---

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

                           E U R O P E

           Wednesday, January 11, 2006, Vol. 7, No. 8

                            Headlines

C Z E C H   R E P U B L I C

SETUZA A.S.: Government Demands Debt-equity Swap


F I N L A N D

BENEFON OYJ: Board Calls EGM to Finalize Financing Plan


G E R M A N Y

AGIV REAL: Files EUR197.2 Million Claim Against ING Bank
AUTOHAUS BUECKER: Bochum Court Names Administrator
DAVIKO, DANSKE: Creditors' Claims Due Later this Month
DIG DIENSTLEISTUNGEN: Succumbs to Bankruptcy
DUERR AG: Receives EUR205 Million for Subsidiary

ERWILO SONNENSCHUTZ: Creditors to Meet March
FLEXA-FONDS: Hamburg Court Calls in Administrator
FONMEDIA SERVICE: Claims Filing Period Ends February 9
FUBA PRINTED: Creditors Approve Insolvency Plan
GASTSTATTEN BETRIEBSGESELLSCHAFT: Falls into Bankruptcy

GRUNDBESITZ-INVEST: Selling Properties to Avoid Insolvency
HOBBY-LAND: Aachen Business Goes Bankrupt
KARSTADTQUELLE AG: Achieves Turnaround in Fourth Quarter
KMS GMBH: Court Calls in Administrator from Wille
PROSIEBENSAT.1 MEDIA: Cartel Office Remains Unimpressed

RUEDIGER PASSIG: Charlottenburg Court to Verify Claims May
WOHNWERT GMBH: Bielefeld Court Appoints Administrator
ZIMO GMBH: Chemnitz Venture Goes Bust


H U N G A R Y

PANNONPLAST RT: Minority Shareholder Raises Stake


I T A L Y

AVIO GROUP: Refinances Senior Bank Debt
VOLARE GROUP: Alitalia Leads Bidders


K A Z A K H S T A N

PETROKAZAKHSTAN INC.: Ratings Withdrawn After CNPC Takeover


N E T H E R L A N D S

KONINKLIJKE AHOLD: Gets Initial Approval to Settle Class Action
ROYAL SHELL: Cancels 700,000 'A' Shares


R U S S I A

BASH-AUTO-TRANS: Bankruptcy Hearing Resumes Next Month
DUBOVKA: Under Bankruptcy Supervision
ELEGANT: Appoints Temporary Insolvency Manager
KATEK-PROM-STROY: Insolvency Manager Takes over Firm
PODBOROVSKOYE: Succumbs to Bankruptcy

PROMYSHLENNOVSKIY: Kemerovo Court Opens Bankruptcy Proceedings
SEV-RYB-KHOLOD-FLOT: Bankruptcy Supervision Begins
SHATKOVSKIY AGRO-SPETS-MONTAGE: Falls into Bankruptcy
SIB-IMPEKS: Declared Insolvent
TIMBER MILL: Arkhangelsk Court Opens Bankruptcy Proceedings
YUKOS OIL: Switzerland Reexamines Cooperation in Probe


U K R A I N E

AGRO-UKRAINE: Succumbs to Insolvency
PECHERSKIJ TRADE: Goes into Liquidation
RANG: Insolvency Manager Takes over Operations
SPETSTEHGOLOVPOSTACH: Court Appoints Liquidator
TROYANDA: Declared Insolvent
UKRIMPEKS: Kyiv Court Opens Bankruptcy Proceedings
VOLNOVAHA RAJSILGOSPTEHNIKA: Goes Bust


U N I T E D   K I N G D O M

AJM FRAMES: Calls in Administrators from KPMG
BIZZO CORPORATION: Advertising Firm Liquidates
BRITISH NUCLEAR: Final Bidders for Westinghouse Bared
CANTERBURY FOODS: Adviser, Broker Steps down
CHARACTER GROUP: Digital Products Arm Attracts Buyer

CLI LIMITED: Administrators from Buchanas Enter Firm
CLYDESDALE BANK: Office Building Sold for more than GBP53 Mln
COMPASS GROUP: Paid Top Bosses Hefty Bonuses in 2005
COMPUTACENTER PLC: Delays Trading Update Pending Audit
CORT SECURITY: Appoints Harris Lipman Administrator

DAVCO DRIVING: Files for Liquidation
D & L GRAHAM: Names Begbies Traynor Liquidator
DURSTON WASTE: Appoints Baker Tilly Administrator
EMBROIDERY SOLUTIONS: Files for Liquidation
FLETCHER BROS: Appoints P&A Partnership Liquidator

FOSTER ASSOCIATES: Building Services Consultancy Firm Winds up
HEART OF OAK: Hires Hurst Morrison Thomson as Administrator
HYDRO INSTRUMENTS: Calls in Liquidators from Begbies Traynor
HYDRO-KLEEN SYSTEMS: Goes into Liquidation
INTER MICRO: Liquidator from Poppleton & Appleby Moves in

INTERNATIONAL POWER: Gets BB Long-term Issuer Rating from Fitch
INVENSYS PLC: B+ Rating Affirmed as Near-term Prospects Improve
IWP INTERNATIONAL: Names Interim Chief Executive
JESSOPS PLC: Remains Cautious Despite Strong Christmas Trading
KJM DRIVER: Files for Liquidation

LANNER MANUFACTURING: Names Andrew Michaels & Co. Administrator
MANSFIELD GROUNDWORKS: Administrator Enters Firm
NEWBAY ENGINEERING: Administrators from KPMG Move in
NEXPRESS LIMITED: Hires Administrators from Vantis Numerica
ORBIT LEISURE: Falls into Administration

PROFESSIONAL MAINTENANCE: Calls in Bridgestones Administrator
REAL CREATIVE: Hires Administrator from B & C Associates
SALCON INVENT: Water Treatment Company Calls in Administrator
STRIPEY TROUSERS: Retailer Hires Administrator
TEMPUS STET: Appoints Administrator from Hazlewoods

THE WORKS: Calls back Receivers
UNWINS WINE: Former Chairman 'Cooking' up Something, Says Report
WEBLEY AND SCOTT: 200-year-Old Gun maker Folds up
WHITEHEAD MANN: Bares Latest Appointments


                            *********


===========================
C Z E C H   R E P U B L I C
===========================


SETUZA A.S.: Government Demands Debt-equity Swap
------------------------------------------------
The government is giving food group Setuza two choices: agree to
a debt-to-equity swap or face bankruptcy.

According to Czech News Agency, the government issued the
ultimatum after the company refused to recognize the CZK4.1
billion claim of bailout agency Ceska konsolidacni agentura.  The
agency has been planning to sell the claim to Farming and
Forestry Support and Guarantee Fund, which will then seek to swap
the debt for shares in Setuza.

The company insists, however, that the claim had been offset
against another claim in the past.  Still, it is willing to
settle the dispute.  Michal Zouhar, owner of Cesky olej --
Setuza's principal shareholder -- told daily Mlada fronta Dnes
lawyers from both sides are now working on an agreement.

CONTACT:  SETUZA a.s.
          Zukovova 100
          Usti nad Labem 401 29
          Phone: +420 47 529 11 11
          Fax: +420 47 529 38 99
          Web site: http://www.setuza.cz/


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


BENEFON OYJ: Board Calls EGM to Finalize Financing Plan
-------------------------------------------------------
The Board of Directors of Benefon Oyj has decided to convene the
Extraordinary General Meeting on Tuesday, January 31, 2006 at
13:00 hrs.  Meeting shall be held in Salo at Benefon Oyj's main
office, address Meriniitynkatu 11, 24100 Salo.

The Extraordinary General Meeting is convened to resolve on the
execution of financing plan, which consists of various components
including amending company's Articles of Association,
cancellation of authorization granted to Board of Directors,
issue of new shares to investors and company's shareholders in
directed share issue, and increasing the number of Board members
by one and nominating new member to Board.

                         Meeting Agenda

(a) Amending articles 4 and 5 of Articles of Association

The Board of Directors of Benefon Oyj has decided to propose to
the Extraordinary General Meeting of Shareholders articles 4 and
5 of the Articles of Association to be amended by increasing the
maximum number of shares to 500,000,000.  The proposed changes to
the Articles of Association are necessary to implement the
directed share issues to be decided in the same Extraordinary
General Meeting.

The Board of Directors proposes that articles 4 and 5 of Articles
of Association are amended to read in their entirety as:

(i) Amount of Shares

Company has a minimum of two million five hundred thousands
(2,500,000) and a maximum of five hundred million (500,000,000)
shares.  A share has no nominal value.

(ii) Share Series and Conversion Clause

Company shares are divided to K-shares and investment shares so
that there is a maximum of five hundred thousand (500,000)
K-shares and a minimum of two million five hundred thousand
(2,500,000) and maximum of five hundred million (500,000,000)
investment shares.

Each K-share shall be converted to one investment share on
request of the owner of the K-share presented to the Board of
Directors of the company.  The Board of Directors shall then
carry out the measures needed to convert a K-share to investment
share without delay.  The K-shares converted to investment shares
cannot be re-converted to K-shares.

(b) Cancellation of authorization granted to Board of
Directors by decision of Extraordinary General Meeting of
September 5, 2005

Since the financing plan is proposed to be realized by a directed
share issue by virtue of the decision of Extraordinary General
Meeting there will not be need to use the authorization to issue
a maximum of 100,000,000 new investment series shares.  Therefore
the Board of Directors proposes that the authorization is
cancelled.

The authorization has not been used to issue any shares.

(c) Board of Directors' proposal to increase share capital by a
directed book building share issue

                       Terms of Issue
(a) Share Offering

The Board of Directors proposes, that the share capital of the
company is raised by a minimum of EUR423,076.93 and a maximum of
EUR1,190,476.20 by offering a minimum of 42,307,693 and a maximum
of 119,047,620 new investment shares of the company (Shares),
each with a book parity of EUR0.01, for subscription by
institutional and qualified investors and the shareholders of the
company in a directed share issue implemented via book building
where the subscription right is based on accepted subscription
commitments (Issue).

The Issue shall be implemented in deviation from the pre-emptive
subscription right of the shareholders, because the purpose of
the Issue is to raise funds of at minimum of EUR11,000,000 and
maximum of EUR25,000,000 to satisfy company's long-term funding
needs for realizing its business plan and to the best
understanding of the company such funding is not available merely
from the shareholders of the company.  Therefore, the company has
a justified financial reason for deviating from the shareholders'
pre-emptive subscription right.

The manager of the Issue is Privanet Pankkiiriliike Ltd.

(b) Prospectus

As the Issue is implemented as public offering the company will
publish a prospectus as according to applicable Finnish laws and
regulations and approved by Finnish Financial Supervision
Authority.

The estimated date for the publishing of Prospectus is
January 16, 2006.

(c) Right to Participate Book Building

The Issue is implemented via book building, where the
Investors and Shareholders are given a right to submit
subscription commitments to Manager.  Right to submit
subscription commitments shall be with:

(i) Investors that qualify as professional investors under
     Section 4 of Chapter 1 of Finnish Securities Market Act,
     and

(ii) such Shareholders that are registered in company's
     shareholders' register or temporary shareholders' register
     on Monday, January 16, 2006.  The Manager has the right to
     require any Investor to deliver a statement where the
     Investor confirms being a professional investor based on
     its skills and experience in investment operations.

(d) Accepted Means of Payment

The subscriptions for the Shares can be paid (i) in money or (ii)
using receivables from the company to set off the subscription
price.  Such set off may include, without limitation, principal
of capital notes or receivables based on contracts.

(e) Receipt Period of Subscription Commitments

The subscription commitments will be received by Manager during
the receipt period from January 19 at 9:00 hrs to January 26,
2006 at 16:00 hrs Finnish time (Receipt Period).  The Board of
Directors has the right, if required, to postpone the beginning
of Receipt Period correspondingly in case there were delays in
publishing the Prospectus.

(f) Subscription Commitment by Underwriters

The company has received a binding subscription commitment given
by certain underwriters listed below to subscribe for Shares by a
total amount of EUR13,470,125.  EUR9,438,500 of the Subscription
Commitment is to be paid in money and the rest of EUR4,031,625 by
using receivables from the company to set off the subscription
price of committed Shares.  According to terms of Subscription
Commitment the moneys will be paid and set off commitment deeds
delivered to Manager on the second day of Receipt Period at
latest.  The Underwriters have been guaranteed the right to
subscribe for Shares for the total amount of Subscription
Commitment.  Underwriters will confirm the offered share price by
the end of Receipt Period to Manager.

List of Underwriters and received subscription commitments:

Name:                      Amount in EUR:    Method of payment:

Benecap Limited                 3,196,500    set-off
Octagon Solutions Limited         326,375    set-off
Octagon Capital Limited           500,000    set-off
Darkrose Limited                    8,750    set-off

Total underwritings in set-off  4,031,625    set-off


MMA Investments                 3,150,000    cash
The Boris Trust                 2,553,500    cash
Littlesand Assets Limited         400,000    cash
Platinum Worldwide Holdings Ltd.  250,000    cash
Benecap Limited                 2,345,000    cash
Ashland Partners                  740,000    cash

Total underwritings in cash     9,438,500    cash

Total underwritings            13,470,125 set-off or cash

(g) Subscription commitments by Investors and Shareholders

Subscription commitments by Investors are required to include:

     (i) total amount of subscription commitment in EUR; and

    (ii) offered share price within the Price Range (as defined
         below).  Subscription commitments by Shareholders will
         include only total amount of subscription commitment in
         EUR.  Minimum amount of subscription commitments by
         Shareholders is EUR5,000.

Confirmation of subscription commitment and inclusion in book
building requires that the amount of subscription commitment is
paid or set off commitment deed delivered to Manager when giving
the commitment during the Receipt Period.  Further information on
making the subscription commitments will be given by the Manager
and published prior to beginning of Receipt Period.

