncan of Menzies
Corporate Restructuring were appointed joint administrators of
Diversescope Limited (Company Number 02095360) on Feb. 16.  

                           About Menzies

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

                        About the Company

Headquartered in Buckingham, Diversescope Limited, the company
is engaged in maintaining and repairing motor vehicles.


DORSET WINDOWS: Members Pass Winding Up Resolution
--------------------------------------------------
Dorset Windows & Fascias Limited authorized Peter Robin Bacon
and Carl Derek Faulds, of Portland Business & Financial
Solutions Ltd., 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. 10, 2006.

CONTACT:  DORSET WINDOWS & FASCIAS LIMITED
          Enterprise Park
          Black Moor Road
          Ebblake Industrial Estate Verwood Dorset
          BH316YS
          Tel: 01202 686 844


DUDLEY HOTELS: Names Administrator from Mazars
----------------------------------------------
Roderick John Weston of Mazars was appointed administrator of
Dudley Hotels Limited (t/a The Himley Country Hotel - Company
Number 02803711) on Feb. 13.  Its registered office is at
Blakelands House, Yeomans Drive, Blakelands, Milton Keynes MK14
5HG.  The company operates hotels and motels.

                          About Mazars

Mazars -- http://www.mazars.com/-- is an international,  
integrated and independent organization, specialized in audit,
accounting, tax and advisory services.


EMERGENCY RECRUITMENT: Names David Wald Administrator
-----------------------------------------------------
Members of Emergency Recruitment Limited resolved to liquidate
the company's assets during an Extraordinary General Meeting on
Feb. 8, 2006.

They authorized David Wald, of D.Wald & Co, to administer the
winding up process.

CONTACT:  EMERGENCY RECRUITMENT LIMITED
          18A HIGH STREET
          NORTHWOOD MIDDLESEX
          HA6 1BN
          Tel: 01923 840 416
          Fax: 01923 840 488
          Web: http://www.emergencyrecruitment.com/


H & H DIRECT: Wholesalers Start Liquidating Assets
--------------------------------------------------
H & H Direct Limited is liquidating its assets after members
found out that the company cannot continue its operations due to
its liabilities.

Anthony Alan Josephs and Linda Ann Farish, both of RMT, were
appointed Joint Liquidators.

CONTACT:  H & H DIRECT LTD
          6 Baltic Road
          Gateshead Tyne And Wear
          NE100SB
          Tel: 0870 167 6191
          Fax: 0870 167 6190


J.O.E. LIMITED: Financial Liabilities Prompt Liquidation
--------------------------------------------------------
Elizabeth Arakapiotis, Kallis & Co, was appointed Liquidators
after members of J.O.E. Limited decided to liquidate the
company's assets on Feb. 7, 2006.

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

CONTACT:  J.O.E. LIMITED
          106 BURNT OAK BROADWAY
          EDGWARE MIDDLESEX
          HA8 0BE
          Tel: 020 8951 3515


JOHN MATTHEWS: Manufacturer Succumbs To Bankruptcy
--------------------------------------------------
Members of John Matthews Clothing Limited passed a resolution to
wind up the company during an extraordinary general meeting held
on Feb. 7, 2006.

K. T. Boldy, Chairman of the company, disclosed that Roderick
Graham Butcher was appointed liquidator.

CONTACT:  JOHN MATTHEWS CLOTHING LIMITED
          Building 62
          Second Avenue
          Pensnett Trading Est Kingswinford West Midlands
          DY6 7PP
          Tel: 01384 401 071
          Fax: 01384 401 840


L.B.J. FABRICATIONS: Calls in Administrator from Vantage
--------------------------------------------------------
Robert Preston James Allen of Vantage was appointed
administrator of L.B.J. Fabrications Limited (Company Number
01913861) on Feb. 13.  Its registered office is at Brookhill
Road Industrial Estate, Brookhill Road, Pinxton, Nottinghamshire
NG16 6NT.  

Headquartered in Pinxton, Nottinghamshire, LBJ Fabrications
Limited -- http://www.lbj.co.uk/operates in two product groups,  
louvre and air handling products and noise control products.

CONTACT:  VANTAGE
          20-24 Kirby Street
          London EC1N 8TS
          Tel: 0845 225 5801
          Fax: 0845 225 5802
          E-mail: Rallen_vantage@hotmail.com


MARBLE-ARCH LIMITED: Appoints Ian Franses Administrator
-------------------------------------------------------
Ian Franses of Ian Frances Associates was appointed
administrator of Marble-Arch Limited (Company Number 2398181) on
Feb. 10.  Its registered office is at 431-432 Gordon Business
Centre, Gordon Grove, Camberwell, London SE5 9DU.

Marble Arch -- http://www.marblearch.com/-- supplies,  
manufacturers and installs natural stone products for commercial
and residential applications, offering advice on all aspects of
selecting and using decorative stone.

CONTACT:  IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Tel: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


MERIT-A: Accountants Yield to Bankruptcy
----------------------------------------
Members of Merit-A Consulting Limited voted to liquidate the
company's assets during an Extraordinary General Meeting on Feb.
8, 2006.

Mark Stephen Goldstein, of DCM Insolvency Service Limited, was
appointed Liquidator.

CONTACT:  MERIT A CONSULTING LIMITED
          Unit D6
          Churcham Business Park
          Churcham Gloucester Gloucestershire
          GL2 8AX
          Tel: 01452 750 999


P C FRIEND: Hires Haines Watts Administrator
--------------------------------------------
Timothy Calverley of Haines Watts was appointed administrator of
P C Friend Limited (Company Number 04783952) on Feb. 9.  Its
registered office is at Unit 10, Woodhouse Business Centre,
Wakefield Road, Normanton WF6 1BB.

