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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

           Friday, December 23, 2005, Vol. 6, No. 254

                            Headlines

C Y P R U S

CYPRUS AIRWAYS: Ultimatum to Employees Expires Today


F R A N C E

ALSTOM SA: Management Accused of Subterfuge to Justify Job cuts
PAPETERIES MATUSSIERE: Managers Buy out Remaining Factories


G E R M A N Y

AEG HAUSGERATE: Employees Protest Closure, Halt Production
AGRIPART GMBH: Frankfurt Business Goes Bust
ANGERSBACH & WILDT: Creditors' Claims Due Next Month
ASCONSA GMBH: Court to Verify Claims April
FBS SCHWARZ: Under Bankruptcy Administration

HGS HOTEL: Creditors to Meet February
HRZ HANSE: Hamburg Business Succumbs to Bankruptcy
J.TSCHERCH: Proofs of Claim Due March
SWAD SICHERHEITSDIENST: Court Appoints Interim Administrator


G R E E C E

ASPIS BANK: Fitch Affirms B Short-term Rating; Outlook Stable
INFORMATICS S.A.: Bank Cuts Lifeline
POULIADIS & ASSOCIATES: Shares Temporarily Suspended


I R E L A N D

IWP INTERNATIONAL: Delisting from Irish Stock Exchange


I T A L Y

RENO DE MEDICI: Ratings on CreditWatch Pending Refinancing
SEAT PAGINE: Reorganizes Sales Division


N E T H E R L A N D S

ROYAL SHELL: Gets AA+ Senior Unsecured Rating from Fitch
ROYAL SHELL: Completes Restructuring of Subsidiaries


P O L A N D

ELEKTRIM SA: Fails to Meet EUR450 Million Bond Repayment


R U S S I A

AUTO-COLUMN 1723: Insolvency Manager Takes over Firm
BEER: Succumbs to Bankruptcy
BELOVODSKOYE: Undergoes Bankruptcy Supervision Procedure
KOROCHANSKAYA: Belgorod Court Brings in Insolvency Manager
KRASNOKAMSKOYE: Falls under Bankruptcy Supervision

LIPETSKIY: Lipetsk Court Opens Bankruptcy Proceedings
M#12: Succumbs to Bankruptcy
MARKET AGRO: Insolvency Manager Enters Firm
MOSCOW BANK: Fitch Affirms Long-, Short-term B Ratings
MOVABLE MECHANIZED: Claims Filing Period Ends Dec. 29

NATIONAL FACTORING: Short-term Counterparty Credit Rated C
NEFTEPOLIS INSURANCE: Ratings on CreditWatch Positive
STROY-INDUSTRY: Bankruptcy Hearing Set January 18


S W E D E N

SKANDIA INSURANCE: Still Considers Old Mutual's Offer Inadequate
SKANDIA INSURANCE: Ratings Remain on CreditWatch Negative


S W I T Z E R L A N D

CONVERIUM AG: Ratings Affirmed, Removed from CreditWatch


U K R A I N E

AGROPOSTACH: Goes into Liquidation
ENERGETIC TECHNOLOGIES: Succumbs to Bankruptcy
INKOMINVEST: Declared Insolvent
MEDIA WORLD: Bankruptcy Supervision Starts
UKRGAZGRUP: Insolvency Manager Steps in
UKRSPECKON: Under Bankruptcy Supervision
ZHIROMIR TEXTILE: Court Appoints Liquidator


U N I T E D   K I N G D O M

ANGLO AMERICAN: Final Substantive Closure Distribution Date Set
ARLINGTON CONSULTANTS: Recruitment Agency Hires Administrator
BRITISH AMERICAN: A- Rating Affirmed; Outlook Remains Negative
CHANER ENGINEERING: Goes into Liquidation
CHAPLINS OF LONDON: Appoints Administrator

CLASSIC CARPETS: Calls in Joint Liquidators
COMPLETE DOCUMENT: Names Armstrong Watson Liquidator
DANKA BUSINESS: Expands Sales Alliance with Eastman Kodak
E.C. GRANSDEN: Administrators from KPMG Enter Firm
EDF ENGINEERING: Claims Filing Period Ends January 28

EURO COMMERCIALS.COM: Hires Liquidators from Valentine
EXPERATE LIMITED: Meeting of Creditors Set Today
FXT-L.P., LTD: Calls in PKF Liquidator
GUARANTEED SECURITY: Names KPMG Administrator
HARDING & ASSOCIATES: Wine Wholesaler Hires Administrator

H.R. OWEN: Sells Volkswagen Operation to Reduce Losses
INTERTEK GROUP: Names U.S. Lawyer Non-executive Director
LUXFER HOLDINGS: Renewal of GBP20 Mln Overdraft Key, Says S&P
MAJOR DISTRIBUTION: Calls in Administrators from PKF
MARCONI CORPORATION: Shareholders Accept Ericsson's Offer

MARCONI CORPORATION: Expects to Close Deal with Ericsson January
MARPLE PET: Files for Liquidation
MARSHALL ANDREWS: Appoints Joint Liquidators
MARTIN FLITTON: Management Services Firm Winds up
MOWLEM PLC: Fitch Cancels Ratings

MUDGEE VALLEY: Administrator from Richard Long & Co. Moves in
NEOHEAT LTD.: Succumbs to Liquidation
NETWORK PANACEA: Names Baker Tilly Liquidator
NETWORK RAIL: Closes GBP4 Billion Commercial Paper Programs
NETWORK RAIL: Fitch Withdraws Ratings

NORTHERN FOODS: Issues GBP142.7 Million Guaranteed Loan Notes
NWCC HANDLING: Steel Fabricator Collapses
OSIRIS SECURITY: Rogue Firm Caught; Forced into Liquidation
PAGELEAF LIMITED: Appoints Liquidator
POINT TO POINT: Hires F A Simms & Partners to Liquidate Business

RENTOKIL INITIAL: Completes Substitution of Primary Obligor
RETAIL MERCHANDISING: Creditors Meeting Set Next Week
RICHARD DAVIES: Liquidators Take over Firm
ROBIN HARTLEY: Construction Firm Winds up
ROYAL MAIL: Names New Non-executive Director
SCOTTISH POWER: PacifiCorp President Resigns
S. TOMKINS: Liquidator from Butcher Woods Enters Firm


                            *********


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C Y P R U S
===========


CYPRUS AIRWAYS: Ultimatum to Employees Expires Today
----------------------------------------------------
Cyprus Airways (CAIR) gave employees until today to say yes or no
to the restructuring plan that requires as many as 500 voluntary
redundancies, Reuters says.

The airline, which employs 1,800, hopes to save CYP21.8 million
annually from the layoffs.  Around 200 have already signed up,
according to the union, a number considered insufficient by the
airline.  It must be 500 or its days will be numbered, the
airline said.

"We want a yes or a no from unions.  No ifs or buts," Chairman
Lazaros Savvides told Reuters.

The carrier had warned it would revert to its original plan to
dismiss 385 employees; slash the salaries and benefits of those
retained; and get rid of 22 chief steward positions.

CAIR needs union endorsement to convince the European Commission
to approve the plan and a needed CYP58 million
government-guaranteed loan to repay CYP30 million in maturing
debt, cover CYP10 million in redundancy cost and finance the
restructuring.

Unions have remained critical of the plan, despite warnings from
external consultants that CAIR has very low liquidity and might
run out of cash by year's end.  The carrier has been struggling
to cope with cheaper competition in the travel market since
Cyprus became an EU member.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


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


ALSTOM SA: Management Accused of Subterfuge to Justify Job cuts
---------------------------------------------------------------
The staff council at Alstom's German unit has accused the company
of violating a production deal, Frankfurter Allgemeine Zeitung
says.

The deal required German contracts to be carried out at the
Mannheim site.  However, according to staff representatives,
power station contracts awarded to the German unit were instead
carried out in France.

The staff council believes the site was deliberately excluded to
justify management's plan to cut jobs.  Alstom denies the
accusation.

In March, Alstom announced plans to reduce 450 jobs at its power
station division by 2007, when employment agreement expires.  The
staff council opposes this, arguing that Alstom is supposed to be
hiring more workers now that Germany is making multimillion-euro
investments in power stations.  Workers also oppose the plan to
reduce the Mannheim site into a sales center to collect contracts
in Germany for processing at Alstom sites in France and Poland.

                            *   *   *

Headquartered in 25 Avenue Kleber, 75795 Paris Cedex 16, Alstom
S.A. -- http://www.alstom.com-- is a leading maker of power-
generation systems and constructs power plants, rail equipment,
luxury passenger ships, naval vessels, and natural gas tankers.
Other businesses include electrical drives, motors, and
generators.  The group generates around EUR13 billion in annual
revenue and employs more than 70,000 people worldwide.  As of
March 2005, the group had EUR865 million in net loss and EUR1.4
billion in net debt.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com

          Press relations
          G. Tourvieille/ S. Gagneraud
          Phone: +33 1 41 49  27 13 / 27 40)
          E-mail: press@chq.alstom.com

          Investor relations
          E. Chatelain
          Phone: +33 1 41 49 37 38)
          E-mail: Investor.relations@chq.alstom.com


PAPETERIES MATUSSIERE: Managers Buy out Remaining Factories
-----------------------------------------------------------
The Commercial Court in Grenoble has approved the sale of
Papeteries Matussiere et Forest's last two sites to its managers,
Les Echos says.

The group will sell its factory in Entre-deux-Guiers, including
the land it sits on, to the local council, which in turn will
transfer the plant to site director Pascal Servais.  He will then
set up Textilose and retain 12 of the site's 25 employees.

Another site in Vosges, in Raon-l'Etape, will be sold to manager
Marc Bortollotti.  Mr. Bortollotti pledged to retain 91 of the
site's 133 employees.  The group has already sold four other
sites to Matlin Patterson, a specialist in taking over ailing
companies.

The court placed the company into compulsory administration in
April 2004 and extended the group's observation period until
April 30, 2005.  In March, the group presented a recovery plan.

CONTACT:  PAPETERIES MATUSSIERE & FOREST
          27 Avenue du Granier
          BP 18
          F - 38241 Meylan Cedex
          Phone: (33) (0) 4 76 61 42 00
          Fax: (33) (0) 4 76 41 90 88
          Web site: http://www.matussiere-forest.fr


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


AEG HAUSGERATE: Employees Protest Closure, Halt Production
----------------------------------------------------------
Production at AEG Hausgerate GmbH's Nuremberg site has grinded to
a halt, this after Swedish parent Electrolux decided with
finality to close the plant by 2007.

Since then, according to Frankfurter Allgemeine Zeitung,
employees have been staging protests.  Electrolux, which plans to
ship production to Poland and Italy, refuses to reverse the
decision.

AEG said it would continue talks with the employees and hopes to
seal a deal on or before spring.  The site, which manufactures
washing machines and dishwashers, employs 1,750 people.  Part of
Electrolux since 1994, AEG is one of the leading brands in
Germany.  In 2004, its turnover dropped by 3% to EUR13 billion
and operating profit by 13% to EUR712 million.

CONTACT:  AEG HAUSGERATE GMBH
          Muggenhofer Strasse 135
          D-90429 Nuremberg
          Phone: (0911) 323-0
          Fax: (0911) 323-1770
          Web site: http://www.aeg-electrolux.co.uk


AGRIPART GMBH: Frankfurt Business Goes Bust
-------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against agripart GmbH Agrar- und Umweltservice on
December 8.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
January 25, 2006 to register their claims with court-appointed
provisional administrator Dr. Karsten Forster.

Creditors and other interested parties are encouraged to attend
the meeting on February 28, 2006, 11:00 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:  AGRIPART GmbH AGRAR- UND UMWELTSERVICE
          Bauernhilfe 1, 15236 Frankfurt (Oder)

          Dr. Karsten Forster, Administrator
          Herbert-Jensch-Strasse 111, 15234 Frankfurt (Oder)


ANGERSBACH & WILDT: Creditors' Claims Due Next Month
----------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Angersbach & Wildt GbR on December 12.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 20, 2006 to register their claims
with court-appointed provisional administrator Dr. Jorg
Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting on February 28, 2006, 2:00 p.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22, 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:  ANGERSBACH & WILDT GbR
          Kaiserstrasse 53 a, 51545 Waldbrol
          Contact:
          Olga Wildt, Manager
          Lilli Angersbach, Manager
          AmLangen Acker 4, 63619 Bad Orb

          Dr. Jorg Bornheimer, Administrator
          Sporergasse 7, 50667 Koln
          Phone: 0221 - 27 26 12 0
          Fax: 0221 - 27 26 12 99


ASCONSA GMBH: Court to Verify Claims April
------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ASCONSA GmbH Advanced Services and Consulting
for Standard Applications on December 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until March 3, 2006 to register their
claims with court-appointed provisional administrator Dr. Joachim
Heitsch.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 10:30 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 26,
2006, 10:20 a.m. at the same venue.

CONTACT:  ASCONSA GMBH ADVANCED SERVICES AND CONSULTING FOR
          STANDARD APPLICATIONS
          Am Borsigturm 42,13507 Berlin

          Dr. Joachim Heitsch, Administrator
          Berliner Str. 117, 10713 Berlin


FBS SCHWARZ: Under Bankruptcy Administration
--------------------------------------------
The district court of Essen opened bankruptcy proceedings against
FBS Schwarz GmbH on December 8.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until January 5, 2006 to register their claims
with court-appointed provisional administrator Dr. Guenter
Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting on January 19, 2006, 1:00 p.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:  FBS SCHWARZ GmbH
          Zechenstr. 50, 45884 Gelsenkirchen
          Contact:
          Siegmar Schwarz, Manager
          Birkenweg 5, 54497 Morbach

          Dr. Guenter Trutnau, Administrator
          Kettwiger Strasse 2-10, 45127 Essen
          Phone: (0201) 1095-3


HGS HOTEL: Creditors to Meet February
-------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against HGS Hotel-Gebaudereinigungsservice GmbH on December 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 20, 2006
to register their claims with court-appointed provisional
administrator Thomas Schaefer.

Creditors and other interested parties are encouraged to attend
the meeting on February 21, 2006, 9:10 a.m. at the district court
of Augsburg, Justizgebaude, Sitzungssaal 162, 1. Stock, Am Alten
Einlass 1, 86150 Augsburg, 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:  HGS HOTEL-GEBAUDEREINIGUNGSSERVICE GmbH
          Steinerne Furt 76, 86167 Augsburg
          Contact:
          Seido Dzeladinov, Manager

          Thomas Schaefer, Administrator
          Fuggerstr. 16, 86150 Augsburg


HRZ HANSE: Hamburg Business Succumbs to Bankruptcy
--------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against HRZ Hanse Reha Zentrum fuer Sportrehabilitation GmbH on
December 2.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
January 18, 2006 to register their claims with court-appointed
provisional administrator Karsten Totter.