Once the subscription commitment is issued the issuer may not
cancel the commitment.  If the same offeror were to submit more
than one subscription commitment they will be combined and
handled as one subscription commitment.

Further information regarding issue of subscription commitment is
provided in Section 18 below.

(h) Share Price Determination

Subscription price for the Shares will be the same for all
subscribers and defined on basis of subscription commitments
given by Investors in book building (Share Price).  The minimum
Share Price is EUR0.21 and maximum EUR0.26 (Price Range).  The
Price Range has been chosen as to reflect company's recent stock
price in stock exchange and to take into account additional
funding raised by the Issue but also additional dilution cause by
the Issue.

For Share Price determination the Subscription Commitment by
Underwriters is qualified as a subscription commitments given by
any of the Investors.  The Share Price is determined on lowest
common price method including the accepted subscription
commitments from the Investors beginning from the highest offered
price until either:

     (i) the total amount of EUR25,000,000, including the
         subscription commitments of Shareholders, is reached;
         or
    (ii) all subscription commitments from Investors, including
         Subscription Commitment of Underwriters, are included.

The Share Price will be the lowest included taking into account
that the Subscription Commitment of Underwriters is included in
any scenario and will determine the price in case of being at the
level of the lowest offered price.  The Share Price would be
confirmed by Extraordinary General Meeting.

(i) Calculation of Number of Shares to be Subscribed

For calculating the number of Shares to be subscribed the total
EUR amount of each subscription commitment will be divided by the
Share Price.  The excess of maximum of EUR0.259 per subscriber
would not be refunded but handled as subscription fee to company.

(j) Handling and Approval of Subscription Commitments

Manager will clear the subscription commitments after the end of
Receipt Period.  Company's Board of Directors will handle the
subscription commitments on January 30, 2006 at latest.  The
subscription commitments are accepted in these order:

     (i) Subscription Commitment by Underwriters,

    (ii) subscription commitments by Shareholders,

   (iii) subscription commitments by Investors

The Board of Directors has, at its sole discretion, right to
reject any given subscription commitment such that the maximum
amount of funding and acceptance of Subscription Commitment of
Underwriters are guaranteed.  This entitles the Board of
Directors, without limitations, to reject subscription
commitments that would set the Share Price lower as it would be
without rejecting such subscription commitments and in case of
over-subscription to reject subscription commitments with higher
offered share price than the Subscription Commitment by
Underwriters in order to guarantee Underwriters first priority to
subscribe for Shares by the amount of their Subscription
Commitment.  The Board has no obligation to accept any
subscription commitment and it is bound not to accept any
subscription commitment in case the minimum amount of funds of
EUR11,000,000 is not reached in book building.

Manager will refund moneys and set off commitments for rejected
subscription commitments for the issuers of respective
commitments within ten (10) days from the end of Receipt Period,
if any.  No interest is paid to refunded amounts.

(k) Over-subscription

Over-subscription is deemed to take place in case that
subscription commitments are issued for more than

     (i) the maximum number of offered Shares, i.e. for more
         than 119,047,620 Shares, or

    (ii) the maximum amount of funding of EUR25,000,000 to be
         raised by the Issue, whichever is reached first.  In
         case of over-subscription the Subscription Commitment
         of Underwriters would first be accepted in full, then
         the subscription commitments of Shareholders in full
         and last subscription commitments of Investors until
         the maximum amount of Shares or funding.

If there was over-subscription by Shareholders the subscription
commitments would be cut in proportion to offered EUR amount.  In
case there was over-subscription by Investors the subscription
commitments would be accepted from the highest offered share
price to lowest and if there were more than one commitment at the
lowest included price level, those subscription commitments were
cut in proportion to offered EUR amount.

In over-subscription situation the Board of Directors may, at its
sole discretion, use the authorization granted to it by Annual
General Meeting of May 26, 2005 to issue a maximum of 23,249,857
additional investment series shares with equivalent terms to
Shares to satisfy the demand.

(l) Decisions Regarding the Issue

The Board of Directors has approved the proposal for the Issue in
its meeting.  It is estimated that the Board of Directors will
handle and accept the subscription commitments given during the
Receipt Period on January 30, 2006 at latest.  The Board of
Directors would supplement its proposal to Extraordinary General
Meeting on part of Share Price and allocation of subscription
right based on the result of accepted subscription commitments in
book building.  Extraordinary General Meeting would resolve on
Issue on January 31, 2006.

(m) Right to Participate Issue

Right to participate the Issue would be granted on basis of
accepted subscription commitments to Underwriters and such
Investors and Shareholders whose subscription commitments were
accepted in full or in part.  The Board of Directors would
propose Extraordinary General Meeting to direct the subscription
rights of Shares accordingly.

(n) Subscription of Shares

An accepted subscription commitment will be an irrevocable
authorization for the Manager to subscribe for Shares to EUR
amount of each subscription commitment on behalf of the issuer of
such subscription commitment.

The Shares are subscribed during the subscription period either:

     (i) by paying the respective subscription price for the
         Shares to company; or

    (ii) if using receivable from the company to set off the
         subscription price, by delivering set off commitment to
         company.  The subscription period for the Shares begins
         immediately after the Extraordinary General Meeting on
         January 31, 2006 and ends on February 2, 2006.  The
         Manager will make the required payment of subscription
         price and deliver he set off commitments to company
         during the subscription period.

(o) Registering and Listing of Shares

The company would notice increase in share capital by virtue of
Shares to be registered in trade register and apply the shares to
be issued in book-entry system and listed in Helsinki Exchanges
together with the existing investment series shares without
delay.  According to estimated schedule the share capital
increase would be registered on February 6, 2006 at latest and
Shares listed on February 7, 2006 at latest.

(p) Shareholders' Rights

The new shares have the same value as the company's other
investment shares and entitle to full dividend for the financial
period, which started on January 1, 2005 and for all financial
periods thereafter.

(q) Proportion of Shares

The Shares represent a maximum of 90.70% of company's registered
share capital and votes of the shares and 39.10% of fully diluted
shares including all issued shares, convertible bonds and option
rights.  Some of persons entitled to subscribe for Shares may
belong to company's inner circle.  Those in inner circle own in
total of 67.80 % of company's registered share capital and votes
of the shares prior to Issue.

(r) Instructions for Issuing Subscription Commitment

Subscription commitments may be submitted in period from
Jan. 19, 2006 at 09:00 hours until Jan. 26, 2006 at 16:00 hours
(Offering Period).  The Offering Period will not be interrupted
in eventual case of oversubscription.

Additional information about making subscription commitments is
available at Privanet Pankkiiriliike Oy, phone +358-(0)9-6877 170
(Manager).

Making a subscription commitment does not require being a
customer of Privanet Pankkiiriliike Oy.  In case the provider of
a subscription commitment is not a registered investor-customer
of Privanet Pankkiiriliike Oy, the investor shall prove his/her
identity by annexing a copy of an official ID document with
photograph to the subscription commitment form.  In case a
subscription commitment is made in name of another, it shall be
accompanied by an appropriate proxy.  A subscription commitment
made in name of a company or some other judicial person shall be
accompanied by a trade register excerpt or corresponding document
listing persons with right to sign the name of the company.  In
case the name of a company or other judicial person has been
signed by someone without such right, an appropriate proxy shall
be annexed to the subscription commitment.

The subscription commitment form shall be:

     (i) sent to Privanet Pankkiiriliike Oy either by mail at:

         Privanet Pankkiiriliike Oy
         Mannerheimintie 8 A, 5 krs.,
         FIN-00100 Helsinki, Finland; or

    (ii) by fax at +358-(0)9-6877 1745; or

   (iii) by making a subscription commitment at the physical
         point at:

         Privanet Pankkiiriliike Oy
         Mannerheimintie 8 A, 5. floor

         open in workdays between 9:00 - 16:00 hours local time
         (in the opening day starting at 10:00 hours).

A subscription commitment form shall be at Privanet
Pankkiiriliike Oy by the expiry time of the Offering
Period.

Payment of a Subscription Commitment

The shares shall be paid in the Offering Period with submitting a
subscription commitment and so that the payment of the amount of
the subscription commitment is on the customer funds account of
Privanet Pankkiiriliike Oy on the first bank day following the
submission of the subscription commitment.  The investor shall
take into account the delays in eventual interbank transactions,
which may be several days.  The Board of Benefon Oyj is entitled
to reject subscription commitments not paid in accordance with
the terms of the share issue or with instructions given by the
Manager.  The customer funds accounts of Privanet Pankkiiriliike
Oy in the share issue of Benefon Oyj for domestic transfers are:

Nordea Bank Finland   102030-110310
Handelsbanken         313130-1087386
Aktia                 405511-241474
OKO Bank              572302-260847
Sampo Bank            800018-70773273
Alandsbanken          660100-1194893

For international payments, the sole account is:

Nordea Bank Finland   FI84 1020 3000 1103 10
SWIFT: NDEAFIHH

The providers of subscription commitments are not charged any
expenses or fees with making a subscription commitment.  Each
manager of a book entry account will charge a fee for maintaining
and managing a book entry account in accordance with their
service price list.

Privanet Pankkiiriliike has confirmed the trading rules of its
own personnel in accordance with the instructions issued by the
Finnish Financial Supervision (Rahoitustarkastus).

Increasing the number of Board members and nominating new member
to the Board

The Board of Director proposes that the Extraordinary General
Meeting would decide to increase the number of Board members from
four to five members and nominate one new member to Board. The
Board would propose in the Extraordinary General Meeting a
certain person to be nominated from among the candidates
presented by Investors participating in the Issue described in
section 3 of this call.

Availability of Proposal Documents

Copies of the Board of Directors' proposals and appendices are
available for shareholders' view latest from January 19, 2006
onwards, at the company main office in Salo, Meriniitynkatu 11,
24100 Salo.  The company will send copies of the documents to
shareholders upon request and reimbursement of reasonable copying
and delivery costs.

Right to Participate in the Meeting

Shareholder who has been registered as a shareholder in the
company's shareholder register maintained by the Finnish Central
Securities Depository Ltd, or, if the shares are under
administrative registration, in temporary shareholders' register,
on January 21, 2006 have the right to participate in the
Extraordinary General Meeting.  In addition, shareholder, whose
shares have not been transferred to the book-entry system, has
the right to participate in the Extraordinary General Meeting
provided that the shareholder had been registered in the company
share register before October 7, 1994, in which case the
shareholder must present at the Extraordinary General Meeting his
share certificate or other documentation indicating that title to
the shares has not been transferred to the book-entry system.

Notice to Register Participation

Shareholders who wish to participate in the Extraordinary General
Meeting must notice their participation to be registered at
latest on January 27, 2006 at 16:00 hrs, either by telephone
+358-2-77400 (Minna Suokas), by telefax +358-2-733 2633, in
writing to Benefon Oyj, PL 84, 24101 Salo, Finland, or by E-mail
to minna.suokas@benefon.fi  Any powers of attorney are requested
to be delivered with the above contact information by the end of
registration time.

BENEFON OYJ

Jonathan Bate
CEO


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


AGIV REAL: Files EUR197.2 Million Claim Against ING Bank
--------------------------------------------------------
ING Bank Deutschland has rejected Agiv Real Estate's EUR197.2
million compensation claim, Suddeutsche Zeitung says.

Agiv insolvency administrator Reinhard Titz filed the claim
saying the bank was responsible for corporate law violations of
former unit BHF-Bank, which he also accused of unauthorized
capital repayment.

In May 2001, BHF-Bank sold a majority stake in Agiv to property
group HBAG, which took out loan to finance the transaction.
HBAG, however, refinanced the loan from Agiv's available cash
obtained from asset disposals.  Agiv said this refinancing method
was improper under Germany's corporate law.

In response, ING said there had been talks about the demand over
the last few months but the claim is unjustified.  Aside from
ING, also named as respondents were HF Bank's former management
board members, including former chairman Rainer Behne, who is
facing a EUR15 million claim for allegedly playing an influential
role in the decision to take over Agiv.

The district court of Hamburg launched bankruptcy proceedings
against Agiv Real Estate in February and appointed Mr. Titz
provisional administrator.  Energy company EnBW holds a 14.2%
stake in Agiv while investment firm WCM controls 7%.  Two
families own roughly 14% of Agiv while 53% of the real estate
group is in free float.

CONTACT:  AGIV REAL ESTATE AG
          Warburgstrasse 50
          D-20354 Hamburg
          Phone: +49-40 4 15 26-0
          Fax: +49-40 4 15 26-199
          Web site: http://www.agiv.de

          Reinhard Titz, Provisional Administrator
          Speersort 4-6
          20095 Hamburg


AUTOHAUS BUECKER: Bochum Court Names Administrator
--------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Autohaus Buecker u. Witte GmbH on December 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 10,
2006 to register their claims with court-appointed provisional
administrator Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2006, 9:05 a.m. at the district court of
Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, 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:  AUTOHAUS BUECKER U. WITTE GmbH
          Konrad-Adenauer-Platz 5-6, 44787 Bochum
          Contact:
          Ulrich Buecker, Manager
          Brucknerallee 59, 41236 Monchengladbach

          Moritz Hansberg, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 0234 - 964 91-0
          Fax: 0234 - 964 91-33


DAVIKO, DANSKE: Creditors' Claims Due Later this Month
------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against daviko, danske vinduer Kontor, Vrogum Vertriebspartner,
Bauelementevertrieb GmbH on December 21.  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 Georg
Welslau.

