---

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

                           E U R O P E

          Tuesday, September 13, 2005, Vol. 6, No. 181

                            Headlines

C Z E C H   R E P U B L I C

JULIUS MEINL: Ahold's Takeover Passes Regulatory Scrutiny


F I N L A N D

BENEFON OYJ: Acquiring Satelinx's Watch Technology


G E R M A N Y

AGIV REAL: Creditors Okay Dreag Sale to Goldman Sachs
AUTOHAUS ROVERTANNEN: Rostock Firm Goes Under
FEILHAUER GMBH: Proofs of Claim Due Next Month
FUNKWERK KOPENICK: Court to Verify Claims January
IL-TRANS: Dortmund Court Appoints Administrator

KAMPS AG: 'BB-' Rating on Watch Negative Due to Lower Profit
MS METALLBAU: Aachen Company Succumbs to Bankruptcy
MWG BIOTECH: Capital Reduction to Proceed
SALAMANDER SCHUH: Expects Turnaround this Year
SUPERCLEAN GEBAUDESERVICE: Creditors' Claims Due November

SWISS MEDIA: Under Bankruptcy Administration
TCG GMBH: Creditors to Meet Last Week of October
VOLKSWAGEN AG: Bentley Exec to Oversee North American Operations


I T A L Y

FIAT SPA: To Develop New Car Models with Ford


K A Z A K H S T A N

BANK TURAN: Fitch Affirms 'BB' Foreign Currency Rating
HALYK BANK: 'BB' Rating Affirmed; Outlook Stable
KAZKOMMERTSBANK JSC: Fitch Rates Long-term Local Currency 'BB+'


N E T H E R L A N D S

ALMATIS HOLDING: On CreditWatch Negative After Investcorp's LBO
ROYAL SHELL: Cancels 600,000 'A' Shares


R U S S I A

AGRO-BEKETOVKA: Bankruptcy Hearing Set November
ATLANTIC INC.: Applies for Bankruptcy Proceedings
AUTO-AGGREGATE: Bankruptcy Supervision Procedure Begins
BELEV-AGRO-SERVICE: Court Appoints Insolvency Manager
CORUNDUM: Proofs of Claim Due Today

EC-OIL: Appoints N. Birulya Insolvency Manager
EVROFINANCE-MOSNARBANK: Moody's Rates Currency Deposit Ba3
GARANT-TRADE: Succumbs to Bankruptcy
KARACHAEV-GRAIN-PRODUCT: Insolvency Manager Takes over Firm
ORSK-TRANS-AUTO: Declared Insolvent
USOLSKIY BAKERY: Claims Filing Period Ends Today
YUKOS OIL: Lithuanian Court Extradites Banker


S W E D E N

CONCORDIA BUS: Swebus Wins Major Contract in Dalarna County
SKANDIA INSURANCE: Old Mutual Needs Backing of Own Shareholders


U K R A I N E

BORISPIL' ENTERPRISE: Creditors' Claims Due this Week
BUDPROM: Liquidator Takes over Operations
DNIPRODZERZHINSK' AUTO 11232: Bankruptcy Supervision Starts
HIZHINSKE: Court Appoints Insolvency Manager
KATERINIVKA: Gives Creditors Until this Week to File Claims

NADIYA: Under Bankruptcy Supervision
POSTACHPRESSA: Declared Insolvent
TRIUMF: Kyiv Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

ADRIAN SMYTHE: DTI Winds up 'Good Cause' Publishing Firm
APEX AVIATION: Files for Liquidation
BOWERTRACE COMPUTING: Hires Baker Tilly as Administrator
BSD GROUP: Software Consultancy Firm Winds up
CHARLES WAIT: Administrators from Lines Henry Move in

EASYNET GROUP: Half-year Loss Widens to GBP11.2 Million
FUTON CENTRE: EGM Passes Winding-up Resolution
GATE GOURMET: Hundreds of Workers Apply for Redundancy
GATEHOUSE BOOKS: Appoints PKF Liquidator
GEARING INTERNATIONAL: Files for Liquidation

GREATER ESTATES: Applies for Winding up Order
GREENWICH VOLUNTARY: Liquidates
HANWOOD BAKERY: Liquidator Takes over Helm
HERTS PRECISION: Administrator from Bond Partners Moves in
HYDE FABRICATIONS: In Administrative Receivership

LUMINAR PLC: To Issue Pre-close Update Thursday
MAILING & PRINTING: Creditors Meeting Set Thursday
ME AND HIM: Goes into Liquidation
MISYS PLC: Drops Bonus Proposal from AGM Agenda
MODULA 2000: Engineering Firm Liquidates

NEWBERY FABRICATIONS: Names Mazars Liquidator
REGAL PETROLEUM: Insists Ukrainian Licenses are Legal
RENTOKIL INITIAL: Finance Director Steps down
RENTOKIL INITIAL: On CreditWatch Over Potential Capital Shakeup
SWAN HUNTER: Axe Hangs over Hundreds of Jobs

TXU EUROPE: Asset Distribution Deal Challenged in Court
UNDETECTABLES LIMITED: Appoints Mazars Administrator
WALKER LIGHTING: Administrators from Ernst & Young Enter Firm
[Story redacted March 27, 2006 -- pac]
WEST LONDON: Members Opt for Liquidation
WORLDNET TELECOM: Members Resolve to Wind up Firm
ZONE CONSTRUCTION: Construction Firm Crumbles

* Large Companies with Insolvent Balance Sheets


                            *********


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


JULIUS MEINL: Ahold's Takeover Passes Regulatory Scrutiny
---------------------------------------------------------
Anti-monopoly office UOHS has cleared the takeover of 67 Julius
Meinl outlets by Ahold Czech Republic, according to Prague Daily
Monitor.

SNS Securities puts the purchase price at EUR30 million (CZK905
million) and Delta Lloyd at EUR42 million (CZK1.3 billion).  The
deal, which includes employment for Julius Meinl's staff, is
expected to close this year.

Julius Meinl, which entered the Czech Republic 11 years ago, is
exiting the market due to fierce competition.  It has accumulated
losses in recent years, the magnitude of which exceeds its share
capital.  Losses for 2003 amounted to CZK500 million (EUR16.7
million).

The company is a subsidiary of Austrian Julius Meinl
International, a recognized retailer in Central and Eastern
Europe.  It employed 1,700 people in 67 outlets last year.

Ahold operates 184 Albert supermarkets and 50 Hypernova
hypermarkets in the Czech Republic.  It is the second largest
retail chain in the country, next to Makro Cash&Carry CR,
according to Incoma Research.  It had sales of CZK34.6 billion
vs. Meinl's CZK4.2 billion.

CONTACT:  JULIUS MEINL a.s.
          U Libenskeho Pivovaru 63
          180 00 Prague 8
          Phone: (+420) 2 83 088 200
          Fax: (+420) 2 83 088 206
          E-mail: sekretariat@julius-meinl.cz
          Web site: http://www.julius-meinl.cz


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


BENEFON OYJ: Acquiring Satelinx's Watch Technology
--------------------------------------------------
Benefon Oyj entered into a Letter of Intent (LOI) for the
acquisition of the product designs of a GPS/GSM/GPRS watch
currently owned by Satelinx Inc.

Benefon will be testing the capability of the GPS/GSM/GPRS watch
in relation to its own core technology and will be integrating
its proprietary protocols into the Satelinx watch to test its
compatibility and integration into Benefon's back-end solutions.

The LOI is subject to the successful testing of the GPS/GSM/GPRS
watch and, once proven to work, will be subject to a
royalty-based payment arrangement with a maximum payment amount.

Benefon would then launch a bundled solution, which will enable
the company to sell its new integrated GPS/GSM/GPRS handheld due
out in the 4th quarter of 2005 with multiple watches as a set.
This will then enable parents to track their kids as well as
Benefon will then be able to provide solutions linked to the
elderly.

"The watch concept opens a whole new market to us," states Brian
Katzen, the company's Chairman of the Board.  "And falls into our
philosophy of being able to bring tailored solutions that are
needed by consumers in everyday life."

Satelinx CEO Sam Grinfeld states: "Once we had this technology
ready for the market, we sought the most appropriate player in
the GPS- space to maximize the potential for this product.
Benefon is the perfect partner with its' strategic manufacturing
and distribution partner already in China.  Benefon has also the
ability to link the watch to their GPS/GSM/GPRS-handset and their
possibility to utilize existing distribution channels made this
the right move for us."

Subject to the successful testing of the product, the plan is to
launch the sales of the watch in the first quarter of 2006.

About Benefon

Benefon is the leader in GSM/GPS mobile telematics terminals and
solutions.  Headquartered in Salo, Finland, Benefon has designed
and manufactured wireless terminals since 1988.  Visit
http://www.benefon.com

About Satelinx

Satelinx International Inc. provides satellite vehicle tracking
units that integrates GSM/GPS/GPRS wireless technologies and the
Internet to deliver wireless vehicle tracking and location
services.  Satelinx seeks to be recognized as the world leader in
providing safety and security solutions on a global scale in a
cost-effective manner for vehicle owner, trucking, or private
vehicle fleet and insurance companies.

                        About the Company

Headquartered in Salo, Finland, Benefon provides mobile
telematics solutions for saving lives, securing assets and
improving field management.  It applied for statutory corporate
reorganization with the court of first instance in Turku on April
24, 2003 after failing to find funding on time.  British Octagon
Solutions set the restructuring program as a condition for its
investment of EUR1.65 million in return for a two-thirds share in
the company.  It confirmed in June it is ending its
reorganization program 3-and-a-half years early.

CONTACT:  BENEFON OYJ
          P.O. Box 84 Meriniitynkatu
          11 FIN-24101 Salo, Finland
          Phone: +358-2-77 400
          Fax: +358-2-733 2633
          Web site: http://www.benefon.com


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


AGIV REAL: Creditors Okay Dreag Sale to Goldman Sachs
-----------------------------------------------------
Goldman Sach's acquisition of Agiv Real Estate's only profitable
unit received a major boost after more than 90% of its creditors
approved the deal, Financial Times Deutschland says.

Shareholders against the takeover of Deutsche Real Estate (Dreag)
have reportedly asked a local bankruptcy court to revoke the
decision.  The opposition, led by construction company Wayss &
Freitag, has criticized the sale process.  An Agiv spokesman,
however, said the remaining minority did not give any reason for
their resistance.

Goldman Sachs will take control 76% of Dreag via its real estate
fund unit, Whitehall.  The U.S. investment bank is offering to
absorb all of Dreag's debt plus EUR300 million cash for the
stake.  Goldman is taking over a company that currently owns 44
office buildings and holds between 10% and 70% shares in eight
other properties, all worth around EUR500 million, according to
TCR-Europe.

