TCREUR_Public/050914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, September 14, 2005, Vol. 6, No. 182

                            Headlines

F R A N C E

ALSTOM SA: Seeks EUR10 Billion Credit Line
CHARGEURS: Ends First Half 2005 in Red
SOLUTIONS PLASTIQUES: In Compulsory Administration


G E R M A N Y

BACKEREI SCHWARZLOSE: Falls into Bankruptcy
COMMSERV MODULAR: Creditors Meeting Set November
ELEKTRO-STOCK: Proofs of Claim Due Next Week
GERDES MASSIVHAUS: Muenster Court Calls in Administrator
GMS MASSIVHAUS: Under Bankruptcy Administration

HAUS TRANS: Gives Creditors Until Next Month to File Claims
HERLITZ PBS: Advent has No Plans to Break up Business
LIEDER MASCHINENBAU: Proofs of Claim Due Today
METZGEREI GENSLER: Frankfurt Company Goes Bust
MK BAUTRAGER: Court to Verify Claims November
VOLKSWAGEN AG: Cost-cutting Could Leave 30,000 Jobless
WIEDEMANN LACKIERTECHNIK: Names Interim Administrator


I T A L Y

PARMALAT FINANZIARIA: Denies Seizure of Venezuelan Plants
SEAT PAGINE: Reports EUR46.5 Million First-half Net Loss


K A Z A K H S T A N

PETROKAZAKHSTAN INC.: Calls Special Meeting to Discuss Takeover
PETROKAZAKHSTAN INC.: Declares Dividend of CA$0.20 per Share


N E T H E R L A N D S

KONINKLIJKE AHOLD: Donates US$1 Mln to Katrina Relief Effort
ROYAL SHELL: Buyback Scheme Progressing
ROYAL SHELL: Review of Hurricane-hit Assets Ongoing
VERSATEL TELECOM: Reaches Deal on Tele2 Bid


R U S S I A

AGRO-COMBINE SOLDATSKIY: Court Appoints Insolvency Manager
AGRO-TRANS: Declared Insolvent
ALROSA CO.: Moody's Affirms Ba2/Ba3 Ratings
ASHINSKIY: Succumbs to Bankruptcy
BAKALINSKIY AGRO-PROM-SERVICE: Under Bankruptcy Supervision

BUILDER: Proofs of Claim Deadline Expires Next Month
GAZPROM OJSC: Moody's May Upgrade Ratings
NIZHEGORODSKOYE BEER: Bankruptcy Hearing Set November
NORTH DONETS: Public Auction Set Today
OAO NORTH-WEST: Earns 'B+' Rating for Dominant Market Position

ROSNEFT OIL: Moody's Reviews Ratings for Possible Upgrade
SOUTHERN TELECOMMUNICATIONS: Moody's Affirms B3 Rating
SOVCOMFLOT: Moody's Hints of Potential Upgrade
SUAL INTERNATIONAL: Gets Ba3 Corporate Family Rating
SUROVATIKHINSKIY: Bankruptcy Supervision Procedure Begins
TAGAN-FISH: Undergoes Bankruptcy Supervision Procedure
TECH-TRANS: Insolvency Manager Takes over Business


S P A I N

ESPANOLA DE ZINC: Appeals Cartagena Plant Closure


U K R A I N E

ALFAMED: Succumbs to Insolvency
KORSHACHINSKE: Creditors' Claims Due Next Week
LIFT: Declared Insolvent
LSO: Insolvency Manager Takes over Helm
MICROBIOLOGY UAAN: Under Bankruptcy Supervision

NIK-TRADING: Kyiv Court Opens Bankruptcy Proceedings
NIZHNYOGIRSKIJ: Bankruptcy Supervision Starts
OBERON: Liquidator Takes over Helm
PRIAZOVYE: Court Names Denis Matvejchuk Liquidator
PROGRESIYA: Court Appoints Insolvency Manager
SENTOZA OIL: Falls into Bankruptcy
UKREXIMBANK: Fitch Assigns Proposed Eurobond 'BB-' Rating


U N I T E D   K I N G D O M

ALLIED COLLECTIONS: DTI Shuts down Debt Collection Firm
ALPHA HOUSE: Members Pass Winding-up Resolutions
ARROWLAKE LIMITED: Opts for Liquidation
AUTOCARE: Succumbs to Administration
BATLEY PADDING: Hires Administrators from CLB

BRISTOL BOTTLE: Kroll Administrators Move in
COSTAIN GROUP: Has New Chief Executive
D&S HOLDINGS: Hires Administrators from B N Jackson Norton
D W WEAVER: Appoints Administrators from Begbies Traynor
EURO GRAPHICS: EGM Passes Winding-up Resolutions

EXHIBITION SOLUTIONS: Files for Liquidation
FASCIA FABRICATIONS: Calls in Liquidators
FINEDON MILL: Creditors Meeting Next Week
GOSHAWK INSURANCE: Reviews Bermuda Unit Following Rating Action
KINGDOM KITCHENS: Files for Liquidation

MG ROVER: 6,000 Pensioners May Qualify for Govt Assistance
MIRAJ (UK): Liquidator Moves in
MONTFORD INSTRUMENTS: 'Blue Chip' Supplier Crashes
NETSHIFT SOFTWARE: Sets Creditors Meeting Next Week
NORFROST LIMITED: Haulage Firm Assumes Business

OPPERMANN ENGINEERING: Owners Decide to Liquidate Business
PCF LIMITED: Administrators Take over Firm
PTWO NETWORKS: Computer Consultant Winds up
PURE INTERNATIONAL: Hires Administrators from Leonard Curtis
RENTOKIL INITIAL: Clarifies Report on Raphoe's Proposal

REQIO LIMITED: Calls in Administrators from Tenon Recovery
SEAFORD LABORATORIES: Administrators Move in
SIMES & SONS: Engineering Firm Liquidates
SOUTHERN MECHANICAL: Hires Smith & Williamson as Administrator
SUMITOMO HEAVY: Hires KPMG Liquidator
TARNIE LIMITED: In Liquidation
WIREMOLD LIMITED: Members Pass Winding-up Resolutions


                            *********


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


ALSTOM SA: Seeks EUR10 Billion Credit Line
------------------------------------------
Engineering giant Alstom S.A. is holding talks with banks to
renew existing credit line at more favorable terms, La Tribune
says.

Alstom is seeking to increase the credit line from EUR8.5 billion
to EUR10 billion and at more favorable terms, sources privy to
the matter told the financial daily.  Banks involved in the talks
are BNP Paribas, Societe Generale, HSBC PLC and Credit Agricole's
Calyon.

Alstom can avail of the credit line in August 2006.  An Alstom
spokeswoman confirmed the group is currently "in the process of
negotiating a global credit program with a number of banks" but
refused to give details.  She added Alstom would release a
statement on the issue early next month.

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


CHARGEURS: Ends First Half 2005 in Red
--------------------------------------
Textile group Chargeurs booked a dismal performance for the first
half of the year, Le Monde says.

According to the daily, Chargeurs posted EUR26 million in
first-half net loss, the complete opposite of EUR20 million in
net profit a year ago.  The group's results at the operating
level dropped to -EUR13 million from last year's EUR29 million.

The group blamed its gloomy results to the deluge of Chinese
textile in the market.

Contact:  CHARGEURS
          38 rue Marbeuf
          75008 Paris - France
          Phone: (33-1) 49 53 10 00
          Fax: (33-1) 49 53 10 01
          E-mail: chargeurs@chargeurs.fr
          Web site: http://www.chargeurs.fr


SOLUTIONS PLASTIQUES: In Compulsory Administration
--------------------------------------------------
The commercial court of Guincamp (Cotes-d'Armor) has placed
plastics maker Solutions Plastiques in compulsory administration,
according to Les Echos.  The firm's subsidiaries -- SA Solutions
Plastiques, Groupe Solutions Plastiques and SP Division
Automobile -- have already declared bankruptcy, the report said.
They employ 103, 17 and 60 people respectively.


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


BACKEREI SCHWARZLOSE: Falls into Bankruptcy
-------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Backerei Schwarzlose on August 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 14, 2005 to register their
claims with court-appointed provisional administrator Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2005, 10:00 a.m. at the district
court of Potsdam, Nebenstelle Lindenstrasse 6, Saal 004, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  BACKEREI SCHWARZLOSE GmbH
          Grosse Milower Strasse 72 a, 14712 Rathenow

          Bert Buske, Administrator
          Alt Nowawes 67, 14482 Potsdam


COMMSERV MODULAR: Creditors Meeting Set November
------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against commserv modular communication GmbH on August
15.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until October 8,
2005 to register their claims with court-appointed provisional
administrator Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2005, 10:10 a.m. at the district
court of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20,
60313 Frankfurt am Main, 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:  COMMSERV MODULAR COMMUNICATION GmbH
          Schmidtstrasse 12, 60326 Frankfurt am Main

          Michael C. Frege, Administrator
          Barckhausstrasse 12-16, 60325 Frankfurt/Main
          Phone: 069/71701300
          Fax: 069/7170140410


ELEKTRO-STOCK: Proofs of Claim Due Next Week
--------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Elektro-Stock Bruno Stock GmbH on August 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 23,
2005 to register their claims with court-appointed provisional
administrator Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2005, 11:10 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ELEKTRO-STOCK BRUNO STOCK GmbH
          Bornestrasse 20, 22089 Hamburg
          Contact:
          Jens Voss, Manager

          Joachim Buettner, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810


GERDES MASSIVHAUS: Muenster Court Calls in Administrator
--------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Gerdes Massivhaus GmbH on August 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 31, 2005 to register their
claims with court-appointed provisional administrator Manfred
Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting on November 21, 2005, 9:00 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  GERDES MASSIVHAUS GmbH
          Am Mergelberg 4, 48324 Sendenhorst
          Contact:
          Hermann Gerdes, Manager

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


GMS MASSIVHAUS: Under Bankruptcy Administration
-----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
GMS Massivhaus GmbH on August 17.  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 Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2005, 9:35 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12.
Etage, Raum 1240, 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:  GMS MASSIVHAUS GmbH
          Anemonenweg 1, 50858 Koln
          Contact:
          Serife Sahin, Manager
          Benfleetstrasse 6, 50858 Koln

          Andreas Amelung, Administrator
          Im Mediapark 6 B, 50670 Koln
          Phone: 57437910
          Fax: +4922157437938


HAUS TRANS: Gives Creditors Until Next Month to File Claims
-----------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Haus Trans & Service GmbH & Co. KG on August
24.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until October 13,
2005 to register their claims with court-appointed provisional
administrator Steffi Radack-Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 11:00 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  HAUS TRANS & SERVICE GmbH & Co. KG
          Finowfurter Ring 12 a, 16244 Finowfurt

          Steffi Radack-Mueller, Administrator
          Franzosische Strasse 9 - 12, 10117 Berlin


HERLITZ PBS: Advent has No Plans to Break up Business
-----------------------------------------------------
Office goods and paper manufacturer Herlitz PBS AG is to remain
intact after its acquisition, according to new owner U.S. private
equity company Advent International.

In mid-August, a Luxembourg subsidiary of Advent took over the
64.7% stake held by a group of German banks in Herlitz for an
undisclosed sum.  According to Die Welt, Advent will invest an
eight-figure sum in Herlitz.  It will also pursue acquisitions in
Eastern Europe, and invest in machines and plants.  Management
did not say how many jobs will be lost, but admitted
rationalization is necessary.  It is not planning to increase its
offer for the free shareholders, or buy additional stakes to
bring its holding above 75%, the report said.

Herlitz has been looking for a partner since emerging from
bankruptcy in 2002.  It ended last year with a post-tax profit of
EUR3.7 million, a twofold increase despite a shrinking market.
Still, the company needs a partner to help finance expansion.

CONTACT:  HERLITZ PBS AG
          Am Borsigturm 100
          13507 Berlin
          Phone: +49 (0) 30 43 93-0
          Web site: http://www.herlitz.de/


LIEDER MASCHINENBAU: Proofs of Claim Due Today
----------------------------------------------
The district court of Walsrode opened bankruptcy proceedings
against Lieder Maschinenbau GmbH & Co. KG on August 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 14,
2005 to register their claims with court-appointed provisional
administrator Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting on October 17, 2005, 10:00 a.m. at the district court
of Walsrode, Lange Strasse 29-33, 29664 Walsrode, 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:  LIEDER MASCHINENBAU GmbH & Co. KG
          Im Laab 3, 29690 Schwarmstedt
          Contact:
          Helmut Gruene Jr., Manager

          Stefan Denkhaus, Administrator
          Jungfernstieg 30, 20354 Hamburg
          Phone: (040) 35006-188
          Fax: (040) 35006-176


METZGEREI GENSLER: Frankfurt Company Goes Bust
----------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Metzgerei Gensler Catering GmbH on August 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 8, 2005
to register their claims with court-appointed provisional
administrator Thomas Illy.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2005, 10:20 a.m. at the district
court of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20,
60313 Frankfurt am Main, 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:  METZGEREI GENSLER CATERING GmbH
          Kaiserstr. 48, 60329 Frankfurt am Main

          Thomas Illy, Administrator
          An der Welle 5, 60322 Frankfurt am Main
          Phone: 069/979953-0
          Fax: 069/979953-99


MK BAUTRAGER: Court to Verify Claims November
---------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against MK Bautrager GmbH on August 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 22, 2005 to register
their claims with court-appointed provisional administrator
Sylvia Rhein.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2005, 9:30 a.m. at the district court
of Darmstadt, Zimmer 108, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  MK BAUTRAGER GmbH
          Eschollbruecker Strasse 37, 64295 Darmstadt
          Contact:
          Johann Josef Ludwig Mischler, Manager
          Spessartstrasse 4, 64846 Gross-Zimmern

          Sylvia Rhein, Administrator
          Walther-Rathenau-Str. 24, 64646 Heppenheim
          Phone: 06252/6877-0
          Fax: 06252/6877-11


VOLKSWAGEN AG: Cost-cutting Could Leave 30,000 Jobless
------------------------------------------------------
Up to 30,000 jobs could be lost at Volkswagen AG in its effort to
cut costs and raise profits, said The Guardian.

The potential job cuts represent about a third of the carmaker's
workforce and three times higher than initial estimates made by
Chief Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.  The scheme would reportedly involve
outsourcing of component-making from sites such as those in
Kassel and Hanover.

While insiders insist the figures had been mentioned in the
company's internal planning documents, Mr. Bernhard insists they
were "plucked out of the air."  He, however, does not deny the
cost-cutting effort.  In fact, he previously told workers to be
"ready to tread new paths" and stressed that "no sacred cows"
would be spared as the struggling carmaker plans to save EUR10
billion and lift profits by EUR4 billion to avoid dipping further
into the red by 2008.

In 2004, Volkswagen agreed with unions that, in exchange of a
temporary wage freeze, there would be no compulsory lay-offs
until 2011.  However, earlier this month, Mr. Pischetsrieder said
the company will be intensifying its efforts to cut back manpower
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


WIEDEMANN LACKIERTECHNIK: Names Interim Administrator
-----------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against Wiedemann Lackiertechnik Handels-GmbH on August 11.
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 Andree Wernicke.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2005, 10:00 a.m. at the district court
of Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150 Augsburg, 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:  WIEDEMANN LACKIERTECHNIK HANDELS-GmbH
          Am Muehlanger 10, 86316 Friedberg
          Contact:
          Steppe Susanne, Manager

          Andree Wernicke, Administrator
          Kanzlei Scheidle & Partner
          Grottenau 6, 86150 Augsburg


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


PARMALAT FINANZIARIA: Denies Seizure of Venezuelan Plants
---------------------------------------------------------
The Venezuelan arm of Parmalat Finanziaria denied reports that
Union Nacional de Trabajadores Venezolanos (UNT) has seized two
of its sites.

