---

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

                           E U R O P E

            Tuesday, January 17, 2006, Vol. 7, No. 12

                            Headlines

C Z E C H   R E P U B L I C

VSEOBECNA ZDRAVOTNI: More Clients Abandon Ship


G E R M A N Y

E. SCHNEIDER: Creditors' Claims Due March
E-UNO SCHELKES: Darmstadt Court Calls in Administrator
FABRY FLEISCHWAREN: Aachen Business Succumbs to Bankruptcy
H & M REISEN: Under Bankruptcy Administration
HEYDORN & HONIG: Meeting of Creditors Slated for March 16

INDUSTRIELLE FASSADENMONTAGEN: Appoints Administrator
KARSTADTQUELLE AG: Real Estate Divestment to Yield EUR3.5 Bln
KTB KAUTSCHUKTECHNIK: Court to Verify Claims June
LURATECH GMBH: Claims Filing Period Ends April
MAXDATA AG: Financial Fix Worsens in 2005

MOVIECAT GESELLSCHAFT: Creditors to Meet on Feb. 13
NBW GRUNDSTUECKSGESELLSCHAFT: Court to Verify Claims May
PROSIEBENSAT.1 MEDIA: Averse to Breakup Plan


G R E E C E

DRYSHIPS INC.: To Issue US$0.20 Dividend this Month


H U N G A R Y

PANNONPLAST RT: ERSTE BANK Acquires 5.2% Equity Stake


I T A L Y

LOTTOMATICA S.P.A.: Receives (P)Ba1 Issuer Rating


K A Z A K H S T A N

ARIRAN: Creditors' Claims Due Mid-February
BAIBATYR: Declared Bankrupt
CENTERCREDIT INTERNATIONAL: Securities Given Ba1 Rating
DIANA: Specialized Economic Court Declares Bankruptcy
KDS-PETROL: Succumbs to Insolvency

VEGA: Creditors Have Until Feb. 13 to File Proofs of Claim


N E T H E R L A N D S

ROYAL SHELL: Buys back 650,000 'A' Shares


R U S S I A

BELGOROD-PROJECT-STROY - 96: Under Bankruptcy Supervision
DALNEVOSTOCHNAYA: Under Bankruptcy Supervision
KUTUYSKOYE: Insolvency Manager Takes Over Firm
MAMONTOVSKOYE: Tyumen Court Opens Bankruptcy Proceedings
MIX-OIL: Bankruptcy Hearing Set Next Week

NARTKALINSKIY DISTILLERY: Bankruptcy Hearing Set Next Month
PETROZAVODSKIY: Succumbs to Bankruptcy
PSEBAYSKOYE: Krasnodar Court Brings in Insolvency Manager
RUSSIAN INTERREGIONAL: Moody's Assigns Global Ratings
VERDEEVSKIY DISTILLERY: Under External Management Procedure

WOODEN CENTRE: Claims Filing Period Ends Jan. 26


U K R A I N E

BANK MRIYA: Fitch Assigns Long-term CCC+ Rating
INDUSTRIALBANK: Fitch Keeps CCC Rating on Watch Evolving
INPAK: Kyiv Court Opens Bankruptcy Proceedings
KRAMATORSK BEER: Goes into Liquidation
MED-ART: Declared Insolvent

ORTIKON: Succumbs to Insolvency
PROGRES: Court Appoints Insolvency Manager
SELTA: Insolvency Manager Comes In


U N I T E D   K I N G D O M

1ST ALERT: Meeting of Creditors Set Later this Month
COMPASS GROUP: To Acquire Levy Restaurants' Remaining 51% Stake
DATA BUSINESS: Calls in Administrators from Chantrey Vellacott
FIRST DISCOUNT: Creditors Meeting Set Later this Month
FLINTLEASE LIMITED: Administrator Enters Firm

GLEN FACILITIES: Appoints Tomlinsons Administrator
JACKLIN LIMITED: Names Bridgers Administrator
LAMBOURNE CONSTRUCTION: Calls in Haines Watts Administrator
LEGEND WINDOWS: Hires Deloitte & Touche Administrator
NORTHERN FOODS: Expects Lower Profits this Year

OPTEX LIMITED: In Administrative Receivership
ORMELON CLOTHING: Retailers Hire Administrator
QXL RICARDO: Names New Non-executive Director
RAIL TOOLS: Administrator from Haines Watts Enters Firm
RETAIL VARIATIONS: Names Vantis Numerica Administrator

SILVER LADY: Calls in Administrators from Begbies Traynor
SKYEPHARMA PLC: Fidelity Cuts Stake to 8.7%
STORMGLAZE UK: In Administrative Receivership
UNIQ PLC: Q3 Sales Down 7.2%
YIELDMOON LIMITED: Creditors Meeting Set Today

*2005 Profit Warnings Up 23%
* Large Companies with Insolvent Balance Sheets

     **********     

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


VSEOBECNA ZDRAVOTNI: More Clients Abandon Ship
----------------------------------------------
More clients are leaving bankrupt Vseobecna zdravotni Pojistovna
Ceske Republiky (VZP) since the insurance group entered forced
administration, Czech Happenings says.

According to VZP spokesperson Jiri Suttner, quarterly figures
show that 21,600 clients left VZP in the last quarter of 2005,
twice as many than in the prior period.  Mr. Suttner said VZP
gained only a half of the usual number of clients.  Outgoing VZP
director Jirina Musilkova revealed fourth quarter registrants
numbered around 3,300 while third quarter newcomers totaled
6,861.  Mr. Suttner added the withdrawals caused VZP's revenues
to wane.

Ms. Musilkova, meanwhile, said clients can withdraw immediately,
even without complying with the deadlines for registration
cancellations, since the insurance group is under forced
administration.  She added many of those who have withdrawn are
employees and whole families.

She noted that VZP did manage to break off the exits earlier
last year and even had more registrants than withdrawals.

Health Minister David Rath placed VZP under forced
administration on Nov. 10, citing a need to stabilize the
heavily indebted group.  VZP, which operates on an annual budget
of CZK200 billion, has racked up debt of CZK14 billion, which
Mr. Rath has blamed on Ms. Musilkova's poor performance.  She,
however, has denied the charges.  

Ms. Musilkova did not resign on Jan. 1 pending her dismissal
from the company and the election of a new director.  The 200-
member Lower House of the Chamber of Deputies will vote on her
dismissal on Jan. 17.  The house will also name a new chief for
the insurance group. VZP Prague Josef Cekal is the position's
strongest contender.  

VZP protested against the administration and objected before an
administrative court.  Mr. Musilkova, however, said that Mr.
Rath has yet to form a remonstrance commission to review VZP's
objections though it's been two months since the entry of an
order.  She said that move was meant to delay the proceedings
until the lower house names a new director, who according to Ms.
Musilkova, would "definitely not submit the case to the
administrative court."

CONTACT:  VSEOBECNA ZDRAVOTNI POJISTOVNA CESKE REPUBLIKY
          Orlicka 4/2020
          130 00 Praha 3
          Phone: 221 751 111
          E-mail: info@vzp.cz
          Web site: http://www.vzp.cz


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


E. SCHNEIDER: Creditors' Claims Due March
-----------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against E. Schneider & Co. Elektro-Service
Kommanditgesellschaft on January 1.  Consequently, all pending
proceedings against the company are automatically stayed.  
Creditors have until March 30, 2006, to register their claims
with court-appointed provisional administrator Ruediger
Wienberg.     

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2006, 10:35 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report regarding the insolvency proceedings.  The court
will also verify the claims set out in the administrator's
report on May 18, 2006, 10:05 a.m. at the same venue.

CONTACT:  E. SCHNEIDER & CO. ELEKTRO-SERVICE
          KOMMANDITGESELLSCHAFT
          Schillerpromenade 36,12049 Berlin
          
          Ruediger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


E-UNO SCHELKES: Darmstadt Court Calls in Administrator
------------------------------------------------------
The District Court of Darmstadt opened bankruptcy proceedings
against e-uno Schelkes & Schelkes GmbH on January 1.  
Consequently, all pending proceedings against the company are
automatically stayed.  Creditors have until January 26, 2006 to
register their claims with court-appointed provisional
administrator Dr. Alexander Hopfner.     

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2006, 9:00 a.m. at the district court of
Darmstadt, Saal U2, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  E-UNO SCHELKES & SCHELKES GmbH
          Contact:
          Ruediger Schelkes, Manager
          Edisonstrasse 2, 68519 Viernheim

          Dr. Alexander Hopfner, Administrator
          Darmstadter Str. 43, 64646 Heppenheim
          Phone: 06252/6739988
          Fax: 06252/6739989


FABRY FLEISCHWAREN: Aachen Business Succumbs to Bankruptcy
----------------------------------------------------------
The District Court of Aachen opened bankruptcy proceedings
against Fabry Fleischwaren GmbH on January 1.  Consequently, all
pending proceedings against the company are automatically
stayed.  Creditors have until February 22, 2006 to register
their claims with court-appointed provisional administrator
Johannes Klefisch.      