Creditors and other interested parties are encouraged to attend
the meeting on February 15, 2006, 9:30 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, 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:  HRZ HANSE REHA ZENTRUM FUER SPORTREHABILITATION GmbH
          Bornkampsweg 2, 22761 Hamburg

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


J.TSCHERCH: Proofs of Claim Due March
-------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against J. Tscherch & I.Heukeroth GbR on December 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 3, 2006 to
register their claims with court-appointed provisional
administrator Peter Leonhardt.

Creditors and other interested parties are encouraged to attend
the meeting on January 18, 2006, 10:35 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 26,
2006, 10:25 a.m. at the same venue.

CONTACT:  J.TSCHERCH & I.HEUKEROTH GbR
          Parkaue 3,10367 Berlin

          Peter Leonhardt, Administrator
          Kurfuerstendamm 212, 10719 Berlin


SWAD SICHERHEITSDIENST: Court Appoints Interim Administrator
------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against SWAD Sicherheitsdienst Werkschutz, Alarmverfolgung und
Detektei GmbH on December 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 3, 2006 to register their claims
with court-appointed provisional administrator Jorn Weitzmann.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2006, 9:00 a.m. at the district court of
Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, 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:  SWAD SICHERHEITSDIENST WERKSCHUTZ, ALARMVERFOLGUNG
          UND DETEKTEI GmbH
          Muehlenstieg 14, 22041 Hamburg
          Contact:
          Uwe Ferdinand, Manager

          Jorn Weitzmann, Administrator
          Arnold-Heise-Strasse 9, 20249 Hamburg
          Phone: 460797-0
          Fax: 460797-25


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G R E E C E
===========


ASPIS BANK: Fitch Affirms B Short-term Rating; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Aspis Bank's (Aspis) ratings at Long
term 'BB+', Short-term 'B', Individual 'C/D' and Support '5'.
The Outlook on the ratings remains Stable.

Aspis' Long-term, Short-term and Individual ratings reflect its
good niche franchise in the residential mortgage market, sound
capital base and improving -- albeit weak -- operating
profitability.  They also consider its small size, a high cost
base, relatively high-risk concentration in its corporate loan
book and weakening asset quality.

Formerly a specialized mortgage bank, residential mortgage
lending has remained Aspis' core business (around 50% of total
loans at end-2004), which to date has advantageously determined
its risk profile considering collateral and risk-weighting
associated with mortgage loans.  Since its conversion to a
commercial bank in 2001, Aspis has through acquisitions and
organic growth diversified into consumer, SME and corporate
lending.  While this improved Aspis' revenue generation, it also
led to considerable additional costs and a somewhat higher
risk-profile.

Revenue generation in 2004 and 9M2005 has been improving on the
back of strong retail loan growth, particularly mortgages.  This
has however due to a very high cost base not been reflected in
overall profitability, which has remained poor.  Although the
bank saw some improvements in cost efficiency in 9M2005, Fitch is
of the opinion that further efforts are necessary to achieve a
sustainable improvement in bottom-line profitability.

Asset quality deteriorated somewhat in the last 12 months and
non-performing loans (defined as interest 90 days overdue)
represented 6% of gross loans at end-3Q05.  Despite being 70%
covered by collateral of some kind, Fitch would like the coverage
for those loans, currently at 46%, to improve taking into account
a young loan book and an untested Greek consumer lending market.
Considerable loan concentration is somewhat offset by a high
share of residential mortgages which bring some risk
diversification.

Market risk exposure is low and liquidity is adequate.  Capital
has been bolstered by a EUR50 million Tier 2 issue in February
2005 and was sound at end-3Q05 with a Tier 1 and total capital
ratio of 7.9% and 11.24% respectively.

Aspis is the tenth largest commercial bank in Greece by total
assets, with a market share of around 1% of both system loans and
deposits, and retains a domestic focus.

CONTACT:  ASPIS BANK
          4, Othonos str.
          Syntagma, 105 57 Athens
          Phone: 210-3364000
                 or 210-9986000
          Web site: website@aspisbank.gr
                    or aspis@aspisbank.gr

          FITCH RATINGS
          Christian Kuendig, London
          Phone: +44 20 7862 41 41
          Cristina Torrella, Barcelona
          Phone: +34 93 323 8405

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327
          Web site: http://www.fitchratings.com


INFORMATICS S.A.: Bank Cuts Lifeline
------------------------------------
Informatics S.A. is under suspension.  It said in a statement at
the Athens Stock Exchange that one of its bankers, Emporiki Bank
S.A., refused to extend its syndicated loan until Jan. 16, 2005
as agreed by its other bankers.  Emporiki Bank informed the
company through a solicitor's letter about the closure of a
EUR1.9 million account.  Informatics plans to file a case to
recover the money.

Emporiki Bank is a mortgage creditor with a first statutory
notice of mortgage on the company's property on 117, Ionias Ave.
for a EUR1.8 million loan, excluding the aforesaid syndicated
loan.

Informatics is into trading, construction, design and repair of
PCs, electrical and electronical device.  It was founded in 1996,
and listed in the ASE in 2000.  Its directors are George Gionis,
George Kododimos, Karin Ann Mari Zose De Kok, Ioannis Spanos,
George Kontos, John Elefteriadis.  It employs 112 people.

CONTACT:  INFORMATICS S.A.
          Ionias Ave., 117, 136-71 Acharnai, Athens
          Phone: +30-210-2370300
          Fax: +30-210-2389801
          Web site: http://www.informatics.gr
          E-mail: postmaster@informatics.gr
          Contact:
          Kollitiri Marianna, Investor Relations


POULIADIS & ASSOCIATES: Shares Temporarily Suspended
----------------------------------------------------
Spyros Capralos, chairman of the ATHEX Board of Directors,
decided to place, as of Dec. 20, the trading of the shares of
Pouliadis & Associates S.A. under temporary suspension after
taking into consideration the recent adverse financial
developments of the company.

The company said it was notified of:

(a) the notice of termination regarding the credit agreement-of
    an open account-and a balance due of EUR8,814,574.80 from
    the National Bank of Greece S.A.;

(b) the application of Krystalltech Lynx Europe GmbH
    (injunction), according to which any legal or real change in
    the assets of the company POULIADIS & ASSOCIATES S.A. is
    forbidden until the hearing of the said application, which
    is set for Jan. 11, 2006; and

(c) the arrest documents of EFG Eurobank S.A. issued according
    to the ruling of the One-Member Court of First Instance
    in Athens, Greece, of the relevant provisions of Pouliadis &
    Associates for an amount up to EUR3.1 million against the
    companies Radio Korassidis & Elephant.

It is also noted that the shares of the company in question are
traded under supervision status since Oct. 7, 2005.

Pouliadis & Associates is the largest Greek IT group in
Southeastern Europe.  The Group consists of more than 50
companies of which four (Pouliadis Associates Corp., Despec
Hellas, PC Systems and Quality & Reliability) are listed on the
ASE.

CONTACT:  POULIADIS & ASSOCIATES S.A.
          42, Sygrou av.
          176 71
          Athens
          Greece
          Phone: 2109242072
          Fax: 2109241066
          E-mail: vdrits@athos.pouliadis.gr
          Web site: http://www.pouliadis.gr

          NATIONAL BANK OF GREECE S.A.
          Investor Relations Office
          86 Eolou st.
          1st Floor, Office No 30
          GR-102 32 Athens
          Greece
          Contact:
          Paul Mylonas, Ph.D.
          Chief Economist & Chief of Strategy
          Head of Investor Relations
          Phone: +30 210 334 1521
          Fax: +30 210 334 1702
          E-mail: pmylonas@nbg.gr
          Web site: http://www.nbg.gr/en/investor.asp

          EFG EUROBANK ERGASIAS S.A. BANK
          8 Othonos Street
          10557 Athens
          E-mail: info@eurobank.gr
          Web site: http://www.eurobank.gr/


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I R E L A N D
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IWP INTERNATIONAL: Delisting from Irish Stock Exchange
------------------------------------------------------
On 29 September 2005, the Board of IWP International plc said it
intended to make use of the reporting extension to 120 days for
the announcement of the Group's interim results for the period
ending 30 September 2005, which would have been the Group's first
time to adopt International Financial Reporting Standards (IFRS)
in relation to its reported results.

The Group has concluded a non-binding indicative heads of terms
with all its principal secured creditors, which set out the
principles for the financial restructuring of IWP and its
subsidiaries.  As part of this agreement, the Group also
announced its intention to seek approval from shareholders to
delist from the Irish Stock Exchange.

Following approval of the restructuring, the Group intends to
prepare its year end accounts to 31 March 2006 under Irish GAAP
and therefore it is appropriate to adopt consistent accounting
standards for interim reporting in line with the Stock Exchange
listing rules; therefore the Group is announcing its interim
results under Irish GAAP.

Financial highlights:

Six Months to 30 September
                           2005           2004         Inc/(Dec)
                           EUR'm         EUR'm

Sales Revenue              91.4           90.7               0.7

Group Operating Profit*     2.1            2.1                -

Net Debt                  (93.0)         (89.5)            (3.5)

Gross Debt**             (119.2)        (119.7)              0.5

Adjusted EPS              (2.7c)         (2.3c)           (0.4c)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - *
Represents operating profit before exceptional items and goodwill

**Gross Debt includes all actual and contingent debt liabilities,
including deferred interest since 18 June 2005 and contingent
liabilities with respect to swap breakage costs and early loan
note prepayment premium.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Key points:

-- Sales increased by 1%,

-- Operating profit of EUR2.1 million,

-- Group net debt increased by EUR3.5 million to EUR93.0

Group Finance Director Paul O'Brien said: "Overall the Group
achieved a marginal increase in sales and maintained operating
profits for the six months to September 2005 when compared to
last year.  However, the primary focus for the Group continues to
be our ongoing efforts to conclude the Group's debt and capital
restructuring and to this end, we will put a proposal to
shareholders in a circular early in 2006."

                           Commentary

The results for the six months to 30 September 2005 are detailed
below.  Operating profit (before goodwill and exceptional
charges) from operations is EUR2.1 million, which compares with
EUR2.1 million in 2004.

Sales Revenue

Six Months to 30 September
                         2005              2004   Inc/(Dec)
                         ------            ------ -----------
                         EURm             EURm         EURm

Sales                    91.4              90.7        0.7


Sales from operations of EUR91.4 million are 1% up on 2004.  This
sales growth was achieved in the Group's Polish retail business,
with some of this growth offset by lower sales in the other
markets, particularly in the U.K.

Operating Profit (before Goodwill and Exceptional Charges)

Six Months to 30 September

                                 2005          2004   (Inc/(Dec)
                                ------       ------ ------------
                                 EURm          EURm       EURm

UK operations                      3.4         3.6       (0.2)
Mainland Europe operations         0.4         0.2        0.2
                               ---------    --------   ---------
Total operating profit             3.8         3.8          -
Head Office costs                 (1.7)       (1.7)         -
                               ---------    --------   ---------
Total operations                   2.1         2.1          -
                               ---------    --------   ---------

The lower U.K. operating profit is due to lower sales in our U.K.
businesses as a result of the difficult retail trading
environment in the U.K. and certain of our export markets, in
particular the Middle East.  This has been offset by an increase
in Mainland Europe profitability due to the improvement in our
Polish retail business.

Head Office costs of EUR1.7 million are flat year on year.

Exceptional Charges

The results include a pre tax net exceptional charge of EUR2.9
million. This includes a EUR2.7 million charge for legal and
financial advisor costs for the Group and its lenders, relating
to the capital restructuring program.

Group Debt

Net debt at EUR93.0 million increased by EUR3.5 million from
September 2004.  The movement over the 12 months is summarized
as:
                                               EURm
Net Debt at 30 September 2004                 (89.5)
EBITDA                                         10.0
Reduced working capital                         1.1
Capital expenditure                            (3.6)
Interest                                       (8.2)      (0.7)
                                             --------   --------

Tax refund                                      2.4
Exceptional costs                              (6.8)
Increased drawing of debtor financing           1.7
Others                                         (0.1)      (2.8)
                                             --------  --------
Net Debt at 30 September 2005                            (93.0)
                                                       --------

The increase in net debt for the twelve months to 30 September
2005 is mainly due to the exceptional cash outflow of EUR6.8
million, which comprises legal and advisors' fees of EUR5.4
million associated with the restructuring (the fees include both
the Company and its lenders' advisors); an onerous lease
settlement cost of EUR1.2 million relating to the Group's
ex-manufacturing site in Deeside in the U.K.; and a number of
smaller items netting to EUR0.2 million.

The Group's net debt has increased by EUR12.9 million from
EUR80.1 million at 31 March 2005 to EUR93.0 million at 30
September 2005 and this reflects the build up of seasonal working
capital requirement for the peak trading period and exceptional
fees for the six months period to 30 September 2005.

Gross Debt Analysis (including Contingent Liabilities)

Six Months to 30 September

                                             2005         2004
                                           ------        ------
                                             EURm         EURm

Finance debt *                             (102.0)       (104.9)
Swap breakage costs                         (6.5)          (5.7)
Early loan note prepayment premium          (8.2)          (9.1)
Deferred interest                           (2.5)           0.0
                                         ---------      --------
Gross debt                                (119.2)        (119.7)
                                         ---------      --------
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Finance debt is gross of cash balances.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Geographic Analysis

The following is an analysis of the business split between the
U.K. and Mainland Europe.

U.K. Operations

Six Months to 30 September

                                   2005         2004   Inc/(Dec)
                                  ------      ------ -----------
                                   EURm         EURm       EURm

Sales revenue                      38.2         40.9      (2.7)
Operating profit                    3.4          3.6      (0.2)
Operating margin                    8.9%         8.8%      0.1%

Sales performance was down 6.6% in our U.K. businesses,
reflecting the difficult retail environment and in particular a
very difficult private label gift market coupled with continuing
challenging trading conditions for the Constance Carroll brand in
export markets.  These issues were offset to some degree by a
strong performance in the mass market cosmetics brand, Collection
2000, up in sales value terms by 4% on last year.  September saw
the launch of a new cosmetics brand 'MeMeMe' to the market and
early signs are encouraging.

                   Mainland Europe Operations

Six Months to 30 September

                                   2005         2004   Inc/(Dec)
                                  ------      ------ -----------
                                   EURm         EURm       EURm

Sales revenue                      53.2         49.8       3.4
Operating profit                    0.4          0.2       0.2
Operating margin                   0.8%         0.4%      0.4%

The improving performance trend at Polbita continued in the half
year driven by the development of our Drogerie Natura retail
business, which opened a further 17 stores during the period
under review.

