TCREUR_Public/050908.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, September 8, 2005, Vol. 6, No. 178

                            Headlines

B U L G A R I A

MENDERES BULGARIA: Turkish Parent Shuts down Site


F R A N C E

ALSTOM SA: Ups Eurobond Issue to EUR600 Million


G E R M A N Y

AGIV REAL: Goldman Sachs Taps Whitehall as Acquisition Vehicle
DAIMLERCHRYSLER AG: BaFin Probe May Include Deutsche Bank
DER SERVICE: Under Bankruptcy Administration
ELEKTRO WORG: Creditors to Meet Next Month
GOTZ GENSLER: Court to Verify Claims December

GRUNDIG AG: Poised to Put Behind Insolvency
IMPRO GMBH: Proofs of Claim Due Later this Month
JES FORST: Falls into Bankruptcy
KIRBERG-ROHBAU: Creditors' Claims Due Later this Month
KLENNER HEIZUNG: First Meeting of Creditors Set November

LTU: EUR200 Million Recapitalization in the Works
MEUSSDOERFFER GMBH: Bayreuth Company Goes Bust
PEV PROJEKTIERUNGS: Court Names Schultze & Braun Administrator
RINOL AG: DB Zwirn to Inject More Cash
ROSSLARE SHIP: 14 to Lose Jobs as 27-year-old Firm Folds

SCHON UND GUT: Proofs of Claim Due End of the Month
SPAR HANDELS: Takeover by Edeka Cleared
SPORT- UND FREIZEITANLAGEN: Calls in Administrator from Heilmann
VOLKSWAGEN AG: Bernd Wehlauer Joins Supervisory Board
WENZEL MEDIA: Creditors' Claims Due October


I T A L Y

PARMALAT FINANZIARIA: Capitalia Says Yes to Debt Swap
VINCENZO ZUCCHI: Loses EUR12.7 Million in First Half


K Y R G Y Z S T A N

AMPIR LTD.: Proofs of Claim Deadline Set October
MASTER LENT: Creditors' Claims Due Next Month
SARY-KOO: Gives Creditors Until October 25 to File Claims
STUDENCHESKOYE-2000: Public Auction Set Today


L U X E M B O U R G

STOLT-NIELSEN: Unit Settles Long-running Problem with OFAC


N E T H E R L A N D S

KONINKLIJKE AHOLD: Court Dismisses Claims Against Disco
ROYAL SHELL: Buys back 360,000 'A' Shares at 1,807.72 Pence Each


P O L A N D

H. CEGIELSKI: Returns to Black
TVN SA: Ratings Raised to 'B+' on Improved Performance


R U S S I A

AGRO-KHIMIYA: Hires E. Feoktistov Insolvency Manager
AGRO-SNAB MIKHAYLOVSKOYE: Under Bankruptcy Supervision
BRONNITSKOYE: Court Brings in Insolvency Manager
ECODOM: Deadline for Proofs of Claim Set Next Month
KMB-BANK: Moody's Raises Bank Deposit Rating to Ba1

ORS: Bankruptcy Supervision Procedure Begins
RUSSIAN AGRICULTURAL: Moody's Assigns Ba1/NP/E+ Ratings
SHURYGINSKOYE: Claims Filing Period Ends Next Month
SIBERIAN COAL: Insolvency Manager Takes over Business
STAROTITAROVSKYA: Creditors Opt for Liquidation
STROY-PROGRESS: Bankruptcy Hearing Set November
ZAURAL-WOOD: Declared Insolvent


S W I T Z E R L A N D

ABB LTD.: Shakeup Plan in Line with Mid-term Targets
REWE-ZENTRALFINANZ EG: Selling Chain of Stores to Denner


T U R K E Y

DOGUS HOLDING: On CreditWatch Positive over Disposal Plans


U K R A I N E

DUBOVYAZIVKA' SUGAR: Declared Insolvent
MELITOPOLGAZ: Court Replaces Temporary Insolvency Manager


U N I T E D   K I N G D O M

ARC RISK: Inks Deal with Japan's Biggest Travel Agency
BAE SYSTEMS: Denies Rumored Airbus Sellout
BEN VAN DYKE: Winding-up Gets Go Signal
BUSINESS DEVELOPMENT: Assets Not Enough to Pay Creditors
CAPITAL AUTO: Goes into Liquidation

CHASE VENTURES: Hires Administrators from Bridgestones
CITY & BOROUGH: Liquidator from David Rubin Moves in
EASTHAMS FURNISHINGS: Names Administrators from Leonard Curtis
EMAX INTERNATIONAL: Members Pass Winding-up Resolutions
ENCO LIMITED: Appoints Elwell Watchorn & Saxton Administrator

EXACT KITCHENS: Hires Liquidator from Tenon Recovery
F-EIGHT FOOTWEAR: Liquidator from Tomlinsons Enters Firm
GARDEN COMFORTS: Members Decide to Wind up Company
GATE GOURMET: Unions Urge BA to Find Another Caterer
GOSTIN SHOP: Court Issues Winding-up Order

HIRE IT: Members Pass Winding-up Resolution
HMC BRAUER: Meeting of Creditors Set Next Week
INMARSAT PLC: Receives GBP4.2 Million for Invsat Unit
J.D. FASHIONS: Appoints Liquidator from Springfields
JONELLA FASHIONS: Sportswear Maker Quits

KDO INTERNATIONAL: Files for Liquidation
LEARNING MANAGEMENT: Members Opt for Winding-up
METHODE FIBRE: Liquidator from Grant Thornton Moves in
MIRAGE KITCHENS: Files for Liquidation
MOSS LANE: IT Support, Training Provider Liquidates

NETWORK RAIL: Guilty of Violating Health and Safety Act
NORHAM MULTI: Administrators from Grant Thornton Move in
PREMIER FOODS: Books Profit Despite 3.9% Drop in Turnover
PREMIER FOODS: To Release Dividend November
PRIVATE SANCTUARY: Bed Retailer Put to Rest

QIBLA COLA: Files for Liquidation
QLM LIMITED: Calls in Administrator from Armstrong Watson
RANGE MOTORS: Court Sanctions Liquidation
RESTALL INTERNATIONAL: Names Kroll Liquidator
ROBERT WISEMAN: Court Denies Request to Re-open OFT Probe

ROYAL & SUNALLIANCE: Expects GBP25 Million in 'Katrina' Claims
SCOTTISH POWER: Jobs to go as Firm Eyes GBP60 Mln Annual Savings
TECHTRONICS EUROPE: Files for Liquidation
WEBOPTIMISER LIMITED: Calls in Administrator
WHITE SHARK: Names Portland Business Liquidator
WITHERINGTON HOMES: Members Decide to Wind up Firm
W.PAIRPOINT & SONS: Metal Product Manufacturer Winds up


                            *********


===============
B U L G A R I A
===============


MENDERES BULGARIA: Turkish Parent Shuts down Site
-------------------------------------------------
Textile maker Menderes Tekstil is pulling the plug on its cotton
fabric plant in Svilengrad, a production site it opened only
three years ago.

According Dnevnik a.m. sources, the company is blaming the entry
of cheap Chinese products into the U.S. market, the main
destination of cotton fabrics manufactured out of Svilengrad. The
closure affects more than 170 employees.

The Turkish parent set up Menderes Bulgaria in 2002 with an
initial investment of US$2 million.  It subsequently poured in
US$4 million, making it one of the country's largest textile
makers.  The plant in Svilengrad manufactures 70,000 to 80,000
meters of cotton fabrics daily and, in 2003, produced fabric for
1.8 million bedding sets worth US$25 million.

Menderes Tekstil had planned to outsource some dying and printing
operation to the site; apparently that will now be abandoned.

CONTACT:  MENDERES BULGARIA LTD.
          Skobelev 61
          6500 Svilengrad

          MENDERES TEKSTIL SANAYI VE TICARET A.S.
          35100 Bornova - I.zmir
          Phone: (0232) 435 05 65
          Web site: http://www.menderes-textile.com.tr


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


ALSTOM SA: Ups Eurobond Issue to EUR600 Million
-----------------------------------------------
Alstom S.A. announced on September 6, 2005 the result of its new
bond issue.  Based on very strong demand, the Group has decided
to raise EUR600 million of bonds, the maximum of the targeted
indicated range of amount.  The bonds will be due March 2009 and
bear a coupon of Euribor+2.20%.  This transaction enables Alstom
to reduce the cost of its debt by reimbursing more expensive
instruments using proceeds of this issue.

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

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

          Investor relations
          E. Chatelain
          Phone: +33 1 41 49 37 38
          Web site: investor.relations@chq.alstom.com


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


AGIV REAL: Goldman Sachs Taps Whitehall as Acquisition Vehicle
--------------------------------------------------------------
Goldman Sachs will take control of Deutsche Real Estate (Dreag)
via Whitehall, its real estate fund, according to Frankfurter
Allgemeine Zeitung.

Whitehall will hold the 76% stake that Goldman Sachs will acquire
from bankrupt Agiv Real Estate and other shareholders.  The U.S.
investment bank is offering to absorb all of Dreag's debt plus
EUR300 million cash for the stake.  The deal still awaits the
approval of creditors.

Goldman is taking over a company that currently owns 44 office
buildings and holds between 10% and 70% shares in eight other
properties, all worth around EUR500 million, according to
TCR-Europe.  Before this acquisition, Goldman acquired a license
to engage in credit activities and has been active as a private
equity investor; Dreag will expand its areas of activity.
Goldman plans to buy more properties and refinance these through
the stock market, the paper says.

Local investment group WCM holds 14% of Dreag while the rest are
in free-float.  The district court of Hamburg launched bankruptcy
proceedings against Agiv in February and appointed
Reinhard Titz provisional administrator.  Its insolvency does not
affect Dreag.

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


DAIMLERCHRYSLER AG: BaFin Probe May Include Deutsche Bank
---------------------------------------------------------
Deutsche Bank could be dragged into BaFin's probe on
DaimlerChrysler AG for alleged insider trading, Reuters says.

This came after the bank sold its shares in the carmaker in July
following the announcement of Juergen Schrempp's exit as chief
executive.  The sale reduced the bank's stake from 10.4% to 6.9%.

"There is a conspicuous development," BaFin President Jochen
Sanio told Welt am Sonntag in another report.

The German financial services regulator has started a formal
probe after finding "grounds" to suspect illegal trades involving
Daimler stocks, which went up prior to the Schrempp announcement.
Deutsche Bank refused to comment, while the paper did not provide
details as to why would BaFin investigate dealings made after the
announcement.  A report from BaFin has also prompted Stuttgart
prosecutors to open their own investigation.  Prosecutors have
reportedly searched homes and offices of four suspects.

Last month, the U.S. Securities and Exchange Commission asked
DaimlerChrysler to clarify its involvement in the United
Nations' oil-for-food program.  The Commission wants to check if
the carmaker broke any provisions.

DaimlerChrysler is also being investigated by the U.S. Justice
Department over bribery claims at the Mercedes Car Group.  This
investigation relates to the U.S. SEC's inquiry last year sparked
by a former Chrysler accountant's claim that the company bribed
foreign officials using secret bank accounts.

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


DER SERVICE: Under Bankruptcy Administration
--------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Der Service Dachdecker GmbH on August 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until September 21, 2005 to
register their claims with court-appointed provisional
administrator Manuel Sack.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 10:00 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  DER SERVICE DACHDECKER GmbH
          Rostocker Str. 12, 30880 Laatzen
          Contact:
          Carsten Sandrock, Manager

          Manuel Sack, Administrator
          Theaterstr. 3, 30159 Hannover
          Phone: 0511/36602-0
          Fax: 0511/36602-55


ELEKTRO WORG: Creditors to Meet Next Month
------------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against Elektro Worg GmbH on August 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 25, 2005 to register
their claims with court-appointed provisional administrator Jorg
Hoberueck.

Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 1:00 p.m. at the district court
of Erfurt, Saal 12, Rudolfstr. 46, 99092 Erfurt, 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:  ELEKTRO WORG GmbH
          Contact:
          Heiko Worg, Manager
          Friedenstrasse 01, 06571 Rossleben

          Jorg Hoberueck, Administrator
          Hochheimer Str. 51, 99094 Erfurt


GOTZ GENSLER: Court to Verify Claims December
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Gotz Gensler Blumengrosshandlung und Import
GmbH on August 16.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
October 31, 2005, to register their claims with court-appointed
provisional administrator Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on September 29, 2005, 9:40 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
December 22, 2005, 9:40 a.m. at the same venue.

CONTACT:  GOTZ GENSLER BLUMENGROSSHANDLUNG
          UND IMPORT GmbH
          Friedrichstr. 18,10969 Berlin

          Stephan Mitlehner, Administrator
          Walter-Benjamin-Platz 6, 10629 Berlin


GRUNDIG AG: Poised to Put Behind Insolvency
-------------------------------------------
Consumer electronics group Grundig Intermedia is heading for a
strong recovery following an impressive performance for the
2004-2005 financial year, Frankfurter Allgemeine Zeitung says.

Grundig posted EUR350 million in turnover for the 12-month period
to March 2005, an 87% growth in Germany.  The group said its
first financial year had been profitable and it is aiming to post
a 30% growth for the current financial year.

The group's figures were boosted by strong performance in the
flat-screen television market, where it saw its share rise from
1% to 4%.  The group also tripled its market share for LCD
television in Central Europe.  Grundig went into insolvency in
2003 and got a fresh start in May 2004.

CONTACT:  GRUNDIG INTERMEDIA GMBH
          Beuthener Strasse 41
          D-90471 Nurnberg
          Phone: ++49-911-703-0
          E-mail: info@grundig.com
          Web site: http://www.grundig.com


IMPRO GMBH: Proofs of Claim Due Later this Month
------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against ImPro GmbH on August 16.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 26, 2005 to register their claims
with court-appointed provisional administrator Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 9:30 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  IMPRO GmbH
          Salinger Feld 36, 58454 Witten
          Contact:
          Diana Grimm, Manager
          Hellerstrasse 75, 44229 Dortmund

          Ulrich Zerrath, Administrator
          Lange Wanne 57, 45665 Recklinghausen
          Phone: 02361 / 48840
          Fax: 48 8499


JES FORST: Falls into Bankruptcy
--------------------------------
The district court of Potsdam opened bankruptcy proceedings
against JES Forst & Verwaltung GmbH on August 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 12, 2005 to
register their claims with court-appointed provisional
administrator Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2005, 9:00 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, Saal 004, 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:  JES FORST & VERWALTUNG GmbH
          Neuendorfer Strasse 24, 15838 Am Mellensee
          Contact:
          Per Soderberg, Manager

          Rolf Rattunde, Administrator
          Kurfuerstendamm 212, 10719 Berlin


KIRBERG-ROHBAU: Creditors' Claims Due Later this Month
------------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against Kirberg-Rohbau und Bedachungen
Verwaltungsgesellschaft mbH on August 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 20, 2005 to register
their claims with court-appointed provisional administrator Emil
Rinckens.