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 10:15 a.m. at the district court
of Aachen, Augustastrasse 78-80, 52070 Aachen, 2. Etage,
Sitzungssaal 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:  FABRY FLEISCHWAREN GmbH
          Wilhelmstr. 5, 52146 Wuerselen
          Contact:
          Heinz-Hubert Fabry, Manager

          Johannes Klefisch, Administrator
          Rotter Bruch 6, 52068 Aachen


H & M REISEN: Under Bankruptcy Administration
---------------------------------------------
The District Court of Darmstadt opened bankruptcy proceedings
against H & M Reisen GmbH on January 1.  Consequently, all
pending proceedings against the company are automatically
stayed.  Creditors have until February 9, 2006 to register their
claims with court-appointed provisional administrator Ronald
Hofmann.     

Creditors and other interested parties are encouraged to attend
the meeting on March 23, 2006, 10:00 a.m. at the district court
of Darmstadt Zimmer 108, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  H & M REISEN GmbH
          Jagertorstr. 154, 64289 Darmstadt
          Contact:
          Joachim Hans Mueller, Manager

          Ronald Hofmann, Administrator
          Kasinostr. 9, 64293 Darmstadt
          Phone: 06151/39682-0
          Fax: 06151/39682-20


HEYDORN & HONIG: Meeting of Creditors Slated for March 16
---------------------------------------------------------
The District Court of Darmstadt opened bankruptcy proceedings
against Heydorn & Honig GmbH on January 1.  Consequently, all
pending proceedings against the company are automatically
stayed.  Creditors have until February 16, 2006, to register
their claims with court-appointed provisional administrator
Bardo M. Sigwart.      

Creditors and other interested parties are encouraged to attend
the meeting on March 16, 2006, 9:30 a.m. at the district court
of Darmstadt, Saal U2, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  HEYDORN & HONIG GmbH
          Heidelberger Strasse 63-65, 64285 Darmstadt
          Contact:
          Wolfgang Heydorn, Manager
          Masurenstrasse 8a, 64367 Muehltal

          Bardo M. Sigwart, Administrator
          Ostend 14, 64347 Griesheim
          Phone: 06155/60930
          Fax: 06155/66297


INDUSTRIELLE FASSADENMONTAGEN: Appoints Administrator
-----------------------------------------------------
The District Court of Darmstadt opened bankruptcy proceedings
against Industrielle Fassadenmontagen Harry Popiolek GmbH & Co.
Kommanditgesellschaft on January 1.  Consequently, all pending
proceedings against the company are automatically stayed.  
Creditors have until February 7, 2006 to register their claims
with court-appointed provisional administrator Bardo M. Sigwart.     

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2006, 9:30 a.m. at the district court
of Darmstadt, Zimmer 10, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  INDUSTRIELLE FASSADENMONTAGEN HARRY POPIOLEK GmbH
          & Co. KOMMANDITGESELLSCHAFT
          Egerlander Str. 10, 64331 Weiterstadt
          Contact:
          Harro Heinz Popiolek

          Bardo M. Sigwart, Administrator
          Ostend 14, 64347 Griesheim
          Phone: 06155/60930
          Fax: 06155/66297


KARSTADTQUELLE AG: Real Estate Divestment to Yield EUR3.5 Bln
-------------------------------------------------------------
Troubled retail giant KarstadtQuelle AG expects to earn at least
EUR3.5 billion when it sells its real estate assets, AFX News
says.

In an interview with Euro am Sonntag, Chief Executive Thomas
Middelhoff revealed that the retailer might earn more than the
forecasted figure of EUR3 billion.  He said there are no plans
to dispose of 30 more department stores.

Mr. Middelhoff also denied press rumors that the group's
majority owners are planning to delist KarstadtQuelle and split
it up.  He said, "There has not been and will not be a split-up.  
That is a rumor and can only be seen as malicious."

The chief executive also rejected speculations that he will
resign from his post at the end of the year.  He said, "I will
stay until the successful conclusion of our restructuring and
will hand over the reins at the end of 2008 at the earliest."

                            *   *   *

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
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com


KTB KAUTSCHUKTECHNIK: Court to Verify Claims June
-------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against KTB Kautschuktechnik GmbH & Co. KG on
January 1.  Consequently, all pending proceedings against the
company are automatically stayed.  Creditors have until April
27, 2006 to register their claims with court-appointed
provisional administrator Dr. Bjorn Gehde.     

Creditors and other interested parties are encouraged to attend
the meeting on February 13, 2006, 9:00 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on June
26, 2006, 9:00 a.m. at the same venue.

CONTACT:  KTB KAUTSCHUKTECHNIK GmbH & Co. KG
          Flottenstr. 59,13407 Berlin

          Dr. Bjorn Gehde, Administrator
          Goethestr. 85, 10623 Berlin


LURATECH GMBH: Claims Filing Period Ends April
----------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against LuraTech GmbH on January 1.  Consequently,
all pending proceedings against the company are automatically
stayed.  Creditors have until April 27, 2006 to register their
claims with court-appointed provisional administrator Udo Feser.     

Creditors and other interested parties are encouraged to attend
the meeting on February 13, 2006, 9:15 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 June
26, 2006, 9:15 a.m. at the same venue.

CONTACT:  LURATECH GmbH
          Kantstr. 21,10623 Berlin

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


MAXDATA AG: Financial Fix Worsens in 2005
-----------------------------------------
PC maker Maxdata AG failed to achieve its 2005 forecasts, with
turnover and EBIT falling lower, Borsen Zeitung says.

Maxdata had predicted a single-digit loss for 2005, but revised
it to a high single-digit or low double-digit figure.  It had
also forecasted a EUR700 million turnover for the year.  The
group ended 2005 with turnover of EUR657.4, down from EUR660
million in 2004, and an EBIT of -EUR35 million.

The group blamed its situation on falling prices and margins and
exceptional effects.  Maxdata expects the market conditions to
improve this year, but forecasts a EUR720 million turnover and a
balanced EBIT.

Maxdata stressed that its business model is right and even
superior to that of rivals in several aspects, but said that it
has yet to realize its full potential.

CONTACT:  MAXDATA AG
          Elbestrasse 12-16
          45768 Marl, Germany
          Phone: +49 (0) 2365 952-2122
          Fax: +49 (0) 2365 952-2125
          E-mail: ir@maxdata.com
          Web site: http://www.maxdata.com


MOVIECAT GESELLSCHAFT: Creditors to Meet on Feb. 13
---------------------------------------------------
The District Court of Charlottenburg opened bankruptcy
proceedings against Moviecat Gesellschaft fuer Catering und
Partyservice mbH on January 1.  Consequently, all pending
proceedings against the company are automatically stayed.  
Creditors have until April 27, 2006 to register their claims
with court-appointed provisional administrator Ruediger
Wienberg.      

Creditors and other interested parties are encouraged to attend
the meeting on February 13, 2006, 9:15 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
June 26, 2006, 9:05 a.m. at the same venue.

CONTACT:  MOVIECAT GESELLSCHAFT FUER CATERING
          UND PARTYSERVICE mbH
          Werkstattenweg 4,14055 Berlin

          Ruediger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


NBW GRUNDSTUECKSGESELLSCHAFT: Court to Verify Claims May
--------------------------------------------------------
The District Court of Berlin opened bankruptcy proceedings
against NBW Grundstuecksgesellschaft mbH & Co. Hohenstaufenplatz
KG on January 1.  Consequently, all pending proceedings against
the company are automatically stayed.  Creditors have until
March 30, 2006 to register their claims with court-appointed
provisional administrator Christoph Rosenmueller.     

Creditors and other interested parties are encouraged to attend
the meeting on February 16, 2006, 10:30 a.m. at the district
court of Berlin, 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
18, 2006, 10:00 a.m. at the same venue.

CONTACT:  NBW GRUNDSTUECKSGESELLSCHAFT mbH
          & Co. Hohenstaufenplatz KG
          Kleiststrasse 3 - 6,10787 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


PROSIEBENSAT.1 MEDIA: Averse to Breakup Plan
--------------------------------------------
ProSiebenSat.1 Media is unwilling to split up its operations
simply so its merger with Axel Springer Verlag can push through,
says Suddeutsche Zeitung citing sources privy to the matter.

In order to gain approval of the Cartel Office
(Bundeskartellamt), Springer recently proposed the sale of TV
station Prosieben after the merger.  The anti-trust authority
has rejected all other proposals by Springer, saying an approval
is possible only if the publishing group sells one of
Prosiebensat.1's TV station.  The sale, however, would come as a
last resort.

Aside from Prosieben's sale, Springer is also considering the
sale of its Bild newspaper.  A source close to Springer said the
group has yet to decide whether to present more options.  The
Cartel Office will decide on Jan. 20 whether to accept
Springer's proposal.

