TCREUR_Public/060306.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 6, 2006, Vol. 7, No. 46

                            Headlines

G E R M A N Y

R.D. ZAHNTECHNIK: Goppingen Court Begins Bankruptcy Proceedings
REICH & CO: Taps Karsten Totter to Administer Assets
RODGAU SPORT: Creditors' Meeting Set Tomorrow
SCHROTER + FABIAN: Claims Registration Ends April 5
SIEVERS MOBEL: Bueckeburg Court Halts Pending Proceedings

STAHLBAU HOYERSWERDA: Albert Wolff Leads Insolvency Process
T. & S.: Dortmund Court to Verify Claims Early May
THOMECZEK ELEKTROTECHNIK: Claims Filing Deadline Nears
TOP-SOL: Company Surrenders to Insolvency
TRIENEN BAU: Michael Selker Takes Over Operations

VITALCENTER JUNGBLUT: Administrator's Report Out by June
WASSERBETTEN-PROFIS: Liquidates Assets in Wadern
WEROLINK GMBH: Names Andreas Kienast Provisional Administrator
WILLY SCHAFER: Insolvency Report Out by March 30
WOLFGANG STAIGER: Rottweil Court Sets March 20 Claims Bar Date

WPK-STEUERUNGSTECHNIK: Kassel Court Rules on Bankruptcy


I R E L A N D

JSG FUNDING: Reports Fourth Quarter 2005 & Year End Results


K A Z A K H S T A N

FALKON D.S.: Crashes Into Bankruptcy
ALMATY TRADE: Declared Bankrupt by Almaty Court
KZYLKAIN: Sets Deadline for Proofs of Claim Filing
JANALYK: Creditors' Claims Due Middle of the Month
ARLAN: Gives Creditors Until Mid-March to Prove Claims


N E T H E R L A N D S

ROYAL SHELL: Cancels 1,500,000 A Shares in Buyback


R U S S I A

CRYSTAL AND STONE: Sverdlovsk Court Opens Bankruptcy Proceedings
DON-AGRO-KHIM-SERVICE: Declared Insolvent by Rostov Court
KARBONA: Bankruptcy Hearing Set Later This Month
REZIN-TEKHNIKA: Undergoes Bankruptcy Supervision Procedure
SEROVSKIY: Deadline for Proofs of Claims Ends Last Week of March

SPASSKIY MUKOMOL: Insolvency Manager Takes Over Firm
TEKH-SERVICE: Claims Filing Period Ends March 28
THERMO-ISOLATION: Court Names Temporary Insolvency Manager
ULYANOVSK-RASTMASLO: Firm Falls Into Bankruptcy
VOLZHSKIY-MEZH-RAY-GAS: Bankruptcy Hearing Set March 30


U K R A I N E

ALEDO: A. Prikaznichenko Takes Over Operations
ETANOL: Succumbs to Bankruptcy
GALAK LTD.: Nadiya Slidzyona to Liquidate Assets
GORLIVKA' MILK: Goes Into Liquidation
HADZHIBEJSKE: Bankruptcy Supervision Starts

PRODMASTER: Under Bankruptcy Supervision in Kyiv
SKORPION: Goes Into Liquidation
STOLITSYA: Chernigiv Court Opens Bankruptcy Proceedings
TERRO PLUS: Declared Insolvent by Donetsk Court
UKRTEHNOTORG: Insolvency Manager Comes In

VUGLEPROMENERGOSERVICE: Enters Into Liquidation Proceedings


U N I T E D   K I N G D O M

APPLEVIEW LTD: Tool Manufacturer Starts Winding Up Operations
BEES KNEES: Creditors' Meeting Set Thursday
BRAND PACKAGING: Hires KPMG to Administer Assets
CHILDWALL FIVEWAYS: Registration of Claims Ends March 24
COLLIS HEATING: Taps Joint Administrators from Moore Stephens

COLT TELECOM: Managing Director Wolfgang Essig Resigns
CONQUEST FOODS: Joint Administrators Take Over Helm
D.L. PACKING: Calls On Joint Liquidators to Wind Up Business
ESSENTIAL CLEANING: Claims Bar Date Set for March 24
ETCHELLS MACHINERY: Members Pass Winding Up Resolution

EVANS TECHNICAL: Liquidator Sets Claims Registration Deadline
FOSTER BLACK: Appoints Administrator from Antony Batty & Co.
HOMERTON TYRES: Hires Carter Backer Winter Administrator
KOPI COFFI: Coffee Blender Hires Administrator
LEGAL BROKERAGE: Names Stephen Hull to Liquidate Assets

LONDON GOLF: Members Approve Voluntary Liquidation
NAPPY FAIRY: Joint Liquidators Lead Wind Up Procedure
PETERS OF HUDDERSFIELD: Hires Joint Administrators From Kroll
RANK GROUP: Appoints Bill Shannon as Non-Executive Director
RESPONSE CONSTRUCTION: Brings In Elwell Watchorn as Liquidator

SHOOSH LIMITED: Financial Woes Prompt Voluntary Liquidation
S K SCAFFOLDING: Appoints Administrator
SUN CORPORATION: Joint Administrators Move In
TI AUTOMOTIVE: S&P Affirms BB- Corporate Credit Rating
TRIVIRIX INTERNATIONAL: Business for Sale

VENETE STEEL: Taps Joint Liquidators for Wind Up Proceedings
VICTORIA FUNDING: Fitch Affirms GBP9.8 Mln Class E Notes at BB
WHITEFRIARS-TOLHURST: Closes Operations & Liquidates Assets
WOLVERHAMPTON DOOR: Creditors Ratify Liquidator's Appointment

     ***********

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


R.D. ZAHNTECHNIK: Goppingen Court Begins Bankruptcy Proceedings
---------------------------------------------------------------
The District Court of Goppingen opened bankruptcy proceedings
against R.D. Zahntechnik GmbH on Feb. 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 1, 2006, to register their
claims with court-appointed provisional administrator Christoph
Jeutter.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Goppingen, Pfarrstrasse 25,
73033 Goppingen, Erdgeschoss, Saal 0.24, at 10:15 a.m. on
March 13, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  R.D. ZAHNTECHNIK GmbH
          Attn: Regina Rieger, Manager
          Stottener Berg 8, 73312 Geislingen

          Christoph Jeutter, Administrator
          c/o Mayer & Hauser, Bahnhofstrasse 3, 73066 Uhingen
          Tel: 07161/93790
          Fax: 937930


REICH & CO: Taps Karsten Totter to Administer Assets
----------------------------------------------------
The District Court of Hamburg opened bankruptcy proceedings
against Reich & Co. GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 3, 2006, to register their claims
with.

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 11:40 a.m. on
April 3, 2006, at which time court-appointed provisional
administrator Karsten Totter 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:  REICH & Co. GmbH
          Stahltwiete 13-19, 22761 Hamburg
          Attn: Siegfried Lux, Manager
          Buchenweg 31, 25436 Tornesch
          Reimund Reich, Manager
          Rua de Lazareto 346, P-Sao Concalo

          Karsten Totter, Administrator
          Speersort 4/6, 20095 Hamburg
          Tel: 303010
          Fax: 30301246


RODGAU SPORT: Creditors' Meeting Set Tomorrow
---------------------------------------------
The District Court of Offenbach am Main opened bankruptcy
proceedings against Rodgau Sport GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Offenbach am Main,
Kaiserstrasse 16-18, 63065 Offenbach am Main, at 9:05 a.m. on
March 7, 2006, at which time court-appointed provisional
administrator Peter Sieber 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:  RODGAU SPORT GmbH
          Attn: Karl Berger, Manager
          Harzer Str. 7, 63110 Rodgau

          Peter Sieber, Administrator
          Darmstadter Landstrasse 116, D-60598 Frankfurt am Main
          Tel: 069/7422660
          Fax: 069/745483


SCHROTER + FABIAN: Claims Registration Ends April 5
---------------------------------------------------
The District Court of Dortmund opened bankruptcy proceedings
against Schroter + Fabian Elektronische Sicherheitssysteme GmbH
on Feb. 2.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
April 5, 2006, to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dortmund, Gerichtsplatz 1,
44135 Dortmund, II. Etage, Saal 3.201, at 9:30 a.m. on April 24,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and/or opt to appoint a new insolvency manager.