Creditors and other interested parties are encouraged to attend
the meeting on February 15, 2006, 11:05 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, 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:  DAVIKO, DANSKE VINDUER KONTOR, VROGUM
          VERTRIEBSPARTNER, BAUELEMENTEVERTRIEB GmbH
          Konigsstr. 25 - 27, 32423 Minden
          Contact:
          Volker Tuerk, Manager
          Froebelstr. 3, 32423 Minden
          Carsten Scherhans, Manager

          Georg Welslau, Administrator
          Bismarckstr. 43, 32427 Minden


DIG DIENSTLEISTUNGEN: Succumbs to Bankruptcy
--------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against DIG Dienstleistungen & Informationstechnologie GmbH on
December 28.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
February 16, 2006 to register their claims with court-appointed
provisional administrator Dr. Wolf - R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2006, 9:40 a.m. at the district court of
Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, II. Etage, Zimmer 207, 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:  DIG DIENSTLEISTUNGEN & INFORMATIONSTECHNOLOGIE GmbH
          Wasserstr. 3-7, 45468 Muelheim an der Ruhr
          Contact:
          Oliver Forster, Manager
          Schacht-Kronprinz-Str. 89 e, 45359 Essen

          Dr. Wolf - R. von der Fecht, Administrator
          Goldstr. 1, 47051 Duisburg


DUERR AG: Receives EUR205 Million for Subsidiary
------------------------------------------------
Duerr AG, Stuttgart, and HgCapital, a private equity company,
have closed the contract selling Duerr's Measuring and Process
Technologies business unit (MPT) to HgCapital effective December
30, 2005.  The contract of sale between Duerr and HgCapital was
signed, as reported by Duerr, on October 31, 2005.

All relevant antitrust authorities have approved the sale.  The
proceeds from the transaction of about EUR205 million were
transferred effectively Dec. 30, 2005.  The transaction profit
after fees and taxes is expected to be a double-digit million
figure, which will be set off by one-off charges in the group
accounts arising from the announced restructuring program.  With
the sale of MPT Duerr finalized the concentration on its core
business with the automotive industry, and also its financial
restructuring.

About MPT

MPT is a supplier of systems and components for weighing,
feeding, automating, and screening in industrial processes.  It
primarily supplies sectors such as mining, cement, steel, and
chemicals.  In 2005, MPT should achieve sales of about EUR225 m
with 1,100 employees. MPT belonged to Durr's Measuring and
Process Systems division, which will consist of the Balancing and
Diagnostic Systems (Schenck RoTec) and the Cleaning and
Filtration Systems (Durr Ecoclean) business units after the sale
of MPT. The Measuring and Process Systems division will generate
annual sales of about EUR300 m after the sale.

About HgCapital

HgCapital is one of Europe's leading private equity investors
with sector focus and manages fund assets amounting to EUR1.3
billion.  The group concentrates on investments of medium size,
with volumes ranging from EUR40 million to EUR400 million.
HgCapital has offices in London, Frankfurt, and Amsterdam.  In
Germany, HgCapital funds have acquired seven companies since
2003, including FTE Automotive, Hirschmann Electronics, W.E.T.
Automotive, and Doc Morris.  Those seven transactions add up to
almost EUR1 billion.

                            *   *   *

As reported by TCR-Europe on Dec. 1, 2005, Standard & Poor's
Ratings Services affirmed its 'B' long-term corporate credit
rating on Duerr AG.  At the same time, the rating was removed
from CreditWatch, where it had been placed with negative
implications on Aug. 11, 2005.  The outlook is stable.

"The CreditWatch resolution follows our reassessment of Duerr's
credit quality based on the group's new business plan, recent
disposals, and confirmed shareholder support," said Standard &
Poor's credit analyst Barbara Castellano.

Standard & Poor's views favorably the financial measures adopted
by Duerr in the past two months. The existing syndicated bank
facilities (a EUR160 million guarantee line and a EUR120 million
credit line) maturing within four years have been confirmed, and
the covenants amended.  The MTP division has been sold, with abou
t EUR200 million in proceeds expected to be cashed in before
yearend.  Another EUR20 million is expected from an equity
increase by year-end as well.  Consequently, debt at Dec. 31,
2005 should be below EUR200 million, down from EUR320 million
reported at Sept. 30, 2005.

CONTACT:  DUERR AG
          Otto-Durr-Strasse 8,
          D-70435 Stuttgart, Germany
          Phone: +49-711-1360
          Fax: +49-711-36-1455

          Corporate Communications & Investor Relations
          Guenter Dielmann
          Phone: +49 711 136-1785
          Fax: +49 711 136-1034
          E-mail: corpcom@durr.com


ERWILO SONNENSCHUTZ: Creditors to Meet March
--------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against erwilo Sonnenschutz GmbH on December 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until February 17, 2006 to
register their claims with court-appointed provisional
administrator Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2006, 10:30 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, 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:  ERWILO SONNENSCHUTZ GmbH
          Steeler Str. 95, 44866 Bochum
          Contact:
          Robert Hodl, Manager
          Unterthal 704, A -8051 Graz-Gosting

          Frank Imberger, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


FLEXA-FONDS: Hamburg Court Calls in Administrator
-------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against FlexA-Fonds Beteiligungsgesellschaft mbH & Co. KG on
December 19.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
February 8, 2006 to register their claims with court-appointed
provisional administrator Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 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 on April 5, 2006, 9:10 a.m. at the same venue.

CONTACT:  FLEXA-FONDS BETEILIGUNGSGESELLSCHAFT mbH & Co. KG
          Dornhofstrasse 34, 63263 Neu-Isenburg
          Contact:
          Christian Schlesiger, Manager

          Dr. Sven-Holger Undritz, Administrator
          Jungfernstieg 51, 20354 Hamburg
          Phone: 808136-212
          Fax: 808136-119


FONMEDIA SERVICE: Claims Filing Period Ends February 9
------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against fonmedia service GmbH on December 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until February 9, 2006 to register their
claims with court-appointed provisional administrator Andreas
Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2006, 10:00 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, 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:  FONMEDIA SERVICE GmbH
          Herbert-Hinnendahl-Str. 19 b, 33602 Bielefeld
          Contact:
          Ludmilla Mahncke, Manager
          Am Suedhang 30, 33739 Bielefeld

          Andreas Stratenwerth, Administrator
          Lemgoer Str. 4, 33604 Bielefeld


FUBA PRINTED: Creditors Approve Insolvency Plan
-----------------------------------------------
By obtaining the agreement from all groups of creditors for the
insolvency plan, Fuba Printed Circuits GmbH surmounted the most
important step in completing the insolvency procedure.

On Tuesday Dec. 20, 2005 the insolvency creditors confirmed
before the Local Court all measures proposed by the Fuba
Management.

Walter Drach and Andreas Ebeling, the Managers of Fuba, now
expect that the insolvency procedure shall be finally completed
by mid-February after the final settlement has been submitted.
"We are very glad that we can inform our customers and suppliers
at this time that the insolvency situation will come to an end,"
says Mr. Drach.  Fuba Printed Circuits GmbH is one of the few
enterprises in Germany who chose the complex insolvency plan
procedure and who will complete it successfully.

Fuba Utilizes a Rarely Applied Legal Procedure

Andreas Ebeling estimates that in approximately 100,000
insolvencies being opened since the introduction of the new
Insolvency Act in 1999, "less than 1% of the companies chose our
procedure".  Besides the manufacturer of office items, Herlitz
and the drug store chain Ihr Platz, Fuba is 'perhaps the
third-largest case," says the Manager of Fuba.  Fuba Printed
Circuits MbH has been supported by the management consultation
firm Management Partner & Investor (MPI) in Frankfurt during the
successful restructuring and new orientation process.

The goal of the new arrangement for Fuba was to liberate the
company of financial legacies, to make all aspects of the company
competitive and to dedicate the sites to their obvious
technological strengths and cost structures.  These steps can
finally be realized and can be terminated since the creditors
have confirmed the insolvency plan.  "Now we only need the
approval of the Court in Osterode, than we will be fit again also
in legal regard," says Andreas Ebeling.

Having in hand the final confirmation of the insolvency plan will
allow and authorize the enterprise to act again.  According to
the assessment of the trustee and lawyer Dipl.-Kfm. Torsten
Gutmann, the insolvency procedure itself will be discharged in
February or March 2006.

The Management being actually fully occupied with "the best
business development of the last three years" has to present a
final settlement to the Insolvency Court and can then consider an
eventful second half of 2005 to be completed.

The Insolvency Planning Procedure

The German insolvency planning procedure follows the
reorganization procedure of Chapter 11 of the U.S. Insolvency
Act.  It allows considerably faster proceedings than the normal
procedure, which mostly amounts to a suppression of the
enterprise.  Moreover the Manager of the company can continue to
direct the company according to the Court (and being accompanied
temporarily by a trustee appointed by the Court).  A superior
goal of the legal change becoming valid in 1999 is to maintain
the affected company provided that it is healthy at the core or
can be restructured.  When the Fuba management chose this
procedure they also had in mind to secure the Gittelde and
Dresden sites and to maintain 660 of 870 employees.

                            *   *   *

Europe's fourth largest European manufacturer of Printed Circuit
Boards filed for bankruptcy protection in July.  Torsten Gutmann
from Lehrte/Hannover was appointed trustee.  General manager
Andreas Ebeling blames the global break-in of the market for
printed circuit boards as well as overcapacity and high personnel
costs for its troubles.  The company has existed for 46 years.
It had earlier set a turnover of EUR100 million for fiscal year
2003/2004.

Banks granted a bulk credit of EUR3 million to the firm in
mid-July.  FUBA also obtained long-term collective reorganization
agreements for its Gittelde and Dresden plants.

As reported by TCR-Europe on Sept. 19, the local court in
Osterode accepted on Sept. 1 a proposal to restructure Fuba.
The insolvency plan proposed by general managers Walter Drach and
Mr. Ebeling will allow the company to continue its activities
while trying to trim down debt.  Under it, creditors have the
choice of receiving a quoted part of their claims or defer them
to the company.  It will also allow Tunisian partner Fuba Printed
Circuits Tunisie S.A., a 10% shareholder since
August 2005, to increase its share to 50%.

CONTACT:  FUBA PRINTED CIRCUITS GmbH
          Bahnhofstrasse 3
          37534 Gittelde
          Germany
          Phone: +49 (5327) 880-0
          Fax: +49 (5327) 880-200
          E-mail: infogittelde@fpc.de
          Web site: http://www.fpc.de

          Dresden Site
          Kesselsdorfer Strasse 216
          01169 Dresden
          Germany
          Phone: +49 (351) 4133-0
          Fax: +49 (351) 4133-320
          E-mail: infodresden@fpc.de


GASTSTATTEN BETRIEBSGESELLSCHAFT: Falls into Bankruptcy
-------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Gaststatten Betriebsgesellschaft Reeperbahn 22 mbH on
December 20.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
February 10, 2006 to register their claims with court-appointed
provisional administrator Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting on March 14, 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:  GASTSTATTEN BETRIEBSGESELLSCHAFT REEPERBAHN 22 mbH
          Reeperbahn 22, 20359 Hamburg
          Contact:
          Thomas Stefan Lipinski, Manager

          Hendrik Rogge, Administrator
          Albert-Einstein-Ring 15, 22761 Hamburg
          Phone: 897186-0
          Fax: 897186-11


GRUNDBESITZ-INVEST: Selling Properties to Avoid Insolvency
----------------------------------------------------------
Ailing property investment fund Grundbesitz-Invest will sell
properties worth EUR1 billion to improve its liquidity,
Borsen-Zeitung says.

The fund, operated by Deutsche Bank's DB Real Estate subsidiary,
has commissioned Jones Lang LaSalle to find buyers for the
properties, which are mostly in Germany.  It prefers to sell them
to foreign investors.

To recall, Deutsche Bank shut down the fund in December, citing
impending insolvency and announced that it would revalue by
February the entire portfolio, which consists of 130 different
properties.  The sale is intended to restore the fund's
liquidity.

CONTACT:  DEUTSCHE BANK AG
          Taunusanlage 12
          D-60325 Frankfurt am Main
          Phone: +49 69 910-00
          E-mail: deutsche.bank@db.com
          Web site: http://www.deutsche-bank.de/en

          JONES LANG LASALLE
          Wilhelm-Leuschner-Strasse 78
          60329 Frankfurt am Main
          Tel: +49 (0) 69 2003 0
          Fax +49 (0) 69 2003 1001
          Web site: http://www.joneslanglasalle.com/


HOBBY-LAND: Aachen Business Goes Bankrupt
-----------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Hobby-Land GmbH on December 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until February 17, 2006 to register their
claims with court-appointed provisional administrator Frank
Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting on March 20, 2006, 9:10 a.m. at the district court of
Aachen, Augustastrasse 78-80, 52070 Aachen, 1. Etage,
Sitzungssaal 14, 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:  HOBBY-LAND GmbH
          Bergstr. 26a, 52525 Heinsberg
          Contact:
          Margit Liening, Manager

          Frank Wiedemann, Administrator
          Eupener Str. 181, 52066 Aachen


KARSTADTQUELLE AG: Achieves Turnaround in Fourth Quarter
--------------------------------------------------------
Following the successful implementation of financial
restructuring measures, the KarstadtQuelle Group has made further
progress in its operating business and achieved its sales target
for the year.  For the fourth quarter, which is of decisive
importance for business, the company achieved a turnaround and
generated sales growth in department stores business for the
first time in ten years.  The Group is thus successfully on the
way to repositioning itself.

KarstadtQuelle looks back on a positive performance in the fourth
quarter of 2005.  Following a sluggish start due to consumer
uncertainty in the wake of the German elections, Christmas
business developed well.  At around EUR4.9 billion, Group sales -
including Thomas Cook AG, which was consolidated at quota for the
first time in 2005, and the other joint ventures - achieved the
level expected.  The gradual improvement in sales performance
witnessed over the course of the year since the implementation of
restructuring measures thus continued.

Business developed well in Karstadt's department and sports
stores.  Sales increased by 1.2% to EUR1.5 billion.  "Our
repositioned Karstadt stores survived their baptism of fire in
the Christmas trading period.  Here it is particularly noticeable
that the repositioned stores performed good and were well
received by our customers.  Despite a modest rebate policy,
Karstadt increased sales in the decisive fourth quarter for the
first time in years.  "We thus succeeded in stopping the negative
spiral of recent years and achieved a turnaround," Thomas
Middelhoff, CEO at KarstadtQuelle AG, commented on the sales
performance.

