TCREUR_Public/050915.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, September 15, 2005, Vol. 6, No. 183

                            Headlines

B U L G A R I A

CHIMCO AD: Russia's Gazprom Boosts Rescue Effort


F R A N C E

INFOGRAMES ENTERTAINMENT: Appoints Two Deputy CFOs
LBC HOLDINGS: Reports EUR4.8 Million First-half Net Loss
LBC HOLDINGS: Chief Financial Officer Leaving Next Month


G E R M A N Y

BAUTENSCHUTZ BAUSANIERUNG: Court Names Wolff-Rapp Administrator
BEHRENS & LORENZ: Software Firm Succumbs to Bankruptcy
DAIMLERCHRYSLER AG: Drastic Cost-cutting at Smart On
DRUCKHAUS NAUMBURG: Proofs of Claim Due Next Month
EG-GUE: Dresden Court Appoints Administrator from White & Case

ET-MOI: Creditors Meeting Set November
GSR IMPORT: Names Haarmann, Hemmelrath & Partner Administrator
HILSUR BUNGALOW: Creditors' Claims Due End of September
KINDERWELT WAHL: Court to Verify Claims October
RIBEX GMBH: Appoints Administrator from Heilmann
SONNENSCHUTZ-BUEROSYSTEME: Under Bankruptcy Administration


I R E L A N D

JEFFERSON SMURFIT: Outlines Plan to Merge with Kappa Packaging
JEFFERSON SMURFIT: S&P Puts Rating on CreditWatch Negative


I T A L Y

ALITALIA SPA: Cuts First-half Net Loss Despite High Fuel Prices
PARMALAT FINANZIARIA: Court to Review Injunction November


N E T H E R L A N D S

KAPPA BEHEER: Remains on CreditWatch Negative
KAPPA PACKAGING: Ratings Under Review for Possible Upgrade
KONINKLIJKE AHOLD: Completes Sale of Deli XL to Bidvest Group
ROYAL SHELL: Court Denies Ex-chairman's Appeal Against FSA
ROYAL SHELL: Remaining 'A' Shares Total 4,042,750,000


P O L A N D

POLISH OIL: PLN2.76 Share Price Expected for IPO


R O M A N I A

BANCA COMERCIALA: Fitch Affirms Short-term 'B' Rating


R U S S I A

BALTIMOR: Succumbs to Bankruptcy
DRUZHBA: Insolvency Manager Takes over Firm
EUROPEAN FRUIT: Court Appoints Insolvency Manager
RAZDOLNENSKOYE: Under Bankruptcy Supervision
REINFORCED CONCRETE: Claims Filing Period Ends October

SEL-KHOZ-TEKHNIKA: Declared Insolvent
SERGACH-AGRO-SERVICE: Deadline for Proofs of Claim Set October
STROY-SANTEKH-MONTAZH: Bankruptcy Hearing Set Later this Month
VOLZHSKIYE ROADS: Hires I. Zolin Insolvency Manager
ZLATOUSTOVSKAYA: Undergoes Bankruptcy Supervision Procedure


S P A I N

LUSEO ENERGIA: Sinks into Red as Wholesale Power Prices Soar


S W I T Z E R L A N D

ABB LTD.: Court to Hear CE's Modified Rescue Plan this Month


U N I T E D   K I N G D O M

ACROBAT MUSIC: Hires Tenon Recovery to Wind up Business
AVIATION BROKERS: Appoints Liquidators from Atherton Bailey
BEACHAM & CO.: Files for Liquidation
B F MANAGEMENT: Hires Liquidator from Maidment Judd
BRADLEY & WALKER: Calls in Administrator

BRITISH ENERGY: Delays Reactivation of two Nuclear Reactors
CABLE & WIRELESS: To Delist from New York Stock Exchange
CARTMEL VALLEY: Names Grant Thornton Administrator
COMPOSITE CHAMBERS: Creditors to Meet Later this Month
COMPUTACENTER PLC: German, French Units Suffer Losses

COMPUTACENTER PLC: Non-executive Director Steps down
COSTAIN GROUP: Wins Road Widening Contract
DORIC BOARD: Liquidators Enter Firm
DRAX GROUP: Receives GBP1.9 Billion Takeover Offer
EAST WEST: Members Resolve to Liquidate Food Business

EURAMAX INTERNATIONAL: Moody's Junks Proposed US$315 Mln Notes
EURAMAX INTERNATIONAL: S&P Rates US$315 Mln Sr. Sub-notes 'B-'
EVOLUTION DH: Calls in Liquidator from GCP
GIGABIT NETWORKS: Goes into Liquidation
GW 3117: Members Pass Winding-up Resolution

HIGHWORTH PLUMBING: In Liquidation
HOMEFLAIR (UK): Calls in Liquidator
HOPEWELLS ELECTRICAL: Names Begbies Traynor Liquidator
HUB COMMUNICATIONS: Liquidators from Hurst Morrison Enter Firm
IBERIAN BASE: Members Opt for Liquidation

LINDEN LANDSCAPES: Files for Liquidation
LORNE STEWART: Appoints Liquidator
MEDICAL ASSURANCE: Names Moore Stephens Liquidator
MERSEYSIDE PRECISION: Hires Begbies Traynor as Administrator
MG ROVER: Phoenix Four Boosts Pension Funds

MISYS PLC: Expects Poor Half-year Results from Banking Unit
NORTHWOOD COMPUTER: Appoints Begbies Traynor Liquidator
P1 SYSTEMS: Court Okays Winding-up
PARTNERSHIP DRIVER: Calls in Liquidator
PEDALPOWER PICTURES: Members Call in Mercer & Hole Liquidator

PRESTELIGENCE LIMITED: Administrators Take over Firm
REGAL PETROLEUM: Greek Subsidiary Settles Labor Dispute
REGUS GROUP: Half-year Earnings Up by GBP23.4 Million


                            *********


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


CHIMCO AD: Russia's Gazprom Boosts Rescue Effort
------------------------------------------------
Gazprom is willing to support local fertilizer maker Chimco AD,
said Anatoliv Potapov, the Russian ambassador to Bulgaria, at a
meeting with municipal authorities in Vratsa last week.

Gazprom's subsidiary Centrix, according to PARI Daily, is set to
control half of Novo Chimco via transfer of shares this month.
Novo Chimco earlier proposed a rehabilitation program for Chimco
that will enable it to repay BGN10 million in state debt upon
termination of its bankruptcy procedure.  Chimco's debt to
Bulgargas and National Electric Company (NEK), totaling BGN151
million, will be reset for 18 years.  In return, Novo Chimco will
become the sole owner of Chimco, while shares of 7,000 small
investors will be cancelled.

In April, Chimco AD reported an unaudited net loss of BGN80.951
million, a fourfold increase from last year's BGN20.713
million.  A huge chunk of this was caused by a record-high
depreciation charge amounting to BGN75.064 million.

CONTACT:  CHIMCO AD
          3037 Vratza, Bulgaria
          Tel: +359-92-61071
          Fax: +359-92-61118
          E-mail: info@chimco.bg


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


INFOGRAMES ENTERTAINMENT: Appoints Two Deputy CFOs
--------------------------------------------------
As part of the Infogrames Entertainment Group's efforts to
bolster its management structures, the board of directors has
appointed two new Directeurs Generaux Delegues -- Deputy Chief
Operating Officers.  They are Evence-Charles Coppee, who will
assist Chairman and Chief Executive Officer Bruno Bonnell by
overseeing the operations of the holding entity and the Group's
general management, and Jean-Michel Perbet, who will be in charge
of the company's worldwide marketing and sales.

Evence-Charles Coppee, Directeur General Delegue -- Deputy Chief
Operating Officer, will supervise the financial, administrative,
legal and international management aspects.

Mr. Coppee's principal assignment will consist in making the
Group's structure at once simpler and more efficient, and in
implementing the necessary management strategies, structures and
methods.

Jean-Michel Perbet, Directeur General Delegue - Deputy Chief
Operating Officer, adds to his responsibility as President of
Atari Europe, which now encompasses the international sphere.  He
will henceforth have authority for all of the Group's marketing
and distribution activities.  His mission will be to increase the
visibility of the Group's products and to gain market shares
everywhere in the world.

