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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, December 13, 2005, Vol. 6, No. 246

                            Headlines

F I N L A N D

BENEFON OYJ: Introduces New Distributor in Holland


F R A N C E

AIR HORIZONS: Crashes into Liquidation


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: Lone Star Seals Takeover
ALLGEMEINE HYPOTHEKENBANK: Debt Rating Outlook Negative
BABCOCK BORSIG: Seeking to Overturn Ruling on EUR524 Mln Case
BELI HANDELS: Frankfurt Court Names Administrator
DAIMLERCHRYSLER AG: To Pay ZAR8 Million for Price Fixing

ERSIN ER: Creditors' Claims Due Next Month
GERMET IMMOBILIEN: Court to Verify Claims March
MAXXFILM PRODUKTIONS: Charlottenburg Firm Falls into Bankruptcy
PETER RADTKE: Creditors Meeting Set January
PRIMACOM AG: Pays Lenders EUR837 Mln as Settlement

RUMO GRUNDSTUECKS: Muenchen Business Goes Bust
RVC RENO: Under Bankruptcy Administration
SHS-FERTIGBAUSYSTEME: Proofs of Claim Due February
UNITY MEDIA: Completes Merger with Tele Columbus
VOLKSWAGEN AG: Fined ZAR5 Million by South African Watchdog


I T A L Y

PARMALAT SPA: Claw-back Lawsuits only Involve EUR7 Million
PARMALAT SPA: U.S. Bankruptcy Protection Extended to February


N E T H E R L A N D S

ROYAL SHELL: Share Cancellation Program Continues


N O R W A Y

PETROLEUM GEO-SERVICES: Gives Update on Possible Split of Units


R U S S I A

EVRAZ GROUP: Buys 50% Stake in JSC Yuzhkuzbassugol
EVRAZ GROUP: Calls EGM to Elect New CEO
INGOSSTRAKH INSURANCE: Financial Strength Rating Affirmed at Ba2
KRAEVAYA: Declared Insolvent
KRASNOSULINSKAYA AUTO-COLUMN: Under Bankruptcy Supervision

KUDYMKARSKIY BAKERY: Bankruptcy Hearing Set Next Week
PERVOMAYSKAYA: Bankruptcy Supervision Procedure Begins
POPUTNENSKIY: Undergoes Bankruptcy Supervision Procedure
ROAD REPAIR: Succumbs to Bankruptcy
SIB-LES-N: Bankruptcy Hearing Set February

SPECTR: Kemerovo Court Appoints Insolvency Manager
STROY-PROM-SERVICE: Insolvency Manager Takes over Firm
VOLOGODSKOYE: Vologda Court Opens Bankruptcy Proceedings
YUKOS OIL: CNOOC Clarifies Reported Interest in Non-core Assets


S W E D E N

SAS GROUP: Sells Jetpak Stake for SEK490 Million
SKANDIA INSURANCE: Skandia Liv Considers Separating from Parent
SKANDIA INSURANCE: To Look into Skandia Liv's Proposal


U K R A I N E

ALTAIR: Temporary Insolvency Manager Steps in
ELECTRON: Under Bankruptcy Supervision
KABRIOLET: Gives Creditors Until Next Week to File Claims
KASHPERIVKA' SUGAR: Succumbs to Bankruptcy
NOVOALEKSANDRIVSKIJ HORSE: Creditors' Claims Due Next Week
POLTAVAGAZBUD: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ALLIED BIO: Tablet Maker Liquidates
ALTONS ACCOUNTANTS: Files for Liquidation
ARC RISK: Signs Deal with Prominent Financial Group
ATLANTIC WEST: Hires KPMG Liquidator
BREMPLAN LIMITED: JWD Associates Liquidator Moves in

BRISTOL & WEST: Names PricewaterhouseCoopers Liquidator
BURGESS HOME: Calls in Liquidator from David Horner
CONNOSS: Liquidators from Carter Backer Winter Move in
COSTAIN GROUP: Bids for Highways Agency's Build-operate Program
D&PCH LIMITED: Liquidators from P&A Partnership Move in

ENTERPRISE JOINERY: In Liquidation
EUROPA ENERGY: Appoints Deloitte & Touche Liquidator
FASTLINE PHOTOGRAPHIC: EGM Passes Winding-up Resolution
FRYMA RIVERLYN: Hires Cooper Parry Liquidator
G T TRANSPORT: Calls in Liquidator

HARLEQUINS CATERERS: Liquidator from Turpin Moves in
KINDSTONE LIMITED: Calls in Liquidator from Begbies Traynor
LANGBAR INTERNATIONAL: Replaces Spanish Auditor with Deloitte
LEP HOLDINGS: Liquidators from PwC Enter Firm
MEPC LTD.: Chief Executive Leaves Company

MOBIL HOLDINGS: Liquidator from Baker Tilly Moves in
MOUNTDENE HOMES: Appoints Liquidator
NETWORK RAIL: Completes Upgrade of West Coast Main Line
NETWORK RAIL: Inspector Ends Inquiry into Thameslink Program
NORTH BRADFORD: Claims Due this Month

NORWICH UNION: Claims Deadline Expires January
NSK EUROPEAN: Claims Filing Period Ends Next Week
OPEN DEVELOPERS: Liquidators from Begbies Traynor Move in
OVAL HOUSE: Goes into Liquidation
PARITY GROUP: U.K.-centric Strategy Paying off

PATIENTLINE PLC: Shareholders Increase Borrowing Threshold
RAJHANS FASHION: Names Springfields Liquidator
REDVAR LIMITED: Calls in Liquidator from Tony Freeman & Co.
REFCO INC.: Affiliates Want ties with Bankrupt Broker Cut
REPSOL EXPLORATION: Names KPMG Liquidator

ROY NESBITT: Files for Liquidation
SANCTUARY GROUP: Names New Finance Director
SEAFORTH CORN: Liquidator from Wilkins Kennedy Enters Firm
THE FARM: Facing EUR4.4 Mln Compensation Claim from Investor
WMH (NO. 100): Hires Grant Thornton Liquidator

* Large Companies with Insolvent Balance Sheets


                            *********


=============
F I N L A N D
=============


BENEFON OYJ: Introduces New Distributor in Holland
--------------------------------------------------
Benefon Oyj signed a distributor agreement with Mobilesian in the
Netherlands.  Mobilesian is a young company derived from
Bolesian, which is a company providing knowledge management, AI,
information management and location based services.  Even though
Mobilesian is a young company, they have been very successful in
introducing new GSM-based consumer products in the Dutch market
and now have 70% of the network operators as customers.

With background in information management, the company is also
able to provide Benefon with material for POI management and in
building their products and solutions into geographical
information systems for location-based usage.

"Mobilesian, though a young company, has proved to be able to be
very efficient.  As a distributor of a GSM-based alarm product,
they have in a very short time become one of the best
distributors of these products worldwide.  This has especially
managed to convince me and I think that this subsidiary of
Bolesian is the right company to handle the importing of our
existing and future GSM/GPS -products into Holland," says Paul
Nieminen, Key Account Manager for Central Europe.

"We at Mobilesian are very ambitious about our targets.  We will
aim to be the leading supplier for GSM/GPS based security and
location based solutions by the end of 2006.  In the very short
period of time we have been selling Benefon, we have received
more confirmed and projected orders than in the whole of 2005 all
together.  This proves that we made the right move with Benefon,"
explains Rogier Brugman, Managing Director of Mobilesian.

The agreement will allow Mobilesian to act as an importer and to
distribute Benefon products and services to operators, retail
outlets and large corporate users throughout The Netherlands.  As
a cooperation partner for the distribution and after sales
matters Mobilesian has teamed up with Solid Vision.

                        About the Company

Headquartered in Salo, Finland, Benefon provides mobile
telematics solutions for saving lives, securing assets and
improving field management.  It applied for statutory corporate
reorganization with the court of first instance in Turku on April
24, 2003 after failing to get funding on time.  In June this
year, Benefon decided to end the reorganization program ahead of
schedule.  The decision of the Turku District Court became
legally enforceable on June 20, 2005 and the Company reported
after the end of the period on July 4, 2005 that in accordance
with the approved program amendment it had paid off all
non-collateralized debt.

At the same time, the Company also paid to non-collateralized
creditors of the Company additional payments, which more than
doubled the payments to the non-collateralized creditors
determined in the reorganization program.

Benefon is issuing a convertible bond loan Benefon 2005A of
EUR500,000 to MMA Limited and Biggles Limited to raise funds
needed to sustain the firm until the completion of the on-going
strategic financing program and.

Benefon is facing a patent suit raised against it by Magi.tel in
Rome, Italy.

CONTACT:  MOBILESIAN
          Rogier Brugman, Managing Director
          Web site: http://www.mobilesian.com
          E-mail: Info@Mobilesian.com
          Phone: 0031 (0)703938781

          BENEFON OYJ
          Jonathan Bate, CEO
          Phone: +44 1753 752 464
          E-mail: jonathan.bate@benefon.fi
          Web site: http://www.benefon.com


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


AIR HORIZONS: Crashes into Liquidation
--------------------------------------
The Commercial Court in Bobigny has ordered the liquidation of
charter airline Air Horizons, Les Echos says.  This after owner
Raymond Lakah failed to deliver on his promise to inject EUR5
million into the airline at a hearing in November.

Under administration since November 14, the company employs 275,
who will all be made redundant, the paper says.  It owes
creditors some EUR18-20 million.  Already, seven of its planes
have been reclaimed by lessors.

The company rose from the ashes of Euralair in 2004 after a
last-minute takeover by U.K.-based Angel Gate Aviation, which
saved the firm from liquidation.  The airline posted over EUR100
million losses last year on turnover of EUR100 million.  It owns
five Boeing 737 planes.

CONTACT:  AIR HORIZONS S.A.
          1 Place de Londres


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


ALLGEMEINE HYPOTHEKENBANK: Lone Star Seals Takeover
---------------------------------------------------
Trade union holding BGAG has struck a deal to sell ailing
mortgage bank Allgemeine Hypothekenbank Rheinboden (AHBR) to U.S.
investment group Lone Star, Handelsblatt says.

Lone Star would receive EUR400 million for taking over the
troubled bank.  BGAG has to inject EUR170 million in fresh
capital into AHBR and set up a EUR600 million trust fund to make
the bank "sellable."  According to Handelsblatt, the payment to
Lone Star would avert AHBR's liquidation.

AHBR's sale would undergo three stages and would be completed by
mid-January.  Lone Star will reportedly use AHBR to expand it
non-performing property loans operations in Germany.

AHBR incurred huge debt after suffering from the effects of poor
interest rate management four years ago.  Its impending collapse
threatens to break the record set by Herstatt Bank in 1974.  It
has assets of more than EUR80 billion.  It is owned directly and
indirectly -- through BHW -- by the trade union private equity
holding group BGAG.  BGAG has provided it EUR1.2 billion in
financing, and guaranteed it under a EUR1.2 billion risk
protection scheme.

The bank's ratings are:

(a) Fitch

    -- subordinated obligations at 'BB-'; on Watch Negative,

    -- participation rights (Genussscheine) at 'B+'; on Rating
       Watch Negative,

    -- Long-term at 'BBB'; Rating Watch Evolving,

    -- Short-term at 'F3'; Rating Watch Evolving,

    -- Support at '2'; Rating Watch Evolving,

    -- Individual 'E';

(b) Moody's

    -- Financial strength at E,

    -- Unsecured long-term at Baa3; Outlook Negative,

    -- Short-term at P-3; Outlook Negative,

    -- Subordinated debt at 'Ba1'; under review for possible
       downgrade; and

(c) Standard & Poor's

    -- long-term at 'BB+'; on CreditWatch

    -- short-term counterparty credit at 'B'; on CreditWatch

    -- subordinated debt at 'B'; on CreditWatch.

CONTACT:  ALLGEMEINE HYPOTHEKENBANK RHEINBODEN AG
          Betreff
          Bockenheimer Landstrasse 25
          D-60325 Frankfurt/Main
          Phone: (0 69) 71 79-0
          Fax: (0 69) 71 79-100
          Web site: http://www.ahbr.de


ALLGEMEINE HYPOTHEKENBANK: Debt Rating Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB+' long-term and
'B' short-term counterparty credit ratings on Germany-based
Allgemeine Hypothekenbank Rheinboden AG remain on CreditWatch
with negative implications, where they were first placed on Oct.
25, 2005.

At the same time, Standard & Poor's revised the CreditWatch
implications on its 'B' ratings on subordinated debt issued by
AHBR to developing from negative.

Standard & Poor's will review the implications of the new
ownership structure on AHBR following the announcement by AHBR's
key shareholder BGAG Beteiligungsgesellschaft der Gewerkschaften
AG (BGAG) that Loan Star Funds (Loan Star), the U.S.-based
opportunity fund, will essentially take over all of the share
capital of AHBR.

"The revised CreditWatch on subordinated debt reflects that the
risks of an imminent liquidation of AHBR, and therefore risks to
holders of plain-vanilla subordinated debt of incurring losses
will diminish with the takeover," said Standard & Poor's credit
analyst Harm Semder.

Standard & Poor's expects to resolve the CreditWatch placement in
the short term once it has obtained sufficient further details on
the agreed transaction, including the financial implications of
the planned "measures to address the identified risks within AHBR
and rebuild the bank's credit standing by early 2006" as stated
by Lone Star, the new strategy, and new business plans.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com It can also be found at
http://www.standardandpoors.com Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  ALLGEMEINE HYPOTHEKENBANK RHEINBODEN AG
          Betreff
          Bockenheimer Landstrasse 25
          D-60325 Frankfurt/Main
          Phone: (0 69) 71 79-0
          Fax: (0 69) 71 79-100
          Web site: http://www.ahbr.de/de/html/Homepage.htm


BABCOCK BORSIG: Seeking to Overturn Ruling on EUR524 Mln Case
-------------------------------------------------------------
Babcock Borsig is to appeal the rejection of its EUR524 million
claim against former subsidiary shipyard Howaldtswerke Deutsche
Werft AG by the Dusseldorf regional court, the Financial Times
Deutschland reports.