Earlier, UNT coordinator Marcelo Maspero announced that workers
have taken over eight local plants, two of which -- Machiques and
Barquisimeto sites -- belong to Parmalat de Venezuela.  In a
communique published in El Universal newspaper, Parmalat de
Venezuela said Ms. Maspero's statements were false, adding the
sites were on sale.

Venezuelan workers took over idle factories, hoping the
government would expropriate them into state-and-worker
businesses.

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

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


SEAT PAGINE: Reports EUR46.5 Million First-half Net Loss
--------------------------------------------------------
The Seat Pagine Gialle S.p.A. Board of Directors, chaired by
Chairman Enrico Giliberti, on Friday approved the results for the
first half 2005 illustrated by CEO Luca Majocchi.

          Consolidated Results at June 30, 2005

Transition to IAS/IFRS

As of January 1, 2005, the SEAT PG Group and SEAT PG S.p.A.
adopted IAS/IFRS standards.

Therefore the first-half 2005 consolidated and separate parent
company financial statements are the first of their kind prepared
in accordance with these standards.  The comparative data for the
first half 2004, as well as the balance sheet at the transition
date (January 1, 2004), the income statement 2004, and the
balance sheet at December 31, 2004 (both consolidated and at
individual company level), have been recalculated and restated in
accordance with the new accounting standards.

At consolidated level, the transition to IAS/IFRS had these
effects:

(a) FY 2004 EBITDA amounted to EUR614.4 million (with a marginal
    impact of EUR+2.8 million compared to EBITDA calculated
    according to Italian accounting standards);

(b) FY 2004 Net result: it's positive for an amount of EUR79.9
    million (with an increase of EUR199.4 million versus FY 2004
    Net Results calculated according to Italian accounting
    standards, due to the elimination of depreciation of
    goodwill for 203.6 million in 2004);

(c) Net financial debt: without transaction costs and
    liabilities from hedging instruments, net financial debt
    amounted to EUR3,924.4 million at December 31, 2004 (EUR1.2
    million less than the amount presented according to Italian
    accounting standards).  It is specified that SEAT PG Group
    and SEAT PG S.p.A. applied the provisions of IAS 39 --
    financial Instruments -- only to 2005 amounts;

(d) Shareholders' equity: at December 31, 2004 amounted to
    EUR860 million (+185 million compared to the shareholders'
    equity based on Italian accounting standards, mainly due to
    the absence of amortization of goodwill, -EUR203.6 million
    on the 2004 income statement).

Revenue Trend

Net consolidated revenues amounted to EUR555.8 million (-0.8%),
in line with the figure at June 30, 2004 (+0.1% at constant
exchange rates and considering a constant amount of directories
published by Thomson Directories).

At a level of individual business areas, the performance was:

(a) "Italian Directories": revenues amounted to EUR415.2
    million, with a slight decrease (-0.8%) compared to June 30,
    2004.  Driven by the excellent results in PAGINEGIALLE.it
    online operations (up 15.7% to EUR38.6 million) and in
    Pronto PAGINEGIALLE telephone platform (up 25.1% to EUR27.1
    million), the multi-platform offering was able to offset
    the decline in print products (-4.0%) that was impacted by
    the worsened general economic situation and efforts aimed at
    improving the quality of revenues;

(b) "U.K. Directories": revenues (EUR63.4 million) are in line
    with revenues at June 30, 2004, despite the shift in the
    publishing of 5 directories from the first to the second
    half of the year.  At constant exchange rates and
    considering a constant amount of directories, there was a
    8.9% growth supported by the good performance of online
    directories (+26.7%) and an increased customer base (+10,400
    customers compared to H1 2004).

(c) "Directory Assistance": revenues amounted to EUR73.8
    million, decreasing 1.2% due to market contraction in
    Germany, where the decline in the number of calls was
    However largely offset by growth in new VAS and other

    business lines, and despite the positive performance on the
    Italian and Spanish markets (EUR12.3 million, +5.7%);

(d) "Other businesses": revenues amounted to EUR15.7 million (of
    which EUR15.3 million attributable to Consodata), up 8.0%
    over 2004.

EBITDA Performance

Operating income depreciation, amortization and net non-recurring
and restructuring charges (EBITDA) totaled EUR213.5 million, with
an increase compared to H1 2004 (+4.5%), due to improved margins
(EBITDA ratio to revenues increased from 36.5% to 38.4%) due to
the actions taken to improve sales quality and profitability in
SEAT PG S.p.A. and step up efficiency at Telegate.

Operating Income Performance

Operating income reached EUR110.4 million, a 14.5% increase over
the first half 2004.

Net Result:

The Group reported a net loss of EUR46.5 million (net income
EUR10.3 million in H1 2004), reflecting a EUR50.3 million
increase in financial charges (attributable to the payment on the
entire period of the loan contract in April 2004) and a EUR17.0
million increase in taxes (the first half 2004 benefited from a
positive tax effect worth EUR18 million from the sale of the
equity investment in Consodata S.A.).

Operating Cash Flow Trend

Operating cash flow generated in H1 amounted to EUR302.8 million,
increasing approximately EUR4 million (+1.3%) compared to H1
2004, driven by the improvement in EBITDA and a positive
management of SEAT PG S.p.A. working capital.

Operating cash flow's ratio to revenues increased from 53.5% to
54.5%.

Performance of Net Financial Debt

Net financial debt, including transaction costs and liabilities
from hedging instruments, amounted to EUR3,789.9 million at June
30, 2005 (including EUR3,612 million long-term), a EUR125 million
decrease from EUR3,924.4 million at end-2004.

The Group repaid EUR220 million in debt in the first half 2005,
including EUR50 million in advance in January, EUR84 million in
March though originally due in June, and a further EUR84 million
in June, originally maturing in December 2005.

The Group successfully concluded the restructuring of its senior
debt in May, allowing it to reduce debt-servicing costs: the
weighted average spread on EURIBOR was reduced by 81 basis
points, corresponding to savings of around EUR13 million in FY
2005.

Cash and cash equivalents at June 30, 2005 amounted to EUR84.0
million (137.9 million at December 31, 2004).

                  Main Group Companies

SEAT PG S.p.A.

Macroeconomic conditions in Italy deteriorated in the first half
as retail sales contracted and consumer and business confidence
declined further, with a negative impact on the propensity to
invest in communications among small/medium-sized businesses.
This trend, coupled with actions taken by the company to improve
the quality and profitability of sales, put pressure on print
product revenues, where operating profitability nonetheless
increased, boosted by the positive effect of these actions,
keeping sales and service revenues in line with the H1 2004
result, sustained by the multi-platform approach, offsetting the
fall in revenues from traditional products through the growth in
online and telephone services.

Especially noteworthy is the significant increase in
profitability, driving the rebound in EBITDA and operating income
also at the consolidated level, the result of the focus on more
profitable revenues and lower provisions to reserves for risks
and charges and the receivables write-down reserve, attributable
to better quality in the delivery of services and management of
collections and debt recovery.

In this context, revenues remained mostly stable compared to the
first half 2004 (down 0.8% to EUR415.2 million), sustained by the
quality and depth of the SEAT multi-platform offer.  At a level
of individual products, the performance was:

(a) Print: revenues amounted to EUR332.4 million, down 4.0%
    compared to H1 2004, due to deteriorating economic
    conditions, as mentioned, and actions taken to improve the
    quality of sales, trends which mostly weighted on the large
    urban centers and a narrow range of customers in particular;

(b) Online: Revenues jumped 15.0% to EUR41.1 million, led by the
    excellent performance at PAGINEGIALLE.it (up 15.7% to
    EUR38.6 million), benefiting from constant innovation to
    products and services, strengthening search functions
    through interactive maps and services offered to
    advertisers;

(c) Voice: revenue growth continues at 89.24.24 Pronto
    PAGINEGIALLE (up 25.1% to EUR27.1 million), sustained by
    both advertising revenues (up 6.6%) and telephone traffic
    (up 49.4%) as both the number of calls and average call
    length increased sharply; and

(d) Other products: other products, including direct marketing
    and promotional items, were stable at EUR11.7 million;

(e) EBITDA totaled EUR191.8 million (up 4.9%), with the ratio
    to revenues increasing to 46.2%.

This result was attributable to the combined effect of the 3.9%
reduction in operating costs (better yield per page as a result
of actions aimed at improving profitability in relations with
medium/high-end advertisers) and lower provisions to reserves for
risks and charges (actions aimed at improving the quality of
operating and marketing processes, reducing the flow of
disputes), and to the receivables write-down reserve (better
receivables management, leading to a 4% decrease in doubtful
debt).

Net financial debt, including origination and refinancing fees
and liabilities on derivative hedging instruments, amounted to
EUR3,637.7 million (down from EUR3,758.1 million at December 31,
2004), while operating cash flow amounted to EUR272.0 million.

Thomson

Despite the publication of five fewer directories compared to the
first half 2004 (their publication is due in the coming months),
revenues remained mostly unchanged vs. H1 2004 (Euro 63.4
million, down 0.2%).  At constant exchange rates and amount of
directories published, growth was 8.9%.

Revenues were driven by the good performance at all product
lines, especially online, recording a very fast growth rate.  The
customer base continued to grow, recording a sharp 9.5% increase,
reflecting the quality and distinctiveness of the offer in the
face of a highly competitive market.

EBTIDA was held to EUR2.9 million, largely reflecting the delay
in the publication of five directories from the first to the
second half of the year and the acceleration of investment in
advertising in first half 2005 compared to the previous year.

TELEGATE

Revenues totaled EUR69.7 million, showing a slight decrease
compared to June 30, 2004 due to the reduction in the number of
calls in Germany, partially offset by the positive performance of
operations in Italy and Spain.

Margins improved sharply (EBITDA up 23.6% to EUR20.9 million),
mostly driven by the increase in the average value of calls in
Germany, development of VAS, and further efficiency gains in
terms of purchasing costs for data and call center
infrastructure.

Evolution of Operations

Management expects the trends emerging in the first half of the
year to continue into the second half.

As for Italy in particular, no improvement in the propensity to
household consumption and business confidence among
small/medium-sized enterprises is expected in the short-term.
In this context, Seat PG S.p.A. will continue to focus on
improving the quality and profitability of sales, on the one
hand, and improving products and the quality of services offered
to users and advertisers on the other (the distribution of Idee
Invacanza has been completed in July, while the distribution of
the new local directory, InZona, will be completed in the next
month of November).

Moreover, the introduction of new Directory Assistance services
in Italy and France is scheduled in the fourth quarter of the
year.

Taking these developments into account, we confirm that the Group
is on track for achieving its EBITDA growth target of 1.5-2.0%
and expects the fiscal year 2005 to show a profit both at the
individual company and consolidated levels.

Among the events occurring after June 30, 2005, worthy of note is
the signing of a preliminary contract in July for the Seat PG
acquisition of a 51% stake in Cipi S.p.A., one of the leading
promotional items companies in Italy. Closing is scheduled in
September.  The aim of the acquisition is to strengthen the
Group's positioning in this rather important sector for the
promotion/advertising market for small and medium-sized
companies.

On August 31, Cologne's regional court of first instance in two
proceedings ordered Deutsche Telekom to reimburse the Telegate
group the excess costs stemming from the provision of information
on subscribers, which amounted to approximately EUR60 million, as
well as the interest accrued from the start of the proceedings in
December 2004.  The rulings came on the heels of another
provision handed down by the Supreme Court of Dusseldorf,
ordering Deutsche Telekom to pay approximately EUR5 million in
compensation for "excessive" costs paid for the supply of
subscriber data during the January-September 1999 period.
Telegate's actions were based on the November 25, 2004 ruling by
the European Cost of Justice on the issue of subscriber data
provision costs.  At the time of writing, the terms of a possible
appeal by Deutsche Telekom are pending.

CONTACT:  SEAT PAGINE GIALLE
          Communications
          Phone: +39 011 435.3030
          Fax: +39 011 435.3040
          E-mail: Comunicazione.stampa@seat.it
          Web site: http://www.seat.it

          Investor Relations
          Phone: +39.011.435.2600
          E-mail: Investor.relations@seat.it

          Legal and Corporate Affairs
          E-mail: ufficio.societario@seat.it

          BARABINO & PARTNERS
          Phone: +39 02 72 02 35 35
          Fax: +39 02 89 00 519
          Federico Steiner
          E-mail: f.steiner@barabino.it
          Niccolo Moschini
          E-mail: n.moschini@barabino.it


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


PETROKAZAKHSTAN INC.: Calls Special Meeting to Discuss Takeover
---------------------------------------------------------------
PetroKazakhstan Inc. will hold a special meeting of shareholders
in Calgary, Alberta on October 18, 2005 for shareholders to vote
on the proposed arrangement whereby a Canadian subsidiary of CNPC
International Ltd. will acquire all of the outstanding common
shares of PetroKazakhstan for US$55.00 cash per share.  The total
transaction value is approximately US$4.18 billion.

A record date of September 16, 2005 has been fixed by the Board
of Directors of the Company for shareholders to receive notice
of, and vote at, the special meeting.  An information circular
describing the Arrangement is expected to be mailed to
shareholders and filed with the relevant securities regulators on
September 19, 2005.  The timing of the record date and meeting
date is subject to PetroKazakhstan obtaining an interim order
from the Court of Queen's Bench of Alberta.  The Board of
Directors of the Company, upon the advice of the Special
Committee, has recommended that shareholders vote in favor of the
Arrangement on October 18, 2005.

As previously disclosed, CNPCI agreed to consider an alternative
proposal which would have allowed shareholders to elect to
receive, instead of US$55.00 cash per share, cash consideration
of US$54.00 per share and one share of a newly-formed oil and gas
company that would seek oil and gas development opportunities in
Central Asian countries other than Kazakhstan.  Having considered
the Spin-off Proposal, CNPCI has now advised PetroKazakhstan that
it does not wish to proceed with the Spin-off Proposal as part of
the Arrangement.

CNPCI has informed PetroKazakhstan that it has chosen not to
proceed with the Spin-off Proposal due in particular to the
potential impact on its transaction structuring and planning, the
liabilities that it believes would potentially have been retained
or incurred by PetroKazakhstan following the Arrangement, and
concerns regarding the impact on the timing of the Arrangement.

Accordingly, the Arrangement will proceed on the basis of CNPCI's
offer of US$55.00 cash per share.  To ensure that
PetroKazakhstan's shareholders will be entitled to participate in
the Central Asian Opportunity if the Arrangement is not
successfully completed, CNPCI has agreed that PetroKazakhstan may
continue to incur certain costs related to the ongoing
development of the Central Asian Opportunity up to the effective
date of the Arrangement.