On Jan. 10, 2006 the Commission for Determining
Concentration in the Media Sector (KEK) vetoed Springer's
takeover of ProSiebenSat.1 Media.  KEK did not give reasons for
the denial.  KEK had wanted Springer to provide the financial
means needed to ensure plurality of ProSiebenSat.1's program
content, regardless of profitability requirements and market
interests.  The media regulator also had wanted the publishing
group to create an advisory committee representing various
sectors of society.

Cartel Office Chief Ulf Boege has admitted he is unconvinced by
Springer's arguments that the takeover will not fortify its
dominance in the market.

Springer already controls a majority stake in ProsiebenSat.1,
which it acquired for EUR3.5 billion from a group of investors
led by Haim Saban. 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

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


DRYSHIPS INC.: To Issue US$0.20 Dividend this Month
---------------------------------------------------
The Board of Directors for DryShips Inc. declared a quarterly
cash dividend of US$0.20 per common share, payable January 31,
2006 to stockholders of record on Jan. 17, 2006.

                     About the Company

DryShips specializes in shipping drybulk commodities such as
coal, iron ore, and grains as well as minor shipments like
bauxite, fertilizers, and steel products.  Its fleet is managed
by Liberian affiliate Cardiff Marine Inc.  Chairman and CEO
George Economou and family own 57% of DryShips.

For the year ended October 31, 2004, DryShips reported a
US$(4.374) million [EUR(3.58) million] shareholders' equity, as
total liabilities exceeded total assets of US$183.55 million
(EUR150.05 million).  The company faces US$98.17 million
(EUR80.24 million) in maturing debt before the end of the
current fiscal year.  Its long-term liabilities amount to
US$115.202 million (EUR94.16 million), according to U.S. SEC
files.

CONTACT:  DRYSHIPS INC.
          80 Kifissias Avenue
          Marousi
          Athens - 15125
          Greece
          Web site: http://www.dryships.com

          Christopher J. Thomas
          Chief Financial Officer
          Phone: 011-30-210-809-0570
          E-mail: finance@dryships.com

          Investor Relations / Media
          Nicolas Bornozis
          Capital Link, Inc. (New York)
          Phone: 212-661-7566
          E-mail: nbornozis@capitallink.com


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


PANNONPLAST RT: ERSTE BANK Acquires 5.2% Equity Stake
-----------------------------------------------------
Austrian lender Erste Bank is now one of Pannonplast Rt.'s major
shareholders, Budapest Business Journal says.

In a statement released to the Budapest Stock Exchange,
Pannonplast disclosed that Erste Bank acquired a 5.2% stake,
worth HUF422 million based on HUF2,210 closing price on Jan. 12.  
Terms of the equity sale were not disclosed.  The loss-making
plastic manufacturer, however, did not reveal the exact purchase
price.

Abberley Investment recently hiked its conditional stake in
Pannonplast Rt.  Pannonplast said Abberley, which indirectly
holds 2.685%, might acquire a conditional 4.995% stake.  
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

          ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG
          Graben 21
          1010 Vienna, Austria
          Phone: +43-50 100 10100
          Fax: +43-50 100 9 10100
          Web site: http://www.erstebank.at


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


LOTTOMATICA S.P.A.: Receives (P)Ba1 Issuer Rating
-------------------------------------------------
Moody's Investors Service has assigned several ratings to
Lottomatica S.p.A, which is planning to raise debt to fund the
acquisition of GTECH, the world's leading online lottery
operator.  

Ratings assigned:

(a) A (P)Baa3 corporate family rating

(b) A (P)Ba1 long-term senior unsecured issuer rating

(c) A (P)Baa3 guaranteed rating to the outstanding senior
    unsecured notes of EUR360 million due December 2008 issued
    by Lottomatica, on the basis of the upstream guarantee that
    will be delivered by GTECH Holdings Corporation (GTECH
    Holdings) and GTECH Corporation (GTECH Corp.), its main
    operating subsidiary.

The (P) provisional feature of the ratings will be removed upon
closing of the transaction, subject to implementation of the
contemplated capital structure and upstream guarantee as well as
review of the final legal documentation.

Moody's explains that the (P)Baa3 Corporate Family Rating
assigned to Lottomatica is predicated on the company's
announcement that it is acquiring 100% of GTECH Holdings in cash
for a total consideration of around EUR4.0 billion including
assumed net debt, representing a multiple of 9.9 times GTECH's
FYE February 2005 EBITDA.  To finance the acquisition,
Lottomatica will raise EUR1.4 billion in equity and place EUR750
million in hybrid securities, treated 75% equity - 25% debt by
Moody's (basket "D"), while GTECH Corp. is expected to borrow
EUR1.9 billion in senior bank debt.  The funding will be
completed with available cash at Lottomatica.  Moody's notes
that CSFB and Goldman Sachs are the joint underwriters of the
equity issue, the hybrid securities and the senior bank debt.

From a business risk perspective, Moody's believes that this
acquisition is a transforming deal for Lottomatica, allowing it
to shift from the exclusive Lotto concession in Italy to the
world's most extensive international lottery portfolio.  
Lottomatica, which only operates in Italy, generating more than
75% of its revenues and 80% of its EBITDA as the concessionaire
of the Italian Lotto game, is acquiring the world's leading
online lottery operator, with activities in 50 countries and a
global market share of 49%.  

Moody's acknowledges the moderate competitive pressures present
in the lottery industry, as illustrated by the downward price
revisions that may appear when renewing medium-term lottery
contracts.  However, the rating agency believes that the group's
strong competitive position, the reliable technology as well as
the relatively high barriers to entry -- represented by the
large installed base of point-of-sale terminals and the high
capital investments necessary to replicate the group's systems -
- ensure a high retention rate when contracts are renewed.

The group's focus on supplying and operating lottery systems and
the generation of around 89% of its combined revenues through
lottery contracts underpins, in Moody's view, a good degree of
earnings stability, given the proven resilience of the demand
for lottery games in the event of an economic downturn.  

This stability is also ensured by:

(a) The nature of the group's remuneration as a lottery service
    provider based on a fixed commission expressed as a
    percentage of total lottery wagers;

(b) the geographic diversity of the group's lottery revenues;

(c) The absence of excessive contract concentration apart from
    Lottomatica's Italian Lotto concession, which does not
    mature before June 2016; and

(d) the medium-term nature of the group's lottery contracts,
    which secure more than half of current revenues until 2010.

However, Moody's cautions that the group's lottery business
could be exposed in the long run to a gradual shift in gamblers'
behaviour in view of the growing choice of alternative gaming
propositions, particularly on the internet.  Moreover, the
rating agency is concerned that the group's diversification in
non-lottery operations -- primarily gaming machines and
commercial services such as bill payment processing and
recharging of mobile pre-paid cards -- could imply less business
stability and predictability going forward than is currently the
case.

Although Lottomatica is acquiring a company with twice its own
revenue levels, Moody's believes that the integration risk
associated with the acquisition of GTECH is manageable
considering the minimal operational and geographic overlaps.  In
addition, GTECH's management is closely associated with the
transaction -- indeed, GTECH's current CFO and CEO are expected
to be appointed CFO and CEO of the new group.  Nevertheless,
synergies will be limited as Lottomatica operates its own
technological system for the Lotto game in Italy.  The ratings
also take account of the financial condition of Lottomatica's
parent company (58% interest), De Agostini -- a family-owned
pure holding with exposures to sectors such as publishing, media
and communication, insurance and gaming through Lottomatica --
which Moody's expects not to materially deteriorate.

From a financial risk perspective, Moody's believes that the
group's credit metrics will be relatively weak for the rating
category in the first year of the transaction, with a pro-forma
retained cash flow pre-WC/Net Adjusted Debt of around 14% and a
Net Adjusted Debt/EBITDAR of 3.3 times as of December 2006
(assuming full consolidation as of 1 January 2006).  However,
Moody's expects that the credit metrics will improve in the
second year at a commensurate level with the rating category,
i.e. a retained cash flow pre-WC/Net Adjusted Debt in excess of
15% and a Net Adjusted Debt/EBITDAR of around 3.0 times, which
underpins the stable rating outlook.

Although the group is expected to pay large dividends to its
shareholders, Moody's takes comfort from the cash retention
stipulated by the dividend restriction, through a fixed charge
cover covenant tested annually, that will be inserted into the
terms and conditions of the senior bank debt.  While the capital
intensity of the industry is relatively high and the group may
wish to pursue its diversification strategy in non-lottery
businesses through sustained capital expenditures and
acquisitions, Moody's also notes the likely inclusion of
restrictions for capital spending in the terms and conditions of
the senior bank debt.

In addition, Moody's factors in management's commitment to
maintaining an investment-grade Corporate Family Rating in line
with its stated financial policy, which includes the key
objective of de-leveraging the group following the acquisition
of GTECH.  Moody's understands that no sizeable acquisitions
will be undertaken in the intermediate term.