Creditors and other interested parties are encouraged to attend
the meeting on October 17, 2005, 8:10 a.m. at the district court
of Monchengladbach, Hohenzollernstr. 157, 41061 Monchengladbach,
Erdgeschoss, Sitzungssaal A 58, 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:  KIRBERG-ROHBAU UND BEDACHUNGEN VERWALTUNGS GmbH
          Im Oldriesch 12, 41836 Hueckelhoven
          Contact:
          Manfred Kirberg, Manager

          Emil Rinckens, Administrator
          Rheinort 1, 40213 Duesseldorf


KLENNER HEIZUNG: First Meeting of Creditors Set November
--------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Klenner Heizung-Sanitar-Service GmbH on August 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 17, 2005
to register their claims with court-appointed provisional
administrator Alfred Korbitz.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2005, 11:30 a.m. at the district
court of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam,
Saal 004, 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:  KLENNER HEIZUNG-SANITAR-SERVICE GmbH
          Am Wall 14, 14979 Grossbeeren

          Alfred Korbitz, Administrator
          Schonauser Allee 80, 10439 Berlin


LTU: EUR200 Million Recapitalization in the Works
-------------------------------------------------
LTU managers are reportedly discussing a EUR200 million
recapitalization with shareholders, local dailies say.

An unnamed spokesman of the troubled German charter airline
confirmed the plan in one report, but described the figures as
speculation.  Handelsblatt on September 5 said REWE-Zentral, a
retailing group that owns 40% of LTU, is planning to pump an
extra EUR40 million into the company.

One of the largest German holiday airlines, LTU carries more than
5 million passengers a year to over 70 destinations.  It narrowly
averted insolvency in 2001 when it received state guarantees from
the federal state of North-Rhine Westphalia.  That rescue
package, however, prohibits LTU from expanding, which as a result
has made it unable to compete with low-cost carriers.

The recapitalization will give LTU enough room to maneuver and
satisfy demand by shareholders to get back in the black by 2006.
They last enjoyed a profitable year in the late 1990s, according
to Handelsblatt.

CONTACT:  LTU Lufttransport-Unternehmen GmbH
          Servicezentrale
          Flughafen Halle 8
          D-40474 Dusseldorf
          Phone: 0211 9418-8 88
          Fax: 0211 9418-8 81
          E-mail: service@ltu.de
          Web site: http://www.ltu.com/


MEUSSDOERFFER GMBH: Bayreuth Company Goes Bust
----------------------------------------------
The district court of Bayreuth opened bankruptcy proceedings
against Meussdoerffer GmbH on August 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 19, 2005 to register
their claims with court-appointed provisional administrator Dr.
Ulrich Graf.

Creditors and other interested parties are encouraged to attend
the meeting on October 24, 2005, 9:25 a.m. at the district court
of Bayreuth, Friedrichstr. 18, Zimmer 522/EG, 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:  MEUSSDOERFFER GmbH
          W.-Meussdoerffer-Str. 19 in 95326 Kulmbach
          Contact:
          Barbara von Schau, Manager

          Dr. Ulrich Graf, Administrator
          Rathenaustrasse 7, 95444 Bayreuth
          Phone: 0921/75933-0
          Telefax: 0921/75933-50


PEV PROJEKTIERUNGS: Court Names Schultze & Braun Administrator
--------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against PEV Projektierungs-, Errichtungs- und
Verwaltungsgesellschaft mbH on.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 13, 2005 to register their claims
with court-appointed provisional administrator Dr. Dirk Herzig.

Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2005, 10:45 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  PEV PROJEKTIERUNGS-, ERRICHTUNGS-
          UND VERWALTUNGSGESELLSCHAFT MBH
          Deubners Weg 10, 09112 Chemnitz
          Contact:
          Lutz Uhlig, Manager

          Dr. Dirk Herzig, Administrator
          Schultze & Braun
          Promenadenstr. 3, 09111 Chemnitz
          Web site: http://www.schubra.de


RINOL AG: DB Zwirn to Inject More Cash
--------------------------------------
One of Rinol AG's main creditors and soon-to-be owners will
inject millions of euros in fresh capital into the floor
manufacturer, Borsen Zeitung says.

DB Zwirn pledged to pour in between EUR1.2 million and EUR4.2
million in capital, with the final figure depending on Rinol's
performance.  DB Zwirn has also tripled it loan to Rinol from
EUR3.5 million to EUR10.5 million, and likewise moved its
maturity date to December 31, 2007.  Until then, Rinol will not
pay any interest.

DB Zwirn, however, imposed certain conditions on the financial
aid, demanding that Rinol implement the restructuring advice
given by consultancy group Roland Berger.  DB Zwirn also expects
Rinol to follow the agreed finance plan and avoid urging its main
creditors to launch a takeover offer.

According to Roland Berger, Rinol might achieve turnaround if it
carries out a capital writedown and rids itself of interest
payments.  It proposed a debt-to-equity swap and a buyback of
bonds at one-fifth of their original value.

Rinol slashed its first-half EBIT loss from EUR3.7 million in
2004 to EUR3.5 million this year, despite a 5% slide in turnover
to EUR43.2 million.

CONTACT:  RINOL AG
          Benzstrasse 2
          71272 Renningen
          Phone: + 49 7159 164-0
          Fax: + 49 7159 5152
          E-mail: info@rinol.com
          Web site: http://www.rinol.com

          MORGAN STANLEY
          1585 Broadway
          New York, NY 10036
          Phone: 212-761-4000
          Fax: 212-762-0575
          Web site: http://www.morganstanley.com

          DB ZWIRN & CO., LP
          745 Fifth Avenue, 18th Floor
          New York, NY 10151
          Web site: http://www.dbzco.com

          ROLAND BERGER STRATEGY CONSULTANTS
          Arabellastr. 33
          81925 Munich
          Phone: +49 89 9230-0
          Fax: +49 89 9230-8202
          Web site: http://www.rolandberger.com


ROSSLARE SHIP: 14 to Lose Jobs as 27-year-old Firm Folds
--------------------------------------------------------
Rosslare Ship Repairs Limited will shut down after 27 years in
the marine engineering and ship repair business, said RTE.

The closure, which will leave 14 people jobless, was announced
Monday by the company's managing director.  Rosslare blames the
reduction in its volume of business for the collapse.

Based in Rosslare Harbour, the wholly owned subsidiary of Irish
Continental Group plc served the marine industry along the East
coast to Dublin and along the South coast to Cork.

Irish Continental Group plc is the parent company of Irish
Ferries, which operate the Ireland/France and Ireland/U.K.
passenger and ro-ro freight ferry services.

CONTACT:  ROSSLARE SHIP REPAIRS LIMITED
          Rosslare Harbour, Co. Wexford
          Ireland
          Phone: 053 33194
          Fax: 053 33567
          E-mail: info@rosslareshiprepairs.com
          Web site: http://www.rosslareshiprepairs.com


SCHON UND GUT: Proofs of Claim Due End of the Month
---------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
schon und gut GmbH on August 19.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 30, 2005 to register their claims
with court-appointed provisional administrator Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 1:40 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SCHON UND GUT GmbH
          Ruettenscheider Str. 80, 45130 Essen
          Contact:
          Jorg Fietze, Manager
          Kamblickweg 12, 45307 Essen

          Georg F. Kreplin, Administrator
          Limbecker Platz 1, 45127 Essen
          Phone: 0201 220 05 02
          Fax: 0201 220 05 40


SPAR HANDELS: Takeover by Edeka Cleared
---------------------------------------
Germany's Federal Cartel Office has cleared the takeover of Spar
Handels AG grocery chain and discount grocer Netto Sud by Edeka,
according to Sunday Business.

A spokesman from Edeka said the takeover will likely result to
job cuts, though some Spar workers will be offered employment.
Unnamed sources of daily Frankfurter Allgemeine Zeitung say
around 1,500 jobs were on the line.

Spar's supervisory board would meet on Sept 15 to discuss
concrete measures.

The resulting company from the takeover is foreseen to have
annual sales of nearly EUR40 billion (US$49 billion, GBP27
billion).  It will give Edeka 20% of the grocery market, and will
help Spar compete with discount stores Aldi and Lidl.  Spar has
sustained losses due to reduced prices across Germany.

Spar is owned by French parent ITM Entreprises S.A.

CONTACT:  SPAR HANDELS- UND AKTIENGESELLSCHAFT
          Osterbrooksweg 35-45 D-22867 Schenefeld
          Phone: 040 / 83 94 - 1593
          Fax: 040 / 83 94 - 19 22
          E-mail: spar-ag@spar.de
          Web Site: http://www.spar.de


SPORT- UND FREIZEITANLAGEN: Calls in Administrator from Heilmann
----------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Sport- und Freizeitanlagen Sosa GmbH on August 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 6, 2005
to register their claims with court-appointed provisional
administrator Thomas Heilmann.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2005, 10:00 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  SPORT- UND FREIZEITANLAGEN SOSA GmbH
          Hauptstrasse 44, 08326 Sosa
          Contact:
          Michael Preiss, Manager

          Thomas Heilmann, Administrator
          Heilmann
          Barbarossastrasse 2, 09112 Chemnitz
          Web site: http://www.Heilmann.LI


VOLKSWAGEN AG: Bernd Wehlauer Joins Supervisory Board
-----------------------------------------------------
Following a proposal by the Board of Management on 31 August
2005, Braunschweig district court has confirmed Bernd Wehlauer of
Wolfsburg, Germany to succeed Klaus Volkert as member of the
Supervisory Board of Volkswagen AG.

                            *   *   *

In June, Klaus Volkert stepped down as head of Volkswagen's works
council amid bribery claims at the company.  However, he brushed
aside rumors associating him to the scandal, as other executives
noted age as the reason for his exit.  He headed the council for
15 years.

In August, Volkswagen reported half-year operating profit
increased 61.6% year-on-year to EUR1.4 billion (previous year:
EUR851 million).  At 4.5%, ratio of investments in property,
plant and equipment (capex) to sales revenue in the Automotive
Division was significantly lower than in 2004 (6.0%), lifting net
cash flow to EUR658 million (previous year: EUR270 million).  It
also revealed a further improvement in net
liquidity of the Automotive Division to -EUR1.1 billion.

The company admitted that there was no significant improvement
in the economic environment in the first six months of
2005.  Although the German passenger car market developed better
in the second quarter of 2005 than in the first three months,
the overall situation in the most important automotive markets
remained difficult.  Despite the slight improvement in exchange
rates for eurozone exporters in recent months, the global
situation remains unfavorable for Volkswagen AG.

In addition, the company expects that competitive pressures will
tend to increase and that the cost of raw materials --
especially steel and plastics -- will remain at high levels.
Moreover, it believes that the high oil price and the consequent
jump in fuel prices to new record highs will further dampen
automotive consumer confidence.

It is systematically continuing the Group-wide ForMotion program
and will achieve its goal of a EUR3.1 billion earnings
contribution in 2005.  In this context, Volkswagen has initiated
measures to restore its competitive position and return to
profitability in the U.S.A.  In addition, it will restructure
its business in China.

For this reason, it continues to expect a year-on-year
improvement in both 2005 operating profit after special items
and profit before tax.

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


WENZEL MEDIA: Creditors' Claims Due October
-------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Wenzel Media B.V. on August 10.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 31, 2005
to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on September 22, 2005, 9:10 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 during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  WENZEL MEDIA B.V.
          Kaiserdamm 105,14057 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


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


PARMALAT FINANZIARIA: Capitalia Says Yes to Debt Swap
-----------------------------------------------------
Local banking group Capitalia S.p.A. has voted in favor of the
debt-for-equity swap proposed by Parmalat Finanziaria S.p.A., Il
Sole 24 Ore says.

According to Capitalia Chief Executive Matteo Arpe, the bank has
agreed to become a Parmalat shareholder when the food group makes
its comeback on the stock market.

The Parma bankruptcy court closed the balloting on the proposal
on August 26, 2005.  TCR Europe said on September 2, 2005 that
around 339 creditors participated in the voting, 254 of which
were dairy suppliers.  An affirmative vote would pave the way for
Parmalat's relisting sometime in September or October.  The
group's shares have not been trading on the stock market since
December 2003, when Parmalat collapsed under EUR14 billion in
debt.

Parmalat's relisting plan received a major boost in May, when
market regulator Consob cleared it.  The group will use a new
name -- Parmalat S.p.A. -- instead of the holding company
Parmalat Finanziaria S.p.A. upon relisting.

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

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


VINCENZO ZUCCHI: Loses EUR12.7 Million in First Half
----------------------------------------------------
Vincenzo Zucchi S.p.A.'s first-half result improved this year,
but remained in the red.  The textile company's loss is down to
EUR12.7 million from EUR15 million the year earlier, according to
Il Sole 24 Ore.  Net debt stood at EUR139.7 million, down from
EUR143.8 million.  Consolidated turnover is down 9.6% to EUR149.3
million.  EBIT is -EUR13.2 million from EUR10.2 million last
year.

As reported by TCR-Europe in May, Zucchi was EUR6 million in the
red during the first quarter.

According to http://www.business.com,the firm manufactures,
markets and distributes household textiles under the brand names
of Zucchi, Bassetti, Descamps, Jalla, Bear and Eliolona.  Its raw
textiles, materials and yarn are manufactured mainly through
Standardtela and Standardtre.  Household linen accounted for 76%
of 2001 revenues; dyeing & printing, 16% and materials, 8%.