CONTACT:  SCHROTER + FABIAN ELEKTRONISCHE SICHERHEITSSYSTEME
          GmbH - Otto-Brenner-Str. 8, 59067 Hamm
          Attn: Udo Dirkvormhof, Manager
          Soester Str. 280, 59071 Hamm

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Rheinlanddamm 199, 44139 Dortmund
          Tel: 0231-2255370
          Fax: 0231-2255373


SIEVERS MOBEL: Bueckeburg Court Halts Pending Proceedings
---------------------------------------------------------
The District Court of Bueckeburg opened bankruptcy proceedings
against Sievers Mobel & Bauelemente GmbH on Feb. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 14, 2006,
to register their claims with court-appointed provisional
administrator Matthias Lehmann.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bueckeburg, Saal 504,
Amtsgericht, Schulstr 2, 31675 Bueckeburg, at 10:00 a.m. on
April 18, 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:  SIEVERS MOBEL & BAUELEMENTE GmbH
          Breiten Graben 30, 31558 Hagenburg

          Matthias Lehmann, Administrator
          Mindener Str. 6, 31675 Bueckeburg
          Tel: 05722/1016
          Fax: 05722/1018


STAHLBAU HOYERSWERDA: Albert Wolff Leads Insolvency Process
-----------------------------------------------------------
The District Court of Dresden opened bankruptcy proceedings
against Stahlbau Hoyerswerda GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dresden, Saal D131,
Olbrichtplatz 1, 01099 Dresden, at 11:30 a.m. on March 13, 2006,
at which time court-appointed provisional administrator Albert
Wolff 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:  Stahlbau Hoyerswerda GmbH
          Industriegelande Strasse A, Nr 27 in 02977 Hoyerswerda
          Attn: Manfred Ziervogel, Manager

          Albert Wolff, Administrator
          Weisseritzstr. 3, 01067 Dresden
          Web: http://www.warako.de/


T. & S.: Dortmund Court to Verify Claims Early May
--------------------------------------------------
The District Court of Dortmund opened bankruptcy proceedings
against T. & S. Fricke Beteiligungs GmbH on Feb. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 31, 2006,
to register their claims with court-appointed provisional
administrator Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Dortmund, Gerichtsplatz 1,
44135 Dortmund, II. Etage, Saal 3.201, at 10:00 a.m., on
March 2, 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 May 4, 2006, at the same venue.

CONTACT:  T. & S. FRICKE BETEILIGUNGS GmbH
          Rueschebrinkstr. 151-153, 44143 Dortmund
          Attn: Stephan and Thomas Fricke, Managers

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Tel: 54110
          Fax: 5411266


THOMECZEK ELEKTROTECHNIK: Claims Filing Deadline Nears
------------------------------------------------------
The District Court of Hannover opened bankruptcy proceedings
against thomeczek elektrotechnik gmbh on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until March 12, 2006, to
register their claims with court-appointed provisional
administrator Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Hannover, Dienstgebaude,
Hamburger Allee 26, 30161 Hannover, at 9:50 a.m. on April 12,
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:  THOMECZEK ELEKTROTECHNIK GMBH
          Quellengrund 2, 30453 Hannover
          Attn: Holger Thomeczek, Manager

          Karina Schwarz, Administrator
          Adenauerallee 6, 30175 Hannover
          Tel: 0511/35399160
          Fax: 0511/35399166


TOP-SOL: Company Surrenders to Insolvency
-----------------------------------------
The District Court of Magdeburg opened bankruptcy proceedings
against ToP-SOL.Bau KG on Jan. 31.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 1, 2006, to register their claims
with court-appointed provisional administrator Sabine von Stein-
Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Magdeburg, Saal D,
Liebknechtstrasse 65-91, 39110 Magdeburg, at 10:00 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:  TOP-SOL.BAU KG
          Wilslebener Str. 7, 06449 Aschersleben
          Attn: Mesut Ermis, Manager
          Worthstr. 5, 06449 Aschersleben

          Sabine von Stein-Lausnitz, Administrator
          Schonebecker Str. 82-84, 39104 Magdeburg
          Tel: 0391/4082090
          Fax: 0391/40820922


TRIENEN BAU: Michael Selker Takes Over Operations
-------------------------------------------------
The District Court of Osnabrueck opened bankruptcy proceedings
against Trienen Bau-GmbH on Jan. 30.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until March 10, 2006, to register their claims
with court-appointed provisional administrator Michael Selker.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Osnabrueck, N 301,
Nebenstelle, Kollegienwall 10, 49074 Osnabrueck, at 10:00 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:  Trienen Bau-GmbH
          Koblenzer Strasse 64 a, 50968 Koln
          Attn: Johannes Trienen, Manager
          Backhausbreite 20, 49084 Osnabrueck

          Michael Selker, Administrator
          Niedersachsenstr. 11a, 49074 Osnabrueck
          Tel: 0541/357450
          Fax: 0541/3574511


VITALCENTER JUNGBLUT: Administrator's Report Out by June
--------------------------------------------------------
The District Court of Bremen opened bankruptcy proceedings
against VitalCenter jungblut Bremen 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 Frank-Michael Rhode.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Bremen, Saal 115,
Ostertorstr 25-31, 28195 Bremen, at 10:15 a.m., on April 6,
2006, at which time the administrator will present his first
report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report at 9:15
a.m., on June 29, 2006, at the same venue.

CONTACT:  VITALCENTER JUNGBLUT BREMEN GmbH
          Haferwende 6, 28357 Bremen
          Attn: Ralf Werner Maria Jungblut, Manager
          St.-Gotthard-Str. 69, 28325 Bremen

          Frank-Michael Rhode, Administrator
          Graf-Moltke-Str. 62, 28211 Bremen
          Tel: 0421/3485212/213
          Fax: 0421/341078


WASSERBETTEN-PROFIS: Liquidates Assets in Wadern
------------------------------------------------
The District Court of Saarbruecken opened bankruptcy proceedings
against Wasserbetten-Profis GmbH on Feb. 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 15, 2006, to register their
claims with court-appointed provisional administrator Ralf
Hemmer.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Saarbruecken,
Vopeliusstrasse 2, 66280 Sulzbach, 1. Etage, Saal 13, at 9:20
a.m., on March 22, 2006, at which time the administrator will
present his first report on the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report at 9:10 a.m., on April 12, 2006, at the same venue.

CONTACT:  WASSERBETTEN-PROFIS GmbH
          Losheimer Strasse 34, 66687 Wadern
          Attn: Guelsen Albayrak, Manager
          Kalkberg 20, 66839 Schmelz

          Ralf Hemmer, Administrator
          Saarbruecker Strasse 58, 66292 Riegelsberg
          Tel: (06806) 44 04 81
          Fax: (06806) 4 47 80


WEROLINK GMBH: Names Andreas Kienast Provisional Administrator
--------------------------------------------------------------
The District Court of Magdeburg opened bankruptcy proceedings
against WEROLINK GmbH on Feb. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Magdeburg, Saal E,
Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg, at
9:45 a.m. on March 22, 2006, at which time court-appointed
provisional administrator Andreas Kienast 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:  WEROLINK GmbH
          Grundweg 12, 39218 Schonebeck
          Attn: Andreas and Wolfgang Luther, Managers
          Robinienweg 8, 39245 Plotzky

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


WILLY SCHAFER: Insolvency Report Out by March 30
------------------------------------------------
The District Court of Offenbach am Main opened bankruptcy
proceedings against Willy Schafer GmbH on Feb. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until Thursday, March 9,
2006, to register their claims with court-appointed provisional
administrator Dr. Matthias Hartard.