Mr. Perbet has been a member of the board of directors since
February 2004.

The new management structure is designed to ensure the continued
profitability of Infogrames' operations and to enable it to start
expanding again.

Commenting on those appointments, Infogrames Entertainment
Chairman and Chief Executive Officer Bruno Bonnell said: "Both
appointments are consistent with our commitment to improve the
company's productivity.  I am pleased to welcome Evence-Charles
Coppee, whose experience in business will considerably help
Infogrames achieve the turnaround it is anticipating.
Jean-Michel Perbet has, since his appointment President of Atari
Europe, helped to significantly improve the profitability of the
Group's European operations. He will now be in a position to
apply his proven methods to our international operations."

About Infogrames Entertainment and Atari

Infogrames Entertainment (IESA), the parent company of the Atari
Group, is listed on the Paris Euronext stock exchange (ISIN code:
FR-0000052573) and has two principal subsidiaries: Atari Europe,
a privately-held company, and Atari, Inc., a United States
corporation listed on NASDAQ (ATAR).

The Atari Group is a major international producer, publisher and
distributor of interactive entertainment software for all market
segments and in all existing game formats (Microsoft, Nintendo
and Sony) and on CD-ROM for PC.  Its games are sold in more than
60 countries.

The Atari Group's extensive catalogue of popular games is based
on original franchises (Driver, Alone in the Dark, V-Rally, Test
Drive, Roller Coaster Tycoon, etc.) and international licenses
(Matrix, Dragon Ball Z, Dungeons & Dragons, etc.).  Visit
http://www.atari.comfor more information.

                            *   *   *

Infogrames had non-recurring losses of EUR8.5 million for fiscal
year 2004/2005, versus gains of EUR10 million a year ago.  This
included restructuring charges (-EUR15.8 million) and the impact
of the sale of Atari Inc. shares (EUR-20.2 million), which were
partly offset by one-time gains of EUR15.6 million from the
exchange offer on the OCEANE 2005 bonds and EUR15.9 million from
the sale of the Civilization franchise.

Infogrames Entertainment reduced its net debt over the year by
more than EUR120 million, bringing its debt-to-equity ratio to
less than 1.  The net debt at the end of the year amounted to
EUR188.6 million, compared with EUR313.3 million the previous
year.  Most of the debt matures in 2009.

CONTACT:  INFOGRAMES ENTERTAINMENT
          Cecile Sornay
          Phone: + 33 (4) 37 64 30 00
          Fax: + 33 (4) 37 64 30 35
          E-mail: cecile.sornay@atari.com


LBC HOLDINGS: Reports EUR4.8 Million First-half Net Loss
--------------------------------------------------------
      LBC Holdings LLC Consolidated Financial Statements
              for the 6 months ended June 30, 2005
                         (Unaudited)

                       LBC Holdings LLC
                         June 30, 2005

               Consolidated Balance Sheets - Assets
                                  June 30, 2005   December 31
                                   (Unaudited)       2004

                                         (In EUR 000)

Goodwill on acquisitions                   48,919   50,215
Intangible fixed assets                     1,550    1,406
Tangible fixed assets                     196,614  193,792
Financial assets                              852      800

TOTAL FIXED ASSETS                        247,935  246,213
Operating accounts receivable              23,137  21,616
Other accounts receivable and adjustments   5,707   6,791
Deferred expenses                          11,347   9,551
Premium on notes issuance                   6,777   7,158
Marketable securities                       2,536     884
Cash and cash equivalents                  10,828   8,946
TOTAL CURRENT ASSETS                       60,332  54,946
TOTAL ASSETS                              308,267 301,159


                      LBC Holdings LLC
                        June 30, 2005
            Consolidated Balance Sheets - Liabilities

                                  June 30, 2005    December 31
                                    (Unaudited)       2004
                                          (In EUR 000)

Share capital                               73,700   73,700
Consolidated reserves                       (5,626)       0
Net result for the year                     (6,143)  (5,626)
Translation adjustments                        535   (4,915)
GROUP SHAREHOLDERS' EQUITY                  62,466   63,159
TOTAL MINORITY INTERESTS                     5,060    4,696
TOTAL PROVISIONS FOR RISKS & CHARGES         5,819    5,762
Banks borrowings and financial debt
  from credit institutions                 189,687  186,112

Operating Liabilities                       22,560   20,705
Deferred tax reserve                        18,470   16,395
Other liabilities and adjustments            4,205     4,330
CURRENT LIABILITIES                        234,922   227,542
TOTAL LIABILITIES                          245,801   238,000

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY  308,267   301,159


                      LBC Holdings LLC
                         June 30, 2005
                Consolidated Income Statement
                         (Unaudited)

                                               6 months ended
                                                June 30, 2005
                                                 (in EUR 000)

Net sales                                           59,727
Other operating revenues                             1,491
Purchases                                          (18,326)
Taxes other than corporate income taxes             (2,378)
Personnel costs                                    (17,942)
Amortization, depreciation and provisions          (11,451)
Other operating expenses                              (134)
                                                   --------
NET OPERATING INCOME                                10,987
                                                   --------
Share of joint venture operations                       18
Net financial expense/(income)                      11,617
                                                   --------
INCOME/(LOSS) FROM ORDINARY ACTIVITIES                (612)
Exceptional items, net                                (190)
Income tax                                           3,640
                                                   --------
NET INCOME/(LOSS) BEFORE MINORITY INTERESTS         (4,442)
                                                   --------
Minority Interests                                     405
                                                   --------
NET INCOME/(LOSS)                                   (4,847)
                                                   --------
Goodwill depreciation                               (1,296)
                                                   --------
GROUP SHARE/NET INCOME (LOSS)                       (6,143)
                                                   --------

Note 9: Net Debt

Net debt, including amounts payable within one year, is:

                                December Net increase June 30
                                 31, 2004 (decrease)    2005
                                          (Unaudited)

Other Credit Facilities            8,644    1,708     10,352
Senior Credit Facility            44,468    1,867     46,335
11% Senior Subordinated Notes    133,000             133,000
Bank debt                        186,112    3,575    189,687
                                 -------    -----    -------
Accrued interest                   2,639      123      2,762
Gross debt                       188,751    3,698    192,449
                                 -------    -----    -------
Marketable securities                884    1,652      2,536
Cash and Cash equivalents          8,946    1,882     10,828
                                   -----    -----     ------
Net debt                         178,921      164    179,085

In the balance sheet accrued interest is booked in other
liabilities and adjustments.  The increase in gross debt is
mainly due to exchange rate impact.  During the first semester,
the company has paid down US$2.3 million on the tranche A of the
Senior Facility Agreement.

As at June 30, 2005, we had outstanding net debt including
accrued interest of EUR179.1 million.  As at June 30, 2005 LBC
Holdings LLC and its consolidated subsidiaries also had unused
facilities of EUR40.0 million under the Senior Credit Facilities,
consisting of a EUR15.0 million Capex Facility, a EUR15.0 million
Revolving Credit Facility and a EUR10.0 million Bank Guarantee
Facility.

On May 13, 2004, LBC Holdings LLC and its subsidiaries entered
into an agreement (the Senior Credit Facilities) with BNP Paribas
as mandated lead arranger, agent and security agent pursuant to
which the lenders agreed to provide in aggregate EURd96.3 million
in bank financing.

The Senior Credit Facilities consist of:

-- the Term A Facility, which is a U.S. dollar denominated term
loan facility, in an amount equal to the U.S. dollar equivalent
of EUR41.3 million, less the U.S. dollar amount of the Letter of
Credit Facility referred to below, with a final maturity seven
years after the date of the Acquisition;

-- the Term B Facility, which is a EUR15.0 million euro
denominated term loan facility, with a final maturity eight years
after the date of the Acquisition;

-- the Capex Facility, which is a EUR15.0 million euro or U.S.
dollar denominated loan facility with final maturity seven years
after the date of the Acquisition\

-- the Revolving Credit Facility, which is a EUR15.0 million euro
denominated revolving credit facility with final maturity seven
years after the date of the Acquisition;

-- the Bank Guarantee Facility, which is a EUR10.0 million euro
bank guarantee facility pursuant to which bank guarantees
denominated in euros can be requested; and

-- the Letter of Credit Facility, which is a US$7.2 million
letter of credit facility pursuant to which a letter of credit
denominated in U.S. dollars may be issued in support of the
Industrial Revenue Bonds.