CONTACT:  VINCENZO ZUCCHI S.P.A.
          Via Tiziano 9/a
          20145 Milan
          Italy
          Phone: +39 02 48 01 16 56
          Fax: +39 02 43 92 21
          Web site: http://www.gruppozucchi.com
          Contact:
          Giordano Zucchi, Chairman & Managing Director
          Manlio Zucchi, Vice Chairman & Managing Director
          Manlio A. Zucchi, Managing Director


===================
K Y R G Y Z S T A N
===================


AMPIR LTD.: Proofs of Claim Deadline Set October
------------------------------------------------
LLC Consulting Company Ampir Ltd., which recently became
insolvent, will accept proofs of claim at Bishkek, Hvoinaya Str.
64 until October 25, 2005.  Call (0-312) 62-54-81 for more
information.


MASTER LENT: Creditors' Claims Due Next Month
---------------------------------------------
LLC Master Lent, which recently became insolvent, will accept
proofs of claim at Bishkek, Panfilova Str. 178 until October 25,
2005.  Call (0-502) 49-06-35 for more information.


SARY-KOO: Gives Creditors Until October 25 to File Claims
---------------------------------------------------------
Agricultural Farm Sary-Koo, which recently became insolvent, will
accept proofs of claim until October 25, 2005.  Call (0-502)
54-66-21, 41-67-02 or 44-36-57 for more information.


STUDENCHESKOYE-2000: Public Auction Set Today
---------------------------------------------
The bidding organizer and insolvency manager of agricultural farm
Studencheskoye-2000 will sell its properties on September 8, 2005
at 10:00 a.m. at Chui region, Sokuluk district, Studencheskoye
Komsomolskaya Str.  For sale are warehouses, hydraulic works,
carwash premises and reservoir.

To participate, bidders are required to deposit an amount
equivalent to 10% of the starting price to the cashier of
Studencheskoye-2000.  Call (0-502) 31-63-94 for more information.


===================
L U X E M B O U R G
===================


STOLT-NIELSEN: Unit Settles Long-running Problem with OFAC
----------------------------------------------------------
Stolt-Nielsen Transportation Group, a subsidiary of Stolt-Nielsen
S.A. (Nasdaq NM: SNSA; Oslo Stock Exchange: SNI), reached a civil
settlement with the U.S. Department of the Treasury's Office of
Foreign Assets Control relating to SNTG's payment of incidental
port expenses to entities in Iran.  The civil settlement with
OFAC is in the amount of US$16,500 and does not involve any
finding by OFAC of a violation.  The matter has been pending
since April 3, 2002.

The Company is not aware of any further pending matters at OFAC.
SNTG maintains strict policies and procedures designed to ensure
compliance with OFAC regulations.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids.  The Company, through the
parcel tanker, tank container, terminal, rail and barge services
of its wholly owned subsidiary Stolt-Nielsen Transportation
Group, provides integrated transportation for its customers.
Stolt Sea Farm, wholly owned by the Company, produces and markets
high quality turbot and Southern bluefin tuna.  The Company also
owns 25% of Marine Harvest, the world's largest aquaculture
company.

CONTACT:  STOLT-NIELSEN
          Richard M. Lemanski
          Phone: (U.S.A.) 1 203 299 3604
          E-mail: rlemanski@stolt.com

          Valerie Lyon
          Phone: (U.K.) 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


KONINKLIJKE AHOLD: Court Dismisses Claims Against Disco
-------------------------------------------------------
On September 6, 2005 Royal Ahold said that the Court of First
Instance in the Netherlands Antilles (Gerecht in eerste aanleg
van de Nederlandse Antillen) in its judgment of September 5, 2005
dismissed all claims filed by the public companies Distribucion y
Servicio D&S S.A. and Servicios Profesionales y de
Comercialization S.A. against Disco Ahold International Holdings
N.V.

D&S initiated civil proceedings against DAIH in connection with
Disco's acquisition in 2000 of Supermercados Ekono S.A., which
owned supermarkets in Buenos Aires, Argentina. D&S alleged,
amongst other things, that Disco underpaid a deferred portion of
the purchase price by Argentina's "pesofication" law, which
requires that all foreign currency debts be paid in Argentine
pesos.

D&S sought approximately US$47.5 million as well as interest at a
rate of 18% per annum over an amount of nearly US$80 million over
the period from May 2, 2003 to August 21, 2003, and over an
amount of around US$47.5 million over the period from August 21,
2003 to the date of payment from DAIH in its capacity as surety
of the deferred portion of the purchase price for the shares of
Ekono.  The Court's judgment, in which all claims of D&S have
been dismissed with order to D&S to pay all procedural costs,
allows for appeal.

Peter Wakkie, Ahold's Executive Vice President and Chief
Corporate Governance Counsel commented: "I am delighted with this
judgment and confident about a positive outcome for Ahold of the
remaining legal proceedings initiated by D&S."

Uruguayan and Argentine Litigation

Ahold, together with Disco and DAIH, is a party to certain legal
proceedings in Uruguay and Argentina relating to Ahold's
acquisition of VRH's shares in the capital of DAIH in 2002. VRH,
a company controlled by the Peirano family, was Ahold's joint
venture partner in DAIH, which was formed in 1998 to hold
interests in two supermarket chains: Disco in Argentina and Santa
Isabel in Chile, with operations in Peru, Paraguay and, at that
time, in Ecuador.

Ahold acquired full ownership of DAIH after VRH defaulted on
various loans collateralized by the shares it held in DAIH.  The
proceedings have been brought on behalf of creditors of financial
entities lastly owned by the Peirano Basso family, which are in
the process of insolvent liquidations at present (among others,
Banco de Montevideo of Uruguay, Trade & Commerce Bank of the
Cayman Islands, Banco Velox of Argentina, Banco Aleman of
Paraguay, Velox Investment Company of the Cayman Islands, and
Velox Real Estate of the Cayman Islands).

The aggregate amount of damages claimed by plaintiffs in these
proceedings is approximately US$92 plus interest and costs.
Although generally not in amounts that are material to Ahold as a
whole, these proceedings are described below in some detail since
the plaintiffs have obtained provisional remedies in Argentina,
which have affected the sale and transfer of the remaining 15% of
the outstanding shares of Disco to Cencosud.

The nature of all claims is similar; the complaints have in
common that Ahold, Disco and/or DAIH should be held liable for
the damages suffered by plaintiffs as a result of the default of
the Velox Entities.  To achieve this, plaintiffs allege, among
other things:

     (i) that Ahold's acquisition of VRH's shareholding in DAIH
         in July and August 2002 constituted a fraudulent
         conveyance and/or a simulation (simulacion) and/or a
         tortious act and should be reversed; or

   (ii) that Disco and/or DAIH and the Velox Entities were part
        of the same economic group and therefore the corporate
        veil should be pierced to hold Disco and DAIH liable for
        the liabilities of (some of) the insolvent financial
        entities formerly owned by the Peirano family.

In certain of these legal proceedings the plaintiffs have sought
and obtained provisional remedies in relation to Ahold's shares
in the capital of DAIH and DAIH's Shares in Disco.  These
provisional remedies, which have been executed in Argentina,
consist of both:

     (i) attachments on certain of Disco's shares owned by
         DAIH; and

    (ii) court orders prohibiting the transfer of certain Disco
         shares.  As a result, Ahold has not been able to
         finalize the sale of Disco to Cencosud as announced on
         March 5, 2004 and November 1, 2004.

Ahold believes the claims in these legal proceedings are without
merit and is vigorously opposing the complaints and the requests
for provisional measures both on jurisdictional and substantive
defenses in Uruguay and Argentina. Under the terms of the share
purchase agreement with Cencosud on the sale of the Disco shares,
Ahold will hold Cencosud and Disco harmless for the outcome of
the legal proceedings in Uruguay and Argentina in relation to
Ahold's acquisition of the shares in the capital of DAIH formerly
owned by VRH.  Argentine government investigations, regulatory
proceedings and civil matters

Tax Assessment Claims

On July 17, 2003, the Administracion Federal de Ingresos Publicos
served Disco with a Vista de la Determinacion de Oficio  - a
formal assessment notice - for the period from 1998 through May
2002 for taxes allegedly owed in connection with a US$100 Disco
bond issue due May 2003, which was repaid at maturity, and a
US$250 Disco bond issue due May 2008, which was redeemed in July
2003. The AFIP alleges that Disco improperly failed to pay VAT on
both bond issues and failed to withhold tax on the interest paid
to foreign holders of its allegedly non-public bonds.  On
September 1, 2003, Disco responded that the bonds were placed
through a public offer and that taxes have been withheld and paid
in compliance with applicable Argentine laws and regulations.

CONTACT:  KONINKLIJKE AHOLD
          Communications
          Phone: +31 (0) 75 659 5720


ROYAL SHELL: Buys back 360,000 'A' Shares at 1,807.72 Pence Each
----------------------------------------------------------------
On September 5, 2005, Royal Dutch Shell plc purchased for
cancellation 1,155,000 'A' Shares at a price of EUR26.62 per
share.  It further announces that on the same date it purchased
for cancellation 360,000 'A' Shares at a price of 1,807.72 pence
per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,052,795,000.

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

                            *   *   *

Shell's buyback scheme is understood to be 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 is incorporated in England and Wales, has
its headquarters in The Hague and is 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 had admitted it overstated its proved reserves by almost
6.0 billion barrels between January 2004 and February this year.
The crisis resulted to the ouster of three top executives,
including former chairman Philip Watts.  It was fined EUR150
million in total after investigations launched by U.S. and
British regulators.  Shell has said it had revised the method by
which it calculates reserves to comply with U.S. regulations.
Shell's proved reserves stood at 10.2 billion barrels at the end
of 2004.

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


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


H. CEGIELSKI: Returns to Black
------------------------------
The finances of diesel engine maker H. Cegielski Poznan S.A. is
still under pressure despite good orders recently, according to
Lloyds List.

At the end of June Cegielski delivered 11 large engines: six to
its largest client Gdynia Shipyard, two for New Szczecin
Shipyard, and three for a foreign yard Aker Ostsee, the German
subsidiary of Aker yards.  It has a target of building 22 engines
this year.

It also has a contract to build 18 engines until 2007.  It was
able to make 14 in 2004: eight to Gdynia Shipyard, five to the
New Szczecin Shipyard and one to Remontowa.  In 2003, the company
was able to make 15.  The decrease reduced turnover by 14.48%
from PLN408 million in 2003 to PLN353 million in 2004.  As a
result, Cegielski posted a loss of PLN4.8 million in contrast
with last year's net profit of PLN2.8 million (US$878,000).

The drop in turnover is compounded by a low U.S. dollar exchange
rate that costs the company PLN57 million, according to Cegielski
spokesman Boleslaw Januszkiewicz.  The company is also burdened
by high steel prices.

The report says one solution for the company to return to black
is to benefit from the worldwide shipbuilding boom by building
engines up to 30,000 kw.  The company, however, has no facility
to do this.  It is only able to build engines up to 25,000 kw at
present.  As for attracting new investor, this might be difficult
because of the firm's position in the HCP Cegielski group.  It is
only one of nine subsidiaries, but it accounts for 80% of sales
volume.  Its sale would surely include the eight other companies.

Cegielski may get financial aid by participating in the Polish
Shipyard Corp (Korporacja Stocznie Polskie, KSP) that aims to
bring the country's two largest shipyards, Stocznia Gdynia and
Stocznia Szczecinska Nowa.  It may also get some help from a sale
to German Volkswagen motor group, which is currently leasing its
ground.  The two are already in talks.

On a positive note, the company now has a stable workforce and is
paying wages on time.  Cegielski employs 1,400 people.

CONTACT:  H. CEGIELSKI
          Phone: +48 61 831 24 40
          E-mail: nr@hcp.com.pl
          Web site: http://www.hcp.com.pl/


TVN SA: Ratings Raised to 'B+' on Improved Performance
------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Polish TV broadcasting company TVN S.A. to 'B+'
from 'B', reflecting the group's improved financial profile on
good operational momentum.  The outlook is stable.
At the same time, Standard & Poor's raised its senior unsecured
debt rating on the group to 'B' from 'B-'.

"The upgrade reflects TVN's good financial and operating
performance over the past two years," said Standard & Poor's
credit analyst Olli Rouhiainen.

"The group managed to improve its total debt-to-EBITDA ratio to
4.0x in the 12 months to June 2005, from about 6.5x in 2003."

This improvement in financial performance has been driven by
strong operational performance, with EBITDA growth of 18% in the
past 12 months.  Although TVN is expected to continue to buy back
shares at the maximum allowed within its bond documentation, this
is unlikely to significantly weaken the group's credit protection
measures going forward.

"We expect that TVN's good position in the Polish TV market and
its established track record of high audience share among urban
viewers will allow the group to maintain its cash flow
generation," added Mr. Rouhiainen.

TVN is expected to maintain lease-adjusted total debt to EBITDA
of less than 5x and funds from operations to total debt of more
than 10% to remain at the current rating level.

The ratings assume that there will be no significant change in
TVN's financial policy.  The group is expected to limit
shareholder returns to the maximum allowed within its bond
documentation.

The ratings could be raised if the company diversifies
profitability sources from its main "TVN" channel while
continuing to improve its financial profile.

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com


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


AGRO-KHIMIYA: Hires E. Feoktistov Insolvency Manager
----------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on limited liability company Agro-Khimiya.
The case is docketed as A08-3536-05-11.  Mr. E. Feoktistov has
been appointed temporary insolvency manager.  A hearing will take
place on November 16, 2005.

CONTACT:  AGRO-KHIMIYA
          Russia, Belgorod region,
          Volokonovka, Turgeneva Str. 15

          Mr. E. Feoktistov
          Temporary Insolvency Manager
          308002, Russia, Belgorod-2,
          Post User Box 36

          The Arbitration Court of Belgorod region
          308600, Russia, Belgorod region,
          Narodnyj Avenue, 135


AGRO-SNAB MIKHAYLOVSKOYE: Under Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on close joint stock company
Agro-Snab Mikhaylovskoye.  The case is docketed as
A63-187/2005-S5.  Mr. S. Amkhadov has been appointed temporary
insolvency manager.  A hearing will take place on October 27,
2005.