In 2002, the engineering group sold its 25% stake in HDW to OEP
for EUR524 million, while OEP promised Babcock an amount to
reduce its EUR1.5 billion (US$1.46 billion) debt.  However,
Babcock claimed HDW practically paid for its own acquisition;
plus, the debt shouldered by an illiquid subsidiary, which were
later merged into HDW, were not paid.  Babcock's administrator,
who is trying to secure money for creditors, said the move was
illegal under the German stock corporation law.  Babcock filed
for creditor protection four months following the sale and after
its shares fell more than 90%.

HDW, which is now owned by ThyssenKrupp Marine Systems,
reportedly described the claim as irresponsible and immoral.  The
shipyard, which posted annual sales of EUR461 million in
2002, employs 3,435 people and has sold almost 100 submarines
worldwide.

CONTACT:  BABCOCK BORSIG AG
          Duisburger Str. 375
          46049 Oberhausen
          Phone: +49 (0) 208 833 0
          Fax: +49 (0) 208 833 2519
          Web site: http://www.babcockborsig.de


BELI HANDELS: Frankfurt Court Names Administrator
-------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against BELI Handels- Im- und Export GmbH on November
28.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until January 12,
2006 to register their claims with court-appointed provisional
administrator Falk Eppert.

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2006, 11:10 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BELI HANDELS- IM- UND EXPORT GmbH
          Mc-Donald-Strasse 2, 16356 Ahrensfelde, OT Blumberg

          Falk Eppert, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


DAIMLERCHRYSLER AG: To Pay ZAR8 Million for Price Fixing
--------------------------------------------------------
Six car manufacturers, including DaimlerChrysler AG, have
reportedly agreed with South Africa's Competition Commission to
pay a total of ZAR31.65 million (about EUR4.2 million) in
penalties for price fixing.  The German carmaker will voluntarily
pay ZAR8 million (around EUR1 million).

According to Kyodo News, Japan's Nissan Motor Co. and Fuji Heavy
Industries Ltd. were among the carmakers fined by the
antimonopoly watchdog, which also included General Motors Corp.
and PSA Peugeot Citroen, and another German company Volkswagen
AG.

Business Day, in another report, said the Commission is still
negotiating with the BMW Group.  The Commission revealed that
average car prices in South Africa are higher by around 14% than
in Europe.  However, the paper added that none of these firms is
likely to be prosecuted since no carmaker has a dominant control
of the South African market.

Meanwhile, according to http://www.chinaview.cn,the companies
together with their dealers have also pledged to carry out
programs in compliance with the Competition Act, particularly
geared towards eradicating the practice of minimum resale price
maintenance and collusion among them.

The Web site added that in April 2004, the Competition Commission
conducted an industry-wide probe into the prices of new motor
vehicles.  It led to the discovery of minimum resale prices
imposed by manufacturers on dealers, and anti-competitive
franchise contracts.

Acting Commissioner Shan Ramburuth said: "This (the Commission's
intervention) will give consumers greater power to negotiate
better discounts with dealers and should lead to increased
competition and lower prices."

The Commission has filed the consent agreements to the
Competition Tribunal so that they may be made consent orders,
according to http://www.indiacar.net. The Web site added that GM
is to pay ZAR12 million, while Nissan will pay ZAR6 million.
Volkswagen and its Gauteng dealers will pay ZAR5 million, Subaru
dealers ZAR500,000 and Citroen ZAR150,000.

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com


ERSIN ER: Creditors' Claims Due Next Month
------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Ersin Er-Estrich GmbH on November 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 8, 2006 to register their
claims with court-appointed provisional administrator Henning
Kempermann.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006, 9:40 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ERSIN ER-ESTRICH GmbH
          Hermann-Lons-Str. 49, 30827 Garbsen
          Contact:
          Ersin Er, Manager

          Henning Kempermann, Administrator
          Hindenburgstrasse 5, 31224 Peine
          Phone: 05171/7748-0
          Fax: 05171/7748-77


GERMET IMMOBILIEN: Court to Verify Claims March
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Germet Immobilien GmbH i.L. on November 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 10,
2006 to register their claims with court-appointed provisional
administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on January 12, 2006, 9:50 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on March 9,
2006, 9:55 a.m. at the same venue.

CONTACT:  GERMET IMMOBILIEN GmbH i.L.
          Plantagenstr. 20,12169 Berlin

          Hartwig Albers, Administrator
          Luetzowstr. 100, 10785 Berlin


MAXXFILM PRODUKTIONS: Charlottenburg Firm Falls into Bankruptcy
---------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against MAXXFILM Produktions GmbH on November 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 11,
2006 to register their claims with court-appointed provisional
administrator Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting on January 9, 2006, 9:25 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on April 10,
2006, 9:05 a.m. at the same venue.

CONTACT:  MAXXFILM PRODUKTIONS GmbH
          Auguste-Viktoria-Str. 24,14193 Berlin

          Sebastian Laboga, Administrator
          Einemstr. 24, 10785 Berlin


PETER RADTKE: Creditors Meeting Set January
-------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Peter Radtke oHG on November 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 2, 2006 to register their claims
with court-appointed provisional administrator Tanja Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting on January 23, 2006, 9:00 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  PETER RADTKE oHG
          Mozartstr. 24, 46240 Bottrop
          Contact:
          Peter Radtke
          Im Fuhlenbrock 18, 46242 Bottrop
          Rainer Klesius
          Beethovenstr. 4, 46240 Bottrop

          Tanja Bueckmann, Administrator
          Lindnerstr. 165, 46149 Oberhausen
          Phone: 0208 6205050
          Fax: 0208 2997022


PRIMACOM AG: Pays Lenders EUR837 Mln as Settlement
--------------------------------------------------
The financial restructuring of Primacom AG has successfully
completed after nearly one and a half year of tough negotiations.
These important components form the basis of the closing of the
restructuring:

-- The sale of Dutch subsidiary N.V. Multikabel Alkmaar for
   EUR515 million to the Amsterdamse Beheer-en
   Consultingmaatschappij B.V. and Christine Beheer-en
   Adviesmaatschappij B.V., companies;

-- The repayment of the settlement with the Second Secured
   Lenders in the amount of EUR375 million; and

-- The repayment of the Senior Lenders liabilities in the amount
   of EUR462 million.

The new financing will be made through a senior credit from ING
Bank N.V. in the amount of EUR280 million plus an overdraft of
EUR20 million and a mezzanine financing from Och Ziff Management
in the amount of EUR69 million.  The whole financing was granted
to the company in line with the market conditions.  In the course
of the new financing, a renowned auditing company reported
positively on the financial health of the company.  The future of
the company is secured with these closing transactions.

Primacom's Common Stock (ISIN DE0006259104) is listed on the
Geregelten Markt (Regulated Market - General Standard) of the
Frankfurt Stock Exchange.

CONTACT:  PRIMACOM AG
          An der Ochsenwiese 3
          D-55124 Mainz
          Investor Relations
          Phone: +49 6131-944-522
          Fax: +49 6131 944-508
          Web site: http://www.primacom.de
          E-mail: investor@primacom.de


RUMO GRUNDSTUECKS: Muenchen Business Goes Bust
----------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against RUMO Grundstuecks-Verwaltungsgesellschaft mbH & Co. KG on
November 17.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
February 10, 2006 to register their claims with court-appointed
provisional administrator Barbara Beutler.

Creditors and other interested parties are encouraged to attend
the meeting on January 24, 2006, 9:30 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report on March 29, 2006, 9:30 a.m. at the
same venue.

CONTACT:  RUMO GRUNDSTUECKS-VERWALTUNGSGESELLSCHAFT mbH
          & Co. KG
          Tolzer Str. 15 in 82031 Gruenwald

          Barbara Beutler, Administrator
          Schwanthalerstr. 32, 80336 Muenchen
          Phone: 089/54511-0
          Fax: 089/54511-444


RVC RENO: Under Bankruptcy Administration
-----------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against RVC Reno Clemann Vermogensverwaltungs GmbH
i.L. on November 24.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until February 24, 2006 to register their claims with
court-appointed provisional administrator Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on January 10, 2006, 9:00 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on April 18,
2006, 9:15 a.m. at the same venue.

CONTACT:  RVC RENO CLEMANN VERMOGENSVERWALTUNGS GmbH i.L.
          Mohriner Allee 21,12347 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


SHS-FERTIGBAUSYSTEME: Proofs of Claim Due February
--------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against SHS-Fertigbausysteme-Vertriebsgesellschaft
mbH on November 24.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until February 14, 2006 to register their claims with
court-appointed provisional administrator Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on January 11, 2006, 9:50 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on April 12,
2006, 9:05 a.m. at the same venue.

CONTACT:  SHS-FERTIGBAUSYSTEME-VERTRIEBSGESELLSCHAFT mbH
          Barbarossastrasse 32,10779 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


UNITY MEDIA: Completes Merger with Tele Columbus
------------------------------------------------
Unity Media GmbH, the largest cable television operator in the
German states of Hesse and North-Rhine Westphalia, and Tele
Columbus, the largest Network Level 4 operator in Germany, have
successfully completed their merger.  The combination creates the
most dynamic German cable business with more than 7 million
subscribers.

Parm Sandhu, CEO of Unity Media, said: "This merger is a major
milestone in the development of German Cable.  It marks the
transformation of an industry defined by network separation into
one that is market and customer focused.  This combination will
build on the successful integration of iesy and ish by deepening
our relationships with key segments of the market."

Dr. Herbert Leifker, CEO of Tele Columbus, said: "The merger
strengthens both our companies and puts us in an improved
competitive position.  With combined strength we are able to
offer our existing and new customers the advantage of triple play
(Cable TV, Internet and VOIP) even faster than on a stand-alone
base.  Our fruitful relationships with our partners will be
deepened with an even more attractive product portfolio."

Tele Columbus shareholders exchanged their shares in Tele
Columbus Kabel Holding GmbH for shares in Unity Media SCA, the
Luxembourg holding company through which Unity Media's
shareholders own their interest in the German operations.  Unity
Media GmbH acquired the shares in Tele Columbus Kabel Holding
GmbH from Unity Media SCA.  In connection with the merger "Tele
Columbus AG & Co. KG" was renamed "Tele Columbus GmbH & Co. KG".

Unity Media and Tele Columbus will continue to be operated as
separate legal entities, but will be managed by a unified
management team with a shared strategy.  They will be
headquartered in Cologne and Hanover.  The two main shareholders
of the combined business will be BC Partners and Apollo with
approximately 39% and 31% of total shares, respectively.  In
order to align leverage, there is deferred consideration to the
sum of EUR84 million increasing by 12% p.a. non-cash.

Dr. Herbert Leifker will join Unity Media GmbH as a Managing
Director. Dr. Herbert Leifker (51) has been CEO of Tele Columbus
GmbH since 1990.  He became Managing Director of Tele Columbus
GmbH in 1990, which he has developed into today's Tele Columbus
Group.  He began his career with Landeszentralbank NRW and as a
divisional manager with Sparkasse Hildesheim.  Dr. Leifker holds
a doctorate in law.

About Unity Media

Unity Media is headquartered in Cologne and is the proprietor of
the Hessian cable network operator iesy and the North
Rhine-Westphalia cable network operator ish.  The two companies
are the largest providers of cable television in their respective
states.  In addition to analogue cable services, ish and iesy
also offer digital television, high speed Internet and telephony.
On 30 September 2005 Unity Media had approximately 5.2 million
basic cable customers, 101,100 digital TV customers, 30,300
high-speed Internet customers, and 11,500 telephone lines.

About Tele Columbus

Tele Columbus, headquartered in Hanover, is the largest NL4
operator in Germany with approximately 2.6 million basic cable
subscribers, 60,000 Digital TV subscribers, and 24,000 Internet
subscribers.  The Company's core business is the distribution of
cable television and radio services.

CONTACT:  UNITY MEDIA GmbH
          Investor Relations
          Carla Wagner
          Michael Frank
          Phone: +49-(0)221 / 37792-150
          E-mail: Investor.Relations@unitymedia.de

          For Journalists
          Stefan Lennardt
          Eva Kruger
          Phone: +49-(0)221 / 37792-197
          E-mail: presse@unitymedia.de

          TELE COLUMBUS
          Investor Relations
          Ralph Poppel
          Phone: +49-(0)511 / 9876-932
          E-mail: rpoeppel@kabel-tv.de

          For Journalists
          Matthias Levy
          Phone: +49-(0)30 / 88432-230
          E-mail: Mlevy@kabel-tv.de


VOLKSWAGEN AG: Fined ZAR5 Million by South African Watchdog
-----------------------------------------------------------
Volkswagen AG will reportedly voluntarily pay ZAR5 million
(EUR0.66 million) in penalties for price fixing and other
anticompetitive measures in South Africa.

Five other car manufacturers have also agreed with South Africa's
Competition Commission to pay a total of ZAR31.65 million (about
EUR4.2 million) in penalties.

According to Kyodo News, Japan's Nissan Motor Co. and Fuji Heavy
Industries Ltd. were among the carmakers fined by the
antimonopoly watchdog, which also included fellow German carmaker
DaimlerChrysler AG, and General Motors Corp. and PSA Peugeot
Citroen.