On May 14, 2004, the Company issued EUR133.0 million aggregate
principal amount of its 11% senior subordinated notes due 2014.
The Notes will pay interest semi-annually on each May 15 and
November 15, commencing November 15, 2004.  At any time on or
before May 15, 2009, the Notes may be redeemed in whole or in
part by the Company paying a "make whole" premium.  At any time
on or after May 15, 2009, the Company may redeem all or part of
the Notes by paying a specified premium.  In addition, on or
before May 15,2 007, the Company may redeem up to 35% of the
Notes with the net proceeds from specified equity offerings.  If
LBC Holdings LLC undergoes a change of control or sells certain
of its assets, it may be required to offer to purchase the Notes.
The Notes are general obligations and will rank subordinate to
all of the Company's existing and future senior indebtedness.
The Notes are secured by a second ranking pledge of certain
inter-company loans made by the Company to certain of its
subsidiaries.

As at Dec. 31, 2004 the company was in breach of one of its
Senior Facility Agreement Financial Covenants: Based on Pro forma
full-year results the ratio consolidated cash flow over Total
debt Service was 0.95 instead of a required minimum of 1.0.  This
breach, per the Senior Facility Agreement, constitutes an event
of default and may create a situation of cross default on other
credit agreements.  The company obtained a waiver on this
technical covenant breach on May 17, 2005.  As at June 30, 2005
the company is fully compliant with its Bank Covenants.  The
ratio consolidated cash flow over Total debt Service, based on
pro forma last twelve month financial statements as defined in
the Senior Facility Agreement, is 1.17 for a minima.

See http://bankrupt.com/misc/LBC(H12005).pdffor full text of
this report.

CONTACT: LBC HOLDINGS
         Phone: +33 (1) 44 34 15 00
         Fax: +33 (1) 44 34 1501
         Web site: http://www.lbc-net.com


LBC HOLDINGS: Chief Financial Officer Leaving Next Month
--------------------------------------------------------
LBC Holding is releasing its unaudited consolidated financial
statements for the six-month period ending June 30, 2005.

LBC's management team will hold a conference call for investors
and analysts on Sept. 21 at 16:00 Paris time.  Dial-in
information and a slide presentation will be posted on the
company's Web site on Sept. 20.

At the end of October, Bruno Canihac, LBC's CFO, will leave the
company to take a position in an unrelated industry at a company
based in Aix en Provence, France.  Bruno Villey will then become
LBC's CFO.  Mr. Canihac will train Mr. Villey on how to perform
his various functions prior to his departure.

Bruno Villey, 47, is a graduate of the "Ecole Superieure de
Commerce de Bordeaux" and has held the Financial Director
position at a number of service and industrial companies in
Europe and the USA.  For the past three years, Mr. Villey has
worked as an independent Financial Consultant.

LBC is a global operator of tank storage terminals offering 2.2
million cubic meters of tank storage capacity to the market.
Headquartered in Paris, France, the company operates twelve
storage terminals in Europe and the U.S.A.  LBC specializes in
the storage of petrochemical products with the majority of its
operations in the petrochemical ports of Antwerp, Rotterdam, Le
Havre, Marseille and Houston.  LBC is a global leader in the
petrochemical storage field.

CONTACT: LBC HOLDINGS
         Phone: +33 (1) 44 34 15 00
         Fax: +33 (1) 44 34 1501
         Web site: http://www.lbc-net.com


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


BAUTENSCHUTZ BAUSANIERUNG: Court Names Wolff-Rapp Administrator
---------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Bautenschutz Bausanierung Ulbrich GmbH on August 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 15,
2005 to register their claims with court-appointed provisional
administrator Jan Gartner.

Creditors and other interested parties are encouraged to attend
the meeting on October 27, 2005, 9:30 a.m. at the district court
of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, 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:  BAUTENSCHUTZ BAUSANIERUNG ULBRICH GmbH
          Hutbergstrasse 46 in 01326 Dresden

          Jan Gartner, Administrator
          Wolff-Rapp Rechtsanwalte
          Weisseritzstrasse 3, 01067 Dresden
          Web site: http://www.WORAKO.de


BEHRENS & LORENZ: Software Firm Succumbs to Bankruptcy
------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Behrens & Lorenz Computer und Software GmbH on August 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 29,
2005 to register their claims with court-appointed provisional
administrator Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting on October 27, 2005, 9:20 a.m. at the district court
of Magdeburg, Saal D, Insolvenzabteilung, Liebknechtstrasse
65-91, 39110 Magdeburg, 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:  BEHRENS & LORENZ COMPUTER UND SOFTWARE GmbH
          Werner-von-Siemens-Ring 8, 39116 Magdeburg
          Contact:
          Dirk Alfred Lorenz, Manager
          Marsweg 2, 39118 Magdeburg
          Lutz Behrens, Manager
          Im Heidefeld 29, 39175 Wahlitz

          Andreas Kienast, Administrator
          Lennestr. 10, 39112 Magdeburg
          Phone: 0391/5973322
          Fax: 0391/5973333


DAIMLERCHRYSLER AG: Drastic Cost-cutting at Smart On
----------------------------------------------------
Smart GmbH, the troubled unit of DaimlerChrysler AG, will
"drastically" reduce its losses this year, said the Associated
Press.

Smart's chief executive Ulrich Walker unveiled Tuesday that
measures to cut costs by EUR1.2 billion are underway, which
involve dropping hundreds of jobs.  The company aims to break
even by 2007.

Mr. Walker said: "We're expecting that the bottom will be hit in
2006."  He added the job cuts would likely affect 160 workers out
of 800 at the company's Hambach site.

Earlier, Mr. Walker expressed high hopes for the venture as he
expects sales of small cars to grow around 4% a year until
2010.  He was also looking forward to widening the company's
global market share to 50% by 2010.

However, turning the business around could be a daunting task
given Smart's track record.  The unit has yet to post a profit.
It also loses EUR4,000 for each car sold, and is expected to lose
another EUR400 million this year as part of its ongoing
reorganization.  Its poor performance has been blamed for the 30%
decrease in DaimlerChrysler's first-quarter earnings.

In June, Smart recalled 58,000 of its forTwo models in Germany,
asking buyers to have their minicars inspected for possible
defect in the front axle joint so the part could be replaced.

A month before that, Smart disclosed it could miss its annual
sales goal of 80,000 units, with only 14,500 Smart Fourfour
models sold in the first quarter.

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


DRUCKHAUS NAUMBURG: Proofs of Claim Due Next Month
--------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Druckhaus Naumburg GmbH on August 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 20, 2005
to register their claims with court-appointed provisional
administrator Dr. Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 11:00 a.m. at the district
court of Halle-Saalkreis, Justizzentrum, Thueringer Str. 16,
06112 Halle, 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:  DRUCKHAUS NAUMBURG GmbH
          Bahnhofstr. 34, 06618 Naumburg
          Contact:
          Hans-Guenter Uder, Manager

          Dr. Juergen Wallner, Administrator
          Delitzscher Strasse 70, 06112 Halle
          Phone: 0345/614080
          Fax: 0345/6140810


EG-GUE: Dresden Court Appoints Administrator from White & Case
--------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Eg-Gue Schuhpflegemittel GmbH on August 15.
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 Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting on November 4, 2005, 11:00 a.m. at the district court
of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, 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:  EG-GUE SCHUHPFLEGEMITTEL GmbH
          Augsburger Strasse 1a in 01307 Dresden

          Bettina Schmudde, Administrator
          White & Case Insolvenz GbR
          Konigstrasse 1, 01097 Dresden
          Web site: http://www.whitecaseinso.de