Shareholding in Jeyes Holdings Ltd.

The operating profit for the half-year is lower than last year
due to the impact of higher raw material input costs and
difficult retail trading conditions in its main market of the
U.K. and Germany.

After charging goodwill and interest, the loss after tax is
EUR6.9 million (2004 loss: EUR5.1 million) of which EUR2.4
million (2004 loss: EUR1.8 million) is reflective of the Groups
35% equity holding and is included in our results.  This equates
to an adjusted loss per share impact of 3.26c (2004 loss: 2.42c).

Summary

Financial restructuring continues to dominate the focus of the
Group at present and in line with our recent announcement, we
believe that the Group will shortly complete a restructuring,
subject to shareholder approval, which will put the Group on a
solid capital footing going forward.

In relation to trading, the continued expansion of the Group's
retail network of shops in our Polish operation is underpinning
the improved performance in our mainland Europe operations whilst
the U.K. businesses continue to experience very significant
challenges in their respective retail markets.

Outlook

Whilst the current trading environment continues to be difficult,
particularly in our U.K. markets, the year to date trading would
indicate that full year group operating profit, (pre exceptional
and restructuring cost) is in line with market expectations.

P. O'Brien
Group Finance Director

                      IWP International Plc
         Consolidated Profit and Loss Account (Unaudited)
                Six Months ended 30 September 2005

                           2005     2005      2005      2004
                        EUR'000    EUR'000   EUR'000    EUR'000
                                  Share of    Total     Total
                                  Associate

Turnover                91,437        -      91,437    90,692
Cost of sales          (60,859)       -     (60,859)  (61,514)
                       --------   ---------  --------  --------

Gross profit            30,578        -      30,578    29,178
                       --------   ---------  --------  --------

Operating Expenses
Goodwill amortization    (288)        -        (288)    (288)
Exceptional items      (2,886)        -      (2,886)  (3,401)
Distribution and Administration
                       (28,441)       -     (28,441) (27,092)
expenses               --------    ---------  --------  --------
                       (31,615)       -     (31,615) (30,781)
                       --------    ---------  --------  --------

Group operating loss    (1,037)       -      (1,037)  (1,603)

Share of associate - operating
                          -          398        398    1,480
profit
                       --------    ---------  --------  --------
Total operating (loss)/ profit
                       (1,037)       398       (639)    (123)

Group interest (net)   (1,588)        -      (1,588)  (1,973)
Share of associate - interest
                          -       (2,557)    (2,557)  (2,634)
payable              --------    ---------  --------  --------

Loss before taxation  (2,625)     (2,159)    (4,784)  (4,730)
Group taxation          (160)        -         (160)     (24)
Share of associate - taxation
                         -          (250)      (250)    (638)
Tax on exceptional items
                         577         -          577      540
                      --------    ---------  --------  --------

Loss after taxation   (2,208)     (2,409)    (4,617)  (4,852)
                      --------    ---------  --------  --------

Loss retained         (2,208)     (2,409)    (4,617)  (4,852)
                      --------    ---------  --------  --------

Adjusted earnings (loss) per share (EUR)
                        0.53       (3.26)     (2.73)   (2.30)
cents)                --------    ---------  --------  --------
Basic loss per share (EUR cents)
                       (2.98)      (3.26)     (6.24)    (6.56)
                      --------    ---------  --------  --------


                      IWP International Plc
               Consolidated Balance Sheet (Unaudited)
                        30 September 2005

                                           2005        2004
                                         EUR'000       EUR'000
Fixed assets
Intangible Assets                         8,411        9,501
Tangible Assets                          27,053       28,045
Financial Assets                         43,453       38,826
                                       ---------    ----------
                                         78,917       76,372

Current assets
Stocks                                   32,851       31,260
Debtors                                  29,371       33,070
Cash at bank & in hand                    8,983       15,396
                                       ---------   ----------
                                         71,205       79,726

Creditors - Amounts falling due within one year
Other creditors                         (44,274)     (43,353)
Finance debt                           (102,031)          -
                                        ---------  ----------
                                        (146,305)    (43,353)
                                        ---------  ----------

Net current (liabilities)/Assets         (75,100)     36,373
                                        ---------  ----------

Total assets less current liabilities      3,817     112,745
                                        ---------  ----------

Creditors - Amounts falling due after more than one
year
Finance debt                                -       (104,937)
Other long term creditors                   (539)       (990)
                                        ---------  ----------
                                            (539)   (105,927)

Provisions for liabilities & charges
Associated company                        (9,955)     (5,272)
Other provisions                             -        (2,908)
                                         ---------  ----------
                                          (9,955)     (8,180)
                                         ---------  ----------
Net (Liabilities)                         (6,677)     (1,362)
                                         ---------  ----------

Capital and reserves including non-equity interests
Called up share capital                   12,427      12,427
Share premium                            142,947     142,947
Other reserves                           (13,995)    (15,272)
Profit and loss account
- after elimination of goodwill        (148,056)   (141,464)
                                        ---------  ----------
Total shareholders' (deficit)             (6,677)     (1,362)
                                        ---------  ----------

Analysis of shareholders' (deficit)

Equity                                    (6,747)     (1,432)
Non equity                                    70          70
                                        ---------  ----------
                                          (6,677)     (1,362)
                                        ---------  ----------


                      IWP International Plc
            Consolidated Cash Flow Statement (Unaudited)
                 Six months Ended 30 September 2005

                                 Notes        2005       2004
                                            EUR'000      EUR'000

Net cash outflow from operating activities
                                   (3)      (6,639)      (8,050)
                                          ---------    ---------

Returns on investments and servicing of finance
Interest paid                               (4,239)      (4,446)
Non - equity dividends paid                    -             (4)
                                          ---------    ---------
                                            (4,239)      (4,450)

Taxation                                        81          812
                                          ---------    ---------

Capital expenditure
Purchase of tangible fixed assets           (1,801)      (1,072)
Purchase of intangible fixed assets             (2)         (24)
Sales of tangible fixed assets                  38           912
                                          ---------    ---------
                                            (1,765)        (184)
                                          ---------    ---------

Movement in Net Debt                (2)    (12,562)     (11,872)
                                          ---------    ---------

Notes: http://bankrupt.com/misc/IWP_6MoInterim_Notes.htm

CONTACT:  MURRAY CONSULTANTS
          James Dunny
          Phone: +353 1 498 0300


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


RENO DE MEDICI: Ratings on CreditWatch Pending Refinancing
----------------------------------------------------------
Standard & Poor's Ratings Services said its 'B' long-term and
short-term corporate credit ratings on Italy-based cartonboard
manufacturer Reno De Medici S.p.A. remain on CreditWatch with
negative implications, where they were placed on Nov. 22, 2005.

"The CreditWatch status now mainly reflects concerns related to
persisting tough market conditions that are likely to affect
RDM's weak operating cash flows," said Standard & Poor's credit
analyst Barbara Castellano.

The execution risk related to the refinancing plan for the EUR145
million bond issued by Reno De Medici International S.A. has been
substantially reduced since the CreditWatch placement, thanks to
the recently announced sale of Aticarta, which will reduce RDM's
debt by an estimated EUR15 million, and the agreed arrangement of
two new credit facilities expected to be concluded shortly: The
first one, for EUR40 million, will be granted to Red Im. -- RDM's
real estate subsidiary, which is to be demerged from the group --
and the second, for EUR60 million, will be granted to RDM.  The
balance of EUR30 million should come from RDM's already available
funds.

"We will monitor the final implementation of the refinancing plan
and evaluate the group's operating performance and future
liquidity position before resolving the CreditWatch status," said
Ms. Castellano.  "Although net debt would materially decrease
following the refinancing, limited future liquidity resources
remain a concern, and the weak operating cash flows are not
expected to contribute meaningfully to debt reduction in the near
term."

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:  RENO DE MEDICI S.p.A.
          Via G. de Medici, 17
          20013 Pontenuovo di Magenta,
          Milano, Italy
          Phone: +39-029-7960-1
          Fax: +39-029-7960-245
          Web site: http://www.renodemedici.it


SEAT PAGINE: Reorganizes Sales Division
---------------------------------------
As proposed by CEO Luca Majocchi, the Board of Directors of SEAT
Pagine Gialle approved the restructuring of the sales business
area of SEAT Pagine Gialle S.p.A.

As of Jan. 1, 2006 the sales business will be organized as:

(a) The Telephone Sales Division will include the telephone
    sales activities that are currently performed by the
    Business and Telephone Sales Division.  This is aimed at
    further developing this sales channel, consisting of more
    than 150 employees specialized in the telephone channel.
    The head of the new Division will be Antonio Macrillo,
    currently head of the Italian Market Area of the Directory
    Assistance Division (to which the 89.24.24 Pronto
    PagineGialle and 12.40 Pronto PagineBianche services
    report);

(b) The Business Sales Division will focus on reinforcing the
    development of the business and the 1,800-strong Seat sales
    force.  It will be headed by Paolo Cellini, currently head
    of the Internet Division.  Mr. Cellini has gained
    significant experience in the management of complex sales
    networks over the past few years as Managing Director of the
    Buffetti Group; and

(c) The Kompass Business Unit will include the operations and
    the resources of the various Kompass product lines.  It will
    be headed by Giovanni Caporello who, over the past two
    years, successfully led the Business and Telephone Sales
    Division in its transition to an increasingly effective
    sales model.  The new structure will further enhance and
    develop the highly specialised offering and sales force
    serving the B2B sector which characterises the Kompass BU;

The structure of the Large Customer Sales Division as well as its
head Luigi Langella have been confirmed.

"The new structure is part of the program launched in 2003 to
strengthen the Company," stated Luca Majocchi.  "The aim of this
project is to further improve Seat's ability to satisfy its
customers through a wide range of high-quality services offered
by our skilled and increasingly specialized 'communications
consultants', capable of meeting the local communication needs of
businesses, traders, service providers, craftspeople, and public
bodies."

CONTACT:  SEAT PAGINE GIALLE
          Communications
          Phone: +39 011 435.3030
          Fax: +39 011 435.3040
          E-mail: Comunicazione.stampa@seat.it

          Investor Relations
          Phone: +39.011.435.2600
          E-mail: Investor.relations@seat.it

          SEAT PAGINE GIALLE S.P.A.
          Legal and Corporate Affairs:
          E-mail: ufficio.societario@seat.it

          BARABINO & PARTNERS
          Phone: +39 02 72 02 35 35
          Fax: +39 02 89 00 519
          Benedetta Spada
          E-mail: b.spada@barabino.it


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


ROYAL SHELL: Gets AA+ Senior Unsecured Rating from Fitch
--------------------------------------------------------
Fitch Ratings has assigned Royal Dutch Shell plc, the new
ultimate holding company for the Royal Dutch/Shell group of
companies, Senior Unsecured 'AA+' and Short-term 'F1+' ratings.
At the same time, Fitch has affirmed Royal Dutch/Shell Group at
Senior Unsecured 'AA+' and Short-term 'F1+'.  The Outlooks on
both ratings are Stable.

The ratings reflect Royal Dutch/Shell's level of integration,
global diversity, low cost base and prudent debt management.  The
Stable Outlook anticipates that Royal Dutch/Shell's EBITDAX
(earnings before interest, tax, depreciation, amortization and
exploration costs) per unit of product will remain in line with
peers.  It also factors in Fitch's expectations that any increase
in capital investment, in particular that associated with the
upstream business, will remain affordable and will be funded from
reduced shareholder distributions rather than any new borrowings.

The lapses in Royal Dutch/Shell's corporate governance and
internal controls triggered by the reserve revisions over the
last two years and related circumstances (such as management
staff departures) have been addressed with structural changes.
Over the next two years, Fitch expects Royal Dutch/Shell to raise
its capital investment owing to industry-wide inflation and as
the group increases the scope and pace of exploration and
development activities.  In arriving at the Stable Outlook, Fitch
has carefully balanced this expectation against the likelihood of
higher short-term hydrocarbon prices, while taking into account
that Royal Dutch/Shell's solid production dynamics and low
leverage will continue during this period.

Factors that would bear negatively on the ratings include any
further significant underperformance in organic reserve
replacement and increased net debt levels funding shareholder
distributions while reserve-to-production ratios remain below the
levels of peers.

Fitch considers that acquisitions will continue to be very
unlikely while oil prices remain at the current high levels.
However, should oil prices fall, the agency views that
acquisitions may provide an appropriate means of augmenting Royal
Dutch/Shell's in-house finding and development efforts.

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

          FITCH RATINGS
          Isaac Xenitides, London
          Phone: +44 (0) 207 417 4300
          Andrew Steel
          Phone: +44 20 7862 4086

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327
          Web site: http://www.fitchratings.com


ROYAL SHELL: Completes Restructuring of Subsidiaries
----------------------------------------------------
Royal Dutch Shell has revealed the completion of the
restructuring of certain of its subsidiaries, including the
merger of Royal Dutch and SPNV.  This follows the Royal Dutch
Extraordinary General Meeting held on 16 December at which Royal
Dutch shareholders voted in favor of the restructuring.

Payments Pursuant to the Merger

As a result of the merger of Royal Dutch and SPNV, former
minority shareholders in Royal Dutch will be paid EUR52.21 per
Royal Dutch share held.  This will be paid to Hague registered
and bearer shareholders in euro.

Holders of New York Registered Shares will receive US$61.8585 for
each Royal Dutch share held.  This is the U.S. dollar equivalent
of EUR52.21 based on the noon Federal Reserve Bank of New York
buying rate for euro on 20 December which was EUR1:US$1.1848.

Payment shall have been made by SPNV on Wednesday (December 21)
and received by the former minority shareholders in Royal Dutch
in accordance with normal arrangements.  The total cash
consideration amounts to approximately EUR1.5 billion
(approximately US$1.8 billion at current exchange rates).

Eligible U.K. resident shareholders who made a valid election
will receive loan notes with an aggregate nominal value
calculated on the basis of US£35.30 for each Royal Dutch share
held.  GBP35.30 is the sterling equivalent of EUR52.21, rounded
down to the nearest penny, based on the Reuters 3000 Xtra euro
sterling spot rate (calculated as the average of the bid and ask
quotations) at or about 11:00 p.m. (London time) on 20 December,
which was EUR1:GBP0.67625.  Loan notes are exchangeable into not
more than two Royal Dutch Shell 'A' shares for each Royal Dutch
share formerly held.  Royal Dutch Shell intends (but is not
obliged) to exchange the loan notes for newly issued 'A' shares
in Royal Dutch Shell on the first exchange date, which is 6
January 2006.  Statements of entitlement to loan notes have been
issued.