Mail Order significantly slowed its downward trend in the fourth
quarter.  With a decrease of 5.3 % to EUR1.9 billion, the
business area, which has been impacted by restructuring measures,
achieved its sales target for the year.  While Universal Mail
Order performance continued to decline as a result of weak
economic conditions in Germany and measures taken to streamline
the product range, the high-margin Specialty Mail Order business
area returned a slight increase in sales.

Including the joint ventures consolidated at quota, Group sales
amounted to around EUR15.7 billion in the 2005 financial year.

"The KarstadtQuelle Group has achieved its sales target for the
2005 financial year.  Consequently we feel comfortable with our
results forecast - excluding Thomas Cook - of adjusted EBITDA of
more than EUR350 million," said Mr. Middelhoff.  "We have made
significantly more progress in reducing our net debt than
planned, and are now assuming that this figure (excluding Thomas
Cook) will have fallen to below EUR2.6 billion by the end of
2005."

                            *   *   *

Based in Theodor-Althoff-Str. 2, D-45133 Essen, KarstadtQuelle
AG -- http://www.karstadtquelle.com-- is Germany's largest
department store and mail order group.  It has annual sales of
EUR13.5 billion and employs around 90,000.  The retailer has been
suffering from sluggish consumption and high unemployment rate in
Germany.  KarstadtQuelle posted an EBITDA of -EUR428 million in
2004.  The group is currently restructuring operations by selling
off non-core assets and implementing cost- saving measures.

CONTACT:  KARSTADTQUELLE AG
          Detlef Neveling
          Head of Investor Relations
          Phone: + 49 (0) 201 /727-9817
          Fax: + 49 (0) 201 /727-9854
          E-mail: detlef.neveling@karstadtquelle.com


KMS GMBH: Court Calls in Administrator from Wille
-------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against KMS GmbH Kraftfahrzeugservice on December 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 23, 2006
to register their claims with court-appointed provisional
administrator Sylvia Wille.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 11:00 p.m. at the district court of
Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21, 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:  KMS GmbH KRAFTFAHRZEUGSERVICE
          Contact:
          Ottmar Mand and Stefan Kuehn, Managers
          Chemnitzer Strasse 4, 09241 Muehlau

          Sylvia Wille, Administrator
          Wille Insolvenzverwalter Rechtsanwalte
          Nansenstr. 7, 09112 Chemnitz
          Phone: (0371) 400440
          Fax: (0371) 4004410
          Web site: http://www.wir-chemnitz.de


PROSIEBENSAT.1 MEDIA: Cartel Office Remains Unimpressed
-------------------------------------------------------
Concessions made by Axel Springer Verlag are still insufficient
for the Cartel Office (Bundeskartellamt) to approve its takeover
of ProSiebenSat.1 Media AG, Borsen Zeitung says.

The anti-trust authority said Springer's offer to dispose of all
joint ventures with media giant Bertelsmann and accept certain
licensing restrictions are not enough to stop it from vetoing the
publishing group's acquisition of Prosiebensat.1.  The Cartel
Office would only approve the takeover if Springer sells its Bild
newspaper or if Prosiebensat.1 withdraws from either its Sat.1 or
ProSieben channels.  Springer has until Thursday, Jan. 12, to
present a revised proposal.

Meanwhile, UBS analysts said a Springer-Prosiebensat.1 merger
would give both companies major advantages: annual turnover
growth of 2.6%; and annual EBITA rise of almost 5% for the next
five years; and substantial debt reduction.  UBS did not include
potential synergy effects.  UBS bases its estimates on the
assumption that the group will hike their advertising spending.

In December, insiders said Springer would seek approval from
Economic Affairs Minister Michael Glos and challenge the Cartel
Office's decision in court in the event of a negative ruling.

Springer already controls a majority stake in ProsiebenSat.1,
which it acquired for EUR3.5 billion from Haim Saban's group.
ProSiebenSat.1 was formed in 2000 with the merger of Germany's
leading broadcasters ProSieben Media AG and Sat.1.  It is the
largest and most successful television corporation in Germany
with four stations -- Sat.1, ProSieben, kabel eins and N24.

CONTACT:  PROSIEBENSAT.1 MEDIA AG
          Medienallee 7
          85774 Unterfohring
          Phone: +49 (89) 95 07-11 80
          Fax: +49 (89) 95 07-11 84

          AXEL SPRINGER VERLAG AG
          Axel-Springer-Str. 65
          10888 Berlin, Germany
          Phone: +49-30-2591-0
          Web site: http://www.asv.de


RUEDIGER PASSIG: Charlottenburg Court to Verify Claims May
----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Ruediger Passig GmbH on December 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 31, 2006
to register their claims with court-appointed provisional
administrator Thomas Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting on February 7, 2006, 9:20 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 May 2, 2006,
9:20 a.m. at the same venue.

CONTACT:  RUEDIGER PASSIG GmbH
          An der Kolonnade 2,10117 Berlin
          Contact:
          Thomas Kuehn, Administrator
          Luetzowstr. 100, 10785 Berlin


WOHNWERT GMBH: Bielefeld Court Appoints Administrator
-----------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Wohnwert GmbH on December 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 9, 2006 to register their claims
with court-appointed provisional administrator Andreas
Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2006, 9:00 a.m. at the district court of
Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, 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:  WOHNWERT GmbH
          Hohenzollernstr. 32, 33330 Guetersloh
          Contact:
          Noeyel Ersay, Manager

          Andreas Stratenwerth, Administrator
          Lemgoer Str. 4, 33604 Bielefeld


ZIMO GMBH: Chemnitz Venture Goes Bust
-------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against ZIMO GmbH & Co. Gartenbau KG on December 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 27, 2006
to register their claims with court-appointed provisional
administrator Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2006, 10:15 a.m. at the district court of
Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, 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:  ZIMO GmbH & Co. GARTENBAU KG
          Birkenweg 2, 08058 Zwickau

          Wolfgang Hauser, Administrator
          Poetenweg 36, 08056 Zwickau


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


PANNONPLAST RT: Minority Shareholder Raises Stake
-------------------------------------------------
Abberley Investment is increasing its conditional stake in
loss-making plastic manufacturer Pannonplast Rt., Budapest
Business Journal says.

In a statement to the Budapest Stock Exchange, Pannonplast said
Abberley, which indirectly holds 2.685%, might acquire a
conditional 4.995% stake.  The statement did not specify whether
the conditional stake is backed by an option, futures or other
contract.  Abberley has until March 17 to conclude the purchase.

Abberley holds a 39.5% stake in Lazarus, one of Pannonplast's
major shareholders.

                        About the Company

Pannonplast, which manufactures a wide range of plastic finished
products, reported its third straight losses in 2004 due to
dropping demand for its products in the sluggish western European
market.  Although 2004 revenues amounted to HUF26.5 billion, the
company still booked losses of HUF1.8 billion.  CEO Balazs Szabo,
which took over in September 2004, has been cutting costs and
selling units to restore the company's profitability.

CONTACT:  PANNONPLAST MUANYAGIPARI RT.
          Nagytetenyi ut 216-218
          1225 Budapest,
          Phone: +36 1 207 1936
          Fax: +36 1 207 1525
          Web site: http://www.pannonplast.hu


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


AVIO GROUP: Refinances Senior Bank Debt
---------------------------------------
Avio has concluded an agreement on Dec. 30, 2005 with Banca
Intesa, Calyon and Mediobanca for the refinancing of the existing
bank senior loans granted on Sept. 30, 2003, in the frame of the
transaction for the acquisition by The Carlyle Group (70%) and
Finmeccanica (30%) of the Avio Group.

The new credit lines -- arranged and underwritten by Banca
Intesa, Calyon and Mediobanca as "Mandated Lead Arrangers" and
"Bookrunners" and to be syndicated with primary international
financial institutions -- can be used both in euro and dollars
and consist of:

(a) a Term Facility for EUR250 millions (due after five years
    and reimbursable in one solution at maturity, but with the
    possibility to make partial or total prepayments); and

(b) Revolving Facility granted for EUR300 millions and actually
    drawn for EUR206 millions, also with a maximum five years
    maturity.

In addition, for the same period, a EUR50 million Performance
Bond Facility has been made available.

The amounts drawn from the Term Facility and the Revolving
Facility were used to entirely refinance the residual balance of
the existing senior debt incurred in 2003 that had already been
prepaid in advance for more than 40%, thanks to the positive cash
flow generated in the last two years.

The terms and conditions of the new loans have considerably
improved for Avio with respect to the previous financing, both in
terms of cost and of guarantees granted, covenants and
undertakings required.  Moreover, the "Revolving Credit Facility"
allows increased flexibility in terms of selecting currency and
reimbursement maturity, ensuring at the same time the continuous
availability of credit out of EUR300 millions.

CONTACT:  AVIO GROUP
          Silvia Maoli
          External Relations
          Phone: +39 0110084031
          Fax: +39 0110084163
          E-mail: silvia.maoli@aviogroup.com
          Web site: http://www.aviogroup.it


VOLARE GROUP: Alitalia Leads Bidders
------------------------------------
National carrier Alitalia is leading the race to acquire troubled
smaller rival Volare, AFX News says.

According to document released after a meeting between Volare
administrator Carlo Rinaldini and union representatives, Alitalia
offered EUR38 million, EUR9 million higher than closest rival
AirOne.

AirOne, however, is questioning Alitalia's right to participate
in the auction before a Busto Arsizio court.  It plans to bring
the case to the European Commission as well, Corriere della Sera
said.  Speculations are rife that Alitalia's main reason for
bidding is to prevent rival airlines from taking over Volare's
airport slots.

Also interested in Volare are Eurofly-Meridiana, WindJet and the
Miro Radici Textile & Energy (MRTE).  Mr. Rinaldini will reveal
Volare's new owner on January 15.

Volare declared insolvency on Nov. 22, 2004, citing huge debt and
heavy losses.  The group then filed for extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.  Volare emerged from
administration in spring, after beating its EUR7 million revenue
forecast by around EUR3.8 million.  Volare needs fresh capital to
expand its fleet.

CONTACT:  VOLARE GROUP S.p.A.
          Via Pirelli, 20
          20124 Milan
          Phone: (+39) 02 673 631
          Fax: (+39) 02 673 630 90
          Web site: http://www.volare-group.it

          ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it

          MIRO RADICI TEXTILE & ENERGY
          Rovetta (BG)
          Localita Vogno
          Web site: http://www.miroradicitextileenergy.com


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


PETROKAZAKHSTAN INC.: Ratings Withdrawn After CNPC Takeover
-----------------------------------------------------------
Moody's Investors Service withdrew the ratings of Petrokazakhstan
Inc. and its guaranteed subsidiary Petrokazakhstan Finance BV.

The action follows the acquisition of PKZ by the Chinese oil
company, China National Petroleum Corporation (CNPC) through its
100% owned subsidiary CNPC International on the 26th of October
2005.  The rating has been withdrawn because Moody's believes it
lacks adequate information to maintain a rating.  Please refer to
Moody's Guidelines for the Withdrawal of Ratings at
http://www.moodys.com

Ratings withdrawn:

Petrokazakhstan Inc:

(a) Long-term issuer rating of Ba3 on review for possible
    upgrade

(b) Corporate family rating of Ba3 on review for possible
    upgrade

Petrokazakhstan Finance BV: long-term senior unsecured debt
rating of Ba3 on review for possible upgrade

Before the acquisition by CNPC, PetroKazahstan Finance B.V. was a
special-purpose financing vehicle and an indirect wholly owned
subsidiary of PetroKazahstan, Inc, formerly known as Hurricane
Hydrocarbons Ltd., headquartered in Calgary, Alberta, in Canada.
PKZ was an integrated oil company, which operates in central and
southern Kazakhstan.  The other guarantors were PetroKazahstan's
principal up- and downstream operating subsidiaries in
Kazakhstan.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Stuart Lawton, Managing Director
          European Corporates
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Christine Garburg, Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


KONINKLIJKE AHOLD: Gets Initial Approval to Settle Class Action
---------------------------------------------------------------
Koninklijke Ahold N.V. said that the United States District Court
for the District of Maryland, located in Baltimore, Maryland, has
granted preliminary approval of its agreement with the lead
plaintiffs to settle the securities class action entitled "In re
Royal Ahold N.V. Securities & ERISA Litigation." The Court also
granted certification of the settlement class. The settlement is
conditioned on final approval of the District Court for the
District of Maryland.

Under the terms of the agreement in the securities class action,
the lead plaintiffs in the securities class action agree to
settle all claims against Ahold in the securities class action
for the sum of US$1.1 billion (EUR945 million).  The settlement
covers Ahold, its subsidiaries and affiliates, the individual
defendants and the underwriters.

                       About the Company

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

                         Status to Date

In August, Standard & Poor's Ratings Services raised its long-
term corporate credit ratings on Ahold to 'BB+' from 'BB' with a
stable outlook to reflect substantial improvement of the group's
financial profile in the past 18 months.  This follows the
completion of a significant disposal program, to date exceeding
the stated EUR2.5 billion (US$3.1 billion) target.

Standard & Poor's said it would consider an upgrade to investment
grade level only if:

(a) The challenging environment currently prevailing in the
    group's core U.S. and Dutch retail markets improves; and

(b) The ratio of FFO to fully adjusted net debt and the EBITDAR
    coverage of net fixed charges improve beyond 25% and 2.5x,
    respectively.

Despite the group's deleveraging target and the completion of
remaining disposals in 2005, S&P said these conditions might not
be achieved in the near term, given the very challenging trading
conditions that are prevailing in the group's core markets.