ET-MOI: Creditors Meeting Set November
--------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Et-Moi GmbH on August 23.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 17, 2005 to register their claims
with court-appointed provisional administrator Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on November 14, 2005, 10:00 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, I. Etage, Saal 14, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ET-MOI GmbH
          Uebacher Weg 43, 52477 Alsdorf
          Contact:
          Renate Oellers, Manager
          Markt 3-2, B-3680 Masseik/Belgien

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


GSR IMPORT: Names Haarmann, Hemmelrath & Partner Administrator
--------------------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against GSR Import/Export GmbH on August 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 24, 2005 to register their
claims with court-appointed provisional administrator Nikolaus
Gaede.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2005, 9:30 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:  GSR IMPORT/EXPORT GmbH
          Schertlinstrasse 13, 86159 Augsburg
          Contact:
          Frank Nuesken and Werner Gabriel, Managers

          Nikolaus Gaede, Administrator
          Kanzlei Haarmann, Hemmelrath & Partner
          Maximilianstr. 35, 80539 Muenchen


HILSUR BUNGALOW: Creditors' Claims Due End of September
-------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against HILSUR Bungalow und Fertighaus GmbH & Co.
Kommanditgesellschaft on August 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 30, 2005 to register their claims
with court-appointed provisional administrator Hans-Peter
Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on October 21, 2005, 11:20 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  HILSUR BUNGALOW UND FERTIGHAUS GmbH
          & Co. Kommanditgesellschaft
          Monichhusen 28, 32549 Bad Oeynhausen
          Contact:
          Friedhelm Surmeier

          Hans-Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford


KINDERWELT WAHL: Court to Verify Claims October
-----------------------------------------------
The district court of Saarbruecken opened bankruptcy proceedings
against Kinderwelt Wahl GmbH on August 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 24, 2005 to register their
claims with court-appointed provisional administrator Klaus
Thiery.

Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 2:00 p.m. at the district court
of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 1. Etage, Saal 13, 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:  KINDERWELT WAHL GmbH
          Im Fluerchen 55, 66687 Wadern-Nunkirchen
          Contact:
          Bernhard Wahl, Manager

          Klaus Thiery, Administrator
          Phone: (06871) 90030
          Fax: (06871) 900321


RIBEX GMBH: Appoints Administrator from Heilmann
------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against RiBeX GmbH on August 17.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 27, 2005 to register their claims
with court-appointed provisional administrator Thomas Heilmann.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2005, 10:00 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  RIBEX GmbH
          Reichenbrander Strasse 4, 09117 Chemnitz
          Contact:
          Martin Sehrndt, Manager

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


SONNENSCHUTZ-BUEROSYSTEME: Under Bankruptcy Administration
----------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Sonnenschutz-Buerosysteme GmbH Zwickau on August 17.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 4, 2005
to register their claims with court-appointed provisional
administrator Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2005, 8:45 a.m. at the district court
of Chemnitz, Saal 27, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  SONNENSCHUTZ-BUEROSYSTEME GmbH ZWICKAU
          Breithauptstrasse 3-5, 08056 Zwickau
          Contact:
          Jens Otto and Siegfried Kraft, Managers

          Bernward Widera, Administrator
          Buettenstrasse 4, 08058 Zwickau


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


JEFFERSON SMURFIT: Outlines Plan to Merge with Kappa Packaging
--------------------------------------------------------------
Jefferson Smurfit Group and Kappa Packaging on September 13, 2005
announced a proposal to merge their respective operations.  The
merger is subject to a number of conditions including E.U.
competition approval and consultation with the relevant employee
representative organizations.

A merged entity would result in enhanced geographic reach across
Europe and Latin America with a workforce of approximately 43,000
people.  In 2004, revenue generated from the combined operations
was EUR7.6 billion.  These operations span 23 European and 9
Latin American countries, with capacity that includes 6.1 million
tonnes of containerboard and 5.1 million tonnes of corrugated.
The combined companies would comprise JSG's leading market
position in Latin America and existing market positions in
Western and Southern Europe with Kappa's positions in Northern
and Eastern Europe.  The combined company would become a world
leader in corrugated, a European leader in containerboard and
retain leading market positions, in both paper grades, in Latin
America.

JSG and Kappa Packaging propose to merge through the issue of
shares by JSG and the payment of consideration comprising cash of
approximately EUR300 million and a EUR75 million subordinated
promissory note, subject to closing adjustments, to Kappa's
shareholders.  The ownership structure, under this proposal,
would be such that JSG's existing shareholders own 58.3% of the
combined company while Kappa's existing shareholders own 41.7%.
The combined company would propose to finance the cash
consideration and to re-finance the entire existing Kappa
Packaging debt and the existing JSG senior credit facility by way
of a new senior credit facility. A number of banks have agreed to
underwrite the proposed financing.

It is proposed that the merged entity would be named Smurfit
Kappa Group. The proposed Board, for the merged entity, is:

Chairman                            Dr. M.W.J. Smurfit
Deputy Chairman                      Frits Beurskens
Chief Executive Officer                Gary McGann
President & Chief Operating Officer    Tony Smurfit
Chief Financial Officer                Ian Curley

Madison Dearborn Partners          5 Directors
Cinven Limited                      2 Directors
CVC Capital Partners                2 Directors

Gary McGann, Jefferson Smurfit Group CEO, commented "We
identified the need for structural change within the European
paper-based packaging industry. This proposal is an exciting
first step in that process and would, we believe, benefit all
stakeholder groups of the combined company in a challenging
operating environment"

"A combination of JSG and Kappa would produce a focused leader in
paper-based packaging, with compelling strategic, operational and
geographic fit. A well invested asset base, together with an
extensive geographic presence across Europe, should significantly
enhance our ability to serve current and prospective customers."

Frits Beurskens, Kappa Packaging CEO, commented, "The merger of
Kappa Packaging and Jefferson Smurfit Group would create a
platform to build further on our successes and bring together two
highly complementary businesses. In the rapidly changing industry
environment in which we operate, combining our respective skills
and strengths will be beneficial to all stakeholder groups."

Regulatory Approval Process and Timetable

A merger is subject to a number of conditions including EU
competition approval and consultation with the relevant employee
representative organizations. Invitations have issued to the
Works Councils and employee representative groups to meetings
this week to commence the consultation process. A notification of
the transaction has also been issued to the Social Economical
Council of the Netherlands and to the relevant trade unions
involved.

CONTACT:  JEFFERSON SMURFIT GROUP
          International
          Mark Kenny
          K Capital Source
          Phone: +353 1 631 5500

          Media (Kappa)
          Ben Foster
          Financial Dynamics
          Phone: +44 20 7269 7247

          Media (JSG)
          Brian Bell
          WHPR
          Phone: +353 1 669 0030


JEFFERSON SMURFIT: S&P Puts Rating on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
implications for its ratings on Republic of Ireland-based paper
and packaging company JSG Packaging Ltd. (rated 'B+') and related
entities in the Jefferson Smurfit Group to negative from
developing.  Furthermore, the CreditWatch implications for the
various unsecured notes issued by group entities were also
revised to negative from developing.  The CreditWatch
implications remain negative for the 'BB-' bank loan rating on
the group's senior credit facilities and 'BB-' secured debt
rating on two outstanding bond issues.

The rating actions follow the announcement by JSG and the Kappa
Packaging group (Kappa Beheer B.V. BB-/Watch Neg/--) that they
have proposed that the two entities be combined.

"If the transaction is completed, the corporate credit rating on
the merged entity is likely to be 'B+' or 'B'," said Standard &
Poor's credit analyst Andreas Kindahl.  "This reflects
expectations of very high leverage in the combined group and weak
credit measures, mitigated by a satisfactory business risk
profile."