                        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


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


ELEKTRIM SA: Fails to Meet EUR450 Million Bond Repayment
--------------------------------------------------------
Elektrim S.A. failed to beat the Dec. 15, 2005 deadline to repay
its EUR450 million debt to bondholders, Polish News Bulletin
says.

According to Elektrim supervisory board and key shareholder
Zygmunt Solorz-Zak, it was impossible to redeem the bonds since
the court has frozen its assets.  Bondholders filed the motion to
freeze Elektrim's assets, fearing the group would hide its assets
and declare bankruptcy to avoid repaying its debt.  The company
said it will repay the debt if the collateral were cancelled.

Former Elektrim CEO Wojciech Janczyk, meanwhile, emphasized the
need for a compromise since the conflict could not be solved in
court.   Mr. Janczyk said a possible bankruptcy declaration would
persuade both sides to hold talks and strike a deal.

Elektrim is a public holding company quoted on the Warsaw Stock
Exchange since 1992.  Its most valuable assets are Elektrim
Telekomunikacja Sp. z o.o., and Elektrownia Patnow-Adamow-Konin
S.A.  Since 1999 Elektrim has implemented the far-reaching
restructuring program in order to improve its operational
efficiency and strengthen its position in the market.  The
strategy aimed, inter alia, at the concentration of the business
in two selected industries, i.e. telecommunications and power.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa
          Web site: http://www.elektrim.pl

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99


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


AUTO-COLUMN 1723: Insolvency Manager Takes over Firm
----------------------------------------------------
The Arbitration Court of Adygeya republic commenced bankruptcy
proceedings against Auto-Column 1723 after finding the open joint
stock company insolvent.  The case is docketed as
A01-B-1371-2005-12.  Mr. R. Khasanov has been appointed
insolvency manager.  Creditors have until December 29, 2005 to
submit their proofs of claim to Russia, Adygeya republic,
Krasnogvardeyskiy region, Krasnogvardeyskoye, Pervomayskaya Str.
11E.

CONTACT:  AUTO-COLUMN 1723
          Russia, Adygeya republic, Krasnogvardeyskiy region,
          Krasnogvardeyskoye, Pervomayskaya Str. 11E

          R. KHASANOV
          Insolvency Manager
          Russia, Adygeya republic, Krasnogvardeyskiy region,
          Krasnogvardeyskoye, Pervomayskaya Str. 11E


BEER: Succumbs to Bankruptcy
----------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Beer after finding the open joint stock
company insolvent.  The case is docketed as A64-5913/05-18.  Mr.
S. Kozlovtsev has been appointed insolvency manager.  Creditors
have until December 29, 2005 to submit their proofs of claim to
Russia, Tambov region, Rasskazovo, Leningradskaya Str. 2a,
Apartment 2.

CONTACT:  BEER
          Russia, Tambov region,
          Rasskazovo, Solmanovka Str. 10a

          S. KOZLOVTSEV
          Insolvency Manager
          Russia, Tambov region, Rasskazovo,
          Leningradskaya Str. 2a, Apartment 2


BELOVODSKOYE: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on open joint stock company Belovodskoye.
The case is docketed as A67-8079/05.  Mr. S. Edygenov has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 634050, Russia, Tomsk region, Post User
Box 70.

CONTACT:  BELOVODSKOYE
          Russia, Tomsk region,
          Zyryanskiy region, Belovodovka

          S. EDYGENOV
          Temporary Insolvency Manager
          634050, Russia, Tomsk region,
          Post User Box 70


KOROCHANSKAYA: Belgorod Court Brings in Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on open joint stock company Korochanskaya.
The case is docketed as A08-b215/05-24 "B".  Mr. V. Busheev has
been appointed temporary insolvency manager. Creditors may submit
their proofs of claim to 309504, Russia, Belgorod region,
Starooskolskiy region, Prom Area Silikatnaya #2.

CONTACT:  KOROCHANSKAYA
          309206, Russia, Belgorod region,
          Alekseevka, Miroshnikova Str.

          V. BUSHEEV
          Temporary Insolvency Manager
          309504, Russia, Belgorod region, Starooskolskiy
          region, Prom Area Silikatnaya #2

          ARBITRATION COURT OF BELGOROD REGION
          308600, Russia, Belgorod region,
          Narodnaya Str. 135


KRASNOKAMSKOYE: Falls under Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on open joint stock company Krasnokamskoye.
The case is docketed as A50-36548/2005-B.  Mr. V. Tryakhov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 614010, Russia,
Perm, Post User Box 5198.  A hearing will take place on March 13,
2006.

CONTACT:  KRASNOKAMSKOYE
          Russia, Perm region,
          Krasnokamsk, Stolovyj Per. 6/2-100

          V. TRYAKHOV
          Temporary Insolvency Manager
          614010, Russia, Perm region,
          Post User Box 5198


LIPETSKIY: Lipetsk Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Lipetsk region commenced bankruptcy
proceedings against Lipetskiy after finding the residential
building contractor insolvent.  The case is docketed as
A36-56-B/1-03.  Mr. A. Chepurnov has been appointed insolvency
manager.
Creditors may submit their proofs of claim to 398017, Russia,
Lipetsk, 9th Maya Str. 14a.

CONTACT:  LIPETSKIY
          Russia, Lipetsk region

          A. CHEPURNOV
          Insolvency Manager
          398017, Russia, Lipetsk region,
          9th Maya Str. 14a
          Phone: (0742) 430913


M#12: Succumbs to Bankruptcy
----------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against M#12 after finding the auto-transport
enterprise insolvent.  The case is docketed as
A65-3265/2005-SG4-21.  Mr. L. Peshkov has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 423802, Russia, Tatarstan republic, Naberezhnye Chleny, Post
User Box 210.

CONTACT:  M#12
          423802, Russia, Tatarstan republic,
          Nab. Chelny, BSI, Post User Box 210

          L. PESHKOV
          Insolvency Manager
          423802, Russia, Tatarstan republic,
          Naberezhnye Chleny, Post User Box 210


MARKET AGRO: Insolvency Manager Enters Firm
-------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on limited liability company Market Agro.
The case is docketed as A70-6786/3-05.  Mr. V. Shikhov has been
appointed temporary insolvency manager.

CONTACT:  MARKET AGRO
          Russia, Tyumen region,
          Pervomayskaya Str. 6

          V. SHIKHOV
          Temporary Insolvency Manager
          625019, Russia, Tyumen region,
          Respubliki Str. 204V, Office 301


MOSCOW BANK: Fitch Affirms Long-, Short-term B Ratings
------------------------------------------------------
Fitch Ratings has affirmed Russia-based Moscow Bank for
Reconstruction and Development's (MBRD) ratings at Long-term 'B',
National Long-term 'BBB-(rus)', Short-term 'B', Individual 'D/E'
and Support '4'.  The Outlooks for the Long-term and National
Long-term ratings remain Stable.

The Long-term, Short-term and Support ratings are based on
limited potential support from Sistema Joint Stock Financial
Corp.  (Sistema) (rated Long-term 'B+'), its majority shareholder
with an approximately 96% stake.  MBRD provides a range of
banking services to both Sistema and to parties closely connected
with it.

MBRD's Individual rating reflects the very high levels of
concentration on the bank's balance sheet (particularly with
related parties from the Sistema group of companies) and its weak
profitability.  However, they also take into account MBRD's low
levels of asset impairment to date.

The direction of the bank's Long-term, Short-term and Support
ratings fully depends on Sistema's Long-term rating and Fitch's
view of the parent's propensity to support MBRD.  Downside to the
Individual rating could result from a deterioration of
capitalization or a worsening of asset quality.  Upside potential
for the Individual rating is limited in the near term, but would
require at least a substantial reduction in the share of business
conducted with Sistema, a decrease in concentrations and an
improvement in profitability.

MBRD was founded in 1993; at end-9M05, it ranked among the 35
largest Russian banks by total assets.  Its parent, Sistema, a
financial industrial group, has subsidiaries in many sectors,
although its primary area of focus is telecommunications.

CONTACT:  MOSCOW BANK FOR RECONSTRUCTION AND DEVELOPMENT
          5, build.1, Yeropkinsky Pereulok
          Moscow 119034
          Phone: +7(495)101 28 00
          Fax: +7(495)232 27 54
          E-mail: mbrd@mbrd.ru

          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          Dmitriy Piskulov
          Phone: +7 095 956 9901
          James Watson
          Phone: +7 095 956 9901

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327
          Web site: http://www.fitchratings.com


MOVABLE MECHANIZED: Claims Filing Period Ends Dec. 29
-----------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Movable Mechanized Column-17 after finding
the company insolvent.  The case is docketed as A63-294/04-S5.
Mr. Y. Karpenko has been appointed insolvency manager.  Creditors
have until December 29, 2005 to submit their proofs of claim to
356805, Russia, Stavropol region, Budennovsk, Location 1, 17.

CONTACT:  MOVABLE MECHANIZED COLUMN-17
          Russia, Stavropol region, Budennovskiy region,
          Praskoveya, Budenogo Str. 72

          Y. KARPENKO
          Insolvency Manager
          356805, Russia, Stavropol region,
          Budennovsk, Location 1, 17


NATIONAL FACTORING: Short-term Counterparty Credit Rated C
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
and 'C' short-term counterparty credit ratings to Russia-based
National Factoring Company.  The outlook is stable.  At the same
time, Standard & Poor's assigned its 'ruBBB' Russia national
scale rating to the company.

"The ratings on NFC reflect its limited customer diversification;
relatively high concentration risks; heavy, albeit gradually
decreasing, funding dependence on related parties; short
operating history as a stand-alone entity, and the generally
risky operating environment in Russia," said Standard & Poor's
credit analyst Ekaterina Trofimova.

The ratings benefit from NFC's leading market position in the
domestic factoring sector, high capitalization and profitability,
and membership in a large diversified financial group, URALSIB
Financial Corp. (URALSIB FC; not rated--formerly Financial Corp.
NIKoil, until May 2004).

The stable outlook balances NFC's good commercial prospects
against a weak funding profile and concentration risks.

"As the ratings already incorporate funding and customer
diversification in the medium term, the potential for an upgrade
depends on NFC's ability to strengthen its stand-alone credit
profile and establish a track record for adequate capitalization
and profitability," said Ms. Trofimova.

If NFC is unable to grow and diversify its customer base or if
its financial and credit profile markedly deteriorates, the
ratings could be lowered or the outlook could be revised to
negative.

The ratings or outlook could also come under pressure if
macroeconomic conditions worsen, leading to deterioration in core
performance and an accumulation of risks in the factoring
portfolio. Any negative credit developments at URALSIB FC would
also pressure the ratings on NFC, because of its funding
dependence on related parties.  Reliance on related-party
funding, as well as on other financial and strategic links with
URALSIB FC, will likely decline in the future, however.

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


NEFTEPOLIS INSURANCE: Ratings on CreditWatch Positive
-----------------------------------------------------
Standard & Poor's Ratings Services commented on its CreditWatch
placement of Russia-based insurer Neftepolis Insurance Co. LLC.
The 'B-' long-term counterparty credit and insurer financial
strength ratings and 'ruBBB-' Russia national scale rating on
Neftepolis remain on CreditWatch with positive implications,
where they were placed on Sept. 12, 2005 following an
announcement by SOGAZ Insurance Group that it had acquired an 85%
stake in Neftepolis.

Standard & Poor's expects to resolve the CreditWatch status by
mid-February 2006, following discussion with SOGAZ and a full
review of Neftepolis.

"The ratings could be raised by up to two notches if it
transpires that Neftepolis has been brought into SOGAZ to further
develop its insurance operations, as we expect, and if SOGAZ
confirms its willingness to support these developments," said
Standard & Poor's credit analyst Tatiana Grineva.  "If SOGAZ has
more restricted ambitions for Neftepolis, however, then the
ratings would likely be raised by only one notch, due to the
expected improvement in competitive position as the result of
this acquisition and positive changes in the investment
portfolio," she added.

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:  NEFTEPOLIS INSURANCE CO. LLC
          115035, Bolotnaya Str. 16
          Moscow, Russia
          Phones: (095) 777-44-16, 730-00-03, 777-45-90
          E-mail: neftepolis@rosneft.ru
          Web site: http://www.neftepolis.ru/


STROY-INDUSTRY: Bankruptcy Hearing Set January 18
-------------------------------------------------
The Arbitration Court of Orenburg region has commenced bankruptcy
supervision procedure on close joint stock company
Stroy-Industry.  The case is docketed as A47-12415/2005-14GK.
Mr. A. Kuzminov has been appointed temporary insolvency manager.
A hearing will take place on January 18, 2006, 11:20 a.m. at the
Arbitration Court of Orenburg region at 460046, Russia, Orenburg
region, 9th January Str. 64.

CONTACT:  STROY-INDUSTRY
          460270, Russia, Orenburg region,
          Donguzskaya Str. 1st Proezd, 58

          A. KUZMINOV
          Temporary Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A
          Phone/Fax: (3532) 78-38-17


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


SKANDIA INSURANCE: Still Considers Old Mutual's Offer Inadequate
----------------------------------------------------------------
Old Mutual plc has confirmed that acceptances of its Offer have
now been validated in respect of 662,557,994 shares in
Forsakringsaktiebolaget Skandia representing approximately
64.28% of the total number of shares and votes in Skandia (on a
fully diluted basis).  The Offer for Skandia has been extended
and will remain open for acceptance until 12 January 2006.

Jim Sutcliffe, chief executive of Old Mutual, said: "I'm pleased
by the number of smaller shareholders who elected to take shares
in the enlarged group.  We now look forward to working with the
Skandia Board to make the necessary arrangements to move
forward."

In another statement, Skandia said shareholders will continue to
have the right to withdraw tendered shares during the extension
period.

The company added that as a result of Old Mutual's announcement,
it is clear that Old Mutual could become Skandia's principal
shareholder, under the condition that Old Mutual receives
approval in the outstanding regulatory matters.

Skandia's board is still of the opinion that Old Mutual's offer
to Skandia's shareholders is inadequate.  The efforts made by
Skandia's board to bring about a change in the offer have been
without result.  To date, Old Mutual has consistently rejected
any suggestions of raising or otherwise improving the offer.

Since the acceptance period has been extended for an additional
three-week period, the definitive extent of Old Mutual's
acquisition pursuant to the offer cannot be determined until
after the expiration of this extended acceptance period.

With Old Mutual as Skandia's principal shareholder, Skandia's
customer relations would be unchanged.