CONTACT:  ROYAL AHOLD
          Albert Heijnweg 1
          1507 EH Zaandam, The Netherlands
          Phone: +31 (0) 75 659 9111
          Web site: http://www.ahold.com

          Investor Relations
          E-mail: investor.relations@ahold.com
          Phone: +31 (0) 75 659 58 28


ROYAL SHELL: Cancels 700,000 'A' Shares
---------------------------------------
On 9 January 2006, Royal Dutch Shell plc purchased for
cancellation 550,000 'A' Shares at a price of EUR27.07 per share.
It further purchased for cancellation 150,000 'A' Shares at a
price of 1,853.17 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,937,327,974.

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

                        *   *   *

In 2005, Shell returned US$5 billion to shareholders in 2005 via
market purchases of shares.  This target included shares
purchased for cancellation by The Shell Transport and Trading
Company plc and Royal Dutch Petroleum Company prior to the Group
unification of US$0.5 billion.  The Company expects to continue
its buyback program in 2006 and will provide an update on the
2006 buy back program with the full year results announcement on
February 2, 2006.

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

                        About the Company

Royal Dutch Shell plc, incorporated in England and Wales, is
headquartered in The Hague and listed on the London, Amsterdam,
and New York stock exchanges.  Shell companies have operations in
more than 145 countries with businesses including oil and gas
exploration and production; production and marketing of
Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.

                           The Trouble

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

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


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


BASH-AUTO-TRANS: Bankruptcy Hearing Resumes Next Month
------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on state unitary enterprise
Bash-Auto-Trans.  The case is docketed as A07-31197/05-G-MOG.
Mr. I. Ishmukhametov has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 450057,
Russia, Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii Str.
65, Room 14.  A hearing will take place on February 16, 2006.

CONTACT:  I. ISHMUKHAMETOV
          Temporary Insolvency Manager
          450057, Russia, Bashkortostan republic, Ufa,
          Oktyabrskoy Revolyutsii Str. 65, Room 14


DUBOVKA: Under Bankruptcy Supervision
-------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Dubovka (TIN 5201003353).  The case is docketed as
A43-18966/2005-24-324.  Mr. E. Filipyev has been appointed
temporary insolvency manager.  A hearing will take place on
January 12, 2006 at 10:00 a.m.

CONTACT:  DUBOVKA
          Russia, Nizhniy Novgorod region,
          Ardatovskiy region, Dubovka

          E. FILIPYEV
          Temporary Insolvency Manager
          Russia, Nizhniy Novgorod region,
          Ardatovskiy region, Dubovka


ELEGANT: Appoints Temporary Insolvency Manager
----------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Elegant.  The case is docketed as A60-25308/2005-S11.  Mr. D.
Kostromin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 620014, Russia,
Ekaterinburg, Post User Box 266.

CONTACT:  ELEGANT
          Russia, Sverdlovsk region,
          Kamensk-Uralskiy, Michurina Str. 34

          D. KOSTROMIN
          Temporary Insolvency Manager
          620014, Russia, Ekaterinburg,
          Post User Box 266


KATEK-PROM-STROY: Insolvency Manager Takes over Firm
----------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Katek-Prom-Stroy after finding the open joint
stock company insolvent.  The case is docketed as A33-18300/2005.
Mr. V. Fisher has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 660022, Russia, Krasnoyarsk
region, Aerovokzalnaya Str. 19.

CONTACT:  KATEK-PROM-STROY
          Russia, Krasnoyarsk region, Sharypovo,
          Ashpyl region, Post User Box 3/18

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


PODBOROVSKOYE: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against Podborovskoye
(TIN 4701000253) after finding the close joint stock company
insolvent.  The case is docketed as A56-33834/05.  Mr. G.
Zhuravlev has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 190121, Russia, Saint-Petersburg,
Angliyskiy Pr. 3, Office 203.

CONTACT:  PODBOROVSKOYE
          187640, Russia, the Leningrad region,
          Boksitogorsk region, Podborovye

          G. ZHURAVLEV
          Insolvency Manager
          190121, Russia, Saint-Petersburg,
          Angliyskiy Pr. 3, Office 203


PROMYSHLENNOVSKIY: Kemerovo Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Promyshlennovskiy Agro-Prom-Snab (TIN
424007568, KPP 4240010001) after finding the open joint stock
company insolvent.  The case is docketed as A27-9138/2005-4.  Mr.
A. Khrebtov has been appointed insolvency manager.  Creditors
have until January 12, 2006 to submit their proofs of claim to
656060, Russia, Barnaul, Gushina Str. 217-80.

CONTACT:  PROMYSHLENNOVSKIY AGRO-PROM-SNAB
          652380, Russia, Kemerovo region,
          Promyshlennaya, Lineyanaya Str. 19A

          A. KHREBTOV
          Insolvency Manager
          656060, Russia, Barnaul,
          Gushina Str. 217-80


SEV-RYB-KHOLOD-FLOT: Bankruptcy Supervision Begins
--------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on open
joint stock company Sev-Ryb-Kholod-Flot.  The case is docketed as
A56-42390/2005.  Ms. E. Kayurova has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 191028, Russia, Saint-Petersburg region, Chaykovskogo Str. 27.
A hearing will take place on January 30, 2006, 10:00 a.m.

CONTACT:  SEV-RYB-KHOLOD-FLOT
          198035, Russia, Saint-Petersburg, Mezhevoy Kanal, 4a,
          Business Centre "Baltic Sea Centre", Room !N

          E. KAYUROVA
          Temporary Insolvency Manager
          191028, Russia, Saint-Petersburg region,
          Chaykovskogo Str. 27


SHATKOVSKIY AGRO-SPETS-MONTAGE: Falls into Bankruptcy
-----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Shatkovskiy Agro-Spets-Montage (TIN 5238000278).  The case is
docketed as A43-35355/2005-24-532.  Mr. V. Nazimov has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 603005, Russia, Nizhniy Novgorod, Post
User Box 132.

CONTACT:  SHATKOVSKIY AGRO-SPETS-MONTAGE
          Russia, Nizhniy Novgorod region,
          Shatki, Zavodskaya Str. 8

          V. NAZIMOV
          Temporary Insolvency Manager
          603005, Russia, Nizhniy Novgorod region,
          Post User Box 132
          Phone: 829016828


SIB-IMPEKS: Declared Insolvent
------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Sib-Impeks after finding the close joint
stock company insolvent.  The case is docketed as A19-23854/05-8.
Ms. P. Tugarinova has been appointed insolvency manager.
Creditors may submit their proofs of claim to 664082, Russia,
Irkutsk region, Universitetskiy location, 25-186.

CONTACT:  P. TUGARINOVA
          Insolvency Manager
          664082, Russia, Irkutsk region,


TIMBER MILL: Arkhangelsk Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Timber Mill after finding the limited
liability company insolvent.  The case is docketed as
A05-4565/05-21.  Mr. A. Karpov has been appointed insolvency
manager.  Creditors have until January 12, 2006 to submit their
proofs of claim to 163035, Russia, Arkhangelsk region, Liternaya
Str. 27, Apartment 3.

CONTACT:  TIMBER MILL
          163061, Russia, Arkhangelsk region,
          K. Libknekhta Str. 2

          A. KARPOV
          Insolvency Manager
          163035, Russia, Arkhangelsk region,
          Liternaya Str. 27, Apartment 3
          Phone/Fax: 65-75-42 (Arkhangelsk)


YUKOS OIL: Switzerland Reexamines Cooperation in Probe
------------------------------------------------------
Switzerland's highest court has partly honored the request of
Swiss companies to stop helping Russia in its investigation into
Yukos Oil, reports say.

According to RIA Novosti, the Swiss Federal Court on Monday told
the Federal Office of Justice to consider "critically" providing
further assistance to Russian prosecutors and take a thorough
review of all Russian court rulings against Yukos.

More than US$4 billion of money belonging to Yukos shareholders
were frozen in Switzerland after Russia requested a raid of
companies linked to the company in March 2004.  Swiss prosecutors
have confiscated at least 1,300 documents from the searches.  It
handed back only 90 of them in July 2005.  The ban on some
accounts was lifted in June 2004, but courts kept about US$48
million still frozen.  Monday's ruling did not change this
status.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004, but the case
was dismissed in February.

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

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


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


AGRO-UKRAINE: Succumbs to Insolvency
------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Agro-Ukraine (code EDRPOU 32120868) on
November 10, 2005 after finding the private agricultural
enterprise insolvent.  The case is docketed as 7/45.  Mr.
Oleksandr Tereshenko (License Number AA 116108) has been
appointed liquidator/insolvency manager.

CONTACT:  AGRO-UKRAINE
          Ukraine, Poltava region,
          Horolskij district, Shtompelivka

          OLEKSANDR TERESHENKO
          Liquidator/Insolvency Manager
          36003, Ukraine, Poltava region,
          Nezalezhnosti Square 1-B, room 18
          Phone/Fax: (0532) 50-80-67

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


PECHERSKIJ TRADE: Goes into Liquidation
---------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Pecherskij Trade House (code EDRPOU 01564986)
on November 4, 2005 after finding the close joint stock company
insolvent.  Mr. Letskan Vyacheslav (License Number AB 271494) has
been appointed liquidator/insolvency manager.

CONTACT:  PECHERSKIJ TRADE HOUSE
          Ukraine, Kyiv region,
          Suvorov Str. 4

          LETSKAN VYACHESLAV
          Liquidator/Insolvency Manager
          03057, Ukraine, Kyiv region,
          Dovzhenko Str. 16-v/42
          Phone: (044) 422-10-33
          Fax: (044) 443-36-66

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


RANG: Insolvency Manager Takes over Operations
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Rang (code EDRPOU 20607856) after finding the
limited liability company insolvent.  The case is docketed as
198/11 b-05.  Mr. O. Agafonov (License Number AA 779171) has been
appointed liquidator/insolvency manager.

CONTACT:  RANG
          Ukraine, Kyiv region,
          Bila Tserkva, Tomilivska Str. 50/1-167

          O. AGAFONOV
          Liquidator/Insolvency Manager
          01024, Ukraine, Kyiv region,
          Chekistiv Str. 4/17

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


SPETSTEHGOLOVPOSTACH: Court Appoints Liquidator
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Spetstehgolovpostach (code EDRPOU 30382444)
on November 17, 2005 after finding the limited liability company
insolvent.  The case is docketed as 15/660-b.  Mr. Oleg Agafonov
(License Number AA 779171) has been appointed
liquidator/insolvency manager.

CONTACT:  SPETSTEHGOLOVPOSTACH
          04050, Ukraine, Kyiv region,
          Kudryavska Str. 12, office 12

          OLEG AGAFONOV
          Liquidator/Insolvency Manager
          Phone: (044) 269-71-72

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


TROYANDA: Declared Insolvent
----------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Troyanda (code EDRPOU 03361885) on November
9, 2005 after finding the open joint stock company insolvent.
Mr. R. Rigovanov (License Number AB 116098) has been appointed
liquidator/insolvency manager.

CONTACT:  TROYANDA
          84601, Ukraine, Donetsk region,
          Orlivka, Internatsionalna Str. 89

          R. RIGOVANOV
          Liquidator/Insolvency Manager
          84626, Ukraine, Donetsk region,
          Gorlivka, Peremogi Avenue 38
          Phone/Fax: 8 (06242) 5-32-19

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


UKRIMPEKS: Kyiv Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrimpeks (code EDRPOU 30372635) on November
17, 2005 after finding the limited liability company insolvent.
The case is docketed as 15/526-b.  Mr. Oleg Agafonov (License
Number AA 779171) has been appointed liquidator/insolvency
manager.

CONTACT:  UKRIMPEKS
          01133, Ukraine, Kyiv region,
          Lesya Ukrainka Boulevard 26

          OLEG AGAFONOV
          Liquidator/Insolvency Manager
          Phone: (044) 269-71-72

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


VOLNOVAHA RAJSILGOSPTEHNIKA: Goes Bust
--------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Volnovaha Rajsilgosptehnika (code EDRPOU
30323719) on November 2, 2005 after finding the company
insolvent.  The case is docketed as 5/201 B.  Mr. Oleksandr
Chirah (License Number AA 719862) has been appointed
liquidator/insolvency manager.

CONTACT:  VOLNOVAHA RAJSILGOSPTEHNIKA
          85700, Ukraine, Donetsk region, Volnovaha,
          Shevtsova Str. 11

          OLEKSANDR CHIRAH
          Liquidator/Insolvency Manager
          83003, Ukraine, Donetsk region,
          Illich Avenue 91/36
          Phone: (062) 385-89-73

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


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


AJM FRAMES: Calls in Administrators from KPMG
---------------------------------------------
Brian Green and Francis Graham Newton (IP Nos 8709, 9310) of KPMG
LLP were appointed administrators of AJM Frames Ltd. (Company No
5076776) on Dec. 22.  AJM Frames Ltd. is one of U.K.'s largest
manufacturers of photo-framed art.

CONTACT:  AJM FRAMES LTD.
          Sandford Industrial Estate,
          Sandford, Whitchurch,
          Shropshire, SY13 2NA
          Phone: 01948 841050/07830 130175

          KPMG LLP
          St. James' Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4040


BIZZO CORPORATION: Advertising Firm Liquidates
----------------------------------------------
R. Cutsforth, chairman of The Bizzo Corporation Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Quality Hotel Royal, Ferensway, Hull HU1 3UF.  Matthew
Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork,
Lowgate House, Lowgate were appointed Joint Liquidators.

CONTACT:  THE BIZZO CORPORATION LTD.
          The Old Garage, 37a Grosvenor Street, Hull
          North Humberside HU3 1RU
          Phone: 01482329071


BRITISH NUCLEAR: Final Bidders for Westinghouse Bared
-----------------------------------------------------
General Electric Co., Shaw Group Inc. of the United States and
Toshiba Corp. and Mitsubishi Heavy Industries Ltd. of Japan have
been chosen final bidders for Westinghouse Electric, Bloomberg
News says.