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

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


AUTOHAUS ROVERTANNEN: Rostock Firm Goes Under
---------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Autohaus Rovertannen GmbH on August 16.  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 Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2005, 9:00 a.m. at the district court
of Rostock, Zochstrasse, 18057 Rostock, Saal 330, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  AUTOHAUS ROVERTANNEN GmbH
          Contact:
          Hans-Dieter Regel, Manager
          Neukruger Strasse 63 b, 18273 Guestrow

          Gerhard Brinkmann, Administrator
          Freiligrathstrasse 1, 18055 Rostock


FEILHAUER GMBH: Proofs of Claim Due Next Month
----------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Feilhauer GmbH on August 23.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 10, 2005 to register their claims
with court-appointed provisional administrator Dr. Sabine
Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting on September 29, 2005, 9:15 a.m. at the district
court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund,
II. Etage, Saal 3.201, 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 November 24, 2005, 10:05 a.m. at the same venue.

CONTACT:  FEILHAUER GmbH
          Heinrich Welken Str. 5, 59069 Hamm
          Contact:
          Harald Feilhauer, Manager
          Marker Dorfstr. 122, 59071 Hamm
          Norbert Krause, Manager
          Feldgarten 2, 59063 Hamm

          Dr. Sabine Aldermann, Administrator
          Landgrafenstr. 2 a, 44139 Dortmund
          Phone: 0231-8808390
          Fax: 0231-88083922


FUNKWERK KOPENICK: Court to Verify Claims January
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Funkwerk Kopenick GmbH on August 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 22,
2005 to register their claims with court-appointed provisional
administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on October 4, 2005, 9:15 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on January 17,
2006, 9:25 a.m. at the same venue.

CONTACT:  FUNKWERK KOPENICK GmbH
          Wendenschlossstrasse 142,12557 Berlin

          Ruediger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


IL-TRANS: Dortmund Court Appoints Administrator
-----------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against IL-Trans GmbH Kurierdienst on August 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 18, 2005 to
register their claims with court-appointed provisional
administrator Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on November 18, 2005, 8:30 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, 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:  IL-TRANS GmbH KURIERDIENST
          Bornstr. 166, 44145 Dortmund
          Contact:
          Ilona Giese, Manager
          Bergstrasser Weg 5, 59514 Welver
          Oskar Ulrich, Manager
          Wiesenkamp 9, 44227 Dortmund

          Dr. Winfrid Andres, Administrator
          Neuer Zollhof 3, 40221 Duesseldorf
          Phone: 0211/69076969
          Fax: 69 07 69-70


KAMPS AG: 'BB-' Rating on Watch Negative Due to Lower Profit
------------------------------------------------------------
Fitch Ratings has placed German bakery company Kamps AG's Senior
Unsecured 'BB-' rating on Rating Watch Negative, following the
publication of its H105 results.

The rating action has been triggered by Kamps'
lower-than-expected H105 profits stemming from a decline in sales
within the pre-packed bread unit.  Reduced profitability from the
lower sales offset the benefits of Kamps' cost-saving
initiatives, leaving its H105 EBITDA broadly flat on H104.

Management has stated to Fitch that sufficient cash is available
to repay its scheduled EUR250 million bond maturity on 29
September 2005.

In order to resolve the Rating Watch, the agency will meet with
Kamps' management in the near future to discuss the company's
business plan and its cash flow capability over the next two to
three years.  Unless the company can show a sustained improvement
in its cash flow-generation capacity, a downgrade by possibly one
notch may follow.

Kamps posted H105 EBITDA of EUR52 million (EUR40 million
excluding Dutch operations).  Management has confirmed good
progress in its cost-cutting plan announced last October, with
EUR25 million of net cost savings due to be achieved in FY05.
However, last year's cancellation of the contract with German
retailer Rewe's discount chain Penny, and the unexpected loss of
its remaining contracts with Rewe, led to a loss of annualized
sales of EUR130 million.  While these lost contracts were
partially offset by higher sales to Metro and Lidl, they erased
most of the improvements in EBITDA resulting from FY05's
cost-cutting plans.  Guidance for FY05 EBITDA, adjusting for
disposed operations, has been reduced to EUR82 million from a
previous expectation of EUR101 million.  While this still
represents a small uplift compared to FY04's EUR77 million
(excluding to-be-sold Dutch operations), Fitch is less confident
that the company will be able to achieve its projections for
future years.

The challenges of Kamps' operating performance, given its
domestic difficult trading environment, are partly mitigated by
the continued support from its majority shareholders, Barilla and
the other financial partners.  Following the relief of Kamps from
its obligation in July 2003 to purchase a 51% stake in French
bakery company Harry's and the payment of EUR300 million cash to
Kamps in exchange for its 49% stake in the same company, Barilla
and its financial partners have now put in place financial
resources to facilitate the repayment of the 8% EUR250 million
bond maturing in September 2005.  During September a EUR75
million receivable will be cashed in by Kamps and the group's
Dutch operations will be sold to a third party and to the
shareholders (at an independently assessed fair value). Also, the
support of shareholders aided Kamps' receivables securitization,
which was finalized in May 2005.

While the sale of the Dutch operations planned for this month and
the securitization transaction of earlier this year enhance the
company's leverage position, Fitch notes that the company is
shrinking in size and has reduced asset coverage for unsecured
creditors.

CONTACT:  FITCH RATINGS
          Giulio Lombardi, London
          Phone: +44 (0) 20 7417 6314
          Jonathan Pitkanen
          Phone: +44 (0) 20 7417 4201
          Web site: http://www.fitchratings.com

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084


MS METALLBAU: Aachen Company Succumbs to Bankruptcy
---------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against MS Metallbau GmbH on August 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 16, 2005 to register their
claims with court-appointed provisional administrator Johannes
Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on November 14, 2005, 9:45 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14, at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MS METALLBAU GmbH
          Stich 2, 52249 Eschweiler
          Contact:
          Marlene Schnabel, Manager
          Edener Str. 12a, 52457 Aldenhoven

          Johannes Klefisch, Administrator
          Rotter Bruch 6, 52068 Aachen
          Phone: 0241/949740
          Fax: 0241/870203


MWG BIOTECH: Capital Reduction to Proceed
-----------------------------------------
Loss-making MWG Biotech will push through with its capital cut
despite opposition from small shareholders, Suddeutsche Zeitung
says.

The biotechnology group announced its decision at an
extraordinary meeting called after revealing that half of MWG
Biotech's EUR34.45 million share capital had been used up.  The
group said the capital measure was needed to ensure its future.

                            *   *   *

MWG Biotech AG finished the 2004 business year with a total group
turnover of EUR33.0 million (2003 EUR43.0 million).  This
reduction by 23.2% resulted in large part from the two business
lines Genomic Diagnosis (microarrays) and Genomic Technology
(lab automation).

The EBITDA (earnings before interest, tax and depreciation)
before restructuring was -EUR8.9 million in 2004 (2003: -EUR3.8
million).  On December 31, 2004, the Company had EUR9.2 million
cash after EUR11.5 million at year-end 2003.

CONTACT:  MWG-BIOTECH AG
          Anzinger Strasse 7a
          85560 Edersberg, Germany
          Phone: +49 8092 82890
          Fax:   +49 8092 21084
          Web site: http://www.mwgbiotech.com

          Investor Relations
          Phone: +49-(0)8092-8289-985
          Fax: +49-(0)8092-8289-514
          E-mail: ir@mwgdna.com


SALAMANDER SCHUH: Expects Turnaround this Year
----------------------------------------------
Shoemaker Salamander Schuh sees a profit this year following its
exit from insolvency, Suddeutsche Zeitung says.  It is also
aiming to surpass its 2004 net turnover of EUR165 million.

The group is planning to operate 100 outlets within the next five
years, up from the current 57 stores.  With this increase, the
group will hire more employees to add to its present 1,300
workforce.

Salamander filed for bankruptcy in September 2004 following the
collapse of its parent Garant Schuh + Mode.  Earlier this year,
Chinese luxury goods group EganaGoldpfeil bailed out the
shoemaker from insolvency.

CONTACT:  SALAMANDER SCHUH GMBH
          Stammheimer Strasse 10
          70806 Kornwestheim
          Phone: 00 49 (0) 71 54/15 10
          Fax: 00 49 (0) 71 54/15 12 00
          E-mail: info@salamander.de
          Web site: http://www.salamander.de

          GARANT SCHUH + MODE AG
          Elisabethstr. 70
          D-40217 Dusseldorf
          Phone: ++49/(0)211/3386-01
          Fax: ++49/(0)211/3386-297
          E-mail: kontakt@garantschuh.com


SUPERCLEAN GEBAUDESERVICE: Creditors' Claims Due November
---------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against SuperClean Gebaudeservice und Facility
Management GmbH on August 18.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 16, 2005 to register their claims
with court-appointed provisional administrator Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting on October 5, 2005, 9:40 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report January 11,
2006, 9:30 a.m. at the same venue.

CONTACT:  SUPERCLEAN GEBAUDESERVICE UND FACILITY MANAGEMENT GmbH
          Wolfener Str.24,12681 Berlin

          Rolf Rattunde, Administrator
          Kurfuerstendamm 212, 10719 Berlin


SWISS MEDIA: Under Bankruptcy Administration
--------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Swiss Media GmbH on August 17.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 1, 2005 to register their claims
with court-appointed provisional administrator Klaus Jonek.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 10:00 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, 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
November 24, 2005, 10:30 a.m. at the same venue.

CONTACT:  SWISS MEDIA GmbH
          Hinter der Holzpforte 1, 28195 Bremen
          Contact:
          Franz-Josef Overmeyer, Manager
          Am Wigbold 71, 48167 Muenster

          Klaus Jonek, Administrator
          Schwachhauser Heerstr. 48, 28209 Bremen
          Phone: 348585
          Fax: 3478582


TCG GMBH: Creditors to Meet Last Week of October
------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against TCG GmbH NORTE Werkzeugmaschinen on August 22.
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 Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2005, 10:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  TCG GmbH NORTE WERKZEUGMASCHINEN
          Lupinenweg 25, 33334 Guetersloh
          Contact:
          Karl-Heinz Donner, Manager
          Gertrudenweg 53, 33335 Guetersloh

          Frank M. Welsch, Administrator
          Barkeystrasse 30, 33330 Guetersloh


VOLKSWAGEN AG: Bentley Exec to Oversee North American Operations
----------------------------------------------------------------
Volkswagen AG has appointed an executive from its Bentley unit to
take over its U.S. and Canadian divisions, said the Associated
Press.

Adrian Hallmark, 43, will replace Len Hunt, 49, as executive vice
president of the carmaker's North American operations effective
October 1.  Len Hunt will assume Mr. Hallmark's role as director
of sales for Bentley.

Facing tough competition from rivals Ford Motor Co.,
DaimlerChrysler AG and General Motors Corp., Volkswagen warned in
August that it did not expect its North American business to book
a profit until 2007.  The carmaker has already registered losses
of around EUR1 billion in North America, prompting Chief
Executive Bernd Pischetsrieder to admit that "the situation in
the U.S. remains disastrous."

Meanwhile, an added rivalry with Toyota Motor Corp. has
reportedly helped bring in half-year losses in the U.S. of EUR596
million, up from EUR503 million in 2004.  Last year, the
carmaker's net income plunged to EUR677 million from the EUR2.9
billion it booked in 2001.  This year, the company blames the 19%
drop in U.S. sales to weak incentives for potential buyers.