The (P)Ba1 long-term senior unsecured issuer rating assigned to
Lottomatica reflects the material structural subordination borne
with the transaction.  GTECH Holdings' outstanding bonds are
expected to be refinanced by senior bank debt, which should be
eventually implemented at GTECH Corp.'s level.  GTECH Corp.  is
the main operating entity of the GTECH group, which generates
most of the GTECH group's cash flows.  The acquisition financing
implies material structural subordination in Moody's view
considering the amount of bank debt that will be placed on GTECH
Corp.  and the cash flow contribution of this entity.  The
senior unsecured bondholders at Lottomatica's level will have
less direct access to GTECH Corp's cash flows than the banks
lending to GTECH Corp.

However, Moody's assigned a (P)Baa3 guaranteed rating to the
outstanding senior unsecured notes of EUR360 million due
December 2008 issued by Lottomatica, on the basis of the
upstream guarantee that will be delivered specifically for this
debt instrument by GTECH Holdings and GTECH Corp.

Lottomatica S.p.A is the concessionaire of the Lotto game in
Italy and reported net revenues of EUR583 million in FYE
December 2004.  GTECH Holdings Corporation is the worldwide
leader in online lottery systems and reported net revenues of
US$1,257 million in FYE February 2005.

CONTACT:  MOODY'S FRANCE S.A. (PARIS)
          Eric de Bodard, Managing Director
          European Corporates
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Jacques Ouazana, Analyst
          European Corporates
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


ARIRAN: Creditors' Claims Due Mid-February
------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
region declared LLC Ariran bankrupt on November 23, 2005.  
Creditors may submit their proofs of claim to Kyzylorda region,
Karmakshinsk region, III Internasional on or before February 13,
2006.

Call 8 237-2-27-11 or 8 300 149 57-34 for more information.


BAIBATYR: Declared Bankrupt
---------------------------
The Specialized Inter-Regional Economic Court declared LLC
Baibatyr bankrupt on December 6, 2005.  Creditors may submit
their proofs of claim to Taldykorgan Jangusurov Str. 113, Room
208 on or before February 13, 2006.

Call 8 (328(22) 24-19-77 for more information.


CENTERCREDIT INTERNATIONAL: Securities Given Ba1 Rating
-------------------------------------------------------
Moody's Investors Service has assigned a Ba1 long-term rating to
the senior unsecured foreign currency notes expected to be
issued by CenterCredit International B.V. (Netherlands), a
wholly owned subsidiary of Kazakhstan's CenterCredit Bank (BCC,
rated Ba1/NP/D- with a positive outlook).

The issue is planned to be unconditionally and irrevocably
guaranteed by BCC.  The outlook is positive.  The rating is
subject to reviewing the final documentation on the transaction.

The Ba1 rating incorporates potential support from the
Kazakhstani authorities in the event of need, in reflection of
CenterCredit Bank's importance to the national banking system as
the country's fifth-largest bank in terms of both total assets
and customer deposits as of end-3Q 2005.  However, Moody's
cautions that any outside support from the authorities in case
of distress might be of a limited nature and its volume and
timeliness uncertain.

Under the terms of the bond issue, CenterCredit Bank must comply
with certain covenants, such as negative pledge, limitation on
payment of dividends and maintenance of a minimum consolidated
BIS Capital Adequacy Ratio of 10%.

CenterCredit Bank is headquartered in Almaty, Kazakhstan and
reported (unaudited) total IFRS-consolidated assets of KZT258
billion (US$1.9 million) as of September 30, 2005, representing
a rapid 83% year-on-year growth.

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

          MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
          Andrey Naumenko, Vice President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


DIANA: Specialized Economic Court Declares Bankruptcy
-----------------------------------------------------
The Specialized Inter-Regional Economic Court on West Kazakhstan
region declared JSC Diana bankrupt on November 24, 2005.  
Creditors may submit their proofs of claim to Uralsk, Evrazia
Ave. 59-1 on or before February 13, 2006.

Call 8 (311(22) 24-47-90, 24-06-61 or 50-35-97 for more
information.


KDS-PETROL: Succumbs to Insolvency
----------------------------------
LLC KDS-Petrol has declared insolvency.  Creditors may submit
their proofs of claim to Almaty region, Ilisk district,
Boraldai, Mendeleeva Str. 10.

CONTACT:  KDS-PETROL
          Almaty region,
          Ilisk district, Boraldai,
          Mendeleeva Str. 10.


VEGA: Creditors Have Until Feb. 13 to File Proofs of Claim
----------------------------------------------------------
The Specialized Inter-Regional Economic Court on East Kazakhstan
Region declared Agricultural Farm Vega bankrupt on November 16,
2005.  Creditors may submit their proofs of claim to Ust-
Kamenogorsk, Utepova Str. 34-29 on or before February 13, 2006.

Call 8 (323(2) 24-80-67 for more information.


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


ROYAL SHELL: Buys back 650,000 'A' Shares
-----------------------------------------
On 13 January 2006, Royal Dutch Shell plc purchased for
cancellation 500,000 'A' Shares at a price of EUR26.83 per
share.  It further purchased for cancellation 150,000 'A' Shares
at a price of 1,831.31 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,934,727,974.

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
===========


BELGOROD-PROJECT-STROY - 96: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Belgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Belgorod-Project-Stroy - 96 (TIN 3123033844).  The case is
docketed as A08-8310/05-11.  Mr. V. Petrochenko has been
appointed temporary insolvency manager.

A hearing will take place on February 7, 2006, 2:30 p.m. at
308610, Russia, region Belgorod, Narodnyj Avenue, 135, room 18.

CONTACT:  BELGOROD-PROJECT-STROY - 96
          308002, Russia, Belgorod region,
          B. Khmelnitskogo Str. 133 "zh"

          V. PETROCHENKO
          Temporary Insolvency Manager
          308002, Russia, Belgorod region,
          B. Khmelnitskogo Str. 133 "zh", Office 509
          Phone/Fax: 8(0722) 26-17-98


DALNEVOSTOCHNAYA: Under Bankruptcy Supervision
----------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Dalnevostochnaya.  The case is docketed as A73-11331/05-38.  Mr.
A. Mikhaylovskiy has been appointed temporary insolvency
manager.

CONTACT:  DALNEVOSTOCHNAYA
          Russia, Khabarovsk region,
          Promyshlennaya Str. 12

          A. MIKHAYLOVSKIY
          Temporary Insolvency Manager
          680013, Russia, Khabarovsk region,
          Leningradskaya Str. 28, ABK #8, Office 318


KUTUYSKOYE: Insolvency Manager Takes Over Firm
----------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on limited liability company
Kutuyskoye.  The case is docketed as A73-11338/2005-38.  Mr. E.
Pak has been appointed temporary insolvency manager.

CONTACT:  KUTUYSKOYE
          Russia, Khabarovsk region,
          Okhotsk, Zavodskaya Str. 1

          E. PAK
          Temporary Insolvency Manager
          680009, Russia, Khabarovsk region,
          Promyshlennaya Str. 20


MAMONTOVSKOYE: Tyumen Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Mamontovskoye after finding the auto
transport company insolvent.  The case is docketed as A75-
4698/2005.  Mr. V. Belonogov has been appointed insolvency
manager.

CONTACT:  MAMONTOVSKOYE
          628300, Russia, Tyumen region,
          Pyt-Yakh, Promzone

          V. BELONOGOV
          Insolvency Manager
          628310, Russia, Tyumen region,
          Nefteyugansk-10, Post User Box 57


MIX-OIL: Bankruptcy Hearing Set Next Week
-----------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on limited liability company Mix-Oil.  The
case is docketed as A-70-6471/3-05.  Ms. T. Isaeva has been
appointed temporary insolvency manager.  

Creditors may submit their proofs of claim to 625046, Russia,
Tyumen, Motostroiteley Str. 14, Building 1, Office 1.  A hearing
will take place on January 24, 2006, 9:20 a.m. at Russia, Tyumen
region, Khokhryakova Str. 77.

CONTACT:  T. ISAEVA
          Temporary Insolvency Manager
          625046, Russia, Tyumen region,
          Motostroiteley Str. 14, Building 1, Office 1


NARTKALINSKIY DISTILLERY: Bankruptcy Hearing Set Next Month
-----------------------------------------------------------
The Arbitration Court of Kabardino Balkariya republic has
commenced bankruptcy supervision procedure on open joint stock
company Nartkalinskiy Distillery.  The case is docketed as A20-
7802/2005.  Ms. Y. Chernikova has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 129110, Russia,
Moscow, M. Ekaterininskaya Str. 17/21.  A hearing in the Court
is to take place on February 27, 2006.

CONTACT:  NARTKALINSKIY DISTILLERY
          Russia, Kabardino Balkariya republic,
          Nartkala, Oshnokova Str. 1

          Y. CHERNIKOVA
          Temporary Insolvency Manager
          129110, Russia, Moscow region,
          M. Ekaterininskaya Str. 17/21


PETROZAVODSKIY: Succumbs to Bankruptcy
--------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Petrozavodskiy after finding the close joint
stock company insolvent.  The case is docketed as A26-7329/2005-
18.  Ms. E. Idelchik has been appointed insolvency manager.

CONTACT:  PETROZAVODSKIY
          185005, Russia, Kareliya republic,
          Petrozavodsk, Rigachina Str. 64

          E. IDELCHIK
          Insolvency Manager
          185035, Russia, Kareliya republic,
          Petrozavodsk, Gogolya Str. 54


PSEBAYSKOYE: Krasnodar Court Brings in Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Psebayskoye.  The case is docketed as A-32-37006/05-37/489-B.  
Mr. A. Mavrov has been appointed temporary insolvency manager.  
Creditors may submit their proofs of claim to 350075, Russia,
Krasnodar region, Stasova Str. 180.

CONTACT:  PSEBAYSKOYE
          352570, Russia, Krasnodar region, Mostovskiy region,
          Psebay, Sovetskaya Str. 276

          A. MAVROV
          Temporary Insolvency Manager
          350075, Russia, Krasnodar region,
          Stasova Str. 180


RUSSIAN INTERREGIONAL: Moody's Assigns Global Ratings
-----------------------------------------------------
Moody's Investors Service has assigned the following global
scale ratings with a stable outlook to Russian Interregional
Bank for Development (Russ-Bank): B2 long-term and Not-Prime
(NP) short-term foreign currency deposit ratings and an E+
financial strength rating (FSR).  

At the same time, Moody's Interfax Rating Agency has affirmed a
Baa1.ru long-term national scale credit rating (NSR) of Russ-
Bank.  Moscow-based Moody's Interfax is majority-owned by
Moody's, a leading global rating agency.

According to Moody's and Moody's Interfax (Moody's), the
B2/NP/E+ global scale ratings reflect global default and loss
expectation, while the Baa1.ru national scale rating reflects
the standing of the bank's credit quality relative to its
domestic peers.

The ratings assigned to Russ-Bank reflect its close ties with
Rossgosstrakh ("RGS"), one of the leaders in the Russian
insurance market, which is the bank's largest provider of funds
and a partner in a number of joint business projects.  The
underlying reason for the bank's privileged relationship with
RGS, is that both entities are controlled by the same
individual, Danil Khachaturov.  The bank has also built up a
niche franchise in car lending.  Other positive rating drivers
include a stable liquidity position and sufficient
capitalisation

However, Moody's notes that Russ-Bank's ratings are primarily
constrained by a very high volume of operations with related
parties on both sides of the balance sheet.  The bank's
profitability significantly depends on related party
transactions.  Another negative rating driver is the
concentrated nature of the bank's loan portfolio, characterised
by a large exposure to a small group of companies, mostly in
finance sector.

According to Moody's, the B2/NP long-term foreign currency
deposit ratings do not incorporate any support in the event of
need from the bank's controlling shareholder or RGS.  Although
such support is possible, Moody's believes its scope and
timeliness are somewhat uncertain, while support from the
Russian financial authorities is highly unlikely.

Background & Profile

Russ-Bank was founded in 1994 to service a small group of
shareholders.  The bank subsequently expanded the scope of its
activities by providing banking services to Buryatiya region in
the Eastern Siberia where the branch was set up in 1998.  Since
2002, the bank has been servicing RGS.  In 2005, the bank
adopted a new strategy aimed at transforming Russ-Bank into a
large universal commercial bank.

The bank's controlling shareholder is Danil Khachaturov,
President of Rosgosstrakh Group and CEO of Rosgosstrakh
insurance company.

The bank's branch network comprises nine branches across the
Russian regions.  Russ-Bank reported total assets of US$514
million and shareholders' equity of US$87 million in accordance
with IFRS as of 31 December 2004.  According to Interfax, Russ-
Bank ranked 51st in terms of total assets and 44th in terms of
capital among Russian banks as at 1 October 2005.

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

          Andrey Artyukhin, Vice President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


VERDEEVSKIY DISTILLERY: Under External Management Procedure
-----------------------------------------------------------
The Arbitration Court of Ryazan region has commenced external
management bankruptcy procedure on open joint stock company
Verdeevskiy Distillery.  The case is docketed as A54-1306/05-S6.  
Mr. E. Porkhunov has been appointed external insolvency manager.  

CONTACT:  VERDEEVSKIY DISTILLERY
          391824, Russia, Ryazan region,
          Skopinskiy region, Verderevo

          E. PORKHUNOV
          External Insolvency Manager
          390013, Russia, Ryazan region,
          Zavrazhnova Pr. 5, Office 14


WOODEN CENTRE: Claims Filing Period Ends Jan. 26
------------------------------------------------
The Arbitration Court of Komi republic commenced bankruptcy
proceedings against Wooden Centre (TIN 1101300267) after finding
the open joint stock company insolvent.  The case is docketed as
A29-7798/05-3B.  Mr. E. Amon has been appointed insolvency
manager.  Creditors have until January 26, 2006 to submit their
proofs of claim to 167000, Russia, Komi republic, Syktyvkar,
Pervomayskaya Str. 36-4.

CONTACT:  WOODEN CENTRE
          167000, Russia, Komi republic,
          Syktyvkar, Pervomayskaya Str. 121

          E. AMON
          Insolvency Manager
          167000, Russia, Komi republic,
          Syktyvkar, Pervomayskaya Str. 36-4


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


BANK MRIYA: Fitch Assigns Long-term CCC+ Rating
-----------------------------------------------
Fitch Ratings has assigned Ukraine's Bank Mriya (Mriya) ratings
of Long-term 'CCC+', Short-term 'C', Support '5' and Individual
'D/E'.  At the same time, the Long-term, Short-term and Support
ratings have been put on Rating Watch Positive.

The Long-term, Short-term and Individual ratings reflect Mriya's
small size and limited franchise, high borrower concentrations,
significant related-party exposures and potentially vulnerable
liquidity, as well as certain weaknesses in the operating
environment.  However, they also take into account the bank's
sound performance and low levels of asset impairment to date.

The Rating Watch Positive reflects the greater probability of
support for the bank being forthcoming, in case of need, if
Russia-based Vneshtorgbank (VTB, rated Long-term 'BBB')
completes the acquisition of a 98% stake in the bank.  The
Chairmen of Mriya's supervisory board and VTB's management board
have signed a memorandum of understanding for the acquisition,
and approval for the purchase has been received from Ukraine's
Anti-Monopoly Committee.  The Watch will be resolved once VTB
and Mriya's main shareholders conclude a share purchase
agreement, which is expected to happen following authorization
of the deal by the National Bank of Ukraine.

Upward pressure on Mriya's Individual rating could result from a
significant increase in capitalization and franchise, reductions
in loan concentrations and related-party business, improved
funding diversification and a strengthening of liquidity.  In
Fitch's opinion, acquisition by VTB could result in positive
developments in several of these areas.  Downward pressure on
the Individual rating could result from a marked deterioration
in asset quality or a reduction in capitalization.

Mriya is a relatively small bank, even by Ukrainian standards,
accounting for approximately 1% of sector assets and equity.  
The main focus is on SME business, but retail deposits are also
significant.  The bank is currently majority-owned by owners and
former managers of the Ukrprominvest financial-industrial group.

CONTACT:  BANK MRIYA
          01601 Kiev
          Gogolevskaya Street, 22-24
          Ukraine
          Phone: (044) 486-04-90
          Fax: (044) 484-61-99

          FITCH RATINGS
          James Watson
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901

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


INDUSTRIALBANK: Fitch Keeps CCC Rating on Watch Evolving
--------------------------------------------------------
Fitch Ratings has disclosed that it is keeping Industrialbank's
(INB) Long-term 'CCC', Short-term 'C' and Individual 'D/E'
ratings on Rating Watch Evolving.  INB's Support rating is '5'.

Fitch says that while the merger between INB and MT-Bank, on
which the resolution of the Rating Watch Evolving depends, is
now complete, only once the agency has received additional
information on the merger will it be in a position to assess its
impact, if any, on INB's ratings.  Fitch notes that it expects
to receive such information in the coming months, at which point
it intends to resolve the Rating Watch Evolving.

INB was established in 1990 as Bank Sodruzhestvo.  It re-
registered under its current name in 1996. In December 2005, INB
completed a merger with MT-Bank, a medium-sized bank located in
central Ukraine, whose core business consisted of corporate
lending and deposit taking.  INB and MT-Bank were the 34th and
40th largest banks, respectively, in Ukraine by assets at end-
September 2005, and Fitch expects the merged entity to rank
among the top 20 in the country.

CONTACT:  INDUSTRIALBANK
          Ukraina Str.
          Kyiv 69037
          Phone: (0612)15-18-02 or 15-18-12
          Fax: (0612)15-18-32 to 37

          FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 (0) 20 7417 3495
          Vladlen Kuznetsov
          James Watson, Moscow
          Phone: +7 095 956 9901

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


INPAK: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Inpak (code EDRPOU 39671639) on December 12,
2005 after finding the limited liability company insolvent.  The
case is docketed as 15/880-b.  Mr. Denisenko Viktor has been
appointed liquidator/insolvency manager.

Creditors had until January 15, 2005 to submit their proofs of
claim to:

(a) INPAK
    01001, Ukraine, Kyiv region,
    Sofiyivska Str. 10-A

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


KRAMATORSK BEER: Goes into Liquidation
--------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against CJSC Kramatorsk' Beer Plant (code EDRPOU
05394653) on November 30, 2005 after finding the close joint
stock company insolvent.  The case is docketed as 42/210 B.  Ms.
Geza Yanina (License Number AA 779261) has been appointed
liquidator/insolvency manager.  The company holds account number
26002375013001 at CB Privatbank, Kramatorsk branch, MFO 335548.

Creditors had until January 15, 2005 to submit their proofs of
claim to:

(a) Ms. Geza Yanina
    Liquidator/Insolvency Manager
    83000, Ukraine, Donetsk region,
    Glavposhtamt, Artema Str. 72, a/b 6

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


MED-ART: Declared Insolvent
---------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against CJSC Med-Art (code EDRPOU 22939733) on
November 2, 2005 after finding the limited liability company
insolvent.  The case is docketed as 43/838.  Private Enterprise
Healthyway has been appointed liquidator/insolvency manager.  
The company holds account number 26004009801 at JSB Azhio, MFO
300175).

Creditors had until January 15, 2005 to submit their proofs of
claim to:

(a) MED-ART
    03057, Ukraine, Kyiv region,
    Polyovij Lane, 7

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


ORTIKON: Succumbs to Insolvency
-------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Ortikon' (code EDRPOU 22806790) on November
8, 2005 after fining the private production commercial firm
insolvent.  The case is docketed as 14/4574.  Mr. Bilera Oleg
(License Number AA 783030) has been appointed
liquidator/insolvency manager.  The company holds account number
26006002872001 at JSC Ukrinbank, Cherkassy branch, MFO 354314.

Creditors had until January 15, 2005 to submit their proofs of
claim to:

(a) ORTIKON
    Ukraine, Cherkassy region,
    Geroiv Dnipra Str. 7/7

(b) Mr. Bilera Oleg
    Liquidator/Insolvency Manager
    Ukraine, Cherkassy region,
    Volkov Str. 59/35
    Phone/Fax: (0472) 41-67-64
                      76-79-77

(c) ECONOMIC COURT OF CHERKASSY REGION
    18005, Ukraine, Cherkassy region,
    Shevchenko Avenue 307


PROGRES: Court Appoints Insolvency Manager
------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Progres (code EDRPOU 19279752) on October 6,
2005 after finding the limited liability company insolvent.  The
case is docketed as 25/203.  Sate Tax Inspection of Zaporizhya
has been appointed liquidator/insolvency manager.

Creditors had until January 15, 2005 to submit their proofs of
claim to:

(a) PROGRES
    69104, Ukraine, Zaporizhya region,
    Malinovskij Str. 4

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


SELTA: Insolvency Manager Comes In
----------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Selta (code EDRPOU 32994316) on December 5,
2005 after finding the limited liability company insolvent.  The
case is docketed as 42/208 B.  Ms. Geza Yanina (License Number
AA 779261) has been appointed liquidator/insolvency manager.

Creditors had until January 15, 2005 to submit their proofs of
claim to:

(a) SELTA
    83096, Ukraine, Donetsk region,
    Hirurgichna Str. 22

(b) Ms. Geza Yanina
    Liquidator/Insolvency Manager
    83000, Ukraine, Donetsk region,
    Glavposhtamt, Artema Str. 72, a/b 6

(c) 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
===========================


1ST ALERT: Meeting of Creditors Set Later this Month
----------------------------------------------------
Creditors of 1st Alert Security Services Limited will meet on
January 31, 2006, 10:30 a.m. at hjs Recovery, 12-14 Carlton
Place, Southampton, Hampshire SO15 2EA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to hjs Recovery, 12-14 Carlton Place, Southampton,
Hampshire SO15 2EA not later than 12 noon, January 30, 2006.

CONTACT:  HJS
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.co.uk


COMPASS GROUP: To Acquire Levy Restaurants' Remaining 51% Stake
---------------------------------------------------------------
Compass Group plc revealed Friday that Levy Restaurants has
exercised its put option and that Compass Group will purchase
the remaining 51% interest in the company on 17 April 2006, for
a consideration of US$250 million, in cash.

Compass acquired a 49% stake in Levy Restaurants in September
2000 for US$87 million.  Since that time annual contract
revenues have increased from US$200 million to US$560 million at
30 September 2005.

Levy Restaurants operates numerous prestigious sporting and
entertainment venues including: Wrigley Field (home of the
Chicago Cubs); Lambeau Field (home of the Green Bay Packers);
Dodger Stadium (home of the Los Angeles Dodgers); Ford Field
(home of the Detroit Lions); FedEx Forum (home of the Memphis
Grizzles); Toyota Center (home of the Houston Rockets);
Charlotte Bobcats Arena (home of the Charlotte Bobcats); 6
NASCAR racetracks, Churchill Downs, (home of the Kentucky
Derby); and most recently, American Airlines Center (home of
Dallas Mavericks and Stars).

In 2002, Levy Restaurants was also selected by AEG to be the
exclusive foodservice provider at all AEG sports and music
venues around the world, including: STAPLES Center (home of the
Los Angeles Lakers, Clippers and Kings); Home Depot Center (Los
Angeles) and the O2, an arena and sports facility in London on
the site of the former Millennium Dome.

Levy's sports and entertainment roster also includes the
industry's highest profile events: numerous Super Bowls, Grammy
Awards, major league All-Star and championship games, World
Series, Kentucky Derbys and NASCAR racing.

                            *   *   *

In October, Financial Times reported that Compass has become
entangled in the probe into alleged corrupt buying practices at
the United Nations.  A U.S. federal investigation into the
contract caterer was also "still ongoing," according to a
spokeswoman from the U.S. embassy in London.

The inquiry is another blow to the company, which has already
released three profits warning in 12 months.  The latest, on
September 28, warned shareholders that full-year profit before
tax, goodwill amortization and exceptional items could fall 10%
to GBP580 million.

The group also revealed that Chief Executive Mike Bailey will
step down this year.  It also intends to dispose of its Select
Service Partner (SSP) travel-concessions business to focus on
support services and contract catering operations.

In April, shareholders pressured Mr. Bailey to justify the
group's second profit warning in just seven months.  This came
as British schools reconsidered their contracts with Scolarest,
a subsidiary of the company, which provides one in 10 school
meals in Britain.

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


DATA BUSINESS: Calls in Administrators from Chantrey Vellacott
--------------------------------------------------------------
David John Oprey and David Anthony Ingram, (IP Nos 5814, 8015)
of Chantrey Vellacott DFK LLP were appointed administrators of
Data Business Products Limited (Company No 2654035) on Dec. 14.  

CONTACT:  CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com


FIRST DISCOUNT: Creditors Meeting Set Later this Month
------------------------------------------------------
Creditors of First Discount Limited (Company No 03109623) will
meet on January 23, 2006, 11 p.m. at Langley House, Park Road,
East Finchley, London N2 8EX.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to P. Simons, joint administrator of Langley &
Partners, Langley House, Park Road, East Finchley, London N2 8EX
not later than 12 noon, January 20, 2006.

CONTACT:  LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: philip.simons@langleypartners.co.uk  


FLINTLEASE LIMITED: Administrator Enters Firm
---------------------------------------------
Stephen Gordon Franklin Panos Eliades (IP No 6029) of Franklin &
Co was appointed administrator of Flintlease Limited (Company No
2688038) on Dec. 22.  The company operates a recreational
center.  Its registered office is at 42 High Street, Flitwick,
Bedfordshire MK45 1DU.

CONTACT:  FLINTLEASE LTD.  
          17 Ware Road, Hertford,
          Hertfordshire SG137DZ
          Phone: 01992505238

          PANOS ELIADES FRANKLIN & CO.
          18 Theydon Road
          London E5 9NA
          Phone: 020 8815 4000
          Fax: 020 8815 4040


GLEN FACILITIES: Appoints Tomlinsons Administrator
--------------------------------------------------
Company Names: GLEN FACILITIES MANAGEMENT LIMITED
               (Company No 05316185)

               GLEN SECURITY LIMITED
               (Company No 05128413)

A. H. Tomlinson (IP No 006585) of Tomlinsons was appointed
administrator of these companies on Dec. 23.  

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


JACKLIN LIMITED: Names Bridgers Administrator
---------------------------------------------
Peter John Bridger and John Arthur Kirkpatrick (IP Nos 9876,
2230) Bridgers were appointed administrators of Jacklin Limited
(Company No 01210255) on Dec. 29.  

CONTACT:  BRIDGERS
          6C Church Street,
          Reading, Berkshire RG1 2SB
          Phone: 0118 9512131
          Fax: 0118 9512161
          E-mail: john.kirkpatrick@bridgers.co.uk  


LAMBOURNE CONSTRUCTION: Calls in Haines Watts Administrator
-----------------------------------------------------------
Andrew Appleyard (IP No 8749) of Haines Watts was appointed
administrator of Lambourne Construction Limited (Company No
04618731) on Dec. 29.  Its registered office is at 5 Lambourne
Way, Norton Canes, Cannock, Staffordshire WS11 3FA.