The auction, set to be concluded by month's end, is expected to
fetch more than the initial estimate of US$2 billion as the
battle to acquire the nuclear power-plant builder intensifies.
Mitsubishi Heavy has reportedly bid more than US$2.5 billion.

Pittsburgh-based Westinghouse, bought by BNFL in 1999, is one of
the world's largest providers of nuclear technology.  It has been
performing badly in the past several years.  It recently reported
larger annual losses totaling GBP303 million.  It said the cost
of running its operations have increased.

BNFL is also selling British Nuclear Group, a power station
clean-up arm, whose shareholder is the DTI.  The disposals will
leave BNFL with only Nexia Solutions, a research and development
outfit, and a one-third stake in Urenco, a uranium enrichment
company.  The asset sales are aimed at making BNFL more
attractive to potential participants in Britain's nuclear
decommissioning industry.

The British Government has appointed the U.K. law firm Herbert
Smith and New York-based Davis Polk & Wardwell to oversee
Westinghouse's sale.  Investment bank N.M. Rothschild & Sons Ltd.
is advising BNFL.

U.K. Prime Minister Tony Blair is supporting nuclear power as
source of energy in order to reduce emissions of environmentally
harmful gases caused by burning fossil fuels.  The British
Treasury expects to receive more than US$3 billion for
Westinghouse.

CONTACT:  BRITISH NUCLEAR FUELS PLC
          1100 Daresbury Park
          Warrington
          WA4 4GB, United Kingdom
          Phone: +44-1925-832-000
          Fax: +44-1925-822-711
          Web site: http://www.bnfl.com

          WESTINGHOUSE ELECTRIC COMPANY LLC
          4350 Northern Pike
          Monroeville, PA 15146-2886
          Phone: 412-374-4111
          Fax: 412-374-3272
          Web site: http://www.westinghousenuclear.com

          DEPARTMENT OF TRADE AND INDUSTRY
          1 Victoria Street
          London SW1H OET
          E-mail: dti.enquiries@dti.gsi.gov.uk
          Web site: http://www.dti.gov.uk

          BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A.
          11 rue de Morat
          1700 Fribourg
          Suisse
          Phone: + 41 26 347 26 00
          Fax: + 41 26 347 26 15
          E-mail: pzurkinden@bper.ch
          Web site: http://www.lcf-rothschild.com


CANTERBURY FOODS: Adviser, Broker Steps down
--------------------------------------------
Teather & Greenwood Limited has resigned as Nominated Adviser and
Broker to Canterbury Foods Group plc with immediate effect.

                        About the Company

On 3 January 2006, Canterbury Foods appointed as joint
administrators Ian Green and Steve Ellis of
PricewaterhouseCoopers.  The company operated as a manufacturer
of pastry products and food ingredients, supplying the U.K.
foodservice market, other food manufacturers and the retail
bake-off market.  Its meat products division was sold to
Tranfield Foods Limited on 23 December 2005.  With a workforce of
over 500, the company posted turnover of around GPB48.5 million
and losses of around GBP2.5 million in 2004.

In September, Canterbury Foods admitted the first half of 2005
saw a difficult trading period, particularly in the Meat
Division, which adversely affected the Group financial
performance.  This resulted in an operating loss of GBP1.121
million and sales of GBP20.66 million, down by GBP2.8 million
against 2004.

In the second half, it implemented further cost reductions and
continue the drive for further efficiency enhancements to protect
profitability despite the continuing pressure on its meat
business.  It has also negotiated a temporary increase of
GBP500,000 in its overdraft facility with banks.

CONTACT:  CANTERBURY FOODS LIMITED
          Liverpool Street
          Hull HU3 4HW
          United Kingdom
          Phone: +44-1482-326-234
          Fax: +44-1482-210-375
          Web site: http://www.canterburyfoodsgroup-plc.com

          PRICEWATERHOUSECOOPERS
          Jenny Britton
          Business Recovery Services PR Manager
          Phone:020 7212 2970
          Mobile: 07855 522485


CHARACTER GROUP: Digital Products Arm Attracts Buyer
----------------------------------------------------
The Character Group plc has received an approach, which may or
may not lead to an offer for a substantial part of its digital
products division.  Negotiations are presently ongoing and
shareholders will be updated in due course.

                            *   *   *

The company behind Christmas 2004's best-selling toy, Robosapien,
incurred a loss of GBP1.93 million in the first half.  Executive
Chairman Richard King said: "Business just dropped off a
precipice in January.  It just turned into a disaster area."

Mr. King attributed the figure to tough market conditions and
price cuts from rival high street retailers like Argos, which
have prevented the group from carrying out any price increases.
The fall of The Gadget Shop, which distributes the robots and the
company's wide range of talking key rings, didn't help either.

CONTACT:  CHARACTER GROUP PLC
          2nd Floor
          86-88 Coombe Road
          New Malden
          Surrey, KT3 4QS
          Registered No: 3033333
          Phone: 44 (0) 20 8949 5898
          Fax: 44 (0) 20 8336 2585
          Web site: http://www.charactergroup.plc.uk


CLI LIMITED: Administrators from Buchanas Enter Firm
----------------------------------------------------
Peter Anthony Hall and Alan Peter Whalley (IP Nos 3966, 6588) of
Buchanans Plc were appointed administrators of CLI Limited
(Company No 01667234) on Dec. 21.

CONTACT:  CLI LTD.
          Unit 1 28 Blackmoore Road
          Ebblake Industrial Estate
          Verwood, Dorset BH31 6BB
          Phone: 01202 827118
          Fax: 01202 828105

          BUCHANANS PLC
          Latimer House
          5 Cumberland Place
          Southampton SO15 2BH
          Phone: 023 8022 1222


CLYDESDALE BANK: Office Building Sold for more than GBP53 Mln
-------------------------------------------------------------
Rangers FC owner, David Murray, is acquiring Clydesdale Bank
Plaza in Edinburgh for more than GBP53 million, according to The
Scotsman.  The 1,000-sq. ft. office building was offered for more
than GBP50 million last month.

Clydesdale Bank Plaza houses big firms, including Clydesdale
Bank, oil and gas explorer Cairn Energy, some of the operations
of financial services group State Street, law firm Burness, and
leisure group All Bar One.  The five companies pay a total of
GBP2.8 million a year for their office space.  Clydesdale bank
has been closing down branches across the U.K.

CONTACT:  CLYDESDALE BANK
          Banking Hall
          30 St. Vincent Place
          Glasgow G1 2HL
          Phone: 0141 951 7000
          Web site: http://www.cbonline.co.uk


COMPASS GROUP: Paid Top Bosses Hefty Bonuses in 2005
----------------------------------------------------
Compass Group paid senior executives handsomely last year despite
experiencing difficulties, its annual result show.

According to The Guardian, CEO Mike Bailey was awarded more than
1 million new shares or options and a raise on his more than GBP1
million year-on-year remuneration.  His pension fund was also
added GBP1.4 million in the 12 months to September 2005,
increasing his retirement payout to GBP15 million.  Mr. Bailey
oversaw the company through three profit warnings.  At the end of
last year, he said he would resign once his replacement is found.

Outgoing Chairman Sir Francis Mackay was awarded 300,000 shares
worth GBP730,000 in addition to his salary of GBP546,000.  His
pension was added more than GBP1 million.  Mr. Mackay is
resigning this summer.

Compass said the payouts are either in line with contractual
obligations.  The bonuses came as Compass reported that profits
before tax on ordinary activities had fallen from GBP370 million
to GBP171 million.   Total operating profits were down from
GBP500 million to GBP302 million.  Its employees' pension fund
has a deficit of GBP532 million.

The United Nations is continuing to investigate bidding
irregularities at its Eurest Support Services arm.  ESS was
suspended as contractor to the U.N. last year after allegations
emerged it obtained confidential information before winning a
GBP35.3 million food and water deal in Liberia.  ESS provides
food and water rations to about 30,000 U.N. troops in
peacekeeping missions.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com


COMPUTACENTER PLC: Delays Trading Update Pending Audit
------------------------------------------------------
It has been Computacenter plc's practice to make a pre-close
trading update statement ahead of entering its close period
following the yearend.

However, Computacenter has been in an offer period since the
announcement of 18 November 2005 and, as a result, its ability to
make such an update statement is constrained by a requirement to
have the Company's auditors examine and report on the trading
update.

Accordingly, Computacenter will not make a pre-close trading
update at this time but expects to provide an estimate of 2005
profits as soon as the auditors have completed their review,
later in January 2006, together with an update on the progress of
the offer discussions.

Computacenter will announce its preliminary results for the year
ending 31 December 2005 on Tuesday, 14 March 2006.

                        About the Company

Computacenter is an independent provider of IT infrastructure
services through its network of branch offices across the U.K.,
Germany, France, Luxembourg and Belgium, and international
partners, at locations across the globe.  With a workforce of
9,838, the group reported revenue of 2,455.8 million, and
operating profit 65.7 million in 2004.

On June 28, shares in Computacenter plunged more than 20% after
it disclosed a profit warning for the second time this year.  The
warning, which stripped almost GBP100 million from the firm's
value, undermined hopes of a turnaround and boosted threats of
job cuts.

CONTACT:  COMPUTACENTER PLC
          Hatfield Avenue
          Hatfield
          Hertfordshire AL10 9TW, United Kingdom
          Phone: +44-17-0763-1000
          Fax: +44-17-0763-9966
          Web site: http://www.computacenter.co.uk


CORT SECURITY: Appoints Harris Lipman Administrator
---------------------------------------------------
Freddy Khalastchi and Michaela Joy Hall (IP Nos 8752, 9081) of
Harris Lipman LLP were appointed administrators of Cort Security
Services Limited (Company No 03975204) on Dec. 23.  Visit
http://www.cortservices.co.uk/for more information.

CONTACT:  CORT SECURITY SERVICES LIMITED
          Wellington House, Starley Way
          Birmingham International Park
          Solihull B37 7HE
          Phone: 0121 767 1916
          Fax: 0121 767 1917
          E-mail: enquiries@cortservices.co.uk

          HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


DAVCO DRIVING: Files for Liquidation
------------------------------------
C. Coppins, director of Davco Driving Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 23 at 12 Signet Court, Swann's Road, Cambridge CB5 8LA.
Stephen M. Rout of Stephen M. Rout & Company, 12 Signet Court,
Swann's Road, Cambridge CB5 8LA was appointed liquidator.

Davco Driving is an LGV driving school in Hertfordshire providing
LGV driver training and LGV 1 & 2 tuition.  It has drivers for
hire either temporary or permanent.

CONTACT:  DAVCO DRIVING LTD.
          1 Sappers Close
          Sawbridgeworth
          CM21 9BN
          GB
          Phone: 01279 722013
          E-mail: info@driver-agency.co.uk
          Web site: http://www.driver-agency.co.uk/

          STEPHEN M. ROUT & COMPANY
          12 Signet Court
          Swanns Road
          Cambridge
          Cambridgeshire CB5 8LA
          Phone: 01223 329392
          Fax: 01223 329123
          E-mail: smrout@aol.com


D & L GRAHAM: Names Begbies Traynor Liquidator
----------------------------------------------
D. W. Graham, director of D & L Graham Contract Packers Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Nov. 30 at Begbies Traynor, No 1 Old Hall Street,
Liverpool L3 9HF.  David Moore and Donald Bailey of Begbies
Traynor, No 1 Old Hall Street, Liverpool L3 9HF were appointed
Joint Liquidators.

CONTACT:  D & L GRAHAM CONTRACT PACKERS LIMITED
          Drummersdale Lane, Scarisbrick
          Ormskirk, Lancashire L40 9RA
          Phone: 01704880947

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


DURSTON WASTE: Appoints Baker Tilly Administrator
-------------------------------------------------
Andrew Martin Sheridan and Guy Edward Brooke Mander (IP Nos 8839,
8845) of Baker Tilly were appointed administrators of Durston
Waste Management Limited (Company No 2386408) on Dec. 20.  Its
registered office is at Chittening Estate, Avonmouth, Bristol
BS11 0YB.

CONTACT:  DURSTON WASTE MANAGEMENT LIMITED
          Recycling Centre
          Chittening Estate
          Avonmouth, Bristol BS11 0YB
          Phone: 0117 982 2999
          Fax: 0117 938 2777
          E-mail: info@durstonwaste.co.uk
          Web site: http://www.durstonwaste.co.uk/

          BAKER TILLY
          1 Georges Square
          Bristol BS1 6BP
          Phone: 0117 945 2000
          Fax: 0117 945 2001
          Web site: http://www.bakertilley.co.uk


EMBROIDERY SOLUTIONS: Files for Liquidation
-------------------------------------------
J. P. Wright, director of Embroidery Solutions Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 29 at Trafalgar House, Grenville Place, Mill Hill,
London NW7 3SA.

Jeffrey Mark Brenner of B & C Associates, Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA was appointed
liquidator.

CONTACT:  EMBROIDERY SOLUTIONS LTD.
          Blidworth Nottinghamshire NG21 ORT
          Phone: +44 (0)1623 797 742
          Fax: +44 (0)1623 797 745
          Web site: http://www.peter-wright.co.uk

          B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


FLETCHER BROS: Appoints P&A Partnership Liquidator
--------------------------------------------------
J. Bestwick, chairman of Fletcher Bros (Warping) Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Nov. 25 at Renaissance Derby/Nottingham Hotel, South
Normanton, Derbyshire DE55 2EH.  Andrew Philip Wood and John
Russell of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF
were appointed Joint Liquidators.  The appointment was confirmed
at a subsequent meeting of creditors.