In the new entity, proposed to be named Smurfit/Kappa, JSG's
owners will hold 58% and Kappa Packaging's owners will hold 42%
(see also related article on Kappa Packaging on RatingsDirect,
Standard & Poor's Web-based credit analysis system).
Smurfit/Kappa's business risk profile will be satisfactory, as
the group will become the clear market leader in the European
containerboard and corrugated board markets, at almost twice the
size of the second-largest producer (Svenska Cellulosa
Aktiebolaget SCA; A-/Negative/A-2).  Together, Smurfit/Kappa and
SCA will have a strong market share in the
European market.  In addition, the merger provides for
substantial synergy effects, especially in linerboard production.
The group will also benefit from broad geographical coverage in
Europe and a high level of forward integrated operations.
Industry conditions, however, remain relatively weak as a result
of overcapacity and higher-than-average input costs, which are
putting pressure on operating margins.

Smurfit/Kappa is expected to be highly leveraged, reflecting
continued ownership by private equity firms, resulting in weak
credit measures.

The CreditWatch on JSG and Kappa Packaging's ratings are expected
to be resolved when the proposed merger has received the
necessary approvals (EU clearance and labor union approval), and
the final capital structure and required asset disposals have
become known.

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

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


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


ALITALIA SPA: Cuts First-half Net Loss Despite High Fuel Prices
---------------------------------------------------------------
The Board of Directors of Alitalia - Linee Aeree Italiane S.p.A.,
chaired by Chairman and CEO Giancarlo Cimoli, met Monday at the
company headquarters and approved the Company's six-month report
as of June 30, 2005.

During the first semester 2005, the Alitalia Group's operating
and economic performance showed a clear improvement compared to
the same period last year, in accordance with the implementation
of the measures to improve efficiency set out in the 2005-2008
Business Plan, updated in April, for the first two-year
restructuring phase (2005-2006).

Worth noting is the fact that the Group's principal management
indicators reflect the figures contained in the forecasts for the
first semester 2005, showing a performance in line with the
targets and, in some respects, even improving on them in spite of
the marked setback due to rising fuel prices.

In more detail, the main economic and financial factors relating
to the first semester 2005 can be summarized as follows:

The production value for the semester amounted to EUR2,157
million showing an increase of 209 million euros compared to the
same period last year.  This increase is mainly due to increased
revenues from passengers carried (+15% circa) resulting from the
significant rise in the capacity offered (with the same size
fleet) more than matched by the increased passenger traffic.

The cost of consumption of materials and external services
amounted to EUR1,600 million showing an increase of EUR148
million (+10%) compared to the same period last year.  It should
be noted that, if the effect of higher fuel prices (+49% compared
to the previous year) were to be ignored, the result would be an
increase of a mere 3%, while the overall capacity has risen by
about 16%.

Consolidated labor costs during the first semester 2005 amounted
to EUR576 million showing a decline of 46 million euros (-8%)
compared to the same period last year.  The Group's average
workforce on the payroll during the first semester 2005 was
19,015 people, showing a decrease of 1,646 compared to the same
period last year (1,208 ground staff and 438 flight staff) due in
part to benefits resulting from the introduction of the new
contractual platform in terms of reducing unit costs and "per
diem" allowances, as well as the effects deriving from "diluting"
labor costs as a result of the many redundancies and retirements
that have taken place in this period.

The Group's workforce on June 30, 2005, amounted to 20,037 people
showing a reduction of 1,814 compared to the consolidated figure
at the end of the corresponding period in 2004.

The operating result for the semester showed a loss of EUR149
million with a significant improvement compared to the result for
the first semester last year, which showed a loss of EUR299
million.  This improvement is even more significant if one
considers that the semester was affected by higher fuel prices,
compared to the same period last year, amounting to over 100
million euros.  Moreover the expected benefits of Cassa
Integrazione Guadagni (social security buffers already envisaged
by 2004 legislation) have still not been felt.

Alitalia Group net loss in the semester as of June 30, 2005,
amounted to EUR122 million, showing an improvement of EUR497
million compared to the same semester last year.  Net financial
indebtedness improved slightly compared to December 31, 2004
(EUR6 million) reaching EUR1,758 million on June 30, 2005,
(during the same period the Group's cash-in-hand and short-term
financial credits rose by EUR194 million, increasing from EUR93
million to EUR287 million).

From the financial point of view, compared to what happened in
the past, it is important to note the improvement in the Group's
overall cash flow (compared to the same period in 2004).
Furthermore, during the second quarter, there was a gradual
month-by-month improvement in the cash flow leading to an overall
balance, which was markedly positive during July, thus confirming
the clear signs of a turnaround after a long period of constant
burning of financial resources.

Total investments during the first semester 2005 amounted to
EUR100 million, mainly for aircraft already being used on the
Alitalia network, and for purchasing aeronautical equipment as
well as modifying and servicing the Group's fleet.

The operative fleet on June 30, 2005, was made up of 184
aircraft, with an average age of 10.2 years, of which 156 are
used on short/medium-haul routes and 28 on long-haul routes.
Regarding the traffic and network performance in the passenger
sector, which constitutes the main part of Alitalia Group's
activities, 15.7% additional capacity was added from January to
June (compared to the same semester last year).

Despite noticeable variations between the network sectors, this
additional capacity was accompanied by a 16.2% rise in the number
of passengers carried (expressed in ton kilometers) leading to an
increase in load factor of 0.4 percentage points, reaching 68.4%.
Regarding the domestic sector, with a 7.6% increase in capacity
offered during the semester, the Alitalia Group achieved
significant growth in passenger traffic (+11.4%) together with a
rise in the load factor of 2 percentage points.

For the international sector (Europe, North Africa and Middle
East), the overall increase in capacity offered during the first
semester, amounting to 13.2% (mainly in the European sector), was
more than matched by a 15.2% increase in passenger traffic,
accompanied by a rise in the load factor of 1.1 percentage
points, compared to the same semester in 2004 (from 61.9% to
63%).

Regarding the intercontinental sector during the first semester
2005, the ongoing policy of investing heavily in additional
capacity (+21%) which distinguished the previous trimesters, was
matched by a satisfactory, though slightly lower, increase in the
number of passengers carried (+18.5%), accompanied by a reduction
in the load factor of 1.5 percentage points (from 76.6% to
75.1%).

As far as future performance is concerned, it should be noted
that, within the macroeconomic context outlined above, the
negative impact of the exceptional rise in fuel prices, which
started towards the end of the first semester, has caused a sharp
increase in costs for the whole air transport sector, and these
high costs seem likely to continue, given the medium-term
prospects for fuel prices.  For this reason, especially for
Alitalia, the full effects of the situation will only become
apparent in the second half of the year.

To deal with this deteriorating scenario, Alitalia's strategy is
based on the positive signs of transformation and increased
efficiency which have emerged in 2005 as described above, and the
Company is taking action on three main fronts which should enable
it to achieve the goals of the Business Plan in any case:

(a) Bringing forward several steps relating to restructuring and
    increasing efficiency as required by the Business Plan;

(b) Implementing a series of additional actions regarding the
    network, distribution channels, labor costs, etc (currently
    under study) to regain structural equilibrium in spite of
    high fuel prices; and

(c) Requesting immediate application of measures to rationalize
    the air transport sector, which the Government is planning to
    introduce in the near future following in-depth discussions
    with all the parties concerned.

The combination of all these factors, together with some clearly
positive signs during the first semester, make it possible to
confirm the forecasts for the whole year 2005, in spite of
problems caused by high fuel prices, leading to an economic
result that should be significantly better than 2004.

ADOPTING INTERNATIONAL ACCOUNTING METHODS (IAS/IFRS)

Regarding the changeover to international accounting methods
IAS/IFRS, the Alitalia Group has followed the instructions issued
by the Italian Stock Exchange Controller (CONSOB) as per article
81 bis of decision no. 14990 dated April 14, 2005, relating to
drawing up the semester report according to the provisional
method described in the instructions.

To comply with the instructions, a special appendix to the
semester report provides this information:

(a) A quantitative reconciliation between the value of the net
    assets on the closure date for the semester and the previous
    year, calculated according to the criteria used for the
    previous year's balance sheet (Italian accounting methods),
    and that arising from the application of international
    accounting methods; a similar reconciliation is provided for
    the economic result on the semester closing date;

(b) The reconciliation set out in paragraphs 39 and 40 of the
    international accounting methods IFRS 1 (first application
    of the International Financial Reporting Standards),
    accompanied by explanatory notes relating to valuation
    criteria and the headings included in the reconciliation
    tables.