In addition, CNPCI has agreed that the Company's Chairman and
Chief Executive Officer and certain other members of the
Company's management may pursue the Central Asian Opportunity if
the Arrangement is successfully completed.  The Special Committee
and the Board of Directors of the Company have also determined
that they do not object to the pursuit of the Central Asian
Opportunity by these executives in the event that the Arrangement
is successfully completed.

More detailed information concerning the Arrangement, the Special
Committee's deliberations and general background with respect to
the Arrangement will be set forth in the information circular to
be mailed next week.

                            *   *   *

PetroKazakhstan Inc. is a vertically integrated, international
energy company, celebrating its eighth year of operations in the
Republic of Kazakhstan.  The Company is engaged in the
acquisition, exploration, development and production of oil and
gas, the refining of crude oil and the sale of oil and refined
products.

PetroKazakhstan shares trade in the United States on the New York
Stock Exchange, in Canada on The Toronto Stock Exchange, in the
United Kingdom on the London Stock Exchange and in Germany on the
Frankfurt Exchange under the symbol PKZ.  As of December 27,
2004, PetroKazakhstan shares began trading on the Kazakhstan
exchange under the symbol CA_PKZ.

In the second of quarter 2005, PKZ had to reduce production to
105,900 barrels per day (30% below 2004), and production for the
remainder of the year is likely to fall short of expectations.
Further, PKZ's access to the production and cash flows of its
joint venture Turgai Petroleum might be limited by corporate
governance uncertainties and numerous litigations

In August, Standard & Poor's Ratings Services affirmed
PetroKazakhstan's 'B+' long-term corporate credit rating
following the decline in production.  The rating agency believes
that production cuts caused by Kazakh gas-flaring regulation and
ongoing litigation regarding PKZ's 50:50 joint venture with
LUKoil OAO, together with tax and antitrust litigation, limit the
upside potential on the rating.

CONTACT:  PETRO KAZAKHSTAN INC.
          Sun Life Plaza, North Tower
          #1460, 140 4th Avenue S.W. Calgary,
          Alberta, Canada T2P 3N3
          Phone: (403) 221-8435
          Fax: (403) 221-8425
          Web site: http://www.petrokazakhstan.com

          U.K. Representative Office
          Ascot Petroleum
          Consulting Ltd.
          Hogarth House, 31 Sheet Street
          Windsor, Berkshire
          United Kingdom SL4 1BY
          Phone: 44 (1753) 410 020
          Fax: 44 (1753) 410 030
          Contact:
          Jeffrey D. Auld
          Vice President, Treasurer

          Kazakhstan Offices
          PetroKazakhstan Kumkol Resources
          PetroKazakhstan Oil Products
          204 Karasai Batyr Street
          Almaty, Republic of Kazakhstan
          480009
          Phone: 7 (3272) 58-18-48
          Fax: 7 (3272) 58-18-60
          Contact:
          Thomas Dvorak, President


PETROKAZAKHSTAN INC.: Declares Dividend of CA$0.20 per Share
------------------------------------------------------------
The Board of Directors of PetroKazakhstan Inc. has declared and
set the next quarterly dividend payment at CA$0.20 per share.
The record date is October 14, 2005 and the date of payment will
be not later than October 31, 2005.

CONTACT:  PETRO KAZAKHSTAN INC.
          Sun Life Plaza, North Tower
          #1460, 140 4th Avenue S.W. Calgary,
          Alberta, Canada T2P 3N3
          Phone: (403) 221-8435
          Fax: (403) 221-8425
          Web site: http://www.petrokazakhstan.com

          U.K. Representative Office
          Ascot Petroleum
          Consulting Ltd.
          Hogarth House, 31 Sheet Street
          Windsor, Berkshire
          United Kingdom SL4 1BY
          Phone: 44 (1753) 410 020
          Fax: 44 (1753) 410 030
          Contact:
          Jeffrey D. Auld
          Vice President, Treasurer

          Kazakhstan Offices
          PetroKazakhstan Kumkol Resources
          PetroKazakhstan Oil Products
          204 Karasai Batyr Street
          Almaty, Republic of Kazakhstan
          480009
          Phone: 7 (3272) 58-18-48
          Fax: 7 (3272) 58-18-60
          Contact:
          Thomas Dvorak, President


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


KONINKLIJKE AHOLD: Donates US$1 Mln to Katrina Relief Effort
------------------------------------------------------------
Royal Ahold said on Sept. 12, it will donate US$1 million to the
Hurricane Katrina relief effort.  This donation is in addition to
the fundraising activities being undertaken at Ahold's food
retail and foodservice subsidiaries in the United States.

Since September 1, Ahold's U.S. operations have been involved in
the relief effort. Ahold's U.S. retail chains - Stop & Shop,
Giant-Landover, Giant-Carlisle and Tops - have enabled customers
to make cash contributions as they pass through the checkout.  In
addition, the operating companies have donated food and health
care products to disaster relief organizations.  Employees have
also been making donations at Ahold and sister company offices,
stores and distribution centers.

With hundreds of employees based in the hardest hit areas, U.S.
Foodservice has been heavily involved in relief efforts.  The
company has donated food, water, refrigerated trucks, and other
equipment.  In addition, U.S. Foodservice made deliveries to
dozens of Gulf Coast health care facilities, even during the
worst of the storm, helping them remain fully operational during
the crisis.  All funds collected, in addition to Ahold's
contribution, will be donated to the American Red Cross and
America's Second Harvest - The Nation's Food Bank Network.

"As a company, Ahold could not stand by and watch the horrific
damage and human tragedy that Katrina has wreaked without doing
what we can," said Ahold President & CEO Anders Moberg.  "The
devastation is unprecedented in U.S. history and, together with
the help of our customers and employees, we are proud to be able
to help those whose lives and livelihood have been so seriously
affected by this natural disaster."

Ahold is an international group of leading and local food retail
and foodservice operators that do business under their own brand
names.  Each week, our company meets the needs of millions of
customers in 20 countries.  In the United States, Ahold operates
four retail chains along the eastern seaboard - Stop & Shop,
Giant-Landover, Giant-Carlisle and Tops - as well as U.S.
Foodservice.  Ahold, with 2004 consolidated net sales of
approximately EUR52 billion, is actively engaged in helping the
communities its operating companies serve.

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


ROYAL SHELL: Buyback Scheme Progressing
---------------------------------------
On 9 September 2005, Royal Dutch Shell plc purchased for
cancellation 1,395,000 'A' Shares at a price of EUR26.10 per
share.  It also purchased for cancellation 260,000 'A' Shares at
a price of 1,762.52 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,044,490,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


ROYAL SHELL: Review of Hurricane-hit Assets Ongoing
---------------------------------------------------
Royal Dutch Shell has provided an update on the operational
impact of Hurricane Katrina.

Upstream Operations

Production is now flowing and ramping up from all Shell-operated
assets in the Western Gulf of Mexico (GoM) that were shut in
because of Hurricane Katrina.  Production has resumed at Auger,
Brutus, Bullwinkle, Cougar, Enchilada, North Padre Island and
West Cameron 565.  In the Eastern GoM, the Fairway asset and
Yellowhammer Gas Processing Plant near Mobile Bay is operating
normally.

Shell's net GoM production from Shell-operated and
outside-operated fields for the first half of 2005 averaged
around 450,000 barrels of oil equivalent per day (kboe/d).
Currently, Shell's net GoM production has returned to
approximately 160 kboe/d.  Significant efforts continue as we
make a comprehensive assessment of our hurricane-impacted assets
(Mars, Ursa, Cognac, and West Delta 143) as well as of pipelines
and other related onshore processing/handling facilities that
transport and receive our production.

Pending full assessment and evaluation of infrastructure and
assets, it is expected that about 60% of total production will be
restored to pre-hurricane levels within Q4, 2005.  The situation
with respect to the remaining production, mainly from the Mars
and Ursa area, Mensa, and Cognac, is still being assessed, but
production from these facilities may not be feasible during the
fourth quarter, depending on options available for recovery.

Downstream Operations

Refineries

Shell and Motiva operate 7 refineries in the U.S. with overall
crude throughput of approximately 1 million barrels per day
(bbl/d).  Two Motiva refineries, Motiva Convent and Motiva Norco,
representing about 27% of Shell's U.S. refining capacity (net)
were impacted by Hurricane Katrina.  These refineries normally
supply retail and other customers mainly in the PADD III Gulf
Coast area.

The Motiva Convent refinery has completed repairs and initiated
its restart sequence.  It is expected that the refinery will be
brought back towards full production over several days.  Full
production rates are expected to be achieved by the end of next
week.  The Motiva Convent refinery has a capacity of 235 thousand
bbl/d of crude throughput (Shell share 50% = 117.5 thousand
bbl/d).

Repair work continues at the Motiva Norco refinery and restart of
operations could begin the middle of next week.  The Motiva Norco
plant has a capacity of 220 thousand bbl/d of crude throughput
(110 thousand bbl/d = Shell share 50%).

Other Gulf Coast Shell refineries in Deer Park (334 thousand
bbl/d = Shell share 50%) and Port Arthur (275 thousand bbl/d =
Shell share 50%) are not affected.

Chemicals

Shell Chemical LP is continuing to make progress in restoring
operations.  The Geismar, Louisiana chemicals plant is operating
at 60 % of its capacity, limited by offsite logistics issues.
Geismar (Shell share 100%) produces first line derivative
products.  Full capacity is expected as logistics become
available.

The Mobile facility in Alabama is in its final start-up phase.
Mobile (Shell share 100%) produces base chemical feedstocks and
fuels.

Norco (Shell share 100%) produces base chemicals and other
products.  More definitive information on start-up dates will be
available in the coming days as start-up plans are developed
jointly with the refinery.

Terminals and Retail

Terminal operations are nearly up and running across the affected
area.  Movement of product into retail stations continues to be a
significant challenge.

Work is in progress assessing the full impact of the storm on the
company's network, and great efforts are being made to keep
product flowing.  Motiva has taken specific actions to help
control prices in the affected areas and is also taking strict
measures against price gouging by any of the branded locations.

                        About the Company

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

                           The Trouble

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

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


VERSATEL TELECOM: Reaches Deal on Tele2 Bid
-------------------------------------------
Further to the earlier press releases of 18 July 2005, 17 August
2005 and 8 September 2005, Tele2 Finance B.V. (Tele2, an indirect
wholly owned subsidiary of Tele2 AB), Versatel Telecom
International N.V. (Versatel) and funds advised by Apax Partners
(Apax) hereby announce that final agreement has been reached on a
recommended offer (Offer I) by Tele2 for all the issued and
outstanding ordinary shares (Shares) and a recommended offer
(Offer II) by Tele2 for all the issued and outstanding 3.875%
convertible senior notes due 2011 convertible into ordinary
shares in the capital of Versatel (Bonds; Offer I and Offer II
collectively the Offers).

The terms and conditions of the Offers are described in the offer
memorandum (Offer Memorandum) that will be made available as
described below.  A summary of certain key transaction facts is
set out below, which should be read in conjunction with the Offer
Memorandum:

(a) The acceptance period for the Offers begins on 14 September
    2005 and will end at 15:00 hours Amsterdam time on 7 October
    2005, unless extended;

(b) A cash amount of EUR2.20 per Share will be paid to
    Shareholders tendering their Shares;

(c) Bondholders will be paid a cash amount of EUR132,273.61 per
    Bond, which amount includes an incentive fee of 0.30% of the
    principal amount of the Bond (see conditions below,
    including a possible adjustment for the interest due for the
    year ended 28 October 2005);

(d) The conditions to the Offers include an acceptance level for
    the Shares of at least 95% and at least 85% for the Bonds.
    Tele2 reserves the right to waive one or more of the
    Conditions;

(e) Subject to the Offers being declared unconditional, Tele2
    intends, in consultation with Euronext, to delist the Shares
    and Bonds from Eurolist by Euronext Amsterdam;

(f) The supervisory board and the management board of Versatel
    have concluded that the Offers are in the best interests of
    Versatel, its Shareholders, Bondholders and other
    stakeholders, and unanimously recommend that Shareholders
    and Bondholders accept the Offers;

(g) Talpa Capital B.V. has irrevocably undertaken to tender all
    Shares held by it under Offer I.  This is in respect of
    approximately 42% of the total issued and outstanding share
    capital of Versatel;

(h) At 10:00 hours, Amsterdam time, on 29 September 2005,
    Versatel will convene an extraordinary general meeting of
    Shareholders to discuss the Offers;

(i) Subsequent to the settlement of the Offers, Versatel may
    convene a meeting of Bondholders to resolve upon an
    amendment to the mandatory redemption date of the Bonds.

This announcement and related materials do not constitute an
offer to purchase or a solicitation of an offer to sell Shares
and/or Bonds.  Any offers will be made only by means of the Offer
Memorandum referred to below.

The Offers

Holders of Shares (Shareholders) tendering their Shares under
Offer I will be paid for each Share validly tendered (or
defectively tendered provided that such defect has been waived by
Tele2) and delivered (geleverd) a cash amount of EUR2.20 (Offer
Price per Share).

Holders of Bonds (Bondholders) tendering their Bonds under Offer
II will be paid for each Bond validly tendered (or defectively
tendered provided that such defect has been waived by Tele2) and
delivered (geleverd) a cash amount of EUR132,273.61 less an
amount of EUR3,875 if any interest is paid or payable to the
Bondholder in respect of the annual interest period ending on 28
October 2005 (Offer Price per Bond).  The Offer Price per Bond is
based on the cash equivalent value of the Shares, calculated at
the Offer Price per Share, that the Bond could be converted into
on the basis of a conversion price of EUR1.667 per share.

In addition, an incentive fee of 0.30% of the principal amount
per Bond, being an amount of EUR300, is included in the Offer
Price per Bond.

Recommendation of the Offers

The management board and the supervisory board of Versatel have
duly considered the strategic, financial and social aspects of
the Offers and have reached the conclusion that the Offers are in
the best interests of Versatel, the Shareholders, the Bondholders
and other stakeholders in Versatel.  Also taking into account the
fairness opinion issued by Lazard Freres S.A.S. in respect of
Offer I, the supervisory board and the management board of
Versatel are of the opinion that the Offers are reasonable and
fair to the Shareholders and the Bondholders and therefore
support the Offers and unanimously recommend the Offers to the
Shareholders and the Bondholders for acceptance.

Irrevocable Undertaking

Talpa Capital B.V., subject to certain customary conditions, has
irrevocably undertaken to tender all Shares held by it under
Offer I.  This undertaking is in respect of a total of
217,976,476 Shares representing approximately 41.65% of the total
issued and outstanding share capital of Versatel at 9 September
2005.

Acceptance Period

The acceptance period will begin on 14 September 2005 and will
end at 15:00 hours Amsterdam time and 09:00 hours New York time
on 7 October 2005, unless extended (Acceptance Closing Date).
Any Shares and Bonds tendered during the acceptance period may
not be withdrawn, subject to the right of withdrawal of any
tender during an extension of the acceptance period.  During an
extension of the acceptance period, any Shares or Bonds
previously tendered and not withdrawn will remain subject to the
Offers, subject to the right of withdrawal in accordance with the
provisions of article 9o paragraph 5 of the Dutch Securities
Markets Supervision Decree 1995 (Bte 1995).