An earlier announcement by Old Mutual entails that Skandia has a
large number of shareholders who have not accepted the offer.  It
is thus clear that Skandia will continue to be a listed company.
The rules of the Stockholm Stock Exchange will therefore continue
to apply for the company.  The Board's composition shall reflect
the principles of the Stockholm Stock Exchange and the Swedish
Code of Corporate Governance.

Holders of Skandia shares will have a number of important rights
vis-a-vis the prospective majority shareholder, Old Mutual.
These rights include the ability to demand equal treatment and to
prevent actions in a manner that gives undue advantage to Old
Mutual or others to the detriment of Skandia or Skandia's
minority shareholders.

In addition to these principles, Skandia shareholders with more
than 10% either individually or as a group have additional
protections.  Among other things, they can:

(a) call for a general meeting;

(b) ensure or establish a minimum dividend;

(c) block a complete takeover; and

(d) prevent the discharge of the Board or President from
    liability.

Based on these rules, Skandia will continue to be governed as an
independent entity as long as there are minority shareholders
still holding shares in Skandia.

Skandia's board and management will now engage in discussions
with Old Mutual over how they wish to proceed and what the
cooperation between the two companies should be going forward.
Naturally, the forms of cooperation must be characterized by
respect for Skandia as an independently listed company and thus
by respect for all of the company's shareholders.

Skandia's Chairman, Lennart Jeansson, said: "The fact that
Skandia has obtained a new principal owner in Old Mutual, with
more than 50% of the shares, is not without precedent in the
Swedish stock market.  A large number of listed Swedish companies
have historically been dominated in terms of votes by one or a
handful of owners.  We understand that Old Mutual is familiar
with the principles that have been established for how large
shareholders exercise their influence while maintaining respect
for the rights of other shareholders.

"The offer process has been lengthy.  Clarity about the
shareholder situation is essential, so that Skandia and Old
Mutual can concentrate on their businesses and their customers."

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

          OLD MUTUAL PLC
          Investor Relations
          Andrew Parkins
          Phone: +44 (0) 20 7002 7264
          Media Relations
          Miranda Bellord
          Phone: +44 (0) 20 7002 7133
          Web site: http://www.oldmutual.com


SKANDIA INSURANCE: Ratings Remain on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services commented on its CreditWatch
placement of Sweden-based long-term savings provider Skandia
Insurance Co. Ltd.  The 'A' long-term counterparty credit and
'A-' senior unsecured debt ratings remain on CreditWatch with
negative implications, where they were placed on Sept. 5, 2005
following the formal offer by U.K.-based financial services group
Old Mutual PLC (Old Mutual; not rated) for the entire issued
share capital of Skandia.  This CreditWatch update follows the
announcement by Old Mutual that it has received acceptances for
62.5% of shares and votes in Skandia, and has extended the offer
period to Jan. 12, 2006.

"The continuation of the CreditWatch placement reflects the
conditional nature of the offer and uncertainties surrounding the
proposed transaction, including the impact on Skandia of a
successful bid," said Standard & Poor's credit analyst Mark
Button. In particular, the ability of Old Mutual to retain key
staff at Skandia remains a concern. Moreover, Standard & Poor's
is concerned about the potential adverse impact on sales and
earnings, particularly in the Nordic region, owing to the
continuing uncertainty over ownership.

Standard & Poor's will resolve the CreditWatch placement if and
when the offer becomes unconditional. This is dependent on the
receipt of all necessary regulatory approvals and a successful
extension of the offer period.  The result of the offer is
expected during January 2006, although Old Mutual reserves the
right to extend its offer beyond Jan. 12. Upon resolution of the
CreditWatch status, the ratings on Skandia are not expected to be
lowered by more than one notch.  A negative outlook may be
assigned, however, to reflect the uncertainty surrounding
Skandia's prospective capitalization under new ownership,
including the dividend requirements of Old Mutual and the
execution risks for Old Mutual of integrating an acquisition
resulting from a hostile bid.

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:  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


=====================
S W I T Z E R L A N D
=====================


CONVERIUM AG: Ratings Affirmed, Removed from CreditWatch
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB+' long-term
counterparty credit and insurer financial strength ratings on
Switzerland-based reinsurer Converium AG and the guaranteed
operating entities of the Converium group.  At the same time, all
ratings were removed from CreditWatch, where they had been placed
with negative implications on Nov. 4, 2005. The outlook is
stable.

"Resolution of the CreditWatch placement follows the publication
of the group's unaudited restated financial information for its
Dec. 31, 2004, and June 30, 2005, balance sheets and
third-quarter 2005 results.  This has confirmed our view on
prospective strong group capitalization--there being an increase
in unaudited shareholders' equity reported for June 30, 2005--and
good operating performance," said Standard & Poor's credit
analyst Marcus Rivaldi.  "In addition, we believe that the
restatement will not have a negative impact on group financing
arrangements or on Converium's ability to retain the support of
its key European client base and key staff," he added.

The ratings continue to reflect Converium's good competitive
position (notwithstanding franchise damage resulting from
Converium placing its U.S. operations into run-off in 2004 and
the reinsurance industry's relatively low barriers to entry);
good earnings prospects; and strong capital adequacy.

These positive factors are partially offset by cost overhang
issues and reduced although continuing uncertainty that exists
over the composition of the group's leadership, despite the
recent appointment of a new CEO.

The stable outlook reflects Standard & Poor's expectations that:

(a) Converium will maintain the support of key European cedents,
    reflected in total gross premiums written of approximately
    $2.0 billion in 2005, remaining relatively stable for 2006;

(b) Group operational and underwriting capabilities will be
    maintained through the largely successful retention of key
    staff globally;

(c) Continuing operations will post a combined ratio of 108%-
    110% and ROR of about 2%-4% for 2005, with significant
    improvement in 2006 (combined ratio below 102% and ROR
    above 8%);

(d) Legacy liabilities will not materially affect the
    underwriting performance of the group's continuing
    operations; and

(e) Sanction from regulators following the recent restatement
    will not be material.

The outlook could be revised to positive following one or more
of:

(a) The satisfactory resolution of remaining outstanding issues
    surrounding the composition of the group's leadership;

(b) There being the potential for further material operating
    performance progress after 2006; and/or

(c) The integrity of revised reserve levels and controls being
    proven by the successful run-off or sale of Converium
    Reinsurance North America Inc. (R/--/--).

The outlook could be revised to negative following one or more
of:

(a) Converium losing the support of its key European client
    base;

(b) Converium seeing significant loss of key staff; and/or

(c) Material legacy reserve strengthening being required,
    particularly within ongoing operations.

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:  CONVERIUM AG
          Dr. Kai-Uwe Schanz
          Chief Communication & Corporate Development Officer
          Phone: +41 (0) 44 639 90 35
          Fax: +41 (0) 44 639 70 35

          Zuzana Drozd, Head of Investor Relations
          Phone: +41 (0) 44 639 91 20
          Fax: +41 (0) 44 639 71 20
          Web site: http://www.converium.com


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


AGROPOSTACH: Goes into Liquidation
----------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Zolochivrajagroprompostach (code EDRPOU
30323787) on September 29, 2005 after finding the limited
liability company insolvent.  The case is docketed as
6/215-5/125.  Mr. Igor Bolyak (License Number AB 116070) has been
appointed liquidator/insolvency manager.

Creditors have until December 24, 2005 to submit their proofs of
claim to:

(a) AGROPOSTACH
    80760, Ukraine, Lviv region,
    Zolochiv, Lvivska Str. 50

(b) Mr. Igor Bolyak
    Liquidator/Insolvency Manager
    79019, Ukraine, Lviv region,
    Strimka Str. 4/8

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


ENERGETIC TECHNOLOGIES: Succumbs to Bankruptcy
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Energetic Technologies (code EDRPOU
31567588).  The case is docketed as 43/788.  Mr. Yurij
Ignatchenko (License Number AA 668301) has been appointed
temporary insolvency manager.

Creditors have until December 25, 2005 to submit their proofs of
claim to:

(a) ENERGETIC TECHNOLOGIES
    Ukraine, Kyiv region,
    Moskovska Str. 7

(b) Mr. Yurij Ignatchenko
    Temporary Insolvency Manager
    01025, Ukraine, Kyiv region,
    Zhitomirska Str. 24, Room 21

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


INKOMINVEST: Declared Insolvent
-------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Inkominvest (code EDRPOU 32950846) on
November 14, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-48/94-05.  Navartis-Ov
(code EDRPOU 33130201) has been appointed liquidator.  The
company holds account number 260033001417 at JSCB Mercury, Harkiv
branch, MFO 351663.

Creditors have until December 24, 2005 to submit their proofs of
claim to:

(a) INKOMINVEST
    61001, Ukraine, Harkiv region,
    Kirov Str. 38

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


MEDIA WORLD: Bankruptcy Supervision Starts
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on CJSC Media World (code EDRPOU 32556303).
The case is docketed as 15-781-b.  Mr. S. Shkuro (License Number
AB 116129) has been appointed temporary insolvency manager.  The
company holds account number 260033010484/980/978 at CJSC Prime
Bank, Kyiv region branch, MFO 300669.

Creditors have until December 25, 2005 to submit their proofs of
claim to:

(a) MEDIA WORLD
    01021, Ukraine, Kyiv region,
    Grushevskij Str. 28/2

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


UKRGAZGRUP: Insolvency Manager Steps in
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrgazgrup (code EDRPOU 30467543) on October
20, 2005 after finding the close joint stock company insolvent.
The case is docketed as 43/787.  Mr. Shnit Petro (License Number
AA 783238) has been appointed liquidator/insolvency manager.  The
company holds account number 260030118900 at JSB Brokbiznesbank,
MFO 300249

Creditors have until December 24, 2005 to submit their proofs of
claim to:

(a) UKRGAZGRUP
    Ukraine, Kyiv region,
    Zabolotnij Str. 20 A

(b) Mr. Shnit Petro
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Knyazhij zaton Str. 11/35

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


UKRSPECKON: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Petroleum-Gaz Energetic Company
Ukrspeckon (code EDRPOU 24091022).  The case is docketed as
43/855.  Mr. S. Shkuro (License Number AB 116129) has been
appointed temporary insolvency manager.

Creditors have until December 25, 2005 to submit their proofs of
claim to:

(a) UKRSPECKON
    10142, Ukraine, Kyiv region,
    Patris Lumumba Str. 1

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


ZHIROMIR TEXTILE: Court Appoints Liquidator
-------------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Zhiromir Textile Threads (code EDRPOU
31888755) on November 10, 2005 after finding the limited
liability company insolvent.  The case is docketed as 3/120 'B'.
Zhitomir United State Tax Inspection has been appointed
liquidator.

Creditors have until December 24, 2005 to submit their proofs of
claim to:

(a) ZHIROMIR TEXTILE THREADS
    Ukraine, Zhitomir region,
    Promislova Str. 1/154

(b) ECONOMIC COURT OF ZHITOMIR REGION
    10002, Ukraine, Zhitomir region,
    Putyatinski Square 3/65


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


ANGLO AMERICAN: Final Substantive Closure Distribution Date Set
---------------------------------------------------------------
The Scheme Administrators of Anglo American Insurance Company
Ltd. (Anglo) have set the Final Substantive Closure Distribution
as set out below, and subject to the cap of 100% an aggregate
Scheme of Arrangement, the increased payments due will be paid to
creditors on the Final Substantive Closure Distribution Date of
Jan. 27, 2006.

Payments of interest in full under Clause 3.3.2 of the Scheme of
Arrangement are also expected to be made to Scheme Creditors on
Jan. 27, 2006.

Existing Payment    Final Substantive Closure
Percentage - 90%    Distribution Percentage - 100%

A.J. McMahon and J.M. Wardrop
Scheme Administrators

Address for correspondence:
CMGL, Ibex House,
42-47 Minories,
London EC3N 1HN
Phone: +44(0) 20 7680 6600
Fax: +44 (0) 20 7680 0202
E-mail: angloamericaninsurance@kpmg.co.uk


ARLINGTON CONSULTANTS: Recruitment Agency Hires Administrator
-------------------------------------------------------------
Richard Howard Toone and David Anthony Ingram (IP Nos 9146, 8015)
of Chantrey Vellacott DFK LLP were appointed administrators of
Arlington Consultants Limited (Company No 01838113) on Dec. 8.

Arlington Consultants Group --
http://www.arlington-consultants.co.uk/-- was founded in 1984 as
a search and selection recruitment company.

CONTACT:  ARLINGTON CONSULTANTS
          32 Brook Street
          London W1K 5DL
          Phone: 020 7470 0057
          Fax: 020 7470 0074

          CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          Web site: http://www.cvdfk.com


BRITISH AMERICAN: A- Rating Affirmed; Outlook Remains Negative
--------------------------------------------------------------
Fitch Ratings has affirmed British American Tobacco plc's (BAT),
Senior Unsecured rating at 'A-' and its Short-term rating at
'F1'.  The Outlook remains Negative.  The Senior Unsecured
ratings of 'A-' of BAT International Finance plc, BAT Capital
Corp. and BAT Finance B.V. have also been affirmed.

The Negative Outlook reflects the continuation of
shareholder-friendly financial policies, as pursued by
management, and the expectation of a slow but gradual growth in
leverage despite a healthy cash flow generative profile of the
group's operations.

Conversely, concerns linked to the group's exposure to the U.S.
tobacco litigation environment, a major component of BAT's
Negative Outlook since April 2003, have moderately reduced over
the last twelve months.  A favorable verdict enjoyed in December
2005 by Philip Morris in the Illinois lights cigarettes case,
known as Price; a considerable downsizing of the Department of
Justice case initially brought against tobacco companies for
US$280 billion; as well as a number of other developments (as
detailed in Fitch's report on BAT dated 21 October 2004) have
contributed to reduce the financial risks tobacco companies have
been exposed to in the U.S.  Finally, the creation of Reynolds
American Inc. (RAI) as a 42%-listed associate of BAT following
the July 2004 merger between BAT's Brown & Williamson (B&W) and
R.J. Reynolds, further distances the rest of the group from the
U.S. operations.  At the same time, only final favorable
resolutions of Engle, Price and the Department of Justice cases
would enable Fitch to consider upward credit rating revisions for
tobacco companies with U.S.A. litigation exposure.

While potential exposure to U.S. tobacco litigation constrains
the rating by between one and two notches, BAT's 'A-' rating is
supported by the group's competitive position as the number two
global tobacco player, its outstanding degree of geographic
diversification (over 50% of profits contributed by high growth
emerging markets) and a moderate degree of leverage.