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 9:25 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:  WILLY SCHAFER GmbH
          Wernher-von-Braun-Str. 8, 63303 Dreieich
          Attn: Willy Schafer, Manager

          Dr. Matthias Hartard, Administrator
          Frankfurter Str. 100, D-63067 Offenbach am Main
          Tel: 069/8007840
          Fax: 069/80078410


WOLFGANG STAIGER: Rottweil Court Sets March 20 Claims Bar Date
--------------------------------------------------------------
The District Court of Rottweil opened bankruptcy proceedings
against Wolfgang Staiger Bauunternehmen 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 Rasmus Reinhardt.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Rottweil, Kornerstr. 29,
EG, Zimmer 0.05, 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:  WOLFGANG STAIGER BAUUNTERNEHMEN GmbH & Co. KG
          Attn: Wolfgang Staiger, Manager
          Hafnerweg 2, 78737 Fluorn-Winzeln

          Rasmus Reinhardt, Administrator
          Konigstrasse 16, 78628 Rottweil


WPK-STEUERUNGSTECHNIK: Kassel Court Rules on Bankruptcy
-------------------------------------------------------
The District Court of Kassel opened bankruptcy proceedings
against WPK-Steuerungstechnik GmbH on Feb. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 15, 2006, to register their
claims with court-appointed provisional administrator Henning
Jung.

Creditors and other interested parties are encouraged to attend
the meeting at the District Court of Kassel, Saal 234,
Friedrichsstrasse 32-34, 34117 Kassel, at 11:00 a.m., on
March 20, 2006, at which time the administrator will present his
first report on the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report at 9:00
a.m., on May 8, 2006, at the same venue.

CONTACT:  WPK-STEUERUNGSTECHNIK GmbH
          Lilienthalstrasse 3, 34123 Kassel
          Attn: Dieter Walter, Manager
          Frank Prohaska, Manager
          Harald Kimm, Manager

          Henning Jung, Administrator
          Wilhelmshoher Allee 270, 34131 Kassel
          Tel: 0561/3166311
          Fax: 0561/3166312
          E-mail: ks@dithmar-westhelle.de


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I R E L A N D
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JSG FUNDING: Reports Fourth Quarter 2005 & Year End Results
-----------------------------------------------------------
JSG Funding plc, incorporating Smurfit Kappa Group, reported
results for the three months and year ended Dec. 31, 2005.

Smurfit Kappa Group was formed on Dec. 1, 2005, with the merger
of the operations of Jefferson Smurfit Group (JSG) and Kappa
Packaging.

The 2005 fourth quarter results represent the first reporting
period for SKG following the merger of JSG and Kappa.  SKG's
2005 actual fourth quarter results include three months of JSG
and one month of Kappa combined.  Similarly, results for the
full year to
Dec. 31, 2005, include JSG's results for 12 months and results
of Kappa for the month of December only.

As part of the process of accounting for the merger, Kappa's
results for the month of December have been restated to conform
to Irish GAAP and these alignments are subject to audit, which
may lead to an adjustment.  However, no material adjustment is
anticipated.  In addition, the taxation charge for 2005 has yet
to be finalized.  The assets and liabilities acquired from Kappa
will be fair valued under Irish GAAP and this exercise is
ongoing and will result in changes principally to fixed assets,
goodwill, pension liabilities and taxation.

     2005 Fourth Quarter & Full Year Financial Performance
            (including acquisitions and disposals)

Net sales, including the impact of acquisitions and disposals,
increased modestly in the fourth quarter but show a decline for
the full year, due to lower paper prices year-on-year and the
sale of the Munksj” specialty operations during 2005.  Fourth
quarter net sales of EUR1.244 billion increased 4% on the fourth
quarter of 2004 levels, reflecting the consolidation of the
Kappa results in December.

EBITDA, before exceptional items, for the fourth quarter of
2005, at EUR143 million was EUR17 million lower than in the same
period of 2004.  This decline reflects weak market conditions in
Europe and asset disposals (principally JSG's sale of Munksj”'s
specialty businesses) during 2005.

Full year EBITDA, before exceptional items, of ?493 million,
declined 19% against EUR606 million in the same period of 2004
representing a margin on net sales of 11.1% and 12.6%
respectively.  Again, this performance reflects both the
difficult operating environment and corporate activity during
2005, particularly the sale of the Munksj” specialty operations.

                  Product Market Overview

Europe

European market conditions remained difficult during 2005.  Many
of the larger European economies reported relatively low
corrugated growth, with a decline in the UK, and less than 1%
growth in Italy and Spain.  Against that backdrop, substantial
new capacity in recycled containerboard was introduced in 2005
without a corresponding reduction in older, more inefficient
capacity.  Kraftliner and recycled containerboard prices were
lower in 2005 than in 2004 reflecting this weak environment.
Paper prices declined during the second and (more evidently) in
the third quarter of 2005.  However, market economic conditions
showed signs of improvement in the fourth quarter following the
announcement of plans to close capacity by some European
producers and a modest improvement in demand.

On a comparable 12-month basis, incorporating only JSG,
kraftliner volumes declined 2% on 2004 levels.  This decline in
volumes, coupled with lower prices and rising input costs,
negatively impacted the financial performance of kraftliner
operations. Recycled containerboard volumes (excluding mills
closed or sold) were unchanged in 2005 on 2004 levels, however,
paper prices declined year-on-year.  In particular, the French
recycled market was weak in 2005 with volumes declining 1% on
2004 levels.  SKG has recently announced the closure of a number
of French recycled containerboard mills.

Paper price increases, of EUR50 per tonne on kraftliner and
between EUR30 and EUR50 per tonne on recycled, were announced in
the fourth quarter of 2005 in an attempt to commence the
recovery of rising input costs; specifically energy prices.
These price increases were partially implemented during the
fourth quarter but did not materially impact performance during
the quarter due to the phasing of their introduction and the
continued rise in input costs.  The closure of European
containerboard capacity and the improvement in demand in some of
the larger European economies started to contribute to a better
market environment in the first quarter of 2006.  This
improvement in demand has enabled producers to implement a
further price increase, announced for February/March.

Corrugated volumes in Europe in 2005 were unchanged on 2004
levels.  Excluding the UK, where JSG closed a facility in late
2004, volumes increased 1%.  This modest increase better
reflects general market conditions in Europe in 2005 and the
avoidance of price chasing.  Product prices declined marginally
on 2004 levels reflecting the weakness in paper prices
throughout the year.  Market conditions varied across Europe in
2005 with reasonable volume growth in countries such as Ireland,
Holland, Germany and Norway offset by lower growth in the larger
European markets of Spain and Italy and declines in the UK and
France.  In Eastern Europe, corrugated volumes continued to grow
throughout 2005.   These markets are becoming increasingly
competitive.  The combined Group should benefit going forward
from a stronger presence in these markets overall.  Paper price
increases are now creating the conditions for a justifiable
increase in European corrugated prices.

Sack kraft had a difficult fourth quarter and year.  Volumes
declined 2% on 2004 levels while product prices were up 2% year
on year.  In sack converting, volumes declined 3% year-on-year.
Difficult market conditions were aggravated by a labor strike in
one of our Spanish plants during 2005.  This has now been
resolved.  In graphic board, volumes increased 1% year-on-year
and prices were up 2%.