Offer Conditions

The Offers are subject to the conditions set forth in the Offer
Memorandum.  The Offers will be honored subject to customary
conditions, including:

     (i) that the number of Shares that are tendered under Offer
         I, together with the Shares directly or indirectly held
         by Tele2 at the Acceptance Closing Date, represent at
         least 95% of all Shares, and

    (ii) that the number of Bonds that are tendered under Offer
         II, together with the Bonds directly or indirectly held
         by Tele2 at the Acceptance Closing Date, represent at
         least 85% of all Bonds.  Tele2 is entitled to waive one
         or more of the offer conditions set forth in the Offer
         Memorandum.

Extraordinary General Meeting of Shareholders

At 10:00 hours, Amsterdam time, on 29 September 2005, Versatel
will convene an extraordinary general meeting of Shareholders, to
which the Bondholders will also be invited, at which meeting,
inter alia, the Offers, conditional amendments to Versatel's
articles of association, the filling of vacancies on Versatel's
supervisory board and management board and certain matters in
relation to the German Transaction as set out in the Offer
Memorandum (i.e. the authorization of the management board of
Versatel to enter into the German Transaction and the approval of
a distribution out of the freely distributable reserves of
Versatel) will be discussed.

Declaring the Offers unconditional and Settlement

By no later than 15:00 hours, Amsterdam time (9:00 hours, New
York time) on the fifth business day following the Acceptance
Closing Date (the Unconditional Date), Tele2 will announce
whether or not it declares the Offers unconditional, all in
accordance with article 9t, paragraph 4 of the Bte 1995.

In the event that Tele2 announces that the Offers are declared
unconditional, the Shareholders tendering their Shares and the
Bondholders tendering their Bonds for acceptance pursuant to the
relevant Offer will receive within five business days following
the Unconditional Date the Offer Price per Share and/or the Offer
Price per Bond, in respect of each Share and/or each Bond validly
tendered (or defectively tendered provided that such defect has
been waived by Tele2) and delivered (geleverd) under the terms
and conditions of the Offers.

Meeting of Bondholders

Subject to the Offers being declared unconditional, a meeting of
Bondholders may be convened upon the request of Versatel at which
meeting an amendment to the mandatory redemption date contained
in the terms and conditions of the Bonds will be resolved upon.
Should such amendment be approved, Versatel shall pursuant to the
revised terms and conditions of the Bonds be obliged to redeem
any Bonds not converted, redeemed, purchased or cancelled prior
to the amended mandatory redemption date at 100% of their
principal amount, together with accrued and unpaid interest to,
but excluding, the date of redemption.  Tele2 intends to vote all
votes attaching to the Bonds tendered and delivered under Offer
II in favor of such amendment.

German Transaction

Tele2 (Netherlands) B.V., a direct wholly owned subsidiary of
Tele2 AB, and Apax have reached an agreement that, immediately
following completion of the Offers, Apax will acquire Versatel
Deutschland Holding GmbH (the German Business) from Versatel.
The German Business will be sold and transferred to Ganymed 345.
VV GmbH (Ganymed) for an estimated price of approximately EUR539
million (which is based on an enterprise value of EUR565
million).  Ganymed is a wholly owned subsidiary of Apax. Tele2
will retain the Benelux Business as well as those subsidiaries of
Versatel that do not form part of the German Business or Benelux
Business.

Delisting of the Shares and the Bonds

Subject to the Offers being declared unconditional, Tele2 further
intends to, in consultation with Euronext, terminate the listing
of the Shares and of the Bonds on Eurolist by Euronext Amsterdam
as soon as possible.

Furthermore, also dependent on the number of Shares obtained by
Tele2 as a result of Offer I, Tele2 expects to initiate a
squeeze-out procedure as referred to in articles 2:92a or 2:201a
of the Dutch Civil Code in order to acquire all Shares held by
minority shareholders or to take such other steps to terminate
the listing and/or acquire Shares that were not tendered under
Offer I, including effecting a legal merger.

In the event that the Offers are declared unconditional and
following any conversion, redemption, repurchase or cancellation
of all Bonds held by Tele2, less than 15% of the aggregate
principal amount of the Bonds originally issued would remain
outstanding, Versatel would be entitled to redeem all Bonds at
100% of their principal amount, plus accrued and unpaid interest
to, but excluding, the date of redemption in accordance with the
terms and conditions of the Bonds.  In such circumstances
Versatel would not convene a meeting of Bondholders as
contemplated above.

Envisaged Timetable

09:00 hours, Amsterdam time (3:00 hours, New York time) on 14
September 2005: Beginning of acceptance period and availability
of Offer Memorandum

10:00 hours, Amsterdam time (4:00 hours, New York time) on 29
September 2005: Extraordinary General Meeting of Shareholders to
which Bondholders will be invited

15:00 hours, Amsterdam time (9:00 hours, New York time) on 7
October 2005, subject to extension: Expiry of acceptance period
(subject to extension, in which case an announcement to that
effect will be made no later than 12 October 2005)

By no later than 15:00 hours, Amsterdam time (9:00 hours, New
York time) on the fifth business day following the Acceptance
Closing Date: Announcement whether the Offers will be declared
unconditional and start of the subsequent acceptance period, if
any

Within 5 business days of the Unconditional Date (subject to
extension of the acceptance period): Delivery of the Shares and
Bonds against payment of the Offer Price per Share and the Offer
Price per Bond

Following the Unconditional Date (if held): Meeting of
Bondholders

Shareholders and Bondholders are invited to tender their Shares
and/or Bonds on or before 7 October 2005 at 15:00 hours Amsterdam
time and 09.00 hours New York time (unless the acceptance period
is extended).

Acceptance of Offer I

Shareholders who hold their Shares through an admitted
institution (aangesloten instelling) are requested to make their
acceptance known via their bank or stockbroker.  Shareholders who
hold their Shares in registered form must deliver a completed and
signed acceptance form to ABN AMRO Bank N.V. as set out:

ABN AMRO Bank N.V.
Attn. Agency Services Exchange Agency MF2020
Kemelstede 2
4817 ST Breda
The Netherlands
Phone:  +31 76 579 9455
Fax: +31 76 579 9620
E-mail: as.exchange.agency@nl.abnamro.com

The acceptance forms are available upon request from Versatel
(Attn. Investor Relations Department) and
ABN AMRO Bank N.V.

Acceptance of Offer II

Bondholders wishing to tender their Bonds under Offer II must
submit, or arrange to be submitted on their behalf at or before
the Acceptance Closing Date and before the deadlines set by each
relevant clearing system a duly completed electronic acceptance
notice to the relevant clearing system.  Only persons shown in
the records of the clearing systems as holders of Bonds, whether
on their own behalf or on behalf of beneficial owners of the
Bonds, may submit electronic acceptance notices.  Bondholders,
including such persons in whose name Bonds are registered with
the relevant clearing systems are solely responsible for the
observance of, and compliance with, the procedures and deadlines
applicable to the submission of the Bonds.

Bondholders not holding Bonds through a clearing system should
contact the Bank of New York (being the tender agent) as to how
to submit their Bonds for acceptance under Offer II.

Bondholders are requested to contact the Bank of New York (being
the tender agent) for assistance in tendering their Bonds and
Morgan Stanley & Co. International Limited (being the dealer
manager) for answers to questions concerning the terms of Offer
II, both as set out below:

The Bank of New York
Attn. Daniel Wynne
One Canada Square
London, E14 5AL
United Kingdom
Phone: +44 207 964 6337

Morgan Stanley & Co. International Limited
Attn. Liability Management Group
25 Cabot Square, Canary Wharf
London, E14 4QA
United Kingdom
Phone: +44 207 677 5040
Fax: +44 207 056 1997
E-mail: liabilitymanagementeurope@morganstanley.com

Admitted Institutions

The admitted institutions (aangesloten instellingen) may tender
Shares for acceptance only to ABN AMRO Bank N.V. (as set out
below) and only in writing.  In submitting the acceptance, the
admitted institutions are required to declare that:

     (i) they have the tendered Shares in their administration,

    (ii) each Shareholder who accepts Offer I irrevocably
         represents and warrants that the Shares tendered by
         such Shareholder are being tendered in compliance with
         the restrictions set out in the Offer Memorandum, and

   (iii) they undertake to transfer these Shares to Tele2 on the
         day of settlement of Offer I, provided the Offers have
         been declared unconditional.

ABN AMRO Bank N.V.
Agency Services Exchange Agency MF2020
Kemelstede 2
4817 ST Breda
The Netherlands
Phone: +31 76 579 9455
Fax: +31 76 579 9620
E-mail: as.exchange.agency@nl.abnamro.com

Announcements

This press release sets forth selected terms of the Offers.
Announcements will be issued by press release and will be
published in at least Het Financieele Dagblad and the Daily
Official List of Euronext Amsterdam, as appropriate, and released
to Dow Jones News Service.

Offer Memorandum and other Information

Shareholders and Bondholders are urged to read the Offer
Memorandum and all documents incorporated by reference therein
because they contain important information about the Offers.

Copies of the Offer

Memorandum in the English language (in which a Dutch summary has
been included) and the (English translation of the) articles of
association of Versatel will be made available to Shareholders
and Bondholders upon request and will also be available as from
14 September 2005 free of charge at http://www.euronext.com
(Dutch residents only) and at the offices of Versatel, Tele2 and
ABN AMRO Bank N.V. as set out:

Tele2 Finance B.V.
Attn. Investor Relations Department
Ellermannstraat 19
1099 BX Amsterdam
The Netherlands
Phone: +46 856 20 0045
Fax: +46 856 20 0040
E-mail: investor.relations@tele2.com

Versatel Telecom International N.V.
Attn. Investor Relations Department
Hullenbergweg 101
1101 CL Amsterdam
The Netherlands
Phone: +31 20 750 2362
Fax: +31 20 750 1019
E-mail: investor.relations@versatel.com

ABN AMRO Bank N.V.
Attn. Servicedesk MF7020
Kemelstede 2
4817 ST Breda
The Netherlands
Phone: +31 76 579 9455
Fax: +31 76 579 9643
E-mail: so.servicedesk.c&cc@nl.abnamro.com

CONTACT:  TELE2
          Lars-Johan Jarnheimer, President and CEO
          Phone: + 46 8562 640 00

          Hakan Zadler, CFO
          Phone: + 46 8562 640 00

          Per Borgklint, Market Area Director Benelux
          Phone: + 31 20 702 02 02

          Dwayne Taylor, Investor Relations London
          Phone: + 44 20 7321 5038

          Lena Krauss, Investor Relations Stockholm
          Phone: + 46 8 562 000 45

          Sarah Hamilton
          Phone: + 44 78 36 295 291

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

          Anne Louise Van Lynden
          Phone: + 31 65 4315 549

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

          APAX
          Ira Wuelfing, Communication
          Phone: +49 89 200030 33

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

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


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


AGRO-COMBINE SOLDATSKIY: Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Kabardino-Balkariya republic commenced
bankruptcy proceedings against Agro-Combine Soldatskiy after
finding the limited liability company insolvent.  The case is
docketed as A20-992/2005.  Mr. M. Kushkhov has been appointed
insolvency manager.  Creditors have until October 13, 2005 to
submit their proofs of claim to 360004, Russia,
Kabardino-Balkariya republic, Nalchik, Chernyshevskogo Str. 181.

CONTACT:  Mr. M. Kushkhov
          Insolvency Manager
          360004, Russia, Kabardino-Balkariya republic,
          Nalchik, Chernyshevskogo Str. 181


AGRO-TRANS: Declared Insolvent
------------------------------
The Arbitration Court of Tomsk region commenced bankruptcy
proceedings against Agro-Trans after finding the open joint stock
company insolvent.  The case is docketed as A67-5861/05.  Ms. T.
Evdokimova has been appointed insolvency manager.

CONTACT:  AGRO-TRANS
          636360, Russia, Tomsk region,
          Kozhevnikovskiy region, Kozhevnikovo

          Ms. T. Evdokimova
          Insolvency Manager
          634021, Russia, Tomsk region,
          Altayskaya Str. 103, Apartment 14


ALROSA CO.: Moody's Affirms Ba2/Ba3 Ratings
-------------------------------------------
Moody's Investors Service affirmed the Ba2 Corporate Family
Rating on Alrosa Co. Ltd. (Alrosa) and Ba3 ratings assigned to
Alrosa's notes following the announcement by Moody's that the
ratings of the Russian Federation have been put on review for
possible upgrade, the agency said in a press release.

As Alrosa is a government-related issuer (GRI), the ratings
factor expected government support which is reflected in the
medium support and low dependence assumptions made by Moody's as
part of its joint default analysis for GRIs.

Given unchanged assumptions on government support and dependence,
a one-notch upgrade of the Russian Federation's ratings would not
result in a change in the ratings of Alrosa, which has a baseline
credit assessment of 6.  Consequently Alrosa's ratings have been
affirmed.

Headquartered in Moscow, Alrosa is the leading diamond-mining
company with significant reserves.  Alrosa is 37% owned by the
Russian Federation.  In 2004, the company generated about US$2.8
billion in revenues.

CONTACT:  MOODY'S INVESTORS SERVICE
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


ASHINSKIY: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Chelyabisnk region commenced bankruptcy
proceedings against Ashinskiy after finding the light-technical
factory insolvent.  The case is docketed as A76-9753/03-32-343.
Mr. V. Kolodkin has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 454084, Russia, Chelyabisnk,
Post User Box 8348.

CONTACT:  Mr. V. Kolodkin
          Insolvency Manager
          454084, Russia, Chelyabisnk region,
          Post User Box 8348


BAKALINSKIY AGRO-PROM-SERVICE: Under Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Bakalinskiy Agro-Prom-Service.  The case is docketed as
A07-11893.  Mr. V. Salikaev has been appointed temporary
insolvency manager.  Creditors have until October 6, 2005 to send
their proofs of claim to 452681, Russia, Bashkortostan republic,
Nefteyugansk, Vostochnaya Location, 1, Zodchikh Str. 35.

CONTACT:  BAKALINSKIY AGRO-PROM-SERVICE
          452650, Russia, Bashkortostan republic,
          Bakalinskiy region, Bakaly

          Mr. V. Salikaev
          Temporary Insolvency Manager
          452681, Russia, Bashkortostan republic, Nefteyugansk,
          Vostochnaya Location, 1, Zodchikh Str. 35


BUILDER: Proofs of Claim Deadline Expires Next Month
----------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Builder after finding the limited liability
company insolvent.  The case is docketed as A63-169/2004-S5.  Mr.
P. Kutelov has been appointed insolvency manager.  Creditors have
until October 13, 2005 to submit their proofs of claim to 344092,
Russia, Rostov-na-Donu, Post User Box 3392.

CONTACT:  BUILDER
          Russia, Stavropol region,
          Mineralnye Vody, Druzhby Str. 35

          Mr. P. Kutelov
          Insolvency Manager
          344092, Russia, Rostov-na-Donu,
          Post User Box 3392


GAZPROM OJSC: Moody's May Upgrade Ratings
-----------------------------------------
Moody's Investors Service has placed the ratings on OJSC Gazprom
on review for possible upgrade following an earlier decision by
Moody's to place Russia's sovereign ratings on review for
possible upgrade.

As a government-related issuer (GRI), Gazprom's ratings benefit
from expected government support, which is a function of the high
support and low dependence assumptions made by Moody's as part of
its joint default analysis for government-related issuers.