                        About Haines Watts

Haines Watts -- http://www.hwca.com/-- is a national UK  
business advisory and accountancy firm with a network of
practices strategically placed throughout England, Wales and
Scotland, offering tax and general business advice.  Its
experienced tax accountants, business advisors and special
service teams will help its clients with every aspect of its
business.


PLAN-IT UK: Administrators from KPMG Enter Firm
-----------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed administrators of Plan-IT UK 2000 Limited (Company
Number 3932676) on Feb. 16.  

                           About KPMG

KPMG -- http://www.kpmg.co.uk/-- in the UK is part of a strong  
global network of member firms with 9,500 partners and staff
working in 22 offices across the UK providing audit, tax and
advisory services.

                        About the Company

The Plan IT Group of Companies -- http://www.planituk.net/--  
was formed in the mid 90s, specifically to provide IT
installation services. During this period, the company has
developed its business and now specializes in EFTPoS and EPoS
terminal, desktop and network cabling installation services.


QUEEN OF HEARTS: Cake Maker Contacts Administrator
--------------------------------------------------
Andrew John Duncan and Andrew Gordon Stoneman of Menzies
Corporate Restructuring were appointed joint administrators of
Queen Of Hearts Limited (Company Number 00915295) on Feb. 16.  

                           About Menzies

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

                        About the Company

Queen Of Hearts Limited bakes cakes.  For more information visit
its office at 1 Nuffield Industrial Estate, Ledgers Close,
Oxford, Oxfordshire OX4 6JS or call 01865718080.


REGAL PETROLEUM: Man Financial Holds 8.10% Equity Stake
-------------------------------------------------------
Cantor Fitzgerald notified Regal Petroleum PLC on Feb. 28 that
it has an interest in 5,039,956 of the Company's ordinary 5p
shares representing 3.92% of the issued Ordinary Share capital
of the Company.

At the same time, Man Financial Limited notified Regal that it
has an interest in 10,407,401 of the Company's ordinary 5p
shares representing 8.10% of the issued Ordinary Share capital
of the
Company.

                        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.


SIM-TEC DISTRIBUTION: Mobile Phone Retailer Calls Administrator
---------------------------------------------------------------
Peter Sargent of Begbies was appointed administrator of Traynor
Sim-Tec Distribution Ltd (Company Number 04860231) on Feb. 14.  
Its registered office is at 4 Railway Street, Huddersfield HD1
1JP.

                       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

Sim-Tec Distribution Ltd sells mobile phones.  Its office is
located at Huddersfield Bus Station, Upperhead Row,
Huddersfield, West Yorkshire HD1 2JN or call 0800 007 5058, fax
0800 007 5059.


SKYEPHARMA PLC: Sets Extraordinary General Meeting for March 9
--------------------------------------------------------------
SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) will hold an
Extraordinary General Meeting at the Sheraton Park Lane Hotel,
Piccadilly, London W1J 7BX at 11 am on Thursday, March 9, 2006.

The Company's Board of Director previously recommended that ADR
holders should vote AGAINST the resolution seeking to appoint
Mr. Robert Thian as a director.

Nominee companies have until 5:00 p.m. on Friday, March 3, to
vote.  Proxies must be received by the Company's Registrar
(Capita Registrars) by 11:00 a.m. on March 7.

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

                        *     *     *

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

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

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


TEKPRINT LIMITED: Taps Joint Administrators from Harrisons
----------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint administrators of Tekprint Limited (Company Number
04944748) on Feb. 13.  Its registered office is at Crown House,
119 St Marys Road, Market Harborough, Leicestershire LE16 7DT.

                         About Harrisons

Harrisons -- http://www.harrisons.uk.com/-- provide advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.  The firm has appointed an in-house solicitor specializing
in insolvency and security work to enable us to further broaden
the experience base of the firm.

CONTACT:  TEKPRINT LTD
          Kembrey Street
          Swindon SN2 8NY
          Wiltshire
          Tel: 01793 643291


TROJEN FAN: Creditors Meeting Set Today
---------------------------------------
Creditors of Trojen Fan & Fabrications Limited (Company Number
04502376) will meet on March 2, 2006, 11 a.m. at Hilton
Manchester Airport Hotel, Outwood Lane, Ringaway, Manchester M90
4WP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. Bowen, joint administrator of Moore Stephens
LLP, Beaufort House, Birmingham B3 1PB.

                      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.

CONTACT:  TROJEN FAN & FABRICATIONS LTD
          Unit 1, Oakhill Trading Estate,
          Devonshire Rd, Worsley,
          Manchester, Lancashire M28 3PT
          Tel: 01204 575151


WARSHIPS PRESERVATION: Vessel Firm Sinks
----------------------------------------
After 15 years of residing in Merseyside, Warships Preservation
Trust has gone into liquidation, Liverpool Echo says.

According to reports, the firm who preserves warships for
tourist attraction was forced to move out of its current
location due to some development plans for nearby warehouses.  

The Wirral council and the North West Development Agency tried
to save the company by throwing in EUR162,000 in an 11th hour
rescue bid but still failed to do so.

Council leader Steve Foulkes said, "It is difficult to offer any
more financial assistance because we would be using public
money, but we want the ships to stay on the Wirral."

Right now, Mersey Docks and Harbour Company have offered a
temporary home for the warships on the East Float, but the site
is not big enough for the star attraction, the U534, the only
German U-boat to have been raised from the seabed.

                            *********                            


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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Information contained herein is obtained from sources believed
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