Like all other tobacco companies, BAT is exposed to increasing
regulation that challenges the demand for its products but its
geographic diversity acts as a natural hedge to adverse
regulatory changes and competitive dynamics in individual
markets.  At the moment, while operations in mature markets such
as Canada and the U.S.A. are suffering from the competition of
lower-priced products, BAT's presence in large markets such as
Russia, Turkey or Nigeria, where consumers aspire to
higher-quality Western-style brands offer substantial volume and
profit contribution to group performance.  Additionally, the
shifting of production away from mature markets into the emerging
ones, as well as cost reduction programs enables profits to
continue to grow despite loss of volumes in certain mature
markets.

The group's substantial net free cash flow generation (FY04:
GBP401 million) continues to be strong. During FY04 and FY05,
apart from the small disbursement (GBP95 million) to increase
ownership in Skandinavisk Tobakskompagni, there were no
acquisitions and all of the group's excess cash flow was returned
to shareholders through the continuation of the share buyback
program.  A total GBP492 million was spent on the program in FY04
and in FY05 (GBP394 million spent in the nine months to September
2005) a similar amount should be disbursed.  Fitch expects BAT's
FY05 Adjusted net debt/Operating EBITDAR to remain relatively
unchanged from FY04's level of 1.8x.  However, over time, should
EBITDAR growth not keep pace with debt, leverage is expected to
increase.  This could lead to a downgrade if, in the event of an
acquisition, share buybacks were not scaled down accordingly.
However, at the moment acquisition opportunities appear limited.

CONTACT:  BRITISH AMERICAN TOBACCO PLC
          Globe House, 4 Temple Place
          London
          WC2R 2PG, United Kingdom
          Phone: +44-20-7845-1000
          Fax: +44-20-7240-0555
          Web site: http://www.bat.com

          FITCH RATINGS
          Giulio Lombardi, London
          Phone: +44 (0) 207 417 6314
          Britta Holt, London
          Phone: +44 (0) 207 7417 4022

          Media Relations
          Julian Dennison, London
          Phone: +44 20 7862 4080
          Web site: http://www.fitchratings.com


CHANER ENGINEERING: Goes into Liquidation
-----------------------------------------
H. Johnson, chairman of Chaner Engineering Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 11 at Best Western Hotel, Castle Green Road, Kendal, Cumbria
LA9 6RG.  Edwin James Kirkwood of EJK Associates Limited, 2
Church Court, Morley, Leeds LS27 9TN was appointed liquidator.

CONTACT:  CHANER ENGINEERING LIMITED
          Norwest Quarries Yard
          Sandside
          Milnthorpe
          Cumbria
          LA7 7HG
          United Kingdom
          Phone: (01539) 564376

          EJK ASSOCIATES
          2 Church Court
          Morley
          Leeds
          West Yorkshire LS27 9TN
          Phone: 0113 253 5232
          Fax: 0113 253 5953
          E-mail: edwin.kirkwood@ejkassociates.co.uk


CHAPLINS OF LONDON: Appoints Administrator
------------------------------------------
Nimish C. Patel (IP No 8679) of Kranefields Limited and Devdutt
M. Patel (IP No 8668) of D. M. Patel & Co. were appointed joint
administrators of Chaplins of London Limited (Company No
02772817) on Dec. 9.

Chaplins of London sells a range of innovative contemporary
designer furniture as well as a selection of art, lighting, and
accessories for the home.

CONTACT:  CHAPLINS OF LONDON
          17-18 Berners Street
          London W1T 3LN
          Phone: 020 7323 6552

          KRANEFIELDS LIMITED
          Trinity House, Heather Park Drive,
          Wembley, Middlesex HA0 1SU
          Helpline: 870 787 2346
          Web site: http://www.re10.co.uk

          D M PATEL & CO
          40 Great James Street,
          London WC1N 3HB
          Phone: 020-7430-9292


CLASSIC CARPETS: Calls in Joint Liquidators
-------------------------------------------
D. Bellis, director of Classic Carpets Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 22 at Holiday Inn, Wood Lane, Beechwood, Runcorn, Cheshire
WA7 3HA.  Neil Henry and Michael Simister, of Lines Henry, 27 The
Downs, Altrincham WA14 2QD were appointed Joint Liquidators.

CONTACT:  CLASSIC CARPETS LTD.
          Units 7A & 7B/ Central Trading Estate
          Saltney/ Nr Chester
          Flintshire
          CH4 8SX
          Phone: 01244 682933
                 01244 677955
          Contact:
          Peter Threlkeld, Director

          LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977
          E-mail: nola@lineshenry.co.uk


COMPLETE DOCUMENT: Names Armstrong Watson Liquidator
----------------------------------------------------
P. W. Graham, director of Complete Document Solutions Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 9 at Fairview House, Victoria Place, Carlisle,
Cumbria CA1 1HP.  Michael C. Klenlen of Armstrong Watson,
Fairview House, Victoria Place, Carlisle, Cumbria CA1 1HP was
appointed liquidator.

CONTACT:  COMPLETE DOCUMENT SOLUTIONS LIMITED
          28 Whinlatter Drive
          Kendal, Cumbria LA9 7HE
          Phone: 01539-739200


DANKA BUSINESS: Expands Sales Alliance with Eastman Kodak
---------------------------------------------------------
Eastman Kodak Company and Danka Holdings B.V., the European
subsidiary of Danka Business Systems plc, have unveiled an
expansion of their long standing sales alliance aimed at
increasing sales and market penetration for Kodak's digital
production presses.  The expanded agreement takes effect in
January 2006.

Danka and Kodak have had a highly successful sales and service
alliance with Kodak's line of DIGIMASTER black-and-white
production printing systems.  This expanded alliance will enable
Danka to increase its sales of DIGIMASTER production printers in
corporate, print for pay and government markets; Kodak will enjoy
growth of NEXPRESS production color press systems sales in these
markets through Danka's support.  The agreement closely aligns
the Kodak and Danka sales organizations to leverage the
capabilities of each in their core markets.

Venkat Purushotham, Managing Director, Digital Printing, Kodak's
Graphic Communications Group: "Danka's skilled and effective
sales and service organizations are extending their long track
record of success with our DIGIMASTER production printing
systems, while Kodak is seeing increased direct sales success in
its core commercial printing markets.

"We look forward to supporting the growth of Danka's sales into
its key markets and enlisting its support of the sales success of
our color products."

Danka President and CEO Todd Mavis said: "This expanded strategic
supplier relationship with Kodak builds upon Danka's managed
print services strategy by capturing a larger share of the
production environment for color and black-and-white printing in
targeted markets.

"This strategy will be driven by Danka's highly regarded
organization of Systems Engineers and Production Print Sales
Specialists worldwide."

About Eastman Kodak Company

Kodak is the leader in helping people take, share, print, and
view images for memories, for information, for business, and for
entertainment.  With sales of US$13.5 billion in 2004, the
company is committed to a digitally oriented growth strategy
focused on four businesses:  Digital & Film Imaging Systems -
providing consumers, professionals, and cinematographers with
digital and traditional products and services; Health - supplying
the medical and dental professions with traditional and digital
imaging and information systems, IT solutions, and services;
Graphic Communications - providing customers with a range of
solutions for prepress, traditional and digital printing,
document scanning, and multi-vendor IT services; and Display &
Components - supplying original equipment manufacturers with
imaging sensors as well as intellectual property and materials
for the organic light-emitting diode (OLED) and LCD display
industries.

About Danka

Headquartered in London and St. Petersburg, Florida, Danka
Business Systems plc is an independent provider of enterprise
imaging systems and services.  With a worldwide workforce of
9,500, the company delivers value to clients worldwide by using
its expert technical and professional services to implement
effective document information solutions.

In July, Danka Business Systems plc reported first-quarter
revenue of GBP166.8 million, gross margins of 33.7% and a loss
from continuing operations before tax and finance costs of
GBP2.3 million, including a cost restructuring charge of GBP3.0
million.

For the full year, Danka reported turnover of GBP668.2 million
and operating losses of GBP22.8 million excluding exceptional
items.  Danka's fourth quarter turnover was GBP158.6 million and
operating losses were GBP27.1 million excluding exceptional
items.  The results include a GBP9.4 million provision for U.S.
trade debtors in the fourth quarter.  Including the exceptional
restructuring charges of GBP5.1 million and GBP4.0 million, the
Group reported operating losses of GBP27.9 million for the full
year and GBP31.0 million for the fourth quarter respectively.

CONTACT:  DANKA BUSINESS SYSTEMS PLC
          1230 Arlington Business Park
          Theale
          West Berkshire RG7 4TX, United Kingdom
          Phone: +44-118-903-2163
          Web site: http://www.danka.com

          EASTMAN KODAK COMPANY
          Beth Hogan Scott
          Phone: 001 203 845 7115
          E-mail: hoganscotte@kpgraphics.com


E.C. GRANSDEN: Administrators from KPMG Enter Firm
--------------------------------------------------
James Douglas Ernle Money and Stephen Treharne (IP Nos 8999,
6777) of KPMG LLP were appointed administrators of E.C. Gransden
& Co Limited (Company No 547685) on Dec. 8.

CONTACT:  E C GRANSDEN & CO. LTD
          Cambray Works, Stickfast Lane
          Bobbing, Sittingbourne
          Kent ME9 8QL
          United Kingdom
          Phone: (01795) 841133

          KPMG
          Aquis Court,
          31 Fishpool Street,
          St Albans, AL3 4RF
          Phone: 0500 644665
          Web site: http://www.kpmg.co.uk


EDF ENGINEERING: Claims Filing Period Ends January 28
-----------------------------------------------------
W. Harter, chairman of Edf Engineering Und Design Im Fahrzeugbau
Limited, informs that the special resolution to wind up the
company was passed at an EGM held on Dec. 12 at Steuerberater,
Bayerwaldstrasse 50, Munich, Germany.  Martin Henry Linton was
appointed liquidator.

Creditors are required on or before January 28, 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 Martin Henry Linton of Leigh & Co.,
Brentmead House, Britannia Road, London N12 9RU, the Liquidator
of the Company, and, if so required by notice in writing their
debt or claims.

CONTACT:  LEIGH & CO.
          Brentmead House,
          Britannia Road, London N12 9RU


EURO COMMERCIALS.COM: Hires Liquidators from Valentine
------------------------------------------------------
C. P. Hook, chairman of Eurocommercials.Com Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 18 at Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue,
London N3 2HS.  Robert Valentine and Mark Reynolds of Valentine &
Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS were
appointed Joint Liquidators.

Euro Commercials -- http://www.eurocommercials.com/-- has more
than 25 years experience in selling new and used commercial
vehicles including HGVs in retail, trade and export.

CONTACT:  EURO COMMERCIALS.COM LTD.
          Phone: 01992 787305
          Fax: 01992 763333
          Mobile: 07903-822886
          E-mail: euro.commercials@btinternet.com

          VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


EXPERATE LIMITED: Meeting of Creditors Set Today
------------------------------------------------
Creditors of Experate Limited (Company No 04374299) will meet on
December 23, 2005, 11 a.m. at Bond Partners LLP, The Grange, 100
High Street, London N14 6TG.

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

CONTACT:  EXPERATE LTD.
          30 Hereford Rd.
          London, W2 5AJ
          Phone: 020 7229 7999

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


FXT-L.P., LTD: Calls in PKF Liquidator
--------------------------------------
A. Gaulter, director of FXT-L.P., Ltd., informs that the special
resolution to wind up the company was passed at an EGM held on
Dec. 9 at Citigroup Centre, Canada Square, Canary Wharf, London
E14 5LB.  David S. Merrygold and Brian J. Hamblin of PKF (UK) LLP
of 16 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ
were appointed joint liquidators.

Creditors are required on or before January 31, 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 David S. Merrygold and if so required
by notice in writing their debt or claims.

CONTACT:  PKF
          16 The Havens
          Ransomes Europark
          Ipswich, Suffolk IP3 9SJ
          Phone: 01473 320700
          Fax: 01473 320800
          E-mail: david.merrygold@uk.pkf.com


GUARANTEED SECURITY: Names KPMG Administrator
---------------------------------------------
James Douglas Ernle Money and Jane Bronwen Moriarty (IP Nos 8999,
9095) of KPMG LLP were appointed administrators of Guaranteed
Security Cover Limited (Company No 02303806) on Dec. 8.

CONTACT:  KPMG
          Aquis Court,
          31 Fishpool Street,
          St Albans, AL3 4RF
          Phone: 0500 644665
          Web site: http://www.kpmg.co.uk


HARDING & ASSOCIATES: Wine Wholesaler Hires Administrator
---------------------------------------------------------
Richard William James Long (IP No 6059) of Richard Long & Co. was
appointed administrator of Harding & Associates Limited (Company
No 4999693) on Dec. 9.  The company sells wine.

CONTACT:  RICHARD LONG & CO
          Castlegate House
          36 Castle Street
          Hertford
          Hertfordshire SG14 1HH
          Phone: 01992 503372
          Fax: 01992 503373
          E-mail: jbissett@richardlong.co.uk


H.R. OWEN: Sells Volkswagen Operation to Reduce Losses
------------------------------------------------------
The Board of H.R. Owen plc has agreed to dispose of the Group's
Volkswagen operation to Citygate Automotive Ltd., a management
buyout team headed by Jonathan Smith.

Contingent upon the Disposal, the company has also agreed to sell
three freehold properties currently owned by the business to
Volkswagen Group United Kingdom Limited.  Completion is expected
early next year.

The Business is composed of five Volkswagen car franchises and
one Volkswagen van franchise located in Northwest London.  As at
31 December 2004, the Business had gross assets of GBP16.2
million, net assets of GBP8.1 million and in the financial year
ended 31 December 2004, the Business generated a loss of GBP0.2
million before tax.

The consideration for the Business, payable in cash will be
GBP1.0 million goodwill and approximately GBP1.4 million of fixed
assets together with the net book value of stocks at completion.
The employees of the Business will be transferred to Citygate
Automotive Ltd. as part of the transaction.

The Disposal is conditional upon the assignment of leases.

As at 31 December 2004, the gross asset value of the Properties
was GBP1.2 million.  The total consideration payable in cash will
be GBP2.5 million.

The effect of the Disposal will be to reduce losses going forward
and H.R. Owen's indebtedness.  The proceeds from the sale of the
Properties will also be used to reduce H.R. Owen's indebtedness.

Nicholas Lancaster, chief executive of H.R. Owen, said: "This
disposal is the second in a series of disposals which will focus
H.R. Owen on its more profitable specialist business.  The Board
is confident of the prospects for the specialist business going
forward."

Current Trading and Outlook

At the time of announcing our interim results on 28 September, we
gave a trading update confirming that a further decline in new
car sales was expected for the remainder of 2005 and that market
conditions had continued to be extremely challenging with margins
remaining weak.