These ratings are affected by Moody's rating action:

(a) Baa2 long-term foreign currency debt ratings for guaranteed
    issuance of Gaz Capital S.A.; and

(b) Gazstream S.A. Baa3 long-term foreign currency issuer rating

Given unchanged assumptions on government support and dependence,
a one-notch upgrade of the Russian sovereign rating would result
in a respective one-notch upgrade of all ratings of Gazprom,
which has a baseline credit assessment of 5.

While Moody's foreign currency issuer ratings will remain
constrained by the sovereign rating, selected foreign currency
debt ratings continue to be able to pierce the sovereign ceiling,
as is already the case for Gazprom.

OJSC Gazprom, headquartered in Moscow, Russia, is the world's
largest gas company with proved natural gas reserves of 16.4
trillion cubic meters (under SPE standards), production of 545
billion cubic meters and revenues of US$33.9 billion in 2004.  It
also owns and operates the largest gas transmission pipeline in
the world (ca. 153,000 km), and is the leading exporter of gas to
Western Europe.

CONTACT:  MOODY'S INVESTORS SERVICE
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


NIZHEGORODSKOYE BEER: Bankruptcy Hearing Set November
-----------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on limited liability company
Nizhegorodskoye Beer (TIN 5263037391).  The case is docketed as
A43-16563/2005-24-227.  Mr. S. Miroshnichenko has been appointed
temporary insolvency manager.

Creditors have until September 6, 2005 to submit their proofs of
claim to 606032, Russia, Nizhniy Novgorod region, Dzerzhinsk,
43-5.  A hearing will take place on November 29, 2005, 10:30 a.m.
at 603082, Russia, N. Novgorod region, Kremlin, Building 9.

CONTACT:  Mr. S. Miroshnichenko
          Temporary Insolvency Manager
          606032, Russia, Nizhniy Novgorod region,
          Dzerzhinsk, 43-5


NORTH DONETS: Public Auction Set Today
--------------------------------------
The bidding organizer of open joint stock company North Donets
will sell its property on September 14, 2005, 11:00 a.m. (Moscow
time).  Up for sale is a property complex for a starting price of
RUB361,800,000 inclusive of VAT.

The list of documentary requirements is available at 344050,
Russia, Rostov-na-Donu, Sotsialisticheskaya Str. 112, Room 836.

To participate, bidders must deposit an amount equivalent to 1%
of the starting price to the settlement account
40603810700000000024 in OJSC CB Centre-Invest of Rostov-na-Donu,
correspondent account 30101810100000000762, BIC 046015762.

CONTACT:  NORTH DONETS
          347850, Russia, Rostov region,
          Glubokiy, Novo-Elevatornaya Str. 1

          STATE ENTERPRISE FUN OF PROPERTY OF ROSTOV REGION
          Bidding Organizer
          344050, Russia, Rostov-na-Donu,
          Sotsialisticheskaya Str. 112, Room 836
          Phone: (863) 240-18-67/240-16-30/240-17-95
          E-mails: firo@aaanet.ru
                   Fond-ro@aaanet.ru


OAO NORTH-WEST: Earns 'B+' Rating for Dominant Market Position
--------------------------------------------------------------
Fitch Ratings has assigned OAO North-West Telecom ratings of
Senior Unsecured foreign currency 'B+' with a Stable Outlook and
Short-term foreign currency 'B'.

The ratings reflect Fitch's expectation that NWT is well placed
to maintain its dominant market position as a regional incumbent
telecom operator.  The company controls approximately 94%
residential fixed lines and around 55% of the corporate segment
(47% by revenues).  Fitch believes that a further significant
decline in NWT's share of the corporate segment is unlikely.  The
company's client base is well diversified and it enjoys a
relatively stable and predictable operating cash flow.

Nikolai Lukashevich, Director with Fitch's TMT team, said:
"Fitch's rating for NWT takes into account the fact that it is
only moderately leveraged as evidenced by its net debt/EBITDA
ratio of 1.7x and net debt/funds from operations of 2.4x at
end-2004.  It is the least leveraged incumbent telecom operator
in Russia."

Although free cash flows are projected to remain negative at
least until 2006, leverage at NWT is not expected to increase in
the mid-term.  Although significant, the proportion of short-term
debt has been declining and was at RUB2.8 billion, or 43% of the
total at end-2004.  It is well covered by undrawn short-term
credit lines of RUB5.3 billion reported as of July 2005.

NWT owns and operates the largest last mile and backbone telecom
network in the region, which gives it strategic and competitive
advantages.  It benefits from considerable economies of scale,
which help it to control costs and offer lower tariffs on local
services than its peers.  It is also well positioned to retain
its earnings from long-distance connections in view of the
forthcoming long-distance market liberalization.

However, as a dominant market player it is heavily regulated,
which limits its price flexibility and exposes it to significant
cross subsidization between profitable and loss-making segments.
As a result, the company's competitive position is weaker in the
most lucrative corporate and long-distance segments.  NWT's
market share has also been significantly eroded in the key city
St. Petersburg, as the developed business environment of the
second largest city in Russia has attracted many competitors.

The company does not have any mobile operations, which may limit
its growth opportunities and deprive it of the potential benefits
offered by fixed-mobile integration.  However, it has also
significantly curbed NWT's capital spending needs, which help to
reduce free cash outflows primarily driven by investments into
network modernization and development.  In spite of the lack of
exposure to profitable mobile operations and significant market
share loss in the most lucrative segments, the company has been
able to sustain reasonably strong margins when compared to its
Russian peers.  NWT benefits from the highest operating
efficiency among its domestic peers, which helps it to economize
on labor costs and maintain profitability. However, NWT faces
only limited growth opportunities, as tangible fixed-line
expansion is no longer expected.  Although the value-added
services segment has been demonstrating high growth rates, its
contribution to the revenues is still low.

The ratings also reflect the influence of NWT's 50.8% majority
shareholder, Svyazinvest, on NWT's decision-making process and
expectation that as a Government-affiliated company, it will be
able to provide lobbying support for NWT.  However, no direct
cash support is anticipated.

CONTACT:  FITCH RATINGS
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901
          E-mail: nikolai.lukashevich@fitchratings.com
          Raymond Hill, London
          Phone: +44 (0)20 7417 4314
          E-mail: raymond.hill@fitchratings.com

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


ROSNEFT OIL: Moody's Reviews Ratings for Possible Upgrade
---------------------------------------------------------
Moody's Investors Service has placed the ratings on OJSC Oil
Company Rosneft (Rosneft) on review for possible upgrade
following an earlier decision by Moody's to place Russia's
sovereign ratings on review for possible upgrade, the ratings
agency said in a press review.

As a government-related issuer (GRI), Rosneft's ratings benefit
from uplift for expected government support, which is a function
of the high support and low dependence assumptions made by
Moody's as part of its joint default analysis for
government-related issuers.

These ratings are affected by Moody's rating action:

(a) Baa3 long-term local currency rating; and

(b) Baa3 long-term senior unsecured US$150 million bond rating.

Given unchanged assumptions on government support and dependence,
a one-notch upgrade of the Russian sovereign rating would result
in a respective one-notch upgrade of all ratings of Rosneft,
which has a baseline credit assessment of 6.

Rosneft, headquartered in Moscow, is a major integrated Russian
oil and gas company.  It is 100% state-owned.  In 2004 Rosneft
produced 148 million barrels of oil equivalent (boe) with proved
reserves of just under 10 billion boe.

CONTACT:  MOODY'S INVESTORS SERVICE
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SOUTHERN TELECOMMUNICATIONS: Moody's Affirms B3 Rating
------------------------------------------------------
Moody's Investors Service has affirmed the B3 Corporate Family
Rating of OAO Southern Telecommunications Company (UTK) following
an announcement by Moody's that the ratings of the Russian
Federation have been put on review for possible upgrade.

As a government-related issuer (GRI), UTK's ratings factor
expected government support which is reflected in the low support
and medium dependence assumptions made by Moody's as part of its
joint default analysis for GRIs.

The affirmation of UTK's ratings is based on Moody's view that,
given the unchanged assumptions on government support and
dependence, a one-notch upgrade of the Russian Federation's
ratings would not result in a change in the ratings of UTK, which
currently has a baseline credit assessment of 6.

Headquartered in Krasnodar, Russia, OAO Southern
Telecommunication Company is the leading incumbent fixed-line
telecommunications operator in the Southern Federal District of
Russia. For the year ended December 31, 2004, the company
reported revenues of approximately RUR 17.3 billion.

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

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


SOVCOMFLOT: Moody's Hints of Potential Upgrade
----------------------------------------------
Moody's Investors Service has placed the ratings on JSC
Sovcomflot (Sovcomflot) on review for possible upgrade following
an earlier decision by Moody's to place Russia's sovereign
ratings on review for possible upgrade, the agency said in a
press release.

As a government-related issuer (GRI), Sovcomflot's ratings
benefit from expected government support, which is a function of
the high support and low dependence assumptions made by Moody's
as part of its joint default analysis for government-related
issuers, the release says.

These ratings are affected by Moody's rating action:

(a) Baa2 local currency long-term issuer rating; and

(b) Baa3 foreign currency long-term issuer rating.

Given unchanged assumptions on government support and dependence,
a one-notch upgrade of the Russian sovereign rating would result
in a respective one-notch upgrade of all ratings of Sovcomflot,
which has a baseline credit assessment of 5.

Sovcomflot owns a fleet consisting of 36 tankers for oil and
chemical products as well as 10 dry cargo multi-purpose vessels
and two passenger cruise vessels.  It is 100% owned by the
Russian government.

As of FYE 2004, Joint Stock Company Sovcomflot had total assets
of US$1.799 billion and revenues of US$393 million; it is
headquartered in Moscow.

CONTACT:  MOODY'S INVESTORS SERVICE
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SUAL INTERNATIONAL: Gets Ba3 Corporate Family Rating
----------------------------------------------------
Moody's Investors Service has assigned Ba3 Corporate Family
Rating to SUAL International Ltd., Russian integrated aluminum
producer.  The Outlook is Stable.

The Ba3 corporate family rating assigned to SUAL International
Ltd. reflects:

(a) The company's integrated aluminum production business model
    and self-sufficiency in main raw materials;

(b) The company's cost competitiveness and advantageous cash
    cost position underpinned by efficient refining and
    extraction processes and low cost energy sources;

(c) The company's strong technical mining expertise, experienced
    and committed management team and its moderate financial
    policy to date; and

(d) SUAL investments to strengthen its product range including
    an expansion in the value-added segment of production.

The corporate family rating also takes into consideration:

(a) Volatility associated with the global aluminum market;

(b) Uncertainty with respect to the development of the Russian
    energy reform and effectiveness of SUAL's strategy of
    managing its energy costs;

(c) Continuous high capital requirements of the industry;

(d) SUAL's focus on targeted acquisitions, particularly in
    upstream and energy sectors; and

(e) Challenging operating environment in Russia, where most of
    the production facilities are located.

Headquartered in Moscow, Russia, SUAL is a leading manufacturer
of primary aluminum with 2004 revenues of US$2.0 billion (70%
from export activities).  SUAL enjoys operational diversification
and operates two bauxite mines and nine refineries and smelters
and produced one million ton of aluminum in 2004.

CONTACT:  MOODY'S INVESTORS SERVICE
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


SUROVATIKHINSKIY: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Surovatikhinskiy.  The case is docketed as A43-16974/05-24-278.
Mr. K. Shvornikov has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 603163, Russia,
Nizhniy Novgorod, Kazanskoye Shosse, 3, Apartment 4.  A hearing
will take place on December 6, 2005.

CONTACT:  SUROVATIKHINSKIY
          Russia, Nizhniy Novgorod region,
          Dalnekonstantinovskiy region, Surovatikha,
          Tsentralnaya Str. 20

          Mr. K. Shvornikov
          Temporary Insolvency Manager
          603163, Russia, Nizhniy Novgorod,
          Kazanskoye Shosse, 3, Apartment 4


TAGAN-FISH: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on close joint stock company Tagan-Fish
(TIN 6154068659).  The case is docketed as A53-13534/2005-S2-7.
Ms. T. Koshina has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 347900, Russia,
Rostov region, Taganrog, Gogolevskiy Per. 6.  A hearing will take
place on November 8, 2005, 2:40 p.m. with Judge O. Timchenko at
the Arbitration Court of Rostov region.

CONTACT:  TAGAN-FISH
          347900, Russia, Rostov region,
          Taganrog, Chekhova Str. 337-93

          Ms. T. Koshina
          Temporary Insolvency Manager
          347900, Russia, Rostov region,
          Taganrog, Gogolevskiy Per. 6


TECH-TRANS: Insolvency Manager Takes over Business
--------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on limited liability company
Tech-Trans (TIN 1650084521, OGRN 1021602028580).  The case is
docketed as A65-11038/2005-SG4-27.  Mr. I. Gaynullin has been
appointed temporary insolvency manager.  A hearing will take
place on November 22, 2005.

CONTACT:  TECH-TRANS
          423800, Russia, Tatarstan republic,
          Naberezhnye Chelny, Mira Pr. 25-485

          Mr. I. Gaynullin
          Temporary Insolvency Manager
          423821, Russia, Tatarstan republic,
          Naberezhnye Chelny, Syuyumbike Pr. 66-107,
          Post User Box 55


=========
S P A I N
=========


ESPANOLA DE ZINC: Appeals Cartagena Plant Closure
-------------------------------------------------
Insolvent zinc producer Espanola de Zinc has asked the bankruptcy
court for another four months to keep its plant open in
Cartagena, in the autonomous region of Murcia, according to
Expansion.

Some 232 employees at the company have been made redundant
between May 1 and August 31 after Espanola de Zinc failed to pay
for raw materials it ordered.  It owes EUR23 million to
creditors, the largest of which is Spanish energy group
Iberdrola.  The company has to enter into an agreement with
creditors first to convince the court to defer the closure, the
report said.  Espanola del Zinc's turnover for the first half was
down 75% from last year to EUR5.9 million.  Losses were EUR3.9
million.

CONTACT:  IBERDROLA
          Investor relations office
          C/ Tomas Redondo n1
          28033 Madrid
          Fax: 34 91 784 20 64
          E-mail: investor.relations@iberdrola.es
          Web site: http://www.iberdrola.com/


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


ALFAMED: Succumbs to Insolvency
-------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Alfamed (code EDRPOU 21661680) on July 19,
2005 after finding the limited liability company insolvent.  The
case is docketed as 44/268-b.  State Tax Inspection in
Golosiyivskij District of Kyiv Region (code EDRPOU 26088788) has
been appointed liquidator/insolvency manager.  The company holds
account number 26000313624001 at SCB Tas-Komertsbank, MFO 300164.

(a) ALFAMED
    Ukraine, Kyiv region,
    40-richya Zhovtnya Avenue, 13

(b) Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Zhilyanska Str. 23

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


KORSHACHINSKE: Creditors' Claims Due Next Week
----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Agrofirm Korshachinske (code EDRPOU
03777143) on July 8, 2005.  The case is docketed as 6/57-05.  Mr.
Sergij Volovik (License Number AA 779353) has been appointed
temporary insolvency manager.