Very briefly, if the international accounting methods IAS/IFRS
had been used to draw up this semester report, the net asset
value would have been higher by about EUR208 million, and the net
result (on June 30, 2005) would have been lower by about EUR2
million.

It should be noted that, in order to comply fully with the CONSOB
instructions, the Alitalia Group will definitively adopt the
international accounting methods IAS/IFRS as of September 30,
2005.

Alitalia Ordinary Shares Reverse Stock Split

Following the decision taken by the Extraordinary Shareholders
Assembly of ALITALIA - Linee Aeree Italiane S.p.A., held on July
29, 2005, reverse stock split operations will start on September
19, 2005.  Alitalia ordinary shares will be exchanged in the
ratio of one (1) new ordinary share for every thirty (30) old
ordinary shares held.

Copy of Alitalia's 2005 first-half results is available at
http://bankrupt.com/misc/alitalia(1h2005).pdf

                        About the Company

Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy,
Alitalia S.p.A. -- http://www.alitalia.it-- generates more than
EUR4 billion in annual revenue and employs more than 20,000
people.  As of December 2004, the group net debt stands at
EUR1.76 billion in 2004.  Alitalia flies to about 80 destinations
in more than 60 countries from its hubs in Rome and Milan and
operates a fleet of about 185 aircraft.  Despite a EUR1.4 billion
state-backed restructuring in 1997 and a EUR1.4 billion capital
injection two years ago, the carrier remains in deep financial
crisis.  Alitalia has posted an annual profit only four times in
the past 16 years.  A turnaround plan approved late 2004 allows
for a split-up of the airline's flight and ground operations,
paving the way for its privatization.  Banca Intesa S.p.A. and
Deutsche Bank have sent letters of intent to underwrite the
carrier's EUR1.2 billion capital hike, which it will use to
finance its restructuring.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it

          Simone Cantagallo
          Head of Media Relations
          Phone: 06-65627431
          E-mail: cantagallo.simone@alitalia.it


PARMALAT FINANZIARIA: Court to Review Injunction November
---------------------------------------------------------
Judge Drain of the U.S. Bankruptcy Court for the Southern
District of New York enjoins and restrains all persons subject to
the jurisdiction of the U.S. court from commencing or continuing
any action to collect a prepetition debt against Parmalat
Finanziaria S.p.A., and its affiliates and subsidiaries, on an
interim basis, without obtaining permission from the Bankruptcy
Court.

Judge Drain will convene another hearing on November 16, 2005, at
10:00 a.m. to consider whether to continue the terms of the
Preliminary Injunction.

Any objection to the continuation of the Injunction must be filed
and served on the counsel for the Foreign Debtors by November 10,
2005, at 5:00 p.m.

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more than
EUR7 billion in annual revenue.  The Parmalat Group's 40-some
brand product line includes milk, yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.  It employs over 36,000 workers in 139 plants
located in 31 countries on six continents.  The Company filed for
chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case
No. 04-11139).  Gary Holtzer, Esq., and Marcia L. Goldstein,
Esq., at Weil Gotshal & Manges LLP, represent the Debtors.  When
the U.S. Debtors filed for bankruptcy protection, they reported
more than $200 million in assets and debt.  The U.S. Debtors
emerged from bankruptcy on April 13, 2005.  (Parmalat Bankruptcy
News, Issue No. 61; Bankruptcy Creditors' Service, Inc.,
215/945-7000)

CONTACT:  PARMALAT FINANZIARIA
          Sede legale: 43044 Collecchio (Pr)
          - Via Oreste Grassi, 26
          Codice fiscale e iscrizione nel Registro delle Imprese
          di Parma 00175250471 - Partita I.V.A. 01938950340 -
          R.E.A. Parma n. 188325 - U.I.C. n. 730

          Sede amministrativa: 20122 Milano
          Piazza Erculea, 9
          Phone: (39) 02.8068801
          Fax: (39) 02.8693863
          E-mail: x_affari_societari_it@parmalat.net


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


KAPPA BEHEER: Remains on CreditWatch Negative
---------------------------------------------
Standard & Poor's Ratings Services was maintaining its 'BB-'
long-term corporate credit rating on Netherlands-based paper and
packaging company Kappa Beheer B.V., a holding company in the
Kappa Packaging group, on CreditWatch with negative implications.
The ratings on the various subordinated notes issued by the group
also remain on CreditWatch with negative implications.

This follows the announcement by Jefferson Smurfit Group (JSG;
JSG Packaging Ltd. rated B+/Watch Neg/--) and the Kappa Packaging
group that they have proposed that the two entities be combined.

"If the transaction is completed, the corporate credit rating on
Kappa Beheer will be aligned with that of JSG," said Standard &
Poor's credit analyst Andreas Kindahl.

In the new entity, proposed to be named Smurfit/Kappa, JSG's
owners will hold 58% and Kappa Packaging's owners will hold 42%
(see also related article on JSG on RatingsDirect, Standard &
Poor's Web-based credit analysis system).

Smurfit/Kappa's business risk profile will be satisfactory, as
the group will become the clear market leader in the European
containerboard and corrugated board markets, at almost twice the
size of the second largest producer (Svenska Cellulosa
Aktiebolaget SCA; A-/Negative/A-2).  Together, Smurfit/Kappa and
SCA will have a strong share of the European market.  In
addition, the merger provides for substantial synergy effects,
especially in linerboard production.  The group will also benefit
from broad geographical coverage in Europe and a high level of
forward-integrated operations.  Industry conditions, however,
remain relatively weak as a result of overcapacity and
higher-than-average input costs, which are putting pressure on
operating margins.

Smurfit/Kappa is expected to be highly leveraged, reflecting
continued ownership by private equity firms, resulting in weak
credit measures.

The CreditWatch on Kappa Packaging and JSG's ratings are expected
to be resolved when the proposed merger has received the
necessary approvals (EU clearance and labor union approval), and
the final capital structure and required asset disposals have
become clear.

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

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


KAPPA PACKAGING: Ratings Under Review for Possible Upgrade
----------------------------------------------------------
Fitch Ratings has placed Kappa Packaging B.V.'s ratings on Rating
Watch Positive following the announcement of the proposed merger
between Jefferson Smurfit Group and Kappa Packaging.  At the same
time, the agency has affirmed the existing ratings and outlook of
JSG.

The Rating Watch Positive on Kappa Packaging will be resolved
once the proposed merger has received E.U. competition approval,
the relevant employee representative consultations are completed,
the details of the financing structure are finalized and the
merger is concluded.

The proposed merger between JSG and Kappa will result in a
refinancing of the senior secured facilities of both JSG and
Kappa Packaging and all of the bonds at Kappa Beheer B.V.  JSG's
bonds, debentures and securitization program are expected to
remain in place.

Michelle De Angelis, Associate Director in Fitch's Leveraged
Finance Group, said: "While leverage of the combined group will
remain high overall, the proposed debt structure provides
significant financial flexibility for the group in the near to
medium term.

"This would represent a substantial improvement for Kappa
Packaging in terms of debt amortization pressure, despite the
expected increase in leverage from Kappa's current level, and
forms the basis for the Positive Rating Watch."

The agency expects the group to have substantial liquidity
post-merger in the form of committed but undrawn debt facilities
and minimal scheduled debt repayments over the next two to three
years.  However, the ratings of the combined group are likely to
remain constrained by high overall financial leverage and
moderate cash flow coverage in the near term.  While an all-share
merger could have reduced combined leverage to below the current
level of JSG on a standalone basis, leverage will increase due to
the need to fund a payment of approximately EUR300 million to
Kappa's shareholders.  Any further increase in cash-pay leverage
would have a negative ratings impact, as would any deterioration
in expected cash flows.

While Fitch does not expect trading conditions in Europe to
improve noticeably in the next 12 months, the merger will create
opportunities for the group to reduce its cost structure and
enhance operational efficiency.  Capacity rationalization within
the group, in combination with that announced by competitors,
should help restore some measure of pricing equilibrium in the
medium term.

The combined group will be the largest Europe-based integrated
manufacturer of containerboard, corrugated containers and other
paper-based packaging products.  In the first half of 2005, JSG
and Kappa together reported revenues of EUR3,548 million and
EBITDA of EUR425 million.  The combined group will have
operations in Europe and Latin America.

Kappa Packaging ratings placed on Rating Watch Positive:

(a) Kappa Packaging Senior Unsecured: 'B';

(b) Kappa Packaging Senior Secured: 'BB-' (BB minus); and

(c) Kappa Beheer B.V. Senior Subordinated Notes: 'B-' (B minus).

JSG ratings affirmed with Stable Outlook:

(a) JSG Acquisitions Senior Unsecured: 'B+';

(b) JSG Acquisitions Senior Secured: 'BB';

(c) JSG Funding plc Senior Notes: 'B';

(d) JSG Funding plc Subordinated Notes: 'B-' (B minus); and

(e) JSG Holding plc Senior PIK Notes: CCC+.

CONTACT:  FITCH RATINGS
          Michelle De Angelis, London
          Phone: +44 (0) 20 7417 3499
          Kirsten O'Byrne, London
          Phone: +44 7417 6297
          Web site: http://www.fitchratings.com

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


KONINKLIJKE AHOLD: Completes Sale of Deli XL to Bidvest Group
-------------------------------------------------------------
Ahold on September 13, 2005 announced it has successfully
completed the sale of Deli XL, its delivered foodservice
wholesale subsidiary in the Benelux, to an affiliate of the
Bidvest Group Limited.

Ahold and the Bidvest Group announced the transaction on July 15,
2005.  The closing was subject to customary price adjustments and
the fulfillment of certain conditions, including antitrust
approval.

                        About the Company

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

                          The Trouble

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

                        Status to date

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

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

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

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

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

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

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


ROYAL SHELL: Court Denies Ex-chairman's Appeal Against FSA
----------------------------------------------------------
A tribunal has reportedly denied an appeal from former Shell
Chairman Philip Watts against censure by the Financial Services
Authority over the company's reserves scandal.

According to the Scotsman, Mr. Watts claimed his reputation was
marred after the financial regulator ruled that Shell had engaged
in "unprecedented misconduct."

Despite not being named, Mr. Watts argued that FSA's final notice
of its decision to fine Shell GBP17 million prejudiced him.  He
noted that any criticism against the company regarding the
overestimation reflects on him since he was responsible for the
reserves statements as chairman.

However, the Financial Services and Markets Tribunal said it was
satisfied "that the decision notice does not identify the
applicant."

It added: "There is no reason in our view why a market abuse
allegation directed at a company must necessarily be taken to
impute criticism to particular individuals."

In another report, The Telegraph quoted Mr. Watts' law firm
Herber Smith as saying: "[Mr. Watts] is disappointed by the
tribunal's decision and we are giving careful consideration to
the tribunal's reasoning.  [He] continues to believe that the
FSA's factual findings in the final notice against Shell are
flawed . . . [and] will continue his fight to clear his name."

Earlier this month, Shell paid US$9.2 million (GBP5 million) in
legal fees as part of its settlement with disgruntled investors.
This came after the company admitted it had overstated its proved
reserves by almost 6.0 billion barrels.

The crisis has already seen the ouster of three top executives,
including Mr. Watts.  Shell has been fined EUR150 million in
total after investigations launched by U.S. and British
regulators.

The company is still facing a larger class action from a bigger
group of shareholders, and is still under probe by the operator
of Euronext Amsterdam, and a state regulator in California.

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: Remaining 'A' Shares Total 4,042,750,000
-----------------------------------------------------
On 12 September 2005, Royal Dutch Shell plc purchased for
cancellation 1,320,000 'A' Shares at a price of EUR26.19 per
share.  It further purchased for cancellation 420,000 'A' Shares
at a price of 1,764.22 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,042,750,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


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


POLISH OIL: PLN2.76 Share Price Expected for IPO
------------------------------------------------
Shares of Polish Oil and Gas Company (PGNiG) is expected to be
priced at PLN2.76 apiece, Warsaw Business Journal says.

PGNiG is accepting subscriptions through September 15 for an
issue of new shares, amounting to 15% of total shares.  The
shares will commence trading on the Warsaw Stock Exchange Sept.
23, 2005.  The nearly PLN2.5 billion public offering is expected
to make PGNiG the ninth-largest company listed on the Warsaw
bourse with a market capitalization of PLN16.3 billion.

The IPO raised criticism from the center-right parties expected
to take power in the elections this month.  Opposition
politicians fear it would strip the state of more assets.  There
are also who say the privatization could hand over control of the
firm's strategic assets to a potentially hostile Russian firm.
The public offering will reduce the share's stake in the company
to 85%.

Chief Executive Marek Kossowski defended the company's ongoing
initial public offering at an Economic Forum in Krynica,
Kossowski Poland saying it is the right thing to do.

As reported by TCR-Europe in August, labor unions want PGNiG to
stop supplying gas to 16 debtors.  This came after the debtors
reportedly posted the oldest arrears against PGNiG.  The union's
appeal is also seen as a move to force the State Treasury to
carry out PGNiG's long-delayed initial public offering.

Earlier, a consortium of banks awarded PGNiG a EUR900-million
loan deal to restructure its debt and fund investments.  PGNiG
CEO Marek Kossowski said the loan involves a 5- year
EUR600-million tranche and a 3-year EUR300-million tranche, which
will be used to pay an old loan due December, and refinance other
debt, respectively.

CONTACT:  POLISH OIL AND GAS COMPANY
          Krucza 6/14
          00-537 Warszawa
          Phone: +48 22 583 50 00
          Fax: +48 22 691 82 73
          E-mail: pr@pgnig.pl
          Web site: http://www.pgnig.pl


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


BANCA COMERCIALA: Fitch Affirms Short-term 'B' Rating
-----------------------------------------------------
Fitch Ratings has affirmed Romania-based Banca Comerciala
Romana's ratings at Long-term 'BB+', Short-term 'B', Support '3'
and Individual 'C/D'.  The Outlook on the Long-term rating is
Stable.

BCR's Long-term, Short-term and Support ratings reflect the
potential support it can expect to receive from the Romanian
state in case of need, reflecting its large domestic franchise.

The Individual rating reflects BCR's strong domestic franchise,
continued, albeit pressured, profitability and sound
capitalization.  It also represents the restructuring BCR has
gone through in association with its shareholders EBRD and IFC,
which has improved the risk management framework.  However, it
also takes into account the difficult operating environment and
increased credit risk from a fast-growing loan portfolio.

Tim Beck of Fitch's Financial Institutions group, said: "BCR is
by far the largest bank in Romania and this franchise positions
it well to benefit from the expected growth in the banking
system.

"However, profitability has come under pressure both from lower
nominal interest rates and increasing competition within the
Romanian banking market, where banks are increasingly completing
their restructuring projects.  This process is likely to
continue."

The Romanian state is planning to sell a majority stake of BCR to
a foreign strategic investor.  The successful bidder should be
identified by November 2005 and the transaction is scheduled for
completion by Q106.  Depending on the successful bidder, and the
propensity indicated to provide support to BCR, this may lead to
positive rating action for BCR's Long-term, Short-term and
Support ratings.

BCR accounts for approximately 30% of all assets in the banking
system.  In June 2004, EBRD and IFC each purchased 12.5% plus 1
share of the bank from the state.  The state's ownership was
reduced to 36.88%, with employees owning 8% and the remaining
30.12% owned by five private Romanian investment companies.  The
Romanian state can redeem the shares sold to EBRD and IFC in
order to obtain a majority participation that could then be sold
to a strategic investor.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 (0)20 7417 3460
          Gulcin Orgun, Istanbul
          Phone: +90 (0)212 279 10 65
          Web site: http://www.fitchratings.com

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


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


BALTIMOR: Succumbs to Bankruptcy
--------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Baltimor after finding the limited liability
company insolvent.  The case is docketed as A63-211/05-S5.  Mr.
V. Bulda has been appointed insolvency manager.