         Fourth Quarter Cash Flows & Capital Structure

SKG is reporting free cash flow for the fourth quarter of 2005
of EUR31 million, compared to EUR22 million for the same period
in 2004.  Although its loss before taxation was higher in the
fourth quarter of 2005, the increase was partly the result of
charges, such as the impairment of fixed assets, which are added
back in arriving at free cash flow.  In addition, the Company's
cash flow in 2005 benefited from a considerably higher working
capital inflow than in 2004 and reduced other outflows.

The fourth quarter depreciation charge, at EUR67 million was
higher than in the same period in 2004, primarily due to the
presence in 2005 of the former Kappa operations, which more than
compensated for the absence of the Munksjo specialty operations.
The depreciation charge in respect of the former Kappa
operations amounted to approximately EUR16 million for the month
of December compared to a charge of over EUR 5 million in
respect of the Munksjo specialty operations in the fourth
quarter of 2004.

Capital expenditure at EUR 76 million in the fourth quarter of
2005 represented 113% of depreciation.  The phasing of capital
expenditure in 2005 was similar to 2004 with a relatively high
level of expenditure in the fourth quarter compared to the prior
three quarters.

Tax payments were lower in the fourth quarter than the same
period of 2004 primarily because of the absence of the Munksjo
specialty operations and partly as a result of the phasing of
payments.  Working capital decreased by EUR 39 million in the
fourth quarter with lower debtors and to a lesser extent stocks
offset by lower creditors.

Cash flow from financing was modest in the fourth quarter of
2005 other than cash flow management in respect of the merger.
Of the total of EUR238 million payable in respect of the merger,
primarily to Kappa's former shareholders, SKG paid approximately
EUR204 million in December.  The merger financing resulted in
debt issuance costs of EUR88 million and transaction fees and
expenses of EUR4 million.  In the fourth quarter of 2004, cash
flows from financing and investment activity amounted to EUR3
million.

SKG's free cash flow of EUR31 million for the fourth quarter was
more than offset by the financing and investment outlay of
EUR298 million resulting in an overall net cash outflow for the
quarter of EUR267 million.  This compares with a net cash inflow
of EUR19 million in 2004.  A negative currency adjustment of
almost EUR 9 million arose in the quarter primarily because of a
weakening of the euro against the US dollar from US$1.2042 at
the end of September 2005 to US$1.180 at the end of December
2005.

As a result of the increased net borrowing of EUR1.805 billion
from the former Kappa operations together with the deficit for
the quarter and negative currency adjustments, net borrowing for
SKG increased by EUR2.081 billion in the fourth quarter of 2005.
In total, net borrowing of approximately EUR4.507 billion
(EUR4.530 billion including capital leases of over EUR23
million) at December 2005 compared to EUR2.425 billion (EUR
2.440 billion including leases) at September 2005.  If the new
PIK notes in JSG Holdings are included together with net cash in
the companies above JSG Funding, the total net borrowing at the
level of JSG Packaging is EUR4.890 billion at December 2005.
This does not include the subordinated promissory note of EUR89
million payable to Kappa shareholders which was issued
subsequent to the year end.

               Performance Review and Outlook

"This financial performance reflects difficult market
conditions, particularly in Europe, and is not at a level where
we want or expect it to be," Gary McGann, Chief Executive
Officer, said.  "Weak demand, excess capacity growth and rising
input costs characterized the European operating environment,
while our Latin American operations reported another strong
performance in 2005. Overall, we continue to benefit from our
geographic balance.

"In our last review, we pointed to signs of potentially
improving industry conditions in Europe.  Initial indicators of
recovery have continued into Q1 2006.  This together with, what
now appears to be, increasingly rational capacity management
decisions should, if sustained, deliver economic returns for the
industry's shareholders if there is clear determination on the
industry's part to achieve adequate pricing levels through the
value chain. In our view, there is no choice!

"We also identified a need for structural change in the European
industry.  The combination of Jefferson Smurfit Group with Kappa
Packaging BV to form Smurfit Kappa Group is a first step towards
addressing that need.  With a well invested base and a
commitment to rational capacity management, we will continue to
exercise restraint in our capital programmes while improving the
quality of our offering and service.  An increasingly efficient
asset base and an extensive geographic presence will enhance our
ability to better serve current and prospective customers."

At Dec. 31, 2005, the Company's balance sheet showed EUR9.1
billion in total assets, EUR7.9 billion in total liabilities,
and EUR1.7 billion in stockholders' equity.

                      About the Company

Headquartered in Dublin, Ireland, JSG Funding plc is a special
purpose entity formed for the purpose of issuing notes.

                       *     *     *

JSG Funding's 7-3/4% senior subordinated notes due 2015 carry
Moody's Investors Service's Caa1 rating and B- ratings from
Standard & Poor's and Fitch.


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


FALKON D.S.: Crashes Into Bankruptcy
------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region declared LLP Falkon D.S. bankrupt.  Proofs of claim will
be accepted at Karaganda, Jambyl Str. 9 on or before March 20,
2006.

CONTACT:  FALKON D.S.
          Karaganda, Jambyl Str. 9


ALMATY TRADE: Declared Bankrupt by Almaty Court
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty region
declared CJSC Almaty Regional Trade & Purchasing Company
bankrupt.  Proofs of claim will be accepted at Almaty,
Makatayeva Str. 117 on or before March 20, 2006.

The company can be contacted at 8 300 111 77-02.


KZYLKAIN: Sets Deadline for Proofs of Claim Filing
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty region
declared LLP Kzylkain bankrupt on December 28, 2005.  Proofs of
claim will be accepted at Taldykorgan, Byrjan Sal Str. 80-30 on
or before March 20, 2006.

The company can be contacted at 8 (32822) 24-74-83.


JANALYK: Creditors' Claims Due Middle of the Month
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola region
declared JSC Janalyk bankrupt on Dec. 26, 2005.  Proofs of claim
will be accepted at Kokshetau, Auelbekova Str. 139a, room 228 on
or before March 17, 2006.

The company can be contacted at 8 (3162) 25-79-32


ARLAN: Gives Creditors Until Mid-March to Prove Claims
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola region
declared LLP Arlan bankrupt on October 12, 2005.  Proofs of
claim will be accepted at Kokshetau, Auelbekova Str. 139a, room
228 on or before March 17, 2006.

The company can be contacted at 8 (3162) 25-79-32.


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


ROYAL SHELL: Cancels 1,500,000 A Shares in Buyback
--------------------------------------------------
Royal Dutch Shell plc purchased 1,300,000 'A' Shares for
cancellation at a price of 25.84 euros per share on March 2,
2006.

In addition, it purchased for cancellation 200,000 'A' Shares at
a price of 1,768.44 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,912,525,000.

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

                           *     *     *

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

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
===========


CRYSTAL AND STONE: Sverdlovsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Crystal And Stone after finding the close
joint stock company insolvent.  The case is docketed as A60-
18043/2003-S2.  Mr. V. Kvanskov has been appointed insolvency

CONTACT:  V. KVANSKOV
          Insolvency Manager
          620142, Russia, Ekaterinburg,
          Post User Box 380


DON-AGRO-KHIM-SERVICE: Declared Insolvent by Rostov Court
---------------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Don-Agro-Khim-Service after finding the open
joint stock company insolvent.  The case is docketed as A53-
3167/05-S2-33.  Mr. S. Orlov has been appointed insolvency
manager.

Creditors have until March 28, 2006 to submit their proofs of
claim to 344095, Russia, Rostov-na-Donu, Post User Box 7108.  A
hearing will take place on March 28, 2006.