Creditors have until September 17, 2005 to submit their proofs of
claim to:

(a) KORSHACHINSKE
    41852, Ukraine, Sumi region,
    Bilopilskij district, Korshachina, Lenin Str. 2

(b) Mr. Sergij Volovik
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Proletarska Str. 69, 2-nd floor

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


LIFT: Declared Insolvent
------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Lift (code EDRPOU 32761727) on August 1, 2005
after finding the limited liability company insolvent.  The case
is docketed as B-48/77-05.  Mr. T. Opanevich (License Number AB
116091) has been appointed liquidator/insolvency manager.

CONTACT:  LIFT
          Ukraine, Harkiv region,
          Plastichnij Lane, 17-A

          Mr. T. Opanevich
          Liquidator/Insolvency Manager
          61166, Ukraine, Harkiv region,
          Aviatsijna Str. 17

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


LSO: Insolvency Manager Takes over Helm
---------------------------------------
The Economic Court of Zhitomir region commenced bankruptcy
proceedings against LSO (code EDRPOU 31164250) after finding the
limited liability company insolvent.

CONTACT:  LSO
          Ukraine, Zhitomir region,
          Ovruch, Pravdi Str. 21

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


MICROBIOLOGY UAAN: Under Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure on State Enterprise Institute of
Agricultural Microbiology Uaan (code EDRPOU 00497348) on May 30,
2005 and ordered a moratorium on satisfaction of creditors'
claims.  The case is docketed as 9/175 b.  Ms. Svitlana Ryazanova
(License Number AA 419477) has been appointed temporary
insolvency manager.  The company holds account number 2600038 at
OJSC Megabank, Chernigiv branch, MFO 353616.

CONTACT:  STATE ENTERPRISE INSTITUTE OF AGRICULTURAL
          MICROBIOLOGY UAAN
          14020, Ukraine, Chernigiv region,
          Malinovskij Str. 43

          Ms. Svitlana Ryazanova,
          Temporary Insolvency Manager
          Ukraine, Chernigiv region,
          Belov Str. 18/77

          ECONOMIC COURT OF CHERNIGIV REGION
          14000, Ukraine, Chernigiv region,
          Miru Avenue, 20


NIK-TRADING: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Nik-Trading (code EDRPOU 22900690) on July
21, 2005 after finding the limited liability company insolvent.
The case is docketed as 43/140.  Mr. I. Gusar (License Number AA
719858) has been appointed liquidator/insolvency manager.  The
company holds account number 2600101284943 at Ukreximbank, MFO
322313.

CONTACT:  NIK-TRADING
          Ukraine, Kyiv region,
          Saratovska Str. 55-e

          Mr. I. Gusar
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 29
          Phone/Fax: (044) 236-11-17

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


NIZHNYOGIRSKIJ: Bankruptcy Supervision Starts
---------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on OJSC Nizhnyogirskij (code EDRPOU
00412978) on July 21, 2005.  The case is docketed as
2-20/10231-2005.  Mr. Vasil Kuhta has been appointed temporary
insolvency manager.

CONTACT:  NIZHNYOGIRSKIJ
          Ukraine, AR Krym region,
          Nizhnyogirskij district, Listvene, Verhnya, 57

          Mr. Vasil Kuhta
          Temporary Insolvency Manager
          95048, Ukraine, AR Krym region,
          Simferopol, a/b 2745

          THE ECONOMIC COURT OF AR KRYM REGION
          95000, Ukraine, AR Krym region,
          Simferopol, Karl Marks Str. 18


OBERON: Liquidator Takes over Helm
----------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Oberon (code EDRPOU 13795455) after finding
the limited liability company insolvent.  The case is docketed as
6/253-4/138.  Ms. Irina Horoz has been appointed
liquidator/insolvency manager.  The company holds account number
26007276745001 at CB Privatbank, Lviv branch, MFO 325321.

CONTACT:  OBERON:
          Ukraine, Lviv region,
          Pulyuj Str. 30

          Ms. Irina Horoz
          Liquidator/Insolvency Manager
          Ukraine, Lviv region, Pancha Str. 18/48

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


PRIAZOVYE: Court Names Denis Matvejchuk Liquidator
--------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Priazovye (code EDRPOU 30432285) on July 21,
2005 after finding the close joint stock company insolvent.  The
case is docketed as 15/31 B.  Mr. Denis Matvejchuk (License
Number AA 484238) has been appointed liquidator/insolvency
manager.  The company holds account number 2600801773819 at OJSC
Ukreximbank, Mariupol branch, MFO 335957.

CONTACT:  PRIAZOVYE
          87548, Ukraine, Donetsk region,
          Mariupol, Gromova Str. 69

          Mr. Denis Matvejchuk
          Liquidator/Insolvency Manager
          87557, Ukraine, Donetsk region,
          Mariupol, a/b 189

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


PROGRESIYA: Court Appoints Insolvency Manager
---------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Progresiya (code EDRPOU 20227390) on August
1, 2005 after finding the limited liability company insolvent.
The case is docketed as B 40/105/05.  Ms. Ludmila Zaikina
(License Number AA 719775) has been appointed
liquidator/insolvency manager.  The company holds account number
26001100653001 at JSCB Ukrsocbank, Dnipropetrovsk regional
branch, MFO 305017.

CONTACT:  PROGRESIYA
          49083, Ukraine, Dnipropetrovsk region,
          Gazeti Pravda Avenue, 51

          Ms. Ludmila Zaikina,
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Melnikov Str. 2/10

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


SENTOZA OIL: Falls into Bankruptcy
----------------------------------
The Economic Court of Dnipropetrovsk region opened bankruptcy
proceedings against oil trader Sentoza Oil Ltd. on Aug. 5.  Kyiv
resident Tetiana Kushnir was appointed property manager.

In mid-October 2003, the Antimonopoly Committee of Ukraine fined
Sentoza UAH46.403 million for price-fixing.  In conjunction,
Avias was fined UAH52.374 million.  The companies have appealed
the decision.  Sentoza and Avias sold 105 filling stations to
Ukrnafta in October 2003.


UKREXIMBANK: Fitch Assigns Proposed Eurobond 'BB-' Rating
---------------------------------------------------------
Fitch Ratings has assigned Credit Suisse First Boston
International's upcoming issue of limited recourse loan
participation notes an expected Long-term 'BB-' (BB minus)
rating.  The notes are to be used solely for financing a loan to
The State Export-Import Bank of Ukraine (Ukreximbank, rated
Long-term foreign currency 'BB-'(BB minus)/Positive Outlook,
Short-term 'B', Support '3', Individual 'D/E') under a loan
agreement.

The assignment of the final rating is contingent on receipt of
final documentation conforming materially to information already
received.

CSFBi will only pay noteholders amounts (principal and interest),
if any, received from Ukreximbank under the loan agreement.

The loan agreement between CSFBi and Ukreximbank contains a cross
acceleration clause and stipulates that CSFBi's claims under the
loan agreement will rank at least pari passu with the claims of
other unsubordinated creditors, save those preferred by relevant
(bankruptcy, liquidation etc.) laws.  Under Ukrainian law, the
claims of retail depositors rank above those of other senior
unsecured creditors.  At end-2004, retail deposits accounted for
30% of Ukreximbank's total liabilities, according to the bank's
IFRS accounts.  Other covenants limit mergers and disposals by
Ukreximbank and its subsidiaries and transactions between the
bank and its affiliates.

The loan agreement contains a negative pledge clause, which
allows for a degree of securitization by Ukreximbank.  Fitch
comments that the nature and extent of any over-collateralization
would be assessed by the agency for any potential impact on
unsecured creditors.

Noteholders will benefit from a put option in the event of a
change in control of Ukreximbank, which is 100%-owned by the
Ukrainian state (represented by the Cabinet of Ministers of
Ukraine).  Ukreximbank's Long-term rating is driven by the
potential for support from the Ukrainian state (also rated 'BB-'
(BB minus) with a Positive Outlook).

Ukreximbank was founded in 1992 and was the sixth largest
Ukrainian bank by assets at end-2004, with a network of over 80
branches and outlets across Ukraine.  In addition to its
commercial banking activities, Ukreximbank is the only Ukrainian
bank that acts as a financial agent of the Ukrainian government
in attracting and servicing international loans to Ukrainian
corporates, which are extended under state guarantee.

CONTACT:  FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          James Watson
          Phone: +7 095 956 9901
          Web site: http://www.fitchratings.com

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


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


ALLIED COLLECTIONS: DTI Shuts down Debt Collection Firm
-------------------------------------------------------
Allied Collections Limited has been wound up following an
investigation by the Department of Trade and Industry, said
Creditman.

The Birkenhead-based company offered debt collection services for
a standard fee of between GBP200 and GBP1,200, plus a 20%
commission on the amount recovered.

The DTI probe showed that the company failed to endorse the money
collected from 731 debt, which totaled GBP173,000.  Allied
Collections reportedly used the amount to fund its daily
operations.  The company was also found to have deceived
customers by offering services without the proper authorization.

In July 14, 2005, DTI filed a petition to wind up the company
under section 124a of the Insolvency Act 1986.  DTI's Companies
Investigation Branch then conducted investigations under Section
447 of the Companies Act 1985.  The Winding-up Order was issued 5
September 2005.

CONTACT:  ALLIED COLLECTIONS LIMITED
          Suite 42, Price Street Business Centre
          Price Street, Birkenhead,
          Wirral, Cheshire CH41 4JQ

          The Insolvency Service
          Public Interest Unit North
          PO Box 326
          Boulton House
          17 - 21 Chorlton Street
          Manchester
          M60 3ZZ
          Phone: 0161 934 4182


ALPHA HOUSE: Members Pass Winding-up Resolutions
------------------------------------------------
At the extraordinary general meeting of the members of Alpha
House Limited, duly convened, and held at 1640 Parkway, Solent
Business Park, Whiteley, Fareham, Hampshire, on 1 September 2005,
the subjoined Special Resolution was duly passed:

"That the Company be wound up voluntarily and that Carl Derek
Faulds and Peter Robin Bacon, of Portland Business & Financial
Solutions, 1640 Parkway, Solent Business Park, Whiteley, Fareham,
Hampshire, be and they are hereby appointed Joint Liquidators of
the Company and that any act required or authorized to be done by
the Liquidators, is to be done by both or either of them for the
time being holding office.  The Liquidators are hereby authorized
under the provision of section 165 of the Insolvency Act 1986, to
exercise the powers set out in Schedule 4, part 1 of the said
Act, and that in accordance with the provisions of the Company's
articles of association, the Liquidators are authorized to divide
amongst the Company's members in specie, the whole or any part of
the Company's assets, and to value such assets and determine how
the division shall be carried out as amongst the Members or
different classes of Members."

J G Tilt, Director

CONTACT:  ALPHA HOUSE LTD.
          116 Wickham Road, Droxford,
          Southampton, Hampshire SO32 3PD
          Phone: 01489878527

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


ARROWLAKE LIMITED: Opts for Liquidation
---------------------------------------
At the extraordinary general meeting of Arrowlake Limited,
convened, and held at 1170 Elliott Court, Herald Avenue Business
Park, Coventry CV5 6UB, on 19 August 2005 at 10:30 a.m., the
following Special Resolution was duly passed:

"That the Company be wound up voluntarily and that Mr. R F Simms
and Mr. M. R. Buttriss, of F. A. Simms & Partners Plc, Insol
House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP, be
and are hereby appointed Joint Liquidators for the purposes of
such winding-up."

M J Latham, Chairman

CONTACT:  ARROWLAKE LTD.
          Queens Road, Coventry CV1 3FJ

          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


AUTOCARE: Succumbs to Administration
------------------------------------
Bruce Cartwright, David Costley-Wood and Graham Frost of
PricewaterhouseCoopers were appointed joint administrators of
Autocare Handling Limited on 9 September 2005 and Autocare U.K.
Limited on 12 September 2005.  They were also appointed joint
administrators of Autocare Distribution Limited on 9 September
2005.

The businesses, which provide logistical support to the motor
industry including the transportation, storage and pre-delivery
inspection of new cars, had recently expanded following the
acquisition of Richard Lawson Group in January 2005.

Bruce Cartwright, joint administrator of PricewaterhouseCoopers,
said: "We have carried out a review of the financial position of
the distribution business over the course of the weekend and it
is apparent that there are no medium- or long-term options for
the business.

"We will be working hard over the course of this week to seek
continuity of supply for the customers and to preserve as much
employment as we can.  We recognize that this is an important
period for the motor trade, with this month's registration of new
cars, and we will be seeking to work with customers to ensure
that any disruption in the delivery chain is minimized.

"Discussions have started with various parties to seek to
preserve the Autocare U.K. Limited business, but it is too early
to determine the outcome."

The companies have operations in Allesley, Coventry; Bristol;
Castle Bromwich, Birmingham; Dundee; Ellesmere Port; Gaydon,
Warwick; Grangetown, Grays, West Thurrock; Grimsby; Kirriemuir,
Angus; Luton; Purfleet, Essex; Southampton; Thurleigh,
Bedfordshire; Upper Heyford, Bicester, Oxon; and Urmston, Greater
Manchester, Solihull, Bathgate, Gaydon.

Autocare Distribution Limited employs 269 people, while Autocare
Handling Limited has 46 workers.  Autocare U.K. Limited has a
workforce of 206.

CONTACT:  PRICEWATERHOUSECOOPERS
          Contact:
          Bruce Cartwright
          Phone: 0131 260 4087
          Louise Gallagher
          Phone: 0141 245 2230


BATLEY PADDING: Hires Administrators from CLB
---------------------------------------------
Name: BATLEY PADDING LIMITED
      (Company No 03207296)

Nature of Business: Filling Pads Manufacturing

Registered Office of Company: Century House, 11 St Peter's
Square, Manchester M2 3DN

Date of Appointment: 31 August 2005

Joint Administrators' Names and Address: Diane Elizabeth Hill and
Mark Terence Getliffe (IP Nos 008945 and 008892), both of CLB
Coopers, Century House, 11 St Peter's Square, Manchester M2 3DN

CONTACT:  BATLEY PADDING LTD.
          Smithies Mill Bradford Road
          Batley WF17 8NS
          West Yorkshire
          Phone: 01924 359525
          Fax: 01924 359565

          CLB
          Century House,
          11 St Peters Square,
          Manchester M2 3DN
          Phone: 0161-245-1000
          Fax: 0161-245-1001
          E-mail: manchester@clb.co.uk
          Web site: http://www.clb.co.uk


BRISTOL BOTTLE: Kroll Administrators Move in
--------------------------------------------
Company Names: BRISTOL BOTTLE COMPANY LIMITED
               (Company No 00539693)

               BRISTOL BOTTLE COMPANY (MIDLANDS) LIMITED
               (Company No 01257851)

               L & B CONTAINERS LIMITED
               (Company No 01659350)

Nature of Businesses: 5190-Other Wholesale

Registered Office of Company: 9 Portland Square, Bristol BS2 8SS

Date of Appointment: 1 September 2005

Joint Administrators' Names and Address: Andrew John Pepper and
Alastair Paul Beveridge (IP Nos 009050 and 008991), both of
Kroll, 10 Fleet Place, London EC4M 7RB

                            *   *   *

The companies supply glass and plastic containers to pharmacies,
hospitals, pharmaceuticals, chemicals and food companies, as well
as jars to beekeepers and bottles to aroma therapists.  Visit
http://www.bristolbottle.co.uk/for more information.