Earlier this month, Mr. Pischetsrieder disclosed the company will
be intensifying its efforts to cut back manpower.  These
cutbacks will be achieved using instruments available under the
collective agreement such as early retirement under a partial
retirement program.

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


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


FIAT SPA: To Develop New Car Models with Ford
---------------------------------------------
Fiat S.p.A. and Ford confirm that strategic discussions have been
taking place between management representatives of Fiat and Ford
of Europe on whether it might be advantageous to both companies
to pursue joint development of a future "A segment" (also
described as "sub-B" segment) car in Europe.

These discussions have been progressing positively, to the point
that the parties both signed a Memorandum of Understanding.  The
two new vehicles that would be involved, with highly
differentiated designs, would be a new Fiat 500 and a replacement
for the current Ford Ka.

By working together on this project, both companies would
envisage reduced development and material costs, while providing
highly competitive products to the marketplace.

                     About Fiat S.p.A.

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of EUR34.2 billion
generated for the 9-month period as at 30 September 2004.  The
founding Agnelli family owns about 30% of the Company.  Fiat's
creditors include Banca Intesa, Banca Monte dei Paschi di Siena,
Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and
UniCredito Italiano.

                         Status to date

Creditors have accepted the conversion of Fiat's EUR3 billion
convertible loan maturing in September 2005.  S&P said the
conversion is very favorable for Fiat's credit quality.  It will
wipe out EUR3 billion of financial debt at the industrial level
and materially decreases the group's interest burden.  In August,
it revised its outlook on Italy-based automaker Fiat S.p.A. to
stable from negative.  At the same time, Standard & Poor's
affirmed its 'BB-' long-term and 'B' short-term corporate credit
ratings on the group.  "The change in outlook reflects Fiat's
much-improved financial flexibility and our expectation that its
automotive activities will gradually recover -- although they
will remain loss-making in 2005," said Standard & Poor's credit
analyst Nicolas Baudouin.

CONTACT:  FIAT S.p.A.
          via Nizza, 250 - 10126 Torino
          Phone: +39 011 00 63088
          Fax: +39 011 00 63798
          E-mail: mediarelations@fiatgroup.com
          Web site: http://www.fiatgroup.com


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


BANK TURAN: Fitch Affirms 'BB' Foreign Currency Rating
------------------------------------------------------
Fitch Ratings has assigned Bank Turan Alem a Long-term Local
Currency rating of 'BB+' with a Stable Outlook.  BTA's other
ratings are affirmed at Long-term Foreign Currency 'BB' with a
Stable Outlook, Short-term 'B', Individual 'C/D', Support '3'.

Long-term Local Currency ratings of 'BB+' were also assigned to
two other Kazakhstani banks: Kazkommertsbank JSC and Halyk Bank.
Meanwhile, Development Bank of Kazakhstan has been assigned a
Long-term Local Currency rating of 'BBB' with a Stable Outlook.

The Long-term Local Currency ratings reflect Fitch's view of the
likelihood of support in local currency being forthcoming for
each of the banks from the Kazakhstani authorities.  Taking into
account the ability of the Kazakhstani authorities to provide
such support, as reflected in Kazakhstan's 'BBB' Long-term Local
Currency rating, Fitch believes there is a high probability of
this support being forthcoming for DBK, and a moderate
probability of support being made available to KKB, BTA and
Halyk.

The four banks' Long-term Local Currency ratings are in each case
one notch higher than their Long-term Foreign Currency ratings
because of the greater ability of the Kazakhstan authorities to
provide support in local currency.  This is reflected in the
differential between Kazakhstan's 'BBB' Long-term Local Currency
and 'BBB-'(BBB minus) Long-term Foreign Currency ratings.

BTA was the second largest commercial bank in Kazakhstan by IFRS
assets at end-2004.  The bank's common stock is owned primarily
by a number of Kazakh investors, but Raiffeisen Zentralbank, the
European Bank for Reconstruction and Development, the
International Finance Corporation and Nederlandse Financierings -
Maatschappij Voor Ontwikkelingslanden own convertible preferred
shares.

CONTACT:  FITCH RATINGS
          James Watson, Moscow
          Phone: +7 095 956 9905
          Dmitriy Piskulov, Moscow
          Phone: +7 095 956 9901

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327


HALYK BANK: 'BB' Rating Affirmed; Outlook Stable
------------------------------------------------
Fitch Ratings has assigned Halyk Bank a Long-term Local Currency
rating of 'BB+' with a Stable Outlook.  Halyk's other ratings are
affirmed at Long-term Foreign Currency 'BB' with a Stable
Outlook, Short-term 'B', Individual 'C/D', Support '3'.

Long-term Local Currency ratings of 'BB+' were also assigned to
two other Kazakhstani banks: Bank Turan Alem and Kazkommertsbank
JSC.  Meanwhile, Development Bank of Kazakhstan has been assigned
a Long-term Local Currency rating of 'BBB' with a Stable Outlook.

The Long-term Local Currency ratings reflect Fitch's view of the
likelihood of support in local currency being forthcoming for
each of the banks from the Kazakhstani authorities.  Taking into
account the ability of the Kazakhstani authorities to provide
such support, as reflected in Kazakhstan's 'BBB' Long-term Local
Currency rating, Fitch believes there is a high probability of
this support being forthcoming for DBK, and a moderate
probability of support being made available to KKB, BTA and
Halyk.

The four banks' Long-term Local Currency ratings are in each case
one notch higher than their Long-term Foreign Currency ratings
because of the greater ability of the Kazakhstan authorities to
provide support in local currency.  This is reflected in the
differential between Kazakhstan's 'BBB' Long-term Local Currency
and 'BBB-'(BBB minus) Long-term Foreign Currency ratings.

Halyk is the third largest bank in Kazakhstan and, reflecting its
roots as the former state savings bank, has the largest branch
network in the country.

CONTACT:  FITCH RATINGS
          James Watson, Moscow
          Phone: +7 095 956 9905
          Dmitriy Piskulov, Moscow
          Phone: +7 095 956 9901

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327


KAZKOMMERTSBANK JSC: Fitch Rates Long-term Local Currency 'BB+'
---------------------------------------------------------------
Fitch Ratings has assigned Kazkommertsbank JSC a Long-term Local
Currency rating of 'BB+' with a Stable Outlook.  KKB's other
ratings are affirmed at Long-term Foreign Currency 'BB' with a
Stable Outlook, Short-term 'B', Individual 'C/D', Support '3'.

Long-term Local Currency ratings of 'BB+' were also assigned to
two other Kazakhstani banks: Bank Turan Alem and Halyk Bank.
Meanwhile, Development Bank of Kazakhstan has been assigned a
Long-term Local Currency rating of 'BBB' with a Stable Outlook.

The Long-term Local Currency ratings reflect Fitch's view of the
likelihood of support in local currency being forthcoming for
each of the banks from the Kazakhstani authorities.  Taking into
account the ability of the Kazakhstani authorities to provide
such support, as reflected in Kazakhstan's 'BBB' Long-term Local
Currency rating, Fitch believes there is a high probability of
this support being forthcoming for DBK, and a moderate
probability of support being made available to KKB, BTA and
Halyk.

The four banks' Long-term Local Currency ratings are in each case
one notch higher than their Long-term Foreign Currency ratings
because of the greater ability of the Kazakhstan authorities to
provide support in local currency.  This is reflected in the
differential between Kazakhstan's 'BBB' Long-term Local Currency
and 'BBB-'(BBB minus) Long-term Foreign Currency ratings.

KKB was the largest commercial bank in Kazakhstan by IFRS assets
at end-2004.  One individual controls a majority stake in the
bank.  The European Bank for Reconstruction and Development is a
minority shareholder and actively involved in board-level
decision-making.

CONTACT:  FITCH RATINGS
          James Watson, Moscow
          Phone: +7 095 956 9905
          Dmitriy Piskulov, Moscow
          Phone: +7 095 956 9901

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327


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


ALMATIS HOLDING: On CreditWatch Negative After Investcorp's LBO
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on the Dutch alumina-based specialty
materials manufacturer Almatis Holdings B.V. on CreditWatch with
negative implications.

"The CreditWatch placement reflects Standard & Poor's concerns
that Almatis' financial profile could become more aggressive,
chiefly as a result of increased leverage, under the ownership of
Investcorp group," said Standard & Poor's credit analyst Khaled
Zitouni.

Investcorp is a Bahrain-based investment firm active in LBOs and
hedge funds, among other investment types. It recently agreed to
acquire Almatis from Rhone Capital (a private equity firm,
holding the biggest stake) and the Ontario Teachers' Pension
Plan.

"The 'B-' rated EUR150 bonds due in 2012 were not placed on
CreditWatch, as bondholders benefit from a change of ownership
clause and are likely to redeem the bonds," said Mr. Zitouni. The
same applies to the PIK notes, which are not rated.

The acquisition is expected to close by the end of October.  The
CreditWatch status will be resolved when we have details
regarding the company's new capital structure--notably after the
recent sale of the AdCats unit, with proceeds used to repay bank
debt--as well as its future funding means and debt appetite;
shareholder-oriented measures; and business strategy.  We will
also monitor the repayment of existing remaining debt that we
assume will take place in parallel with the new LBO.

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


ROYAL SHELL: Cancels 600,000 'A' Shares
---------------------------------------
On 8 September 2005, Royal Dutch Shell purchased for cancellation
1,900,000 'A' Shares at a price of EUR26.07 per share. It also
purchased for cancellation 600,000 'A' Shares at a price of
1,760.53 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,046,145,000.

As of that, 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


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


AGRO-BEKETOVKA: Bankruptcy Hearing Set November
-----------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on limited liability company
Agro-Beketovka.  The case is docketed as A72-3924/05-19/19B.  Ms.
R. Khusnimardanova has been appointed temporary insolvency
manager.

Creditors have until September 13, 2005 to submit their proofs of
claim to 433513, Russia, Ulyanovsk region, Dimitrovograd, Post
User Box 985.  A hearing will take place on November 14, 2005.

CONTACT:  AGRO-BEKETOVKA
          Russia, Ulyanovsk region,
          Beketovka, Sengileevskiy region

          Ms. R. Khusnimardanova
          Temporary Insolvency Manager
          433513, Russia, Ulyanovsk region,
          Dimitrovograd, Post User Box 985


ATLANTIC INC.: Applies for Bankruptcy Proceedings
-------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
supervision procedure on close joint stock company Atlantic Inc.
The case is docketed as A40-21716/05-101-57B.  Mr. A. Polkhanov
has been appointed temporary insolvency manager.

Creditors may send their proofs of claim to 125009, Russia,
Moscow, Post User Box 54.  A hearing will take place on December
15, 2005, 3:30 p.m. at 107802, Russia, Moscow, N. Basmannaya Str.
10, Hall 773.

CONTACT:  ATLANTIC INC.
          113035, Russia, Moscow, Balchug Str. 22

          Mr. A. Polkhanov
          Temporary Insolvency Manager
          125009, Russia, Moscow,
          Post User Box 54
          Phone: 955-25-51


AUTO-AGGREGATE: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on limited liability company
Auto-Aggregate.  The case is docketed as A27-18228/2005-4.  Mr.
D. Chertov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 650021, Russia,
Kemerovo, Novgorodskaya Str. 1.  A hearing will take place on
December 5, 2005.