CONTACT:  HAINES WATTS
          Canterbury House
          85 Newhall Street
          Birmingham
          West Midlands B3 1LH
          Phone: 0121 212 4477
          Fax: 0121 212 4459


LEGEND WINDOWS: Hires Deloitte & Touche Administrator
-----------------------------------------------------
Company Names: LEGEND WINDOWS LIMITED
               (Company No 3931429)

               PLANET COTSWOLDS LIMITED
               (Company No 04753967)

               PLANET GROUP LIMITED
               (Company No 05113569)

               PLANET HAMPSHIRE LIMITED
               (Company No 0747072)

               PLANET PVC GROUP LIMITED
               (Company No 4189339)

               PLANET WAKEFIELD LIMITED
               (Company No 04419264)

               PLANET WEST MIDLANDS LIMITED
               (Company No 05051047)

               POLAR GLASS LIMITED
               (Company No 05129593)

               SUMATRA LIMITED
               (Company No 04797730)


William Kenneth Dawson (IP No 008266) and Ian Brown (IP No
007236) of Deloitte & Touche LLP were appointed joint
administrators of these companies on Dec. 22.  Its registered
office is at 232 Oldfield Road, Walton Summit, Bamber Bridge,
Preston PR5 8BG.

CONTACT:  DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942
          E-mail: bill.dawson@deloitte.co.uk

          DELOITTE & TOUCHE
          PO Box 500
          201 Deansgate
          Manchester
          Greater Manchester M60 2AT
          Phone: 0161 832 3555
          Fax: 0161 829 3806


NORTHERN FOODS: Expects Lower Profits this Year
-----------------------------------------------
Northern Foods plc has provided a trading update for the third
quarter (13 weeks ended 31 December 2005).  In light of the
recent marked strength in the share price, this announcement has
been brought forward from the scheduled date.

Underlying sales for continuing operations in the third quarter
grew by 3.0%, following growth of 3.4% reported for the first
half year (26 weeks ended 1 October 2005).  Sales leading up to
Christmas met our expectations and the seasonal peak, in both
chilled and bakery products, was successfully delivered.  Q3
sales in the Frozen division showed strong year-on-year growth,
benefiting from the successful launch of the Goodfella's Solos
pizza range.  

The Bakery division continued to deliver steady sales growth,
defending its number 2 brand position in biscuits despite strong
promotional activity across the market.  In the Chilled division
Q3 underlying sales were unchanged, with the continued impact of
earlier range and factory rationalization offsetting new
business volume.

Q3 continuing operating margin* was broadly in line with the
first half year but lower than the prior year period.  As
previously indicated, we have experienced sharply higher costs,
particularly energy.  We have secured some increases in selling
prices; however, it is taking longer than expected to complete
this process.  In addition, margin has been constrained by the
higher promotional expenditure in biscuits and the substantial
investment in the Chilled division turnaround program has yet to
benefit the profit performance.

In the fourth quarter, we are continuing to secure price
increases which are expected to result in improved margins.  
Given the ongoing promotional activity in biscuits and
continuing investment in the Chilled turnaround program, second
half continuing operating margin* will be below the prior year.  
Accordingly, the Group's profit before tax* for the current year
is expected to fall below the prior year**.

We are engaged in a major transformation program.  While
profitability has been impacted in the short-term by the factors
indicated, we are confident that our continued focus on driving
efficiency, cost price recovery and the restructuring of the
Chilled business will deliver our medium term goals.

[*] before exceptional items

[**] Profit before tax* for the prior year under IFRS was
GBP62.2 million.

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


OPTEX LIMITED: In Administrative Receivership
---------------------------------------------
Invoice Finance Limited appointed Anthony Norman Flynn and
Martin Gilbert Ellis (IP Nos 8619, 8687) of Grant Thornton UK
LLP joint administrative receivers of Optex Limited (Reg No
967956) on Dec. 23. Its registered office is at 1 Hyde Park
Place, London W2 2LH.

Optex Limited -- http://www.optexint.com-- manufactures and  
distributes photographic equipment.

CONTACT:  OPTEX LTD
          20-26 Victoria Road
          New Barnet
          Hertfordshire EN4 9PF
          United Kingdom
          Phone: (020) 8441 2199
          Fax: (020) 8449 3646

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


ORMELON CLOTHING: Retailers Hire Administrator
----------------------------------------------
Company Names: ORMELON CLOTHING COMPANY LIMITED
               (Company No 00171714)

               ORMELON LIMITED
               (Company No 04459557)

Simon Franklin Plant and Daniel Plant (IP Nos 9155, 9207) of S F
Plant & Co were appointed administrators of these companies on
Dec. 22.  The firms sell clothing and footwear.

CONTACT:  S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Phone: 0207 538 2222
          Fax: 0207 538 3322


QXL RICARDO: Names New Non-executive Director
---------------------------------------------
QXL ricardo plc has appointed Bruce McInroy as a non-executive
director of the Company with effect from 12 January 2006.

Mr. McInroy is a partner of Novator Partners LLP (Novator), a
London-based investment manager regulated by the FSA.  Novator
manages the investment fund Novator One, which is the principal
investor in the Company's largest shareholder,
Beleggingsmaatschappij Florissant N.V. (Florissant).  Novator
was set up by Icelandic businessman Thor Bjorgolfsson.

Mr. McInroy joined Novator in early 2004 to concentrate on
investments in the telecommunications and technology sectors.  
He is a member of the Supervisory Board of P4 Sp z o.o., the
fourth mobile telephone operator in Poland which was awarded a
3G licence in 2004; a Director of Be Un Limited, the U.K. high-
speed broadband operator; and a Director of Forthnet, the
leading Greek broadband telecoms company, listed on the Athens
Stock Exchange.

Prior to joining Novator, Mr. McInroy gained wide-ranging
telecoms and technology sector experience in industry with BT;
in equities research, covering the U.K. and European technology
and telecoms sectors; and more recently in investment banking
with Deutsche Bank and Merrill Lynch.  Mr. McInroy has an MA
degree from Trinity College, Cambridge.

Mr. McInroy will be appointed as a director as a nominee of
Florissant which holds approximately 27.9% of the Company's
issued ordinary share capital.  In accordance with the Company's
Articles of Association, the appointment of Mr. McInroy will
expire at the Company's annual general meeting in 2006 and his
appointment will be subject to re-election by shareholders at
that meeting.

Further to the announcement made by the Company on 17 October
2005 regarding QXL Poland Sp z o.o., the Company confirms that
discussions and due diligence in Poland are progressing in
relation to the proposal referred to in that announcement.  
Florissant has been instrumental in developing this proposal
with Arjan Bakker and other parties against whom the Company has
been litigating in Poland (and with whom Florissant has a pre-
existing contractual relationship).

The Board therefore believes that the appointment of Mr. McInroy
will assist further progress with the proposal and improve the
prospects of a successful resolution.  However, the Company
emphasizes that there can still be no assurance that any
agreement will ensue from this proposal.

Further developments will be announced, if appropriate, in due
course.  The Company expects to announce its results for the
quarter to 31 December 2005 on 25 January 2006.

CONTACT:  QXL RICARDO PLC
          Matrix Complex
          91 Peterborough Rd.
          Parson's Green
          London SW6 3BU
          United Kingdom
          Phone: +44-20-7384-6300
          Fax: +44-20-7384-6320
          Web site: http://www.qxl.com


RAIL TOOLS: Administrator from Haines Watts Enters Firm
-------------------------------------------------------
Thomas Dixon (IP No 9393) of Haines Watts was appointed
administrator of Rail Tools Limited (Company No 04550464) on
Dec. 21.  The company manufactures rail hand tools.

CONTACT:  HAINES WATTS BUSINESS RECOVERY & INSOLVENCY
          6th Floor
          York House, York Street
          Manchester M2 3BB
          Phone: 0161 200 6080
          Fax: 0161 200 6081
          E-mail: tdixon@hwca.com  


RETAIL VARIATIONS: Names Vantis Numerica Administrator
------------------------------------------------------
Simon Elliott Glyn and Nicholas Hugh O'Reilly (IP Nos 9159,
8309) of Vantis were appointed joint administrators of Retail
Variations Plc (Company No 03928048) on Dec. 30.  

CONTACT:  RETAIL VARIATIONS PLC
          Windrush House, Windrush Park,
          Witney, United Kingdom
          Phone: 44 01993 770500
          Fax: 44 01993 779434
          Web site: http://www.past-times.com

          VANTIS NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.vantisnumerica.com


SILVER LADY: Calls in Administrators from Begbies Traynor
---------------------------------------------------------
Mark Robert Fry and David Paul Hudson (IP Nos 008588, 008977) of
Begbies Traynor were appointed joint administrators of Silver
Lady Motor Services Limited (Company No 3091292) on Dec. 12.  
Its registered office is at 151 High Road, Loughton, Essex IG10
4LG.  The company repairs motor vehicles.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


SKYEPHARMA PLC: Fidelity Cuts Stake to 8.7%
-------------------------------------------
In accordance with the Companies Act 1985 (as amended),
SkyePharma plc was informed on 13 January 2006 that Fidelity
International Limited and its direct and indirect subsidiaries,
being non-beneficial holders, had decreased their holding by
16,419,529 ordinary shares since their last filing on 13
December 2005.  