CONTACT:  AGRO-SNAB MIKHAYLOVSKOYE
          Russia, Stavropol region,
          Mikhaylovsk, Kollektivnaya Str. 1

          Mr. S. Amkhadov
          Temporary Insolvency Manager
          125183, Russia, Moscow region,
          Post User Box 50


BRONNITSKOYE: Court Brings in Insolvency Manager
------------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Bronnitskoye after finding the
repair-technical enterprise insolvent.  The case is docketed as
A41-K2-12584/99.  Mr. S. Egorov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 109386,
Russia, Moscow region, Staropolskaya Str. 36-225.

CONTACT:  BRONNITSKOYE
          140170, Russia, Moscow region,
          Bronnitsy, Sovetskaya Str. 155

          Mr. S. Egorov
          Insolvency Manager
          109386, Russia, Moscow region,
          Staropolskaya Str. 36-225


ECODOM: Deadline for Proofs of Claim Set Next Month
---------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Ecodom (TIN 7438005414) after finding the
open joint stock company insolvent.  The case is docketed as
A76-4709/05-48-6.  Mr. S. Rogov has been appointed insolvency
manager.  Creditors have until October 6, 2005 to submit their
proofs of claim to 353410, Russia, Krasnodar region, Anapskiy
region, Gostogaevskaya St. Novorosiiyskaya Str. 100.

CONTACT:  ECODOM
          Chelyabinsk, 456501, Russia, Chelyabinsk region,
          Sosnovskiy region, Novyj Kremnekul, 1

          Mr. S. Rogov
          Insolvency Manager
          Chelyabinsk, 456501, Russia, Chelyabinsk region,
          Sosnovskiy region, Novyj Kremnekul, 1


KMB-BANK: Moody's Raises Bank Deposit Rating to Ba1
---------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency bank deposit rating of KMB-Bank to Ba1 from Ba3 and the
bank's financial strength rating (FSR) to D- from E+.  The
short-term deposit rating remains unchanged at Not-Prime.  The
outlook for the bank deposit rating is positive, while it is
stable for the FSR.

The rating actions conclude the review process that was initiated
on April 26, 2005, when KMB-Bank's Ba3 foreign currency deposit
rating was placed on review for possible upgrade and the outlook
on the E+ FSR was changed to positive from stable following the
announcement that Banca Intesa (rated A1, positive outlook) would
acquire a stake of 75% less one share in the bank.  This
transaction is now at a very advanced stage and will be finalized
in the near future.

The upgrade of the bank deposit rating is based on Moody's
assumptions regarding Banca Intesa's strong commitment and
implicit support to KMB-Bank.  The outlook for the rating is
positive in line with that for the country ceiling.  The rating
is expected to follow future movements in the ceiling; on an
upside it could move up to a level commensurate with the bank's
fundamental credit strength, which will primarily depend on Banca
Intesa's ratings, the bank's standalone rating and the level of
implicit support from the bank's strategic shareholder.

The upgrade of the FSR reflects the bank's strong market position
and proven expertise in SME lending in Russia, its capable
management, rigorous loan underwriting standards, high portfolio
granularity and sound asset quality, advanced risk management and
treasury functions and good financial performance despite
constraints in the form of a relatively small capital base, which
has been used to leverage up the business.  However, Moody's
expects this impediment to be removed with the entry of a new
committed strategic shareholder.

KMB-Bank is headquartered in Moscow, Russian Federation, and
reported total assets of US$340 million under IFRS as of March
31, 2005 (reviewed by the auditors).

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

          Dmitry Polyakov, Asst Vice President - Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


ORS: Bankruptcy Supervision Procedure Begins
--------------------------------------------
The Arbitration Court of Pskov region has commenced bankruptcy
supervision procedure on bread baking plant ORS.  The case is
docketed as A52-1994/2005/4.  Mr. O. Akinshin has been appointed
temporary insolvency manager.  A hearing will take place on
November 10, 2005.

CONTACT:  ORS
          182100, Russia, Pskov region,
          Velikiye Luki, Gagarina Pr. 57

          Mr. O. Akinshin
          Temporary Insolvency Manager
          182100, Russia, Pskov region,
          Velikiye Luki, Gagarina Pr. 57


RUSSIAN AGRICULTURAL: Moody's Assigns Ba1/NP/E+ Ratings
-------------------------------------------------------
Moody's Investors Service has assigned Ba1 long-term and
'Not-Prime' (NP) short-term foreign currency deposit ratings and
an E+ (E plus) financial strength rating (FSR) to Russian
Agricultural Bank (RAB).  The outlook is positive for the
long-term foreign currency deposit rating and stable for the
other ratings.  At the same time, Moody's Interfax Rating Agency,
which is majority-owned by Moody's, has assigned an Aaa.ru
long-term national scale credit rating (NSR) and a RUS-1
short-term rating to RAB.

According to Moody's and Moody's Interfax, the Ba1 foreign
currency deposit rating assigned to RAB, which is at the country
ceiling, relies on the bank's key role in the execution of
government policy for agriculture development and its 100%
ownership by the Russian state.  Based on these factors Moody's
assumes there is a very high likelihood of state support in case
of need.  Such support is confirmed by successive capital
injections from the government since the bank's inception in
2000, the new shares issue to be completed by December 2005 that
will more than double current level of equity, and by the
presence of government and highly ranked administration officials
on the bank's supervisory board.

RAB's E+ (stable) FSR is underpinned by:

(a) Its unrivalled knowledge of the Russian agriculture and
agro-industrial sector;

(b) Its large branch network and wide territorial coverage;

(c) A strong capital base and the absence of large exposures;
    and

(d) By the bank's good image in the national banking sector.

The FSR is at the same time constrained by:

(a) Exposure to a single sector that is risky and sensitive to
    climate and pricing changes;

(b) A growing level of non-performing loans combined with
    exponential growth, which may give rise to credit risk
    concerns;

(c) Exposures to and business ties with credit cooperatives,
    which are weakly regulated and supervised;

(d) A very high cost-to-income ratio combined with very
    ambitious expansion plans, which may undermine profitability
    over the medium term; and

(e) A short track record of profit.

The Aaa.ru long-term and RUS-1 short-term ratings on Moody's
national scale signify an exceptionally high level of (supported)
creditworthiness compared to other Russian borrowers/debt.

Background & Profile

Headquartered in Moscow, Russian Federation, RAB was founded in
2000 on the basis of a directive signed by the President of the
Russian Federation.  It is fully owned by the Russian government
through the Federal Property Fund.  The bank is not included in
any privatization plan.  It has a key role in the execution of
the government's agricultural policy and contributes through its
loans to raising the living standards of the rural population.
RAB reported a shareholders' equity of US$174 million and total
assets of US$911 million in accordance with IFRS as at 31
December 2004.  According to Interfax, the bank ranked 39th in
terms of total assets and 32nd in terms of capital among Russian
banks as at 1 July 2005.

About Moody's and Moody's Interfax

Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Russia are
designated by the ".ru" suffix.  NSRs differ from global scale
ratings, as assigned by Moody's Investors Service, in that they
are not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

Moody's Interfax Rating Agency specializes in credit risk
analysis in Russia and is 51% owned and controlled by Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets.  Moody's Investors Service is a
subsidiary of Moody's Corporation (NYSE: MCO), which reported
revenues of US$1.2 billion in 2004, employs approximately 2,300
people worldwide and maintains offices in 18 countries.

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

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


SHURYGINSKOYE: Claims Filing Period Ends Next Month
---------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Shuryginskoye after finding the close joint
stock company insolvent.  The case is docketed as
A45-4194/05-27/13.  Mr. G. Taran has been appointed insolvency
manager.  Creditors have until October 6, 2005 to submit their
proofs of claim to 630099, Russia, Novosibirsk region,
Oktyabrskaya Str. 84, Room 10.

CONTACT:  SHURYGINSKOYE
          633554, Russia, Novosibirsk region,
          Cherepanovskiy region, Shurygino

          Mr. G. Taran
          Insolvency Manager
          630099, Russia, Novosibirsk region,
          Oktyabrskaya Str. 84, Room 10


SIBERIAN COAL: Insolvency Manager Takes over Business
-----------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on limited liability company Siberian Coal.
The case is docketed as A27-14511/2005-4.

Mr. S. Makarov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 652050, Russia,
Kemerovo region, Yugra, Lenigradskaya Str. 42, Main Post Office,
Post User Box 45.  A hearing will take place on November 4, 2005,
1:30 p.m.

CONTACT:  SIBERIAN COAL
          654007, Russia, Kemerovo region, Novokuznetsk,
          Novokuznetsovskiy Pr. 7, 200

          Mr. S. Makarov
          Insolvency Manager
          652050, Russia, Kemerovo region,
          Yugra, Lenigradskaya Str. 42,
          Main Post Office, Post User Box 45


STAROTITAROVSKYA: Creditors Opt for Liquidation
-----------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Starotitarovskya after finding the
agro-company insolvent.  The case is docketed as
A-32-85-54/2005-27/104 B.  Mr. O. Denisov has been appointed
insolvency manager.
Creditors have until October 6, 2005 to submit their proofs of
claim to 353410, Russia, Krasnodar region, Anapskiy region,
Gostogaevskaya St., Novorosiiyskaya Str. 100.

CONTACT:  STAROTITAROVSKYA
          353530, Russia, Krasnodar region, Temryukskiy region,
          Starotitarovskaya St. Ilyicha Per. 46

          Mr. O. Denisov
          Insolvency Manager
          353410, Russia, Krasnodar region, Anapskiy region,
          Gostogaevskaya St. Novorosiiyskaya Str. 100


STROY-PROGRESS: Bankruptcy Hearing Set November
-----------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on limited liability company
Stroy-Progress.  The case is docketed as A03-7785/05-B.  Mr. S.
Pupkov has been appointed temporary insolvency manager.  A
hearing will take place on November 28, 2005.

CONTACT:  STROY-PROGRESS
          656052, Russia, Barnaul,
          A. Petrova Str. 118a

          Mr. S. Pupkov
          Insolvency Manager
          656002, Russia, Barnaul,
          Vorovskogo Str. 140, Post User Box 130


ZAURAL-WOOD: Declared Insolvent
-------------------------------
The Arbitration Court of Kurgan region commenced bankruptcy
proceedings against Zaural-Wood after finding the open joint
stock company insolvent.  The case is docketed as A34-3023/05.
Mr. N. Leontyev has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 641920, Russia, Kurgan
region, Kargapolskiy region, Kargapolye-2, Krupskoy Str. 195.

CONTACT:  ZAURAL-WOOD
          Russia, Kurgan region, Kargapolskiy region,
          Kargapolye-2, Krupskoy Str. 195

          Mr. N. Leontyev
          Insolvency Manager
          641920, Russia, Kurgan region, Kargapolskiy region,
          Kargapolye-2, Krupskoy Str. 195
          Phone: 8-35256-2-13-78


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


ABB LTD.: Shakeup Plan in Line with Mid-term Targets
----------------------------------------------------
ABB Ltd., the leading power and automation technology group,
outlined its new mid-term targets for the five-year period from
2005 to 2009.  The company also outlined a strategy that
emphasizes improved business execution and a broader approach to
value creation, including focus on growth, operating margin, use
of capital and cash generation.

        Statement of Fred Kindle, ABB President and CEO

ABB today is in a strong position and we can look forward to
sustainable and profitable growth.  The targets and actions we
are announcing are designed to build on our strength and secure
our competitive success over the next five years and beyond.

The new group targets reflect the company's continuing focus on
revenue growth and operational profitability as measured by
earnings before interest and taxes (EBIT).  In addition, the
targets include net margin, return on capital employed and cash
flow generation.

To support the execution of the strategy, the organization will
be adjusted as of January 1, 2006.  One layer of management is
being removed, with the two core divisions replaced by their
respective five business areas.  A new function is being
introduced at the executive committee level to integrate the
regional organization more strongly.

This is an evolution of our strategy, not a revolution.  We
remain focused on our core power and automation businesses.  The
strategy involves a balanced approach to value creation by
widening our focus beyond growth to higher margins, greater
return on capital, and cash generation.  Above all, the emphasis
will be on better execution to deliver results more consistently
and reliably.

                Summary of 2009 Group Targets[1]

Revenue growth 2005-2009                          > 5% (CAGR[2])
EBIT margin                                       >10%
Net margin                                        > 5%
Return on capital employed (after tax) (ROCE)    Mid-teens
Free cash flow as share of net income             100%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Targets are defined in Appendix I of this release.

[2] Compound annual growth rate over five years from 2005 to
2009, excluding major acquisitions and divestitures and assuming
constant exchange rates.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

"Our new targets for net income and cash flow are intended to put
more emphasis on our bottom line and our ability to convert
profit into cash," said Michel Demare, Chief Financial Officer.
"The group target for return on capital employed will provide a
more complete picture of how we use capital resources in the
company and become a dynamic management tool to enhance value
creation."  ROCE will also be used at the divisional level to
establish target rates of return for new investments, taking into
account each business' EBIT expectation, risk profile, volatility
and capital intensity.

                 New Organizational Structure

The current two core divisions, Power Technologies and Automation
Technologies, will be eliminated, and their respective business
areas will become the new divisions as of January 1, 2006: Power
Products (formerly the Power Technology Products business area),
Power Systems (formerly the Power Technology Systems business
area), Automation Products (as at present), Process Automation
(as at present), and Robotics (formerly the Manufacturing
Automation business area). A new function at the group level,
Global Markets and Technology, will help to drive execution of
the strategy across national and regional borders.

                      Division Targets

Division           Revenue growth 2005-09*     EBIT margin 2009
Power Products            > 6%                      > 11%
Power Systems             > 5%                      >  6%
Automation Products       > 5%                      > 14%
Process Automation        > 5%                      > 9%
Robotics                  > 4%                      > 9%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* Compound annual growth rate for the five years from 2005 to
2009, excluding major acquisitions and divestitures and assuming
constant exchange rates
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

As of January 1, 2006, the Power Products, Power Systems and
Automation Products divisions will be headquartered in Zurich,
Switzerland.  The Process Automation division will be based in
Norwalk, Connecticut in the U.S., while the Robotics division
will be based in Shanghai, China.

                  Management Appointments

As a result of the change in divisional structure, the membership
of ABB's Executive Committee will change.  As of January 1, 2006,
the Executive Committee will comprise Fred Kindle (President and
CEO), Dinesh Paliwal (President, Global Markets and Technology),
Michel Demare (CFO), Gary Steel (head of Human Resources), as
well as new members Bernhard Jucker (head of Power Products),
Samir Brikho (head of Power Systems), Tom Sjoekvist (head of
Automation Products), Veli-Matti Reinikkala (head of Process
Automation), and Anders Jonsson (head of Robotics).

Jucker is currently ABB's country manager and head of the
Automation Technologies division in Germany.  Brikho is the head
of the ABB Lummus Global downstream oil, gas and petrochemicals
business and will retain this role in addition to his new
responsibilities.  Sjoekvist is the head of the Automation
Products business area and Reinikkala is head of the Process
Automation business area.  Jonsson is currently head of the
Automation Technologies division in China and is the operational
excellence manager for the division worldwide. Brikho and Jonsson
will take on the leadership of their respective businesses
starting October 1, 2005.

In his new role as President of Global Markets and Technology,
Paliwal -- currently head of the Automation Technologies
division -- will focus on tapping the growth and profitability
opportunities in key regions and trading areas.  His
responsibilities will include ensuring ABB expertise and
resources are applied across national borders and that existing
local support resources are used as efficiently as possible.
Paliwal will continue to be country manager in the U.S. and
regional manager in North America.

Peter Smits, currently head of the Power Technologies division,
will assume the role as country manager in Germany and regional
manager of Central Europe.

                Impact on Financial Reporting

The company will report its financial results according to the
new divisional structure starting in the first quarter of 2006
(historical divisional data for full years 2003 and 2004 are
provided in Appendix I of this press release).  Also starting
with its 2005 annual financial statements, additional disclosures
will be made on the group's balance sheet to allow the
calculation of return on capital employed.

ABB (http://www.abb.com)is a leader in power and automation
technologies that enable utility and industry customers to
improve performance while lowering environmental impact.  The ABB
Group of companies operates in around 100 countries and employs
about 103,000 people.

More information

ABB's mid-term targets press release and presentation slides are
available from September 6, 2005 on the ABB News Center at
http://www.abb.com/newsand on the Investor Relations Web site at
http://ww.abb.com/investorrelations


                         Appendix I

Targets Defined

Revenue growth CAGR: Compound annual growth rate for the five
years from 2005 to 2009, excluding major acquisitions and
divestitures and assuming constant exchange rates
EBIT margin Earnings before interest and taxes as a percentage of
revenues

Net margin: Net income as a percentage of revenues

Free cash flow: Free cash flow (cash flow from operating
activities adjusted for changes in financing receivables as well
as net investments in property, plant and equipment) as a
percentage of net income

Return on capital employed: EBIT (less tax), divided by the sum
of fixed assets plus net working capital*
EBIT (less tax) = EBIT x (1 - tax rate)
Tax rate = Provision for taxes / Income from continuing
operations before taxes and minority interest

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
* The published financial statements for the full years 2004 and
2003 do not present information in a manner that would allow the
calculation of return on capital employed as calculated by ABB
above.  Starting with the 2005 annual financial statements,
additional disclosures will be made on the group's balance sheet
to allow the above calculation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

               Key divisional data 2003-2004[1]
                   Pro-forma and unaudited

(US$, millions)

Division                       Revenues     EBIT    EBIT margin
                              2004 2003  2004 2003   2004  2003
Power Products                5,958  4,927  493  448  8.3%  9.1%
Power Systems                 3,691  3,516  119  147  3.2%  4.2%
Automation Products           5,378  4,582  667  490 12.4% 10.7%
Process Automation            4,675  4,046  279  181  6.0%  4.5%
Robotics                      1,382  1,417   81   66  5.9%  4.7%
Non-core activities
and other                [2] 2,091  4,712  (30) (462) n/a  n/a
Corporate[2]/consolidation   (2,454)(2,773)(525) (513) n/a  n/a
Total Group                  20,721 20,427 1,084  357  5,2% 1,7%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1]Data for the five divisions shown in this table are not
directly comparable with previously published data because
certain internal sales were previously eliminated at the
divisional level.  In the table above, those sales have been
eliminated at the group level.

[2]Real estate activities, previously reported under Corporate,
are now being accounted for in Non-core activities and Other.

CONTACT:  ABB LTD.
          Affolternstrasse 44
          8050 Zurich, Switzerland
          Phone: +41 43 317 7111
          Fax:   +41 43 317 4420
          Web site: http://www.abb.com


REWE-ZENTRALFINANZ EG: Selling Chain of Stores to Denner
--------------------------------------------------------
German retail group REWE-Zentralfinanz EG is withdrawing from the
Swiss market, local reports say.  It is selling its Pick Pay
chain of 130 stores to rival Denner.  The parties did not
disclose the purchase price, but the media puts the transaction
at EUR39 million.  Suddeutsche Zeitung says the deal also
includes a further 100 franchised stores.  The stores had
turnover of around CHF600 million in 2004.

The sale comes as a surprise at a time when German discount
supermarket chains Aldi and Lidl are looking to expand into the
Swiss market.  But the report says the Swiss media has spoken of
an insolvency announcement for REWE in Switzerland.

According to Handelsblatt, REWE said it is planning to invest in
countries where it could gain market leading position.

REWE is Germany's second-largest food retailer (behind METRO AG)
and one of the largest in Europe overall.  It operates about
11,500 stores in 13 European countries (about 9,000 in Germany).

Other REWE businesses include foodservice units, specialty
stores, and travel agencies.

CONTACT:  REWE-ZENTRALFINANZ EG
          REWE-Central Organisations
          Domstrasse 20
          D - 50668 Cologne
          Phone: +49 (0)221 / 149 0
          Fax: +49 (0)221 / 149 9000
          Web site: http://www.rewe.de/indexEN.htm


===========
T U R K E Y
===========


DOGUS HOLDING: On CreditWatch Positive over Disposal Plans
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
counterparty credit ratings on Turkey-based Dogus Holding A.S. on
CreditWatch with positive implications following the group's
announcements of various asset disposals.  At the same time, the
'B' short-term counterparty credit ratings on Dogus were
affirmed.

The CreditWatch listing reflects the strong positive impact on
the group's liquidity that will derive from two deals: (i) the
sale of Dogus' 71% stake in the Tansas food retail chain to Koc
group; and (ii) the sale of 25.5% and 49.2% of Turkiye Garanti
Bankasi A.S.'s (Garanti; BB-/Stable/--) ordinary and founders'
shares, respectively, to GE Consumer Finance (GECF; a subsidiary
of General Electric Co., AAA/Stable/A-1+).

Given expected aggregate net proceeds of about $1.3 billion
(including the acquisition of certain Garanti financial assets
relating to stakes in various Dogus group subsidiaries), these
transactions offer a significant opportunity to reduce the
group's substantial leverage.  At June 30, 2005, unadjusted
corporate gross debt was $780 million (of which $523 million at
the holding level), compared with $982 million at end-2004.

"Although Dogus had already started to deleverage actively in
2004 through the reduction of its stakes in the banking and
automotive sectors, the exit from the retail business and the
loss of majority control in its banking arm constitute a major
strategic development," said Standard & Poor's credit analyst
Benedetta Rospigliosi. "Therefore, the management's business
strategy for the remaining operating subsidiaries of the group,
its future dividend policy, and the use of disposal proceeds will
be key considerations for the CreditWatch resolution."

At 30.5% ownership, Garanti will continue to constitute Dogus'
largest holding, with the remaining portfolio of nonfinancial
investments primarily comprising automotive distribution and
construction.

"The improvement in the group's liquidity will, however, have to
be weighted against Dogus' reduced control over its highest
credit quality asset as well as a lower portfolio size, and its
decreased ability to circulate cash within the group," said Ms.
Rospigliosi.

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

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-Mail Addresses
          FIG_Europe@standardandpoors.com


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


DUBOVYAZIVKA' SUGAR: Declared Insolvent
---------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against OJSC Dubovyazivka' Sugar Combine (code EDRPOU
00372977) on July 7, 2005 after finding the limited liability
company insolvent.  The case is docketed as 8831-7/147.  Mr.
Dmitro Maltsev (License Number AA 419212) has been appointed
liquidator/insolvency manager.  The company holds account number
2600916110151 at JSCB Pravex-Bank, Sumi branch, MFO 337858.

Creditors have until September 9, 2005 to submit their proofs of
claim to:

(a) DUBOVYAZIVKA' SUGAR COMBINE
    42000, Ukraine, Sumi region,
    Konotop district, Dubovyazivka,

(b) Mr. Dmitro Maltsev
    Liquidator/Insolvency Manager
    02002, Ukraine, Kyiv region,
    Mikilsko Slobidska Str. 6-a
    Phone: 8 (050) 380-35-15

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


MELITOPOLGAZ: Court Replaces Temporary Insolvency Manager
---------------------------------------------------------
The Economic Court of Zaporizhya region appointed on July 29,
2005 Mr. Ishenko Vasil (License Number AA 719771) new temporary
insolvency manager of OJSC Melitopolgaz.  The case is docketed as
25/55(03).

CONTACT:  Mr. Ishenko Vasil
          Temporary Insolvency Manager
          72311, Ukraine, Zaporizhya region,
          Melitopol, a/b 21
          Phone/Fax: (0619) 42-09-74

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


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


ARC RISK: Inks Deal with Japan's Biggest Travel Agency
------------------------------------------------------
ARC Risk Management Group Plc has disclosed that its distribution
partner for Japan, AIG International Services (a division of
American International Group Inc.), has secured agreement with
JTB and JI Accident & Fire Insurance Co. for the immediate sale
of the red24alert crisis response service to their customer base.

JTB is the largest travel agency in Japan and has 400 offices in
22 countries.  Initially, however, red24 will be sold into the
domestic market through JTB's network of 321 branches, 414 sub
agencies and 6,819 affiliated agencies which, combined, accounts
for some four million foreign holiday makers a year.

JI Accident & Fire Insurance Co., a joint venture between AIU and
JTB, is one of the largest insurance companies in Japan, and has
incorporated red24alert into its product offering specifically to
customers seeking protection when traveling abroad.  JI is
expected to provide red24alert as a mandatory service to some of
its customers and as a voluntary add-on to others.

ARC is hopeful that the Japanese market will prove a rich one for
red24alert and that the traditionally risk averse Japanese
traveler will lead to the rapid adoption of the product.

Simon Wakeling, Director, ARC Risk Management Group Plc, said:
"This is an exciting development for red24 taking us into a major
geographical region populated by prolific travelers who seek
security and safety.  Both JTB and JI are confident that
red24alert suits a necessary market need and will commence
product marketing immediately."

                            *   *   *

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

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


BAE SYSTEMS: Denies Rumored Airbus Sellout
------------------------------------------
BAE Systems plc does not plan to sell its 20% stake in aircraft
manufacturer Airbus.  In a joint interview with the Financial
Times, both BA chief executive and chairman brushed aside rumors
about the sale to raise cash.

Chief Executive Mike Turner and Chairman Dick Olver also stressed
the company could not currently put to better use any proceeds in
a sale.  Mr. Olver added: "Right now, I am sure Mike and I would
both say: We look at everything, including Airbus, and right now
it is not for sale."

Mr. Turner expects shares in EADS, Airbus' parent, to drop from
it current high.  "It is cyclical and there will be downturns.
And, yes, EADS' share price will come down for a year or two some
time in the future," he said.  EADS shares climbed by 22.48% last
year, the paper said.

CONTACT:  BAE SYSTEMS PLC
          Warwick House, Farnborough Aerospace Center
          Farnborough
          Hampshire GU14 6YU, United Kingdom
          Phone: +44-1252-373-232
          Fax: +44-1252-383-000
          Web site: http://www.baesystems.com


BEN VAN DYKE: Winding-up Gets Go Signal
---------------------------------------
Company Name: BEN VAN DYKE TOWING LIMITED
              Lovewell Blake, 66 North Quay,
              Great Yarmouth,
              Norfolk, NR30 1HE
              Phone: 01953-880496


Registration Number: 02689524

Court: Norwich

Date of Filing Petition: June 23, 2005

No. of Matter: 5027 of 2005

Date of Winding-up Order: August 24, 2005

CONTACT:  Official Receiver
          Emmanuel House,
          2 Convent Road,
          Norwich, NR2 1PA
          Phone: 01603 628983
          Fax: 01603 760842


BUSINESS DEVELOPMENT: Assets Not Enough to Pay Creditors
--------------------------------------------------------
Unsecured creditors of Midlands marketing services agency
Business Development Workshop (BDW) have little hope of
recovering their money.

BDW owes creditors more than GBP1 million, according to
Birmingham Post.  Its liquidator, Butcher Woods Corporate
Recovery, says money realizable from the firm's assets is only
about GBP50,000, with Yorkshire Bank owed GBP111,000.  According
to BDW's sole director Alec Thompson, the amount owed to small
business may be less than GBP1.1 million after liabilities of
bigger entities such as the Inland Revenue are considered.

BDW's other creditors include Capital Radio Group; Creative
Graphics International; Dudley Council; Goodman Baylis Ltd. and
James Beattie, Corporation Street, Birmingham.  Christopher Wood,
director with Brierley Hill design and printing house CCG, said
his company is owed more than GBP28,000.

BDW's collapse, after 14 years in business, is due to client bad
debt, which required major cost base restructuring.  Mr. Thompson
has set up a new shop of the same business -- called Tango
Marketing -- near BDW's former office at E2 Hagley Court North,
The Waterfront, Brierley Hill.

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


CAPITAL AUTO: Goes into Liquidation
-----------------------------------
Company Name: CAPITAL AUTO REPLACEMENTS LIMITED
              C/O Chartwells Knightlands,
              North Benfleet Hall Road,
              North Benfleet, Wickford,
              Essex, SS12 9JR
              Phone: 01708 746709

Registration Number: 01821533

Court: Bristol District Registry

Date of Filing Petition: June 23, 2005

No. of Matter: 2605 of 2005

Date of Winding-up Order: August 17, 2005

CONTACT:  Official Receiver
          4th Floor, Central House,
          8 Clifftown Road,
          Southend-on-Sea,
          Essex, SS1 1AB
          Phone: 01702 602570
          Fax: 01702 602567


CHASE VENTURES: Hires Administrators from Bridgestones
------------------------------------------------------
Name: CHASE VENTURES LIMITED
      (Company No 03209698)

Nature of Business: Business and Management Consultancy, Social
Work without Accommodation, Other Human Health Activities.

Address of Registered Office: Bridgestones, 125-127 Union Street,
Oldham OL1 1TE

Trade Classifications: 7414, 8532 and 8514

Date of Appointment: 15 August 2005

Joint Administrators' Names and Address: Jonathan Lord and Robert
Cooksey (IP Nos 9041 and 9040), both of Bridgestones, 125-127
Union Street, Oldham OL1 1TE

CONTACT:  CHASE VENTURES LTD
          1st Floor 6 Princess Parade,
          New Road, Dagenham, Essex, RM10 9LS
          Phone: 020 8593 9373

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


CITY & BOROUGH: Liquidator from David Rubin Moves in
----------------------------------------------------
At an Extraordinary General Meeting of the Members of City &
Borough Waste Services Limited, duly convened, and held at the
offices of David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY, on 15 August 2005, the following
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
David Rubin, of David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY, be and he is hereby nominated
Liquidator for the purposes of such winding-up."

S Monk, Chairman

                            *   *   *

City & Borough removes waste in all areas of Central London
including Westminster, Kensington, Chelsea, Camden and the City.

CONTACT:  CITY & BOROUGH WASTE SERVICES LIMITED
          Scratchwood, Mill Hill, London NW7 3HU
          Web site: http://www.cityboroughwaste.co.uk/
          Phone: 020 8201 0001
          Fax: 020 8201 0102
          E-mail: info-cbwaste@btconnect.com

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


EASTHAMS FURNISHINGS: Names Administrators from Leonard Curtis
--------------------------------------------------------------
Name: EASTHAMS FURNISHINGS LIMITED
      (Company No 05007343)

Nature of Business: Retail of Furniture

Address of Registered Office: Whalley Road, Altham, Accrington,
Lancashire BB5 5DL

Date of Appointment: 19 August 2005

Administrators' Names and Address: J. M. Titley and A. Poxon (IP
Nos 8617 and 8620), both of DTE Leonard Curtis, DTE House,
Hollins Mount, Bury BL9 8AT

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


EMAX INTERNATIONAL: Members Pass Winding-up Resolutions
-------------------------------------------------------
At the extraordinary general meeting of the members of Emax
International Limited, duly convened, and held at Gable House,
239 Regents Park Road, Finchley, London N3 3LF, on 12 August
2005, the following Resolutions were duly passed as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that H.
J. Sorsky be and he is hereby appointed Liquidator for the
purposes of such winding-up."

V Lewis, Director

CONTACT:  EMAX INTERNATIONAL LIMITED
          Web site: http://www.emaxintl.com

          SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: mike@spwca.com


ENCO LIMITED: Appoints Elwell Watchorn & Saxton Administrator
-------------------------------------------------------------
Name: ENCO LIMITED
      (Company No 02839285)

Nature of Business: Injection Molders

Address of Registered Office: Elwell Watchorn & Saxton, 109 Swan
Street, Sileby, Leicestershire

Trade Classification: 11

Date of Appointment: 25 August 2005

Joint Administrators' Names and Address: John Michael Munn and
Joseph Gordon Maurice Sadler (IP Nos 7859 and 9048), both of
Elwell Watchorn & Saxton, 109 Swan Street, Sileby, Leicestershire

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


EXACT KITCHENS: Hires Liquidator from Tenon Recovery
----------------------------------------------------
At the extraordinary general meeting of Exact Kitchens (Northern)
Limited (t/a Intoto), duly convened, and held at Tenon House,
Ferryboat Lane, Sunderland SR5 3JN, on 18 August 2005, the
subjoined Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Ian William Kings, of Tenon Recovery, Tenon House, Ferryboat
Lane, Sunderland SR5 3JN, be and is hereby appointed Liquidator
for the purposes of such winding-up."

At a subsequent Meeting of Creditors, duly convened pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of W Kings was confirmed.

T J Jacobson, Chairman

CONTACT:  EXACT KITCHENS (NORTHERN) LIMITED
          Barkham Grange, Barkham Street,
          Barkham, Wokingham, Berkshire, RG40 4PJ
          Phone: 0118 976 2564

          TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


F-EIGHT FOOTWEAR: Liquidator from Tomlinsons Enters Firm
--------------------------------------------------------
At the extraordinary general meeting of F-Eight Footwear Limited,
duly convened, and held at Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL, on 15 August 2005, the
following Resolutions were duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Alan H. Tomlinson, of Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL, is hereby appointed as
Liquidator for the purposes of such winding-up."

At the subsequent Meeting of Creditors held on the same date, the
Resolution was ratified together with the appointment of Alan H.
Tomlinson, of Tomlinsons, St Johns' Court, 72 Gartside Street,
Manchester M3 3EL, as Liquidator of the Company.

E Siarkiewicz, Chairman

CONTACT:  F-EIGHT FOOTWEAR LIMITED
          Unit E1 Newton Business P, Cartwright Street, Newton
          Hyde, Cheshire SK14 4FA

          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


GARDEN COMFORTS: Members Decide to Wind up Company
--------------------------------------------------
At the extraordinary general meeting of Garden Comforts Ltd.,
duly convened, and held at 43 Pall Mall, London SW1, on 23 August
2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind-up the same, and
accordingly that the Company be wound up voluntarily, and that
Peter Robin Bacon and Carl Derek Faulds, of Portland Business &
Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire, be and they are hereby appointed
Joint Liquidators of the Company, and that any act required or
authorised to be done by the Liquidators, is to be done by both
or either of them for the time being holding office."

J J Newton, Director

CONTACT:  GARDEN COMFORTS LTD
          18-20 Headfort Place
          London SW1X 7DH
          Phone: (0800) 1692395
          Fax: (01270) 753077

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


GATE GOURMET: Unions Urge BA to Find Another Caterer
----------------------------------------------------
Union officials are reportedly asking British Airways to dump
Gate Gourmet, even though it could endanger jobs of 1,400
members.

According to Mail on Sunday, the unions have become so frustrated
with the airline caterer that they would not mind seeing BA
partnering with another.  A Transport and General Workers Union
leader said: "We know there are other catering firms around and
we would prefer BA to deal with them.  All Gate Gourmet does is
appear to scupper any prospects of peace talks."

While the airline is believed to be sensitive about the
sentiments of unions, it may not be able to find another caterer
able to supply 87,000 in-flight meals daily.  Nevertheless, Gate
Gourmet's manner of dealing with the dispute has reportedly irked
senior executives at the airline.

Earlier, union leaders accused Gate Gourmet of "reneging" on a
proposed settlement deal to end the row, which was sparked by the
axing of over 600 workers.  They noted the recent statement of
Chief Executive David Siegel, who said employees sacked for being
"militant or disruptive" will not be reinstated under any
circumstances.

Mr. Siegel has said the chance of the U.K. operations surviving
the next 12 months is "50/50", the same odds he gave to the labor
talks.  He earlier warned the caterer could still fall into
administration even if it has already reached a conditional deal
with BA.  The deal is crucial in that without it the company
would be forced to file for bankruptcy.  BA has made it clear the
deal is conditioned upon the settlement of the labor row.

CONTACT:  GATE GOURMET U.K. & IRELAND
          Phone: 0208 5135013
          Mobile: 07810 561816
          Web site: http://www.gategourmet.com


GOSTIN SHOP: Court Issues Winding-up Order
------------------------------------------
Company Name: GOSTIN SHOP LTD.
              32-36 Hanover Street,
              Liverpool, L1 4LN
              Phone: 0151 709 4142
              Fax: 0151 709 3916

Registration Number: 04013705

Court: Bristol District Registry

Date of Filing Petition: June 28, 2005

No. of Matter: 2677 of 2005

Date of Winding-up Order: August 24, 2005

CONTACT:  Official Receiver
          2nd Floor, Cunard Building,
          Pier Head,
          Liverpool, L3 1DS
          Phone: 0151 236 9131
          Fax: 0151 2437800


HIRE IT: Members Pass Winding-up Resolution
-------------------------------------------
At the extraordinary general meeting of the members of Hire IT
(Peterborough) Limited, duly convened, and held at The Old Bridge
Hotel, Holmfirth, Huddersfield HD9 1DA, on 23 August 2005, the
following Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
William Clive Swindell, of Yorkshire House, 7 South Lane,
Holmfirth, Huddersfield HD9 1HN, be and he is hereby nominated
Liquidator for the purpose of the winding-up."

R Bakewell

                            *   *   *

Hire IT is U.K.'s leading provider of computer rental solutions,
able to supply computer equipment from all the famous name
suppliers including Sun Microsystems, Compaq, HP, Toshiba and
many more.  Visit http://www.hireit.co.uk/for more information.

CONTACT:  HIRE IT (PETERBOROUGH) LIMITED
          Phone: 0207 421 3333
          E-mail: sales@hireit.co.uk

          William Clive Swindell, Liquidator
          Yorkshire House, 7 South Lane,
          Holmfirth, Huddersfield HD9 1HN
          Phone: 01484 688344


HMC BRAUER: Meeting of Creditors Set Next Week
----------------------------------------------
Notice is hereby given by Mark Jeremy Orton and James Douglas
Ernle Money of KPMG LLP, Aquis Court, 31 Fishpool Street, St
Albans AL3 4RF, that a Meeting of the Creditors of HMC Brauer
Limited, whose registered office is Aquis Court, 31 Fishpool
Street, St Albans AL3 4RF, is to be held at the offices of KPMG
LLP, Altius House, One North Fourth Street, Central Milton Keynes
MK9 1NE, on 12 September 2005, at 3:00 p.m.  The Meeting is an
initial Creditors' Meeting under paragraph 51 of Schedule B1 to
the Insolvency Act 1986.  In order to be entitled to vote under
Rule 2.38 at the Meeting, Creditors must give details in writing
of their claim, not later than 12:00 noon on the business day
before the day fixed for the Meeting. If any Member wishes to
receive a copy of the Administrators' proposals, they should
provide a request in writing to the following address, Dom
Pannozzo, KPMG LLP, Aquis Court, 31 Fishpool Street, St. Albans
AL3 4RF.

M J Orton, Joint Administrator

                            *   *   *

Brauer has been supplying superior engineered tooling products
since 1926.  Its brands are recognized worldwide as products of
the highest quality, and the breadth of its product portfolio
provides demanding customers with tooling, automation and
measurement solutions for a wide variety of problems.  Visit
http://www.brauer.co.uk/for more information.

CONTACT:  HMC-BRAUER LIMITED
          Dawson Road
          Mount Farm
          Milton Keynes
          England MK1 1JP
          Phone: +44 (0) 1908 374022
          Fax: +44 (0) 1908 641628

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


INMARSAT PLC: Receives GBP4.2 Million for Invsat Unit
-----------------------------------------------------
Inmarsat plc has confirmed the sale of Invsat Limited, a wholly
owned subsidiary to Nessco Limited, a communications services
supplier for the oil and gas industry for a total consideration
of approximately GBP4.2 million.

Earlier, Chief Finance Officer Rick Medlock said the sale of the
Invsat and Rydex units is expected to be concluded by end of the
year.  Aberdeenshire-based Invsat provides high bandwidth Very
Small Aperture Terminal (Vsat) voice and data communications to
the energy and offshore business, while Vancouver-based Rydex
creates shipboard e-mail and data software for the shipping
industry.  The decision reportedly came following Inmarsat's
inconsistent track record with its non-core ventures.

Inmarsat plc has more than 25 years of experience in designing,
launching and operating its satellite-based network.  With a
fleet of ten owned and operated geostationary satellites, which
are controlled from its headquarters in London, Inmarsat provides
a wide range of voice and high-speed data services to users
worldwide, including telephony, fax, video, e-mail and
broadband intranet and Internet access.

In August, the company revealed half-year revenue increased by 4%
to US$253.6 million (H1 2004: US$243.5 million) as EBITDA rose
11% to US$171.8 million (H1 2004: US$155.4 million).

Inmarsat's revenues, operating profit and EBITDA for the full
year 2004 were US$480.7 million (EUR399.36 million), US$159.1
million (EUR132.18 million) and US$303.6 million (EUR252.22
million), respectively.

CONTACT:  INMARSAT PLC
          99 City Rd.
          London EC1Y 1AX
          Phone: +44-20-7728-1256
          Fax: +44-20-7728-1179
          Web site: http://www.inmarsat.com/

          Media Inquiries
          Chris McLaughlin
          Phone: +44 20 7728 1015
                 or +44 779 627 6033

          Investor Inquiries
          Simon Ailes
          Phone: +44 20 7728 1518


J.D. FASHIONS: Appoints Liquidator from Springfields
----------------------------------------------------
At the extraordinary general meeting of J.D. Fashions Limited,
duly convened, and held at 80 Hinckley Road, Leicester LE3 0RD,
on 23 August 2005, the subjoined Extraordinary Resolution was
duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Situl Devji Raithatha, of Springfields, 80 Hinckley Road,
Leicester LE3 0RD, is hereby appointed Liquidator for the
purposes of such winding-up."

At a subsequent Meeting of Creditors, duly convened pursuant to
section 98 of the Insolvency Act 1986, and held on the same day,
the appointment of Situl Devji Raithatha was confirmed.

B Kaur, Chairman

CONTACT:  J.D. FASHIONS LTD.
          P.O. Box 1614, Dar es Salaam
          Morogoro Rd/ Mali Street Plot 1322/78
          Phone: 255-51-118168, 118254

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


JONELLA FASHIONS: Sportswear Maker Quits
----------------------------------------
At the extraordinary general meeting of Jonella Fashions Limited
held at 39 Castle Street, Leicester LE1 5WN, on 23 August 2005,
the following Resolutions were duly passed, as an Extraordinary
Resolution and as Ordinary Resolutions respectively:

"That it has proved to the satisfaction of this Meeting that the
Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Neil Richard Gibson and Neil Charles Money, of CBA, 39
Castle Street, Leicester LE1 5WN, be and are hereby appointed
Joint Liquidators for the purpose of such winding-up, and that
the Joint Liquidators be and are hereby empowered to act jointly
and severally."

R Wooding, Chairman

CONTACT:  JONELLA FASHIONS LTD.
          Whittington Drive
          Ratby LE6 0ND
          Phone: 0116 2394884
          Fax: 0116 2393890

          CBA
          39 Castle Street
          Leicester LE1 5WN
          Phone: (0116) 262 6804
          Fax: (0116) 217 1404
          E-mail: leics@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


KDO INTERNATIONAL: Files for Liquidation
----------------------------------------
At an Extraordinary General Meeting of KDO International West
Limited, duly convened, and held at No 1 St Swithin Street,
Worcester WR1 2PY, on 24 August 2005, the subjoined Extraordinary
Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Neil Hickling, of Smith & Williamson Limited, No 1 St Swithin
Street, Worcester WR1 2PY, be and is hereby appointed Liquidator
for the purposes of such winding-up."

At a subsequent Meeting of Creditors held on 24 August 2005 at No
1 St Swithin Street, Worcester WR1 2PY, the appointment of Neil
Hickling was confirmed by the Creditors.

R Oddy, Chairman

                            *   *   *

KDO is an established British engineering company situated in the
Worcestershire countryside at Little Witley.  It specializes in
the design, manufacture, sales and after-sales service of label
production and converting equipment.  Visit http://www.kdo.co.uk
for more information.

CONTACT:  KDO INTERNATIONAL WEST LIMITED
          The KDO Business Park
          Little Witley
          Worcester
          WR6 6LR
          Hereford and Worcester
          Phone: 01299 896959
          Fax: 01299 896965

          SMITH & WILLIAMSON
          1 St Swithin Street
          Worcester
          Worcestershire WR1 2PY
          Phone: 01905 730100
          Fax: 01905 723502
          E-mail: nfh@smith.williamson.co.uk


LEARNING MANAGEMENT: Members Opt for Winding-up
-----------------------------------------------
At an Extraordinary General Meeting of the Members of Learning
Management Solutions Ltd., duly convened, and held at Jones
Lowndes Dwyer LLP, John Swift Building, 19 Mason Street,
Manchester M4 5FT, on 25 August 2005, the following Resolutions
were duly passed, as an Extraordinary Resolution and as an
Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Claire L Dwyer be and she is hereby appointed Liquidator for the
purposes of such winding-up."

T Lock, Chairman and Company Director

CONTACT:  LEARNING MANAGEMENT SOLUTIONS LTD.
          The Orchard House, Rhiews Bank, Market Drayton,
          Shropshire, TF9 3RQ
          Web site: http://lms.ilmc.co.uk/
          Phone: 01948 890664

          JONES LOWNDES DWYER LLP
          John Swift Building
          19 Mason Street
          Manchester
          Greater Manchester M4 5FT
          Phone: 0161 832 9454
          Fax: 0161 832 9455
          E-mail: clairedwyer@joneslowndesdwyer.co.uk


METHODE FIBRE: Liquidator from Grant Thornton Moves in
------------------------------------------------------
At the extraordinary general meeting of Methode Fibre
Optics-Europe Ltd., convened, and held at Unit H, Crossagalla
Business Park, Ballysimon Road, Limerick City, Ireland, on 12
August 2005, at 10:00 a.m., the following Special Resolution was
passed:

"That the Company be wound up voluntarily, and that Samantha
Keen, of Grant Thornton UK LLP, 31 Carlton Crescent, Southampton
SO15 2EW, be appointed Liquidator of the Company for the purposes
of the voluntary winding-up."

J Sheehan, Chairman

                            *   *   *

Methode Electronics, Inc. is a global manufacturer of component
and subsystem devices with manufacturing, design, and testing
facilities in the United States, Mexico, Malta, United Kingdom,
Germany, Czech Republic, Singapore, and China.  The company
designs, manufactures and markets devices employing electrical,
electronic, wireless, sensing and optical technologies.  Its
business is managed on a technology product basis, with those
technology segments being Electronic, Optical and Other.  Visit
http://www.methode.com/for more information.

CONTACT:  METHODE FIBRE OPTICS EUROPE
          Boundary Road
          Haverhill CB9 7UU
          Suffolk
          Phone: 01440 712525
          Fax: 01440 712542

          GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


MIRAGE KITCHENS: Files for Liquidation
--------------------------------------
At an Extraordinary General Meeting of the Members of Mirage
Kitchens And Bedrooms Limited, duly convened, and held at the
Judges Hotel, Kirklevington, Yarm TS15 9LW, on 19 August 2005,
the following Resolutions were duly passed as an Extraordinary
Resolution and as Ordinary Resolution:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
David Anthony Horner, of David Horner & Co, 3 Guisborough Road,
Great Ayton, Middlesbrough TS9 6AA, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

D Whitby, Director

CONTACT:  MIRAGE KITCHENS AND BEDROOMS LIMITED
          Cargo Fleet Lane
          Cargo Fleet
          Middlesbrough
          TS3 8AL
          Cleveland
          Phone: 01642 248884
          Fax: 01642 248838
          Web site: http://www.miragekitchens.co.uk

          DAVID HORNER & CO.
          Web site: http://www.davidhornerandco.co.uk


MOSS LANE: IT Support, Training Provider Liquidates
---------------------------------------------------
At an Extraordinary General Meeting of the Members of Moss Lane
Community Outreach Project, duly convened, and held at Premier
Travel Inn, Carrington Lane, Ashton upon Mersey, near Sale M33
5BL, on 9 August 2005, the following Extraordinary Resolution was
duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that T
J Hargreaves, of T H Associates, Newfield House, High Street,
Tunstall, Stoke on Trent ST6 5PD, be and he is hereby nominated
for the purpose of winding-up."

L Johnson, Director and Shareholder

                            *   *   *

MOSSCOP provides direct support services to some of the most
disadvantaged and socially excluded families and communities for
over nine years, although some of these services have existed for
18 years prior to the formally constructed process.  Visit
http://www.mosscop.com/for more information.

CONTACT:  MOSS LANE COMMUNITY OUTREACH PROJECT
          300 Moss Lane East
          Moss Side
          Manchester
          M14 4SS
          E-mail: Admin@mosscop.com
          Phone: 0161-226-7868
          Fax: 0161-226-0836


NETWORK RAIL: Guilty of Violating Health and Safety Act
-------------------------------------------------------
The Hatfield trial, in which Network Rail and several of its
employees faced charges under the Health & Safety at Work Act,
concluded on Tuesday.  The court found:

-- Network Rail guilty of offences under Health and Safety
   at Work Act;

-- Four Network Rail employees, who were individually charged
   with offences under Health and Safety at Work Act, not
   guilty.

         Comment by Network Rail Chairman Ian McAllister

The Hatfield tragedy was a terrible event for everyone involved,
and our thoughts today are with those who died and were injured
on that day and their families.  Once again, we wish to say we
are sorry that it ever happened.   This has been a long trial, it
has now reached its conclusion and we respect the findings of the
court.

It must be remembered that the maintenance of the railway has
fundamentally changed since the Hatfield tragedy in October 2000.
Since Network Rail took over the nation's railway infrastructure
some three years ago, maintenance has been taken in-house rather
than being outsourced, and we have changed our approach from a
'find and fix' maintenance regime to one of 'predict and
prevent'.  We have also invested heavily in new maintenance
technology and doubled the size of our company to some 30,000
employees.

All these changes have been made as we work to minimize the
chances of this ever happening again.

Network Rail is a very different company to Railtrack.  In the
three years that it has been in-charge of the nation's railway
infrastructure, it has made sweeping changes to its priorities,
to the company structure, and to its people and processes:

(a) Network Rail, is a not-for-dividend company, with
    engineering at its core,

(b) The running of a safe, reliable and efficient rail network
    are the company's clear priorities,


(c) Maintenance has been brought in-house under direct control,

(d) As a result, maintenance has moved from a 'find and fix'
    approach to one of 'predict and prevent',

(e) We have embarked on a massive railway investment program,
    spending over GBP5bn each year to operate, maintain and
    renew the rail infrastructure,
(f) We have invested heavily in new technology that measures the
    condition of the rail infrastructure in more detail and more
    accurately than ever before

                           Background

On 17 October 2000 a GNER train traveling from London to Leeds
was derailed at Hatfield.  Four people died.  The cause of the
derailment was a broken rail caused by rolling contact fatigue
(formerly known as 'gauge corner cracking').

The trial began in January 2005 at Court 84 of the Royal Courts
of Justice.  The Network Rail defendants were the company (which
assumed the legal liabilities of Railtrack when it bought it in
October 2002), Alistair Cook, then asset manager, London North
Eastern Zone (LNEZ); Sean Fugill, area asset manager, LNEZ; Keith
Lea, track engineer, LNEZ.  The fourth defendant was Nicholas
Jeffries, then an employee of Balfour Beatty, now of Network
Rail.

The employees were originally charged with involuntary
manslaughter.  The court dismissed them of this charge on 14 July
2005.  The company and the individuals still faced charges under
section 37 of the Heath & Safety at Work Act 1974.

Co-defendant Balfour Beatty subsequently pleaded guilty to Health
& Safety Charges.  The rail industry accepted responsibility and
liability for the tragedy just a few days after the accident.

Network Rail is the 'not for dividend' owner and operator of
Britain's railway infrastructure, which includes the tracks,
signals, tunnels, bridges, viaducts, level crossings and
stations -- the largest of which it also manages.

It is working to rebuild Britain's railway and provide a safe,
reliable and efficient rail infrastructure for freight and
passenger trains to use.

                            *   *   *

Railtrack went into administration in 2001 after the government
withdrew funding for the company whose reputation was wrecked by
a fatal crash in 2000 at Hatfield.  Its shareholders are suing
the government for "misfeasance of justice" and a breach of human
rights to recover GBP157 million.

The case ("Geoffrey Rutherford Weir and ors. v. The Secretary of
State for Transport HC03CO4185") is being held at the high court
of Mr. Justice Lindsay.  Jonathan Sumption is spearheading the
government's defense.  Geoffrey Weir is the shareholders' lead
claimant.  Keith Rowley QC is the shareholders' barrister.  The
investors are acting together as The Railtrack Private
Shareholders Action Group (RPSAG).

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


NORHAM MULTI: Administrators from Grant Thornton Move in
--------------------------------------------------------
Name: NORHAM MULTI LEISURE LIMITED
      (Company No 01457032)

Nature of Business: Operating Leisure Facilities

Address of Registered Office: The Old Control Tower, Kent
International Airport, Manston Road, Manston, Kent CT12 5TW

Date of Appointment: 23 August 2005

Joint Administrators' Names and Address: Andrew Conquest and
Joseph McLean (IP Nos 5329 and 8903), both of Grant Thornton UK
LLP, Grant Thornton House, Melton Street, Euston Square, London
NW1 2EP

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


PREMIER FOODS: Books Profit Despite 3.9% Drop in Turnover
---------------------------------------------------------
Premier Foods plc has reported interim results for the six months
to 2 July 2005.

                         Unaudited         Unaudited
                       six months to     six months to    Change
                        2 July 2005       3 July 2004
                         GBPmillion        GBPmillion

Turnover*                   409.2            425.8         -3.9%

Trading profit*,**           45.6             38.4         18.8%

Operating profit*            42.8             39.0          9.7%

Profit/(loss) before tax     18.3              0.2            na

Operating cash flow          61.1             58.9          3.7%

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Continuing operations

[**] Trading profit is defined as operating profit before
exceptional items, amortization of intangibles and the effective
income statement impact of changes in pension assumptions.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Highlights

(a) continued focus on growth of brands: Branded sales now 56%
    of grocery sales;

(b) Bird's and Quorn acquisitions performing to expectation;

(c) Cost savings program delivering; and

(d) interim dividend of 4.75 pence per ordinary share

Premier is also announcing the acquisition of 100% of the
ordinary share capital of Monument (GB) Limited and certain
assets (trading as FW Gedney) for GBP5.5 million cash on a
cash-free, debt free basis.  Gedney's is a potato and fresh
produce supply business and will be integrated into Premier's
existing potato supply business.

           Report of Chief Executive Robert Schofield

This is a solid set of results with like-for-like operating
profit up 5.4%.  It demonstrates the strength of our branded
grocery business, which saw good performances from our principal
brands, and continued progress on reducing costs.

The outlook for the remainder of the year is for our core
business to remain on track with our grocery business
compensating for our disappointing potatoes business.  With
regard to our recently acquired Quorn business we intend to
invest GBP2 million more in the second half on marketing and
innovation to support our growth plans.

Our brands, scale and efficiency mean we are well positioned to
deliver profitable growth and strong cash flow generation to
support progressive dividends and further acquisitions in the
future.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/PremierFoods(H12005).pdf

CONTACT:  PREMIER FOODS PLC
          28 The Green, Kings Norton
          Birmingham
          B38 8SD, United Kingdom
          Phone: +44-1727-815-850
          Fax: +44-1727-815-982
          Web site: http://www.premierfoods.co.uk

          Robert Schofield, Chief Executive
          Paul Thomas, Finance Director
          Gwyn Tyley, Investor Relations Manager
          Phone: +44 (0) 20 7638 9571

          CITIGATE DEWE ROGERSON
          Michael Berkeley
          Sara Batchelor
          Anthony Kennaway
          Phone: 020 7638 9571


PREMIER FOODS: To Release Dividend November
-------------------------------------------
Further to the interim results statement, Premier Foods plc has
announced dates for the dividend, which included:

Ex dividend date - 26 October 2005

Record date - 28 October 2005

Payment of Dividend - 25 November 2005.

                            *   *   *

In July, Premier Foods admitted trading conditions continue to be
difficult at its unit MBM Produce Ltd. and it does not anticipate
seeing any improvement until 2006.

Meanwhile, its trading outlook for the year remains in line with
expectations.  The grocery business continues to make progress
after a slow January and it is looking forward to an improved
second half when a number of its new products will be launched in
the market place.

CONTACT:  PREMIER FOODS PLC
          28 The Green, Kings Norton
          Birmingham
          B38 8SD, United Kingdom
          Phone: +44-1727-815-850
          Fax: +44-1727-815-982
          Web site: http://www.premierfoods.co.uk

          Robert Schofield, Chief Executive
          Paul Thomas, Finance Director
          Gwyn Tyley, Investor Relations Manager
          Phone: +44 (0) 20 7638 9571

          CITIGATE DEWE ROGERSON
          Michael Berkeley
          Sara Batchelor
          Anthony Kennaway
          Phone: 020 7638 9571


PRIVATE SANCTUARY: Bed Retailer Put to Rest
-------------------------------------------
At an Extraordinary General Meeting of the Members of Private
Sanctuary Limited, duly convened, and held at 27 The Downs,
Altrincham, Cheshire WA14 2QD, on 24 August 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Neil Henry and Michael Simister, of Lines Henry, 27 The Downs,
Altrincham, Cheshire WA14 2QD, be and they are hereby appointed
Joint Liquidators for the purposes of such winding-up and that
the Joint Liquidators are empowered to act jointly and
severally."

N J Littlehales, Director

CONTACT:  PRIVATE SANCTUARY LIMITED
          Web site: http://www.privatesanctuary.co.uk/
          Private Sanctuary
          Phone: 0161 236 7014

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


QIBLA COLA: Files for Liquidation
---------------------------------
At an Extraordinary General Meeting of the Members of Qibla Cola
Company Limited, duly convened, and held at The Fradley Arms,
A38, Fradley, Lichfield, Staffordshire WS13 8RD, on Wednesday 24
August 2005, at 10:30 a.m., the following Extraordinary
Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Eileen T F Sale, of Sale Smith & Co. Limited, Carmella House, 3 &
4 Grove Terrace, Walsall, West Midlands WS1 2NE, be and is hereby
appointed Liquidator for the purposes of such winding-up."

M Haider, Chairman

                            *   *   *

Based in the heart of England, Qibla organizes distribution and
production of cola in the U.K. and worldwide.  It has national
distribution rights.

CONTACT:  QIBLA COLA COMPANY LIMITED
          Po Box 6440, Derby, DE1 9NE, England, UK
          Web site: http://www.qibla-cola.com/

          SALE SMITH & CO.
          Carmella House,
          3 & 4 Grove Terrace,
          Walsall, West Midlands WS1 2NE
          Phone: 01922 624777
          Fax: 01922 720528
          E-mail: etfs@salesmith.demon.co.uk


QLM LIMITED: Calls in Administrator from Armstrong Watson
---------------------------------------------------------
Name: QLM LIMITED
      (Company No 3400839)

Nature of Business: Retailer of Household and Electrical Goods

Address of Registered Office: Idle Road, Bradford BD2 2AL

Date of Appointment: 25 August 2005

Administrator's Name and Address: M. C. Kienlen (IP No 9367),
Armstrong Watson, Central House, 47 St Paul's Street, Leeds LS1
2TE

CONTACT:  ARMSTRONG WATSON
          Central House
          47 St Paul's Street
          Leeds LS1 2TE
          West Yorkshire
          Phone: 0113 384 3840
          Fax: 0113 384 3841
          E-mail: mike.lienlen@armstrongwatson.co.uk


RANGE MOTORS: Court Sanctions Liquidation
-----------------------------------------
Company Name: RANGE MOTORS LIMITED
              58 Whitchurch Avenue, Broadstone,
              Dorset, BH18 8LP
              Phone: 01202 675510
                     01202 670722
              Fax: 01202 675510
              Web site: http://www.rangemotors.com

Court: Bristol District Registry

Date of Filing Petition: June 2, 2005

No. of Matter: 2332 of 2005

Date of Winding-up Order: August 24, 2005

CONTACT:  Official Receiver
          1st Floor, Heliting House,
          35 Richmond Hill,
          Bournemouth, BH2 6HT
          Phone: 01202 203900
          Fax: 01202 203920

                            *   *   *

Range Motors Limited is a vehicle service and repair center
specializing in all models of Land Rover and Range Rover plus
other makes of 4x4 in Dorset and the south of England.


RESTALL INTERNATIONAL: Names Kroll Liquidator
---------------------------------------------
At an Extraordinary General Meeting of Restall International
Limited, convened, and held at The Holiday Inn, Birmingham North,
Birmingham Road, Birmingham B43 7AG, on 24 August 2005, at 10:00
a.m., the following Resolutions were passed, as an Extraordinary
Resolution and as Ordinary Resolutions respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
S Wilson and J Wright, of Kroll Limited, The Observatory, Chapel
Walks, Manchester M2 1HL, be appointed Joint Liquidators of the
Company for the purposes of the voluntary winding-up, and that
the Joint Liquidators be authorized to act jointly and severally
in the liquidation."

M Spicer, Chairman

                            *   *   *

Founded in 1864, Restall's rapidly established fame for fine
quality hand-made furniture resulted in many prestigious
commissions such as the thrones used by King George V and Queen
Mary at the Delhi Durbah in 1912.  Today it has an international
reputation as designer and manufacturer of a range of furniture
covering.  Another area of success for the company is stadia
seating.  Restall seats are installed at most English Football
League and County Cricket Grounds and many leading sports venues
throughout the world.

CONTACT:  FREDERICK RESTALL LIMITED
          Unit 10/11
          Tyseley Industrial Estate
          Seeleys Road
          Tyseley
          Birmingham
          B11 2LQ
          Phone:  +44 (0)121 766 4888
          Fax: +44 (0)121 766 4884
          E-mail: sales@restall.com

          KROLL LIMITED
          The Observatory, Chapel Walks, Manchester M2 1HL
          Web site: http://www.krollworldwide.com


ROBERT WISEMAN: Court Denies Request to Re-open OFT Probe
---------------------------------------------------------
The Board of Robert Wiseman Dairies plc has noted the conclusion
of Arla Foods plc's appeal against the decision of the Office of
Fair Trading in respect of Robert Wiseman under Chapter II of the
Competition Act.  While the Competition Appeals Tribunal has
decided to set aside the OFT's decision in August 2002, the CAT
declined to grant Arla's request for an order that the OFT
re-open the investigation.

The OFT's investigation, which was the subject of the CAT
decision, was in relation to an alleged abuse of a dominant
market position.

                            *   *   *

In October 2002, Robert Wiseman Dairies received confirmation
from the OFT that it has closed its investigation under Chapter 1
of the Competition Act 1998 and that no action is being taken
against the Company.

Chairman Alan Wiseman said: "We have maintained from day one that
there was no case to answer and we are obviously delighted to put
this matter behind us.

"It is disappointing that the investigation ever took place and
lasted for such a long period, but we never allowed it to
distract us from running the business."

The investigation was done to verify whether Wiseman abused a
dominant position in the supply of milk to middle ground
retailers in Scotland.

As a result of the investigation being completed, the company was
released from the Voluntary Assurances to the Director General of
the OFT regarding pricing to the middle ground sector in the
Highlands.

The OFT investigation lasted more than a year and the total cost
to the business in professional fees alone was in excess of
GBP700,000.

CONTACT:  ROBERT WISEMAN DAIRIES PLC
          Cairn Place
          Nerston Industrial Estate
          East Kilbride, G74 4NQ
          Strathclyde
          Phone: 01355 247777
          Fax: 01355 228181
          Web site: http://www.wiseman-dairies.co.uk


ROYAL & SUNALLIANCE: Expects GBP25 Million in 'Katrina' Claims
--------------------------------------------------------------
Royal & SunAlliance Insurance Group plc has revealed a
provisional estimate of up to GBP25 million, net of reinsurance
recoveries, for claims arising from the recent hurricane in the
U.S.  The losses are expected to arise in the Group's Marine and
Global and Risk Managed portfolios.  The provisional loss
estimate includes a very limited exposure from the Group's U.S.
business following its restructure in 2003.

                            *   *   *

In August, Royal & SunAlliance reported operating result of
GBP329 million for the six months ended June 30, 2005, an
increase of 145 million on H1 2004.  Profit after tax amounted
to GBP195 million, up from GBP82 million in H1 2004.

Andy Haste, Group Chief Executive, said:  "It has been a good
first half of the year, with strong performances from our
Core businesses and further progress in the U.S.  We continue to
deliver on our strategic objectives and the results demonstrate
the underlying strength of the Group and its ability to achieve
sustainable returns."

Royal & SunAlliance has also reportedly decided to transfer its
employees from pensions based on final salaries to packages
based on average career earnings.  This is said to be aimed at
cutting about GBP180 million from the company's GBP500 million
pension fund deficit.

The measure is part of the company's ongoing restructuring,
which comes amid mounting claims and weak investments.  The
company is said to have improved its risk profile, but it has
not yet totally eliminated the threat of potentially large
claims in the U.S.  The latter could dampen interest of
prospective buyers, according to analysts.

In June, Royal & SunAlliance sold a 20% stake in investment bank
Rothschild and fought off a potential takeover by Andrew Regan.

CONTACT:  ROYAL & SUNALLIANCE INSURANCE GROUP PLC
          30 Berkeley Sq.
          London
          W1J 6EW, United Kingdom
          Phone: +44-20-7636-3450
          Fax: +44-20-7636-3451
          Web site: http://www.royalsunalliance.com


SCOTTISH POWER: Jobs to go as Firm Eyes GBP60 Mln Annual Savings
----------------------------------------------------------------
Scottish Power plc has warned of job losses, as it aims to save
GBP60 million a year.  According to The Scotsman, the energy
company has yet to finalize the extent of the job cuts, but it is
inclined to eliminate layers of management.

Chief Executive Ian Russell hinted the reductions would likely
affect the firm's corporate side.  "Four of my senior colleagues
will be leaving, but as far as further job losses are concerned,
I think it is inevitable that there will be some," he told
Reuters in another report.

The paper also quoted Mr. Russell as saying he hoped to discuss
further details of the restructuring over the next few weeks.

Meanwhile, Dow Jones reported that shares in Scottish Power rose
Tuesday following the announcement of its restructuring plan.
The scheme will bring in a GBP35 million charge in the firm's
2005 accounts, Dow Jones added.  It also noted the cost savings
could come from the removal of support functions for the
company's PacifiCorp unit, and changes in the structure of its
U.K. business.  In May, U.S.-based Pacificorp was sold to
MidAmerican Energy.

"Once we had made the strategic decision to sell PacifiCorp,
which changes significantly the shape and scale of the group, it
was necessary to review our management, operating and cost
structures," Mr. Russel told Dow Jones.

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

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

          David Ross, Investor Relations Manager
          Phone: 0141 566 4853

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


TECHTRONICS EUROPE: Files for Liquidation
-----------------------------------------
Company Name: TECHTRONICS EUROPE LTD.
              Meadowgate Filling Station,
              Kates Bridge Thurlby, Bourne,
              Lincoln, PE10 0EN.
              Phone: 0870 0100590

Registration Number: 03332870

Court: Bristol District Registry

Date of Filing Petition: June 29, 2005

No. of Matter: 2679 of 2005

Date of Winding-up Order: August 24, 2005

CONTACT:  Official Receiver
          The Frontage, 4th Floor,
          Queen Street,
          Nottingham, NG1 2BL
          Phone: 0115 852 5000
          Fax: 0115 852 5199


WEBOPTIMISER LIMITED: Calls in Administrator
--------------------------------------------
Name: WEBOPTIMISER LIMITED
      (Company No 03669109)

Nature of Business: Internet Marketing and Business Services

Trade Classification: 7260

Date of Appointment: 22 August 2005

Joint Administrators' Names and Address: Anthony Murphy, Roger
Tulloch and Stephen Tancock (IP Nos 8716, 9174 and 9206), of
Smith & Williamson Limited, No 1 Bishops Wharf, Walnut Tree
Close, Guildford, Surrey GU1 4RA

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Founded in 1996 as an Internet marketing company, Weboptimiser
specializes in search engine optimization (SEO) and pay per click
search engine marketing.  Visit http://www.weboptimiser.com/for
more information.

CONTACT:  WEBOPTIMISER MEDIA LIMITED
          Studio 104, The Blackfriars Foundry
          156 Blackfriars Road, London SE1 8EN
          Phone: +44 (0) 800 614421

          SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf
          Walnut Tree Close
          Guildford GU1 4RA
          Phone: 01483 407 100
          Fax: 01483 301 232
          Web site: http://www.smith.williamson.co.uk


WHITE SHARK: Names Portland Business Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Members of White Shark
(UK) Limited, duly convened, and held at Abacus House, Acorn
Business Park, Tower Park, Poole, Dorset BH12 4NZ, on 23 August
2005, the following Resolutions were duly passed, as an
Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind-up the same, and
accordingly that the Company be wound up voluntarily, and that
Michael Robert Fortune and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd., 1640 Parkway, Solent Business Park,
Whiteley, Fareham, Hampshire, be and is hereby appointed Joint
Liquidators of the Company and that any act required or
authorised to be done by the Liquidators, is to be done by both
or either of them for the time being holding office."

C Core, Director

CONTACT:  WHITE SHARK (UK) LIMITED
          Cobbs Quay Marina, Hamworthy, Poole, Dorset
          BH15 4EL
          Phone: 01202 661630 (07771 882980)
          Web site: http://www.whitesharkboats.com

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


WITHERINGTON HOMES: Members Decide to Wind up Firm
--------------------------------------------------
At an Extraordinary General Meeting of the Members of
Witherington Homes Limited, duly convened, and held at Milner
Boardman & Partners, Century House, Ashley Road, Hale, Cheshire
WA15 9TG, on 24 August 2005, the following Resolutions were duly
passed as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Colin Burke, of Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

P Witherington, Director

CONTACT:  MILNER BOARDMAN & PARTNERS
          Century House, Ashley Road,
          Hale, Cheshire WA15 9TG
          Phone: 0161 927 7788
          Fax: 0161 927 7733
          E-mail: info@milnerb.co.uk
          Web site: http://www.milnerboardman.co.uk


W.PAIRPOINT & SONS: Metal Product Manufacturer Winds up
-------------------------------------------------------
At an Extraordinary General Meeting of W.Pairpoint & Sons
Limited, duly convened, and held at St Andrew's House, 18-20 St
Andrew Street, London EC4A 3AJ, on 22 August 2005, the subjoined
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Hasan Imam Mirza of Pridie Brewster, St Andrew's House, 18-20 St
Andrew Street, London EC4A 3AJ, be and is hereby appointed
Liquidator for the purposes of such winding-up."

CONTACT:  W.PAIRPOINT & SONS LIMITED
          10 Shacklewell Road
          London
          N16 7TA
          Phone: 020 7254 6362
          Fax: 020 7254 7175

          PRIDIE BREWSTER
          Carolyn House
          29-31 Greville Street
          London EC1N 8RB
          Phone: 020 7831 8821
          Fax: 020 7404 3069
          E-mail: hmirza@london.pridie-brewster.com


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

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

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

This material is copyrighted and any commercial use, resale or
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