CONTACT:  DON-AGRO-KHIM-SERVICE
          Russia, Rostov-na-Donu,
          Soglasiya Str. 7

          S. ORLOV
          Insolvency Manager
          344095, Russia, Rostov-na-Donu,
          Post User Box 7108


KARBONA: Bankruptcy Hearing Set Later This Month
------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision on open joint stock company Karbona.  The case is
docketed as A-57-384B/05-23.  Mr. I. Shesterkin has been
appointed temporary insolvency manager.  A hearing will place on
March 21, 2006, 2:15 p.m. at the Arbitration Court of Saratov
region.

CONTACT:  KARBONA
          Russia, Saratov region,
          Krasnoarmeysk, 1st location ABK

          I. SHESTERKIN
          Temporary Insolvency Manager
          410005, Russia, Saratov region,
          Post User Box 3690


REZIN-TEKHNIKA: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision on open joint stock company Rezin-
Tekhnika.  The case is docketed as A60-40158/2005-S11.  Mr. A.
Titov has been appointed temporary insolvency manager.

CONTACT:  REZIN-TEKHNIKA
          620076, Russia, Ekaterinburg,
          Garshina Str. 1

          A. TITOV
          Temporary Insolvency Manager
          620075, Russia, Ekaterinburg,
          Gorkogo Str. 31


SEROVSKIY: Deadline for Proofs of Claims Ends Last Week of March
----------------------------------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Serovskiy after finding the open joint stock
company insolvent.  The case is docketed as A60-14320/2005-S2.
Mr. P. Lazarev has been appointed insolvency manager.  Creditors
have until March 28, 2006, to submit their proofs of claim to
620000, Russia, Sverdlovsk region, Ekaterinburg, Main Post
Office, Post User Box 106.

CONTACT:  SEROVSKIY
          624992, Russia, Sverdlovsk region,
          Serov, Kuzmina Str. 92

          P. LAZAREV
          Insolvency Manager
          620000, Russia, Sverdlovsk region, Ekaterinburg,
          Main Post Office, Post User Box 106


SPASSKIY MUKOMOL: Insolvency Manager Takes Over Firm
----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision on limited liability company Spasskiy
Mukomol.  The case is docketed as A43-37846/2005, 33-464.
Mr. E. Golennikov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 680000, Russia,
Khabarovsk-13, Post User Box 4227.  A hearing will take place on
April 11, 2006, 1:15 p.m.

CONTACT:  SPASSKIY MUKOMOL
          Russia, Nizhniy Novgorod region, Spasskiy region,
          Spasskoye, Sovetskaya Str. 60

          E. GOLENNIKOV
          Temporary Insolvency Manager
          440039, Russia, Penza region,
          Shmidta Str. 4


TEKH-SERVICE: Claims Filing Period Ends March 28
------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Tekh-Service (TIN 2346000030) after finding
the open joint stock company insolvent.  The case is docketed as
A-32-7423/1005-27/77-B.  Mr. A. Andreev has been appointed
insolvency manager.

Creditors have until March 28, 2006 to submit their proofs of
claim to the Arbitration Court of Krasnodar region.  A hearing
will take place on Dec. 14, 2006, 2:15 p.m.

CONTACT:  TEKH-SERVICE
          Russia, Krasnodar region,
          Pavlovskaya St., Promyshlennaya Str. 1

          A. ANDREEV
          Insolvency Manager
          Russia, Krasnodar region,
          Pavlovskaya St., Promyshlennaya Str. 1


THERMO-ISOLATION: Court Names Temporary Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision on limited liability company
Thermo-Isolation.  The case is docketed as A-75-4386/2005.  Mr.
V. Shapran has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Tyumen
region, Melnikayte Str. 44A.

CONTACT:  THERMO-ISOLATION
          628616, Russia, Khanty-Mansiyskiy autonomous region,
          Nizhnevartovsk, Pobedy Pr. 26A

          V. SHAPRAN
          Temporary Insolvency Manager
          Russia, Tyumen region,
          Melnikayte Str. 44A


ULYANOVSK-RASTMASLO: Firm Falls Into Bankruptcy
-----------------------------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Ulyanovsk-Rastmaslo after finding the open
joint stock company insolvent.  The case is docketed as A72-
10834/04-19/33-B.  Mr. O. Kurbanov has been appointed insolvency
manager.  Creditors have until March 28, 2006, to submit their
proofs of claim to the 432063, Russia, Ulyanovsk region, Post
User Box 1786.

CONTACT:  ULYANOVSK-RASTMASLO
          Russia, Ulyanovsk region,
          Energetikov Proezd, 8

          O. KURBANOV
          Insolvency Manager
          432063, Russia, Ulyanovsk region,
          Post User Box 1786


VOLZHSKIY-MEZH-RAY-GAS: Bankruptcy Hearing Set March 30
-------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision on open joint stock company Volzhskiy-
Mezh-Ray-Gas.  The case is docketed as A12-33954/05-s58.  Mr. A.
Serbienko has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 400005, Russia,
Volgograd region, Post User box 251.  A hearing will take place
on March 30, 2006.

CONTACT:  VOLZHSKIY-MEZH-RAY-GAS
          Russia, Volgograd region,
          Volzhskiy, Karbysheva Str. 11

          A. SERBIENKO
          Temporary Insolvency Manager
          400005, Russia, Volgograd region,
          Post User Box 251


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


ALEDO: A. Prikaznichenko Takes Over Operations
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against LLC Aledo (code EDRPOU 31361472) after
finding the limited liability company insolvent.  The case is
docketed as 43/840.  Mr. A. Prikaznichenko has been appointed
liquidator/insolvency manager.

CONTACT:  ALEDO
          04080, Ukraine, Kyiv region,
          V. Hvojka Str. 21 A

          Mr. A. Prikaznichenko
          Liquidator/Insolvency Manager
          04071, Ukraine, Kyiv region,
          Mezhigirska Str. 22, office 33

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


ETANOL: Succumbs to Bankruptcy
------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Etanol (code EDRPOU 30183376) on January 12,
2006, after finding the close joint stock company insolvent.
The case is docketed as 15/15-b.  Mr. O. Sherban has been
appointed liquidator/insolvency manager.

CONTACT:  ETANOL
          04073, Ukraine, Kyiv region,
          Chervonih Kozakiv Avenue 9

          Mr. O. Sherban
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 157

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


GALAK LTD.: Nadiya Slidzyona to Liquidate Assets
------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Galak Ltd. (code EDRPOU 19355295) on
December 27, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/291-8/265.  Ms. Nadiya
Slidzyona has been appointed liquidator/insolvency manager.

CONTACT:  GALAK LTD.
          Ukraine, Lviv region, Peremishlyani,
          Mizhgirska Str. 4

          Ms. Nadiya Slidzyona
          Liquidator/Insolvency Manager
          79000, Ukraine, Lviv region,
          Novovoznesenska Str. 103

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


GORLIVKA' MILK: Goes Into Liquidation
-------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against JSCCT Gorlivka' City Milk Plant (code EDRPOU
00445368 2600698072) on January 11, 2006 after finding the
limited liability company insolvent.  The case is docketed as
33/34 B.  Mr. Grigorij Starodub (license AB 271583 of Dec. 13,
2005) has been appointed liquidator/insolvency manager.

CONTACT:  GORLIVKA' CITY MILK PLANT
          84639, Ukraine, Donetsk region,
          Gorlivka, Mikitivska Str. 33

          Mr. Grigorij Starodub
          Liquidator/Insolvency Manager
          83015, Ukraine, Donetsk region,
          Miru Avenue 8/233

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


HADZHIBEJSKE: Bankruptcy Supervision Starts
-------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure on OJSC Hadzhibejske (code EDRPOU
00413191) on Dec. 7, 2005.  The case is docketed as 21/274-05-
11153.  Mr. Oleksandr Belov has been appointed temporary
insolvency manager.

CONTACT:  HADZHIBEJSKE
          67660, Ukraine, Odessa region,
          Bilyaivskij district, Holodna Balka,
          Sanatorna Str. 2

          Mr. Oleksandr Belov
          Temporary Insolvency Manager
          65011, Ukraine, Odessa region,
          Uspenska Str. 53-7

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


PRODMASTER: Under Bankruptcy Supervision in Kyiv
------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on CJSC Trade House Prodmaster (code
EDRPOU 25397808).  The case is docketed as 15/921-b.  Mr.
Golubij Igor has been appointed temporary insolvency manager.

CONTACT:  PRODMASTER
          03151, Ukraine, Kyiv region,
          Volinska Str. 34/1

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


SKORPION: Goes Into Liquidation
-------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against LLC Skorpion (code EDRPOU 30483188) on
January 11, 2006, after finding the limited liability company
insolvent.  The case is docketed as 15/189 B.  Ms. Irina Rakoyid
has been appointed liquidator/insolvency manager.

CONTACT:  SKORPION
          83050, Ukraine, Donetsk region,
          Shevchenko Boulevard 4/321

          Ms. Irina Rakoyid
          Liquidator/Insolvency Manager
          83003, Ukraine, Donetsk region,
          Illich Avenue 91
          Phone: 332-35-59

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


STOLITSYA: Chernigiv Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against LLC Stolitsya (code EDRPOU 31606197) after
finding the limited liability company insolvent.  The case is
docketed as 4/310 b.  CJSC Energoresursi has been appointed
liquidator.

CONTACT:  STOLITSYA
          15555, Ukraine, Chernigiv region,
          Slabin, Lisova Str. 1

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


TERRO PLUS: Declared Insolvent by Donetsk Court
-----------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against terro plus (code EDRPOU 33256902) on after
finding the limited liability company insolvent.  The case is
docketed as 27/187-B.   Mr. Milonov Rostislav has been appointed
liquidator/insolvency manager.

CONTACT:  TERRO PLUS
          Ukraine, Donetsk region,
          Gorkij Str. 150

          Mr. Milonov Rostislav
          Liquidator/Insolvency Manager
          83048, Ukraine, Donetsk region,
          Artema Str. 159/26

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


UKRTEHNOTORG: Insolvency Manager Comes In
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrtehnotorg (code EDRPOU 32210851) on after
finding the private enterprise insolvent.  The case is docketed
as 15/25-b.  State Tax Inspection of Kyiv region has been
appointed liquidator.

CONTACT:  UKRTEHNOTORG
          03142, Ukraine, Kyiv region,
          Akademik Krimskij Str. 27 A

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


VUGLEPROMENERGOSERVICE: Enters Into Liquidation Proceedings
-----------------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Vuglepromenergoservice (code EDRPOU
30443920) after finding the company insolvent.  The case is
docketed as 5/54 B.  Mr. E. Lesnikov (license 116080) has been
appointed liquidator/insolvency manager.

CONTACT:  VUGLEPROMENERGOSERVICE
          85400, Ukraine, Donetsk region,
          Selidove, Shors Str. 17

          Mr. E. Lesnikov
          Liquidator/Insolvency Manager
          85483, Ukraine, Donetsk region,
          Novogrodivka, O. Koshovij Str. 37/19

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


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


APPLEVIEW LTD: Tool Manufacturer Starts Winding Up Operations
-------------------------------------------------------------
Appleview (UK) Ltd is winding up its business after members
established that the company could not continue its operations
due to its liabilities.

Members authorized Christophen J. Brown and Andrew J. Maybery,
of Hart Shaw, to jointly lead the winding up proceedings.

CONTACT:  APPLEVIEW (UK) LTD
          Unit 9
          Crompton Road
          Ilkeston Derbyshire
          DE7 4BG
          Tel: 0115 944 2627
          Fax: 0115 944 1866


BEES KNEES: Creditors' Meeting Set Thursday
-------------------------------------------
Creditors of Bees Knees Recruitment Agency Limited will meet on
March 9, 2006, 2:30 p.m. at 4 Giles Court, Southampton Street,
Reading, Berkshire RG1 2QL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to P. R. Boyle, joint administrative receiver of
Harrisons, 4 Giles Court, Southampton Street, Reading, Berkshire
RG1 2QL not later than 12 noon, March 8, 2006.

                       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.


BRAND PACKAGING: Hires KPMG to Administer Assets
------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint administrator of Brand Packaging Limited (Company Number
01915327) on Feb. 17.

                           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

Headquartered in Salford, Brand Packaging Limited --
http://www.brandpack.co.uk/-- is an employee-owned, pan-
European manufacturer and supplier of flexible packaging on the
reel.


CHILDWALL FIVEWAYS: Registration of Claims Ends March 24
--------------------------------------------------------
Members of Childwall Fiveways Garage Limited decided to
liquidate the company's assets during an Extraordinary General
Meeting on Feb. 10.

Appointed Joint Liquidator, David Moore, required creditors to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) on or before March 24, 2006.

CONTACT:  CHILDWALL FIVEWAYS GARAGE LIMITED
          Queens Drive
          Liverpool Merseyside
          L15 6YB
          Tel: 0151 722 2257


COLLIS HEATING: Taps Joint Administrators from Moore Stephens
-------------------------------------------------------------
Simon Paterson and David Elliott of Moore Stephens LLP were
appointed joint administrators of Collis Heating Limited
(Company Number 01039732) on Feb. 20.

                      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:  COLLIS HEATING LIMITED
          Collis House
          Knight Road, Stroud
          Rochester
          ME2 2DZ, Kent
          Tel: 01634 290221
          Fax: 01634 290247


COLT TELECOM: Managing Director Wolfgang Essig Resigns
------------------------------------------------------
COLT Telecom Group plc disclosed the immediate resignation of
Wolfgang Essig as managing director for COLT in Germany.
Detlef Spang, COLT's managing director for sales and marketing,
will take up the role on an interim basis.

"On behalf of everyone at COLT I would like to thank Wolfgang
for the contribution he has made in developing our business in
Germany as the organization has gone through a period of major
change," Chief Executive Jean-Yves Charlier said.  "We wish him
well for the future."

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

                            *   *   *

On March 1, 2006, 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.


CONQUEST FOODS: Joint Administrators Take Over Helm
---------------------------------------------------
Simon Allport and Thomas Andrew Jack of Ernst & Young LLP were
appointed joint administrators of Conquest Foods UK Limited
(Company Number 05374661) on Feb. 20.  Its registered office is
at Coulman Road, Thorne, Doncaster, South Yorkshire DN8 5JS.

                       About Ernst & Young

Ernst & Young -- http://www.ey.com/-- is global organization
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.

                        About the Company

Headquartered in Thorne, South Yorkshire, Conquest Foods UK Ltd
-- http://www.conquestfoods.com-- produces frozen potato
products.  Production commenced in 1994 from a purpose built
site, which has been regularly extended to cope with the rapid
growth in business.


D.L. PACKING: Calls On Joint Liquidators to Wind Up Business
------------------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill, both of Gerald Edelman
Business Recovery, were appointed Joint Liquidators of D.L.
Packing Limited after members decided to liquidate the company's
asset on Feb. 9, 2006.

Chairman J. S. Aviss disclosed the company is unable to continue
its business due to its mounting debts.

CONTACT:  D L PACKING LIMITED
          Unit 4 Lawrence Trading Est
          Blackwall Lane
          London
          SE100AR
          Tel: 020 8858 3713
          Fax: 020 8293 4578


ESSENTIAL CLEANING: Claims Bar Date Set for March 24
----------------------------------------------------
Creditors of Essential Cleaning Services (Liverpool) Limited are
given until March 24, 2006, to send their full names, addresses
and descriptions, full particulars of debts or claims, and the
names and addresses of Solicitors (if any) to appointed Joint
Liquidator, David Moore.

CONTACT:  ESSENTIAL CLEANING SERVICES (LIVERPOOL) LIMITED
          Musker & Garrett Edward House
          North Mersey Business Centre
          Woodward Road
          Knowsley Industrial Park Liverpool
          L33 7UY
          Tel: 01621 785 598


ETCHELLS MACHINERY: Members Pass Winding Up Resolution
------------------------------------------------------
Etchells Machinery Limited is liquidating its assets after
members passed a resolution to wind up the company's operations
on Feb. 9, 2006.

Appointed Joint Liquidator, Graham Paul Bushby, required
creditors to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) on or before March 16,
2006.

CONTACT:  ETCHELLS MACHINERY LIMITED
          Stafford Rd
          Darlaston
          West Midlands
          WS108UA
          Tel: 0121 526 2461
          Fax: 0121 526 5189


EVANS TECHNICAL: Liquidator Sets Claims Registration Deadline
-------------------------------------------------------------
Members of Evans Technical Coatings Limited resolved to
liquidate the company's assets during an Extraordinary General
Meeting on Feb. 9.

Appointed Joint Liquidator, John Michael Munn, 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 May 23, 2006.

CONTACT:  EVANS TECHNICAL COATINGS LIMITED
          Tavistock House
          Tavistock Street
          Bletchley Milton Keynes
          MK2 2PG
          Tel: 01908 640 325


FOSTER BLACK: Appoints Administrator from Antony Batty & Co.
------------------------------------------------------------
W. A. Batty of Antony Batty & Co was appointed administrator of
Foster Black Securities Limited (Company Number 05397622) on
Feb. 17.

Foster Black Securities Limited --
http://www.fosterblacksecurities.co.uk/-- offers a wide range
of brokerage services to financial institutions for corporate
and private clients.

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


HOMERTON TYRES: Hires Carter Backer Winter Administrator
--------------------------------------------------------
Patricia Kay Hartley-Mills and John Alfred George Alexander of
Carter Backer Winter were appointed joint administrators of
Homerton Tyres Limited (Company Number 2406443) on Feb. 20.  Its
registered office is at Suite 7, Essex House, Station Road,
Upminster, Essex RM14 2SJ.

                    About Carter Backer Winter

Headquartered in Aldgate, Carter Backer Winter, --
http://www.cbw.co.uk-- is an independent firm of Chartered
Accountants, business advisers and tax specialists established
for over 50 years.  Its client base varies and ranges from
private clients through to overseas multi-national companies
with UK branches and activities.

                        About the Company

Homerton Tyres Ltd offers rethreading of tires.  Its office is
at 801 London Road, West Thurrock Grays, Essex RM20 3LH.  For
more details, contact Mr. M. Emanuel or E-mail:
mike@homertontyres.co.uk or call 01708 861828/01708 86451.


KOPI COFFI: Coffee Blender Hires Administrator
----------------------------------------------
Simon Thornton of Houghton Stone Business Recovery was appointed
administrator of Kopi Coffi Limited (Company Number 05305779) on
Feb. 21.

Headquartered in Caerphilly, Nr Cardiff South Wales, Kopi Coffi
Limited -- http://www.kopicoffi.com/-- supplies fresh roasted
coffee to the catering, office, factory and retail industry as
well as the general public.

CONTACT:  HOUGHTON STONE BUSINESS RECOVERY
          The Conifers, Filton Road,
          Hambrook, Bristol BS16 1QG
          Tel: 0117 957 9009


LEGAL BROKERAGE: Names Stephen Hull to Liquidate Assets
-------------------------------------------------------
Legal Brokerage Services Limited commenced liquidation
proceedings on Dec. 22, 2005, after members agree to wind up the
Company at an extraordinary general meeting in Leeds.

Stephen Hull of Geoffrey Martin & Co leads the winding up
procedures.

CONTACT: LEGAL BROKERAGE SERVICES LIMITED
         The Station
         77 Canal Road
         Leeds
         LS12 2LX
         Tel: 0113 387 5681
         Fax: 0113 387 5683


LONDON GOLF: Members Approve Voluntary Liquidation
--------------------------------------------------
Members of The London Golf Centre Ltd agreed to liquidate the
Company's assets on Dec. 21, 2005.

Subsequently, they appointed Philip Simons to oversee the wind
up process.

CONTACT:  LONDON GOLF CENTRE LTD
          Lime Trees Golf Course
          Ruislip Road, Northolt
          Middlesex
          UB5 6QZ
          Tel: 0208 845 2332


NAPPY FAIRY: Joint Liquidators Lead Wind Up Procedure
-----------------------------------------------------
Members of Nappy Fairy Limited passed a resolution to wind up
the Company's assets at an extraordinary general meeting held on
Dec. 20, 2005, in London.

They appointed Peter Kubik and Ladislav Hornan as joint
liquidators.

CONTACT:  Nappy Fairy Ltd
          4G(S), Central Crescent
          Marchwood Industrial Park
          Marchwood
          Southampton
          SO40 4BJ
          Web site: http://www.nappyfairy.co.uk/
          E-mail: info@nappyfairy.co.uk
          Tel: 023 8086 7007


PETERS OF HUDDERSFIELD: Hires Joint Administrators From Kroll
-------------------------------------------------------------
C. P. Holder and S. C. E. Mackellar of Kroll Limited were
appointed joint administrators of Peters Of Huddersfield Limited
(Company Number 01645354) on Feb. 17.  Its registered office is
at 25-31 King Street, Huddersfield HD1 2PH.

                        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.

                        About the Company

Peters Of Huddersfield Ltd sells clothing.  Its shop is at 27-29
King Street, Huddersfield, West Yorkshire HD1 2PZ.


RANK GROUP: Appoints Bill Shannon as Non-Executive Director
-----------------------------------------------------------
The Rank Group Plc on Friday said the appointment of Bill
Shannon to the Board as a non-executive director effective
April 3, 2006.  He will also join the Remuneration, Audit and
Nominations Committees.

Bill Shannon, age 56, is currently Chairman of Aegon UK and
Gaucho Grill restaurant group and he is also a non-executive
director of Barratt Developments plc and Matalan plc.  He had a
long and successful career at Whitbread plc, culminating in his
appointment as Divisional Managing Director of Whitbread
Restaurants from 2000 to 2004.

Alun Cathcart, Chairman of Rank said, "My colleagues and I are
delighted to welcome Bill Shannon as a member of the Rank Board.
His extensive business experience will provide a valuable
contribution to the Group."

Rank confirms that there is no information to be disclosed under
the requirements of Listing Rule 9.6.13 in relation to this
appointment.

Headquartered in London, Rank Group plc -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

The company's 3-7/8% notes due 2009 carry Fitch's BB+ rating.


RESPONSE CONSTRUCTION: Brings In Elwell Watchorn as Liquidator
--------------------------------------------------------------
Response Construction Ltd appointed Richard John Elwell, of
Elwell Watchorn & Saxton LLP, to liquidate the Company's assets.

The voluntary liquidation came as a result of the Company's
mounting debts.

CONTACT:  Response Construction Ltd
          31 Cheriton Rd, Leicester
          LE2 8DE
          Tel: 0116 233 9031
          Fax: 01509 237 818


SHOOSH LIMITED: Financial Woes Prompt Voluntary Liquidation
-----------------------------------------------------------
Shoosh Limited commenced liquidation proceedings on Dec. 23,
2005, after liabilities hinder its ability to continue its
business.

Robert Valentine and Mark Reynolds, of Valentine & Co, lead the
winding up procedure.