This position has not only continued but worsened in the second
half of the year, with new vehicle registrations reducing
significantly in comparison with the same trading period last
year.  The group's franchises have continued to be affected in
this regard, with the volume and premium sectors in particular
suffering from margin erosion.

The specialist sector continues to provide a good return, but
overall we believe the group's losses at the operating level will
be higher than expected for the second half of the year.

CONTACT:  H.R. OWEN PLC
          Divisional Office
          The Hyde
          Edgware Road
          LONDON
          NW9 6NW
          Phone: 020 8201 4155
                 or 020 8201 4156
          Fax: 020 8201 4150
          Web site: http://www.hrowen.co.uk


INTERTEK GROUP: Names U.S. Lawyer Non-executive Director
--------------------------------------------------------
Intertek Group plc has appointed Debra Rade as a non-executive
director of the company with effect from 1 January 2006.

Debra Rade is currently a partner at Katten Muchin Rosenman LLP,
a major national U.S. law firm, whose principal office is based
in Chicago, with a London affiliate, Katten Muchin Rosenman
Cornish LLP.  Debra's practice focuses primarily on corporate
governance and compliance, as well as product safety and
regulatory compliance.  From 1987 to 2002, Debra worked for
Underwriters Laboratories Inc. (UL), a provider of product safety
testing and certification.  Ms. Rade was an officer of UL,
serving in various positions including Vice President and General
Counsel (appointed 1989), Senior Vice President - Administration
Operations and Chief Legal Officer (appointed 1997) and Senior
Vice President - External Affairs and Chief Administrative
Officer (appointed 2001).  In addition to the legal and
compliance functions, Debra had responsibility for various
operations including e-business, publications, quality, human
resources, purchasing and governmental relationships.

There are no details that are required to be disclosed as
required under paragraph LR 9.6.13 R of the U.K. Listing Rules in
respect of Debra Rade.

Vanni Treves, chairman, said: "I am delighted to announce the
appointment of Debra to the Board.  Her extensive experience
within the service industry, as well as legal and corporate
governance background, will strengthen the Board and assist in
the continued growth of Intertek."

                        About the Group

Intertek is an international testing, inspection and
certification organization, which assesses customers' products
and commodities against a wide range of safety, regulatory,
quality and performance standards and certifies the management
systems of customers.  Intertek has 294 laboratories and over
13,500 people around the world and is increasingly undertaking
outsourced testing work for its customers.

At the end of 2004, Intertek's shareholders' funds remained
negative at GBP3.6 million, but down from -GBP43.1 million at 31
December 2003.  The deficit stems principally from the write-off
of goodwill in 1996 when the Group was purchased from its former
owners.  This amounted to GBP229.9 million at 31 December 2004.
The Group's net debt at 31 December 2004 was GBP112.4 million
compared to GBP132.2 million.

CONTACT:  INTERTEK GROUP PLC
          25 Savile Row
          London
          W1S 2ES, United Kingdom
          Phone: +44-20-7396-3400
          Fax: +44-20-7396-3480
          Web site: http://www.intertek.com


LUXFER HOLDINGS: Renewal of GBP20 Mln Overdraft Key, Says S&P
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC+' long-term
corporate credit rating on Luxfer Holdings PLC, a U.K.-based
manufacturer of gas cylinders, magnesium alloys, and zirconium
chemicals, on CreditWatch with negative implications.  The 'CCC'
rating on the company's senior unsecured debt was also placed on
CreditWatch with negative implications.

"The CreditWatch placement reflects the current lack of certainty
with regard to available liquidity once Luxfer's sole GBP20
million overdraft line expires in February 2006," said Standard &
Poor's credit analyst Jarrad Oberhardt.

Standard & Poor's considers that the renewal or replacement of
this line is crucial if Luxfer is to avoid defaulting on its
GBP131 million bonds, due 2009.  We also believe that it will
become necessary in the short term for Luxfer to obtain access to
additional funding to ensure interest coupon payments in 2006 and
beyond.

"The resolution of the CreditWatch will depend on Luxfer's
success in negotiations with banks on the extension of its
overdraft line or on access to new financing," added Mr.
Oberhardt.  "If the company fails to obtain this liquidity, the
ratings might be lowered. The ratings will be affirmed if
liquidity sources are provided to the company."

The ratings reflect Luxfer's tight liquidity situation, the
extremely challenging trading conditions in its key markets, and
the company's very aggressive financial structure.  These factors
are only partially moderated by good niche positions within some
markets.

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:  LUXFER HOLDINGS PLC
          The Victoria, 150-182 Harbour City,
          Salford Quays, Salford,
          United Kingdom
          Phone: 44 0161 911 8800
          Fax: 44 0161 911 8892
          Web site: http://www.luxfer.com


MAJOR DISTRIBUTION: Calls in Administrators from PKF
----------------------------------------------------
Kerry Bailey (IP No 8780) and Jonathan Newell (IP No 6419) of PKF
were appointed joint administrators of Major Distribution Limited
(Company No 02391074) on Dec. 8.  The company wholesales videos
and DVDs.

CONTACT:  MAJOR DISTRIBUTION LIMITED
          17 Didsbury Road,
          Stockport, Cheshire SK4 2BD
          Phone: 01614429660

          PKF
          Sovereign House,
          Queen Street, Manchester M2 5HR
          Phone: 0161 8325481
          Fax:   0161 8323849
          E-mail: info.manchester@uk.pkf.com
          Web site: http://www.pkf.co.uk

          PKF (UK) LLP
          5 Temple Square,
          Temple Street, Liverpool L2 5RH


MARCONI CORPORATION: Shareholders Accept Ericsson's Offer
---------------------------------------------------------
Marconi Corporation plc has unveiled results of the poll taken at
an Extraordinary General Meeting in respect of the resolutions
set out in the circular to shareholders dated 25 November 2005:

(a) to approve the disposal to LM Ericsson of the Company's
    telecommunications equipment and international services
    businesses;

(b) to approve the changes to the rules of the Company's Share
    Plans;

(c) to approve the change of name from Marconi Corporation plc
    to telent plc;

(d) to amend the Company's Articles of Association giving the
    Directors the power to require the transfer of shares
    held by U.S. persons to non-U.S. persons and including
    arbitration, exclusive jurisdiction and English governing
    law provisions;

(e) to approve the consolidation of the Company's ordinary share
    capital; and

(f) to authorize the Company to make market purchases of its New
    Ordinary Shares.

Accordingly, each of the resolutions was duly passed by the
required majority.  In total 34 shareholders holding, in
aggregate, 347,692 shares attended the meeting in person.  The
Company's issued share capital as at 21 December 2005 is
214,111,084 shares.  All Directors of the Company attended the
meeting.

The Return of Cash and related Share Consolidation (as detailed
in the Circular) are expected to take place in the first quarter
of 2006.  The exact timing of the Return of Cash and related
Share Consolidation will be notified by an announcement on RNS.
This announcement will also set out the record date for the
entitlement to the Return of Cash and the Share Consolidation and
give the date on which dealings in the New Ordinary Shares are
expected to commence.

Resolutions 2 and 3 are conditional upon Master Closing which is
expected to occur on or around 23 January 2006.  Resolution 5 is
conditional upon the Return of Cash.  Resolution 6 is subject to
and conditional upon the Share Consolidation taking place.  The
definitions used in this announcement have the same meaning as in
the Circular, unless the context requires otherwise.

In accordance with paragraph 9.6.2 of the Listing Rules, two
copies of all resolutions passed will be available, along with
copies of this announcement, at the U.K.LA Document Viewing
Facility, which is situated at Financial Services Authority, 25
The North Colonnade, Canary Wharf, London E14 5HS. Phone: 020
7066 1000.

CONTACT:  MARCONI CORPORATION PLC
          4th Floor Regents Place
          338 Euston Rd
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com

          LM ERICSSON
          Torshamnsgatan 23, Kista
          SE-164 83 Stockholm
          Sweden
          Phone: +46-8-719-0000
          Fax: +46-8-18-40-85
          Web site: http://www.ericsson.com


MARCONI CORPORATION: Expects to Close Deal with Ericsson January
----------------------------------------------------------------
The extraordinary general meeting of shareholders in Marconi
Corporation plc has approved the disposal to LM Ericsson of key
assets of Marconi's telecommunications business, which was
announced on October 25, 2005.  Ericsson has previously received
the necessary clearances for the acquisition of key assets from a
number of competition authorities.

Following the shareholder approval and the competition
clearances, the acquisition of key assets remains conditional on
current consultations with trade unions.  The transaction is
expected to be completed in January 2006.

The acquisition is to be effective as of January 1, 2006 and
the acquired business is to be consolidated into Ericsson's
accounts as from the first quarter of 2006.

CONTACT:  MARCONI CORPORATION PLC
          4th Floor Regents Place
          338 Euston Rd
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com

          LM ERICSSON
          Torshamnsgatan 23, Kista
          SE-164 83 Stockholm
          Sweden
          Phone: +46-8-719-0000
          Fax: +46-8-18-40-85
          Web site: http://www.ericsson.com


MARPLE PET: Files for Liquidation
---------------------------------
L. Wild, director and chairman of Marple Pet Supplies Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Nov. 15 at Clive House, Clive Street, Bolton BL1 1ET.
Matthew Colin Bowker of Unity Corporate Recovery & Insolvency,
Clive House, Clive Street, Bolton BL1 1ET was appointed
liquidator.

CONTACT:  MARPLE PET SUPPLIES LTD.
          8 Market Street
          Marple
          stockport cheshire sk6 7ad

          UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


MARSHALL ANDREWS: Appoints Joint Liquidators
--------------------------------------------
G. M. Segui, chairman of Marshall Andrews Enterprise Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 18 at 25 Harley Street, London W1G 9BR.  Bernard
Hoffman and Ian Douglas Yerrill of both of Gerald Edelman
Business Recovery, Kent House, Station Road, Ashford, Kent TN23
1PP were appointed Joint Liquidators.

CONTACT:  MARSHALL ANDREWS ENTERPRISE LIMITED
          Suite 2
          Kent House
          Station Road
          Ashford, Kent
          TN23 1PP
          Phone: 01233 666 280
          Fax: 01233 666 281
          E-mail: gemail@geraldedelman.com
          Web site: http://www.geraldedelman.com/


MARTIN FLITTON: Management Services Firm Winds up
-------------------------------------------------
M. R. Flitton, chairman of Martin Flitton Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. Nov. 21 at 66 Wigmore Street, London W1U 2SB.  Mark Newman
of Vantis Business Recovery, Judd House, East Street, Tonbridge,
Kent TN9 1HG was appointed liquidator.

CONTACT:  MARTIN FLITTON LIMITED
          Phone: + 44 (0)1635 35626

          VANTIS BUSINESS RECOVERY
          Judd House
          East Street
          Tonbridge
          Kent TN9 1HG
          Phone: 01732 378680
          Fax: 07917260099
          E-mail: mark.newman@vantisplc.com


MOWLEM PLC: Fitch Cancels Ratings
---------------------------------
Fitch Ratings affirmed U.K.-based Mowlem plc's ratings at Senior
Unsecured 'BB' with Negative Outlook and Short-term 'B' and
simultaneously withdrawn them.  Fitch will no longer provide
ratings or analytical coverage of this issuer.

                            *   *   *

Headquartered in Middlesex, Mowlem Plc -- http://www.mowlem.com
-- supports services to public and private sector customers
across a comprehensive range of market sectors.  It has more than
25,000 employees and annual turnover of GBP2 billion.  It has
GBP228.4 million in assets and GBP18.9 million in debt.  Its
creditors are HSBC Bank, National Westminster Bank, and Lloyds
TSB Bank.

Mowlem registered losses of GBP7.4 million (retained loss of
GBP19.6 million) in 2004, compared to earnings of GBP49.8 million
a year earlier.  Its profitability was severely affected by a
number of contract valuation write-downs and one-off charges.

CONTACT:  MOWLEM PLC
          White Lion Court, Swan Street
          Isleworth
          Middlesex TW7 6RN
          Phone: 020 8568 9111
          Fax: 020 8847 4802
          Web site: http://www.mowlem.com

          Alex Herbert, London
          Phone: +44 (0) 20 7417 6334
          Monica Klingberg Insoll
          Phone: +44 (0) 20 7417 4281

          Media Relations
          Julian Dennison, London
          Phone: +44 20 7862 4080
          Web site: http://www.fitchratings.com


MUDGEE VALLEY: Administrator from Richard Long & Co. Moves in
-------------------------------------------------------------
Richard William James Long (IP No 6059) of Richard Long & Co. was
appointed administrator of Mudgee Valley Wine Limited (Company No
4978873) on Dec. 9.  The company sells wine.

CONTACT:  RICHARD LONG & CO
          Castlegate House
          36 Castle Street
          Hertford
          Hertfordshire SG14 1HH
          Phone: 01992 503372
          Fax: 01992 503373
          E-mail: jbissett@richardlong.co.uk


NEOHEAT LTD.: Succumbs to Liquidation
-------------------------------------
William J. J. Rabie, chairman of Neoheat Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 17 at Atlantic House, Imperial Way, Reading RG2 0TD.

Freddy Khalastchi of Harris Lipman LLP, Atlantic House, Imperial
Way, Reading RG2 0TD was appointed liquidator.  The appointment
was confirmed at a creditors meeting held the same day.

CONTACT:  NEOHEAT LTD.
          Smallmead Gate
          Pingemead Business Centre
          Reading
          RG30 3UR
          Berkshire
          Phone: 0845 108 0361
          Fax: 0845 108 1295
          Web site: http://www.neoheat.com


NETWORK PANACEA: Names Baker Tilly Liquidator
---------------------------------------------
D. B. Cosgrove, chairman of Network Panacea Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 17 at Baker Tilly, Brazennose House, Lincoln Square,
Manchester M2 5BL.  Lindsey J. Cooper and Stephen M. Quinn of
Baker Tilly, Brazennose House, Lincoln Square, Manchester M2 5BL
were appointed Joint Liquidators.

CONTACT:  NETWORK PANACEA LTD.
          Spring House
          Spring Street
          Widnes
          WA8 0NL
          Cheshire
          Phone: 0151 257 9300
          Fax: 0151 2579301
          Web site: http://www.networkpanacea.co.uk
          Contact:
          Dean Ross, Manager

          BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


NETWORK RAIL: Closes GBP4 Billion Commercial Paper Programs
-----------------------------------------------------------
Network Rail CP Finance plc (NRCPFINPLC) has confirmed that, with
all outstanding notes under its GBP4 billion Euro Commercial
Paper Program and U.S. Commercial Paper Program having matured,
the Company will not make any further issuance under these
Programs and as a consequence the ratings from S&P, Moody's and
Fitch will be formally withdrawn.