CONTACT:  BRISTOL BOTTLE COMPANY LIMITED
          Unit 1
          Ashmead Trading Estate
          Keynsham, Bristol BS31 1U
          Phone: 0117 986 9667
          Fax: 0117 986 6335

          L AND B CONTAINERS LTD.
          Unit 2
          Lomond Street
          Glasgow G22 6JJ
          Strathclyde
          Phone: 0113 243 5436
          Fax: 0113 247 1685

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


COSTAIN GROUP: Has New Chief Executive
--------------------------------------
Andrew Wyllie has been appointed to the Board of Costain Group
plc as chief executive with effect from the opening of business
on 12 September 2005.

Mr. Wyllie has not held a directorship in a publicly quoted
company on the London Stock Exchange in the last five years.
There are no details to report in respect of paragraphs
LR9.6.13R(2)(II)(vi) inclusive of the Listing Rules.

It was announced on 25 April 2005 that Andrew Wyllie would
succeed Stuart Doughty as Chief Executive.  Accordingly, Mr.
Doughty resigned as Chief Executive and as an Executive Director
of Costain with effect from immediately prior to the opening of
business on 12 September 2005.

                            *   *   *

Costain collapsed under heavy debt in the mid-1990s after
venturing into U.S. mining.  It is still trying to recover, with
its first dividend in years expected this year or next.  Its core
U.K. business reported a GBP10.5 million profit last year after
plunging into a EUR5 million loss in 2000.

The company has moved into asset management of water utilities
from civil engineering.  In May, the special resolution approving
the reduction of share capital and cancellation of share premium
account in the Company was approved by the Companies Court and
was registered at Companies House.

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44-1628-842-444
          Fax: +44-1628-674-477
          Web site: http://www.costain.com

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444


D&S HOLDINGS: Hires Administrators from B N Jackson Norton
----------------------------------------------------------
Name: D&S HOLDINGS (GB) LIMITED
      (Company No 05288083)

Nature of Business: General Commercial Company

Registered Office of Company: Severn House, Business Centre, 66
Spring Gardens, Shrewsbury SY1 2TE

Date of Appointment: 31 August 2005

Joint Administrators' Names and Address: Simon Bonney and Michael
Colin John Sanders (IP Nos 9379 and 8698), both of BN Jackson
Norton, 3 College Court, College Hill, Shrewsbury SY1 1LS

CONTACT:  B N JACKSON NORTON
          3 College Court
          College Hill
          Shrewsbury
          Shropshire SY1 1LS
          Phone: 01743 354 666
          Fax: 01743 354 777
          E-mail: sbonney@bnjacksonnorton.co.uk


D W WEAVER: Appoints Administrators from Begbies Traynor
--------------------------------------------------------
Name: D W WEAVER LIMITED
      (Company No 03085204)

Nature of Business: Milk Haulage and Farming

Registered Office of Company: Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP

Date of Appointment: 24 August 2005

Administrators' Names and Addresses: D. Bailey (IP No 006739),
Begbies Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP,
and J. Martin (IP No 008316), Begbies Traynor, 4th Floor, Newater
House, 11 Newall Street, Birmingham B3 3NY

CONTACT:  D W WEAVER LIMITED
          Phone: 01782 503186
          Fax: 01782 504998
          E-mail: endon@weavergroup.co.uk
          Web site: http://www.weavergroup.co.uk/

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com

          BEGBIES TRAYNOR
          Newater House
          Newhall Street
          Birmingham
          West Midlands B3 3NY
          Phone: 0121 200 8150
          Fax: 0121 200 8160
          E-mail: james.martin@begbies-traynor.com


EURO GRAPHICS: EGM Passes Winding-up Resolutions
------------------------------------------------
At an Extraordinary General Meeting of Euro Graphics Consumables
Limited, duly convened, and held at the offices of 26-27 Oxendon
Street, London SW1Y 4EP, on 19 August 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and that
accordingly the Company be wound up voluntarily and that Robert
Derek Smailes and Stephen Blandford Ryman, of Rothman Pantall &
Co, Clareville House, 26-27 Oxendon Street, London SW1Y 4EP, be
and are hereby appointed Joint Liquidators of the Company for the
purposes of such winding-up. Any act required to be taken by the
Joint Liquidators can be undertaken by either one of them acting
independently."

Chairman

CONTACT:  EURO GRAPHICS CONSUMABLES LIMITED
          County Industrial Estate, Boars Tye Road, WITHAM,
          Essex CM8 3PP
          Phone: 01376585617

          ROTHMAN PANTALL & CO
          Clareville House,
          26-27 Oxendon Street,
          London SW1Y 4EP
          Phone: +44 (0) 20 7930 7272
          Fax: +44 (0) 20 7930 9849
          E-mail: london@rothman-pantall.co.uk
          Web site: http://www.rothman-pantall.co.uk


EXHIBITION SOLUTIONS: Files for Liquidation
-------------------------------------------
At an Extraordinary General Meeting of the Members of Exhibition
Solutions Limited, duly convened, and held at MLS Business
Centre, Tower Court, Oakdale Road, Clifton Moor, York YO30 4XL,
on 31 August 2005, the following Resolutions were duly passed, as
an Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily and that
David Anthony Horner, of David Horner & Co, 11 Clifton Moor
Business Village, James Nicolson Link, Clifton Moor, York YO30
4XG, be and he is hereby appointed Liquidator for the purposes of
such winding-up."

S Dunn, Director

                            *   *   *

Exhibition Solutions Ltd. builds exhibition stands throughout the
U.K. and Europe.  Visit http://www.exhibition-solutions.co.uk/
for more information.

CONTACT:   EXHIBITION SOLUTIONS LTD.
           Phone: +44 (0) 1845 577 200

           DAVID HORNER & CO.
           11 Clifton Moor Business Village
           James Nicolson Link,
           York YO30 4XG
           Phone: 01904 479801
           Web site: http://www.davidhornerandco.co.uk


FASCIA FABRICATIONS: Calls in Liquidators
-----------------------------------------
At an Extraordinary General Meeting of the Members of Fascia
Fabrications Limited, duly convened, and held at 5 Fairmile,
Henley-on-Thames, Oxfordshire RG9 2JR, 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
Gareth Wyn Roberts and Robert Christopher Keyes be and are hereby
appointed Joint Liquidators for the purposes of such winding-up."

A Pearce, Director

CONTACT:  FASCIA FABRICATIONS LIMITED
          Bumpers Farm Industrial Estate
          Chippenham
          SN14 6LH
          Wiltshire
          Phone: 01249 655983
          Fax: 01249 443565
          Web site: http://www.fasciafabrications.co.uk
          Contact:
          Nick Cooper, Sales and Marketing Manager

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


FINEDON MILL: Creditors Meeting Next Week
-----------------------------------------
Notice is hereby given by Andrew Martin Sheridan and Cedric
Marsden Clapp, Baker Tilly, 1 Georges Square, Bristol BS1 6BP,
that a Meeting of Creditors of Finedon Mill Limited, 1 Georges
Square, Bristol BS1 6BP, is to be held at Baker Tilly, 1 Georges
Square, Bristol BS1 6BP, on 19 September 2005, at 10:30 a.m.  The
Meeting is an initial Creditors' Meeting under paragraph 51 of
Schedule B1 to the Insolvency Act 1986.  I invite you to attend
the above Meeting.  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 M Sheridan, Joint Administrator

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


GOSHAWK INSURANCE: Reviews Bermuda Unit Following Rating Action
---------------------------------------------------------------
The Board of Goshawk Insurance Holdings plc has noted the
announcement made by rating agency A.M. Best regarding the
financial strength of Rosemont Reinsurance Ltd., its
Bermuda-based operating subsidiary.

The Board continually assesses the capital resources of the
Company against its risk profile and the reinsurance market
cycle.  The Board is engaged in capital raising initiatives with
the aim of taking advantage of the beneficial premium rating
environment that will follow as a result of Hurricane Katrina.
Management will meet with A.M. Best shortly to discuss these
initiatives.

The Company intends to announce its interim results on 15
September 2005.  Rosemont Reinsurance writes property and marine
reinsurance business in the industrialized world.

                            *   *   *

On September 8, A.M. Best Co. placed the financial strength
ratings of A- (Excellent) and the issuer credit ratings (ICR) of
"a-" of Rosemont Reinsurance Ltd. under review with negative
implications.  These rating actions follow the recent
announcements by Rosemont that net losses attributable to
Hurricane Katrina are projected to be in the US$25 million to
US$30 million range and that marine energy losses for Hurricane
Ivan had deteriorated during the second quarter of 2005.  A.M
Best is concerned that the combination of these events, in
addition to negatively affecting Rosemont's operating profit
projections for 2005, will also negatively affect Rosemont's
prospective risk-based capital in light of its property
catastrophe business profile.

The ratings will remain under review pending discussions with
Rosemont's management and re-evaluation of the capital
requirements necessary to support the company's current rating.
A.M. Best expects to commence discussions with Rosemont's
management and conclude its analysis in the short term.

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          Phone: 020 7661 9374 (London)
                 +1 441 295 5485 (Bermuda)
          Paul Spencer, Chairman
          Russell Brooke, Chief Executive
          Jonathan Beck, Finance Director

          COLLEGE HILL
          Phone: 020 7457 2020
          Tony Friend
          Roddy Watt


KINGDOM KITCHENS: Files for Liquidation
---------------------------------------
At an Extraordinary General Meeting of Kingdom Kitchens Limited,
duly convened, and held at 60-62 High Street, Harpenden,
Hertfordshire AL5 2SP, on 30 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
Anthony David Kent, of Maidment Judd, 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP, be and he is hereby appointed
Liquidator for the purposes of such winding-up."

P Tibble, Chairman

CONTACT:  MAIDMENT JUDD
          60/62 High Street
          Harpenden
          Hertfordshire AL5 2SP
          Phone: 01582 469700
          Fax: 01582 460674
          E-mail: akent@maidmentjudd.co.uk


MG ROVER: 6,000 Pensioners May Qualify for Govt Assistance
----------------------------------------------------------
The Pension Protection Fund (PPF) is reportedly reviewing MG
Rover-related pension schemes to see whether they qualify for
assistance.  According to Dow Jones, over 6,000 members of the MG
Rover Group Pension Scheme and the MG Rover Group Senior Pension
Scheme could benefit from PPF's support.

Established by the U.K. government in April, PPF provides
compensation to members of defined benefit pension schemes in
case their employers fall into insolvency.  The assessment would
reportedly take at least a year, prompting the schemes' trustees
to continue paying pensions to members.

In April, MG Rover went into administration after it failed to
clinch a deal with Shanghai Automotive Industry Corp.  Another
Chinese firm, Nanjing Automobile (Group) Corp., has bought the
assets of MG Rover for GBP53 million.

Chris Martin, a spokesman for the trustee of the MG Rover pension
schemes, Independent Trustee Services, revealed they are counting
on the PPF, as he stressed the arrival of another rescuer willing
to take on Rover's pension deficit was unlikely.

He said: "The news is excellent for the vast majority of the
Rover pension schemes' members and an end to the uncertainty they
have had since April, though some members of the scheme will have
their income capped."

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com

          NANJING AUTOMOBILE (GROUP) CORPORATION
          General Management Division
          Phone: 86-25-3432671
          Fax: 86-25-3111295 3417873
          E-mail: bnj3111037@jlonline.com
          Web site: http://www.nanqi.com.cn


MIRAJ (UK): Liquidator Moves in
-------------------------------
At an Extraordinary General Meeting of Miraj (UK) Ltd., duly
convened, and held at 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES, on 31 August 2005, the following
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of the Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is desirable that the same should be wound
up, and that the Company be wound up accordingly, and that Helen
Timothe Phillips, of 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES, be and she is hereby appointed the
Liquidator of the Company for the purposes of such winding-up."

S Chatrath, Director

CONTACT:  MIRAJ (UK) LTD.
          Wings House
          6 Dale Side
          Gerrards Cross
          Buckinghamshire
          SL9 7JF
          England
          Phone: +44 1753 891311
          Fax: +44 1753 892202
          Web site: http://www.mirajuk.com/aboutus.htm


MONTFORD INSTRUMENTS: 'Blue Chip' Supplier Crashes
--------------------------------------------------
At an Extraordinary General Meeting of Montford Instruments
Limited, convened, and held at 24 Conduit Place, London W2 1EP,
on 31 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 the Company be wound up voluntarily, and that Ian
Franses of Ian Franses Associates, 24 Conduit Place, London W2
1EP, be and is hereby appointed Liquidator for the purposes of
such winding-up."

G Martell, Chairman

                            *   *   *

Founded in 1963, Montford Instruments Limited designs and builds
a wide range of test chambers and accurate temperature generating
equipment.  It operates from a modern, purpose-built 11,000 sq.
ft. factory.  Its customer base is made up almost entirely of
blue chip companies.  Visit http://www.montford.co.ukfor more
information.

CONTACT:  MONTFORD INSTRUMENTS LIMITED
          4, McNicol Drive
          Park Royal
          London
          NW107AW
          Phone: +44(0) 208965 0361
          Fax: +44(0) 208965 3621

          IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Phone: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


NETSHIFT SOFTWARE: Sets Creditors Meeting Next Week
---------------------------------------------------
Notice is hereby given, pursuant to paragraph 51 of Schedule B1
of the Insolvency Act 1986, that a Meeting of the Creditors of
Netshift Software Limited will be held at the offices of BDO Stoy
Hayward LLP, Kings Wharf, 20-30 Kings Road, Reading, Berkshire
RG1 3EX, on 19 September 2005, at 10:00 a.m., for the purposes of
considering and, if thought fit, approving the proposals of the
Joint Administrators for achieving the aim of the Administration
Order, and also to consider establishing and, if thought fit, to
appoint a Creditors' Committee.  A person authorized under
section 375 of the Companies Act 1985, to represent a corporation
must produce to the Chairman of the Meeting a copy of the
Resolution from which their authority is derived.  The copy
Resolution must be under seal of the corporation, or certified by
the Secretary or Director of the corporation as a true copy.
Please note that a Creditor is entitled to vote only if he has
delivered to the Joint Administrators not later than 12:00 noon
on 16 September 2005, details in writing of the debt claimed to
be due from the Company, and the claim has been duly admitted
under the provisions of the Insolvency Rules 1986, and there has
been lodged with the Joint Administrators any proxy which the
Creditor intends to be used on his behalf.

M H Thompson, Joint Administrator

                            *   *   *

Netshift's client and enterprise software products are recognized
as industry leading solutions, which since 1996 have been
deployed with over 2000 customers in over 70 countries worldwide.
Visit http://www.netshift.com/for more information.

CONTACT:  NS SYSTEMS LIMITED
          19 Reading Road
          Pangbourne, Berkshire RG8 7LR
          United Kingdom
          Phone: +44 (0) 1189 766405
          Fax: +44 (0) 1189 844888
          E-mail: sales@netshift.com

          BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


NORFROST LIMITED: Haulage Firm Assumes Business
-----------------------------------------------
About 94 jobs at Norfrost Limited have been saved as John G
Russell (Transport) Limited took over the firm from KPMG
administrators, said Creditman.

The new company, Icetech Freezers Limited, will still operate at
Norfrost's site in Castletown, near Thurso, Caithness.