CONTACT:  AUTO-AGGREGATE
          650021, Russia, Kemerovo region,
          Novgorodskaya Str. 1

          Mr. D. Chertov
          Insolvency Manager
          650021, Russia, Kemerovo region,
          Novgorodskaya Str. 1


BELEV-AGRO-SERVICE: Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure on open joint stock company
Belev-Agro-Service.  The case is docketed as A68-98/B-05 and
A68-101/B-05.  Mr. Y. Maslov has been appointed temporary
insolvency manager.
Creditors may submit their proofs of claim to 300026, Russia,
Tula, Ryazanskaya Str. 1, Room 601.

CONTACT:  BELEV-AGRO-SERVICE
          301530, Russia, Tula region,
          Belev, Rabochaya Str. 105

          Mr. Y. Maslov
          Temporary Insolvency Manager
          300026, Russia, Tula region,
          Ryazanskaya Str. 1, Room 601
          Phone/Fax: (3532) 78-38-45


CORUNDUM: Proofs of Claim Due Today
-----------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on limited liability company Corundum.  The
case is docketed as K/E-22/05.  Mr. A. Kuzmin has been appointed
temporary insolvency manager.  Creditors have until September 13,
2005 to submit their proofs of claim to 644042, Russia, Omsk
region, K. Marksa Pr. 34A-508.

CONTACT:  CORUNDUM
          Russia, Omsk region,
          Ordzhonikidze Str. 48

          Mr. A. Kuzmin
          Temporary Insolvency Manager
          644042, Russia, Omsk region,
          K. Marksa Pr. 34A-508
          Phone: 8 (3812) 32-54-18


EC-OIL: Appoints N. Birulya Insolvency Manager
----------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on close joint stock company Ec-Oil (TIN
7022009786).  The case is docketed as A67-2766/05.  Mr. N.
Birulya has been appointed temporary insolvency manager.
Creditors have until September 13, 2005 to submit their proofs of
claim to 634057, Russia, Tomsk, Post User Box 4438.

CONTACT:  EC-OIL
          636780, Russia, Tomsk region,
          Strezhevoy, Stroiteley Str. 12A

          Mr. N. Birulya
          Insolvency Manager
          634057, Russia, Tomsk region,
          Post User Box 4438


EVROFINANCE-MOSNARBANK: Moody's Rates Currency Deposit Ba3
----------------------------------------------------------
Moody's Investors Service has assigned Ba3 long-term and
Not-Prime short-term foreign currency deposit ratings and an E+
(E plus) Financial Strength Rating (FSR) to
Evrofinance-Mosnarbank (EMB).  The outlook for the ratings is
stable.

According to Moody's, the Ba3/NP foreign currency deposit ratings
reflect a limited degree of support from the bank's
government-owned shareholders (namely Moscow Narodny Bank Ltd.
[Baa3/Prime-3/D+], BCEN-Eurobank, Vneshtorgbank [Ba1/NP/D-] and
Vnesheconombank [Ba1/NP/E+]).  Moody's believes that there is a
moderate likelihood that, through EMB's banking shareholders, the
government could provide support to the bank, if the need arose.

Moody's also notes that the total stake of government-related
shareholders is equal to 49.9% of EMB's capital, and EMB's
franchise benefits from this partnership, as the bank enjoys the
strong market perception of being a government-related
institution, incurring a lower-than-average level of credit risk;
hence a default on its obligations might negatively affect the
government's image.  EMB already has a proven track record of
support, having been recapitalized by BCEN-Eurobank after it
suffered significant losses during the 1998 Russian crisis
leading to the bank's insolvency.  Nevertheless, BCEN-Eurobank
was a controlling shareholder at that time, while today no
individual shareholder has more than 20% stake in the bank.  The
absence of a majority shareholder diminishes the individual
commitment of each shareholder and has lead Moody's to impute a
moderate degree of support into the deposit ratings.

Moody's adds that the bank's E+ FSR is supported by its:

(a) Strong and lucrative niche in servicing top Russian
    corporations;

(b) Robust liquidity; and

(c) Sound asset quality.

The FSR is constrained primarily by the high concentrations
prevailing on both sides of the bank's balance sheet with the
bank's core customers (mostly top Russian corporates) together
with a potentially understated level of related-party exposure,
which makes EMB extremely vulnerable to the performance of a
handful of borrowers and clients.

Other major factors constraining the FSR at its present level
are:

(a) The bank's volatile performance driven mainly by the trading
    in its large securities portfolio; and

(b) High volumes of non-banking and non-market driven business
    with the bank's major customers represented currently by
    minority shareholdings in Russian media companies.

Headquartered in Moscow, in the Russian Federation, Evrofinance
Mosnarbank reported total assets of US$1.49 billion in accordance
with IFRS as of December 31, 2004.  According to Interfax, the
bank was ranked 26th in terms of total assets amongst Russian
banks as at April 1, 2005.

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

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


GARANT-TRADE: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Garant-Trade after
finding the industrial company insolvent.  The case is docketed
as A75-4704/2005.  Mr. V. Spirov has been appointed insolvency
manager.  Creditors have until September 13, 2005 to submit their
proofs of claim to 628401, Russia, Khanty-Mansiyskiy autonomous
region, Surgut, Melik-Katamova Str. 45/2.

CONTACT:  GARANT-TRADE
          157040, Russia, Khanty-Mansiyskiy autonomous region,
          Buy, 19th branch line

          Mr. V. Spirov
          Insolvency Manager
          628401, Russia, Khanty-Mansiyskiy autonomous region,
          Surgut, Melik-Katamova Str. 45/2


KARACHAEV-GRAIN-PRODUCT: Insolvency Manager Takes over Firm
-----------------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on state unitary enterprise
Karachaev-Grain-Product (TIN 3214006848).  The case is docketed
as A09-2395/05-26.  Ms. Y. Zvyagintseva has been appointed
temporary insolvency manager.

Creditors have until September 13, 2005 to submit their proofs of
claim to 305044, Russia, Kursk, Parizhskoy Kommuny Str. 73, Room
311.  A hearing will take place on October 26, 2005 at 11:00 a.m.

CONTACT:  KARACHAEV-GRAIN-PRODUCT
          242500, Russia, Bryansk region,
          Karachaev, Telmana Str. 37

          Ms. Y. Zvyagintseva
          Temporary Insolvency Manager
          305044, Russia, Kursk region,
          Parizhskoy Kommuny Str. 73, Room 311


ORSK-TRANS-AUTO: Declared Insolvent
-----------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Orsk-Trans-Auto (TIN 5615017632) after
finding the limited liability company insolvent.  The case is
docketed as A47-7156/05-14GK.  Mr. D. Samoylov has been appointed
insolvency manager.  Creditors have until September 13, 2005 to
submit their proofs of claim to 460000, Russia, Orenburg, Gaya
Str. 23A.

CONTACT:  ORSK-TRANS-AUTO
          432406, Russia, Orenburg region,
          Orsk, Energetikov Str. 22A

          Mr. D. Samoylov
          Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A
          Phone/Fax: (3532) 78-40-26


USOLSKIY BAKERY: Claims Filing Period Ends Today
------------------------------------------------
The Arbitration Court of Irkutsk region has commenced bankruptcy
supervision procedure on open joint stock company Usolskiy Bakery
(TIN 3819000129).  The case is docketed as A19-16619/05-37.  Mr.
I. Kozlov has been appointed temporary insolvency manager.

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

(a) USOLSKIY BAKERY
    665460, Russia, Irkutsk region,
    Usolye-Sibirskoye-10, Post User Box 26

(b) Temporary Insolvency Manager
    664022, Russia, Irkutsk region,
    Post User Box 2229

(c) The Arbitration Court of Irkutsk region
    664025, Russia, Irkutsk region,
    Gagarina Avenue, 70


YUKOS OIL: Lithuanian Court Extradites Banker
---------------------------------------------
The Vilnius court in Lithuanian on Thursday ruled on the
extradition of a Menatep SPb executive, Igor Babenko, reports
say.

Mr. Babenko is accused of money laundering and squandering RUB333
million (US$9.5 million) over the last three years from
Stavropolkrajgaz and Menatep SPb, owned by Group Menatep,
majority shareholder of Yukos.  Mr. Babenko ran a local branch of
the bank.

Mr. Babenko was detained in June.  The court postponed his
extradition last month to request additional evidence from
Russia.  The new evidence showed he conspired with Arkhyz General
Director Oleg Lievi and Amaltey General Director Viktor Erin in
arranging a loan worth RUB119 million.  The three were also
implicated in wrongdoings that caused damages worth RUB214
million, according to Kommersant.

Mr. Babenko has denied wrongdoing.  His lawyer said he would
appeal the ruling.  Menatep SPb is now named Trust National Bank.

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


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


CONCORDIA BUS: Swebus Wins Major Contract in Dalarna County
-----------------------------------------------------------
Concordia Bus' subsidiary Swebus won all traffic in the tender in
Dalarna.  The tender comprises all traffic in Dalarna county
including school buses and Swebus will start to operate traffic
July 1, 2006.  The traffic comprises 252 in-traffic buses and
15.1 million timetable kilometers annually.  Tender period is
eight years with mutual options for one plus one year extensions.
Swebus winning price was SEK317.6 millions representing a price
increase of 12% for the CPTA.

Swebus bid for the entire tender was the most favorable bid for
the CPTA and 0.3% lower than second lowest bid and 2.1% lower
than third lowest bid.  The traffic is currently operated by
Connex, Busslink and Dalatrafik (municipality owned operator).
The tender win is one of the largest wins ever for Concordia and
will increase Swebus' market share with 3%.

                        About the Company

Concordia Bus operates bus systems under contracts with public
transportation authorities in Sweden (through Swebus), Norway
(through SBC), and Finland (through Concordia Finland).  It has
9,000 employees annual revenue of SEK4,813 million (preliminary
full year group profit and loss ending Feb. 28, 2005), and total
net assets of SEK2,852 million.

                           The Trouble

Concordia Bus AB has failed to pay the interest coupon on its
EUR160 million ($202 million) subordinated notes.  Its
restructuring became effective July 28.  It envisages the
reduction of the face amount of all the Subordinated Notes from
100% to 25%.  It also includes third-party tender offer, a
revised consent solicitation by Nordic, the borrowing of EUR25
million bridge facility and EUR45 million mezzanine facility, and
change of control offer by certain members of the Subordinated Ad
Hoc Committee.

Company profile is available at
http://bankrupt.com/misc/Concordia_Profile.htm

CONTACT:  ALVAREZ & MARSAL (EUROPE) LIMITED
          Financial advisers to Concordia Bus Nordic AB
          5th Floor
          One Canada Square
          London E14 5AA
          Contact: Tony Alvarez III
          Phone: +44 (0) 207 715 5200
          E-mail: TAlvarezIII@alvarezandmarsal.com

          CONCORDIA BUS NORDIC AB
          Contact:
          Ragnar Norback
          Phone: +46(0)854630141, +46(0)701871040
          Per Skargard
          Phone: +46(0)854630021

          GAVIN ANDERSON & COMPANY
          Richard Constant/Candace Carpenter
          Phone: +44(0)207.554.1400


SKANDIA INSURANCE: Old Mutual Needs Backing of Own Shareholders
---------------------------------------------------------------
Old Mutual plc has sought the support of its own shareholders in
its SEK44.9 billion bid for Skandia Insurance Company Ltd., said
Business Day.

The backing of Old Mutual investors is reportedly crucial due to
the size of the transaction, from which an GBP8 billion
cross-border financial services group could emerge.

Chris Steward, portfolio manager at shareholder Investec Asset
Management, stressed Old Mutual needs to issue new shares equal
to at least 30% of the current shares in issue to pay for the
deal.  The company requires the backing of shareholders since 30%
is significantly more than the group is authorized to issue.

Earlier, Old Mutual Chief Executive Jim Sutcliffe said the merger
would build a "stronger, better-balanced group with increased
growth potential and a reduced risk profile."  It is also
expected to establish Old Mutual's position in South Africa,
U.K., Sweden and the U.S.

Mr. Sutcliffe is positive about Old Mutual gaining the necessary
backing as talks with its major shareholders are ongoing,
stressing that "people have warmed to it since May."

The company is also confident that Skandia's key investors would
welcome its proposal, following several discussions with them.

Skandia's major shareholders are Fidelity Mutual Funds with 5% of
its shares, Icelandic investment firm Burdaras with 3.6%, Nordea
Mutual funds at 3.5%, Swedish venture capital firm Cevian with
3.4%, and the Second National Pension Fund with 3.2%.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00

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

          COLLEGE HILL
          Alex Sandberg
          Phone: +44 (0) 20 7457 2020
          Mobile: +44 (0) 7831 851 844
          Tony Friend
          Phone: +44 (0) 20 7457 2020
          Mobile: +44 (0) 7798 864 995


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


BORISPIL' ENTERPRISE: Creditors' Claims Due this Week
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Borispil' Enterprise of Oil Products Pathway
Pipelines (code EDRPOU 20576802) on August 2, 2005 after finding
the state enterprise insolvent.  The case is docketed as 190/3
b-05.  Mr. Oleg Kutsekon has been appointed liquidator/insolvency
manager.  The company holds account number 26002164701001 at CB
Privatbank, Kyiv regional branch, MFO 321842.

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

(a) BORISPIL' ENTERPRISE OF OIL PRODUCTS PATHWAY PIPELINES
    08312, Ukraine, Kyiv region,
    Borispil district, Proliski

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


BUDPROM: Liquidator Takes over Operations
-----------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Budprom (code EDRPOU 32854088) on July 28,
2005 after finding the limited liability company insolvent.  The
case is docketed as 43/596.  Oleksij Matveyev has been appointed
liquidator/insolvency manager.

Creditors have until September 16, 2005 to submit their proofs of
claim to the Economic Court of Kyiv Region 01030, Ukraine, Kyiv
region, B. Hmelnitskij Boulevard 44-B.


DNIPRODZERZHINSK' AUTO 11232: Bankruptcy Supervision Starts
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on OJSC Dniprodzerzhinsk' Auto Transport
Enterprise 11232 (code EDRPOU 05465695) on July 12, 2005.  The
case is docketed as B 26/94-05.  Mr. Yevgen Shevtsov (License
Number AB 216778) has been appointed temporary insolvency
manager.  The company holds account number 26006100629001 at JSCB
Ukrsocbank, Dniprodzerzhinsk branch, MFO 305051.

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

(a) DNIPRODZERZHINSK' AUTO TRANSPORT ENTERPRISE 11232
    51909, Ukraine, Dnipropetrovsk region,
    Dniprodzerzhinsk, Shiroka Str. 49

(b) Mr. Yevgen Shevtsov
    Temporary Insolvency Manager
    49069, Ukraine, Dnipropetrovsk region, a/b 3925

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


HIZHINSKE: Court Appoints Insolvency Manager
--------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Hizhinske (code EDRPOU 30490436) on June 30,
2005 after finding the limited liability company insolvent.  The
case is docketed as 7/59-05.  Ms. Ludmila Talagayeva (License
Number AA 783019) has been appointed liquidator/insolvency
manager.

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

(a) HIZHINSKE
    Ukraine, Sumi region,
    Konotop district, Hizhki, Lenin Str. 26

(b) Ms. Ludmila Talagayeva
    Liquidator/Insolvency Manager
    41615, Ukraine, Sumi region,
    Konotop, Uspensko-Troitska Str. 39, a/b 4

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Shevchenko Avenue 18/1


KATERINIVKA: Gives Creditors Until this Week to File Claims
-----------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Katerinivka (code EDRPOU 00708791)
on July 20, 2005.  The case is docketed as B-48/67-05.  Mr.
Oleksandr Frolov has been appointed temporary insolvency manager.
The company holds account number 260043623 at JSPPB Aval, MFO
350619.

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

(a) KATERINIVKA
    62641, Ukraine, Harkiv region,
    Velikoburlukskij district, Katerinivka

(b) Mr. Oleksandr Frolov
    Temporary Insolvency Manager
    61072, Ukraine, Harkiv region,
    S. Yesenin Str. 11/13

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


NADIYA: Under Bankruptcy Supervision
------------------------------------
The Economic Court of Zhitomir region has commenced bankruptcy
supervision procedure on Agricultural LLC Nadiya (code EDRPOU
03745961).  The case is docketed as 5/6 b.  Mr. Okrushko Genadij
(License Number AB 116258) has been appointed temporary insolvenc
y manager.  The company holds account number 260043927 at JSPPB
Aval, Zhitomir regional branch, MFO 311528.

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

(a) NADIYA
    Ukraine, Zhitomir region,
    Romanivskij district, V. Kozara

(b) Mr. Okrushko Genadij
    Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Dovzhenko Str. 60/32

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


POSTACHPRESSA: Declared Insolvent
---------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Postachpressa (code EDRPOU 30391087) on
August 5, 2005 after finding the company insolvent.  The case is
docketed as 24/184-05-7280.  LLC Firm Ferum (code EDRPOU
30292948) has been appointed liquidator/insolvency manager.  The
company holds account number 26000311940 at JSB Pivdennij, Odessa
branch, MFO 328209.

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

(a) POSTACHPRESSA
    65026, Ukraine, Odessa region,
    Pastera Str. 64

(b) FERUM
    Liquidator/Insolvency Manager
    65481, Ukraine, Odessa region,
    Sabanskij Lane, 2-A

(c) ECONOMIC COURT OF ODESSA REGION
    65032, Ukraine, Odessa region,
    Shevchenko Avenue 4


TRIUMF: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Triumf (code EDRPOU 32046072) on July 20,
2005 after finding the private enterprise insolvent.  The case is
docketed as 43/547.  Mr. S. Donkov (License Number AA 485220) has
been appointed liquidator/insolvency manager.  The company holds
account number 26004344966101(980) at JSCB Intercontinentbank,
MFO 300313.

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

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

(b) Mr. S. Donkov
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region, Gorkij Str. 10/6

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


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


ADRIAN SMYTHE: DTI Winds up 'Good Cause' Publishing Firm
--------------------------------------------------------
The Department of Trade and Industry has filed a petition in the
High Court to wind up Adrian Smythe Publishing Limited, said
Creditman.

The petition follows an investigation by DTI's Companies
Investigation Branch under section 447 of the Companies Act 1985.
Hearing of the petition, presented under s124A of the Insolvency
Act 1986, is set for October 16, 2005.

Incorporated in September 2003, Adrian Smythe started trading in
May of the next year as publisher of child safety and crime
awareness books.  Its operations included soliciting sponsorships
from businesses across U.K. in relation to the books it
distributed to schools.

According to Mirror.co.uk, "aggressive, abusive, devious sharks"
was just one description of the Manchester-based publishing firm.

The Web site noted several businesses, ranging from a telecoms
company to a fish importer, claiming Adrian Smythe demanded money
for sponsorships on "good cause" books they never agreed.  The
demands reportedly ranged from GBP202 to GBP405 and sometimes
even involved threats of legal action.

The Secretary of State has also applied for the appointment of
the Official Receiver as provisional liquidator of the company.

CONTACT:  ADRIAN SMYTHE PUBLISHING LIMITED
          3Q, 3rd Floor, Beehive Mill
          Jersey Street, Manchester M4 6JG

          OFFICIAL RECEIVER
          Public Interest Unit North
          PO Box 326
          1st Floor Boulton House
          17-21 Chorlton Street
          Manchester M60 3ZZ
          Phone: 0161 934 4182


APEX AVIATION: Files for Liquidation
------------------------------------
At an Extraordinary General Meeting of the Members of Apex
Aviation International Limited, duly convened, and held at 4 St
Giles Court, Southampton Street, Reading RG1 2QL, on 31 August
2005, the following Resolutions were duly passed as an
Extraordinary Resolution and as Ordinary Resolutions
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, that P R
Boyle and J C Sallabank of Harrisons, 4 St Giles Court,
Southampton Street, Reading RG1 2QL, be and are hereby appointed
Joint Liquidators for the purposes of such winding-up, and that
the Joint Liquidators may act jointly or severally in all matters
relating to the conduct of the liquidation of the Company."

I Griffin, Director

CONTACT:  APEX AVIATION INTERNATIONAL LIMITED
          Imberhorne Lane
          Independent Business Park, Imberhorne
          East Grinstead
          RH19 1TU West Sussex
          Phone: 01342 324466
          Fax: 01342 311157
          Web site: http://www.apexaviation.co.uk
          Vic Aven, Managing Director


BOWERTRACE COMPUTING: Hires Baker Tilly as Administrator
--------------------------------------------------------
Name: BOWERTRACE COMPUTING LIMITED
      (Company No 03616025)

Previous Name of Company: BCL International Limited

Nature of Business: Labor Recruitment

Address of Registered Office: c/o Baker Tilly, Brazennose House,
Lincoln Square, Manchester M2 5BL

Date of Appointment: 22 August 2005

Joint Administrators' Names and Address: Stephen Mark Quinn and
Lindsey Jane Cooper (IP Nos 005761 and 008931), both of Baker
Tilly, Brazennose House, Lincoln Square, Manchester M2 5BL

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


BSD GROUP: Software Consultancy Firm Winds up
---------------------------------------------
At an Extraordinary General Meeting of the Members of The BSD
Group Limited, duly convened, and held at Suite 508, Daisyfield
Business Centre, Appleby Street, Blackburn BB1 3BL, 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
Stephen P J White be and he is hereby appointed Liquidator for
the purposes of such winding-up."