CONTACT:  FLETCHER BROS (WARPING) LIMITED
          New Kensington Works,
          Hallam Fields Road,
          Ilkeston
          Derbyshire DE7 4BR
          Phone: 0115 930 3663
          Fax: 0115 944 0614

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


FOSTER ASSOCIATES: Building Services Consultancy Firm Winds up
--------------------------------------------------------------
M. Foster, director of Foster Associates Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 28 at Hilton Cobham, Seven Hills Road South, Cobham, Surrey
KT11 1EW.  Tony James Thompson of Piper Thompson, Mulberry House,
53 Church Street, Weybridge, Surrey KT13 8DJ was appointed
liquidator.

CONTACT:  FOSTER-ASSOCIATES LTD.
          7 Vickers House
          Priestley Road
          Basingstoke
          RG24 9NP
          Phone: 01256 331 334
          Fax: 01256 331 336
          Web site: http://www.foster-associates.co.uk


HEART OF OAK: Hires Hurst Morrison Thomson as Administrator
-----------------------------------------------------------
Robert C. Keyes and Paul W. Ellison (IP Nos 1016, 7254) of Hurst
Morrison Thomson were appointed administrators of Heart Of Oak
Structures Limited (Company No 04360293) on Dec. 20.  The company
manufactures wooden structures.

CONTACT:  HEART OF OAK STRUCTURES LTD.
          English Farm, Nuffield,
          Henley-On-Thames, Oxfordshire RG9 5TH
          Phone: 01491641250

          HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


HYDRO INSTRUMENTS: Calls in Liquidators from Begbies Traynor
------------------------------------------------------------
Hydro Instruments (Europe) Ltd. informs that a resolution to wind
up the company was passed at an EGM held on Nov. 17 at Hilton
Dartford Bridge, Masthead Close, Crossways Business Park,
Dartford, Kent DA2 6QF.  Ian Michael Rose and Robert Michael
Young of Begbies Traynor, The Old Barn, Caverswall Park,
Caverswall Lane, Stoke-on-Trent, Staffordshire ST3 6HP were
appointed Joint Liquidators.

Hydro Instruments (Europe) is a swimming pool designer and
installer.  Its range of services includes swimming pool
refurbishment and maintenance, design and installation of above
ground pools, hot tubs and spas.

CONTACT:  HYDRO INSTRUMENTS (EUROPE) LTD.
          Unit 15
          Duke of Clarence Trading Est.
          High Street, Blue Town
          Sheerness
          Kent
          ME12 1RQ
          GB
          Phone: 01795666603
          E-mail: info@poolquip.co.uk
          Web site: http://www.poolquip.co.uk/contactus.html


HYDRO-KLEEN SYSTEMS: Goes into Liquidation
------------------------------------------
P. L. McLachlan, chairman of Hydro-Kleen Systems (Europe)
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Nov. 29 at The Holiday Inn Chester
South, Wrexham Road, Chester CH4 9DL.

A. Graham of Hamilton Insolvency Practitioners Limited, Omega
Court, 368 Cemetery Road, Sheffield S11 8FT was appointed
liquidator.  The appointment was confirmed at a creditors meeting
held the same day.

CONTACT:  HYDRO-KLEEN SYSTEMS (EUROPE) LIMITED
          The Armoury Building, Aviation Park
          Chester, Cheshire CH4 0GZ
          Phone: 01244531666


INTER MICRO: Liquidator from Poppleton & Appleby Moves in
---------------------------------------------------------
Inter-Micro Ltd. informs that a resolution to wind up the company
was passed at an EGM held on Nov. 29 at 35 Ludgate Hill,
Birmingham B3 1EH.  M. T. Coyne of Poppleton & Appleby, 35
Ludgate Hill, Birmingham B3 1EH was appointed liquidator.

CONTACT:  INTER-MICRO LTD.
          Bay 4, Building 83, First Avenue
          Pensnett Trading Estate
          Kingswinford
          DY6 7FL
          West Midlands
          Phone: 01384 293500
          Fax: 01384 402128
          Web site: http://www.inter-micro.co.uk

          POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


INTERNATIONAL POWER: Gets BB Long-term Issuer Rating from Fitch
---------------------------------------------------------------
Fitch Ratings has assigned International Power plc (IPR) a
long-term issuer rating of 'BB'.  The Outlook is Stable.

The company currently has no capital markets senior unsecured
debt, other than an in-the-money convertible bond due 2023.  If
the company were to issue Senior Unsecured bonds, these would be
rated 'BB+', provided that the financial and business profile of
the company is little changed.  This single notch uplift above
the long-term issuer rating reflects the agency's view of above
average recovery prospects in the event of a default.

IPR is a U.K. holding company for a portfolio of international
power assets.  Debt finance at the subsidiaries is non-recourse
to IPR and almost all of the assets are project financed.  For
groups financed in this manner, Fitch focuses on debt and cash
flows at the holding company rather than for the consolidated
group, because the holding company has limited access to the
assets of the subsidiaries other than the dividends and no, or
limited, liability associated with the debt of the subsidiaries.

The ratings benefit from IPR's relatively conservative debt
levels and management's prudent approach to expansion and
financing.  Unlike several of its peers, IPR has not aggressively
pursued double leverage (double leverage is the use of holding
company debt to fund the "equity" in subsidiaries, associates or
joint ventures which are, themselves, predominantly debt funded).
Excessive double leverage can imply that projects are 100% debt
funded leaving no equity cushion if projects do not perform as
expected.

IPR's credit quality benefits from the non-recourse nature of
almost all of the group's debt.  However, IPR's debt service is
dependent on cash distributed by project-financed subsidiaries
and associates, which represents a credit weakness, especially as
project finance debt generally contains distribution lock-up
covenants.  This weakness is likely to be mitigated as the asset
portfolio grows in size and diversity.  The acquisition of the
majority of the international power generation assets of Edison
Mission Energy (rated 'B') in December 2004 significantly
increased the size of IPR's portfolio and also the proportion of
output contracted under Power Purchase Agreements (PPAs).  PPA
assets are beneficial to IPR's credit profile because the cash
flow streams are less volatile than merchant plants as offtakers
or other entities take almost all of the demand risk and
commodity price risks.

IPR has a high level of contingent liabilities and guarantees
compared to its debt.  At December 2004, IPR had issued
indemnities of GBP331 million relating to bid bonds, performance
bonds and letters of credit to support growth and expansion
projects and to support trading activities of merchant plant.  In
addition IPR granted a put option to Mitsui & Co. Ltd. (rated
'A-') over 70% of US$300 million in preference shares issued in
connection with the Edison Mission Energy acquisition and has
guaranteed a US$50 million working capital facility for the U.S.
business.  Such contingent liabilities are normal for a power
plant development business.  Gross holding company debt at
December 2004 was only approximately GBP158 million compared to
GBP192 million cash at that date.

Fitch's analysis for the company excluded any distributions from
any investment currently in cash lock-up, including the group's
portfolio of U.S. assets.  Fitch also reviewed downside scenarios
that significantly cut the level of distributions received by the
holding company.  Such scenarios assumed that some new debt was
drawn down by IPR to fund investments which subsequently did not
deliver distributions.  In all these scenarios, the company
continued to comply with its financial covenants.

The Stable Outlook reflects Fitch's expectation that management
will maintain its prudent acquisition and financing strategy.  A
full credit analysis will be available at
http://www.fitchresearch.comin the next two weeks.

CONTACT:  INTERNATIONAL POWER PLC
          Senator House
          85 Queen Victoria Street
          London EC4V 4DP
          Phone: +44 (0) 20 7320 8600
          Fax: +44 (0) 20 7320 8700
          Web site: http://www.ipplc.com

          Media Contact
          Sara Richardson
          Phone: +44 (0) 20 7320 8619

          Investor Contact
          Aarti Singhal
          Phone: +44 (0) 20 7320 8681

          FITCH RATINGS
          Steve Durose, London
          Phone: +44 (0) 20 7417 4308
          Laurence Monnier
          Phone: +44 (0) 20 7417 3546

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084
          Web site: http://www.fitchratings.com


INVENSYS PLC: B+ Rating Affirmed as Near-term Prospects Improve
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
U.K.-based engineering company Invensys PLC to stable from
negative, reflecting an improvement in the group's near-term
prospects, although significant credit risks remain.  At the same
time, all ratings on the group, including the long-term 'B+'
corporate credit rating, were affirmed.

"After a number of years, Invensys is now nearing completion of a
long disposal program.  Legacy-related issues and restructuring
costs are beginning to wind down, improving transparency and
supporting our view that near-term downside risks have eased,"
said Standard & Poor's credit analyst Jarrad Oberhardt.  "Cash
burn has been reversed and Invensys is now generating positive
free cash flow (excluding legacy-related issues).  Although still
minimal, we expect this cash flow generation to be maintainable
and could possibly improve over time."

Substantial risks do remain, however, and the ratings are
unlikely to be raised until financial metrics improve
considerably.  The ratings presume that fully adjusted net debt
(including legacy items) to EBITDA (excluding exceptionals) will
decline toward 6.0x over time and that net fixed-charges coverage
will remain more than 2.0x.

Negative pressure on the ratings remains possible should further
surprises emerge, either financial or operational.  This could
include unforeseen issues such as the valve recall at the
Controls division in November 2004.  Negative pressure could also
result from a number of other factors including a substantial
increase in restructuring costs, a deterioration in performance,
or any subsequent increases in legacy liabilities (including the
pension deficit).

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:  INVENSYS PLC
          Invensys House, Carlisle Place
          London SW1P 1BX
          Phone: +44-20-7834-3848
          Fax: +44-20-7834-3879
          Web site: http://www.invensys.com


IWP INTERNATIONAL: Names Interim Chief Executive
------------------------------------------------
As indicated at the recent AGM, Alex Sorokin and John Talbot have
been appointed to the Board of IWP International plc.  Mr.
Sorokin will be appointed as Interim Chief Executive and Mr.
Talbot as a Non-Executive Director, both with effect from 6
January 2006.

Messrs. Sorokin and Talbot are partners at Kroll Talbot Hughes, a
leading international restructuring practice.  Mr. Talbot has
been advising the Board of IWP International Plc through its
recently announced restructuring negotiations.

                            *   *   *

In December, the company concluded a non-binding indicative heads
of terms with principal secured creditors, which sets out the
principles for the financial restructuring of IWP and its
subsidiaries.

Some key points of the Restructuring are:

-- The secured creditors will convert circa EUR56 million of
   their existing debt to equity resulting in them owning 90% of
   the enlarged ordinary share capital of the Company;

-- The Restructuring will significantly reduce IWP's gross
   secured indebtedness (including swaps close out cost,
   make whole due under the notes and all deferred interest)
   from circa EUR121 million to EUR65 million;

The Restructuring is targeted to be completed in the first
quarter of 2006.

CONTACT:  IWP INTERNATIONAL PLC
          19 Fitzwilliam Sq.
          Dublin, 2, Ireland
          Phone: +353-1-661-1958
          Fax: +353-1-661-1957
          Web site: http://www.iwp.ie/iwphome.html


JESSOPS PLC: Remains Cautious Despite Strong Christmas Trading
--------------------------------------------------------------
Jessops plc has disclosed its sales for the 5 and 13 weeks to 1
January 2006, together with additional information on trading in
the first 8 weeks of the current financial year.

                   5 weeks to      13 weeks to        8 weeks to
                    1 Jan 06         1 Jan 06          27 Nov 05
                   % increase       % increase        % increase

Total sales            + 13.3%          + 8.2%            + 3.1%

Store like
for like sales        + 5.7%           + 1.1%            - 3.6%*

Direct like
for like sales        + 74.3%         + 51.5%            + 32.5%

Total like
for like sales        + 9.4%           + 2.3%            - 1.2%*

[*] previously announced on 30 November 2005

Jessops has again enjoyed strong trading over the Christmas
period, with an uplift in both total sales and like for like
sales in the five week period, up 13.3% and 9.4% respectively.
Within the total like for like increase, store like for like
sales increased 5.7% and direct like for like sales, covering
mail order, telesales and the Internet, were up 74.3%.  This
year's growth is once again driven by an uplift in digital camera
sales across all channels, which were up 23%, with sales of
digital SLRs up 92.8%.

A combination of exclusive camera deals and competitive pricing
on market leading cameras were the key factors behind Jessops'
strong sales performance, as a result gross margins for the first
quarter, although marginally below expectations, were higher than
last year.

Jessops continued its store expansion policy, opening a further 7
stores in the 13 weeks to 1 January 2006, increasing the total
number of stores to 285.

The performance of the 16 spacemix trial stores has remained
encouraging over the Christmas period.

CEO Derek Hine said: "This is a pleasing performance and a
welcome respite from the tough retail environment faced for most
of 2005.  It is a good outcome given that we were up against some
pretty strong comparators from a good Christmas for Jessops the
previous year.  Trading was particularly buoyant in the week
either side of Christmas.

"Despite this positive performance, it is still early days in our
financial year and Christmas is not as significant for us as for
some other retailers.  With nine months trading still to come, we
are mindful of last year's market conditions, although this
strong start to the year does underpin confidence in our
prospects for the year as a whole."

CONTACT:  JESSOPS PLC
          Jessop House, Scudamore Rd.
          Leicester
          LE3 1TZ, United Kingdom
          Phone: +44-116-232-6000
          Web site: http://www.jessops.com


KJM DRIVER: Files for Liquidation
---------------------------------
K. Moon, director of KJM Driver Force Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 24 at Holbrook Court, Cumberland Business Centre,
Northumberland Road, Portsmouth PO5 1DS.

David Smithson of Haines Watts, Holbrook Court, Cumberland
Business Centre, Northumberland Road, Portsmouth PO5 1DS was
appointed liquidator.

CONTACT:  KJM DRIVER FORCE LIMITED
          11 Aldridge Close, Clanfield
          Waterlooville, Hampshire PO8 0NP
          Phone: 023-9259-9595


LANNER MANUFACTURING: Names Andrew Michaels & Co. Administrator
---------------------------------------------------------------
Andrew T. Clay (IP No 9164) of Andrew Michaels & Co Ltd. was
appointed administrator of Lanner Manufacturing Limited (Company
No 04431791) on Dec. 22.  Its registered office is at 202
Northolt Road, South Harrow, Middlesex HA2 0EX.