Blair Nimmo, Joint Administrator, said: "I am delighted that we
have managed to sell the business as a going concern.  Not only
has this saved all 94 jobs, but the sale also ensures that
existing customers will continue to be serviced and that
suppliers will have ongoing business."

"The business is a crucial part of the Highland economy and a key
employer in the local area, so this represents a fantastic
result. We wish them every success in the future," he added.

Meanwhile, John Russell, Chairman of John G Russell (Transport)
Limited, said: "I am pleased that we have managed to reach a
positive outcome after what has been a difficult few months.  The
loyalty and professionalism shown by management, staff, customers
& suppliers has been very encouraging, and I'm confident we shall
continue to build on our existing customer base and production
efficiency."

Established in 1972, Norfrost designs and manufactures a large
and popular range of domestic and commercial freezer cabinets for
the U.K., European and Middle Eastern markets, with operations in
the haulage and engineering sectors.

For the twelve months to December 2004, the company booked a
turnover of GBP13 million.  However, financial difficulties due
to increased price competition from low cost economies, the
rise in price of raw materials and the poor retail sector
performance over the early part of 2005 had sent the company into
administration.  The collapse saw the closure of its haulage and
engineering divisions and the immediate loss of 74 jobs.

John G Russell (Transport) Limited is a privately owned company
offering transport, warehousing and distribution services by
road, rail or sea.  With 1.25 million square feet of warehousing
depots, Russell operates in Cumbernauld, Hillington, Kirkcaldy,
Mossend, Port Dundas, Springburn and Stirling.

CONTACT:  NORFROST LIMITED
          Murrayfield, Castletown, Caithness
          Phone: 07000 NORFROST (07000 667376)
                 or +44 (0)1847 822200
          Fax: 07002 NORFROST (07002 667376)
               or +44 (0)1847 822201
          Web site: http://www.norfrost.co.uk

          JOHN G RUSSELL (TRANSPORT) LIMITED
          Deanside Road, Hillington Industrial Estate
          Glasgow G52 4XB
          Phone: 0141-810-8200
          Fax: 0141 810 8233
          E-mail: information@johngrussell.co.uk
          Web site: http://www.johngrussell.co.uk


OPPERMANN ENGINEERING: Owners Decide to Liquidate Business
----------------------------------------------------------
At an Extraordinary General Meeting of the Members of Oppermann
Engineering Limited, convened, and held at First Floor, Milford
House, 43-55 Milford Street, Salisbury, Wiltshire SP1 2BP, on 31
August 2005, at 11:00 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 the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily and that
Barry P Knights, of Knights & Company, Milford House, 43-55
Milford Street, Salisbury, Wiltshire SP1 2BP, is hereby appointed
Liquidator for the purposes of the voluntary winding-up."

R C Flux, Chairman

                            *   *   *

Oppermann Engineering makes and sells high-pressure water-jetting
drainage and cleaning equipment.  It has 25 years in the drain
jetting business.  It distributes to the whole of England and
Wales as well as Portugal, United Arab Emirates and Spain

CONTACT:  OPPERMANN ENGINEERING
          West Dean
          Salisbury
          SP1 1HP
          United Kingdom
          Phone: (01794) 885260
          Fax: (01794) 885261
          Web site: http://www.water-jetting.co.uk

          KNIGHTS & CO
          1st Floor
          Milford House
          43-45 Milford Street
          Salisbury
          Wiltshire SP1 2BP
          Phone: 01722 330688
          Fax: 01722 414546


PCF LIMITED: Administrators Take over Firm
------------------------------------------
Name: PCF LIMITED
      (Company No 01595090)

Nature of Business: Software Consultants

Registered Office of Company: Hilltop Cottage, Asheridge,
Chesham, Buckinghamshire

Date of Appointment: 23 August 2005

Administrators' Names and Address: Robert C. Keyes and Gareth W.
Roberts (IP Nos 1016 and 1162), both of Hurst Morrison Thomson, 5
Fairmile, Henley-on-Thames, Oxfordshire RG9 2JR

                            *   *   *

PCF is a privately owned firm run by its project management and
engineering specialists.  Its goal is to enable customers to
maximize the value of their investment in existing IT systems by
generating meaningful information from the raw data that they
generate.  Visit http://www.pcfltd.co.uk/for more information.

CONTACT:  PCF LIMITED
          318 Waterside, Chesham,
          Buckinghamshire HP5 1QD
          United Kingdom
          Phone: (+44) 1494 797800
          Fax: (+44) 1494 797801
          Support: (+44) 1494 797808

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


PTWO NETWORKS: Computer Consultant Winds up
-------------------------------------------
At an Extraordinary General Meeting of PTWO Networks Limited,
duly convened, and held at The Professional Centre, Sundridge
Close, Cosham, Portsmouth, Hampshire PO6 3JL, 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
David John Stringer, of Stringer & Co, 5 Bassett Wood Drive,
Southampton SO16 3PT, be and he is hereby appointed Liquidator
for the purposes of the winding-up."

P G Manley, Chairman

                            *   *   *

pTWO Networks is the 'outsourced IT department' to small
businesses in the South of England, with typically 5-25 computer
users.  It supports lawyers, accountants, hairdressers, kitchen
designers, advertising/PR, recruitment agents, charities,
planning consultants, property agents and many other companies
throughout the South of England.  Visit
http://www.ptwonetworks.co.uk/for more information.

CONTACT:  PTWO NETWORKS LIMITED
          Portsmouth Technopole
          Kingston Crescent
          Portsmouth
          Hampshire
          PO2 8FA
          Phone: +44 (0870) 770 8011
          Fax: +44 (0870) 770 8012

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


PURE INTERNATIONAL: Hires Administrators from Leonard Curtis
------------------------------------------------------------
Name: PURE INTERNATIONAL LIMITED
      (Company No 5161948)

Nature of Business: Real Estate

Registered Office of Company: 5th Floor, 71 Kingsway, London WC2B
6ST

Date of Appointment: 30 August 2005

Administrators' Names and Address: K. D. Goodman and N. A.
Bennett (IP Nos 2407 and 9083), both of Leonard Curtis & Co, One
Great Cumberland Place, Marble Arch, London W1H 7LW

                            *   *   *

PURE is a London-based sales and marketing company that
specializes in international property.  In addition to its
operations in the United Kingdom, this year it has offices in
Canada and Switzerland and plans to operate in Hong Kong and the
European Union within the foreseeable future.  PURE also has
strong links in the Netherlands and Germany.  Visit
http://www.pureintl.com/for more information.

CONTACT:  PURE INTERNATIONAL LTD.
          20 Garrick Street
          London WC2E 9BT
          Phone: +44 (0) 20 7331 4500
          Fax: +44 (0) 20 7331 4518
          E-mail: contact@pureintl.com

          LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


RENTOKIL INITIAL: Clarifies Report on Raphoe's Proposal
-------------------------------------------------------
Rentokil Initial plc has been asked to clarify the statement
included in an article published in The Daily Telegraph on 10
September 2005.

The statement read: "Last night, one senior Rentokil source said:
If it wasn't Gerry Robinson, you'd laugh.  Even if he cocked it
up and shares fell 50%, he'd still get GBP37.5 million."

The Company clarifies its understanding from Raphoe's statement
of 8 September 2005 that Raphoe's proposal, if implemented, would
see Raphoe rather than Sir Gerry Robinson issued with Rentokil
shares worth GBP76 million.  According to Raphoe's statement, Sir
Gerry Robinson owns 72% of Raphoe.  He would therefore stand only
to receive Rentokil shares worth GBP54.6 million from Raphoe's
proposals, with the balance of consideration being attributable
to other Raphoe shareholders including Europa Partners.

If the shares fell by 50%, Sir Gerry would therefore stand to
receive Rentokil shares worth GBP27.3 million, and other
shareholders Rentokil shares worth GBP10.6 million.  The amounts
stated here are before any executive emoluments that Sir Gerry
Robinson proposes are paid to him, and before any share of any
future capital return made to all Rentokil shareholders.  The
actual amount received by Raphoe shareholders may be reduced by
professional and other costs incurred by Raphoe.

This clarification does not amend any of the Board's views on
Raphoe's proposal as published on 8 September 2005.

                            *   *   *

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.

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


REQIO LIMITED: Calls in Administrators from Tenon Recovery
----------------------------------------------------------
Name: REQIO LIMITED
      (Company No 4110979)

Nature of Business: Software Consultancy and Supply

Registered Office of Company: Cambridge House, Henry Street, Bath
BA1 1JS

Trade Classification: 7720

Date of Appointment: 31 August 2005

Joint Administrators' Names and Address: Tina Yearsley and Carl
Stuart Jackson (IP Nos 9298 and 8860), both of Tenon Recovery,
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ

                            *   *   *

Reqio is a leading provider of electronic catalogue content
management solutions.  The Reqio Supplier Manager and Reqio
Catalogue Manager suites of software offer the most advanced and
comprehensive tools for the development and management of
procurement, supplier and marketplace catalogues that are
compatible with all procurement and marketplace software systems.
Visit http://www.reqio.comfor more information.

CONTACT:  REQIO LIMITED
          Cambridge House
          Henry Street
          Bath BA1 1JS
          United Kingdom
          Phone: +44 1225 483083

          TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


SEAFORD LABORATORIES: Administrators Move in
--------------------------------------------
Name: SEAFORD LABORATORIES LIMITED
      (Company No 01229662)

Nature of Business: Manufacture of Basic Pharmaceuticals Supplies

Trade Classification: 05

Date of Appointment: 30 August 2005

Administrators' Names and Address: I. P. Sykes and G. W. Rhodes
(IP Nos 9166 and 2478), both of Begbies Traynor, 2-3 Pavilion
Buildings, East Sussex BN1 1EE

CONTACT:  SEAFORD LABORATORIES LTD.
          Cradle Hill Industrial Estate,
          Seaford, East Sussex BN25 3JE
          Phone: 01323896779

          BEGBIES TRAYNOR
          2-3 Pavilion Buildings
          Brighton
          Sussex BN1 1EE
          Phone: 01273 747847
          Fax: 01273 747743


SIMES & SONS: Engineering Firm Liquidates
-----------------------------------------
At an Extraordinary General Meeting of Simes & Sons Limited, duly
convened, and held at S G Banister & Co, 40 Great James Street,
London WC1N 3HB, on Friday 26 August 2005, at 11:30 a.m., the
subjoined Extraordinary Resolution was duly passed:

"That is 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
Tim Alexander Clunie, of S G Banister & Co, 40 Great James
Street, London WC1N 3HB, be and is hereby appointed Liquidator
for the purpose of the winding-up."

N W Simes, Director

                            *   *   *

Simes and Sons is a third-generation family-run business.  It
produces metal products from a simple screw to 100-ton
fabrications.  Visit http://www.simesandsons.co.ukfor more
information.

CONTACT:  SIMES & SONS LIMITED
          Ore Valley Forge
          107 The Ridge
          Hastings
          East Sussex
          TN34 2AB
          United Kingdom
          Phone: (01424) 426128
          Fax: (01424) 432528

          S. G. BANISTER & CO.
          40 Great James Street,
          London WC1N 3HB
          Phone: 020-7430-9292


SOUTHERN MECHANICAL: Hires Smith & Williamson as Administrator
--------------------------------------------------------------
Name: SOUTHERN MECHANICAL ENGINEERS LIMITED
      (Company No 4193252)

Nature of Business: General Construction and Demolition

Trade Classification: 23

Date of Appointment: 31 August 2005

Administrators' Names and Address: Gregory Andrew Palfrey and
Kevin James Wilson Weir (IP Nos 9060 and 9332), both of Smith &
Williamson Limited, Notebeme House, 84 High Street, Southampton
SO14 2NT

                            *   *   *

Southern Mechanical Engineers is a specialist Mechanical and
Engineering Contractor operating in the construction and water
industries.  Originally formed in 2001, the company was acquired
by Highspec Comms Civils Limited in September 2005, based in the
Adur Valley in East Sussex where its premises comprise offices,
stores and a fully equipped engineering and fabrication facility.
Visit http://www.highspecgroup.com/southern/for more
information.

CONTACT:  SOUTHERN MECHANICAL ENGINEERING
          Unit 2 Bordesley Hall Farm Barns
          Storrage Lane, Alvechurch
          Worcestershire B48 7ES
          Phone: +44 (0) 1386 791444
          Fax: +44 (0) 1386 791445
          E-mail: info@highspecgroup.com

          SMITH & WILLIAMSON LIMITED
          Notebeme House
          84 High Street
          Southampton
          Hampshire SO14 2NT
          Phone: 02380 831 050
          Fax: 02380 831 051
          E-mail: KW2@smith.williamson.co.uk


SUMITOMO HEAVY: Hires KPMG Liquidator
-------------------------------------
At the extraordinary general meeting of Sumitomo Heavy Industries
(Europe) Limited, duly convened, and held at Field Fisher
Waterhouse, 35 Vine Street, London EC3N 2AA, on 30 August 2005,
the following Resolutions were duly passed, as a Special
Resolution and as an Ordinary Resolution respectively:

"That the Company be wound up voluntarily and that Jeremy Simon
Spratt and Finbarr Thomas O'Connell, of KPMG LLP, 8 Salisbury
Square, London EC4Y 8BB, be and are hereby appointed Joint
Liquidators for the purpose of such winding-up and that any power
conferred on them by the Company, or by law, be exercisable by
them jointly, or by either of them alone."

T Fuse, Chairman

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


TARNIE LIMITED: In Liquidation
------------------------------
At an Extraordinary General Meeting of the Members of Tarnie
Limited, duly convened, and held at 73-75 Aston Road North,
Birmingham B6 4DA, on 24 August 2005, the following Resolutions
were duly passed, as an Extraordinary Resolution and as an
Ordinary Resolution respectively:

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

T Samra, Director
                            *   *   *

Tarnie Ltd. is a leading global distributor of wireless
communications products and electronic goods.  It was formed in
2004 as an independent trader in the telecom sector providing
wholesale and distribution.  Visit http://www.tarnie.com/for
more information.

CONTACT:  TARNIE LTD.
          Elmdon Building, Birmingham International Airport
          Birmingham, B26 3QN
          Phone: 0121 782 5222
          Fax: 0121 782 5333
          E-mail: info@tarnie.com

          VANTAGE
          20-24 Kirby Street
          London EC1N 8TS
          Phone: 0845 225 5801
          Fax: 0845 225 5802
          E-mail: Rallen_vantage@hotmail.com


WIREMOLD LIMITED: Members Pass Winding-up Resolutions
-----------------------------------------------------
At the extraordinary general meeting of the members of Wiremold
Limited, duly convened, and held at 128 Avenue De Lattre De
Tassigny, Limoges 87000 France, on 5 August 2005, the following
Resolutions were duly passed, as a Special Resolution and as an
Ordinary Resolution respectively:

"That the Company be wound up voluntarily and that Edward T Kerr
and Ian J Gould, of the firm of PKF (UK) LLP, be and they are
hereby appointed as Joint Liquidators of the Company for the
purpose of the voluntary winding-up and are empowered to act
jointly and severally in all matters."

G Schnepp, Director

CONTACT:  WIREMOLD LTD.
          Dial Lane
          West Bromwich B70 0EB
          West Midlands
          Phone: 0121 522 2263
          Fax: 0845 605 4334
          Web site: http://www.uk.wiremold.com

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


                            *********


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
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