Business Day, in another report, said the Commission is still
negotiating with the BMW Group.  The Commission revealed that
average car prices in South Africa are higher by around 14% than
in Europe.  However, the paper added that none of these firms is
likely to be prosecuted since no carmaker has a dominant control
of the South African market.

Meanwhile, according to http://www.chinaview.cn,the companies
together with their dealers have also pledged to carry out
programs in compliance with the Competition Act, particularly
geared towards eradicating the practice of minimum resale price
maintenance and collusion among them.

The Web site added that in April 2004, the Competition Commission
conducted an industry-wide probe into the prices of new motor
vehicles.  It led to the discovery of minimum resale prices
imposed by manufacturers on dealers, and anti-competitive
franchise contracts.

Acting Commissioner Shan Ramburuth said: "This (the Commission's
intervention) will give consumers greater power to negotiate
better discounts with dealers and should lead to increased
competition and lower prices."

The Commission has filed the consent agreements to the
Competition Tribunal so that they may be made consent orders,
according to http://www.indiacar.net. The Web site added that GM
is to pay ZAR12 million, while Nissan will pay ZAR6 million.
DaimlerChrysler AG will pay ZAR8 million, Subaru dealers
ZAR500,000 and Citroen ZAR150,000.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax: +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


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


PARMALAT SPA: Claw-back Lawsuits only Involve EUR7 Million
----------------------------------------------------------
Parmalat S.p.A. announces that, in light of a joint inquiry made
by the company and the Court of Parma, it has been clarified that
the total amount of the claw back actions previously communicated
by the press agency Radiocor of EUR39.649 million is affected by
a material error contained in a document filed with the Court
along with the complaint and drafted by the attorneys of the
Company.

Therefore Parmalat confirms that the total claims requested by
the Company with the claw back actions amount to EUR7.458
million.

                            *   *   *

Parmalat recently returned to the Milan Stock Exchange, after
almost two years of absence.  Former bondholders, banks and
suppliers now own majority of the company after a EUR20 billion
debt-to-equity swap.  The group collapsed in December 2003 after
revealing a EUR14 billion hole on its accounts, eight times
higher than it had initially claimed.

For the first nine months, the company posted EBITDA of EUR218.2
million, up from EUR184 million last year, as group sales grew to
EUR2.811 billion from EUR2.682 billion.  Insolvency
administrator-turned CEO Enrico Bondi has forecasted an EBITDA of
EUR302 million for 2005 on sales of EUR3.78 billion.

CONTACT:  PARMALAT S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          E-mail affari.societari@parmalat.net
          Web site: http://www.parmalat.net


PARMALAT SPA: U.S. Bankruptcy Protection Extended to February
-------------------------------------------------------------
Parmalat S.p.A. said that the protection from creditors available
to the Parmalat Group in the U.S. (section 304, included in
Chapter 11 bankruptcy procedures) has been further extended until
February 8, 2006, from an initial extension until December 9,
2005.

A hearing concerning the possible renewal of section 304
protection will be held on February 7, 2006.

                            *   *   *

Parmalat recently returned to the Milan Stock Exchange, after
almost two years of absence.  Former bondholders, banks and
suppliers now own majority of the company after a EUR20 billion
debt-to-equity swap.  The group collapsed in December 2003 after
revealing a EUR14 billion hole on its accounts, eight times
higher than it had initially claimed.

For the first nine months, the company posted EBITDA of EUR218.2
million, up from EUR184 million last year, as group sales grew to
EUR2.811 billion from EUR2.682 billion.  Insolvency
administrator-turned CEO Enrico Bondi has forecasted an EBITDA of
EUR302 million for 2005 on sales of EUR3.78 billion.

CONTACT:  PARMALAT S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          E-mail affari.societari@parmalat.net
          Web site: http://www.parmalat.net


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


ROYAL SHELL: Share Cancellation Program Continues
-------------------------------------------------
On 9 December 2005, Royal Dutch Shell plc purchased for
cancellation 1,100,000 'A' Shares at a price of EUR26.88 per
share.  It further purchased for cancellation 500,000 'A' Shares
at a price of 1,810.40 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,943,025,000.

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

                            *   *   *

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

                        About the Company

Royal Dutch Shell plc, incorporated in England and Wales, is
headquartered in The Hague and listed on the London, Amsterdam,
and New York stock exchanges.  Shell companies have 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 Trouble

Shell admitted overstating proved reserves by almost 6 billion
barrels between January 2004 and February this 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.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: Gives Update on Possible Split of Units
---------------------------------------------------------------
Petroleum Geo-Services ASA said at its annual Capital Markets Day
that the Company expects improved contracts margins for Marine
Geophysical in 2006 compared to 2005.  Furthermore PGS guided
that Marine Geophysical multi-client late sales are expected to
be lower in 2006 than in 2005.

Multi-client investments in Marine Geophysical are expected to be
modestly higher in 2005.  Capital expenditures in Marine
Geophysical are planned to increase to further boost
productivity.

PGS Onshore revenues and operating profit are expected to be
significantly above 2005 levels.

For PGS Production, these guidance were given:

-- Oil production expected to decline for FPSO Petrojarl
   Foinaven producing the Foinaven field and FPSO Petrojarl I
   producing the Glitne field in 2006 versus 2005,

-- Potential for improved output for FPSO Petrojarl Varg
   producing the Varg field in 2006 versus 2005,

-- FPSO Ramform Banff producing the Banff field is expected to
   continue at the minimum day rate

As an update on the refinancing and exploration of a possible
separation of the Company, PGS President and CEO, Svein Rennemo,
said: "Our refinancing process is on track and, as disclosed last
week, as of the consent solicitation deadline on November 30,
2005, tenders and consents representing approximately 99% of the
US$745.9 million aggregate principal amount of our outstanding
10% Senior Notes due 2010 had been received.

"We have started the process of exploring separation
possibilities as announced and will come back with information to
the market when appropriate.  The strong market outlook for both
our Geophysical and Production businesses underlines the
potential in fully exploiting the growth capability and
opportunities within each one of them independently of the other.

"We believe that direct access to the capital markets for both
Geophysical and Production would allow us to capture more
opportunities."

Petroleum Geo-Services -- http://www.pgs.com-- (OSE and NYSE:
PGS) is a technologically focused oilfield service company
principally involved in geophysical and floating production
services.  PGS provides a broad range of seismic and reservoir se
rvices, including acquisition, processing, interpretation, and
field evaluation.  PGS owns and operates four floating
production, storage and offloading units (FPSOs).  PGS operates
on a worldwide basis with headquarters at Lysaker, Norway.

CONTACT:  PETROLEUM GEO-SERVICES INC.
          15150 Memorial Drive
          Houston, TX 77079, USA
          Phone: +1 281-509-8000
          Fax:    +1 281-509-8500

          PETROLEUM GEO-SERVICES ASA
          Strandveien 4
          P.O. Box 89
          N-1325 Lysaker, Norway
          Phone:  +47 67 52 64 00
          Fax: +47 67 52 64 64

          Ola Bosterud
          Phone: +47 67 52 64 00
          Mobile: +47 90 95 47 43

          Christopher Mollerlokken
          Phone: +47 67 52 64 00
          Mobile: +47 90 27 63 55

          U.S. Investor Services
          Renee Sixkiller
          Phone: +1 281 509 8548


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


EVRAZ GROUP: Buys 50% Stake in JSC Yuzhkuzbassugol
--------------------------------------------------
Evraz Group S.A. has agreed to acquire a 50% stake in Joint Stock
Company Yuzhkuzbassugol, a leading Russian producer of coking
coal, from Crosland Limited for US$675 million.

The acquisition is to be financed from own funds and the proceeds
of the recent Eurobond issue.

As a transaction with a related party, it has been conducted on
the basis of an independent valuation of Yuzhkuzbassugol and was
approved by all three of Evraz Group S.A.'s independent
non-executive directors.

James W. Campbell, one of Evraz Group S.A.'s non-executive
directors and Chairman of Evraz Group S.A.'s Strategy Committee,
said: "The acquisition is an important component of Evraz's
stated long-term commitment to develop a financially robust
mining division, particularly in the coking coal and iron ore
sectors.  I can confirm the way in which this transaction was
conducted conforms to best practice corporate governance
standards and reflects well on the new management approach
instilled by Mr. Abramov and his senior management colleagues."

                        About the Company

Evraz Group is one of the largest vertically integrated steel and
mining businesses with operations mainly in Russia.  In 2004,
Evraz produced 13.7 million tonnes of crude steel.

Evraz Group is a listed company on the London Stock Exchange.
The company listed its global depositary receipts (GDRs) on the
LSE on June 2 this year after raising US$422 million from new
investors.

Evraz's principal assets include three of the leading steel
plants in Russia: Nizhny Tagil (NTMK) in the Urals region, and
West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia.

In July, Standard & Poor's Rating Services assigned its 'B+'
long-term corporate credit rating to Evraz Group S.A. and its
core subsidiary Mastercroft Ltd.

"The ratings on Evraz and Mastercroft reflect the companies'
complex organizational and ownership structure with,
historically, significant related party transactions, and a short
track record as a single group," S&P said.

CONTACT:  EVRAZ GROUP S.A.
          Corporate Affairs and Communications
          Irina Kibina
          Alexander Karlashov
          Phone: +7 095 234 4629
          E-mail: IR@eam.ru


EVRAZ GROUP: Calls EGM to Elect New CEO
---------------------------------------
Evraz Group S.A. has disclosed that the Board of Directors of the
Company has decided to convene an extraordinary general meeting
of shareholders of record as of December 9, 2005.

The extraordinary general meeting is to be held on December 29,
2005 at 10 a.m. (Luxembourg time) at the offices of the Company,
1, Allee Scheffer, L-2520 Luxembourg, with the following agenda:

(a) appointment of Valery I. Khoroshkovsky as the administrateur
    delegue / delegue a la gestion journaliere, or Chief
    Executive Officer, of the Company, with effect from January
    1, 2006; and

(b) approval of the amount of the remuneration to be paid as
    directors' fees and as an annual bonus to the CEO and to the
    Chairman of the Board of Directors of the Company for 2006.

Holders of the Company's GDRs may contact The Bank of New York as
depositary or visit http://www.adrbny.comfor further
information.

                        About the Company

Evraz Group is one of the largest vertically integrated steel and
mining businesses with operations mainly in Russia.  In 2004,
Evraz produced 13.7 million tonnes of crude steel.

Evraz Group is a listed company on the London Stock Exchange.
The company listed its global depositary receipts (GDRs) on the
LSE on June 2 this year after raising US$422 million from new
investors.

Evraz's principal assets include three of the leading steel
plants in Russia: Nizhny Tagil (NTMK) in the Urals region, and
West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia.

In July, Standard & Poor's Rating Services assigned its 'B+'
long-term corporate credit rating to Evraz Group S.A. and its
core subsidiary Mastercroft Ltd.

"The ratings on Evraz and Mastercroft reflect the companies'
complex organizational and ownership structure with,
historically, significant related party transactions, and a short
track record as a single group," S&P said.

CONTACT:  EVRAZ GROUP S.A.
          Corporate Affairs and Communications
          Irina Kibina
          Alexander Karlashov
          Phone: +7 095 234 4629
          E-mail: IR@eam.ru


INGOSSTRAKH INSURANCE: Financial Strength Rating Affirmed at Ba2
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 insurance financial
strength rating of Ingosstrakh Insurance Company, Russia, and
revised the outlook from stable to positive.

Commenting on its decision, the rating agency said that the
company's asset quality improved in 2005 and was expected to
improve further next year.  As most of Ingosstrakh's invested
assets are accounted for by deposits with banks, the improvement
was driven by two factors:

(a) The upward rating drift in the Russian banking universe; and

(b) A reallocation of assets from lower-rated (or unrated) to
    higher-rated banks.

In particular, one of Moody's key credit concerns with regards to
Ingosstrakh has been, and remains, the company's large exposure
to Soyuz Bank, an affiliated party with relatively low financial
strength compared to Russia's leading credit institutions.  The
improvement of Ingosstrakh's asset quality in 2005 is largely
explained by the gradual reduction of its' exposure to Soyuz.  We
understand that Ingosstrakh's management intends to continue with
this policy in 2006.

Moody's will continue to monitor Ingosstrakh's asset profile, and
will consider taking positive rating action as the company
progresses with its de-risking program.  In Moody's view,
exposure to non-investment grade assets, including bank deposits
with un-rated or lowly rated banks, will have to decline to less
than 35% of shareholders' equity (approximately RUB2.4 billion)
for a one-notch upgrade.

While asset risk remains the main rating driver at the current
rating level, any upward rating pressure will also be predicated
on maintained operating profitability and circumspect capital
management policy.  In particular, Ingosstrakh's expansion into
the somewhat less profitable retail motor and voluntary medical
insurance lines may contribute to earnings volatility in the
short term, which in turn could have an effect on the timing and
extent of any positive rating action.  We also expect Gross
Underwriting Leverage (Gross Premiums Written / Shareholders'
Equity) to remain below 400% for any positive rating action to be
considered.

Rating affirmed:

Ingosstrakh Insurance Company: Ba2 insurance financial strength
rating.

Ingosstrakh Insurance Company, based in Moscow, Russia, is a
leading Russian Property & Casualty insurer.  It generated Gross
Written Premiums of RUB27.0 billion in 2004 and had shareholders'
equity of RUB5.6 billion as of 31 December 2004.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Simon Harris, Managing Director
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Timour Boudkeev, VP - Senior Credit Officer
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


KRAEVAYA: Declared Insolvent
----------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Kraevaya after finding the fuel company
insolvent.  The case is docketed as A33-15657/2005.  Mr. V.
Kharitonov has been appointed insolvency manager.

CONTACT:  KRAEVAYA
          662971, Russia, Krasnoyarsk region,
          Zheleznogorsk

          V. KHARITONOV
          Insolvency Manager
          660020, Russia, Krasnoyarsk region,
          Diksona Str. 1


KRASNOSULINSKAYA AUTO-COLUMN: Under Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company
Krasnosulinskaya Auto-Column 1724.  The case is docketed as
A53-18034/05-S2-36.  Mr. Y. Volik has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to Russia, Krasnodar, Krasnaya Str. 113/38.

CONTACT:  KRASNOSULINSKAYA AUTO-COLUMN 1724
          Russia, Rostov region,
          Kranyj Sulin, Shosseynaya Str. b/n

          Y. VOLIK
          Temporary Insolvency Manager
          Russia, Krasnodar region,
          Krasnaya Str. 113/38


KUDYMKARSKIY BAKERY: Bankruptcy Hearing Set Next Week
-----------------------------------------------------
The Arbitration Court of Komi-Permyatskiy autonomous region has
commenced bankruptcy supervision procedure on federal state-owned
enterprise Kudymkarskiy Bakery.  The case is docketed as
A30-2052/2005.  Mr. V. Plashkin has been appointed temporary
insolvency manager.  A hearing will take place on December 22,
2005.

CONTACT:  KUDYMKARSKIY BAKERY
          619000, Russia, Komi-Permyatskiy autonomous region,
          Kudymkar, Sverdlova Str. 53

          V. PLASHKIN
          Temporary Insolvency Manager
          619000, Russia, Komi-Permyatskiy autonomous region,
          Kudymkar, Svobody Str. 58, Office 2


PERVOMAYSKAYA: Bankruptcy Supervision Procedure Begins
------------------------------------------------------
The Arbitration Court of Vladimir region has commenced bankruptcy
supervision procedure on open joint stock company Pervomayskaya.
The case is docketed as A11-14880/2005-K1-77B.  Mr. A.
Povolotskiy has been appointed temporary insolvency manager.  A
hearing will take place on March 14, 2006, 1:30 p.m.

CONTACT:  PERVOMAYSKAYA
          601240, Russia, Vladimir region,
          Sudogda, Zarechnaya Str. 1A

          A. POVOLOTSKIY
          Temporary Insolvency Manager
          109029, Russia, Moscow,
          Nizhegorodskaya Str. 32, Building 15

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


POPUTNENSKIY: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on oil factory Poputnenskiy.
The case is docketed as A-32-32854/2005-44/449-B.  Mr. A.
Bezmolenko has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 352503, Russia,
Labinsk-3, Post User Box 4.  A hearing will take place on March
15, 2006.

CONTACT:  POPUTNENSKIY
          Russia, Krasnodar region, Poputnaya St.

          A. BEZMOLENKO
          Temporary Insolvency Manager
          352503, Russia, Labinsk-3,
          Post User Box 4


ROAD REPAIR: Succumbs to Bankruptcy
-----------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Road Repair Building Enterprise after finding
the limited liability company insolvent.  The case is docketed as
A45-57770/04-SB/78.  Mr. A. Rusanov has been appointed insolvency
manager.  Creditors have until December 22, 2005 to submit their
proofs of claim to 630077, Russia, Novosibirsk, Kostycheva Str.
40/2, Post User Box 210.

CONTACT:  ROAD REPAIR BUILDING ENTERPRISE
          630091, Russia,
          Novosibirsk region, Frunze Str. 5

          A. RUSANOV
          Insolvency Manager
          630077, Russia, Novosibirsk region,
          Kostycheva Str. 40/2, Post User Box 210


SIB-LES-N: Bankruptcy Hearing Set February
------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on limited liability company
Sib-Les-N (TIN 5406257430).  The case is docketed as
A45-21132/05-10/325.  Mr. V. Larichkii has been appointed
temporary insolvency manager.  A hearing will take place on
February 15, 2006, 10:00 a.m. at Russia, Novosibirsk region,
Kirova Str. 3, Room 815.

CONTACT:  SIB-LES-N
          630007, Russia, Novosibirsk region,
          Serebrennikovskaya Str. 23

          V. LARICHKII
          Temporary Insolvency Manager
          630099, Russia, Novosibirsk region,
          Zhurinskaya Str. 37


SPECTR: Kemerovo Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on construction company Spectr.  The case
is docketed as A27-14978/2005-4.  Mr. V. Tishkov has been
appointed temporary insolvency manager.

CONTACT:  SPECTR
          Russia, Kemerovo region,
          Prokopyevsk, Rudnichnaya Str. 7

          V. TISHKOV
          Temporary Insolvency Manager
          653004, Russia, Kemerovo region,
          Prokopyevsk, Nogradskaya Str. 28-73


STROY-PROM-SERVICE: Insolvency Manager Takes over Firm
------------------------------------------------------
The Arbitration Court of Khanty-Mansiysk autonomous region has
commenced bankruptcy supervision procedure on close joint stock
company Stroy-Prom-Service.  The case is docketed as
A-75-9461/2005.  Mr. M. Galimov has been appointed temporary
insolvency manager.

CONTACT:  STROY-PROM-SERVICE
          658212, Russia, Khanty-Mansiysk autonomous region,
          Rubtsovsk, Traktornaya Str. 17

          M. GALIMOV
          Temporary Insolvency Manager
          628616, Russia, Khanty-Mansiysk autonomous region,
          Nizhnevartovsk, Mira Str. 8P
          Phone: 24-97-94
          Fax: 24-87-86


VOLOGODSKOYE: Vologda Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Vologodskoye Ice Cream after finding the
close joint stock company insolvent.  The case is docketed as
A13-9243/2005-22.  Mr. S. Kobzev has been appointed insolvency
manager.

CONTACT:  VOLOGODSKOYE ICE CREAM
          162600, Russia, Vologda region,
          Cherepovets, Metallistov Str. 16

          S. KOBZEV
          Insolvency Manager
          162600, Russia, Vologda region,
          Cherepovets, Metallistov Str. 16


YUKOS OIL: CNOOC Clarifies Reported Interest in Non-core Assets
---------------------------------------------------------------
China National Offshore Oil Corporation denied telling a news
agency it is interested in the assets of Yukos Oil, according to
Dow Jones.

CNOOC Corp. said its chairman, Fu Chengyu, did not tell state-run
Shanghai Securities News the company was looking at US$1 billion
in non-core assets of Yukos.

"It doesn't mean we are not interested in the (Yukos) assets,
just that we haven't told any reporter about this.  We may have
an interest in the assets in the future," said a company source.
CNOOC Corp. said it may take legal action over the report.

Yukos plans to sell about US$10 billion worth of non-core assets,
CEO Steven Theede announced recently.  The company has US$7.5
billion in outstanding tax liabilities and US$1.3 billion in debt
to banks.  Mr. Theede said reducing the debt will enable the
company to gain enough stability to operate as an independent
entity.  The disposals will leave Yukos with US$10 billion to
US$13 billion of oil exploration and refining assets.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742), but the case was dismissed in February.
A few days after, its main production unit Yugansk was sold by
the government to a little-known firm Baikalfinansgroup for
US$9.35 billion, as payment for US$27.5 billion in tax arrears
for 2000-2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


===========
S W E D E N
===========


SAS GROUP: Sells Jetpak Stake for SEK490 Million
------------------------------------------------
The SAS Group has agreed to sell its holding in the Jetpak Group
to Denmark-based Polaris Private Equity.  The sale price amounts
to approximately SEK490 million and the positive effect on cash
flow and net debt is on a corresponding level.  The capital gain
for the SAS Group totals approximately SEK410 million.  The
transaction is expected to close before the end of the year and
is conditional upon the approval of the appropriate authorities.

"There has been extensive market interest in Jetpak.  We have
created a strong platform for Jetpak and Polaris foresees
favorable opportunities for the further development of the
company," says Jorgen Lindegaard, CEO and President of the SAS
Group.  "This sale is a further step in our strategy to focus on
core operations."

The divestment of the Jetpak Group is also part of the SAS
Group's program to free up capital.

"The SAS Group has been an excellent owner of the Jetpak Group
and has enabled us to achieve our strong position in the Nordic
region," says Erik Lautmann, President of the Jetpak Group. "A
new owner can ensure that we continue to grow in the Nordic
countries as an independent supplier and in adjacent markets."

About Jetpak

The Jetpak Group is a company that offers express deliveries in
the 0-12-hour time span, door-to-door, with a focus on transports
within and to/from the Nordic region.  The services comprise
local deliveries as well as integrated air express services.
Jetpak operates in more than 150 locations in the Nordic region
and has approximately 700 courier vehicles. In 2004, Jetpak's
sales amounted to SEK459 million and income after financial items
was SEK18 million. Prior to the end of September 2005, income
after net financial items had improved by slightly more than 40%.

The number of employees totaled 162 during the first six months
of 2005.

About the SAS Group

SAS AB is the Nordic region's largest flight and travel group and
offers air transport and flight-related services based in
northern Europe.

Scandinavian Airlines flies from Scandinavia, to/from Europe,
North America and Asia.  Scandinavian Airlines is a member and
one of the founders of the world's largest global airline
alliance - Star Alliance(TM).  The other airlines in the Group
are Spanair, Wideroe's Flyveselskap and Blue1, as well as the
part-owned carriers airBaltic and Estonian Air.  The Group's
Airline Support Businesses and Airline Related Businesses
business areas include companies that support airline operations.
The Group also includes hotel operations through Rezidor SAS
Hospitality.

About Polaris Private Equity

Polaris Private Equity is a Danish investment company that
invests in well-established, small and medium-size Danish and
Swedish business with a favorable development potential and sales
exceeding SEK200 million.  Polaris currently has investments in
six businesses that have combined sales that exceed SEK9 billion
and more than 7,000 employees.  Polaris develops companies
through active ownership for between three and seven years, prior
to selling to strategic investors or a stock-exchange listing.
The companies behind Polaris include A.P. Moller-Maersk, Danske
Bank and ATP Private Equity.

CONTACT:  SAS GROUP
          Hans Ollongren
          Senior VP, Corporate Communications & Public Affairs
          Phone: +46 70 997 1950

          Sture Stolen
          VP, Investor Relations
          Phone: +46 70 997 1451
          Web site: http://www.sasgroup.net


SKANDIA INSURANCE: Skandia Liv Considers Separating from Parent
---------------------------------------------------------------
Skandia Liv's board of directors is proposing a changed
shareholding structure for Skandia Liv, with the intention over
time to convert Skandia Liv into a bona fide mutual company.  The
life assurance policyholders' influence over their savings will
be guaranteed by granting them responsibility for appointing
Skandia Liv's board of directors.

Bo Eklof, chairman of Skandia Liv, said: "A number of measures
have been successively adopted to strengthen the influence of
Skandia Liv's life assurance policyholders.  The current concerns
shared by customers and employees and the large number of
questions show the need for further clarity surrounding Skandia
Liv's future playing field."

The main features of the proposal are:

(a) shares in Skandia Liv will be transferred to a foundation
    with the aim of converting Skandia Liv to a bona fide mutual
    company.  Skandia will thereby cease to own Skandia Liv, and
    the parent company/wholly owned subsidiary relationship
    will be dissolved;

(b) the close operative cooperation between Skandia Liv and
    Skandia will continue in its present form in order to
    preserve and develop the significant revenue and expense
    synergies that have long existed in the Skandia group.  All
    business relations between the companies will continue to be
    conducted on strictly market terms.  Operational
    coordination in marketing, sales and administration will be
    maintained through a long-term co-operation agreement; and

(c) Skandia Liv and Skandia will continue to jointly operate
    under the Skandia-owned brand.  Skandia Liv's business will
    continue to be focused on mutual life assurance products.

The proposal has been submitted to Skandia and has the same
relevance regardless of the outcome of the ongoing offer process.

Motives

The primary motives for the proposal are:

(a) to create a clearer company form and to change Skandia Liv's
    position as a "hybrid company" by making the bona fide
    mutual form of operation also Skandia Liv's formal
    operational form.  Skandia Liv is run on a mutual basis, but
    its 1.2 million policyholders lack influence at
    general shareholder meetings, since Skandia Liv is a wholly
    owned subsidiary of the listed company Skandia;

(b) through a clear company structure, to facilitate strategic
    planning and thereby enhance long-term growth in value; and

(c) to strengthen long-term confidence in Skandia's brand and
    business.

         Statement of Bo Eklof, Chairman of Skandia Liv

Skandia Liv has successively been taking measures to strengthen
the influence of its life assurance policyholders.  Following a
period of discussions and studies by Skandia Liv's board, we have
found it proper to propose a new ownership structure for Skandia
Liv that puts influence over the company with our 1.2 million
policyholders.  In recent time Skandia Liv has made progress
toward attaining an increasingly independent position in the
Skandia group in an open cooperation process between the parent
company and its subsidiaries.

Everyone has had an understanding of the problems of working as a
mutual company, but not being one.  Aside from the decisive issue
in principle, the current concerns of customers and employees
underscore the need for further clarity surrounding Skandia Liv's
future playing field.  Through our proposal, we will acquire a
company structure that facilitates strategic planning and thereby
enhances long-term growth in value.  It is also highly important
that we have the opportunity to continue developing everything
that we share with Skandia -- not least the Skandia brand -- in
the same way as in the past.

Background

Skandia Liv is a wholly owned subsidiary of Skandia.  However,
Skandia Liv is prohibited by law from distributing profits to
Skandia.  The intention of this is to ensure that pension savers'
managed assets and the returns on these are only used to secure
Skandia Liv's obligations to its policyholders.  In other words,
to preserve and increase the value of assets and returns, and
thereby ensure that savers receive their pensions.

The operations are thereby run on a mutual basis, but they are
not mutually owned.  Skandia Liv is owned by Skandia, which is
listed on the stock exchange and is owned by a large number of
private and institutional shareholders in Sweden and abroad.

Hybrid Form

This company structure is relatively common; however, in recent
years it has become increasingly questioned.  The model of a
"mutual life assurance operation" conducted by a stock
corporation like Skandia Liv without any opportunity to
distribute profits represents a sort of "hybrid form".  This
creates a lack of clarity regarding influence and ownership of
the actual value for the life company's customers, i.e., Skandia
Liv's pension-savers, in relation to the life company's owner,
Skandia, and its shareholders.

The independent investigative panel set up by Skandia Liv's board
illuminated this lack of clarity in the company structure in its
report from September 2003: "When a stock life assurance company
is a subsidiary, as is the case with Skandia Liv, opportunities
arise for advantages through the utilization of synergy effects
in e.g., asset management, marketing and the organization of
operations.  However, on the other hand, tangible risks arise
that such synergy effects will not benefit the life assurance
operations.  Potential conflicts of interest between the
shareholders' and policyholders' interests are built in to the
structure of a stock life assurance company that is run on a
mutual basis."

Insurance Company Study

This lack of clarity one reason why the company forms for life
assurance operations have been the subject of review by the so
called Insurance Company Study (directive 2003:125).
Policyholders and society in general are increasingly expressing
their expectations that company structures will be changed for
life assurance operations.  What is often said is that the hybrid
form in which Skandia Liv conducts its operations should be done
away with.  A refinement would be better: either a mutual company
controlled by the policyholders themselves, or a
profit-distributing company controlled by shareholders.

In Skandia Liv's opinion, the traditional, mutual life assurance
product has great advantages and will be in demand in the
foreseeable future.  Skandia Liv's very long heritage shows the
great and long-term strength that can be created through the
collective risk capital in this form of insurance, among other
things through the unique, long-term equalization of risk
provided by the insurance.  In Skandia Liv's case, it can be
added that current and historical returns have been very
favorable.  Further, the buffer capital that exists above and
beyond the guaranteed obligations is among the highest in the
industry.

An Ongoing Process

Skandia Liv is one of Sweden's largest and most important pension
and asset managers, and plays an important role in the Swedish
market for taking responsibility for and developing traditional
life assurance for its 1.2 million existing policyholders and
future customers.  During the past year the company has steadily
regained the confidence of pension-savers.  This positive trend
in confidence is coupled to Skandia Liv's ambition to demarcate a
clearer independent position in the group and to strengthen the
policyholders' long-term influence in close co-operation with the
utilization of all of the significant synergies that exist within
the Skandia group.  The position of Skandia Liv's policyholders
has been strengthened, among other things by creating a voting
majority for independent directors on the board, clear
conflict-of-interest rules and stricter guidelines for
transactions between the companies.

Skandia Liv's proposal entails a development toward a more secure
and suitable form of structure over the long term.  In a few
years, when the Insurance Company Study can be expected to have
led to new legislation, further steps toward fulfillment of the
mutual principle will most likely be taken.

An Owner Foundation for the Shareholding in Skandia Liv

A foundation entails that capital is managed for a specific,
permanent purpose.  In Sweden, there are approximately 50,000
foundations and funds.  Several of these control ownership in
large Swedish companies.  In the insurance world there is Trygg
Stiftelsen, which has a substantial shareholding in SEB and a
"golden share" in the insurance company SEB Trygg Liv Gamla.

Purpose

Skandia Liv's board proposes that a foundation be formed with the
purpose of working for the favorable development of the insurance
operations of Skandia Liv and for good corporate governance of
Skandia Liv.  The foundation would have the power at Skandia
Liv's general shareholder meetings.  At the core would be set of
foundation bylaws that would govern the activities of the
foundation.

Ownership of Skandia Liv

The purpose would be fulfilled if the foundation were to own the
shares of Skandia Liv, which conducts life assurance business and
continues to further develop its current co-operation with
Skandia according to the long-term and commercially motivated
agreements.

Life Assurance Policyholders Appoint Board

A board would be responsible for the foundation's organization
and administration.  A majority of the board members shall
represent the policyholders.  They would be appointed by
organizing the policyholders in an assembly of representatives
that would appoint the company's board members.  The foundation
would offer an opportunity to adapt to local legislation, which
would create a possible avenue in the future to handle the
conversion of Skandia Liv to a bona fide mutual insurance
company.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00


SKANDIA INSURANCE: To Look into Skandia Liv's Proposal
------------------------------------------------------
In a separate press release, the board of
Livforsakringsaktiebolaget Skandia (Skandia Liv) presented a
proposal for a new structure.  The board of Skandia Insurance
Company Ltd. has issued the following comment on the proposal:

Skandia Liv's board has presented its proposal to Skandia's
board.  The proposal, which entails that Skandia's shares in
Skandia Liv would be transferred to a foundation, is
constructive.  The question of a company model for the
traditional life assurance business has been discussed for quite
some time.  However, changing company forms is complicated.  The
conditions vary from case to case.  Many different interests must
be respected.  A government commission is studying this issue in
detail.

Implementation of the proposal made by Skandia Liv's board
requires approval by a general meeting of Skandia's shareholders.
The proposal will have to be studied in close cooperation between
Skandia and Skandia Liv prior to any vote by a general meeting of
shareholders.

The issue also concerns Skandia's total customer offering and
responsibility for the customers' interests.  Skandia underscores
what has been stressed by Skandia Liv, namely, the importance of
close collaboration between the two companies also in the future
in order to be able to provide the best and most cost-effective
service to the group's customers, regardless of product
orientation.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00


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


ALTAIR: Temporary Insolvency Manager Steps in
---------------------------------------------
The Economic Court of Donetsk region has commenced bankruptcy
supervision procedure on CJSC Altair (code EDRPOU 00307224).  The
case is docketed as 27/134 B.  Mr. Dmitro Voron (License Number
AA 779182) has been appointed temporary insolvency manager.

Creditors have until December 18, 2005 to submit their proofs of
claim to:

(a) ALTAIR
    84619, Ukraine, Donetsk region,
    Gorlivka, Minina ta Pozharskogo Str. 80

(b) DMITRO VORON
    Temporary Insolvency Manager
    83000, Ukraine, Donetsk region,
    50-Richya SRSR Str. 141/27

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


ELECTRON: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Hmelnitskij region has commenced bankruptcy
supervision procedure on OJSC Kamyanets-Podilskij' Plant Electron
(code EDRPOU 22776959).  The case is docketed as 13/233-B.  Mr.
Oleg Senishin has been appointed temporary insolvency manager.

Creditors have until December 18, 2005 to submit their proofs of
claim to:

(a) KAMYANETS-PODILSKIJ PLANT ELECTRON
    32300, Ukraine, Hmelnitskij region,
    Kamyanets-Podilskij,
    Marshal Harchenko Str. 22-b

(b) OLEG SENISHIN
    Temporary Insolvency Manager
    01103, Ukraine, Kyiv region,
    Dragomanov Str. 10-a/29

(c) ECONOMIC COURT OF HMELNITSKIJ REGION
    29000, Ukraine, Hmelnitskij region,
    Nezalezhnosti Square 1


KABRIOLET: Gives Creditors Until Next Week to File Claims
---------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Kabriolet (code EDRPOU 32350718) on
September 22, 2005.  The case is docketed as B 26/133/05.  Mr.
Sergij Kovalyov (License Number AA 779241) has been appointed
temporary insolvency manager.

Creditors have until December 18, 2005 to submit their proofs of
claim to:

(a) KABRIOLET
    49069, Ukraine, Dnipropetrovsk region,
    Kupyanska Str. 13

(b) SERGIJ KOVALYOV
    Temporary Insolvency Manager
    49027, Ukraine, Dnipropetrovsk region, a/b 1812

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


KASHPERIVKA' SUGAR: Succumbs to Bankruptcy
------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on OJSC Kashperivka' Sugar Plant (code
EDRPOU 19404438).  The case is docketed as 7/14 b-05.  Mr. M.
Shkabrij (License Number AB 216820) has been appointed temporary
insolvency manager.

Creditors have until December 18, 2005 to submit their proofs of
claim to:

(a) KASHPERIVKA' SUGAR PLANT
    09812, Ukraine, Kyiv region,
    Tetiyivskij district, Kashperivka, Lenin Str. 30

(b) M. SHKABRIJ
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Chervonoarmijska Str. 57/3-221

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


NOVOALEKSANDRIVSKIJ HORSE: Creditors' Claims Due Next Week
----------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on Novoaleksandrivskij Horse Plant 64 (code
EDRPOU 00846228) on July 5, 2005.  The case is docketed as 10/20
b.  Mr. Oleksandr Roj (License Number AB 176034) has been
appointed temporary insolvency manager.  The company holds
account number 260023020402 at OJSC Oshadbank, Bilovodske branch
3123, MFO 364025.

Creditors have until December 18, 2005 to submit their proofs of
claim to:

(a) NOVOALEKSANDRIVSKIJ HORSE PLANT 64
    92823, Ukraine, Lugansk region,
    Bilovodskij district, Novoaleksandrivka,
    Lesna Str.

(b) OLEKSANDR ROJ
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Rajgorodka, Radyanska Str. 7

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


POLTAVAGAZBUD: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on CJSC Poltavagazbud (code EDRPOU
05449526) on November 8, 2005.  The case is docketed as 10/110.
Mr. Oleg Georgiyevskij (License Number AA 176042) has been
appointed temporary insolvency manager.

Creditors have until December 18, 2005 to submit their proofs of
claim to:

(a) POLTAVAGAZBUD
    36022, Ukraine, Poltava region,
    Ribalskij lane, 10a

(b) OLEG GEORGIYEVSKIJ
    Temporary Insolvency Manager
    36022, Ukraine, Poltava region,
    Lenin Str. 82

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


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


ALLIED BIO: Tablet Maker Liquidates
-----------------------------------
G. Latham, chairman of Allied Bio Corporation Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 2 at Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL.

Alan H. Tomlinson of Tomlinsons, St John's Court, 72 Gartside
Street, Manchester M3 3EL was appointed liquidator.  The
resolutions and appointment were confirmed at a creditors meeting
held the same day.

CONTACT:  ALLIED BIO CORPORATION LTD.
          Providence Works
          Neild Street
          Oldham
          OL8 1QG
          Phone: 0161 626 5222

          TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


ALTONS ACCOUNTANTS: Files for Liquidation
-----------------------------------------
K. Carter, chairman of Altons Accountants Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 14 at Allen House, 1 Westmead Road, Sutton, Surrey SM1 4LA.
Martin Charles Armstrong of Turpin Barker Armstong, Allen House,
1 Westmead House, Sutton, Surrey SM1 4LA was appointed
liquidator.

CONTACT:  ALTONS ACCOUNTANTS
          Europe House
          Bancroft Road
          Reigate
          Surrey
          RH2 7RP
          Phone: +44 (0)1737 224707
          Fax: +44 (0)1737 226643
          Web site: http://www.altonsaccountants.co.uk/

          TURPIN BARKER ARMSTRONG
          Allen House
          1 Westmead Road, Sutton, Surrey SM1 4LA
          Phone: +44 (0) 20 8661 7878
          Fax:   +44 (0) 20 8661 0598
          E-mail: tba@turpinba.co.uk
          Web site: http://www.turpinba.co.uk


ARC RISK: Signs Deal with Prominent Financial Group
---------------------------------------------------
ARC Risk Management Group plc has entered into an agreement with
a world leading insurance-based financial services institution.

As part of the agreement, the Group's red24 division will provide
personal security services as a compulsory addition to a
prestigious base of U.K. household insurance policies.  Each
household customer and their immediate family will have access to
personal security support from red24's Crisis Response Management
(CRM) Centre 24 hours a day through a dedicated hotline.

This is a new agreement for the Group and will further
consolidate red24's position as a leader in the provision of
personal security help and advice.

Simon Wakeling, managing director, red24, said: "Since 2000,
red24 has provided market leading personal security services to
customers throughout the world.  Demand for these services is
growing rapidly.  Our first half trading period, for example, saw
sales of red24 increase fivefold.

"We are delighted to work with this client which has an excellent
reputation for customer satisfaction and for providing innovative
services.  We look forward to helping their customers with their
personal security needs."

                            *   *   *

In June, ARC Risk Management Group plc noted an increase in
full-year loss despite a rise in sales.  In the full year to
March, the company registered pretax loss of GBP1.153 million
from GBP925,246 a year earlier, while sales jumped to GBP1.122
million from GBP971,427 in 2004.

CONTACT:  ARC RISK MANAGEMENT GROUP PLC
          73 Watling St., 4th Fl.
          London
          EC4M 9BL, United Kingdom
          Phone: +44-207-332-5600
          Fax: +44-207-236-3918
          Web site: http://www.arcrisk.com


ATLANTIC WEST: Hires KPMG Liquidator
------------------------------------
Company Names: ATLANTIC WEST FINANCELIMITED
               ATLANTIC WEST FINANCE (U.K.)

At the general meeting of these companies, the special and
ordinary resolutions to wind up the firms were passed on Nov. 24.
Jeremy Simon Spratt and Myles Antony Halley of KPMG LLP, 8
Salisbury Square, London EC4Y 8BB were appointed joint
liquidators.