M Pollard, Chairman

CONTACT:  THE BSD GROUP LIMITED
          Ribble Court
          1 Mead Way
          Padiham
          Lancashire BB12 7NG
          England
          Phone: +44 (0)1282 687000
          Fax: +44 (0)1282 687009
          Web site: http://www.bsdgroup.com/


CHARLES WAIT: Administrators from Lines Henry Move in
-----------------------------------------------------
Name: CHARLES WAIT LIMITED
      (Company No 4558015)

Nature of Business: Supplier/Manufacturer of Dairy Equipment

Address of Registered Office: Boundary Farm, Doles Lane,
Bretherton, Preston, Lancashire PR26 9BA

Date of Appointment: 31 August 2005

Joint Administrators' Names and Address: Neil Henry and Michael
Simister (IP Nos 8622 and 9028), both of Lines Henry, 27 The
Downs, Altrincham, Cheshire WA14 2QD

                            *   *   *

Charles Wait Limited is an international supplier of high quality
new and reconditioned processing equipment servicing the dairy,
food, drink pharmaceutical and chemical industries.  Visit
http://www.charleswait.co.uk/for more information.

CONTACT:  CHARLES WAIT LIMITED
          Fylde Road Industrial Estate
          Southport, Merseyside PR9 9YF
          England
          Phone: +44 (0) 1704 211273
          Fax: +44 (0) 1704 225875
          E-mail: sales@charleswait.co.uk

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


EASYNET GROUP: Half-year Loss Widens to GBP11.2 Million
-------------------------------------------------------
Easynet Group plc has reported interim results for the six months
ended 30 June 2005.

Financial Highlights

(a) revenue up 12% to GBP77.1 million (H1 2004: GBP68.7
    million);

(b) gross margin up to 53% (H1 2004: 51%);

(c) EBITDA profit of GBP3.3 million, (H1 2004 GBP3.2 million)
    after planned increased investment of GBP4 million in
    consumer broadband;

(d) loss on ordinary activities before tax of GBP11.2 million,
    (H1 2004: loss of GBP9.3 million);

(e) cash at GBP31.1 million (H1 2004 GBP40.1 million); and

(f) group cash flow positive in Q2 2005.

Operating Highlights

(a) core corporate business delivering to plan;

(b) significant enterprise customer wins across Europe including
    Kohler Mira, Paperchase, Telson, TM Lewin, Vitelsa, Peverel,
    Kellogg Italia S.p.A. and Diageo Italia S.p.A.;

(c) Significant Public Sector wins in the U.K. including East of
    England Broadband for schools;

(d) plans to extend Local Loop Unbundling (LLU) in the U.K. by
    up to 100 additional exchanges to approximately 350,
    reaching 5.8 million homes and 850,000 businesses in the
    U.K.;

(e) launch of wholesale LLU products and the signing of several
    contracts including OneTel (Centrica's telecommunications
    arm) at the end of July; and

(f) positioning of U.K. Online as a next generation broadband
    provider, which has had a promising start with approximately
    21,000 broadband customers at the end of August.

Keith Todd, Chairman of Easynet Group plc, said: "During the
period, the Group continued to expand its established core
corporate business around its innovative IP VPN (Internet
Protocol virtual private network) solutions and won some
significant new customers.

"Accordingly our confidence in the overall business is strong.
The Ofcom review published in June 2005 has encouraged us to
extend our local loop footprint further in the U.K., capitalize
on our next generation network, and benefit from the rapidly
developing opportunities in broadband.  The Group therefore
started to invest heavily in the capability set (products,
provisioning, support, and systems) to handle the expected rapid
increase in volumes from consumer broadband operations, both
directly through U.K. Online and indirectly through wholesale
LLUStream.  This investment is providing enhanced growth and will
assist in moving the Group towards after tax profitability for
the full year 2006 and beyond."

David Rowe, Chief Executive Officer of Easynet Group plc, added:
"This has been a period of intensive development for Easynet.  We
started to invest in the capabilities needed to support the
growth in U.K. broadband demand.  Meanwhile our corporate
customer business has demonstrated continued revenue growth
across Europe.  We also achieved positive cash flow in the second
quarter.

"As announced in July, we will be investing in further exchange
roll out in the U.K. as we seek to capture market share in the
rapidly evolving next generation broadband arena.  With its
limited exposure to 'legacy' revenues, its IP 21st century
network, local loop assets and local loop experience the company
is well positioned in the evolving telecoms market place.  We
have a strong foundation for accelerating our plan to achieve
after tax profitability for the full year 2006."

A copy of this financial report is available free of charge at
http://bankrupt.com/misc/EasynetGroup(H12005).pdf

CONTACT:  EASYNET GROUP PLC
          44-46 Whitfield St.
          London
          W1P 5RF, United Kingdom
          Phone: +44-20-7900-4700
          Fax: +44-20-7900-4701
          Web site: http://www.easynet.com

          David Rowe, Chief Executive Officer
          Will Gardiner, Chief Financial Officer
          Anne Perry, Press Office
          Phone: 0800 053 4004


FUTON CENTRE: EGM Passes Winding-up Resolution
----------------------------------------------
At an Extraordinary General Meeting of The Futon Centre Limited,
duly convened, and held at Old Station Road, Loughton IG10 4PL,
on 25 August 2005, at 11:30 a.m., 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 A J Hooper, of Haslers, Old Station Road, Loughton IG10
4PL, be and is hereby appointed Liquidator of the Company."

S Kelly, Chairman

                            *   *   *

The Futon Centre a.k.a. Yakamoto Futon Centre was established in
1980 with the objective of providing the public with innovative
and up-to-the-minute designs in beds, sofa-beds and most
importantly of all 'futon' mattresses.  Visit
http://www.futoncentre.co.uk/for more information.

CONTACT:  THE FUTON CENTRE LIMITED
          200 Finchley Road, London, NW3 6BX
          Phone: 020 7794 8034


GATE GOURMET: Hundreds of Workers Apply for Redundancy
------------------------------------------------------
Some 700 current and former employees of Gate Gourmet have
applied for the company's redundancy program, Tony Woodley,
general secretary of the Transport & General Workers' Union, said
at a conference in Brighton.  About 300 of the applicants were
staff fired last month, the rest are still employed.

The troubled caterer to British Airways cut 670 jobs from its
2,000-strong workforce last month as part of its survival plan.
The company has defaulted on monthly interest payments on a
CHF300 million (GBP132 million) "mezzanine" loan since January.
It is currently in talks with creditors regarding a rescue plan.
The creditors are said to be eyeing a debt-for-equity swap that
will give them 65% of Gate Gourmet, plus CHF150 million in cash
in exchange for writing off the debt.  Otherwise, the creditors,
who have lent almost CHF700 million to Gate Gourmet, may call in
their loans.  This move could send Gate Gourmet into bankruptcy.
It has until Monday to find solution or face seizure of assets.

Gate Gourmet is owned by U.S. private equity firm Texas Pacific
Group.  Its U.K. operations lost GBP22 million in 2004.  A
further GBP25 million in losses is expected this year.

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


GATEHOUSE BOOKS: Appoints PKF Liquidator
----------------------------------------
At an Extraordinary General Meeting of the Members of Gatehouse
Books Limited, The Gatehouse Publishing Charity Limited, duly
convened, and held at Sovereign House, Queen Street, Manchester
M2 5HR, on 24 August 2005, the following Resolutions were duly
passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Companies cannot, by reason of their liabilities, continue
their business, and that it is advisable to wind up the same, and
accordingly that the Companies be wound up voluntarily, and that
Kerry Bailey and Jonathon D Newell, of PKF (UK) LLP, Sovereign
House, Queen Street, Manchester M2 5HR, be and he is hereby
appointed Joint Liquidators for the purposes of such winding-up."

S Batt, Director

                            *   *   *

Since 1977, The Gatehouse Publishing Charity has been publishing
articles by and for adults who are developing their literacy
skills.  All profits from the sale of books are used to fund work
in promoting writing by adult learners.  Visit
http://www.gatehousebooks.org.uk/for more information.

CONTACT:  THE GATEHOUSE PUBLISHING CHARITY
          Hulme Adult Education Centre
          Stretford Road
          Manchester
          M15 5FQ
          England
          Phone: (+44) 0161 226 7152
          Fax: (+44) 161 868 0351)
          E-mail: office@gatehousebooks.org.uk

          PKF (UK) LLP
          Sovereign House, Queen Street, Manchester M2 5HR
          Web site: http://www.pkf.co.uk


GEARING INTERNATIONAL: Files for Liquidation
--------------------------------------------
At an Extraordinary General Meeting of the Members of Gearing
International Ltd., duly convened, and held at Hilton Hotel, 100
Watering Lane, Collingtree, Northampton NN4 0XW, on August 15,
2005, these 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 P. J. Allen, of Vantage Corporate Restructuring be and is
hereby appointed Liquidator for the purposes of such a
winding-up."

S. N. Gearing, Director

                            *   *   *

Gearing International Ltd. is a shipping and forwarding company,
specializing in international movements of goods from small
consignments to full container loads.

CONTACT:  GEARING INTERNATIONAL LTD.
          P.O. Box 75 Felixstowe,
          Suffolk IP11 7LJ
          Phone: (44) 1394 27 77 00
          Fax: (44) 1394 27 77 02
          Web site: http://www.gearinginternational.com


GREATER ESTATES: Applies for Winding up Order
---------------------------------------------
At an Extraordinary General Meeting of Greater Estates Limited,
duly convened, and held at 76 New Cavendish Street, London W1G
9TB, on 23 August 2005, the subjoined Extraordinary Resolution
was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Mark Levy, of Berley, 76 New Cavendish Street, London W1G 9TB, be
and is hereby appointed Liquidator for the purpose of such
winding-up."

At a subsequent Meeting of Creditors held on the same day, the
Members' nominee was confirmed as Liquidator.

S Lesser, Director

CONTACT:  GREATER ESTATES LIMITED
          59 High Road, Bushey Heath, Hertfordshire, WD23 1EE
          Phone: 020-8950 5500
          E-mail: properties@greaterestates.com
          Fax: 020-8950 9550
          Web site: http://www.greaterestates.com

          BERLEY
          76 New Cavendish Street
          London W1M 7LB
          Phone: 020 7636 9094
          Fax: 020 7636 4115
          E-mail: mark.levy@berley.co.uk


GREENWICH VOLUNTARY: Liquidates
-------------------------------
At an Extraordinary General Meeting of the Members of Greenwich
Voluntary Action Council, duly convened, and held at 1-4
Beresford Square, Woolwich, London SE18 6BB, 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 Company, and
accordingly that the Company be wound up voluntarily, and that
Ruth Duncan of Maxwell Davies, 16 Caring Lane, Maidstone, Kent
ME14 4NJ, be and is hereby appointed Liquidator for the purpose
of such winding-up."

A F Best, Chairman

CONTACT:  GREENWICH VOLUNTARY ACTION COUNCIL
          The Old Town Hall, Polytechnic Street, Woolwich,
          London, SE18 6PN
          Phone: 020 8316 4774
          Fax: 020 8316 4755


HANWOOD BAKERY: Liquidator Takes over Helm
------------------------------------------
At an Extraordinary General Meeting of Home Bakery Limited, duly
convened, and held at DS Insolvency Services, 1 Brassey Road, Old
Pots Way, Shrewsbury, Shropshire SY3 5FA, on August 31, 2005,
these Resolutions were 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
Martin Williamson of DS Insolvency Services Ltd., 29 King Street,
Newcastle, Staffordshire ST5 1ER, be and is hereby appointed
Liquidator of the Company for the purpose of its voluntary
winding-up."

S. Topham, Chairman

CONTACT:  HANWOOD BAKERY LIMITED
          Unit C2 Greenwood
          Court Cartmel Drive,
          Shrewsbury, SY1 3TB
          Phone: 01743 467777


HERTS PRECISION: Administrator from Bond Partners Moves in
----------------------------------------------------------
Name: HERTS PRECISION ENGINEERING LIMITED
      (Company No 02457620)

Nature of Business: Manufacturers of Measurement Instruments

Address of Registered Office: Unit 1, Riverside Estate,
Coldharbour Lane, Harpenden, Hertfordshire AL5 4UN

Date of Appointment: 12 August 2005

Administrator's Name and Address: T. Papanicola (IP No 005496),
Bond Partners LLP, The Grange, 100 High Street, London N14 6TG

                            *   *   *

Herts Precision Engineering is a well-established company,
servicing client worldwide over the last 10 years.  It
specializes in precision machining and grinding to personal
specifications.  Visit http://www.hertsprecision.freeserve.co.uk/
for more information.

CONTACT:  HERTS PRECISION ENGINEERING LTD.
          Unit 1, Riverside Estate, Coldharbour Lane
          Harpenden AL5 4UN
          Hertfordshire
          Phone: 01582 462728
          Fax: 01582 462805

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


HYDE FABRICATIONS: In Administrative Receivership
-------------------------------------------------
Name: HYDE FABRICATIONS (WETHERBY) LIMITED
      (Reg No 04602960)

Registered Office of Company: Stamford House, Stamford Street,
Stalybridge, Cheshire SK15 1QZ

Nature of Business: Fabrication and General Engineering

Date of Appointment of Joint Administrative Receivers: 26 August
2005

Name of Person Appointing the Joint Administrative Receivers:
Hyde Industrial Holdings Limited

Joint Administrative Receivers: Kerry Bailey (Office Holder No
8780), PKF (UK) LLP, Sovereign House, Queen Street, Manchester M2
5HR, and Jonathan Newell (Office Holder No 6419), PKF (UK) LLP,
52 Mount Pleasant, Liverpool L3 5UN

                            *   *   *

Hyde Fabrications is widely recognized as a leading supplier of
welded steel fabrications and assemblies.  Visit
http://www.hfw.uk.comfor more information.

CONTACT:  HYDE FABRICATIONS (WETHERBY) LTD.
          Thorpe Arch Trading Estate
          Wetherby, West Yorkshire LS23 7BJ
          United Kingdom
          Phone: (01937) 843472
          Fax: (01937) 541498

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

          PKF
          52 Mount Pleasant,
          Phone: 0151 7088232
          Fax: 0151 7088169
          E-mail: info.liverpool@uk.pkf.com
          Web site: http://www.pkf.co.uk


LUMINAR PLC: To Issue Pre-close Update Thursday
-----------------------------------------------
Luminar plc will be announcing its pre-close update on Thursday,
15 September 2005.

                            *   *   *

Luminar plc is an owner, developer and operator of themed bars,
nightclubs and restaurants.  The company floated and listed on
the London Stock Exchange in May 1996 with a market
capitalization of GBP30 million.

In July, Chairman Keith Hamill said: "For the first four months
of the year to the end of June 2005, the Company performed
broadly in line with its plans.  Like-for-like sales for the
same period were neutral.  In view of the continuing difficult
market environment, the Board is adopting a cautious outlook on
future trading."

The firm has suffered from changes in customer demand and what
it termed as 'increased regulatory activity' after 2003.  In the
52 weeks to Feb. 27, Luminar reported group sales of GBP399.7
million, down from GBP375.1 million; and profit before tax,
goodwill amortization, and exceptional items of GBP54.2 million,
down from GBP62 million last year.  Pre-tax loss was GBP14
million from GBP11 million last year.

CONTACT:  LUMINAR PLC
          Registered Office
          41 King Street
          Luton
          Bedfordshire
          United Kingdom
          LU1 2DW
          Phone: +44 1582 589 400
          Fax: +44 1582 589 667
          Web site: http://www.luminar.co.uk

          COLLEGE HILL
          Matthew Smallwood
          Alex Sandberg
          Phone: 020 7457 2020


MAILING & PRINTING: Creditors Meeting Set Thursday
--------------------------------------------------
Company Names: MAILING & PRINTING COMPANY (HASTINGS) LIMITED
               (Company No 00870510)

               MAILING & PRINTING COMPANY LIMITED
               (Company No 00996148)

Notice is hereby given by Andrew Andronikou and Peter Kubik, of
UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y
5DH, that a Meeting of the Creditors of these companies, 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 15 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


ME AND HIM: Goes into Liquidation
---------------------------------
At an Extraordinary General Meeting of Me and Him Removals and
Storage Limited, duly convened, and held at The Grange Hotel,
41-42 East Parade, Rhyl, Denbighshire LL18 3AW, on August 23,
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
Tracy Ann Taylor, of Abbey Taylor Limited, Blades Enterprise
Centre, John Street, Sheffield S2 4SU, is hereby appointed
Liquidator for the purposes of such winding-up."

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

C. Williams, Chairman

CONTACT:  ME & HIM REMOVALS & STORAGE LIMITED
          Phone: 01745 331028
          Fax: 01745 343916
          Web site: http://www.meandhim.co.uk


MISYS PLC: Drops Bonus Proposal from AGM Agenda
-----------------------------------------------
Misys plc has withdrawn resolution 16 from the agenda of the
company's Annual General Meeting to be held today, 13 September
2005.  This resolution concerned the proposed Retention Long Term
Incentive Plan (RLTIP) intended to encourage the retention of two
key executives over a period of transition for the company.

Misys has conducted an extensive consultation process on the
RLTIP with its shareholders.  While Misys has received support
for the Plan from several of its major shareholders and has also
made amendments to the proposals, concerns have been expressed by
a number of its other shareholders.  Having listened to these
concerns, the company has decided not to continue with the Plan
and is therefore withdrawing the AGM resolution.

The need to ensure the retention of the executives concerned
remains an issue for the company.  The Board's Remuneration
Committee will therefore give further consideration to addressing
this issue in a way that will gain the broad support of
shareholders.

                            *   *   *

Misys plc earlier faced investor rebellion over the controversial
GBP1.2 million retention bonus for healthcare head Tom Skelton
and banking head Ivan Martin if either of them would not be
appointed chief executive.  This came even after the company
modified the resolution by offering concessions to major
shareholders.

Founded in 1979, Misys is one of the largest and strongest
vendors of industry-specific software products and solutions in
the world.  It employs over 6,500 people.

In the year ended 31 May 2005, Misys achieved revenues of GBP888
million, down from GBP900 million last year, and operating
profits of GBP40.6 million.  Of the continuing operations, Misys
Banking Systems accounted for 27% of revenues, Misys Healthcare
Systems for 33%, Misys General Insurance for 4% and Sesame, which
provides support services to financial advisers in the U.K., for
36%.

Kevin Lomax, Executive Chairman, Misys, said: "These results are
encouraging.  They reflect some improvement in trading
conditions across our businesses but more importantly the
benefit of the actions we have been taking to reposition our
businesses for organic growth.  It has been a year of real
progress, one that gives us confidence for our future
performance."

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


MODULA 2000: Engineering Firm Liquidates
----------------------------------------
At an Extraordinary General Meeting of Modula 2000 Limited, duly
convened, and held at Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP, on 25 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
Richard Frank Simms and Martin Richard Buttriss, of Insol House,
39 Station Road, Lutterworth, Leicestershire LE17 4AP, be and are
hereby appointed Joint Liquidators for the purposes of such
winding-up."

J Window,

                            *   *   *

Modula 2000 offers laser cutting, sheet metalwork, fabrication,
precision sheet metalwork, deep form pressings, roll forming,
tube manipulation, and turning, milling and boring.  Located in
Market Harborough, central England, and operating from a 60,000
sq. ft. building, it serves not only the heart of the industry of
the U.K., but all of the peripheral areas.  Visit
http://www.modula2000.com/for more information.

CONTACT:  MODULA 2000 LIMITED
          Riverside House
          Riverside Industrial Estate
          Market Harborough
          Leicestershire
          LE16 7PT UK
          Phone: 01858 465008
          Fax: 01858 461154
          E-mail: info@modula2000.co.uk

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


NEWBERY FABRICATIONS: Names Mazars Liquidator
---------------------------------------------
At an Extraordinary General Meeting of Newbery Fabrications
Limited, convened, and held at Mazars LLP, Cartwright House,
Tottle Road, Nottingham NG2 1RT, on 23 August 2005, at 2:00 p.m.,
the following Resolutions were 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
A S Wood, of Mazars LLP, Lancaster House, 67 Newhall Street,
Birmingham B3 1NG, be appointed as Liquidator of the Company for
the purposes of the voluntary winding-up."

David Newbery, Chairman

CONTACT:  MAZARS
          Lancaster House
          67 Newhall Street
          Birmingham
          West Midlands B3 1NG
          Phone: 0121 236 7711
          Fax: 0121 236 2778


REGAL PETROLEUM: Insists Ukrainian Licenses are Legal
-----------------------------------------------------
Regal Petroleum plc has noted the recent speculation in the media
with regards to a dispute itemized in a letter from the Ukrainian
Prosecutor-General's Office on the validity of licenses held by
Regal Petroleum Corporation Limited, the wholly owned subsidiary
of Regal based in Ukraine.

Having received full guidance from legal counsel in Ukraine, the
speculation has no substance and the licenses owned by Regal
remain legal and valid.  The letter appears to refer to actual
facilities and wells that are currently delivering the pilot
production from the field which were developed by the joint
venture between Regal and Chernihivnaftogasgeology under a
previous pilot production license, and which has been the subject
of Court proceedings in Ukraine to establish 25% of the value to
be ascribed to these physical assets to be paid to
Chernihivnaftogasgeology.

This court action was completed and an appropriate sum paid into
court by Regal.  This ruling on valuation has been appealed by
Chernihivnaftogasgeology and this action by the Prosecutor's
office therefore requires clarification, which is currently being
sought.

                            *   *   *

Regal Petroleum plc is a London-based independent oil and gas
producer listed on the Alternative Investment Market of the
London Stock Exchange.  It focuses on the exploration,
development and production of oil and gas assets in Ukraine,
Greece, Romania, Egypt and Liberia.

In June, Regal Petroleum founder and executive chairman Frank
Timis resigned after the oil explorer revealed annual losses had
quadrupled.  Mr. Timis, who founded the firm in 1996, said he
will devote more time to other business interests.  Rumors abound
he was forced out by Regal's non-executive directors and
institutional shareholders.

The company earlier reported a loss after tax and minority
interests of US$13.7 million (GBP7.55 million) for the year
ending December 31, compared with a loss of US$2.9 million a
year earlier.  It has lost 83% of its value since March.  The
shares went down significantly at the end of April when Regal
raised GBP45 million at 390 pence a share following its discovery
of a gas prospect in Romania.  It sank further when a well at its
prospect in Greece was found to be not commercially viable for
exploration.

CONTACT:  REGAL PETROLEUM PLC
          4th Floor
          11 Berkeley Street
          London, England W1J 8DS
          Phone: +44 20 7647 6622
          Fax: +44 20 7629 4297
          Web site: http://www.regalpetroleum.com

          Buchanan Communications
          Phone: 020 7466 5000
          Bobby Morse
          Ben Willey


RENTOKIL INITIAL: Finance Director Steps down
---------------------------------------------
In line with the timings set out in an RNS announcement on 6 June
2005, Roger Payne, Finance Director, has resigned from the board
of Rentokil Initial plc.  This resignation, due to Roger's
retirement, was originally anticipated in an RNS announcement
issued on 17 March 2005.

Also, with effect from September 9, 2005, Andrew Macfarlane,
formerly Group Finance Director of Land Securities Group plc, who
joined the company and the board of Rentokil Initial plc on 8
August 2005, has been appointed Chief Financial Officer in
succession to Mr. Payne.

                            *   *   *

Rentokil Initial is one of the largest business services
companies in the world, operating in the major economies of
Europe, North America, Asia Pacific and Africa.  The company has
some 90,000 employees providing a range of support services in
over 40 countries.

Rentokil's restructuring took effect in June and the new New
Rentokil Initial shares were admitted to the Official List and to
trading on the London Stock Exchange's market for listed
securities at that time.

In August, the company reported that turnover in the first half
of 2005 was up 3.2% to GBP1,167.2 million, while operating income
was down 33.0% to GBP119.2 million.  Profit before tax plunged
40.3% to GBP93.2 million.

Doug Flynn, Chief Executive, said:  "When I joined the company
less than five months ago I initiated a comprehensive review of
the Group.  We believe we know what the issues are and the
necessary actions to achieve a turnaround have commenced.
Throughout everything we have done, we have been open minded on
how to deliver shareholder value.  We have a great opportunity to
revive this business and I intend to take it."

Brian McGowan, Chairman, said: "The programs we are implementing
will provide real and lasting improvements in operational and
financial performance and thereby generate the value inherent in
the Company which rightly and fully belongs to its current
shareholders."

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


RENTOKIL INITIAL: On CreditWatch Over Potential Capital Shakeup
---------------------------------------------------------------
Standard & Poor's Ratings placed its 'BBB+' long-term credit
ratings on U.K.-based business services company Rentokil Initial
PLC and related entity on CreditWatch with negative implications.

"The CreditWatch placement reflects possible changes in Rentokil
Initial's financial strategies and capital structure following
announcements by Raphoe Management Ltd. (Raphoe) and Rentokil
Initial," said Standard & Poor's credit analyst Alf Stenqvist.

Raphoe has proposed a change of chairman at Rentokil Initial and
a review of Rentokil Initial's capital structure, and has also
recommended a payout of an extra dividend to shareholders in
excess of GBP600 million.  Although the outcome of these
proposals is highly uncertain at this point in time, Rentokil
Initial's board has, in its response to Raphoe's announcement,
stated that a review of the capital structure is already being
actively pursued by the current management.

"The placement of the ratings on CreditWatch negative reflects
the potential negative impact on Rentokil Initial's financial
profile if Raphoe's proposals were successful, or as a result of
Rentokil Initial's own review of its capital structure," added
Mr. Stenqvist.  "Raphoe's proposals also create uncertainties
regarding Rentokil Initial's future strategy. Therefore, at this
point in time, we can't exclude the possibility that the ratings
may be lowered, depending on future strategy and capital
structure."

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

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


SWAN HUNTER: Axe Hangs over Hundreds of Jobs
--------------------------------------------
The Ministry of Defense refused to move earlier the schedule for
its aircraft carrier program, increasing the likelihood that
hundreds of workers could be made redundant at Swan Hunter.

The firm has no pending order between the time it finishes work
on two Royal Fleet Auxiliary vessels in May and the start of the
GBP2.9 billion MoD aircraft carrier order in 2008.  The yard,
which was rescued out of liquidation in 1995 by current owner
Jaap Kroese, lost its glamour that spanned three decades in the
early 90s when warship-building contracts came to an end.

CONTACT:  SWAN HUNTER (TYNESIDE) LTD.
          Wallsend
          Newcastle NE28 6EQ, United Kingdom
          Phone: +44-191-295-0295
          Fax: +44-191-262-0374
          Web site: http://www.swanhunter.com/
          Jaap A. Kroese, Chairman
          Jan C. Veldhuizen, Managing Director
          Norman Frederick Brownell, Commercial Director


TXU EUROPE: Asset Distribution Deal Challenged in Court
-------------------------------------------------------
Two investors of bankrupt energy company TXU Europe on Friday
asked London's High Court to unravel an agreement on the
distribution of the company's assets, according to Reuters.

Sisu Capital and insurance fund UNUM Provident claims the deal
struck with creditors in January were unfair because some
investors used cross-holdings in different parts of the company's
debt to get a better package.  A renegotiation of the agreement
could earn the investors GBP2 million, sources previously told
Reuters.  But it threatens a US$220 million payout from former
parent, U.S. TXU Corporation.

The recent action does not affect the payment of GBP2.1 billion
by other administrators, Ernst & Young, from the operating
companies of TXU Europe to trade creditors, according to the
report.

TXU Europe, a subsidiary of Texas integrated energy group TXU
Corp., was once one of Britain's biggest power suppliers.  It
filed for bankruptcy in November 2002 after a collapse in energy
prices prompted TXU Corp. to withdraw support.

In January, Energy giants Drax Power, International Power,
Barking and Scottish and Southern Energy, reached a deal on
claims with Ernst & Young and KPMG, TXU Europe's administrator,
regarding a total of GBP1.2 billion in compensation.

CONTACT:  TXU CORPORATION
          Web site: http://www.txucorp.com/
          Media:
          Chris Schein
          Phone: +1-214-875-8329
          Mobile: +1-214-534-0087
          or
          Kimberly Morgan
          Phone: +1-214-875-8016
          Mobile: +1-214-543-1251

          Investor Relations
          Tim Hogan
          Phone: +1-214-875-9275
          or
          Bill Huber
          Phone: +1-214-875-8301


UNDETECTABLES LIMITED: Appoints Mazars Administrator
----------------------------------------------------
Name: THE UNDETECTABLES LIMITED
      (Company No 04066016)

Nature of Business: Architectural and Technical Consultants

Trade Classification: Division 5, 23

Date of Appointment: 26 August 2005

Joint Administrators' Names and Address: Timothy Colin Hamilton
Ball and Alistair Steven Wood (IP Nos 8018 and 7929), both of
Mazars LLP, Clifton Down House, Beaufort Buildings, Clifton,
Bristol BS8 4AN

CONTACT:  THE UNDETECTABLES
          2 Cole Road,
          Bristol, BS2 0UG
          Phone: +44 (0) 117 980 3919
          Fax: +44 (0) 117 980 3918

          MAZARS LLP
          Clifton Down House
          Beaufort Buildings
          Clifton Down, Clifton
          Bristol, Avon BS8 4AN
          Phone: 0117 973 4481
          Fax: 0117 974 5203
          E-mail: tim.ball@mazars.co.uk
          Web site: http://www.undetectables.com/


WALKER LIGHTING: Administrators from Ernst & Young Enter Firm
-------------------------------------------------------------
Name: WALKER LIGHTING LTD.
      (Company No 02900354)

Nature of Business: Lamp Distributor

Address of Registered Office: PO Box 61, Cloth Hall Court, 14
King Street, Leeds LS1 2JN

Trade Classification: Division 3, 15-Other Wholesale

Date of Appointment: 26 August 2005

Joint Administrators' Names and Address: Robert Hunter Kelly and
Garry Wilson (IP Nos 8582 and 9062), both of Ernst & Young LLP,
PO Box 61, Cloth Hall Court, 14 King Street, Leeds LS1 2JN

CONTACT:  WALKER (LIGHTING) LTD.
          Audby Lane
          Wetherby, West Yorkshire LS22 7FD
          United Kingdom
          Phone: (01937) 580158
          Fax: (01937) 584153

          ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


[Story redacted March 27, 2006 -- pac]


WEST LONDON: Members Opt for Liquidation
----------------------------------------
At an Extraordinary General Meeting of the Members of West London
Classics Limited, duly convened, and held at Regus, 1000 Great
West Road, Brentford, Middlesex TW8 9HH, on 30 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."

Carl J Robson, Chairman

                            *   *   *

West London Classics Limited was formed to serve a niche sector
of the Classic Car market.  It repairs, rebuilds, renovates and
services all British classic cars, including MG, Triumph, Austin
and other classic car marques.  Visit
http://www.westlondonclassics.com/about_us.htmlfor more
information.

CONTACT:  WEST LONDON CLASSICS LIMITED
          Opening times
          1A Ravenscourt Square
          Shepherd's Bush
          London W6 OTW
          Phone: 020 8563 0471
          Fax:020 8563 1080


WORLDNET TELECOM: Members Resolve to Wind up Firm
-------------------------------------------------
At an Extraordinary General Meeting of the Members of Worldnet
Telecom Limited, duly convened, and held at Stanton House, 41
Blackfriars Road, Salford, Manchester M3 7DB, on 15 August 2005,
the following Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Alex Kachani, of Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB, be and he is hereby nominated
Liquidator for the purpose of the winding-up."

M C Ward, Director

CONTACT:  WORLDNET TELECOM LIMITED
          Rayner House, 23 Higher Hillgate, Stockport, Cheshire
          SK1 3ER
          Web site: http://www.worldnettele.com
          Phone: 08700272244

          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


ZONE CONSTRUCTION: Construction Firm Crumbles
---------------------------------------------
At an Extraordinary General Meeting of the Members of Zone
Construction Limited, duly convened, and held at 50 Newhall
Street, Birmingham B3 3QE, 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
Gagen Dulari Sharma be and is hereby appointed Liquidator

CONTACT:  ZONE CONSTRUCTION LIMITED
          167 York Road, Hall Green, Birmingham, West Midlands
          B28 8LF
          Phone: 01216936226

          SHARMA & CO.
          50 Newhall Street
          Birmingham
          West Midlands B3 3QE
          Phone: 0121 248 5007
          Fax: 0121 248 5010
          E-mail: gagen@sharmaandco.com

          HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


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

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

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


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


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


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


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


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Glunz AG                  GLUG        (0)         428      (17)
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (106)       1,264      (50)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (38)         150      (26)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


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


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


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


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


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


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


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


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


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


SWITZERLAND
-----------
Kaba Holding AG           KABZN      (23)         582      260


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


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L      (51)         585       82
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (252)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (492)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Invensys PLC                        (963)       4,861      882
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Partygaming Plc           PRTY      (405)         263     (161)
PD Ports Plc              PDP.L     (282)         361        0
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113      (35)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

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


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  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
written permission of the publishers.

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

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


                 * * * End of Transmission * * *