CONTACT:  SHOOSH LIMITED
          2b Devonshire House
          Devonshire Road, Bexleyheath
          Kent, United Kingdom
          DA6 8DS
          Tel: 44 208 3040888
          Fax: 44 208 3040888


S K SCAFFOLDING: Appoints Administrator
---------------------------------------
Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions Ltd were appointed joint administrators of S
K Scaffolding (Dorset) Limited (Company Number 5015242) on
Feb. 21.

Headquartered in Dorchester, Dorset, S K Scaffolding (Dorset)
Limited -- http://www.sk-scaffolding.co.uk/-- provides a
professional and reliable scaffolding service to a wide spectrum
of construction and maintenance companies throughout the South
of UK.  For more details, contact 01305 849400/01305 849400.

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


SUN CORPORATION: Joint Administrators Move In
---------------------------------------------
David Paul Hudson and Lloyd Biscoe of Begbies Traynor were
appointed joint administrators of Sun Corporation Limited (t/a
Blueways Commercials - Company Number 05374443) on Feb. 17.

                       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.


TI AUTOMOTIVE: S&P Affirms BB- Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based automotive supplier TI Automotive Ltd. (TI Auto) to
negative from stable.  At the same time, Standard & Poor's
affirmed its 'BB-' long-term corporate credit and 'BB' senior
secured bank loan ratings on the group.

"The outlook revision reflects TI Auto's reduced recent
financial performance and weakening credit protection measures,
which are presently lower than those normally associated with a
'BB-' rating," said Standard & Poor's credit analyst Jarrad
Oberhardt.

Credit metrics, including adjusted funds from operations (FFO)
to net debt of less than 15% and adjusted net debt to EBITDA of
about 5.5x, are weaker than those normally associated with the
current rating category.

"We expect that TI Auto's earnings and cash generation will
benefit from recently increased capital expenditure investments,
but not before 2007," Mr. Oberhardt added. "The negative outlook
therefore reflects the risk that these benefits fail to fully
materialize and that credit metrics do not return to levels
acceptable for the rating category."

This includes adjusted FFO to net debt of at least 15% and
adjusted net debt to EBITDA of close to 4.0x.  The outlook would
be revised to stable should these targets prove to be achievable
within the next 12 months to 24 months.  The ratings are likely
to be lowered, however, should the current negative trend be
maintained.


TRIVIRIX INTERNATIONAL: Business for Sale
-----------------------------------------
T.M. Keenan and J.C. Reid, in their capacity as joint
administrators for TriVirix International Limited offer the
Company's business and assets for sale.

Features:

   -- Full service contract manufacturer specializing in the
      development, manufacture, and support of complex
      electronic medical devices and life sciences equipment;

   -- Manufacturing facilities include state of the art PCBA
      capabilities;

   -- ISO 9001/13495 certified, QSR compliant and FDA
      registered;

   -- Annual turnover of around GBP10 million;

   -- Highly skilled workforce;

   -- Operates from leasehold premises in Belfast, incorporating
      a 52,000 sq ft site.

Inquiries can addressed to:

                  Keenan or Simon McMullen
                  19 Bedford Street
                  Belfast BT2 7EJ.
                  Phone: 028 9032 2861
                  Fax: 028 9023 4786

                        About Deloitte

Headquartered in London, Deloitte & Touche LLP --
http://www.deloitte.com/-- is the United Kingdom member firm of
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.  It provides audit,
tax, consulting and corporate finance services through more than
9,000 people in 21 locations.


VENETE STEEL: Taps Joint Liquidators for Wind Up Proceedings
------------------------------------------------------------
Venete Steel UK Limited appointed Andrew Andronikou and Ladislav
Hornan to liquidate its assets.

The Company commenced voluntary liquidation proceedings on
Dec. 21, 2005, after members found out that liabilities hinder
the Company's ability to continue operating its business.

CONTACT:  Venete Steel (UK) Ltd
          Meadow Lane
          Bilston
          WV14 9NQ  (Road Map)
          West Midlands
          Tel: 01902 880721
          Web site: http://www.acciaierievenete.com/


VICTORIA FUNDING: Fitch Affirms GBP9.8 Mln Class E Notes at BB
--------------------------------------------------------------
Fitch Ratings upgraded Victoria Funding PLC's Class B and C
mortgage-backed floating rate notes due April 2014 and affirmed
the rest as follows:

  a) GBP70.6 million Class A at AAA;
  b) GBP10.1 million Class B upgraded to AAA from AA;
  c) GBP9.3 million Class C upgraded to A+ from A;
  d) GBP9.8 million Class D affirmed at BBB; and
  e) GBP9.8 million Class E affirmed at BB.

The upgrades are based on the improved credit enhancement levels
of the note tranches resulting from large prepayments taking
place during the early months of the transaction's life.
Consequently, the outstanding balance on the notes has decreased
by approximately 65% to GBP101.6 million in January 2006 from
the original GBP263.0 million at issuance in October 2005.

The Ashdown loan, which prepaid in full, was secured by one
property predominantly occupied by the Secretary of State for
the Environment, a key department of British central government.
The Ashdown loan was originally due to mature in July 2017 but
it had a call option in July 2011, which created certain
refinance risk.

Despite the risk, the Ashdown represented one of the strongest
loans in the portfolio.  The amount prepaid from the loan was
distributed on the pro rata basis, which has been reflected in
the reduction of the outstanding balances on all note tranches.

There has been also some partial prepayment of the Canary Wharf
Funding loan.  Out of the 13 different units that secured the
loan, six properties prepaid, leaving the pool predominantly
with retail units.  The loan's prepayment amount has been
distributed sequentially.

The performance of weighted average loan-to-ratio, interest
coverage ratio and debt servicing coverage ratio have improved
significantly since closing.  As of January 2006, the current
weighted average ICR was at 3.60x, up from 2.08x at issuance.

The weighted average DSCR has grown to 1.21x from 1.41x at
issuance.  The weighted average LTV ratio has significantly
improved to now stand at 42.7%.

Out of the six remaining loans, it is the second largest loan,
the Zeloof loan that remains the only concern.  Firstly, the
loan was originally issued to a partnership business rather than
specifically for the purpose of securitization.  Secondly, it is
secured against a secondary-quality mixed-use office and retail
complex in Brick Lane in London.

The structure benefits from a liquidity facility set to the
lower of GBP18 million or 9.5% of the outstanding principal
balance of the pool at any given time.  The liquidity facility
is available to meet interest shortfalls on the rated notes, but
is not available to meet principal shortfalls on such notes.
Each Class of the rated notes, however, benefits from a
principal deficiency ledger.


WHITEFRIARS-TOLHURST: Closes Operations & Liquidates Assets
-----------------------------------------------------------
Whitefriars-Tolhurst Limited is voluntary liquidating its assets
after members agreed to wind up the company's operations on
Dec. 28, 2005.

Philip Weinberg, of Marks Bloom, is appointed liquidator.

CONTACT:  Whitefriars - Tolhurst Ltd
          Regal House
          Letchworth Drive
          Hayes, Kent
          BR2 9BE
          Tel: 020 8466 0888
          Fax: 020 8466 0111
          Web site: http://www.tolhurstltd.co.uk/
          E-mail: enquiries@tolhurstltd.co.uk


WOLVERHAMPTON DOOR: Creditors Ratify Liquidator's Appointment
-------------------------------------------------------------
Creditors of Wolverhampton Door Services Limited confirmed the
company's voluntary liquidation after members passed a
resolution to wind up the company's operations on Feb. 9, 2006.

Creditors also ratified the appointment of Mark Jonathan
Botwood, of Muras Baker Jones, as Liquidator.

CONTACT:  WOLVERHAMPTON DOOR SERVICES LIMITED
          Walsall Street
          Wolverhampton, West Midlands
          WV1 3LN
          Tel: 01902 565 850
          Fax: 01902 565 851


                            *********


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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