CONTACT:  KPMG LLP
          P.O. Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


BREMPLAN LIMITED: JWD Associates Liquidator Moves in
----------------------------------------------------
S. S. Rawlings, director of Bremplan Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Nov. 24 at Kintyre House, 70 High
Street, Fareham, Hampshire.  J. C. Wade-Duffee of JWD Associates
was appointed liquidator.

Creditors are required on or December 30, 2005 to send their
names and addresses and descriptions, full particulars of debt or
claims to J C Wade-Duffee and if so required by notice in writing
their debt or claims.

CONTACT:  JWD ASSOCIATES
          1 Grange Farm Business Park,
          Sandy Lane, Shedfield,
          Southampton SO32 2HD


BRISTOL & WEST: Names PricewaterhouseCoopers Liquidator
-------------------------------------------------------
Company Names: BRISTOL & WEST ADMINISTRATION NO.2 LIMITED
               BRISTOL & WEST ADMINISTRATION NO.3 LIMITED

R. Brown, chairman of these companies, informs that the special
and ordinary resolutions to wind up the firms were passed at an
EGM held on Nov. 18.  Tim Walsh and Jonathan Sisson of
PricewaterhouseCoopers LLP, 31 Great George Street, Bristol BS1
5QD were appointed joint liquidators.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          31 Great George Street,
          Bristol BS1 5QD
          Phone: [44] (117) 929 1500
          Fax:   [44] (117) 929 0519
          Web site: http://www.pwc.com


BURGESS HOME: Calls in Liquidator from David Horner
---------------------------------------------------
N. Burgess, director of Burgess Home Improvements Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Nov. 10 at David Horner & Co., 11 Clifton Moor
Business Village, James Nicolson Link, York YO30 4XG.

David Anthony Horner of David Horner & Co, 11 Clifton Moor
Business Village, James Nicolson Link, Clifton Moor, York YO30
4XG was appointed liquidator.

CONTACT:  BURGESS HOME IMPROVEMENTS LTD.
          Selby North Yorkshire YO8 5TN
          Phone: 01757 288116

          DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


CONNOSS: Liquidators from Carter Backer Winter Move in
------------------------------------------------------
I. Tarn, director of Connoss, informs that the special resolution
to wind up the company was passed at an EGM held on Nov. 29 at
Enterprise House, 21 Buckle Street, London E1 8NN.  Melvyn Julian
Carter and John Alfred George Alexander of Enterprise House, 21
Buckle Street, London E1 8NN were appointed joint liquidators.

Creditors are required on or before January 13, 2006 to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims and the names and addresses of
Solicitors (if any), to Melvyn Julian Carter and John Alfred
George Alexander and if so required by notice in writing their
debt or claims.

CONTACT:  CARTER BACKER WINTER
          Enterprise House, 21 Buckle Street,
          London E1 8NN
          Phone: + 44 (0) 20 7309 3800
          Fax:   + 44 (0) 20 7309 3801
          E-mail: info@cbw.co.uk
          Web site: http://www.cbw.co.uk


COSTAIN GROUP: Bids for Highways Agency's Build-operate Program
---------------------------------------------------------------
An Anglo-French consortium -- composed of Costain, Carillion,
Laing Roads, Mouchel Parkman, Jacobs-Babtie, VINCI and ASF -- has
been formed to tender for the Highways Agency's 30-year design,
build, operate and finance program for the M25.

The Preferred Bidder announcement is expected in autumn 2007.
The construction works will be carried out by a joint venture led
by Costain and VINCI.

The members of the consortium are variously engaged in existing
M25 projects.  Of more than GBP600 million of road contracts
secured by Costain this year, nearly GBP200 million involves
M25-related work.

                        About the Company

Costain collapsed under heavy debt in the mid-1990s after
venturing into U.S. mining.  It is still trying to recover with
its first dividend in years expected this year or next.  Its core
U.K. business reported a GBP10.5 million profit last year after
plunging into a EUR5 million loss in 2000.

The company has moved into asset management of water utilities
from civil engineering.  In May, the special resolution approving
the reduction of share capital and cancellation of share premium
account in the company was approved by the
Companies Court and registered at Companies House.

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44-1628-842-444
          Fax: +44-1628-674-477
          Web site: http://www.costain.com

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444


D&PCH LIMITED: Liquidators from P&A Partnership Move in
-------------------------------------------------------
P. Haywood and D. Haywood, chairmen of D&PCH Limited (formerly
Stoke Hall Quarries (Stone Sales) Limited), informs that the
special, ordinary and extraordinary resolutions to wind up the
company were passed at an EGM held on Nov. 23 at Pegasus House,
463a Glossop Road.  John Russell and Andrew Philip Wood of The
P&A Partnership, 93 Queen Street, Sheffield S1 1WF were appointed
liquidators.

Creditors are required on or before December 30, 2005, to send in
their full names and addresses, full particulars of claims and
the names and addresses of Solicitors (if any), to John Russell
and if so required by notice in writing their debt or claims.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


ENTERPRISE JOINERY: In Liquidation
----------------------------------
I. K. Hinton, director of Enterprise Joinery (UK) Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 10 at Haines Watts, 6 College Yard, Worcester WR1
2LA.  Colin Nicholls of Haines Watts, 6 College Yard, Worcester
WR1 2LA was appointed liquidator.

CONTACT:  ENTERPRISE JOINERY (UK) LTD.
          Unit 9/Phoenix Building/Rushock Trading Park
          Rushock
          Droitwich
          WR9 0NR
          Phone: 01299 250055

          HAINES WATTS BUSINESS RECOVERY & INSOLVENCY
          6 College Road
          Worcester WR1 2LA
          Phone: 01905 745779
          Fax: 01905 22654
          E-mail: briworcester@hwca.com


EUROPA ENERGY: Appoints Deloitte & Touche Liquidator
----------------------------------------------------
Company Names: EUROPA ENERGY PLC
               EUROPA MINERALS GROUP PLC

C. Foley, chairman of these companies, informs that the special
and ordinary resolutions to wind up the firms were passed at an
EGM held on Nov. 23 at Level 3, 30 The Esplanade, Perth, Western
Australia.  Nicholas James Dargan and Nicholas Guy Edwards of
Deloitte & Touche, Athene Place, 66 Shoe Lane, London EC4A 3WA
were appointed joint liquidators.

Creditors are required on or before January 3, 2006 to send their
names and addresses and descriptions, full particulars of debt or
claims to N. J. Dargan and if so required in writing their debt
or claims.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


FASTLINE PHOTOGRAPHIC: EGM Passes Winding-up Resolution
-------------------------------------------------------
R. Hall, chairman of Fastline Photographic Limited, informs that
resolutions to wind up the company were passed at an EGM held at
Oak Tree House, Harwood Road, Northminster Business Park, Upper
Poppleton YO26 6QU.  Edwin James Kirkwood of EJK Associates
Limited, 2 Church Court, Morley, Leeds LS27 9TN was appointed
liquidator.

Fastline Photographic -- http://www.fastlinephotographic.gbr.cc/
-- is a specialist of railway infrastructure photography.  The
company was created in July 2000 via a management buyout.  It had
been the photographic department of the Chief Civil Engineer of
the LNER, BT Films, the General Manager of the Eastern Region of
British Railways, Fastline Track Renewals Ltd. and Jarvis Rail.

Its major customers include Network Rail, First Engineering,
Jarvis Rail, May Gurney and most of the major civil engineering
contractors that work on the railway.  Many of the Train
Operating Companies are also its customers.

CONTACT:  FASTLINE PHOTOGRAPHIC LIMITED
          44 West Offices
          Station Rise
          York
          YO1 6HT
          Phone: 01904 522 575
          Fax: 01904 522 575
          Mobile: 07771 956 934
          E-mail: admin@fastlinephotographic.com


FRYMA RIVERLYN: Hires Cooper Parry Liquidator
---------------------------------------------
B. Stafford, director and shareholder of Fryma Riverlyn Limited,
informs that the special resolution to wind up the company was
passed at an EGM held on Nov. 22 at 14 Park Row, Nottingham NG1
6GR.  Tyrone Shaun Courtman and Jeremy Philip William Meadows of
Cooper Parry LLP, The Crescent, King Street, Leicester LE1 6RX
were appointed joint liquidators.

Creditors are required on or before December 23, 2005 to send
their names and addresses, with particulars of debt or claims,
and the names and addresses of Solicitors (if any), to Tyrone
Shaun Courtman and Jeremy Phillip William Meadows and if so
required, by notice in writing their debt or claims.

CONTACT:  COOPER PARRY LLP
          The Crescent
          King Street
          Leicester
          Leicestershire LE1 6RX
          Phone: 0116 285 4424


G T TRANSPORT: Calls in Liquidator
----------------------------------
K. Prendergast, director of G T Transport Limited (t/a Beagles),
informs that resolutions to wind up the company were passed at an
EGM held on Nov. 10 at Langley House, Park Road, London N2 8EX,
on 10 November 2005.  Alan Simon was appointed liquidator.

CONTACT:  G T TRANSPORT LTD.
          Unit 7 Leeside Industrial Esta
          Garman Road, London N17 0QH
          Phone: 02088084449


HARLEQUINS CATERERS: Liquidator from Turpin Moves in
----------------------------------------------------
B. Collins, chairman of Harlequins Caterers Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 11 at Allen House, 1 Westmead Road, Sutton, Surrey SM1 4LA.
Martin Charles Armstrong of Turpin, Barker Armstrong, Allen
House, 1 Westmead Road, Sutton, Surrey SM1 4LA was appointed
liquidator.

Harlequins Caterers -- http://www.harlequincaterers.co.uk/-- was
established in 1998 by chefs Phil Dennington and Barry Collins.
It offers delivery-only and menu preparation service to
full-event management.

CONTACT:  TURPIN BARKER ARMSTRONG
          Allen House
          1 Westmead Road, Sutton, Surrey SM1 4LA
          Phone: +44 (0) 20 8661 7878
          Fax:   +44 (0) 20 8661 0598
          E-mail: tba@turpinba.co.uk
          Web site: http://www.turpinba.co.uk


KINDSTONE LIMITED: Calls in Liquidator from Begbies Traynor
-----------------------------------------------------------
J. A. Brave, chairman of Kindstone Limited, informs that the
special resolution to wind up the company was passed at an EGM
held on Nov. 24 at Begbies Traynor, No 1 Old Hall Street,
Liverpool L3 9HF.  David Moore and Donald Bailey of Begbies
Traynor, No 1 Old Hall Street, Liverpool L3 9HF were appointed
joint liquidators.

Creditors are required on or before January 4, 2006, to send in
their names and addresses and descriptions, full particulars of
debt or claims to David Moore and if so required by notice in
writing their debt or claims.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


LANGBAR INTERNATIONAL: Replaces Spanish Auditor with Deloitte
-------------------------------------------------------------
Deloitte will replace Spanish firm Gironella Velasco as auditor
of cash shell Langbar International, which is under investigation
for possible fraud, according to Accountancy Age.

Earlier, Kroll investigators suspected fraud in the disappearance
of the firm's GBP365 million cash deposits in Banco do Brazil in
Sao Paulo.  Chief executive Stuart Pearson and finance chief
Jean-Pierre Regli insist the money is intact.

Formerly Crown Corporation, it was renamed Langbar after Mr.
Pearson became chief executive in June.  Last year, Langbar's
auditor Baker Tilly refused to sign off its accounts and
subsequently resigned.  Langbar pursued a wide variety of
possible investments in Argentina, Canada, Russia, Eastern
Europe, Spain and Portugal.

CONTACT:  LANGBAR INTERNATIONAL
          Reid House, 31 Church Street
          Hamilton HM 12

          KROLL EUROPE, MIDDLE EAST & AFRICA
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001


LEP HOLDINGS: Liquidators from PwC Enter Firm
---------------------------------------------
Company Names: LEP HOLDINGS (NORTH AMERICA) LIMITED
               LEP INTERNATIONAL HOLDINGS LIMITED
               LEP INTERNATIONAL WORLDWIDE LIMITED

At the extraordinary general meetings of these companies on
November 21, 2005, the special and ordinary resolutions to wind
up the firms were passed and Jonathan Sisson and Richard Setchim
of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT
were appointed joint liquidators.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


MEPC LTD.: Chief Executive Leaves Company
-----------------------------------------
Following the announcement on 7 October 2005, MEPC Limited
disclosed Friday that Chief Executive Officer Richard Harrold has
left the Board with effect from 8 December 2005.

The continuing directors of MEPC Limited are Tony Watson, Nick
Mustoe, Rupert Clarke, Rick de Blaby, John Bateman, Roger Quince
and Alasdair Evans.

                        About the Company

MEPC Ltd. is a leading U.K. company in the ownership, development
and operation of quality commercial property.  MEPC is wholly
owned by Leconport Estates, a company owned by clients of Hermes
Investment Management Limited, primarily the BT Pension Scheme.

Specializing in business parks, MEPC has the skills, strength and
prominent profile in the commercial property market required to
provide property solutions that work for current and prospective
occupiers.

MEPC had GBP906.1 million of property assets at March 2005 and an
annualized rent roll of GBP61 million.  The business park
portfolio at FY04 was geographically split on a gross rental
basis: South East England 82%, Rest of U.K. 18%.

MEPC Ltd. has transferred its interests in the Hermes MEPC
Business Space Unit Trust to the BT Pension Scheme (BTPS) and the
Royal Mail Pension Plan.  Hermes MEPC Business Space Unit Trust
owns the business parks Milton Park in Oxford; Birchwood Park,
Warrington; Chineham Park, Basingstoke; Hillington Park, Glasgow
and Leavesden Park, Watford.  This follows the successful GBP470
million securitization completed of a loan secured on four of the
business parks.

MEPC Ltd. will use the proceeds to eliminate certain debt owed to
shareholders, leaving GBP122.7 million in aggregate of 12%
unsecured bonds expiring June 2006 and 8.75% unsecured bonds
expiring December 2006.  All excess cash proceeds will be
returned to shareholders.  MEPC Ltd. continues to have access to
a GBP350 million facility provided by BTPS.  Of this facility,
GBP122.7 million has been set aside to cover the amount needed to
repay the unsecured bonds when they expire next year.

CONTACT:  MEPC LTD.
          4th Floor
          Lloyds Chambers
          1 Portsoken Street
          London
          E1 8LW
          Phone: 020 7702 6100
          Fax: 020 7702 6123
          Web site: http://www.mepc.co.uk


MOBIL HOLDINGS: Liquidator from Baker Tilly Moves in
----------------------------------------------------
R. Penn, chairman of Mobil Holdings Limited, informs that the
special resolution to wind up the company was passed at an EGM
held on Nov. 25 at St Catherine's House, 2 Kingsway, London WC2B
6HA.  Andrew White of Baker Tilly, International House, Queens
Road, Brighton BN1 3XE was appointed liquidator.

Creditors are required on or before January 2, 2006 to send in
their names and addresses and descriptions, full particulars of
debt or claims to Andrew White and if so required by notice in
writing their debt or claims.

CONTACT:  BAKER TILLY
          International House
          Queens Road, Brighton BN1 3XE
          Phone: 01273 223400
          Fax: 01273 223401
          E-mail: jonathan.ericson@bakertilly.co.uk
          Web site: http://www.bakertilly.co.uk


MOUNTDENE HOMES: Appoints Liquidator
------------------------------------
J. A. Brave, chairman of Mountdene Homes For The Elderly Limited,
informs that the special resolution to wind up the company was
passed at an EGM held on Nov. 24 at Begbies Traynor, No 1 Old
Hall Street, Liverpool L3 9HF.  David Moore and Donald Bailey of
Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF were
appointed joint liquidators.

Creditors are required on or before January 4, 2006, to send
their names and addresses and descriptions, full particulars of
debt or claims to David Moore and if so required by notice in
writing their debt or claims.

CONTACT:  BEGBIES TRAYNOR
          No.1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


NETWORK RAIL: Completes Upgrade of West Coast Main Line
-------------------------------------------------------
Network Rail announced the completion of the next stage of the
vital upgrade work on the West Coast Main Line.  Virgin's tilting
Pendolino trains will now be able to travel at up to 125 mph, for
the entire London to Glasgow route from 12 December 2005.

This major milestone in the GBP8 billion upgrade of Europe's
busiest mixed-use railway is a major achievement for Network
Rail, owner and operator of the U.K.'s railway infrastructure,
and is indicative of the turnaround since the project was
re-scoped in 2002.

This is the third milestone to be hit on time and on budget as
the industry has worked together to deliver a railway of which
Britain can be proud.  Journey times along the entire route have
been significantly reduced:

-- London to Glasgow now takes under four and a half hours, down
   from more than five hours,

-- London to Manchester takes just over two hours, cutting
   travel times by 23% since 18 months ago

The performance and reliability of the infrastructure have
already shown massive improvements for passengers, with a 55%
reduction in delays this year on the busiest section of the line
south of Birmingham.

Almost 1,000 miles of track have been re-laid in three years
along a route that, before the improvement program began, had
been starved of investment for decades.  Since 2002, more than
10,000 people have been working on the upgrade every single
weekend.  Between them, more than 60 million hours have been
worked.

John Armitt, Chief Executive said: "The completion of this major
piece of engineering work is more evidence that Network Rail can
consistently deliver the largest scale projects.

"Most importantly, passengers are now starting to reap the
benefits of all the nights, weekends and holidays that our
engineers have worked over the past few years.  We now have a
railway that rivals the airlines on city center to city center
journey times. It is an achievement of which we can be truly
proud."

The first stage in the West Coast Main Line improvement program,
delivered in September 2004, was an upgrade to the section
between London and Manchester, allowing trains to travel at up to
125 mph.  In June this year, the second section of works between
Crewe, Preston and Liverpool was completed.

This week saw the final sections of work completed in Scotland
and the North West to allow 125mph running.  A new timetable
reflecting all the work done along the route in recent months
will be introduced next week.

The project now moves into a new phase that will see a number of
major projects along the route deliver further journey
timesavings and increased line capacity by 2008.  These include:
a GBP300 million scheme to double the number of track through the
Trent Valley; a GBP190 million project at Rugby to relay the
tracks and rebuild the station; and a GBP200 million project in
the North West between Sandbach and Wilmslow to replace the
signaling system.

                        About the Company

Railtrack went into administration in 2001 after the government
withdrew funding for the company whose reputation was wrecked by
a fatal crash in 2000 at Hatfield.  Mr. Justice McKay imposed
fines of GBP3.5 million on Network Rail (which assumed
Railtrack's liabilities), after finding it guilty of health and
safety offences associated with the Hatfield crash.

Shareholders had sued the government for "misfeasance of justice"
and a breach of human rights to get GBP157 million in
compensation.  High Court Justice Lindsay rejected the claim in
October.

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


NETWORK RAIL: Inspector Ends Inquiry into Thameslink Program
------------------------------------------------------------
The second public inquiry into the proposed Thameslink program,
which aims to deliver big benefits to tens of thousands of rail
passengers across London and the South East, closed last week.

Over the past three months, supporters and objectors have
presented evidence to the inquiry.  The Inspector will now
consider all the evidence before submitting his recommendations
to the Government early next year.

This second inquiry focused on areas that the Inspector felt were
not properly addressed at the initial inquiry, carried out under
the Transport and Works Act in 2000/2001, and called by the
Deputy Prime Minister's Office and the Secretary of State for
Transport.  It has covered issues including:

-- Proposals for the redevelopment of London Bridge station,

-- Design proposals for the station and railway bridge at
   Blackfriars,

-- Design proposals for the replacement buildings in the Borough
   Market area,

-- Various applications for planning permission and listed
   building consent made in 2003/2004 to the Corporation of
   London and London Borough of Southwark by Network Rail

More details about the inquiry can be found at:
http://www.tl2000inquiry.org.uk

Thameslink 2000 is now known as the Thameslink Programme,
although the TWA Order application retains the name of Thameslink
2000.

                        About the Company

Railtrack went into administration in 2001 after the government
withdrew funding for the company whose reputation was wrecked by
a fatal crash in 2000 at Hatfield.  Mr. Justice McKay imposed
fines of GBP3.5 million on Network Rail (which assumed
Railtrack's liabilities), after finding it guilty of health and
safety offences associated with the Hatfield crash.

Shareholders had sued the government for "misfeasance of justice"
and a breach of human rights to get GBP157 million in
compensation.  High Court Justice Lindsay rejected the claim in
October.

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


NORTH BRADFORD: Claims Due this Month
-------------------------------------
Dr. S. Urwin, chairman of North Bradford Doctors Co-Operative
Limited, informs that the special, ordinary and extraordinary
resolutions to wind up the company were passed at an EGM held on
Nov. 28 at Windhill Green Medical Centre, 2 Thackley Old Road,
Bradford.  Jeremy N. Bleazard of XL Business Solutions, 46
Moorlands Business Centre, Balme Road, Cleckheaton was appointed
liquidator of the company.

Creditors are required on or before December 31, 2005, to send in
their full names, addresses and descriptions, full particulars of
debt or claims and the names and addresses of Solicitors (if any)
to Jeremy Bleazard and if so required by notice in writing their
debt or claims.

CONTACT:  X L BUSINESS SOLUTIONS LTD.
          46 Moorlands Business Centre
          Balme Road
          Cleckheaton BD19 4EW
          West Yorkshire
          Phone: 01274 870 101
          Fax: 01274 870 606
          E-mail: jbleazard@XLBS.co.uk


NORWICH UNION: Claims Deadline Expires January
----------------------------------------------
Norwich Union Milner (GP) Limited informs that the special
resolution to wind up the company was passed at an EGM held on
Nov. 24 at St Helen's, 1 Undershaft, London EC3P 3DQ.  Ian David
Holland of Ian Holland & Co, The Clock House, 87 Paines Lane,
Pinner, Middlesex HA5 3BZ was appointed liquidator.

Creditors are required on or before January 4, 2006, to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debt or claims, and the names and addresses
of Solicitors (if any), to I. D. Holland and if so required by
notice in writing their debt or claims.

CONTACT:  IAN HOLLAND & CO.
          The Clock House
          87 Paines Lane
          Pinner
          Middlesex HA5 3BZ
          Phone: 020 8866 6556
          Fax: 020 8866 7557
          E-mail: idh@ianholland.co.uk


NSK EUROPEAN: Claims Filing Period Ends Next Week
-------------------------------------------------
M. Fumoto, chairman of NSK European Technology Company Limited,
informs that the special resolution to wind up the company was
passed at an EGM held on Nov. 7 at Belmont Place, Belmont Road,
Maidenhead, Berkshire SL6 6TB.  David Kenneth Duggins, of Ernst &
Young, No 1 Colmore Square, Birmingham B4 6HQ was appointed
liquidator.

Creditors are required on or before December 25, 2005 and
Creditors of the Company should by that date send their full
names and addresses and particulars of their debt or claims to
me, D. K. Duggins of Ernst & Young LLP, No 1 Colmore Square,
Birmingham B4 6HQ, the liquidator of the company, and, if so
required in writing their debt or claims.

CONTACT:  ERNST & YOUNG LLP
          No. 1 Colmore Square
          Birmingham B4 6HQ
          Phone: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com


OPEN DEVELOPERS: Liquidators from Begbies Traynor Move in
---------------------------------------------------------
C. Steel, chairman of Open Developers Plc, informs that the
special and ordinary resolution to wind up the company were
passed at an EGM held on Nov. 25 at Chiltern House, 24-30 King
Street, Watford, Hertfordshire WD18 0BP.  Paul Michael Davis and
Nicholas Roy Hood of Begbies Traynor (South) LLP, of Chiltern
House, 24-30 King Street, Watford, Hertfordshire WD18 0BP were
appointed joint liquidators.

Creditors are required on or before January 15, 2006 to send
their names and addresses and particulars of their debt or claims
and the names and addresses of the Solicitors (if any) to Paul
Michael Davis and Nicholas Roy Hood, the Joint Liquidators of the
said Company, at Begbies Traynor (South) LLP, Chiltern House,
24-30 King Street, Watford, Hertfordshire WD18 0BP, and, if so
required in writing their debt or claims.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


OVAL HOUSE: Goes into Liquidation
---------------------------------
C. Hanover, director of Oval House Developments Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 10 at David Horner & Co., 11 Clifton Moor Business
Village, James Nicolson Link, York YO30 4XG.

David Anthony Horner of David Horner & Co, 11 Clifton Moor
Business Village, James Nicolson Link, Clifton Moor, York YO30
4XG was appointed liquidator.

CONTACT:  OVAL HOUSE DEVELOPMENTS LIMITED
          4 John Street, Harrogate
          North Yorkshire HG1 1JZ
          Phone: 01423-524248

          DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


PARITY GROUP: U.K.-centric Strategy Paying off
----------------------------------------------
The Board of Parity Group plc has disclosed that in the past
twelve months the Company's new management has set about
reorganizing the Group following several years of poor
performance in order to return to profitability.

A new U.K.-centric strategy has been put in place supported by
the disposal of non-U.K. businesses and significant
organizational change, which is now nearing completion.  The
Board intends to appoint a new Chief Operating Officer and
Financial Director in the first quarter of 2006 to complete the
rebuilding of the management team.

Operationally there has been significant restructuring, with new
management appointments across the Group.  Costs have been
reduced both in overhead and operational areas, serious
litigation has been resolved and excess property sublet wherever
possible, a process which management is continuing.  The
financial function has been centralized under a new Head of
Finance with a consequent improvement in both forecasting and
control.  Both the Staffing businesses have performed well in the
last year.  The Solutions business has been restructured with
significant cost savings, with an improved and simplified sales
and marketing approach concentrating on its strong capabilities.
Good business has been won this year, the order book is improving
and the division has continued to demonstrate the recovery
identified at the time of the interim results announcement.
Training has not seen any significant upturn in revenues in the
second half of the year; however the changes disclosed in
September continue to be implemented to bring this division back
to profitability for next year.  The Group is also imminently to
transfer to a new outsourcing supplier for its IT services at a
substantially reduced cost.

In summary, the outlook for the Group's overall trading
performance in 2005 has not changed significantly since the
Interim Statement in September.

The Company has now been able to further assess the impact to its
financial statements resulting from the change to IFRS which will
have the effect to reduce the Company's 2005 profit before
taxation by some GBP490,000, these changes resulting from the
impact of accounting for the Company's pension scheme, LTIP
program and stock option grants.  As previously disclosed, the
2005 results will also reflect the write downs from the recent
U.S. disposal and the cost of changing the provider of outsourced
IT services to the Group, which is currently the subject of a
mediation process and therefore cannot be quantified at this
time.

The Board is now turning its attention to the final element of
rebuilding the Group, namely further reduction in the level of
debt.  While finalizing the sale of the mainland European
business will reduce debt and our bankers continue to remain
supportive, in order to grow the business going forward the
balance sheet equity must be strengthened and we will be
progressing discussions with shareholders to this end.

                        About the Company

Founded in 1993, Parity Group plc operates from over 30 offices
across the U.K., mainland Europe and the U.S.A.  Parity Group is
listed on the London Stock Exchange.

Parity offers a range of IT, staffing and learning solutions,
from the development of true end-to-end business systems to the
resourcing of key IT skills and the training of IT and business
professionals.

CONTACT:  PARITY GROUP PLC
          Thavies Inn House
          7th Floor
          3-4 Holborn Circus
          London EC1N 2HA
          Phone: 020 8543 5353
          Web site: http://www.parity.net


PATIENTLINE PLC: Shareholders Increase Borrowing Threshold
----------------------------------------------------------
At the Extraordinary General Meeting of Patientline plc held
Friday, these ordinary resolutions were passed unanimously on a
show of hands:

(a) that borrowings in excess of the figure of GBP50,000,000
    stated in Article 100.1 of the Articles of Association of
    the Company be approved up to a maximum of GBP150,000,000 or
    any greater amount otherwise permitted pursuant to that
    Article; and

(b) that the entering into by the Company and its subsidiary
    undertakings (as defined in section 258 of the Companies Act
    1985), the incurring of borrowings under and performance of
    their respective obligations under:

    (i) all agreements relating to borrowings; and

   (ii) all guarantees and security given by the Company and any
        of its subsidiary undertakings in connection with such
        borrowings,

in each case since on or after 30 July 2004, be ratified and
confirmed notwithstanding that the aggregate amount outstanding
in relation to those moneys borrowed exceeds the limits set out
in Article 100 of the Articles of Association of the Company; and
no Ordinary Resolution of the Company in General Meeting was
obtained before those borrowings were incurred.

                        About the Company

Patientline provides communication and entertainment services to
NHS trusts or the hospitals where it operates.  At the end of
2004, it had 80,000 units installed in over 170 hospitals.  For
the year ended March 2005, Patientline booked revenues of
GBP49.4 million.

In July, the company admitted that operational changes within the
NHS had affected usage and revenue levels in the last quarter of
the year ended March 2005.  With a variety of factors affecting
revenues and the increased volatility, particularly during the
holiday period, the company predicted a net loss of up to GBP4
million compared with market expectations for the year to March
2006.

Patientline, which has not made a profit since its formation ten
years ago, reported in June that it has narrowed yearly operating
loss to almost half, from GBP8.2 million to GBP4.6 million.

CONTACT:  PATIENTLINE PLC
          Thames Valley Court
          183/187 Bath Road
          Slough
          Berkshire
          SL1 4AA
          Phone: 0845 414 6000
          Fax: 0845 414 6153
          Web site: http://www.patientline.co.uk


RAJHANS FASHION: Names Springfields Liquidator
----------------------------------------------
L. B. Parmar, chairman of Rajhans Fashion Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 16 at Holiday Inn, Leicester West, Braunstone Lane East,
Leicester LE3 2FW.

Situl Devji Raithatha of Springfields, 80 Hinckley Road,
Leicester LE3 0RD was appointed liquidator.  The appointment was
confirmed at a creditors meeting held on the same day.

CONTACT:  RAJHANS FASHION LIMITED
          95 Baggrave Street, Leicester
          Leicestershire LE5 3QW
          Phone: 01162625598

          SPRINGFIELDS
          80 Hinckley Road
          Leicester
          Leicestershire LE3 0RD
          Phone: 0116 299 4745
          Fax: 0116 299 4742
          E-mail: situl.r@springfields-uk.com


REDVAR LIMITED: Calls in Liquidator from Tony Freeman & Co.
-----------------------------------------------------------
M. Varley, director of Redvar Limited, informs that the
resolutions to wind up the company were passed at a general
meeting held on Nov. 17.  Tony Freeman of Tony Freeman & Company,
New Maxdov House, 130 Bury New Road, Prestwich, Manchester M25
0AA was appointed liquidator.

Creditors are required on or before January 6, 2006 to send in
their full Christian and surnames, their addresses and
descriptions, full particulars of their debt or claims and the
names and addresses of their Solicitors (if any), to Tony Freeman
of New Maxdov House, 130 Bury New Road, Prestwich, Manchester,
the Liquidator of the said Company, and, if so required by notice
in writing their debt or claims.

CONTACT:  TONY FREEMAN & COMPANY
          New Maxdov House
          130 Bury New Road
          Manchester
          Greater Manchester M25 0AA
          Phone: 0161 798 4365
          Fax: 0161 798 4364
          E-mail: tony@tonyfreeman.com


REFCO INC.: Affiliates Want ties with Bankrupt Broker Cut
---------------------------------------------------------
Two companies affiliated with Refco Inc. have launched separate
actions to buy back their shares from the beleaguered futures
broker, Bloomberg News reported on December 6.

Advanced Currency Markets recently sought approval from a Swiss
court to halve Refco's 26% stake in the company, a move opposed
by Fedor Poskriakov, who represents Refco in the proceedings.
Refco bought the controlling stake in July last year to expand
its business in Europe and the Middle East.  ACM has more than
9,000 customers who trade about US$50 billion a month, using the
company's online platform, says Bloomberg.  The Swiss court is
expected to rule on the matter in a week's time.

The other action was initiated by New York-based currency trader
Forex Capital Markets, which is 35%-owned by Refco.  It is
offering US$110 million to buy back the stake and acquire
RefcoFX, its biggest client.  If successful, FXCM will have
access to 15,000 Refco customers.  The New York bankruptcy court
handling Refco's Chapter 11 petition was expected to make a
decision Thursday last week.

"We want to be the white knight that saves Refco customers," FXCM
CEO Drew Niv told Bloomberg.   James Craig, a Refco spokesman in
New York, declined to comment on both actions.

"ACM and Forex Capital Markets, electronic brokers in the US$1.9
trillion-a-day foreign-exchange market, are trying to keep stakes
in them that are owned by Refco from being sold or liquidated by
a bankruptcy judge," Bloomberg explains.

Refco has more than 20 affiliated businesses.  Last month, it
sold its main futures assets to hedge fund Man Group to help pay
US$16.8 billion owed to creditors.

Refco, the erstwhile No.4 U.S. broker, filed for bankruptcy
shortly after admitting on October 10 that former CEO Phillip
Bennett had hidden US$430 million in debt from investors and
auditors.  A judge has extended indefinitely a freeze on proceeds
received by Mr. Bennett from Refco's IPO in August, according to
a court order made public recently.

CONTACT:  REFCO INC.
          One World Financial Center
          200 Liberty Street, Tower A
          New York, New York 10281
          Web site: http://www.refco.com


REPSOL EXPLORATION: Names KPMG Liquidator
-----------------------------------------
At the general meeting Repsol Exploration New Ventures Limited
informs that the special, ordinary and extraordinary resolutions
to wind up the company were passed and John Paul Bateman and Mark
Jeremy Orton of KPMG LLP, 8 Princes Parade, Liverpool L3 1QH were
appointed joint liquidators.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax:   (0151) 473 5200
          Web site: http://www.kpmg.co.uk


ROY NESBITT: Files for Liquidation
----------------------------------
R. C. Nesbitt, director of Roy Nesbitt Services Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 10 at 2nd Floor, 19 Castle Street, Liverpool L2 4SX.
Gerard Keith Rooney of Rooney Associates, 2nd Floor, 19 Castle
Street, Liverpool L2 4SX was appointed liquidator.

CONTACT:  ROY NESBITT SERVICES LIMITED
          96 Woodchurch Road
          Birkenhead
          Merseyside CH42 9LP
          Phone: 01244 315815
          Fax: 0151 653 5764


SANCTUARY GROUP: Names New Finance Director
-------------------------------------------
The Board of The Sanctuary Group plc has appointed Paul Wallace
as Group Finance Director with effect from 8 December 2005.  He
succeeds Mike Miller who, after 15 years as Group Finance
Director, moves to the role of Director, Corporate Development,
working closely with Andy Taylor to implement Group commercial
strategy.

Paul Wallace, 55, joins Sanctuary with a strong record of
achievement in international capital markets and with
international listed company experience.  Mr. Wallace has
recently been working at First Pacific Co. Ltd, a Hong Kong
listed firm with a market capitalization in excess of US$1
billion.  His role at First Pacific initially was as the
company's senior financial officer.  Latterly, Paul returned to
First Pacific as CFO to lead the refinancing and restructuring of
the company's debt as well as advising and structuring the sale
of a significant subsidiary.

In addition, Mr. Wallace has spent 10 years as an audit partner
with Price Waterhouse, based in Hong Kong, where he specialized
in the audit of stockbrokers and fund managers.  He was the
appointed audit partner for an audit group of some 140 staff and
he was elected a member of the firm's Executive Committee.  He
qualified as a Chartered Accountant in 1977 and has worked in
Canada, Hong Kong and the U.K.

Andy Taylor said: "We are delighted that Paul Wallace is joining
Sanctuary.  His expertise in financial restructuring will be of
particular value to the Group as we continue to focus on
returning our business to sustainable long-term growth."

Paul Wallace added: "I was attracted to Sanctuary by the strong
underlying business model and the quality of its artist roster
and I am excited by the challenge of helping to make the Group a
strong investment proposition again."

Paul Wallace is a Director of Burghley Resources, a dormant
company.  There is no other information that requires disclosure
pursuant to Rule 9.6.13 of the Listing Rules.

                        About the Company

The Sanctuary Group plc is one of the world's leading developers
of music intellectual property rights (IPR), with offices in
London, New York, Berlin, Houston and Los Angeles.  In 2004,

Sanctuary recorded a turnover of GBP221 million and a group
profit of GBP16.1 million.

The Artist Management arm of Sanctuary consists of Music World
Entertainment (part of Sanctuary Urban) based in Houston;
Trinifold Management based in London; Sanctuary Artist Management
(London, Los Angeles, New York and Berlin) and Sanctuary
Entertainment (London).

Sanctuary's visual rights licensing and merchandising operations,
Bravado and World Online, are part of the Artist
Services division and have clients ranging from Elton John,
Robbie Williams and Simon and Garfunkel to Eminem, Christina
Aguilera, 50 Cent and Hilary Duff.

On September 21, due to a number of operational and trading
problems, the company said it is likely to generate a loss at
EBITDA level before exceptional items such as restructuring costs
and provisions.  The Group has also suffered from recent negative
commentary as a result of poor trading in 2005 and this has had
an adverse impact in particular in the Records division.

It would be looking at disposals of a number of non-core
businesses, following the completion of the sale of its Book
Publishing division to Music Sales.

CONTACT:  THE SANCTUARY GROUP PLC
          Sanctuary House
          45 - 53 Sinclair Road
          London W14 0NS
          Phone: +44 (0) 20 7602 6351
          Fax: +44 (0) 20 7603 5941
          E-mail: info@sanctuarygroup.com
          Web site: http://www.sanctuarygroup.com


SEAFORTH CORN: Liquidator from Wilkins Kennedy Enters Firm
----------------------------------------------------------
J. C. Reynolds, chairman of Seaforth Corn Mills, informs that the
ordinary resolution to wind up the company was passed at an EGM
held on Nov. 22 at Knowle Hill Park, Fairmile Lane, Cobham,
Surrey KT11 2PD.  Keith Aleric Stevens of Wilkins Kennedy,
Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY was
appointed liquidator.

CONTACT:  WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


THE FARM: Facing EUR4.4 Mln Compensation Claim from Investor
------------------------------------------------------------
Channel Islands businessman Rodney Brouard is suing Dublin
television production company The Farm Media Group to recover his
investments, The Post.ie reports.  He is claiming EUR4.4 million
for money he invested in the company through 23 bridging loans
and cash injections.  The case has now passed from the High Court
to the Commercial Court division, the report said.

Mr. Brouard provided EUR1 million in The Farm in 2004 through
Jersey-registered vehicle, Sarnia; and EUR3.4 million through
Guernsey company Stan Brouard.

The Farm was established in 1995 as an audio post-production
facility by Bobby O'Reilly and his wife Valerie.  It merged with
Blade Productions to create The Farm Media Group in 2002.  At one
time it employed 45 people in Dublin and 22 at its U.S. base in
Los Angeles.  It has worked with clients such as Century Fox, the
Cranberries, the Corrs and Lucasfilm.  It went into examinership
in July with debt of over EUR5.4 million.  It was rescued by
Welsh television company Barcud Derwen in October.

CONTACT:  THE FARM MEDIA GROUP
          27 Upper Mount Street
          Dublin
          Phone: +353 1 6768812
          Fax: +353 1 6768816
          Web site: http://www.thefarm.ie

          BARCUD DERWEN
          Web site: http://www.barcudderwen.co.uk/


WMH (NO. 100): Hires Grant Thornton Liquidator
----------------------------------------------
R. Hopkin, chairman of WMH (NO. 100) Plc, informs that the
special resolution to wind up the company was passed at an EGM
held on Nov. 21 at Grant Thornton House, Melton Street, Euston
Square, London NW1 2EP.  Andrew Conquest of Grant Thorton UK LLP,
Grant Thornton House, Melton Street, Euston Square, London NW1
2EP was appointed liquidator.

Creditors are required on or before January 15, 2006 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims and the
names and addresses of their Solicitors (if any), to Andrew
Conquest of Grant Thornton UK LLP, Grant Thornton House, Melton
Street, London NW1 2EP, Liquidator of the Company, and, if so
required by notice in writing their debt or claims.

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

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


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


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


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


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (23)         122       (7)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


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


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


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


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


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


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


ROMANIA
-------
Oltchim RM Valce          OLT        N.A.         232     (321)


RUSSIA
------
Zil Auto                            (168)         409  (10,680)


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


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L     (101)         540       34
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (421)       7,866        5
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3

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

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


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
Julybien Atadero and Jay Malaga, Editors.

Copyright 2005.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


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