Lanner Manufacturing -- http://www.lannerman.co.uk/-- is a sheet
metal manufacturer based in Basingstoke.

CONTACT:  LANNER MANUFACTURING LTD.
          5-7 Telford Road
          Basingstoke RG21 6YU
          Hampshire
          Phone: 01256 464277
          Fax: 01256 464209

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


MANSFIELD GROUNDWORKS: Administrator Enters Firm
------------------------------------------------
Duncan Roderick Morris (IP No 8693) of The Till Morris
Partnership was appointed administrator of Mansfield Groundworks
Limited (Company No 03401112) on Dec. 2.  The company offers
general construction and civil engineering services.

CONTACT:  MANSFIELD GROUNDWORKS LTD.
          Nottingham Road, Nottingham,
          Nottinghamshire NG15 9HJ
          Phone: 01623 793358
          Fax: 01623 798195

          THE TILL MORRIS PARTNERSHIP
          2 Church Street,
          Warwick CV34 4AB
          E-mail: duncan.morris@tillmorris.co.uk


NEWBAY ENGINEERING: Administrators from KPMG Move in
----------------------------------------------------
Allan Watson Graham (IP No 8719) and Andrew Stephen McGill (IP No
1441) of KPMG LLP were appointed administrators of Newbay
Engineering Limited (Company No 3750101) on Dec. 22.  Newbay
Engineering Limited manufactures forge press stamp and roll form
metal.

CONTACT:  NEWBAY ENGINEERING LTD.
          Macarthur Road, Cradley Heath,
          West Midlands B64 7RP
          Phone: 01384566986

          KPMG LLP
          2 Cornwall Street
          Birmingham
          West Midlands B3 2DL
          Phone: 0121 232 3000
          Fax: 0121 232 3500


NEXPRESS LIMITED: Hires Administrators from Vantis Numerica
-----------------------------------------------------------
Lynn Robert Bailey (IP No 6496) and Alan Roy Limb (IP No 8955) of
Vantis Numerica were appointed administrators of Nexpress Limited
(Company No 04768906) on Dec.  22.

In 1995, Nexpress Limited -- http://www.nexpressgroup.com/--  
piloted a project in the U.K. to establish a wholesale channel
for digital remarketed product.  Nexpress became the world's
first digital authorised remarketing distributor, supplying
solely to digital authorised partners.

CONTACT:  NEXPRESS LTD.
          Nextech House, Gelders Hall Road
          Shepshed, Loughborough LE12 9NH
          Leicestershire
          Phone: 01509 501100
          Fax: 01509 601186

          VANTIS NUMERICA
          Stoughton House
          Harborough Road
          Oadby
          Leicestershire LE2 4LP
          Phone: 0116 272 8200
          Fax: 0116 271 5472
          E-mail: bob.bailey@numerica.biz
          Web site: http://www.vantisnumerica.com


ORBIT LEISURE: Falls into Administration
----------------------------------------
Lynn Robert Bailey (IP No 6496) and Alan Roy Limb (IP No 8955) of
Vantis Numerica were appointed administrators of Orbit Leisure
Limited (Company No 04088157) on Dec. 19.  The company operates
hotels, bars, and nightclubs.

CONTACT:  ORBIT LEISURE LTD.
          Redding House,
          2 Yeoman Street, Leicester
          Phone: 0116 2422200

          VANTIS NUMERICA
          Stoughton House
          Harborough Road
          Oadby
          Leicestershire LE2 4LP
          Phone: 0116 272 8200
          Fax: 0116 271 5472
          E-mail: bob.bailey@numerica.biz
          Web site: http://www.vantisnumerica.com


PROFESSIONAL MAINTENANCE: Calls in Bridgestones Administrator
-------------------------------------------------------------
Jonathan Lord and Robert Cooksey (IP Nos 9041, 9040) of
Bridgestones were appointed joint administrators of Professional
Maintenance (UK) Limited (Company No 03617934) on Dec. 21.  The
company offers commercial cleaning.

CONTACT:  BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


REAL CREATIVE: Hires Administrator from B & C Associates
--------------------------------------------------------
Filippa Connor (IP No 9188) of B & C Associates was appointed
administrator of design studio Real Creative Group Limited
(Company No 04562013) on Dec. 19.  Its registered office is at
Unit 3 and 4 Charlton Business Park, Brudwell Road, Malmesbury,
Wiltshire SN16 9RU.

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


SALCON INVENT: Water Treatment Company Calls in Administrator
-------------------------------------------------------------
Andrew White and Susan Agnes Maund (IP Nos 8066, 8923) of Baker
Tilly were appointed joint administrators of Salcon Invent
Limited (Company No 1341395) on Dec. 20.

Salcon Invent -- http://www.salconinvent.com-- is a Rochdale-
based company, which specializes in water treatment and effluent
systems to clients worldwide.  The annual turnover of the company
is approximately GBP30 million.

CONTACT:  SALCON INVENT LIMITED
          Europa House, Southwick Square,
          Brighton, East Sussex BN42 4FJ
          Phone: 01706-764700

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


STRIPEY TROUSERS: Retailer Hires Administrator
----------------------------------------------
Tyrone Shaun Courtman and Shaun Neil Adams (IP Nos 7237, 8568) of
Cooper Parry LLP were appointed administrators of food retailer
Stripey Trousers Limited (Company No 05228879) on Dec. 15.

CONTACT:  COOPER PARRY LLP
          14 Park Row, Nottingham NG1 6GR
          Phone: +44 (0) 1332 295544
          Fax: +44 (0) 1332 295600
          Web site: http://www.cooperparry.com


TEMPUS STET: Appoints Administrator from Hazlewoods
---------------------------------------------------
Philip John Gorman (IP No 008069) of Hazlewoods LLP was appointed
administrator of Tempus Stet Design Limited (Company No 04785759)
on Dec. 22.

CONTACT:  TEMPUS STET DESIGN LTD.
          26 Lloyd Baker Street
          London WC1X 9AW
          Phone: 020 7837 2037
          Fax: 020 7837 3760
          E-mail: london@tempus-stet.com
          Web site: http://www.tempus-stet.com
          HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


THE WORKS: Calls back Receivers
-------------------------------
The Works nightclub has fallen back into receivership, according
to Bristol Evening Post.

The popular nightspot reportedly failed to reach an agreement
with rival club operator Luminar, which has been buying up sister
clubs since October last year.  Luminar is not interested in
buying The Works because it already operates a nightclub in the
city.

The Works, a 1,800-capacity club, first fell into receivership in
2004.  The Nightclub Company bought it out of receivership from
previous owners, First Leisure.  The club, which last opened on
January 5, will now be put on general sale, according to Mario
Howell, head of maintenance at The Works.

"It is such a shame to see it go," he said. "The club has been
here in one form or another since the 1950s, and has traded under
a lot of names.  The place has a lot of history."

"It will now be up for general sale, to whoever is willing to
take the lease on.  I hope it is not made into student
accommodation like everywhere else," he added.

The Nightclub Company could not be reached for comment.

CONTACT:  THE WORKS NIGHTCLUB
          15 Nelson St
          Bristol, BS1 2JY,
          United Kingdom
          Phone: 0117 929 2658
          Fax: 0117 929 0437


UNWINS WINE: Former Chairman 'Cooking' up Something, Says Report
----------------------------------------------------------------
KPMG, administrator for Unwins Wine Group Ltd., refused to
comment on reports the firm's former chairman is trying to buy
back the remaining parts of the off-license chain.

According to The Telegraph, Philip Cook, chairman of DM Private
Equity, which alleged irregularity at Unwins, has made an offer
for some or all of 150 Unwins stores.  The shops are what's left
of Unwins after rival wine retailer Threshers, owned by Terra
Firma Capital Partners, bought 200 Unwins outlets for less than
GBP10 million late last year.

The report cited a source saying Mr. Cook is bidding with a
partner.  It is not clear whether he is bidding through DM
Private Equity.  DM Private forced Unwins into administration in
early December, making Mr. Cook's reported move surprising.

Meanwhile, a report from the Independent says Oddbins, the
British high-street off-license chain, is allegedly in talks to
buy up to 100 of the stores being sold.  Oddbins is owned by
French group Castel.

The 162-year-old Unwins Wine Group operates 380 shops and
wholesale drinks outlets.  It employs 2,000 mostly part-time
staff; Threshers hopes to save 1,200 of them.

Unwins was sold by controlling Wetz family to Australian
businessman Philipp Cook's DM Private Equity for GBP32 million in
March.  In December, its banker HBOS appointed Myles Halley of
KPMG as administrator.  Recent accounts of Unwins filed at the
Companies House, show debt of GBP35.5 million, including GBP9.5
million in bank loans and overdrafts and GBP19.5 million to trade
creditors.

Mr. Cook had claimed there were discrepancies at the firm's
financial statements.  He said Unwins has a deficit of GBP3.7
million instead of a net asset value of GBP9.5 million.

CONTACT:  THE UNWINS WINE GROUP LTD.
          Birchwood House
          Victoria Road
          Dartford
          Kent
          DA1 5AJ
          Phone: 013 2227 2711
          E-mail: jturner@unwins.co.uk
          Web site: http://www.unwins.co.uk

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


WEBLEY AND SCOTT: 200-year-Old Gun maker Folds up
-------------------------------------------------
Midland gun maker Webley and Scott has gone into liquidation
after efforts to sell the company failed.  Paul Masters,
Birmingham-based administrator with DTE Leonard Curtis, said they
had received a lot of interests, but the offers were less than
what they would be getting from a sale of the assets by parts.
Birmingham Post said the administrator received more than 40
expressions of interests.

The 200-year-old company's 38 employees have now been made
redundant.  They are still awaiting redundancy payouts from the
government, according to Mr. Masters.  He expects a creditors
meeting will be held in February.  Despite the closure, Mr.
Masters said a buyer may still make a bid for the airgun
manufacturer.

Webley and Scott went into administration a month before
Christmas due to changing legislation, cheap overseas competition
and a substantial pensions shortfall, the report said.

CONTACT:  WEBLEY AND SCOTT
          Frankley Industrial Park
          Tay Road
          Birmingham
          B45 0PA
          United Kingdom
          Phone: +44 (0)121 453 1864
          Fax: +44 (0)121 457 7846
          Web site: http://www.webley.co.uk/index.php3


WHITEHEAD MANN: Bares Latest Appointments
-----------------------------------------
Whitehead Mann Group plc has appointed David Hadfield as Head of
Leadership Solutions, responsible for all of its non-search
business, and Chris Kirkness as Head of Private Equity.

The appointment of David Hadfield, who will also join the group's
Management Team, follows Whitehead Mann's decision to bring all
of its non-search business, previously managed within two
practice areas; Executive Assessment and Executive Development,
within a single management structure.  This will both allow the
Company to be more responsive to client needs for non-search
services and increase the effectiveness of the assessment and
development teams.

The Group has also decided to set up a dedicated Financial
Sponsors/Private Equity coverage team.  The Private Equity houses
are significant stakeholders in the companies and institutions
for which Whitehead Mann works and important clients in their own
right.  Chris Kirkness' key task, as Head of Private Equity, will
be to deliver all the services of Whitehead Mann, both search and
leadership solutions, to the private equity community.

Chris Merry, chief executive, said: "These appointments
demonstrate our ability to attract highly experienced consultants
at the height of their careers.  They follow a number of
excellent recent hires that strengthen both our Leadership
Solutions business and our Search practice.  I am especially
pleased that in David Hadfield we have found a strong manager who
will develop and shape Leadership Solutions into one of the
leading businesses in its field."

David Hadfield, Head of Leadership Solutions, 53, joins from IBM,
where he was a senior Executive in Business Consulting Services.
Prior to this he was a senior partner with PricewaterhouseCoopers
where he held a number of significant roles including the Global
Integration Director for the merger between Coopers & Lybrand and
Price Waterhouse and serving on PwC's Global Management Team.
More recently he was a member of PwC Consulting's UK Board,
responsible for services to the Public, Communications, Energy
and Utilities sectors.  In over 20 years as a Management
Consultant, David has worked extensively at Board level both in
an advisory and an executive capacity.  He has lead significant
professional service organizations and is an expert in
post-acquisition integration.

Chris Kirkness, Head of Private Equity, 51, has been in the
investment banking industry for the past 24 years and at director
level for the past 18 years, most recently as Managing Director,
Global Head of Financial Sponsor Group within investment banking
at ABN Amro NV.  At ABN Amro, he was responsible for developing
the global Financial Sponsor platform, handling M&A, leveraged
financing and exit transactions for Financial Sponsors in the
U.K., Europe, U.S. and Asia.  He was previously a Director at
Robert Fleming & Co.

In addition, the group announces two further additions to the
Leadership Solutions team: John Lockett and Craige Vollmer.

John Lockett, Consultant, Leadership Solutions (Coaching), most
recently a partner with Inspirational Development Group,
previously spent 5 years with Barclays Bank plc as Director of
Leadership and Executive Development.  He specializes in
providing executive coaching for senior executives and
consultancy for executive teams and boards on their own
effectiveness and building capability in their organization.

Craige Vollmer, Consultant, Leadership Solutions (Assessment),
will join the private equity team working closely with Chris
Kirkness.  He is a Chartered Occupational Psychologist with
experience in working at strategic and operational levels in blue
chip, multinational companies.  Most recently an independent
consultant, he was previously a Human Resources Director at
Cadbury Schweppes and United Biscuits.

CONTACT:  WHITEHEAD MANN GROUP PLC
          14 Hay's Mews
          London
          United Kingdom
          W1J 5PT
          Phone: +44 20 7290 2000
          Fax: +44 20 7290 2050
          Web site: http://www.wmann.com


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *