TCREUR_Public/050912.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

           Monday, September 12, 2005, Vol. 6, No. 180

                            Headlines

C Z E C H   R E P U B L I C

FDM: Liquidator Faces Additional Complaints


F R A N C E

DURALEX INTERNATIONAL: Owner Asks Court to Reopen Factories


G E R M A N Y

CLEAN 2000: Under Bankruptcy Administration
GEA GROUP: Cerberus Interested in Plastics Unit
GROHE HOLDING: Outlook Negative on Weakened Credit Metrics
KARSTADTQUELLE AG: Plans to Invade Paris, London, China
KASEREI SEELOW: Creditors' Claims Due Later this Month

LBL GMBH: Court to Verify Claims November
NATUR & KOSMETIK: Hamburg Court Appoints Administrator
NBW DRITTE: Creditors Meeting Set 4th Week of September
ROWO HEINZ: Proofs of Claim Due Next Month
SARKO DEUTSCHLAND: Succumbs to Bankruptcy

TERRA LINK: Court Names Dr. Tjark Thies Administrator
TIMECONSULT AG: Bochum Company Goes Bust
TREMA BAUPROJEKTENTWICKLUNG: Falls into Bankruptcy
TRENDLINE VERWALTUNGS: Proofs of Claim Due October
WPS METALLBAU: Muenster Court Calls in Administrator


I R E L A N D

GLANBIA PLC: To Close Cheese Factory End of September


I T A L Y

PARMALAT FINAZIARIA: Parmatour Buyer Known by Month's End


K Y R G Y Z S T A N

BISHKEK DISON: Creditors Meeting Set Next Week
INFO TECH: Declared Insolvent
ITOGI: Proofs of Claim Deadline Set November


L U X E M B O U R G

TNK-BP FINANCE: Luxembourg Bourse Okays US$5 Bln Notes Issuance
TNK-BP FINANCE: Fitch Affirms 'BB+/B' Rating on US$5 Bln Notes
TNK-BP FINANCE: S&P Rates Debt Issuance Program 'BB/B'


N E T H E R L A N D S

KONINKLIJKE AHOLD: Second-quarter Results Back in Black
ROYAL SHELL: Cancels 2,140,000 'A' Shares
VERSATEL TELECOM: E.U. Clears Disposal of Assets to Tele2, Apax


R O M A N I A

CFR SA: Rating Raised to 'BB' After Romania's Upgrade


R U S S I A

AGRO-CREDIT: Succumbs to Bankruptcy
ARZAMASSKAYA CONFECTIONERY: Bankruptcy Hearing Set December
BEL-MOL: Declared Insolvent
ENERGO-BUILDER: Undergoes Bankruptcy Supervision Procedure
MAKARYEV-WOOD: Insolvency Manager Takes over Business

METROMEDIA INTERNATIONAL: To File Overdue Reports in 4th Qtr.
MOSCOW REINSURANCE: Rating Upgraded to 'B+'; Outlook Stable
NELIDOVSKIY FACTORY: Public Auction Set Tomorrow
OREL-STANKO-SERVICE: Public Auction Set Wednesday
REM-BYT-TEKHNIKA: Hires Y. Bolshakov Insolvency Manager

SARATOVSKIY: Claims Filing Period Ends Next Month
SPETS-STROY-314: Bankruptcy Supervision Procedure Begins
YUKOS OIL: Yugansk Sale Appeal Rejected Anew

* Ratings of Major Steel Makers Likely to Improve, Says Fitch


T U R K E Y

TURKCELL ILETISIM: Results Positive in Seasonally Strong Quarter
TURKCELL ILETISIM: Court Rejects Telsim's Request for Injunction


U K R A I N E

GIRNIK: Court Appoints Liquidator
KREATIV: Declared Insolvent
OTIDO: Gives Creditors Until Today to File Claims
PROGRES: Zaporizhya Court Opens Bankruptcy Proceedings
TEHOSNAB: Succumbs to Bankruptcy
TRANSKOMPLEKT: Declared Insolvent
WINDOE CURTAIN: Bankruptcy Supervision Begins


U N I T E D   K I N G D O M

ABLE THE: Recruitment Agency Runs out of Money
ALLIED TELECOMMUNICATIONS: Creditors Meeting Set Tuesday
AQUA HEATING: Court Sanctions Winding-up
ARTLINE SOLUTIONS: Members Opt for Liquidation
A V MEDIA: Files for Liquidation

BALUSTRADING CONTRACTS: Calls in Administrator
BARRINGTON HOUSE: Hires Administrators from Milner Boardman
BLUE 62: Arrows Commercial Calls in Kroll Receiver
BLYTH & BLYTH: Former Trustees Hire New Lawyers
BOND ACCOUNTANCY: EGM Passes Winding-up Resolutions

BURNS AND BRASSETT: HSBC Bank Appoints PKF Receiver
BUTTON IT: Names Begbies Traynor Liquidator
CARTERS BUILDING: Files for Liquidation
CHAROLAIS INVESTMENT: Names Moore Stephens Administrator
CHEROKEE SYSTEMS: Electronics Firm Liquidates

CIRCAROMA LIMITED: Skincare Products Maker Winds up
CPS (CIVIL ENGINEERING): Sets Creditors Meeting September 21
DAISYS2ROSES LIMITED: Goes into Liquidation
EVOLUTION BUSINESS: Appoints Begbies Traynor Liquidator
HAINES & HURLEY: Calls in Liquidator from Benedict Mackenzie

H M LINKS: EGM Passes Winding-up Resolutions
IVAN BODEN: Liquidator from Sanderlings Enters Firm
JARVIS PLC: Former Amey Director Joins Board
LOWER MILEHOUSE: Court Issues Winding-up Order
MARCONI CORPORATION: Remains in Talks with Buyers

MISYS PLC: Pension Funds Still Opposed to Bonus Proposal
MITRE PERSONNEL: HSBC Appoints Receiver
NY-Q UK: Court Approves Liquidation
PARAGON GARAGE: Hires Administrators from DS Insolvency Services
PENRYN COUNTRY: Administrators from Purnells Move in

PICTURE PRINT: Files for Liquidation
RENTOKIL INITIAL: Board Hits Raphoe's Plan to Install New Chair
SKYEPHARMA PLC: Set Presentation of Interim Results September 28
TEMPFORCE LIMITED: In Administrative Receivership
TM GROUP: On CreditWatch Negative After Management Buyout

TRILOGY TELECOM: Administrators Take over Business
WILLIAM HUSTLER: Engineering Firm Liquidates
ZABAR HOSIERY: Names Crawfords Administrator


                            *********


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


FDM: Liquidator Faces Additional Complaints
-------------------------------------------
The Finance Ministry will ask a court to nullify the sale of
several assets belonging to the defunct Children and Youth Fund
(FDM), Czech News Agency says.

FDM, established in 1993, took over the properties of the former
communist-controlled Socialist Youth Union (SSM) and liquidated
them for distribution to various children and youth associations.
The assets are believed to have been sold at prices way below
their value by fund liquidator Pavel Zak.  The ministry told
Czech Television the sales are invalid.  Experts put the damage
caused to the state at CZK37 million.

Mr. Zak is now facing criminal charges related to FDM.  The
ministry is preparing five additional complaints for breach of
trust in property administration and misuse of confidential
information.  He faces between two to eight years in prison if
proven guilty.

CONTACT:  MINISTRY OF FINANCE OF THE CZECH REPUBLIC
          Information Office
          Letenska 15
          118 10 Prague 1
          Phone: +420 25704 2719
                 +420 25704 272
          Web site: http://www.mfcr.cz/cps/rde/xchg/

          TOCIK MARTIN & PARTNER
          Moskevska 66, 360 01 Karlovy Vary
          Phone: (+420) 353 226 531
          Contact:
          Martin Tocik


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


DURALEX INTERNATIONAL: Owner Asks Court to Reopen Factories
-----------------------------------------------------------
Sinan Solmaz, the Turkish owner of glassmaker Duralex
International France, has submitted a draft of the group's
continuation plan to the Orleans commercial court.

According to Les Echos, the plan proposes resumption of
operations at Duralex's production sites in Loire and Loiret,
which employ around 470 people.  The court has set a hearing for
October 5 to evaluate the plan.

The Orleans commercial court placed the glassmaker under
administration in June and under observation for six months.
Duralex attributed its current situation to falling sales and
cash flow problems.

CONTACT:  DURALEX INTERNATIONAL FRANCE
          7, rue du Petit Bois
          45380 La Chapelle Saint-Mesmin
          Phone:(33) 02 38 71 88 00
          Fax:(33) 02 38 71 88 01

          BORMIOLI ROCCO E FIGLIO
          Via San Leonardo, 41
          43100 Parma - Italy
          Phone: 0039/521/7901
          Fax: 0039/521/272859
          E-mail: info_mail@bormiolirocco.com
          Web site: http://www.bormiolirocco.net


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


CLEAN 2000: Under Bankruptcy Administration
-------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Clean 2000, Glas- und Gebaudereinigung GmbH on August 15.
Consequently, all pending proceedings against the company have be
en automatically stayed.  Creditors have until September 20, 2005
to register their claims with court-appointed provisional
administrator Georg Caps.

Creditors and other interested parties are encouraged to attend
the meeting on November 1, 2005, 9:00 a.m. at the district court
of Darmstadt, Zimmer 108, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  CLEAN 2000, GLAS- UND GEBAUDEREINIGUNG GmbH
          Otto-Rohm-Str. 81, 64293 Darmstadt
          Contact:
          Rosmarie Schwarz, Manager

          Georg Caps, Administrator
          Holzstrasse 2, 64283 Darmstadt
          Phone: 06151/1522290
          Fax: 06151/1522299


GEA GROUP: Cerberus Interested in Plastics Unit
-----------------------------------------------
U.S. investment company Cerberus and engineering group GEA Group
AG are in exclusive talks over the latter's plastics division
Dynamit Nobel Kunststoffe, reports say.

Cerberus declined to comment on the reports, while GEA only
confirmed plans to dispose of the unit in the second half of the
company, according to Financial Times Deutschland.  The
transaction will complete the restructuring drive of the group.

DNK has turnover of EUR900 million.  It is part of GEA's
chemicals division, but it also produces parts for cars.  Once
combined with Peguform, the German supplier to the automobile
industry that Cerberus owns, the resulting firm could churn out
turnover of several billion euros, according to the report.

GEA Group Aktiengesellschaft was formerly Mg Technologies AG.  It
was renamed on July 12 as part of a strategic restructuring
launched in 2003.  GEA now stands for "Global Engineering
Alliance" with a head office at am Main to Bochum.

In August, Fitch affirmed the group's Senior Unsecured rating at
'BBB-' (BBB minus) and Short-term rating at 'F3'.  The outlook is
changed to stable from negative to reflect Fitch's expectation
that management will further focus on cash flow generation while
maintaining a healthy financial profile.  The ongoing
restructuring of plant engineering will help to boost GEA's
profitability to acceptable levels in a reasonable time frame, it
said.

CONTACT:  GEA GROUP AKTIENGESELLSCHAFT
          Phone: +49 (0) 234 890 1081
          Fax: +49 (0) 234 890 1087
          Web site: http://www.geagroup.com


GROHE HOLDING: Outlook Negative on Weakened Credit Metrics
----------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Grohe Holding GmbH and its subsidiary (Grohe Beteiligungs
GmbH) to negative from stable.  The change in outlook follows the
release of the company's first half 2005 results which showed a
weakening in the company's credit metrics for the current rating
category as a result of the continued difficult trading
environment.

Moody's explains that the negative rating outlook reflects
Grohe's recorded decline in sales volume, which was only
partially offset by improved pricing.  Moody's expects that the
company's normalized EBITDA in 2005 will fall below previous
forecasts.  Moreover, while the weakening in the first half was
in part attributable to one-offs such as de-stocking in France
and the Netherlands, the company's domestic German market remains
weak overall.  Consequently, Moody's believes that improvements
in profitability are likely to depend on the successful
implementation of the company's "Fit for the Future" program
combined with its efforts to internationalize the business into
higher-growth markets overseas.

Moody's recognizes the progress that Grohe has so far achieved
under this program.  In addition, the rating agency believes that
the announced agreement with the works council on workforce
reductions in Germany reduces execution risk going forward.
Furthermore, in light of the successful amendment of the senior
credit agreement to include commitments for restructuring,
coupled with EUR50 million in cash on the balance sheet as of 30
June, Moody's believes that Grohe's liquidity is currently
adequate.  However, the company retains limited financial
flexibility within the covenants of the creditor agreement.

The negative outlook for all of Grohe's ratings reflects the
continued difficult market conditions that have impacted the
company's margins and resulted in credit metrics that Moody's
considers to be weak for the current rating category.  The rating
progression will depend on developments in the operating
environment for sanitary products, and the company's ability to
offset the recent weakness in its main markets with ongoing
restructuring.

If the company's restructuring efforts do not enable it to offset
weak top-line growth and allow for some de-leveraging to below 7x
total debt/EBITDA on an adjusted basis this could put downward
pressure on the ratings.  On the other hand, some de-leveraging
could potentially stabilize the outlook.

Change in rating outlook has affected these ratings:

(a) B1 Corporate Family Rating of Grohe Holding GmbH;

(b) B1 rating on the EUR900 million senior secured credit
    facilities of Grohe Beteiligungs GmbH;

(c) B3 rating on the EUR335.0 million 8.625% senior notes due
    2014 of Grohe Holding GmbH; and

(d) Caa1 rating on the remaining 11.5% subordinated notes due
    2010 of Grohe Beteiligungs GmbH (originally issued by Grohe
    Aktiengesellschaft).

Grohe Holding GmbH is headquartered in Hemer, Germany, and is a
leading European supplier of sanitary technology systems.  For
the year ended December 2004, Grohe generated revenues of EUR911
million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Richard Morawetz, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


KARSTADTQUELLE AG: Plans to Invade Paris, London, China
-------------------------------------------------------
Troubled retail giant KarstadtQuelle plans to expand operation
abroad after it completes its restructuring, Retail Week says.

According to Chief Executive Thomas Middleholf, KarstadtQuelle's
department store concept can be successful in 15 international
locations, with London, Paris and Shanghai topping the list.

KarstadtQuelle plans to implement changes starting 2007,
including a revaluation of its group structure once operations
and sales have improved at its three core units: mail order,
department stores and tourism.

Mr. Middleholf added, in the end of 2006, the group would take
stock and decide the future of each of its three divisions.   Mr.
Middleholf said if sales fail to pick up, he would implement a
joint venture, merger or partnership within each of the three
units, rather than split the retailer.

KarstadtQuelle has been disposing of non-core assets to focus on
core activities, boost sales and cut cost.  The latest to go are
75 of its smaller department stores, which were sold to a U.K.
consortium led by Dawnay, Day and Hilco.  The group also recently
went into a joint venture with local grocer Rewe to operate 73 of
its food halls.

Mr. Middleholf took over the helm in April, replacing former
chairman Dr. Christoph Achenbach, whose restructuring program
failed to turn around the group.

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


KASEREI SEELOW: Creditors' Claims Due Later this Month
------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Kaserei Seelow GmbH on August 22.
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 Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2005, 11:45 a.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  KASEREI SEELOW GmbH
          Am Bahnhof 8, 15306 Seelow

          Susanne Mueller, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


LBL GMBH: Court to Verify Claims November
-----------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against LBL GmbH on August 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 28, 2005 to register their claims
with court-appointed provisional administrator Marc
Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 10:00 a.m. at the district court
of Darmstadt, Zimmer 1, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  LBL GmbH
          Lilienthalstr. 3, 68519 Viernheim
          Contact:
          Peter Classen, Manager
          Zeisigweg 7, 68799 Reilingen
          Helmut Hochrein, Manager
          An der Halde 6, 89081 Ulm

          Marc Schmidt-Thieme, Administrator
          Soldnerstr. 2, 68219 Mannheim
          Phone: 0621/87708-0
          Fax: 0621/8770820


NATUR & KOSMETIK: Hamburg Court Appoints Administrator
------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against NATUR & KOSMETIK Astrid Brockmann GmbH on August 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 7, 2005
to register their claims with court-appointed provisional
administrator Sonke Hansen.

Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 9;00 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), 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:  NATUR & KOSMETIK ASTRID BROCKMANN GmbH
          Blankeneser Bahnhofstr. 7, 22587 Hamburg
          Contact:
          Astrid Brockmann, Manager
          Entenweg 23, 22549 Hamburg

          Sonke Hansen, Administrator
          Monckebergstrasse 17, 20095 Hamburg
          Phone: 309694-0


NBW DRITTE: Creditors Meeting Set 4th Week of September
-------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against NBW Dritte Beteiligungs GmbH on August 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 3, 2005
to register their claims with court-appointed provisional
administrator Christoph Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on September 22, 2005, 10:15 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
December 15, 2005, 10:20 a.m. at the same venue.

CONTACT:  NBW DRITTE BETEILIGUNGS GmbH
          Kleiststr. 3-6,10787 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


ROWO HEINZ: Proofs of Claim Due Next Month
------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against ROWO Heinz Rohlmann GmbH on August 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 13, 2005 to register their
claims with court-appointed provisional administrator Manfred
Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2005, 11:00 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, I., Saal 101 B, 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:  ROWO HEINZ ROHLMANN GmbH
          Kreuzbach 30, 48167 Muenster
          Contact:
          Heinz Rohlmann, Manager
          Kreuzbach 30, 48167 Muenster

          Manfred Vellmer, Administrator
          Rothenburg 20/21, 48143 Muenster
          Phone: 0251/511801
          Fax: +492519277785


SARKO DEUTSCHLAND: Succumbs to Bankruptcy
-----------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Sarko Deutschland GmbH on August 11.  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
Jens-Soren Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on October 31, 2005, 10:45 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), 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:  SARKO DEUTSCHLAND GmbH
          Marschnerstieg 5-7, 22081 Hamburg
          Contact:
          Armin Harder and Uwe Rudi Newill, Managers

          Jens-Soren Schroder, Administrator
          Raboisen 38, 20095 Hamburg
          Phone: 334460
          Fax: 33446111


TERRA LINK: Court Names Dr. Tjark Thies Administrator
-----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Terra Link Internet Marketing GmbH on August 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 4, 2005
to register their claims with court-appointed provisional
administrator Dr. Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2005, 9:00 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), 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:  TERRA LINK INTERNET MARKETING GmbH
          Merkurring 116, 22143 Hamburg
          Contact:
          Vicente Hernando, Manager

          Dr. Tjark Thies, Administrator
          Domstrasse 15, 20095 Hamburg
          Phone: 41522416


TIMECONSULT AG: Bochum Company Goes Bust
----------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Timeconsult AG on August 17.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 22, 2005 to register their claims
with court-appointed provisional administrator Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting on October 27, 2005, 10:40 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:  TIMECONSULT AG
          Hiltroper Landwehr 4, 44805 Bochum
          Contact:
          Karl-Heinrich Schiffhorst

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


TREMA BAUPROJEKTENTWICKLUNG: Falls into Bankruptcy
--------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against TREMA Bauprojektentwicklung GmbH on August 8.
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 Dr. Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2005, 11:25 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  TREMA BAUPROJEKTENTWICKLUNG GmbH
          Espenstr. 7 a in 80935 Muenchen

          Dr. Bruno Kuebler, Administrator
          Konrad-Zuse-Platz 1, 81829 Muenchen
          Phone: 99299-0
          Fax: 99299-299


TRENDLINE VERWALTUNGS: Proofs of Claim Due October
--------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against TRENDLINE Verwaltungs-, Handels- und
Beteiligungsgesellschaft mbH on August 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 11, 2005 to register their
claims with court-appointed provisional administrator Dr. Lucas
F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2005, 1:30 p.m. at the district court
of Leipzig, Saal 056, 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:  TRENDLINE VERWALTUNGS-, HANDELS-
          UND BETEILIGUNGSGESELLSCHAFT mbH
          Bernhard-Goring-Str. 159, 04277 Leipzig
          Contact:
          Kerstin Frister, Manager

          Dr. Lucas F. Flother, Administrator
          Nikolaistrasse 3-5, 04109 Leipzig


WPS METALLBAU: Muenster Court Calls in Administrator
----------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against WPS Metallbau GmbH on August 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 25, 2005 to register their
claims with court-appointed provisional administrator Stephan
Michels.

Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2005, 9:00 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B, 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:  WPS METALLBAU GmbH
          Schuckertstrasse 14, 48153 Muenster
          Contact:
          Klaus Berghof, Manager

          Stephan Michels, Administrator
          von-Vincke-Strasse 2, 48143 Muenster
          Phone: 0251/41430-0
          Fax: +492514143010


=============
I R E L A N D
=============


GLANBIA PLC: To Close Cheese Factory End of September
-----------------------------------------------------
Glanbia plc's cheese factory in Kilmeaden, Co. Waterford will
shut down by the end of its seasonal operations this month, said
Business World.

A total of 45 full-time and part-time workers will be affected by
the closure.  Brian O'Shea, Labour Party Deputy for Waterford,
has reportedly expressed concern about the effects of the crisis
this time of the year when many children are going back to school
and college.

He said: "While the majority of the employees were seasonal staff
who worked at the plant from march-September, I would hope that
Glanbia could find a new purpose for the factory and that new
permanent jobs can be found to those that have been lost."

Earlier this month, Glanbia plc reported that half-year operating
profit pre-exceptional was down EUR3.1 million to EUR38.3 million
(H1 2004: EUR41.4 million), as a result of the challenges
experienced by the Irish Agribusiness and chilled foods segment
of the Consumer Foods division, which impacted overall
performance.

The company said: "The trading environment in Ireland is expected
to remain challenging for the remainder of this year.  We have
taken strong proactive measures on costs, productivity and market
positioning and the benefits of these initiatives will flow
through during the next year.  Given the current difficult
trading environment we expect earnings for 2005 to be broadly in
line with 2004."

It also incurred an exceptional charge of EUR2.4 million, which
was made up primarily of EUR6.3 million rationalization costs to
enhance efficiency in Ireland.  Of the total rationalization
costs, EUR4.9 million relates to an agreement in May with
employees at the fresh dairy products facility in Inch, which
involves voluntary redundancies and new work practices, and the
remaining EUR1.4 million relates to the closure of two liquid
milk distribution depots in Dublin.

CONTACT:  GLANBIA PLC
          Glanbia House
          Kilkenny, Ireland
          Phone: +353 56 777 2200
          Fax: +353 56 777 2222
          E-mail: info@glanbia.ie
          Web site: http://www.glanbia.com


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


PARMALAT FINAZIARIA: Parmatour Buyer Known by Month's End
---------------------------------------------------------
The sale of Parmatour, sister company of collapsed Parmalat
Finanziaria, has entered the final phase, Il Sole 24 Ore says.

The group's supervisory committee met on September 9 to evaluate
the final three bids.  It will then submit its recommendation to
Trade Minister Claudio Scajola, who will announce the winner by
month's end.

The three bidders are Sviluppo Italia Turismo (SIT), the tourism
unit of state development fund Sviluppo Italia; Salerno-based
Soglia Hotel Group; and a local consortium led by I Grandi Viaggi
and Aurum Hotels.

Owned by the Tanzi family, Parmatour was deeply affected by
Parmalat's collapse in December 2003.  The group operates seven
local and six foreign units and is valued between EUR30 million
and EUR40 million.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39-02-806-8801
          Fax: +39-02-869-3863
          Web site: http://www.parmalat.net

          SVILUPPO ITALIA TURISMO
          Via Calabria, 46
          00187 Rome - Italy
          Phone: + 39 06 42 16 01
          Fax: + 39 06 42 16 08 04
          E-mail: info@sviluppoitalia.it
          Web site: http://www.sviluppoitalia.it

          SOGLIA HOTELS AND RESORT
          Corso Claudio, 1
          84083 - Castel San Giorgio - Salerno
          Phone: +39 081 5161600
          Fax: +39 081 5161996
          Web site: http://www.sogliahotels.com

          VIAGGI DEL VENTAGLIO S.p.A.
          Via dei Gracchi, 35
          20146 Milan
          Web site: http://www.ventaglio.com


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


BISHKEK DISON: Creditors Meeting Set Next Week
----------------------------------------------
The temporary insolvency manager of JSC Bishkek Dison Beforeery
Plant has called a creditors meeting on September 15, 2005, 2:00
p.m. at Bishkek, Sovetskaya Str. 220.

Agenda:

(a) Bankruptcy procedure process,

(b) Auction process, and

(c) Others

Proxies must have authorization to vote.  Call (0-312) 62-39-69
or 66-51-94 for more information.


INFO TECH: Declared Insolvent
-----------------------------
LLC Info Tech, which recently became insolvent, will accept
proofs of claim at Bishkek, Kievskaya Str. 135 until November 1,
2005.

CONTACT:  INFO TECH
          Bishkek, Kievskaya Str. 135


ITOGI: Proofs of Claim Deadline Set November
--------------------------------------------
LLC Editorial Office Itogi, which recently became insolvent, will
accept proofs of claim until November 1, 2005.  Call (0-312)
43-85-13 for more information.


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


TNK-BP FINANCE: Luxembourg Bourse Okays US$5 Bln Notes Issuance
---------------------------------------------------------------
TNK-BP has disclosed that on 7 September 2005, acting through its
subsidiary TNK-BP Finance S.A., it established a US$5 billion
Guaranteed Debt Issuance Program which has been approved for
listing and regulated market trading purposes by the Luxembourg
Stock Exchange.

The Program provides for the issuance of Notes and will be used
by the company for short-, medium- and long-term international
debt issuance.  The dealers and arrangers under the Program are
BNP-Paribas, Citigroup, CSFB and UBS.  The timing of the first
drawdown under the Program will be announced once it is
determined by the company.

Robert Dudley, Chief Executive Officer of TNK-BP, said: "We view
the establishment of this program as a significant milestone that
we have been working towards this year.  The US$5 billion program
will become a cornerstone of TNK-BP's borrowing strategy in the
coming years.  The timing and size of any debt issues within the
program will depend on several factors, including TNK-BP's
borrowing needs and market conditions, and no decisions have been
made yet to drawdown."

CONTACT:  TNK-BP FINANCE S.A.
          c/o TNK-BP
          1, Arbat Street
          Moscow, Russia 119019
          Phone: +7 095 777-77-07
          E-mail: company@tnk-bp.ru
          Web site: http://www.tnk-bp.com


TNK-BP FINANCE: Fitch Affirms 'BB+/B' Rating on US$5 Bln Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the Long-term rating of 'BB+' and
Short-term rating of 'B' on TNK-BP Finance S.A.'s US$5 billion
guaranteed debt issuance program, which has now been approved for
listing and regulated market trading purposes by the Luxembourg
Stock Exchange.

The notes to be issued under the program will be unsubordinated
and unsecured by the guarantor (TNK-BP International Ltd.); they
may be issued in any currency agreed on by the issuer, the
guarantor, and the dealers; and may have any maturity between one
month and 30 years.

CONTACT:  FITCH RATINGS
          Jeffrey Woodruff, Moscow
          Phone: +7 095 956 9986
          Josef Pospisil, London
          Phone: +44 (0) 20 7417 4266

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


TNK-BP FINANCE: S&P Rates Debt Issuance Program 'BB/B'
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior
unsecured long-term and 'B' short-term debt ratings to the $5
billion debt issuance program issued by TNK-BP Finance S.A. and
its parent TNK-BP International Ltd.  The program is irrevocably
and unconditionally guaranteed by TNK-BP International, a
vertically integrated oil company operating in Russia and
Ukraine.

At the same time, Standard & Poor's assigned its 'B' short-term
corporate credit rating to TNK-BP International Ltd. and its
parent, TNK-BP, reflecting the group's healthy liquidity
position.

The notes to be issued under the program will be unsubordinated
and unsecured by the guarantor; they may be issued in any
currency agreed on by the issuer, the guarantor, and the dealers;
and may have any maturity between one month and 30 years.

The issue proceeds will be used for general corporate purposes.
"The ratings on the debt issuance program reflect the ratings on
TNK-BP International," said Standard & Poor's credit analyst Karl
Nietvelt.

TNK-BP International's total financial debt at year-end 2004
amounted to US$3.4 billion, of which close to 60% was secured
debt.  Management intends to reduce the level of secured debt,
however.  The ongoing corporate restructuring program is viewed
as moderately positive for debt holders at the TNK-BP
International holding.

"The ratings on TNK-BP International reflect the company's vast
reserves, substantial production, vertically integrated
structure, and high cash-generating capacity," added Mr.
Nietvelt.

In 2004, TNK-BP International produced 1.4 million barrels per
day, representing 13% organic growth on 2004, and US$3.4 billion
in free operating cash flow after capital expenditures.  This
reflected exceptionally strong and rising international oil
prices, together with much better margins achieved on the
domestic market since 2004.

The ratings remain constrained, however, by the general risks of
the Russian oil industry, including a large and volatile tax
burden and various institutional risks.

Although the ratings do not factor in any direct financial
support from TNK-BP International's 50% shareholder BP PLC
(AA+/Stable/A-1+), Standard & Poor's acknowledges the benefits of
BP's very strong industry expertise, control procedures, and
experienced management.

TNK-BP International's strict compliance with its financial
policy targets, particularly regarding dividends and leverage, is
factored into the ratings.  While the recently announced 2001
claim of about US$245 million was viewed as manageable in light
of current exceptionally strong free cash flows, we will continue
to monitor audit developments in back tax claims for 2002 and
2003.

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


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


KONINKLIJKE AHOLD: Second-quarter Results Back in Black
-------------------------------------------------------
Ahold showed stable performance and improved profitability in the
second quarter of 2005, despite a more competitive external
environment.  Net income swung to EUR130 million compared to a
net loss of EUR28 million in the second quarter of 2004. The
retail execution and value repositioning strategy contributed to
top-line growth, excluding currency impact, while operating
income reflected competitive pressure and the effects of the
ongoing changes we are making to the business.  Net sales,
excluding currency impact, increased by 0.5%.  Execution of our
value repositioning and restructuring programs is continuing, our
divestment program is almost complete, debt has been further
reduced, and we have stepped up our investments in new and
remodeled stores.

Value repositioning strategy drives top line

Top-line growth at our European retail operations strengthened in
the second quarter of 2005 as a result of the implementation of
value repositioning strategies in line with Ahold's retail model.
In a declining Dutch food retail market, Albert Heijn's lower
prices and strict cost controls succeeded in delivering net sales
growth for Albert Heijn of over 5% and operating income developed
favorably.  The Central Europe Arena,
Schuitema and ICA continued to implement their own commercial
strategies, while gross margins developed in line with our
expectations during this phase as cost levels are brought into
line with more attractive prices for customers.  Central Europe's
centralized purchasing is delivering clear benefits and we
recently announced plans to acquire up to 67 Julius Meinl stores
to enhance the arena's market opportunities.

Restructuring and reinvestment at Stop & Shop/Giant-Landover

In the U.S., Stop & Shop and Giant-Landover continued to operate
in a challenging competitive environment. Stop & Shop increased
identical store sales slightly, while Giant-Landover's identical
sales declined 4.7%, primarily due to competitive pressures.
Operating income was impacted by increased costs of perishables
and ongoing promotional activities.  The arena's operating
expenses as a percentage of net sales have improved compared to
Q2 2004, notwithstanding a US$20 million restructuring provision
related to new supply chain streamlining and store closures at
Giant-Landover.  A plan is in place to accelerate a significant
remodeling program of Giant-Landover stores over the next two
years in order to reinvest in our market leadership position.

Marketplace effectiveness and portfolio streamlining at
Giant-Carlisle/Tops

Giant-Carlisle continued to execute its successful go-to-market
strategy, resulting in 3.6% identical sales growth and increased
market share.  Though identical sales at Tops declined 4.1%,
store productivity has been improved due to various initiatives.
As part of the continuing streamlining of our store portfolio,
Tops' core market is being redefined.  This has already resulted
in eight store closures this year on top of the decision to sell
31 stores this year and next.  In Q2 2005, we also completed the
divestment of our 198 convenience store division.  The arena's
gross margin benefited from improvements in mix, merchandising
and operational efficiencies.  Operating income increased as a
result of gains on the disposal of tangible fixed assets.

Solid progress at U.S. Foodservice

U.S. Foodservice continued to make solid progress in enhancing
its customer mix, improving its street selling strategy and
applying a more effective procurement process. Two-thirds of the
planned improvement in gross margin during the Road to Recovery
program has now been realized and with that half-year 2005 gross
margin has improved by approximately 100 basis points compared to
full year 2003. Despite an increase in fuel costs and consulting
expenses, half year 2005 operating expenses have decreased by
approximately 10 basis points compared to full year 2003,
reflecting the positive impact from various operational
improvements initiated to contribute to future profit growth.

Growing recognition of Ahold's improved financial position

Ahold's financial position continued to improve with a reduction
of EUR1.2 billion in gross debt and EUR0.4 billion in net debt
during the quarter.  S&P's recent upgrade of Ahold's corporate
credit rating and the successful negotiation of a new EUR2
billion unsecured credit facility on more favorable terms
underscore the progress we have made towards our goal of
returning to an investment grade profile.  They also demonstrate
the financial community's increased confidence in Ahold.

Road to Recovery: Year of Execution

We will continue to focus on strengthening our capital structure
including, but not limited to, further reducing gross debt. At
the end of Q2 2005 we had realized EUR2.7 billion in divestment
gross proceeds, exceeding our target for the Road to Recovery. We
are halfway towards achieving our retail net cost-savings target
of EUR600 million by the end of 2006, and we are now reinvesting
in our market leadership positions.  We are pursuing our
operating targets for our food retail business for full-year 2006
of 5% net sales growth, 5% operating margin, and 14% return on
net assets, notwithstanding the fact that reaching these targets
is becoming increasingly challenging in the current
macro-economic climate.  We also expect that U.S. Foodservice's
operating margin before impairment of goodwill will exceed 1.7%
no later than 2006.  In line with Ahold's core commitment to U.S.
Foodservice, we will provide details on its future strategic plan
in November 2005.

Anders C. Moberg
On behalf of the Corporate Executive Board
Zaandam, September 7, 2005

A full copy of this press release is available at
http://bankrupt.com/misc/AholdResults.pdf

About the Company

Headquartered in Amsterdam, Ahold is one of the world's leading
food providers.  It encompasses an international group of local
food retail and foodservice operators that do business under
their own brand names.  It has over 200,000 associates and 2004
consolidated net sales of approximately EUR52 billion.

                           The Trouble

Ahold went into trouble early in 2003 after it said it will
restate financial accounts for 2002 and previous years due to a
US$500 million overstatement of EBITA at its U.S. foodservice
distribution arm.  In November of the same year, it announced a
3-year 'Road to Recovery' program that included a EUR2.5 billion
rights issue, contemplated EUR300 million and US$1.45 billion
back-up credit facilities, and at least EUR2.5 billion asset
sales.  The program is aimed at returning the company to
investment grade profile by end of 2005.

                       Status to date

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

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

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

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

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

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

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


ROYAL SHELL: Cancels 2,140,000 'A' Shares
-----------------------------------------
On 7 September 2005, Royal Dutch Shell plc purchased for
cancellation 2,140,000 'A' Shares at a price of EUR26.35 per
share.  On the same date, it purchased for cancellation 360,000
'A' Shares at a price of 1,782.56 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,048,645,000.

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


VERSATEL TELECOM: E.U. Clears Disposal of Assets to Tele2, Apax
---------------------------------------------------------------
The European Commission has granted clearance under the E.U.
Merger Regulation to the acquisition of sole control of
Versatel's Benelux business by Tele2 and to the acquisition of
sole control of Versatel's German business by Apax.

Tele2 and Versatel confirm that the preparations are well under
way for Tele2's intended recommended simultaneous public cash
offers for all outstanding Versatel shares and convertible notes.
Tele2 and Versatel currently expect that the Offers will be made
in mid September 2005.

This announcement and related materials do not constitute an
offer to purchase or a solicitation of an offer to sell
Versatel shares and convertible notes.

This announcement is a public announcement as meant within
article 9b paragraph 1 of the Bte 1995.

                        About the Company

Versatel, based in Amsterdam, is a competitive communications
network operator and a leading alternative to the former monopoly
telecommunications carriers in its target market of the Benelux
and Germany.  Founded in October 1995, the Company holds full
telecommunication licenses in The Netherlands, Belgium and
Germany and has over 1 million customers and approximately 1,900
employees.

Versatel's net result for 2Q05 amounted to a profit of EUR1.8
million compared with net losses of EUR4.0 million in 2Q04 and
EUR2.5 million in 1Q05.

CONTACT:  TELE2
          Lars-Johan Jarnheimer, President and CEO
          Phone: + 46 8562 640 00
          Hakan Zadler, CFO
          Phone: + 46 8562 640 00
          Per Borgklint
          Phone: + 31 20 702 02 02

          BENELUX
          Investor Relations London
          Lena Krauss
          Phone: + 46 8 562 000 45

          Investor Relations Stockholm
          Sarah Hamilton
          Phone: + 44 78 36 295 291

          Nick Fox
          Phone: + 44 77 11 727 618
          Communications, London

          Anne Louise Van Lynden
          Phone: + 31 65 4315 549

          Carina Hamaker
          Phone: + 31 65 3749 959
          Investor Voice, Amsterdam

          APAX
          Ira Wuelfing
          Phone: +49 89 200030 33

          VERSATEL
          Wouter van de Putte, Investor Relations
          Phone: +31 20 750 2362


          Cilesta van Doorn, Communications
          Phone: +31 20 750 1318


=============
R O M A N I A
=============


CFR SA: Rating Raised to 'BB' After Romania's Upgrade
-----------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Romania-based CFR S.A., the government-owned
company responsible for the management of the country's rail
infrastructure network, to 'BB' from 'BB-'.  The outlook is
stable.

The rating action reflects the upgrade of Standard & Poor's
long-term foreign-currency sovereign credit rating on the
Republic of Romania to 'BBB-' from 'BB+' on improving government
indebtedness indicators.  For further details of the Romania
upgrade please see the article titled "Research Update:
Republic of Romania LT FC Rating Raised To 'BBB-' On Declining
Debt Burden; Outlook Stable", published on Sept. 6, 2005, on
RatingsDirect, Standard & Poor's web-based credit analysis system
at http://www.ratingsdirect.com

"The rating on CFR is predominantly based on the financial
support provided by the government of Romania for CFR's
obligations, including high-level debt guarantees," said Standard
& Poor's credit analyst Eugene Korovin.  "The rating incorporates
the explicit and implicit support of the government of Romania,
including budget allocations, improving track access charge
regulation, credit guarantees or enhancement for most of CFR's
debt, and the potential to defer tax payments."

Standard & Poor's also expects the Romanian government to
adequately compensate CFR for damages caused to rail
infrastructure by a series of floods between April 2005 and
September 2005.  The government is legally obliged to cover these
costs.  The rating is based on a top-down methodology, assuming
notching down from the sovereign rating.

The stable outlook reflects that on the sovereign. Any change in
the sovereign rating might have an impact on the government's
ability to support CFR's operational and financial obligations.
Standard & Poor's expects the Romanian Ministry of Public
Finance--which constantly monitors CFR's ability to repay its
debt--to continue to assist the company in paying interest and
principal as far as the government's financial flexibility
allows.

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
          InfrastructureEurope@standardandpoors.com


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


AGRO-CREDIT: Succumbs to Bankruptcy
-----------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Agro-Credit (TIN 3406006104) after finding
the limited liability company insolvent.  The case is docketed as
A12-1040/05-s55.  Mr. Y. Demenkov has been appointed insolvency
manager.  Creditors have until October 6, 2005 to submit their
proofs of claim to 400005, Russia, Volgograd, 7th Gvardeyskaya
Str. 2A, Office 400.

CONTACT:  AGRO-CREDIT
          403732, Russia, Volgograd region,
          Elan, Leninskaya Str. 91

          Mr. Y. Demenkov
          Insolvency Manager
          400005, Russia, Volgograd region,
          7th Gvardeyskaya Str. 2A, Office 400


ARZAMASSKAYA CONFECTIONERY: Bankruptcy Hearing Set December
-----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on close joint stock company
Arzamasskaya Confectionery.  The case is docketed as
A43-15769/2005; 33-270.  Mr. S. Avdeev has been appointed
temporary insolvency manager.  A hearing will take place on
December 13, 2005.

CONTACT:  ARZAMASSKAYA CONFECTIONERY
          607223, Russia, Nizhniy Novgorod region,
          Arzamas, Berezina Str. 3

          Mr. S. Avdeev
          Temporary Insolvency Manager
          603005, Russia, Nizhniy Novgorod region,
          Nesterova Str. 9, Office 805

          The Arbitration Court of Nizhniy Novgorod region
          603082, Russia, N. Novgorod region,
          Kremlin, Building 9


BEL-MOL: Declared Insolvent
---------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Bel-Mol after finding the open joint stock
company insolvent.  The case is docketed as
A-32-6372/2005-27/48-B.  Mr. A. Nefedov has been appointed
insolvency manager.  Creditors have until October 6, 2005 to
submit their proofs of claim to 350003, Russia, Krasnodar region,
Post User Box 5335.

CONTACT:  BEL-MOL
          353040, Russia, Krasnodar region, Beloglinskiy region,
          Belaya Glina, Dimitrova Str. 34

          Mr. A. Nefedov
          Insolvency Manager
          350003, Russia, Krasnodar region,
          Post User Box 5335


ENERGO-BUILDER: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on open joint stock company Energo-Builder.
The case is docketed as A40-27985/05-124-48B.  Mr. T. Khaliullin
has been appointed temporary insolvency manager.  A hearing will
take place on November 29, 2005, 10:00 a.m. at Hall#773.

CONTACT:  ENERGO-BUILDER
          109028, Russia, Moscow,
          Podkolokolnyj Per. 13/5

          Mr. T. Khaliullin
          Temporary Insolvency Manager
          127018, Russia, Moscow,
          Post User Box 31
          Phone: (095) 730-28-20, add. 220


MAKARYEV-WOOD: Insolvency Manager Takes over Business
-----------------------------------------------------
The Arbitration Court of Kostroma region has commenced bankruptcy
supervision procedure on municipal enterprise Makaryev-Wood.  The
case is docketed as A31-4471/2005-18.  Mr. V. Markov has been
appointed temporary insolvency manager.

Creditors may send their proofs of claim to 157460, Russia,
Kostroma region, Makaryev, Dorozhnaya Str. 9.  A hearing will
take place on October 6, 2005.

CONTACT:  MAKARYEV-WOOD
          157460, Russia, Kostroma region,
          Makaryev, Dorozhnaya Str. 9

          Mr. V. Markov
          Temporary Insolvency Manager
          157460, Russia, Kostroma region,
          Makaryev, Dorozhnaya Str. 9


METROMEDIA INTERNATIONAL: To File Overdue Reports in 4th Qtr.
-------------------------------------------------------------
Metromedia International Group, Inc. said Wednesday it has not
yet completed the restatement activities that the Company
previously disclosed on June 3, 2005 and August 8, 2005 in
connection with issuance of its 2004 financial statements.  As
such, at present the Company contemplates that it will file its
2004 Form 10-K, and its first-, second- and third-quarter reports
on Form 10-Q with the U.S. SEC during the fourth quarter of 2005,
with the objective of conducting a meeting of shareholders before
the end of 2005.

About Metromedia International Group

Through its wholly owned subsidiaries, the Company currently
traded as: (PINK SHEETS: MTRM) - Common Stock and (PINK SHEETS:
MTRMP) - Preferred Stock, owns interests in communications and
media businesses in the country of Georgia.  The Company's core
businesses includes Magticom, Ltd., the leading mobile telephony
operator in Tbilisi, Georgia, and Telecom Georgia, a
well-positioned Georgian long distance telephony operator.

CONTACT: METROMEDIA INTERNATIONAL GROUP, INC.
         Ernie Pyle
         Phone: 704-321-7380
         E-mail: investorrelations@mmgroup.com


MOSCOW REINSURANCE: Rating Upgraded to 'B+'; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and insurer financial strength ratings on
Russia-based reinsurer Moscow Reinsurance Co. to 'B+' from 'B'.
The outlook is stable.  At the same time, Standard & Poor's
raised its Russia national scale rating on Moscow Re to 'ruA+'
from 'ruA-'.

"The upgrade reflects Moscow Re's improved capitalization and
quality of investments," said Standard & Poor's credit analyst
Miroslav Petkov.

The ratings also factor in the high industry risk in the Russian
(re)insurance market, and the risks associated with implementing
the company's growth strategy and meeting its medium-term capital
requirements.  These negative factors are partially mitigated by
Moscow Re's marginal operating performance.

The stable outlook reflects Standard & Poor's expectation that
Moscow Re will grow at a faster rate than the Russian reinsurance
market while maintaining solid profitability, with ROE of at
least 15%.  Also, it is expected that Moscow Re's capital
adequacy ratio will exceed 150%, that the company will maintain
the marginal quality of investment portfolio, and that, in
agreement with its shareholders, no dividends will be paid for
financial years 2005-2007.

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
          InsuranceInteractive_Europe@standardandpoors.com


NELIDOVSKIY FACTORY: Public Auction Set Tomorrow
------------------------------------------------
The bidding organizer of open joint stock company Nelidovskiy
Factory will sell its property on September 13, 2005, 10:00 a.m.
and 12:00 noon respectively.  The public auction will take place
at Russia, Tver, Ordzhonikidze Str. 21, Office 321.  Up for sale
are 31 lots of buildings and equipment.  The list of documentary
requirements is available at Russia, Tver, Ordzhonikidze Str. 21,
Office 321.

CONTACT:  NELIDOVSKIY FACTORY
          Russia, Tver region, Nelidovo,
          Mashinostroiteley Str. 13

          CJSC ROS-BUSINESS-STANDARD
          Bidding Organizer
          Russia, Tver region, GP,
          Post User Box 441


OREL-STANKO-SERVICE: Public Auction Set Wednesday
-------------------------------------------------
The bidding organizer of open joint stock company
Orel-Stanko-Service (TIN 5751009415) will sell its property on
September 14, 2005, 3:00 p.m. (local time).  The public auction
will take place at 302010, Russia, Orel, Aviatsionnaya Str. 5.
Up for sale are three immovable and movable properties for a
starting price of RUB1,676,414.

The list of documentary requirements is available at 302011,
Russia, Orel, Novosilskoye Shosse, 18.  To participate, bidders
must deposit an amount equivalent to 20% of the starting price to
the bidding organizer's settlement account.  For more
information, call (0862) 77-99-61.

CONTACT:  OREL-STANKO-SERVICE
          302011, Russia, Orel region,
          Novosilskoye Shosse, 18

         Insolvency Manager/Bidding Organizer
         302010, Russia, Orel region,
         Aviatsionnaya Str. 5


REM-BYT-TEKHNIKA: Hires Y. Bolshakov Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Kostroma region has commenced bankruptcy
supervision procedure on open joint stock company
Rem-Byt-Tekhnika.  The case is docketed as A31-5100/2005-18.  Mr.
Y. Bolshakov has been appointed temporary insolvency manager.  A
hearing will take place on November 23, 2005, 9:00 a.m.

CONTACT:  REM-BYT-TEKHNIKA
          156000, Russia, Kostroma region,
          Profsoyuznaya Str. 3

          Mr. Y. Bolshakov
          Temporary Insolvency Manager
          156000, Russia, Kostroma region,
          Moskovskaya Str. 55
          Phone: (0942) 53-46-62


SARATOVSKIY: Claims Filing Period Ends Next Month
-------------------------------------------------
The Arbitration Court of Saratov region commenced bankruptcy
proceedings against Saratovskiy after finding the crane factory
insolvent.  The case is docketed as A57-91B/05-12.  Ms. T.
Perfilova has been appointed insolvency manager.

Creditors have until October 6, 2005 to submit their proofs of
claim to:

(a) SARATOVSKIY
    410071, Russia, Saratov region,
    Shelkovichnaya Str. 177

(b) Insolvency Manager
    410029, Russia, Saratov region,
    Sakka i Vatsetti Str. 54-60, Office 201

(c) The Arbitration Court of Saratov region
    410002, Russia, Saratov region,
    Babushkin Vvoz, 1, Floor 14


SPETS-STROY-314: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region has commenced bankruptcy supervision procedure on open
joint stock company Spets-Stroy-314.  The case is docketed as
A56-14521/2005.  Mr. S. Zhovkovskiy has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 190103, Russia,
Saint-Petersburg, Obvodnogo Kanala Quay, 181.  A hearing will
take place on October 12, 2005, 2:00 p.m. at Russia,
Saint-Petersburg, Suvorovskiy Pr. 50-52, hall 206.

CONTACT:  SPETS-STROY-314
          188485, Russia, Leningrad region,
          Kingisepp, Zavodskaya Str. 6

          Mr. S. Zhovkovskiy
          Temporary Insolvency Manager
          190103, Russia, Saint-Petersburg,
          Obvodnogo Kanala Quay, 181
          Phone/Fax: 274-46-74


YUKOS OIL: Yugansk Sale Appeal Rejected Anew
--------------------------------------------
RIA Novosti reports that the Arbitration Appeals Court of Moscow
has rejected an appeal filed by embattled oil major Yukos Oil,
which wanted the court to freeze 76.79% of the shares of its
former core production unit Yuganskneftegaz.

Yukos submitted the appeal as part of its claim to dispute the
sale of Yuganskneftegaz.  An arbitration court had earlier
rejected this appeal, after which Yukos lawyers challenged the
court's ruling before an appeals tribunal.

The Russian Federal Property Fund, some Russian companies and the
Russian Finance Ministry, as administrator of budget funds, were
the defendants in the proceedings.

Yukos said in its claim that the Yugansk auction had been held
"with numerous violations of Russian legislation and
international law, including the Convention for the Protection of
Human Rights and Fundamental Freedoms."  Yukos lawyers said the
Property Fund had unjustifiably understated the price of the
initial share package.

The Yukos lawyers also said the Property Fund had acted in breach
of the procedure for announcing and holding the tenders.  The
Bailiff Service passed a decision on auctioning off the share
package of Yuganskneftegaz to recover back taxes on November 18,
2004.  The embattled oil giant owed the budget over US$20
billion.

On December 19, 2004, the Russian Federal Property Fund sold
Yuganskneftegaz for US$9.35 billion.  The Yukos asset went to
Baikal Finance Group, a little known company later acquired by
state-run oil giant Rosneft.

As of June 29, 2005, Yukos owes over US$2 billion in back taxes,
the Russian Justice Ministry says.

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

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


* Ratings of Major Steel Makers Likely to Improve, Says Fitch
-------------------------------------------------------------
Fitch Ratings has said that while Russian steel majors currently
have Stable Outlooks, the agency expects their credit profiles to
improve due to increased international relevance through
economies of scale and public listings, and rising domestic
demand, while maintaining strong financial metrics underpinned by
vertical integration and low-cost production.  However, the pace
of such developments may be tempered by lower market prices.
Russian steel majors are among the 11th to 20th largest steel
manufacturers in the world.

A business strategy focused on vertical integration being pursued
by the two largest Russian steel players, Mastercroft ('BB-' (BB
minus)/'B'/Stable) and Severstal ('B+'/'B'/'A(rus)'/Stable) is
expected to prove beneficial in an environment of rising raw
material prices, which has affected the global steel industry
since the beginning of FY05.  Others like MMK ('BB-' (BB
minus)/Stable) are expected to maintain a good credit profile
based on improving efficiency via modernization and conservative
financial policies, despite a lack of control of raw material
supply.

Although FY05 may see some output reduction among Russian
players, this is due to their planned restructuring programs
(e.g. Mastercroft) or a disruption in raw material supply in
spring due to contractual disputes (e.g. MMK) rather than
managing profitability as is the case for their EU-based peers.
In Fitch's view, the Russian steel majors' credit profiles
provide them with a stable platform to withstand the
international steel price weakening seen in H105.

The global steel industry continues to be fragmented with the top
10 steel companies accounting for only a quarter of world steel
output in 2004.  The Russian steel majors have demonstrated an
ability to pursue selective international acquisitions, and are
considering potentially large credit-transforming acquisitions
(e.g. Turkey's Erdemir and Ukraine's Krivorozhstal).  The credit
implications of potential acquisitions will be reviewed on a
case-by-case basis.  Factors which continue to constrain ratings
include risks associated with legal structure complexity and
potential debt-subordination issues, although all three companies
are trying to further improve their corporate governance and
transparency.

Russian steel companies are also expected to benefit from
favorable domestic demand fundamentals, with Fitch forecasting
GDP growth of 5% in Russia in 2006.  Historically, Russian steel
majors have had balanced export and domestic revenues.  Finished
products are mainly aimed at the domestic market due to
higher-than-international spot prices, Russian producers'
stronghold on customized products and protectionism in some large
export markets (e.g. EU).  Russian steel companies have
demonstrated flexibility in re-directing exports of mainly
semi-finished products to various markets (Middle East and East
Asia) based on demand and increasing trading restrictions
(China).  However, Fitch expects regional exports in the long-run
to face increased competition from other low-cost producers such
as those from Ukraine.

CONTACT:  FITCH RATINGS
          Sonya Dilova, London
          Phone: +44 20 7417 3485

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


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


TURKCELL ILETISIM: Results Positive in Seasonally Strong Quarter
----------------------------------------------------------------
Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC, ISE:TCELL), the
leading provider of mobile communications services in Turkey,
announced results for the quarter ended June 30, 2005.  All
financial results in this press release are unaudited and
reported in accordance with accounting principles generally
accepted in the United States (US GAAP).

Figures in parentheses following the operational and financial
results for the second quarter of 2005 refer to the same item in
the first quarter of 2005.  For convenience purposes, all TRY
figures in the press release have been converted into US$ using
the Turkish Central Bank's TRY/US$ exchange rate of
TRY1.3413/US$1.00 in effect on June 30, 2005.

Highlights of the Quarter

(a) Turkcell added 1.3 million (0.9 million) net new subscribers
    during the second quarter of 2005 and increased its
    subscriber base by 5.3% to 25.6 million (24.3 million) as of
    June 30, 2005;

(b) Revenues increased to US$1,046 million in the second quarter
    of 2005 (US$898 million);

(c) Turkcell's minutes of usage increased to 67.8 minutes (59.6
    minutes) as a result of the positive impact of seasonality
    supported by our incentives to increase usage;

(d) EBITDA increased by 19% to US$468 million in the second
    quarter of 2005 (US$394 million);

(e) Turkcell's net income increased 67% to US$214 million
    (US$128 million) in the second quarter of 2005; and

(f) Turkcell redeemed the aggregate principal amount of the
    US$400 million Cellco Bonds due August 1, 2005.

             Report from the CEO, Muzaffer Akpynar

In the second quarter of 2005, we improved our operating
performance mainly as a result of the positive impact of
seasonality, the stable macro-economic environment in Turkey and
our day to day management efforts.  We recorded high subscriber
growth in the second quarter in line with the historical seasonal
trends and maintained our leading position in the market in terms
of new subscriber additions.  We also believe that the growth of
the total subscribers in the Turkish GSM market overall was
higher than expected mainly due to increased sales and marketing
efforts in the market.

There were no major developments in the Turkish macro environment
during the second quarter along with positive macro-economic
indicators such as inflation, capacity utilization rates and the
number of tourists visiting the country.  Developments in the
global macro economic environment, the commencement of
negotiations with the EU regarding accession on October 3, 2005
and the revision of the IMF stand-by agreement are major upcoming
milestones to monitor as unexpected outcomes may create
volatility in our economy.  We also believe that the current slow
down trend of domestic demand relative to last year may reflect
further into the macro-economy as well as our business
environment during the rest of the year.  As management, we will
remain mindful of such possible developments and make an effort
to proactively take necessary measures from our business
perspective.

With regards to the telecommunications industry in Turkey, one of
the most important developments during the second quarter was
finalization of the bidding process for the privatization of Turk
Telekom.  The bidding process has been finalized and 55% of Turk
Telekom was sold for US$6.6 billion, which makes the sale the
largest privatization in the history of Turkey upon the
completion of the process.  In addition to the foregoing, the
Savings Insurance Depositary Fund ("SDIF") recently announced the
tender timetable for the sale of Telsim.  The final dates for
pre-qualification bids and the bidding deadline have been set as
September 19, 2005, and December 5, 2005, respectively.  The bids
will be opened on December 13, 2005.

As the leading player in the market, we are also following these
developments in our market closely and taking necessary measures
to prepare ourselves for the changing environment.

Moving forward, our intention is to maintain our leadership
position in the market while sustaining a balance with our bottom
line objectives.

On the competition front, our competitors' aggressive price
offers, such as flat rate tariffs including off-net discounts to
GSM calls, continued.  Our response to these aggressive
price-based offers was in line with our ongoing philosophy of
introducing campaigns and offers to better meet the needs and
expectations of our customers through a segmented approach.  Our
offerings include new services as well as products that run on
our capable 2.5G network with widening EDGE technology.  We
believe that our continued investments in new technology and
infrastructure will continue to create value for our customers
and be an asset for us in an increasingly competitive
environment.  Our efforts so far have proved successful since we
have retained our subscribers while increasing their usage and
the current penetration level of our existing services.

We are pleased to announce that for the 8th time we are the main
sponsor of CeBIT Bilisim Eurasia, the international IT and
telecommunication technologies convention which is taking place
between September 6-11, 2005 in Istanbul, Turkey.  During this
convention, we are displaying many features during this week,
which we believe establish us as the front-runner both in
technology and customer services.  We believe the convention is a
particularly important platform for us as it allows us to
demonstrate both our newly introduced products and services and
to provide our customers and our business partners a preview of
the future of the GSM technology.  We are determined more than
ever to make a difference in the lives of our customers by
continuing to provide both voice based and value added services
in a continuous manner.  We believe, we are making every attempt
organizationally and commercially to balance all of our efforts
and to optimize positioning for our valued customers.

On the international front, Astelit, our indirectly owned
subsidiary operating in the Ukrainian market under the brand
'"life :)" is continuing with its effort to create a
fundamentally sound business for its shareholders.  The Ukrainian
market is highly competitive with current penetration levels
already exceeding 45%.  We are currently satisfied with Astelit's
efforts in this competitive market environment, and our
longer-term objectives for our business in Ukraine remain
unchanged.

As far as Iran is concerned, as we have indicated before, we
still believe the Iranian market remains quite attractive.
Currently, we are working on finalizing a consortium structure
and necessary terms of agreements among all the shareholders.
The Iranian Telecommunication Ministry has set November 21, 2005
as a deadline for finalization of the structure of the Irancell
project and our intention is to reach necessary agreements in
this timeframe.

As a final note, as it has become apparent, two of our major
shareholders, TeliaSonera and Cukurova Group, are engaged in a
dispute regarding a potential transaction that involved sale of
Turkcell shares after Cukurova Group announced a possible
financing package with Alfa Group.  Since we are not a party to
the dispute, and as the process is still continuing, we cannot
comment on the issue.  However, we would like to highlight the
fact that we remain focused on running our business effectively
and notwithstanding the dispute between our shareholders, we are
able to make necessary operational and strategic decisions to
ensure day to day management of our company.

                      Overview

Operational and Financial Highlights

During the second quarter of 2005, our results were largely in
line with our expectations.

We continued our subscriber growth and maintained our leading
position in the market in terms of new subscriber additions.  Our
subscriber base reached 25.6 million by the end of the second
quarter of 2005, which constitutes a 5.3% increase compared to
the first quarter of 2005 and a 22% rise compared to the second
quarter of 2004.

Our financial results improved in the second quarter of 2005.
Revenues increased 16% to US$1,046.0 million (US$898.0 million)
as a result of increased usage due to seasonality, the impact of
tariff increases and the growth of the subscriber base.

EBITDA increased 19% to US$467.5 million (US$394.0 million) in
the second quarter of 2005 due to increased revenues.  However,
EBITDA margin (as a percentage of revenues) remained nearly
stable at 45% (44%) mainly because of the increased revenue
accompanied by increased revenue-based operational expenses and
an increase in sales and marketing expenses.

Turkcell's improved operational performance is reflected in its
bottom line. Turkcell's net income improved to US$213.7 million
(US$128.4 million) in the second quarter of 2005.  Turkcell's
blended monthly minutes of usage (MoU) increased 14% to 67.8
minutes (59.6 minutes) in the second quarter of 2005.  A stable
macro-economic environment and the positive impact of seasonality
are the main reasons for higher MOU.

Blended average revenue per user ("ARPU") increased 12% to
US$13.4 (US$12.0) for the second quarter of 2005, despite the 3%
depreciation of the Turkish Lira against the U.S. Dollar on a
monthly average basis during the period.  Turkcell generated
higher revenue per user in the second quarter of 2005, compared
with the first quarter of 2005 due to seasonally higher usage,
and the tariff increase introduced during the quarter.

The Competitive Landscape

In order to gain market share and create more of an active
subscriber base and increase their usage overall, our competitors
promoted campaigns that emphasized price benefits.  These
campaigns included promotions that increased the attractiveness
of their community tariffs bundling flat rate tariffs that
include off-net discounts to GSM calls.  Our response to these
aggressive price based offers was consistent with our ongoing
philosophy of introducing campaigns and offers to better meet the
needs and expectations of our customers via incentive programs
through a segment based approach.  The offers and campaigns that
we highlighted during this quarter were focused on incentives to
increase usage through campaigns providing certain usage benefits
in a staggered manner.  We believe our 'Better Value for Money'
approach has proved successful thus far and we effectively
retained our subscriber base while increasing their usage and
penetration of our services.  In May, we made an average upward
price adjustment of 4.6% to our prepaid scratch cards implying a
2.4% price increase on a weighted average basis, despite the
increased competition and price pressure in the market.

The result is available free of charge at
http://bankrupt.com/misc/Turkcell(Q22005).pdf

                            *   *   *

In August, Fitch Ratings upgraded Turkcell's Senior Unsecured
local currency rating to 'BB' from 'BB-' (BB minus) and removed
it from Rating Watch Positive (RWP).  A Stable Outlook is
assigned.  At the same time, Turkcell's Senior Unsecured foreign
currency rating is affirmed at 'BB-' (BB minus), which is capped
by the Republic of Turkey's Long-term foreign currency 'BB-' (BB
minus) rating.

The Senior Unsecured local currency rating was put on RWP on 30
March, following TeliaSonera's agreement to acquire from
Cukurova Group a 27% stake in Turkcell for US$3.1 billion in
cash.  This would allow TS to control Turkcell with a 64.1% share
and bring stability to Turkcell's ownership.  There is now
uncertainty that this agreement will close and as a result Fitch
has removed the RWP.  Separately Fitch has upgraded the Local
Currency rating due to a strong underlying operational
performance to reflect Turkcell's improved metrics.

The upgrade reflects the strengthening performance of Turkcell's
Turkish mobile operations, on the back of its sustained 67%
leading market position in a growing market and stabilizing macro
economic trends, which are key drivers of its credit profile.
(Turkcell's subscribers reached 25.6 million at end- June 2005,
up from 23.4 million in YE2004).

The upgrade also reflects the resolution of Turkcell's key legal
issues with Turk Telekom and Turkish Treasury and thereby clarity
on the cash flow impact of Turkcell's litigations.
Fitch incorporates the cash outflow impact of its litigation
payments for 2005 and 2006 but would still leave its leverage
consistent with a 'BB' rating.  Despite litigation payments in
2004 (US$486 million cash outflow), cash dividend payments (US$78
million) and increased capital expenditures (US$487 million),
Turkcell's cash generation was sufficient to maintain cash-liquid
balance of US$764 million as at end-FY04.

Consequently, leverage was modest at 0.7x as measured by gross
debt-to-operating EBITDA (1.4x when adjusted for litigation
obligations) and is strong for the rating level.

The ratings also consider the potential regulatory and
competitive challenges Turkcell may face, such as TA's potential
standard reference interconnect tariffs, Turk Telekom's
privatization, the sale of troubled Telsim, and the potential
introduction of mobile virtual network operators and new
technologies.

CONTACT:  TURKCELL ILETISIM HIZMETLERI A.S.
          Turkcell Plaza, Mesrutiyet Caddesi No. 153, Tepebasi,
          Istanbul, Turkey
          Zip: 34430
          Phone: +90-212-313-1000
          Fax: +90-212-313-0099
          Web site: http://www.turkcell.com.tr


TURKCELL ILETISIM: Court Rejects Telsim's Request for Injunction
----------------------------------------------------------------
              Subject: Statement made pursuant
     to Circular VIII, No: 39 of the Capital Markets Board

                  Istanbul Stock Exchange
                        ISTANBUL

Special Subjects: As we have announced on August 29, 2005, Telsim
initiated a lawsuit claiming that, Turkcell Iletisim Hizmetleri
A.S. has not applied the reference interconnection rates
determined by Telecommunications Authority, and has charged
interconnection fees exceeding the ceiling prices approved by
Telecommunications Authority and requested an injunction to be
applicable starting from August 1, 2005, to cease this practice
and requested collection of its damages totaling to TRY26.1
(equivalent to US$19.7 million as of
September 8, 2005) including principal, interest and penalty on
late payment.

In the same announcement we also stated that, interconnection
fees we charge to Telsim, are defined in the Interconnection
Agreement signed between Telsim and Turkcell, which is still
effective.  The resolution process regarding the disagreement on
revision of existing interconnection agreement's pricing terms,
initiated by the application of Telsim to Telecommunications
Authority has not been finalized and therefore the
interconnection fees to be charged between the parties have not
been determined yet.

And that, Turkcell plans to take necessary legal actions
regarding the matter, as the process to come to terms regarding
revised pricing terms is still ongoing and that Telsim has
initiated such lawsuit for the process still continuing.
Regarding this issue, at this stage Istanbul 10th Commercial
Court decided to reject Telsim's request of injunction.  We
hereby confirm that the above-mentioned explanations are
furnished as per the provisions of the Communique Serial no
VIII/39, that they reflect all information we have gathered so
far, that they are in accordance with our corporate documents,
that we have used all endeavors to collect the complete and true
related information and that we assume the responsibility for
this disclosure.

CONTACT:  TURKCELL ILETISIM HIZMETLERI A.S.
          Nihat Narin, Investor Relations
          Koray Ozturkler, Investor Relations
          E-mail: investor.relations@turkcell.com.tr
          Phone: + 90 212 313 1888


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


GIRNIK: Court Appoints Liquidator
---------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Girnik (code EDRPOU 30099447) on August 3,
2005 after finding the company insolvent.  The case is docketed
as 5/208 B.  Mr. Miroslav Fomin (License Number AA 783177) has
been appointed liquidator/insolvency manager.  The company holds
account number 26006301490472 at Prominvestbank, Selidove branch,
MFO 334312.

Creditors have until today to submit their proofs of claim to:

(a) GIRNIK
    85483, Ukraine, Donetsk region,
    Novogrodivka, Shahtna Str. 1

(b) Mr. Miroslav Fomin
    Liquidator/Insolvency Manager
    85400, Ukraine, Donetsk region, Selidove,
    Zhovtnevoyi Revolutsiyi boulevard 4/14

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


KREATIV: Declared Insolvent
---------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against Kreativ (code EDRPOU 32285267) on July 27,
2005 after finding the limited liability company insolvent.  The
case is docketed as 3/76 B.  Mr. Oleg Mirgorodskij has been
appointed liquidator/insolvency manager.  The company holds
account number 26001301002840 at JSCB Transbank, Kyiv region
branch, MFO 300089.

Creditors have until September 13, 2005 to submit their proofs of
claim to:

(a) KREATIV
    11500, Ukraine, Zhitomir region,
    Korosten, Zhovtneva Str. 1

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


KRIS-BEG: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of Ternopil region has commenced bankruptcy
supervision procedure on LLC Kris-Beg (code EDRPOU 25348879).
The case is docketed as 10/B-625.  Mr. Volodimir Didich (License
Number AA 047819) has been appointed temporary insolvency
manager.  The company holds account number 2600816976001 at CB
Privatbank, Kyiv region branch, MFO 320649.

Creditors have until September 13, 2005 to submit their proofs of
claim to:

(a) KRIS-BEG
    Ukraine, Ternopil region,
    Gusyatinskij district, Horostkiv,
    Nezalezhnosti Str. 3 a

(b) Mr. Volodimir Didich
    Temporary Insolvency Manager
    Ukraine, Ternopil region, Kopernik Str. 3
    Phone: (0352) 22-62-75, 22-10-67

(c) ECONOMIC COURT OF TERNOPIL REGION
    46000, Ukraine, Ternopil region,
    Ostrozski Str. 14a


OTIDO: Gives Creditors Until Today to File Claims
-------------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on LLC Otido (code EDRPOU 30505824).  The
case is docketed as 19/118(05).  Mr. O. Bichkivskij (License
Number AA 216905) has been appointed temporary insolvency
manager.  The company holds account number 3467330 at JSB
Metalurg, MFO 313582.

Creditors have until today to submit their proofs of claim to:

(a) OTIDO
    69037, Ukraine, Zaporizhya region,
    Pravdi Str. 16/8

(b) Mr. O. Bichkivskij
    Temporary Insolvency Manager
    69124, Ukraine, Zaporizhya region,
    Ruban Str. 24/127

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


PROGRES: Zaporizhya Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Progres (code EDRPOU) on June 22, 2005 after
finding the open joint stock company insolvent.  The case is
docketed as 19/18(05).  Mr. Sergij Vasiltsov (License Number AB
176124) has been appointed liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) PROGRES
    Ukraine, Zaporizhya region,
    Pologi, Chervonogvardijska Str. 31

(b) Mr. Sergij Vasiltsov
    Liquidator/Insolvency Manager
    71100, Ukraine, Zaporizhya region,
    Berdyansk, Pratsi Avenue 33/55, Office 407
    Phone: (06153) 7-18-00

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


TEHOSNAB: Succumbs to Bankruptcy
--------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Multiprofile Private Enterprise Tehosnab
(code EDRPOU 31572844) on July 13, 2005.  The case is docketed as
B 40/80/05.  Mr. Denis Styupan (License Number AA 783010) has
been appointed temporary insolvency manager.  The company holds
account number 20689015300101 at JSPPB Aval, Pavlograd branch,
MFO 306726.

Creditors have until September 16, 2005 to submit their proofs of
claim to:

(a) TEHOSNAB
    51400, Ukraine, Dnipropetrovsk region,
    Pavlograd, Dniprovska Str. 555

(b) Mr. Denis Styupan
    Temporary Insolvency Manager
    49055, Ukraine, Dnipropetrovsk region,
    Kirov Avenue 98-D

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


TRANSKOMPLEKT: Declared Insolvent
---------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Transkomplekt (code EDRPOU 21751762) on March
14, 2005 after finding the company insolvent.  The case is
docketed as 4/43-B.  Mr. V. Temchishin (License Number AA 630072
of November 25, 2003) has been appointed liquidator/insolvency
manager.

Creditors have until today to submit their proofs of claim to:

(a) TRANSKOMPLEKT
    Ukraine, Lutsk region,
    Ovocheva Str. 1

(b) Mr. V. Temchishin
    Liquidator/Insolvency Manager
    Ukraine, Lutsk region,
    Svitla Str. 5/3

(c) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Lutsk region,
    Voli Avenue 54-a


WINDOE CURTAIN: Bankruptcy Supervision Begins
---------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
supervision procedure on JSCCT Windoe Curtain Factory (code
EDRPOU 00307626) on July 20, 2005.  The case is docketed as
B-8/100.  Mr. Ivan Vatutin (License Number AB 216932) has been
appointed temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) WINDOE CURTAIN FACTORY
    78200, Ukraine, Ivano-Frankivsk region,
    Kolomiya, L. Ukrainka Str. 32 A

(b) Mr. Ivan Vatutin
    Temporary Insolvency Manager
    78200, Ukraine, Ivano-Frankivsk region,
    Kolomiya, Novodvorskij Str. 24

(c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION
    76000, Ukraine, Ivano-Frankivsk region,
    Shevchenko Str. 16a


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


ABLE THE: Recruitment Agency Runs out of Money
----------------------------------------------
At an Extraordinary General Meeting of Able The Agency Limited,
duly convened, and held at the Holiday Inn Sheffield, Victoria
Station Road, Sheffield S4 7YE on 25 August 2005, the following
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of the Company that
this Company cannot by reason of its liabilities, continue its
business, and that it is desirable that the same should be wound
up and that the Company be wound up accordingly and that Michael
Francis McCarthy, of Walletts Insolvency Services, 2-6 Adventure
Place, Hanley, Stoke on Trent, Staffordshire ST1 3AF, be and is
hereby appointed the Liquidator of the Company for the purposes
of such winding-up."

N Dalling, Chairman

CONTACT:  WALLETTS INSOLVENCY SERVICES
          Adventure Place, Hanley,
          Stoke on Trent, Staffordshire ST1 3AF
          Phone: (01782) 212326
          Fax: (01782) 212326


ALLIED TELECOMMUNICATIONS: Creditors Meeting Set Tuesday
--------------------------------------------------------
Notice is hereby given by Andrew Andronikou and Ladislav Hornan,
of UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y
5DH, that a Meeting of the Creditors of Allied Telecommunications
Limited (Company No 04521371), c/o UHY Hacker Young, St Alphage
House, 2 Fore Street, London EC2Y 5DH, is to be held at the
office of UHY Hacker Young, St Alphage House, 2 Fore Street,
London EC2Y 5DH, on 13 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.  A proxy form should be completed
and returned to me by the date of the Meeting if you cannot
attend and wish to be represented.  In order to be entitled to
vote under Rule 2.38 at the Meeting you must give to me, not
later than 12:00 noon on the business day before the day fixed
for the Meeting, details in writing of your claim.

A Andronikou, Joint Administrator

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


AQUA HEATING: Court Sanctions Winding-up
----------------------------------------
Company Name: AQUA HEATING LIMITED
              84 Ramshaw Drive, Chelmsford,
              Essex, CM2 6UB
              Phone:07919 200 386

Registration Number: 04642845

Court: Chelmsford

Date of Filing Petition: January 11, 2005

No. of Matter: 14 of 2005

Date of Winding-up Order: May 11, 2005

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


ARTLINE SOLUTIONS: Members Opt for Liquidation
----------------------------------------------
At an Extraordinary General Meeting of the Members of Artline
Solutions Limited, duly convened, and held at The Holiday Inn
Hotel, Breakspear Way, Hemel Hempstead, Hertfordshire HP2 4UA on
25 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
Timothy Hargreaves, of T H Associates Insolvency Practitioners,
Towngate House, 116-118 Towngate, Leyland PR25 2LQ, be and he is
hereby nominated for the purposes of winding-up." K S Booth,
Director

CONTACT:  ARTLINE SOLUTIONS LTD
          365 London Road
          Hemel Hempstead
          HP3 9AL
          Hertfordshire
          Phone: 01442 260070
          Fax: 01442 239600
          Contact:
          Keith Booth, Managing Director


A V MEDIA: Files for Liquidation
--------------------------------
At an Extraordinary General Meeting of the Members of A V Media
Communications Limited, duly convened, and held at the offices of
Piper Thompson, Mulberry House, 53 Church Street, Weybridge,
Surrey KT13 8DJ on 26 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
Tony James Thompson, of Piper Thompson, Mulberry House, 53 Church
Street, Weybridge, Surrey KT13 8DJ, be and he is hereby nominated
Liquidator for the purpose of the winding-up." K O'Shea, Director

                            *   *   *

A V Media Communications Limited delivers integrated marketing
campaigns and offers such services as telemarketing, demand
creation, eMarketing, database building, event management, public
relations, print & design, marketing consultancy, product
launching & seeding.  Visit http://www.avmediacomm.com/for more
information.

CONTACT:  PIPER THOMPSON
          Mulberry House,
          53 Church Street, Weybridge,
          Surrey KT13 8DJ
          Phone: 01932855515


BALUSTRADING CONTRACTS: Calls in Administrator
----------------------------------------------
Name: BALUSTRADING CONTRACTS LIMITED
     (Company No 03077920)

Nature of Business: Manufacture and Installation of Stair
Cases/Balconies

Address of Registered Office: 33-35 Tower Street, Harrogate HG1
1HS

Date of Appointment: 26 August 2005

Administrator's Name and Address: David Antony Willis (IP No
9180), Jacksons Jolliffe Cork, 35 East Parade, Harrogate HG1 5LQ

                            *   *   *

Based in Rodley, Leeds, Balustrading Contract Ltd. currently
employs around twenty people within the offices and on-site
manufacturing facility.  Visit
http://www.balustradingcontractsltd.co.ukfor more information.

CONTACT:  BALUSTRADING CONTRACTS LTD
          1 Aire View Court
          Rodley Lane
          Leeds LS13 1AA
          United Kingdom
          Phone: 0113-255 4443
          Fax: 0113-255 4476

          JACKSONS JOLLIFFE CORK
          35 East Parade,
          Harrogate HG1 5LQ


BARRINGTON HOUSE: Hires Administrators from Milner Boardman
-----------------------------------------------------------
Name: BARRINGTON HOUSE PUBLISHING CORPORATION LIMITED
      (Company No 02865561)

Nature of Business: Advertising

Address of Registered Office: Moorgate Point, Moorgate Road,
Knowsley Industrial Park, Knowsley L33 7AZ

Trade Classification: 7440

Date of Appointment: 26 August 2005

Joint Administrators' Names and Address: Colin Burke and Gary J.
Corbett (IP Nos 8803 and 9018), both of Milner Boardman &
Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG

                            *   *   *

Barrington House produces a variety of publications, including
year planners, diaries, fun books and newsletters/reports.  With
a distribution of several thousands, Barrington supports specific
charities such as the Children's Research Fund using revenue
generated from advertising.  Visit
http://www.barringtonhousepublishing.co.ukfor more information.

CONTACT:  BARRINGTON HOUSE PUBLISHING CORPORATION LTD.
          Moorgate Point, Moorgate Road,
          Liverpool, Merseyside L33 7XW
          Phone: +44 (0) 151 477 0600
          Fax: +44 (0) 151 477 0625

          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


BLUE 62: Arrows Commercial Calls in Kroll Receiver
--------------------------------------------------
Name: BLUE 62 LIMITED
      (Reg No 04570762)

Nature of Business: General Construction and Civil Engineering

Trade Classification: 4521

Date of Appointment of Administrative Receivers: 30 August 2005

Name of Person Appointing the Administrative Receivers: Five
Arrows Commercial Finance Limited

Names and Address of Administrative Receivers: Andrew John Pepper
and Alastair Paul Beveridge (Office Holder Nos 9050 and 8991),
both of Kroll, 10 Fleet Place, London EC4M 7RB

                            *   *   *

Blue 62 is a modern name for a forward thinking privately owned
TS16949-approved manufacturing company that has been supplying
precision machined components into a wide range of industries
since 1963.  Visit http://www.blue62.co.uk/for more information.

CONTACT:  blue62 Precision Engineers
          Golden Hill Works
          Freshwater
          Isle Of Wight PO40 9TD
          Phone: +44 (0) 1983 758800
          E-mail: sales@blue62.co.uk

          KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


BLYTH & BLYTH: Former Trustees Hire New Lawyers
-----------------------------------------------
Law firm MacRoberts confirmed it is no longer connected to the
three former trustees of Blyth & Blyth pension scheme who are
facing charges in relation to the collapse of the company.

The Sunday Herald reports that two of the defendants have
appointed their own independent legal counsels, while the other
opted to defend himself.  The former trustees, who were also
former directors of the engineering company, are accused of
manipulating the scheme and their retirement ages for personal
advantages.  Also facing charges are the scheme actuary, David
Kershaw, and his employers, Buck Consultants.  The civil case
will be heard next month.

Buck Consultants was sold by Mellon Financial to Dallas-based
Affiliated Computer Services in May.  It said its legal
arrangements are not affected by the changes.

The Blyth pension scheme trustees signaled their intention to
open the case against the defendants in August 2004, two years
after a GBP7 million black hole was discovered in the scheme.
The scheme was wound up in November 2002.  Some 180 employees
lost all their benefits, while a further 80 existing retirees
lost 40% of their pensions.  The deficit also helped pushed Blyth
into receivership in 2003.

CONTACT:  MACROBERTS
          152 Bath Street
          Glasgow G2 4TB
          Scotland, United Kingdom
          Phone: +44 (0)141 332 9988
          Fax: +44 (0)141 332 8886

          Excel House, 30 Semple Street
          Edinburgh EH3 8BL
          Scotland, United Kingdom
          Phone: +44 (0)131 229 5046
          Fax: +44 (0)131 229 0849
          E-mail: maildesk@macroberts.com
          Web site: http://www.macroberts.com/

          BUCK CONSULTANTS
          Phone: 1.866.355.6647
          Web site: http://www.mellon.com/hris/


BOND ACCOUNTANCY: EGM Passes Winding-up Resolutions
---------------------------------------------------
At an Extraordinary General Meeting of the Members of Bond
Accountancy Limited, Hodge Recruitment Limited, and The Works
Recruitment Limited, duly convened, and held at 22 Great James
Street, London WC1N 3ES on 16 February 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 in
business, and it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Edwin David Stanley Kirker, of Kirker & Co, Centre 645, 2 Old
Brompton Road, South Kensington, London SW7 3DQ, be and is hereby
appointed Liquidator of the Company for the purpose of the
voluntary winding-up."

R Clark, Chairman

                            *   *   *
Visit http://www.hodge.co.uk/for more information about Hodge
Recruitment Consultants and http://www.theworksrec.co.uk/for The
Works Recruitment Limited.

CONTACT:  BOND ACCOUNTANCY LIMITED
          Global House
          22 Henriette Street
          London
          WC2E 8ND
          London
          Phone: 020 7420 3960


BURNS AND BRASSETT: HSBC Bank Appoints PKF Receiver
---------------------------------------------------
Name: BURNS AND BRASSETT LIMITED
      (Reg No 00760693)

Registered Office of Company: c/o Marks Bloom, 60-62 London Road,
Kingston upon Thames, Surrey KT2 6QZ

Nature of Business: Plumbing and Heating Engineers

Name of Person Appointing the Administrative Receiver: HSBC Bank
Plc

Date of Appointment of Administrative Receiver: 23 August 2005

Name and Address of Administrative Receiver: B. J. Hamblin, PKF
(UK) LLP (IP No 002085), Farringdon Place, 20 Farringdon Road,
London EC1M 3AP

CONTACT:  BURNS AND BRASSETT LTD.
          25 Tolworth Park Road,
          Surbiton, Surrey KT6 7RN
          Phone: 02083994100

          PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


BUTTON IT: Names Begbies Traynor Liquidator
-------------------------------------------
At an Extraordinary General Meeting of the Members of Button It
Wright Limited, duly convened, and held at 1 Winckley Court,
Chapel Street, Preston PR1 8BU on 19 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
David R Acland, of Begbies Traynor, 1 Winckley Court, Chapel
Street, Preston, Lancashire PR1 8BU, be and hereby is appointed
Liquidator of the Company for the purpose of the voluntary
winding-up."

H Wright, Chairman

                            *   *   *

Button It Wright Ltd. is a family-run business located in
Preston, Lancashire with a background of more than 20 years in
providing upholstery buttons.  The business is run by Helen
Wright.  Visit http://www.buttonitwright.co.ukfor more
information.

CONTACT:  BUTTON IT WRIGHT LIMITED
          Unit 44, The Old Mill Industrial Estate
          School Lane, Bamber Bridge
          Preston
          PR5 6SY
          Lancashire
          Phone: 01772 628855
          Fax: 01772 627703

          BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


CARTERS BUILDING: Files for Liquidation
---------------------------------------
At an Extraordinary General Meeting of the Members of Carters
Building Services Limited, duly convened, and held at Regus,
Fairbourne Drive, Atterbury, Milton Keynes MK10 9RG on 26 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
Robert Day, of Robert Day and Company Limited, Garfield, Church
Lane, Oving, Aylesbury, Buckinghamshire HP22 4HL, be and he is
hereby appointed Liquidator of the Company for the purpose of the
voluntary winding-up."

P L Carter, Chairman

                            *   *   *

Carters Building Services Limited is a property maintenance
specialist.  Its clients include DaimlerChrysler, Abbey National,
BP Oil (UK) Ltd., Marks & Spencer.  Visit
http://www.cartersbuildingservices.comfor more information.

CONTACT:  CARTERS BUILDING SERVICES LTD.
          10 Centurion Court, Brick Close
          Kiln Farm
          Milton Keynes
          MK11 3JB
          Buckinghamshire
          Phone: 01908 262799
          Fax: 01908 263799


CHAROLAIS INVESTMENT: Names Moore Stephens Administrator
--------------------------------------------------------
Name: CHAROLAIS INVESTMENT COMPANY LTD.
      (Company No 04484905)

Trading Name: Bunker Bar

Nature of Business: Bar

Address of Registered Office: 1 Snow Hill, London EC1A 2DH

Date of Appointment: 25 August 2005

Joint Administrators' Names and Address: Phillip Sykes and David
Rolph (IP Nos 6119 and 5930), Moore Stephens Corporate Recovery,
1 Snow Hill, London EC1A 2DH

CONTACT:  MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


CHEROKEE SYSTEMS: Electronics Firm Liquidates
---------------------------------------------
At an Extraordinary General Meeting of the Members of Cherokee
Systems Limited, duly convened, and held at 29 Roseacre Gardens,
Chilworth, Guildford, Surrey GU4 8RQ 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
Richard Eaglesfield Floyd be and he is hereby appointed
Liquidator for the purposes of such winding-up.

"At a subsequent Meeting of Creditors of the above-named Company,
duly convened, and held at 29 Roseacre Gardens, Chilworth, Surrey
GU4 8RQ, on 25 August 2005, it was resolved that Richard
Eaglesfield Floyd and William Jeremy Jonathan Knight, of Richard
Floyd & Co, 29 Roseacre Gardens, Chilworth, Guildford, Surrey GU4
8RQ, be and are hereby appointed the Joint Liquidators of the
Company for the purposes of such winding-up."

L M Young, Chairman

CONTACT:  CHEROKEE SYSTEMS LTD.
          Beaufield Mews
          Middle Street
         Shere
         Guildford
         Surrey GU5 9HF
          Phone: 01483-205020
          Fax: 01483-205070
          Web site: http://www.cherokeesys.com/default.htm

          RICHARD FLOYD & CO.
          29 Roseacre Gardens
          Chilworth
          Guildford
          Surrey GU4 8RQ
          Phone: 01483 302782
          Fax: 01483 300909


CIRCAROMA LIMITED: Skincare Products Maker Winds up
---------------------------------------------------
At an Extraordinary General Meeting of the Members of Circaroma
Limited, duly convened, and held at Meridian House, 62 Station
Road, North Chingford, London E4 7BA, 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 A J
Clark, of Carter Clark, Meridian House, 62 Station Road, North
Chingford, London E4 7BA, be and he is hereby appointed
Liquidator for the purposes of the voluntary winding-up."

S Atkinson, Director

CONTACT:  CIRCAROMA LIMITED
          Web site: http://www.circaroma.com/index.htm
          Trade Enquiries:
          Phone: 020 7249 9392

          CARTER CLARK
          Meridian House
          62 Station Road
          North Chingford
          London E4 7BA
          Phone: 020 8524 1447
          Fax: 020 8524 1457
          E-mail: recovery@carterclark.co.uk


CPS (CIVIL ENGINEERING): Sets Creditors Meeting September 21
------------------------------------------------------------
Notice is hereby given by the Joint Administrators D. J. Elliot
and L. J. Hogg, of Wilson Field, The Annexe, The Manor House, 260
Ecclesall Road, Sheffield S11 9PS, that a Meeting of the
Creditors of CPS (Civil Engineering) Limited (Company No
02544046), is to be held at Ramside Hall Hotel, Carrville, Durham
DH1 1TD, on 21 September 2005, at 11:00 a.m.  The Meeting is an
initial Creditors' Meeting under paragraph 51 of Schedule B1 to
the Insolvency Act 1986.  Any Creditors entitled to attend and
vote at this Meeting is entitled to do so either in person or by
proxy.  Completed proxy forms must be lodged with the Joint
Administrators by the date of the Meeting.  In order to be
entitled to vote under Rule 2.38 at the Meeting you must give to
us at The Annexe, The Manor House, 260 Ecclesall Road, Sheffield
S11 9PS, not later than 12:00 noon on the business day before the
day fixed for the Meeting, details in writing of your claim.
Secured Creditors (unless they surrender their security) should
also include a statement giving details of their security, the
date(s) on which it was given and the estimated value at which it
is assessed.  The Resolutions to be taken at the Meeting may
include a Resolution specifying the terms on which the Joint
Administrators are to be remunerated.

D J Elliot, Joint Administrator

CONTACT:  C P S (CIVIL ENGINEERING) LTD.
          Rufflers Close Cottage,
          Bardon Mill, Hexham
          Northumberland NE47 7HF
          Phone: 01434-344560

          WILSON FIELD
          The Annexe
          The Manor House
          260 Ecclesall Road South
          Sheffield
          South Yorkshire S11 9UZ
          Phone: 0114 235 6780
          Fax: 0114 262 0661


DAISYS2ROSES LIMITED: Goes into Liquidation
-------------------------------------------
Company Name: DAISYS2ROSES LIMITED
              4th Floor, Cheethams Mill,
              Park Street, Stalybridge,
              Cheshire, SK15 2BT
              Web site: http://www.daisys2roses.com

Court: Tameside

Date of Filing Petition: April 29, 2005

No. of Matter: 3 of 2005

Date of Winding-up Order: August 11, 2005

CONTACT:  Official Receiver
          1st Floor, Boulton House,
          17-21 Chorlton Street,
          Manchester, M1 3HY
          Phone: 0161 934 5400
          Fax: 0161 934 5450


EVOLUTION BUSINESS: Appoints Begbies Traynor Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of Evolution Business
Development Services Limited, duly convened, and held at the
offices of Begbies Traynor, The Old Exchange, 234 Southchurch
Road, Southend on Sea, Essex SS1 2EG, on 26 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
Louise Donna Baxter, of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend on Sea, Essex SS1 2EG, be and is
hereby appointed Liquidator for the purposes of such winding-up."

P Webb

CONTACT:  EVOLUTION BUSINESS DEVELOPMENT SERVICES LIMITED
          Phone: 01992 700275
          Fax: 01992 787756
          E-mail: peter@ebds.co.uk
          Web site: http://www.ebds.co.uk

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


HAINES & HURLEY: Calls in Liquidator from Benedict Mackenzie
------------------------------------------------------------
At the extraordinary general meeting of Haines & Hurley (Bristol)
Limited, convened, and held at City Point, Temple Gate, Bristol
BS1 6PL, 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 the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Valerie Laura Neave, of Benedict Mackenzie, The Grange, Aston on
Carrant, Tewkesbury GL20 8HL, be and is hereby appointed
Liquidator for the purposes of the voluntary winding-up."

R Haines, Chairman

CONTACT:  HAINES & HURLEY (BRISTOL) LTD.
          64a Alma Road, Clifton,
          Bristol, Avon BS8 2DJ
          Phone: 01179684309

          BENEDICT MACKENZIE
          The Grange
          Aston On Carrant
          Tewkesbury
          Gloucestershire GL20 8HL
          Phone: 01684 773799
          Fax: 07092 302720


H M LINKS: EGM Passes Winding-up Resolutions
--------------------------------------------
At an Extraordinary General Meeting of H M Links Limited, duly
convened, and held at The Professional Centre, Sundridge Close,
Cosham, Portsmouth PO6 3JL, 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
David John Stringer, of Stringer & Co, 5 Bassett Wood Drive,
Southampton SO16 3PT, be and he is hereby appointed Liquidator
for the purposes of such winding-up."

C W J Avens, Chairman

                            *   *   *

HM Links offers fitness equipment servicing to private clubs,
leisure centers, and manufacturers.  It has offices in Hampshire,
Yorkshire and Bristol.  Visit
http://www.hmlinks.co.uk/company.htmfor more information.

STRINGER & CO.
          5 Bassett Wood Drive
          Southampton
          Hampshire SO16 3PT
          Phone: 023 8076 7241
          Fax: 023 8076 7241


IVAN BODEN: Liquidator from Sanderlings Enters Firm
---------------------------------------------------
At the extraordinary general meeting of Ivan Boden Photographic
Limited held at Sanderling House, 1071 Warwick Road, Acocks
Green, Birmingham B27 6QT, on Tuesday 23 August 2005, the
following Extraordinary Resolutions were duly passed:

"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 it is advisable that the same be wound up
voluntarily, and that the Company be wound up accordingly, and
that Paul John Webb, of Sanderlings LLP, Sanderling House, 1071
Warwick Road, Acocks Green, Birmingham B27 6QT, be and is hereby
nominated Liquidator for the purpose of said winding-up."

I P Boden, Chairman

                            *   *   *

Boden Studios provide a high quality photography service at its
in-house 2,000 sq. ft. studio near Junction 29 on the M1.  Visit
http://www.iboden.co.uk/for more information.

CONTACT:  IVAN BODEN (PHOTOGRAPHIC) LTD.
          Mill 1, Unit e3b The Business Park Pleasley Vale
          Mansfield, Nottinghamshire NG19 8RL
          Phone: 0800 035 0980
          Fax: 01623 812 886
          E-mail: info@iboden.co.uk

          SANDERLINGS LLP
          Sanderling House,
          1071 Warwick Road,
          Acocks Green, Birmingham B27 6QT


JARVIS PLC: Former Amey Director Joins Board
--------------------------------------------
As previously announced, the Board of Jarvis plc confirmed
Thursday that Richard Entwistle has joined the Board as Chief
Operating Officer.  Richard Entwistle, 52, joins the Company
having previously been a Director of Amey plc and of its
subsidiary companies with responsibility for their Rail and
Highways operations.

The Company has also announced that Steven Norris, who has served
as a non-executive director and Chairman of the Company, is to
continue in this role in an executive capacity to more accurately
reflect his ongoing time commitment to the Company.

In accordance with the requirements of the listing rules, the
Company can confirm that Mr. Entwistle currently does not hold
any shares in the capital of the Company and does not hold any
options over shares at the date hereof.  He holds no other
current directorships.

                            *   *   *

Jarvis plc implemented its debt for equity exchange, involving
GBP378 million of debts, on September 6.  Of the GBP50 million
equity to be raises, GBP30 million of the Firm Placed Shares have
been subscribed and paid for by the Placees.

Jarvis plc operates in a number of markets delivering solutions
for the public sector, specifically rail services, road
maintenance and products, and plant hire operations.  Based in
York, Jarvis has over 3,000 employees across a nationwide network
of facilities.

CONTACT:  JARVIS PLC
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Bridget Fury, Merlin
          Phone: 020 7653 6620


LOWER MILEHOUSE: Court Issues Winding-up Order
----------------------------------------------
Company Name: LOWER MILEHOUSE ESTATE LTD.
              54 Wilmot Drive, Lower Milehouse,
              Newcastle Under Lyme,
              Staffordshire, ST5 9AZ
              Phone: 01782 625096

Court: High Court of Justice

Date of Filing Petition: June 16, 2005

No. of Matter: 003972 of 2005

Date of Winding-up Order: August 10, 2005

CONTACT:  Official Receiver
          Ground Floor, Copthall House,
          King Street,
          Newcastle-Under-Lyme, ST5 1UE
          Phone: 1782 664100
          Fax: 01782 664120


MARCONI CORPORATION: Remains in Talks with Buyers
-------------------------------------------------
Marconi Corporation plc remains in talks with possible buyers.
According to Reuters, Chairman John Devaney confirmed
negotiations are ongoing regarding strategic alternatives for the
company.

"We are in discussions with a number of people.  We're just
talking to people and will see if anything interesting
materializes," he said.  He refused to name names or disclose
further details.

In August, the Sunday Times said discussions between Marconi and
Chinese partner Huawei Technologies Co., Ltd. could lead to a
takeover, valuing Marconi at more GBP600 million (EUR864
million).

Being one of the remaining major British companies in the
telecommunications industry, Marconi's possible takeover could
spark arguments over the position of U.K.'s manufacturing sector,
the Sunday Times said.  It could also have political
complications, as thousands of jobs in China could be dropped.
This is a very crucial issue since Marconi just axed 800 jobs in
May, when it lost its status as BT's preferred supplier, which
included Huawei.

Marconi Corporation plc has reported that group revenue for the
three months ended 30 June 2005 amounted to GBP285 million, while
loss from operations reached GBP36 million after share option
costs and restructuring costs.

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

          Press Enquiries
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

          Investor Enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com

          Karen Keyes
          Phone: 0207 306 1345
          E-mail: karen.keyes@marconi.com


MISYS PLC: Pension Funds Still Opposed to Bonus Proposal
--------------------------------------------------------
Misys plc faces investor rebellion this week over a controversial
GBP1.2 million retention bonus for two executives.  This even
after the company has changed the resolution by offering
concessions to major shareholders, The Guardian says.

The software firm plans to pay a GBP1.2 million bonus to
healthcare head Tom Skelton and banking head Ivan Martin if
either of them would not be appointed chief executive.  Misys is
said to be concerned that they will leave the company if not
chosen to replace current Chief Executive Kevin Lomax.

The Association of British Insurers (ABI) and the National
Association of Pension Funds (NAPF) have expressed concern over
the plan, with ABI keeping Misys on a "red top alert."

On the other hand, RREV, which advises the NAPF, has been urging
members to vote against the resolution at the company's annual
meeting tomorrow.  Peter Montagnon, head of investment affairs at
ABI, said: "The company has made some changes which make the
proposal less objectionable but this is a still a very large
payment and one which our members feel cannot be properly
justified.  The clear feedback our members have given us is that
this should remain on a red top and that is where it remains."

Meanwhile, Misys said it was continuing to discuss the matter
with shareholders.  A spokesman for the company has said: "We
have been proactive with investors and remain in discussions with
them."

CONTACT:  MISYS PLC
          Burleigh House, Chapel Oak, Salford Priors,
          Evesham, WR11 8SP, United Kingdom
          Phone: 44 (0)1386 871373
                 44 (0)1386 871045
          E-mail: group.secretariat@misys.co.uk
          Web site: http://www.misys.com


MITRE PERSONNEL: HSBC Appoints Receiver
---------------------------------------
Company Names: MITRE PERSONNEL LIMITED
               (Reg No 3228459)

               MITRE PERSONNEL SERVICES LIMITED
               (Reg No 2043973)

Nature of Businesses: Recruitment and Temping Agency
                      Holding Company

Registered Office of Company: New Guild House, 45 Great Charles
Street, Queensway, Birmingham B3 2LX

Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank Plc

Date of Appointment of Joint Administrative Receivers: 25 August
2005

Names and Address of Joint Administrative Receivers: Ian J. Gould
and Brian J. Hamblin (IP Nos 7866 and 2085), both of PKF (UK)
LLP, New Guild House, 45 Great Charles Street, Queensway,
Birmingham B3 2LX

                            *   *   *

Established in 1986, Mitre is part of a family of service
companies that are involved in all aspects of recruitment,
creative design and corporate marketing.  Visit
http://www.mitrejobs.com/for more information.

CONTACT:  MITRE PERSONNEL LIMITED
          2 Trinity Place
          Midland Drive
          Sutton Coldfield
          West Midlands B72 1TX
          United Kingdom
          Phone: (121) 355-0505
          Fax: (121) 355-7905
          E-mail: enquiries@mitrejobs.com

          PKF
          New Guild House
          45 Great Charles Street
          Queensway
          Birmingham
          West Midlands B3 2LX
          Phone: 0121 212 2222
          Fax: 0121 212 2300
          E-mail: ian.gould@uk.pkf.com


NY-Q UK: Court Approves Liquidation
-----------------------------------
Company Name: JONNY-Q (UK) LIMITED
              C/O Hillier Hopkins, Charter Court,
              Midlands Road, Hemel Hempstead,
              Herts, HP2 5GE
              Phone: 0161 651 119

Court: Cardiff District Registry

Date of Filing Petition: June 17, 2005

No. of Matter: 1016 of 2005

Date of Winding-up Order: August 30, 2005

CONTACT:  Official Receiver
          1st Floor, Trident House,
          42-48 Victoria Street,
          St Albans AL1 3HR
          Phone: 01727 832233
          Fax: 01727 732400


PARAGON GARAGE: Hires Administrators from DS Insolvency Services
----------------------------------------------------------------
Name: PARAGON GARAGE LIMITED
      (Company No 04482092)

Nature of Business: Maintenance and Repair of Motor Vehicles.
Rent and Sale of Motor Vehicles

Address of Registered Office: 29 King Street, Newcastle under
Lyme, Staffordshire ST5 1ER

Date of Appointment: 26 August 2005

Administrator's Name and Address: Martin Williamson (IP No 9222),
DS Insolvency Services Ltd., 29 King Street, Newcastle under
Lyme, Staffordshire ST5 1ER

CONTACT:  DS INSOLVENCY SERVICES LTD.
          29 King Street
          Newcastle-Under-Lyme
          Staffordshire ST5 1ER
          Phone: 01782 614618
          Fax: 01782 717287
          E-mail: mwilliamson@dsinsolvency.co.uk


PENRYN COUNTRY: Administrators from Purnells Move in
----------------------------------------------------
Name: PENRYN COUNTRY SUPPLIES LIMITED
      (Company No 02682084)

Nature of Business: Retail of Country Goods

Registered Office of Company: Purnells, Trewoon, Polhdu Cove,
Mullion, near Helston, Cornwall TR12 7JB

Date of Appointment: 24 August 2005

Administrator's Name and Address: Ray Purnell (IP No 2745),
Purnells, Trewoon, Poldhu Cove, Mullion, near Helston, Cornwall
TR12 7JB

CONTACT:  PENRYN COUNTRY SUPPLIES
          Eastwood Road, Penryn,
          Cornwall TR10 8LA
          Phone: 01326378061

          PURNELLS
          Trewoon, Poldhu Cove,
          Mullion, near Helston,
          Cornwall TR12 7JB
          E-mail: ray@purnells.co.uk


PICTURE PRINT: Files for Liquidation
------------------------------------
Company Name: PICTURE PRINT & FRAMING WORKSHOPS LTD.
              11 Lime Hill Road, Tunbridge Wells,
              Kent, TN1 1LJ
              Phone: 01444 236410

Court: Bristol District Registry

Date of Filing Petition: July 5, 2005

No. of Matter: 2762 of 2005

Date of Winding-up Order: August 24, 2005

CONTACT:  Official Receiver
          Ground Floor, Victory House,
          Quayside, Chatham Maritime,
          Kent, ME4 4QU
          Phone: 01634 895700
          Fax: 01634 895711


RENTOKIL INITIAL: Board Hits Raphoe's Plan to Install New Chair
---------------------------------------------------------------
The Board of Rentokil Initial plc has noted the announcement made
earlier by Raphoe Management Limited.

The Board noted that:

(a) the substance of Raphoe's proposal seems simply to install a
    new Executive Chairman at significant cost, in excess of
    GBP75 million at Thursday night's closing share price, plus
    executive remuneration, plus a share of any capital return;

(b) of this, Sir Gerry Robinson will receive some GBP55 million,
    while Raphoe proposes that the Company should pay Europa
    Partners approximately GBP20 million;

(c) executive rewards of that scale and without any performance
    hurdles -- as Raphoe proposes -- do not meet the corporate
    governance and remuneration standards supported by the Board
    of Rentokil and best practice;

(d) it is hard to see why Sir Gerry Robinson should receive a
    significant stake in Rentokil without putting any money into
    the Company himself and with only a three-year time horizon;

(e) Raphoe suggests a review of financing structure, but the
    Company's new Finance Director already has one underway;

(f) Raphoe's proposal contains no suggestion as to what
    operational plans Sir Gerry Robinson thinks he can implement
    that the current management cannot;

(g) In proposing his appointment as Executive Chairman, Sir
    Gerry Robinson disregards that Rentokil already has a new
    Chief Executive and a new Finance Director who joined a
    group with a board structure that follows best governance
    practice; and

(h) much of what Raphoe presents as new initiatives from Sir
    Gerry Robinson -- such as management appointments and
    capital structure review -- is already being actively
    pursued by the current management team.

Brian McGowan, Chairman of Rentokil, said: "We run this Company
with an open mind as to what will deliver the best value for all
shareholders.  We are aware that Franklin Templeton has been in
discussions with Sir Gerry Robinson for some months.  However,
based on the announcement, Raphoe's proposals look unlikely to be
in the best interests of shareholders: Sir Gerry Robinson wants
the shareholders to give up more than GBP75 million of the
Company's equity and in return he may agree to give them up to 35
pence per share of their own cash."

In another statement, Raphoe Management Limited has said that, as
previously announced by the Company on 22 and 30 August 2005,
soundings have been taken from certain Rentokil shareholders.

Sir Gerry has now completed his initial assessment of Rentokil
and formulated the plans he would like to implement for the
business.

These are the proposals, which Raphoe now intends to put to the
Board of Rentokil and its advisers for their consideration:

(a) Sir Gerry to be appointed executive chairman of Rentokil on
    terms to be agreed with the Remuneration Committee of
    Rentokil and reflecting current conditions for holders of
    similar offices in other similar sized U.K. companies;

(b) subject, inter alia, to a detailed review of Rentokil's
    financial condition, to the agreement of the trustees of the
    Rentokil Pension Schemes, to discussions with its credit
    rating agency in order to determine the level of leverage at
    which Rentokil maintains its investment grade rating and
    negotiation of bank funding on terms and conditions
    acceptable to the then Board of Rentokil, it would be the
    intention of Sir Gerry, once appointed chairman, to
    recommend to the then Board of Rentokil a proposal that up
    to 35 pence per share should be returned to shareholders, by
    means which are yet to be determined and discussed, such as
    a Scheme of Arrangement;

(c) Sir Gerry to devote himself full-time to Rentokil for a
    period of three to five years, as required and Sir Gerry to
    accept no other appointment as a director of any public or
    private company whilst full-time chairman of Rentokil;

(d) Sir Gerry would assess the strengths of the existing
    management team and implement any changes which were
    required, in some cases through appointing external
    candidates who have already been identified but would only
    be approached if needed to fill any identified deficiencies;

(e) Raphoe to release Sir Gerry from his five year contract and
    to undertake to make no other acquisitions or investments
    while Sir Gerry is chairman of Rentokil; and

(f) the consideration for Raphoe releasing Sir Gerry from his
    five year contract and entering into these arrangements,
    would be the issue to Raphoe in four approximately equal
    tranches each of 11.6 million new shares in Rentokil
    (approximately 0.64% of the issued share capital), the first
    being due on Sir Gerry's appointment as executive chairman,
    and the remainder on its anniversary in each year from 2006
    to 2008 provided that Sir Gerry has not resigned as full-
    time chairman at each such date.  Raphoe would meet all its
    own professional and other costs and the first tranche of
    Rentokil shares to be issued to Raphoe would be used for
    this purpose.  The proposals would result in a maximum
    number of approximately 46.3 million Rentokil shares being
    issued to Raphoe over the three year period, representing
    approximately 2.55% of the current issued share capital.
    Sir Gerry owns 72% of Raphoe, and would receive such
    proportion of the total Rentokil shares to be issued under
    the proposals representing a maximum (on the 2008
    anniversary) of 1.84% of Rentokil's share-capital.

Raphoe hopes that the Board of Rentokil will consult as widely as
possible with its shareholders before formulating a response to
these proposals.  Should the Board not respond positively to
these proposals and it become apparent that this is contrary to
the wishes of a significant body of its shareholders, Raphoe
reserves the right to pursue its proposals by other means, which
could include either approaching shareholders with a view to
convening an Extraordinary General Meeting to approve these
proposals, or making an offer for the entire issued share capital
of Rentokil.  Such an offer, if made, could either be in Raphoe
shares with a cash element or in Raphoe shares alone.  In the
latter event Sir Gerry would subsequently seek to pursue the
proposal earlier set out.  As making an offer would be more
costly to Raphoe than approaching shareholders with a view to
convening an Extraordinary General Meeting, there can be no
certainty that an offer would incorporate the terms set out
earlier.

This announcement does not constitute a firm intention to make an
offer and, accordingly, there can be no certainty that any offer
will be made or as to the terms of any offer.

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


SKYEPHARMA PLC: Set Presentation of Interim Results September 28
----------------------------------------------------------------
As previously announced, SkyePharma plc will release its Interim
Results for the six months ended 30 June 2005 to the London Stock
Exchange at 07:00 a.m. (BST) on Wednesday 28 September 2005.
Later that day Michael Ashton, SkyePharma's Chief Executive
Officer, will host an analyst presentation, which will be Web
cast live, and a U.S. conference call to review these results.

Investors and other interested parties may view the live Web cast
of the analyst presentation at 09:00 a.m. (BST) on the Company's
Web site at http://www.skyepharma.comunder the Investor
Relations tab.

U.S. Investors and other interested parties may access the
conference call at 10:00 EDT (15:00 BST) by dialing (800)-230
1074 for U.S. participants and +1-612-234-9960 for international
participants.  The slides of the presentation will also be
available on the Company's Web site.

For those unable to listen to the live broadcast, a replay will
be available shortly after the conference call by dialing
(800)-475-6701 for U.S. participants or +1-320-365-3844 for
international participants and entering Access Code 795375.

                            *   *   *

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

CONTACT:  SKYEPHARMA PLC
          105 Piccadilly
          London
          United Kingdom
          W1J 7NJ
          Phone: +44 20 7491 1777
          Fax: +44 20 7491 3338

          Ian Gowrie-Smith, Non-executive Chairman
          Michael Ashton, Chief Executive Officer
          Peter Laing, Director of Corporate Communications
          Phone: +44 207 491 1777

          Sandra Haughton, U.S. Investor Relations
          Phone: +1 212 753 5780

          BUCHANAN COMMUNICATIONS
          Phone: +44 207 466 5000
          Tim Anderson/Mark Court


TEMPFORCE LIMITED: In Administrative Receivership
-------------------------------------------------
Name: TEMPFORCE LIMITED
      (Reg No 3226774)

Nature of Business: Recruitment and Temping Agency

Registered Office of Company: New Guild House, 45 Great Charles
Street, Queensway, Birmingham B3 2LX

Date of Appointment of Joint Administrative Receivers: 25 August
2005

Trading Name: Genises Healthcare

Date of Appointment of Joint Administrative Receivers: 25 August
2005

Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank Plc

Names and address of Joint Administrative Receivers: Ian J Gould
and Brian J Hamblin (IP Nos 7866 and 2085), both of PKF (UK) LLP,
New Guild House, 45 Great Charles Street, Queensway, Birmingham
B3 2LX

                            *   *   *

Established in 1990, Tempforce is part of a family of service
companies that are involved in all aspects of recruitment,
creative design and corporate marketing.  Visit
http://www.tempforce.co.uk/for more information.

CONTACT:  TEMPFORCE LIMITED
          111 Station Street
          Burton Upon Trent
          Staffordshire DE14 1BX
          Phone: 01283 741990
          Fax: 01283 741991

          PKF
          New Guild House
          45 Great Charles Street
          Queensway
          Birmingham
          West Midlands B3 2LX
          Phone: 0121 212 2222
          Fax: 0121 212 2300
          E-mail: ian.gould@uk.pkf.com


TM GROUP: On CreditWatch Negative After Management Buyout
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on U.K.-based convenience retailer TM
Group Holdings PLC and related entity TM Group Ltd. on
CreditWatch with negative implications, following a management
buyout.

"The CreditWatch placement follows TM Group's announcement that
its management, backed by Bank of Scotland Corporate Banking, has
acquired TM Group's parent company, and that the group now
intends to redeem all its senior and subordinated senior notes
due 2008," said Standard & Poor's credit analyst Sunita Kara.
"The negative implications reflect that, although the future
financing of TM Group is unknown at this stage, Standard & Poor's
believes that the new capital structure could become
significantly more aggressive and may not be at a level
consistent with the current ratings."

For the 12 months to May 28, 2005, TM Group's net debt adjusted
for operating leases to earnings before interest, tax,
depreciation, amortization, and rents (EBITDAR) was about 4.9x
and EBITDAR coverage of net interest plus rents was about 1.3x.

Standard & Poor's aims to resolve the CreditWatch after meeting
with TM Group's management to discuss the group's new financial
profile and policy.  TM Group continues to benefit from its
leading position in the U.K.'s relatively stable but highly
competitive convenience retail market.

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


TRILOGY TELECOM: Administrators Take over Business
--------------------------------------------------
Name: TRILOGY TELECOM LIMITED
      (Company No 04334300)

Nature of Business: Telecommunication Providers

Registered Office of Company: Equity & Law House, 14-15 Brunswick
Place, Southampton SO15 2AQ

Trade Classification: 38

Date of Appointment: 23 August 2005

Administrator's Name and Address: E. J. Stonham (IP No 6486),
Stonham.Co, Equity & Law House, 14-15 Brunswick Place,
Southampton SO15 2AQ

                            *   *   *

Trilogy is currently enabling exchanges in cities and rural
communities across the U.K. with next generation broadband
services.  Using the latest ADSL2 and SDSL technology, Trilogy
offers local communities the fastest speeds, the lowest
contention rates, and the lowest prices available anywhere in the
U.K.  Visit http://www.trilogytelecom.co.uk/for more
information.

CONTACT:  TRILOGY TELECOM LTD.
          3 Brindley Place
          Birmingham B1 2JB
          Phone: 0870 840 7961-7962
          E-mail: info@oneservice.co.uk

          STONHAM.CO
          Equity & Law House,
          14-15 Brunswick Place,
          Southampton SO15 2AQ
          Phone: 01243 862800
          Fax: 01243 839901


WILLIAM HUSTLER: Engineering Firm Liquidates
--------------------------------------------
At an Extraordinary General Meeting of the Members of William
Hustler & Sons Limited, duly convened, and held at Wilson Pitts,
Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 1PQ, on 19
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 D
F Wilson and J N R Pitts, be and are hereby appointed Joint
Liquidators for the purposes of such winding-up."

D Hibberd

                            *   *   *

Established in 1850, William Hustler & Sons offers metal
fabricated produces for Chemical and Laboratory Plant, Materials
Handling & Storage, Architectural and Construction, Plant Hire
Equipment, Product Handling Equipment, General Component
Fabrications, Staircases & Structural Fabrications, General
Services.  Visit http://www.metal-fabrications.co.ukfor more
information.

CONTACT:  WILLIAM HUSTLER & SONS LIMITED
          Henshaw Works
          Henshaw Lane
          Yeadon
          Leeds
          LS19 7RW
          United Kingdom
          Phone: 0113-250 3166
          Fax: 0113-250 1272

          WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


ZABAR HOSIERY: Names Crawfords Administrator
--------------------------------------------
Name: ZABAR HOSIERY LIMITED
      (Company No 03201381)

Trading Name: Manchester Toiletries & Food

Nature of Business: Wholesaler Household Goods

Trade Classification: 5115/5190

Date of Appointment: 30 August 2005

Administrator's Name and Address: A. Kachani (IP No 5780), of
Crawfords, Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB

CONTACT:  ZABAR HOSIERY LTD.
          Falcon House,
          173/175 Cheetham,
          Manchester M8 8LG
          Phone: 0161-839-7086
          Fax: 0161 839 784

          CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


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