In September 2005, Network Rail Infrastructure Finance plc (NRIF)
announced the signing of its GBP4 billion Euro Commercial Paper
Program and U.S. Commercial Paper Program, issuance under this
program commenced on 3 October 2005.

NRIF's CP Programs, which are supported by a Financial Indemnity
provided by the U.K. Government and a three-year GBP750 million
bank liquidity facility from a syndicate of commercial banks, are
a direct replacement of the NRCPFINPLC programs.

NRIF's CP Programs are rated F1+ (Fitch), P1 (Moody's) and A1+
(Standard & Poor's).

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: Fitch Withdraws Ratings
-------------------------------------
Fitch Ratings has affirmed the rating on Network Rail CP Finance
plc's GBP4 billion multi-currency Euro and US commercial paper
programs at Short-term 'F1+' and simultaneously withdrawn it.

Outstandings under this program have been repaid in full and no
further issuance will be made under this financing.  Instead, the
Network Rail group will use its GBP4 billion Euro and U.S.
commercial paper programs whose issuer is Network Rail
Infrastructure Finance plc.  This issuer's CP programs have a
'F1+' Short-term rating.

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

          FITCH RATINGS
          John Hatton, London
          Phone: +44 (0)20 7417 4283
          Philip Walsh
          Phone: +44 (0)20 7417 3556

          Media Relations
          Julian Dennison, London
          Phone: +44 20 7862 4080
          Web site: http://www.fitchratings.com


NORTHERN FOODS: Issues GBP142.7 Million Guaranteed Loan Notes
-------------------------------------------------------------
Northern Foods plc has disclosed that on 20 December 2005 it
issued approximately GBP142.7 million (U.S.$250 million) of
senior guaranteed loan notes into the U.S. Private Placement debt
market.  Notes were issued in both U.S. dollars (US$155 million)
and pounds sterling (GBP54.25 million).  The notes are fixed rate
and unsecured, with a maturity of 7, 10 and 12 years.  The
proceeds of the issue will be used to repay GBP91 million of
6.75% convertible bonds and other bank debt.

The placement extends the maturity profile of Northern Foods'
debt facilities, while taking advantage of favorable longer-term
interest rates.  After swapping U.S. fixed interest rates into
sterling fixed interest rates, the weighted average interest rate
payable by the company on the notes will be approximately 5.5%.

The early repayment of the convertible bonds has no adverse cash
impact.  Under IFRS, there will be a one-off pre-tax charge to
the income statement in the financial year 2005/06 of
approximately GBP10 million.

                        *   *   *

Leeds-based Northern Foods plc is one of U.K.'s leading food
producers with a turnover of GBP1.5 billion and over 22,000
employees based in sites across the U.K. and Ireland.

Northern Foods began restructuring and refocusing its business in
Autumn 2003.  It appointed Chief Executive, Pat O'Driscoll, at
the end of March 2004.  It has also launched a comprehensive
strategic review of the business, established a new management
team, and simplified its business structure and factory
organization.

CONTACT:  NORTHERN FOODS PLC
          2180 Century Way, Thorpe Park
          Leeds
          LS15 8ZB, United Kingdom
          Phone: +44-113-390-0110
          Fax: +44-113-390-0211
          Web site: http://www.northern-foods.co.uk


NWCC HANDLING: Steel Fabricator Collapses
-----------------------------------------
D. Winterbottom, chairman of NWCC Handling Limited, informs that
a resolution to wind up the company were passed at an EGM held on
Nov. 18 at The Broadfield Hotel, Sparrow Hill, Rochdale,
Lancashire.  Michael Williams of Highfield, Clifton Road,
Middleton, Manchester M24 2RD was appointed liquidator.

NWCC Handling specializes in the manufacture and supply of
standard and bespoke material handling equipment.  It makes more
than 30 types of different gas cylinder trolleys, 100 types of
cylinder stands and brackets and 25 different types of cages for
cylinder storage or cylinder lifting and secure cages for storing
valuable items including computer server cages.  Its customers
include Air products, National Health Trusts, Stamford Group,
Lloyds British Testing Group, and Lincoln Electric.

CONTACT:  NWCC HANDLING LTD.
          Units 3 and 4 Boarshurst Business Park
          Boarshust Lane
          Greenfield
          Oldham
          Greater Manchester
          OL37ER
          Phone: 01457 879 690
          Fax: 01457 87 0848
          Web site: http://www.nwcchandling.co.uk/contact.asp


OSIRIS SECURITY: Rogue Firm Caught; Forced into Liquidation
-----------------------------------------------------------
Tax-delinquent Osiris Security has gone into liquidation, The
Sunday Mail says.

According to HM Revenue & Customs, the group managed to evade
paying tax and VAT through "phoenixing," a scam in which a
company deliberately folds up, but continues to trade under a new
name.  Osiris, owned by Paul and Marie Johnston, had been known
as Guardion Security (Scotland) Ltd., Guardion Security U.K. Ltd.
and Guardion Security Systems Ltd.

Osiris is suspected of raking in millions of pounds, much of it
public money, by providing security to construction sites.  The
HM Revenue & Customs, however, said, "We are not in a position to
discuss details of how much is being pursued."

A businessman commented, "Year after year, these people rake in
fortunes but don't pay any tax or VAT or even the minimum wage.
They're put out of business and start all over again but the
police are not interested."

The Insolvency Service launched disqualification proceedings
against the couple in 2003.  An Insolvency Service spokesman said
a proof hearing might be held early 2006.

CONTACT:  OSIRIS SECURITY
          City Wall House
          32 Eastwood Avenue
          Glasgow G41 3NS

          A. Rathore, Solicitor (Scotland)
          HM REVENUE & CUSTOMS
          114-116 George Street, Edinburgh
          Phone: 0131 473 4017


PAGELEAF LIMITED: Appoints Liquidator
-------------------------------------
S. D. Miller, chairman of Pageleaf Limited, informs that the
special resolution to wind up the company was passed at an EGM
held on Dec. 8 at Pearl Assurance House, 319 Ballards Lane,
London N12 8LY.  Asher Miller of David Rubin & Partners, Pearl
Assurance House, 319 Ballards Lane, London N12 8LY was appointed
liquidator.

Creditors are required on or before January 12, 2006, to send in
their names and addresses, with particulars of debt or claims,
and the names and addresses of Solicitors (if any), to Asher
Miller and if so required by notice in writing their debt or
claims.

CONTACT:  DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


POINT TO POINT: Hires F A Simms & Partners to Liquidate Business
----------------------------------------------------------------
R. E. Davies, chairman of Point To Point Marketing Limited,
informs that the special resolution to wind up the company was
passed at an EGM held on Dec. 5 at The Coach House, Slowwe House,
Arlingham, Gloucestershire GL2 7JN.  R. F. Simms and M. R.
Buttriss of F A Simms & Partners Plc, Insol House, 39 Station
Road, Lutterworth, Leicestershire LE17 4AP were appointed joint
liquidators.

Creditors are required on or before January 30, 2006 to send
their names and addresses with particulars of debt and claims, to
Richard Frank Simms.

CONTACT:  F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


RENTOKIL INITIAL: Completes Substitution of Primary Obligor
-----------------------------------------------------------
The substitution of primary obligor in respect of all outstanding
notes referred to in the Prospectus dated 9 December 2005
relating to the establishment of the Rentokil Initial plc's Euro
Medium Term note program has now been completed.

                            *   *   *

Under the EUR2.5 billion Euro Medium Term Note Program, Rentokil
Initial plc may from time to time issue notes denominated in any
currency agreed between the Issuer and the relevant Dealer.  The
maximum aggregate nominal amount of all Notes from time to time
outstanding under the Program will be EUR2.5 billion (or its
equivalent in other currencies calculated), subject to increase.

The Notes may be issued on a continuing basis to one or more of
the Dealers and any additional Dealer appointed under the Program
from time to time by the Issuer which appointment may be for a
specific issue or on an ongoing basis.  References in this
Prospectus to the relevant Dealer shall, in the case of an issue
of Notes being (or intended to be) subscribed by more than one
Dealer, be to all Dealers agreeing to subscribe such Notes.

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com


RETAIL MERCHANDISING: Creditors Meeting Set Next Week
-----------------------------------------------------
Creditors of Retail Merchandising Design Limited (Company No
03213427) will meet on December 30, 2005, 10:30 a.m. at 109 Swan
Street, Sileby, Leicestershire LE12 7NN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Paul Anthony Saxton and David John Watchorn, joint
administrators of Elwell Watchorn & Saxton LLP, 109 Swan Street,
Sileby, Leicestershire LE12 7NN not later than 12 noon, December
29, 2005.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


RICHARD DAVIES: Liquidators Take over Firm
------------------------------------------
R. E. Davies, chairman of Richard Davies & Partners Limited (t/a
RDP), informs that the special resolution to wind up the company
was passed at an EGM held on Dec. 5 at The Coach House, Slowwe
House, Arlingham, Gloucestershire GL2 7JN.  R. F. Simms and M. R.
Buttriss of F A Simms & Partners Plc, Insol House, 39 Station
Road, Lutterworth, Leicestershire LE17 4AP were appointed joint
liquidators.

Creditors are required on or before January 30, 2006, to send
their names and addresses with particulars of debt and claims, to
Richard Frank Simms.

CONTACT:  F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


ROBIN HARTLEY: Construction Firm Winds up
-----------------------------------------
C. C. A. Hartley, director of Robin Hartley Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Nov. 17 at 3-5 Rickmansworth Road, Watford, Hertfordshire WD18
0GX.  Steven Draine and David Rolph of Moore Stephens Corporate
Recovery, 3-5 Rickmansworth Road, Watford, Hertfordshire WD18 0GX
were appointed Joint Liquidators.

CONTACT:  ROBIN HARTLEY LIMITED
          58 West Street, Henley-On-Thames
          Oxfordshire RG9 2EA
          Phone: 01491575605

          MOORE STEPHENS
          3/5 Rickmansworth Road
          Watford
          Hertfordshire WD18 0GX
          Phone: 01923 236622
          Fax: 01923 245660
          E-mail: steve.draine@moorestephens.com


ROYAL MAIL: Names New Non-executive Director
--------------------------------------------
Helen Weir, Group Finance Director of Lloyds TSB, is to be
appointed a non-executive member of Royal Mail's board.

The move was warmly welcomed by Royal Mail's Chairman, Allan
Leighton, who said: "I am delighted Helen is joining us.  Her
breadth of senior financial and operational experience will
strengthen Royal Mail's board and be an asset to the company as
it tackles the challenges of competing in a market opening to
full competition on January 1."

Ms. Weir will join the Board in the New Year.  She said: "I am
very much looking forward to working with the rest of the Board
as it strives to achieve its goal of turning Royal Mail into the
world's best postal company."

CONTACT:  ROYAL MAIL
          148 Old Street
          London
          EC1V 9HQ
          Web site: http://www.royalmail.com


SCOTTISH POWER: PacifiCorp President Resigns
--------------------------------------------
Scottish Power plc has disclosed that Judi Johansen, president
and CEO of its U.S. regulated business PacifiCorp and Scottish
Power Board member, is leaving the company after the completion
of its sale to MidAmerican Energy Holdings Company (MidAmerican)
in 2006.

Ms. Johansen joined PacifiCorp in December 2000 as Executive Vice
President of Regulation and External Affairs.  In June 2001 she
became president and CEO of PacifiCorp and was appointed to the
Scottish Power Board in October 2003.

Ian Russell, chief executive of Scottish Power said: "Judi has
made a significant contribution to our business over the past
five years.  We appreciate her commitment to remain until the
completion of the transaction.  This will facilitate a smooth and
effective transition over the next few months as the transaction
comes to a close."

The transaction, which was announced on May 24, 2005 is
proceeding on schedule.  Settlement agreements have been filed
with the California Public Utilities Commission, Idaho Public
Utilities Commission and the Utah Public Service Commission; all
are subject to Commission approval.  As previously announced, we
expect the sale of PacifiCorp to be completed between May and
November 2006 and upon completion this will enable us to return
approximately GBP2.5 billion to shareholders.

The transaction is also still subject to clearance by the Oregon
Public Utility Commission, Washington Utilities and
Transportation Commission, Wyoming Public Service Commission and
the Nuclear Regulatory Commission.  Clearance for the transaction
under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 was
achieved on October 7, 2005 and approval from the Federal Energy
Regulatory Commission was received on December 15, 2005.

                            *   *   *

In November, Scottish Power ended takeover talks with Germany's
E.ON AG.  According to the Financial Times, independent advice
from Morgan Stanley and UBS said the offer did not reflect fair
value for the asset.  Besides, shareholders won't get any money
until 2007 anyway.

Scottish Power was subject of takeover speculations in the U.K.
after the sale in August of its U.S. arm PacifiCorp to American
billionaire Warren Buffet for a net loss of GBP442 million.  The
US$9.4 billion (GBP5.1 billion) disposal took about two-thirds
off its value.  Utility giants E.ON and Centrica were immediately
linked to possible takeover.

But analysts then think an acquisition by a U.K. player could
meet face tough problems with regulator Ofgem, which is intent on
maintaining tight competition on the power supply sector.

Centrica, which is the owner of British gas and Scottish Gas,
captures 57% of the gas market share in the U.K.  German E.On's
Powergen has nearly half of that, which is just a little bigger
than Scottish Power's.

The sale of PacifiCorp could take between 12 and 18 months to
complete, giving the prospective buyers enough time to plot an
acquisition strategy.

CONTACT:  SCOTTISH POWER PLC
          1 Atlantic Quay
          Glasgow
          G2 8SP, United Kingdom
          Phone: +44-141-248-8200
          Fax: +44-141-248-8300
          Web site: http://www.scottishpower.plc.uk

          Jennifer Lawton, Head of Investor Relations
          Phone: 0141 636 4527

          David Ross, Investor Relations Manager
          Phone: 0141 566 4853

          Colin McSeveny, Group Media Relations Manager
          Phone: 0141 636 4515


S. TOMKINS: Liquidator from Butcher Woods Enters Firm
-----------------------------------------------------
T. M. Tomkins, chairman of S. Tomkins & Son Limited, informs that
the special and ordinary resolutions to wind up the company were
passed at an EGM held on Dec. 5 at Arbor House, 16-18 Broadway
North, Walsall WS1 2AN.  Roderick Graham Butcher of Butcher
Woods, 79 Caroline Street, Birmingham B3 1UP was appointed
liquidator.

CONTACT:  BUTCHER WOODS
          79 Caroline Street
          Birmingham
          West Midlands B3 1UP
          Phone: 0121 236 6001
          Fax: 0121 236 5702
          E-mail: rod.butcher@butcher-woods.co.uk


                            *********


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

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