Fidelity's revised holding amounts to 65,554,566 ordinary shares
of 10 pence each, representing 8.70% of the issued share capital
of the Company.

                            *   *   *

On 17 November 2005 the Board of SkyePharma announced that
following an unsolicited approach from a third party the Board
had decided to review all of its strategic options, including,
inter alia, offers for the Company as a whole.

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

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

                        About the Company

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

In September, the Board of SkyePharma proposed to raise
approximately GBP35 million (net of expenses) by means of a 1
for 5 Rights Issue of 125,627,357 New Ordinary Shares at 30
pence per share to Qualifying Shareholders.

CONTACT:  SKYEPHARMA PLC
          105 Piccadilly
          London
          United Kingdom
          W1J 7NJ
          Phone: +44 20 7491 1777
          Fax: +44 20 7491 3338
          Web site: http://www.skyepharma.coms


STORMGLAZE UK: In Administrative Receivership
---------------------------------------------
Dave Spearman and Tony Sinclair Morris appointed Christakis
Michael Iacovides (Office Holder No 005428) of Jeffreys Henry
Jacobs administrative receivers of Stormglaze UK Limited (Reg No
03399719) on Dec. 19.

CONTACT:  STORMGLAZE UK LIMITED
          Stormglaze House,
          Unit 16, Kirkland Gardens,
          Monk Bretton, Barnsley, S71 2GD
          Phone: (01226) 731 613
          Fax: (01226) 731 653
          Web site: http://www.stormglazesystems.co.uk/
  
          JEFFREYS HENRY JACOBS
          124-128 City Road, London EC1V 2NJ
          Phone: 020 7670 9010
          Fax: 020 7670 9011
          Web site: http://www.jhj.co.uk


UNIQ PLC: Q3 Sales Down 7.2%
----------------------------
Uniq plc has released its third quarter trading update for the
13 weeks to 31 December.

                       Sales         % Change vs    % Change vs
                      13 weeks        Prior Year     Prior Year
                    to 31 Dec 05       13 weeks       26 weeks
                     GBPmillion      to 31 Dec 04    to 1 Oct 05

Ongoing sales

   -  U.K.                 85.1            +2.5%           -1.5%

   -  Southern Europe      64.8            +1.8%           +0.8%

   -  Northern Europe      64.5            -3.2%           -4.3%

Ongoing Group             214.4            +0.6%           -1.8%

Other sales                 1.4                *               *

Exchange                      -            -1.5%           +0.8%

Group                     215.8            -7.2%           -3.9%

U.K.

Service to our customers over the critical Christmas period was
good and sales performance in the Christmas fortnight was
excellent.  Sales levels in the third quarter overall improved
on those of last year although they were slightly below our
expectations due to a slow build-up and a less strong week after
Christmas.

Southern Europe

The business in France continues to perform in line with
expectation with growth in spreads and chilled more significant
than a continuing, but slower, decline in frozen.

Northern Europe

Performance remains disappointing in Northern Europe reflecting
our unsatisfactory response to the competitive pressure in both
the Netherlands and Germany.  This is being addressed by the new
Divisional MD, Frans Rombouts, who joined the business on 13
December 2005.

Outlook

The strength of the Southern European performance should help to
offset the poor performance in Northern Europe.  The foundations
for recovery in the U.K. are being put in place although, as we
said at the interim stage, we cannot be certain about the pace
of recovery.

The pre-close update will be on 23rd March 2006.

Other sales consist of: sales of the Nordic business (sold in
August 05); sales of Finnarts Bay (closed in October 05); sales
of our Spanish business where the Madrid factory burnt down in
May 05.

Additional Pension Disclosure

In common with emerging best practice we plan to publish further
information relating to our main U.K. Pension Scheme which will
be on our website at http://www.uniq.comfrom 16 January 2006.   
This will include the latest actuarial valuation as at April
2004, the Trust deed and rules, the statement of investment
principles and the last Scheme accounts.

CONTACT:  UNIQ PLC
          1 Chalfont Park
          Gerrards Cross
          Buckinghamshire SL9 0UN
          Phone: +44-1753-276-000
          Fax: +44-1753-276-071
          Web site: http://www.uniq.com


YIELDMOON LIMITED: Creditors Meeting Set Today
----------------------------------------------
Creditors of Yieldmoon Limited (Company No 03571437) will meet
on January 17, 2006, 11 a.m. at UHY Hacker Young, at St Alphage
House, 2 Fore Street, London EC2Y 5DH.  

Creditors who want to be represented at the meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to A. Andronikou, joint administrator of UHY Hacker
Young, St Alphage House, 2 Fore Street, London EC2Y 5DH.

CONTACT:  UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159


*2005 Profit Warnings Up 23%
----------------------------
Research released by Ernst & Young has revealed that profit
warnings in the U.K. for the year to 31 December 2005 totaled
381 compared to 294 in 2004.  This is an increase of 23% and is
the highest annual total since 2001.

In quarter four of 2005, 96 profit warnings were issued by U.K.
quoted companies, 13% up on Q4 2004 but a decrease of 7% from Q3
2005.

"Sales short of forecasts" were blamed for the profit warnings
by 45% of those companies involved, 42% cited "difficult
market/trading conditions" and 23% gave "increasing costs and
overheads" as their primary reason for warning.  Interestingly,
12 companies cited "rising energy costs," a higher number than
any quarter this year.

Andrew Wollaston, partner and London head of corporate
restructuring at Ernst & Young, says: "Profit warnings have
averaged 95 per quarter in 2005 compared to 65 per quarter in
2004.  The 23% increase is due largely to the decline in
consumer confidence during 2005 as a result of concerns over
growing levels of consumer debt and the slowing housing market,
and because U.K. economic growth has halved to 1.6%, the lowest
annual rate since 1993.

"While there appears to be the beginnings of a recovery in the
housing market and more positive news of Christmas trading from
retailers, it is clear that companies are still finding it
difficult to forecast in the current benign economic climate.  
Additionally, in a rising stock market there is an expectation
on corporates to produce continuing improved profitability and
this brings added pressure on forecasts."

Analysis by Sector

The highest warning sectors were Support Services with 16
warnings, General Retailers with 9, Engineering and Machinery,
Insurance, and Software and Computer Services sectors with 7
warnings each.  In Support Services 6 warnings came from
recruitment companies and a further three from post/courier
service companies.  The 16 warnings in this sector represent 8%
of the FTSE Support Services sector as a whole.

It has been a tough year for retailers as the number of
insolvencies and generally high level of profit warnings show.  
There were nine warnings in the final quarter of 2005 taking the
annual total to 35, accounting for 12% of the sector as having a
consistently difficult 12 months.

Mr. Wollaston explained, "This is not surprising given that
earlier in the year, sales were at a six year low and retailers
were cutting jobs faster than at any time since 1992.  The
collapse of retailers such as Allders, Allsports, Furnitureland,
Kookai and Unwins, demonstrate that difficult market conditions
and competition has made it impossible for some retailers to
continue trading."

The insurance sector has had its worst year on record, both in
terms of claims and warnings.  This is because of the slew of
natural disasters including hurricanes Katrina, Rita and Wilma.
Not surprisingly, 15 profit warnings were issued during the
year, seven during the last quarter, this compares to only 8
warnings issued in the whole of 2004.

                   Statement of Keith McGregor
        Corporate Restructuring Partner at Ernst & Young

Unusually, this year's hurricanes, particularly Katrina, hit
districts in-land.  This meant both the geographic extent of the
losses was far greater and the level and complexity of claims
was far higher, including substantial commercial, property and
consequential loss claims.

The post Christmas sales period may give some insight into the
mood of the country going forward.  Caution is essential for
2006; we expect that consumer sectors will continue to struggle
in 2006 pending a lift in confidence.

The first quarter of 2006 is likely to see a similar warnings
picture, possibly with a heavier bias toward retailers, in
particular, the higher-end, clothing and electrical suppliers.  
With rents and employee costs on the rise and no opportunity to
increase prices, all retailers will be looking to manage out
costs and increase volumes.

Exports are improving on the back of a weak pound and global
demand is increasing, creating opportunities for U.K.
businesses.  Whether the boost to the economy comes from reduced
interest rates, a better export picture, or a combination of the
two, it is sorely needed in order to generate better profits for
companies and raise tax receipts that will help the Government
to balance its budget."

CONTACT:  ERNST & YOUNG
          1 More London Place
          London SE1 2AF
          Phone: +44 [0]20 7951 2000
          Fax: +44 [0]20 7951 1345


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


                            *********                            


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, 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 * * *