CONTACT:  BALTIMOR
          Russia, Stavropol region, Pyatigorsk,
          40 Let Oktyabrya Str. Kirova Pr

          Mr. V. Bulda
          Insolvency Manager
          356805, Russia, Stavropol region,
          Budennovsk, Location 1, 17


DRUZHBA: Insolvency Manager Takes over Firm
-------------------------------------------
The Arbitration Court of Adygeya republic commenced bankruptcy
proceedings against Druzhba after finding the open joint stock
company insolvent.  The case is docketed as A01-B286-2003-11.
Mr. A. Akhtaov has been appointed insolvency manager.  Creditors
have until October 6, 2005 to submit their proofs of claim to
Russia, Adygeya republic, Maykop, Dimitrova Str. 4, Building 3,
Room 212.

CONTACT:  DRUZHBA
          Russia, Adygeya republic, Koshekhablskiy region,
          Blechepsin, Lenina Str. 74

          Mr. A. Akhtaov
          Insolvency Manager
          Russia, Adygeya republic, Maykop,
          Dimitrova Str. 4, Building 3, Room 212


EUROPEAN FRUIT: Court Appoints Insolvency Manager
-------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against European Fruit And Vegetable Company (TIN
6143050787, KPP 614301001) after finding the limited liability
company insolvent.  The case is docketed as A53-4371/05-S2-30.
Ms. Y. Galadzheva has been appointed insolvency manager.
Creditors have until October 6, 2005 to submit their proofs of
claim to 344002, Russia, Rostov-na-Donu, Shaumyana Str. 78.

CONTACT:  EUROPEAN FRUIT AND VEGETABLE COMPANY
          347469, Russia, Rostov region,
          Volgodonsk, Rostovskoye Shosse, 23

          Ms. Y. Galadzheva
          Insolvency Manager
          344002, Russia, Rostov-na-Donu,
          Shaumyana Str. 78


RAZDOLNENSKOYE: Under Bankruptcy Supervision
--------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on close joint stock company Razdolnenskoye
(TIN 6418003142).  The case is docketed as A57-325B/05-12.  Mr.
V. Potekhin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 413532, Russia,
Saratov region, Kranopartizanskiy region, Razdolnoye.  A hearing
will take place on October 12, 2005.

CONTACT:  RAZDOLNENSKOYE
          Russia, Saratov region,
          Kranopartizanskiy region, Razdolnoye

          Mr. V. Potekhin
          Temporary Insolvency Manager
          413532, Russia, Saratov region,
          Kranopartizanskiy region, Razdolnoye


REINFORCED CONCRETE: Claims Filing Period Ends October
------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Reinforced Concrete Goods (TIN 1650105683)
after finding the factory insolvent.  The case is docketed as
A65-26474/2004-SG4-31.  Mr. M. Sidorov has been appointed
insolvency manager.  Creditors have until October 6, 2005 to
submit their proofs of claim to 420126, Russia, Tatarstan
republic, Kazan, Post User Box 188.

CONTACT:  REINFORCED CONCRETE GOODS
          423824, Russia, Tatarstan republic,
          N. Chelny, BSI-8, Post User Box 172

          Mr. M. Sidorov
          Insolvency Manager
          420126, Russia, Tatarstan republic,
          Kazan, Post User Box 188

          The Arbitration Court of Tatarstan republic
          420014, Russia, Tatarstan republic,
          Kazan, Kremlin


SEL-KHOZ-TEKHNIKA: Declared Insolvent
-------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Sel-Khoz-Tekhnika (TIN 2608000417, KPP
260801001) after finding the open joint stock company insolvent.
The case is docketed as A63-12/05-S5.  Mr. A. Zhidenko has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 355000, Russia, Stavropol, Lenina Str. 304, 4th
floor, Room 7.

CONTACT:  SEL-KHOZ-TEKHNIKA
          356630, Russia, Stavropol region, Ipatovskiy region,
          Ipatovo, Stepnaya Str. 4

          Mr. A. Zhidenko
          Insolvency Manager
          355000, Russia, Stavropol region,
          Lenina Str. 304, 4th floor, Room 7
          Phone/Fax: (8652) 35-76-88


SERGACH-AGRO-SERVICE: Deadline for Proofs of Claim Set October
--------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Sergach-Agro-Service (TIN 5229000909).  The case is docketed as
A43-15666/2005-18-303.  Mr. E. Shishkin has been appointed
temporary insolvency manager.  Creditors have until October 6,
2005 to submit their proofs of claim to 607510, Russia, Nizhniy
Novgorod region, Sovetskaya Str. 55.

CONTACT:  SERGACH-AGRO-SERVICE
          607510, Russia, Nizhniy Novgorod region,
          Sergach, Sovetskaya Str. 135

          Mr. E. Shishkin
          Temporary Insolvency Manager
          607510, Russia, Nizhniy Novgorod region,
          Sovetskaya Str. 55
          Phone: 8-903-606-33-58


STROY-SANTEKH-MONTAZH: Bankruptcy Hearing Set Later this Month
--------------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on close joint stock company
Stroy-Santekh-Montazh.  The case is docketed as A12-8986/05-s24.
Mr. V. Sizonenko has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 400005, Russia,
Volgograd, Post User Box 251.  A hearing will take place on
September 29, 2005.

CONTACT:  STROY-SANTEKH-MONTAZH
          Russia, Volgograd region, Tulaka Str. 2/1-8

          Mr. V. Sizonenko
          Insolvency Manager
          400005, Russia, Volgograd region,
          Post User Box 251


VOLZHSKIYE ROADS: Hires I. Zolin Insolvency Manager
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Volzhskiye Roads after finding the
limited liability company insolvent.  The case is docketed as
A43-16627/05-33-277.  Mr. I. Zolin has been appointed insolvency
manager.

CONTACT:  VOLZHSKIYE ROADS
          Russia, Nizhniy Novgorod region,
          Larina Str. 17

          Mr. I. Zolin
          Insolvency Manager
          603043, Russia, Nizhniy Novgorod region,
          Post User Box 166

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


ZLATOUSTOVSKAYA: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on gun factory Zlatoustovskaya.
The case is docketed as A76-16241/2005-34-101.  Mr. A. Raspopin
has been appointed temporary insolvency manager.  A hearing will
take place on November 1, 2005, 11:30 a.m.

CONTACT:  ZLATOUSTOVSKAYA
          456200, Russia, Chelyabinsk region, Zlatoust,
          3rd International Square

          Mr. A. Raspopin
          Insolvency Manager
          603024, Russia, Nizhniy Novgorod region,
          Sennaya Square, 15


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


LUSEO ENERGIA: Sinks into Red as Wholesale Power Prices Soar
------------------------------------------------------------
Two years after launching, electric company Luseo Energia is
beginning to lose money, according to El Pais.

Taking advantage of its ability to undercut major power firms by
as much as 12%, the power distributor initially experienced a
"meteoric rise" in client numbers.  That strategy is no longer
paying off, according to El Pais, because wholesale electricity
prices have gone up by 80% this year.  Worse, this has forced
Luseo to resell electricity at a loss to keep prices below
regulated tariff.

To survive the current crisis, Luseo has started to invest in
solar panels and energy brokering.  It does not plan to leave the
local energy market, but wants the government to compensate its
losses.  The current situation is undermining the deregulated
power market, it said.

Luseo is a subsidiary of U.K. energy group Centrica and currently
the largest non-Spanish company on the energy market.

CONTACT:  LUSEO ENERGIA
          Ribera del Loira 46, Ed. 2
          Campo de las Naciones
          28042 Madrid
          Phone: +34 902 30 61 30
          E-mail: luseoenergia@luseoenergia.com
          Web site: http://www.luseoenergia.com


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


ABB LTD.: Court to Hear CE's Modified Rescue Plan this Month
------------------------------------------------------------
The Hon. Judith K. Fitzgerald of the U.S. Bankruptcy Court for
the District of Delaware will convene a hearing to consider
confirmation of the Modified Plan of Reorganization of Combustion
Engineering, Inc., on Sept. 28, 2005, at 9:00 a.m., at the U.S.
Bankruptcy Court for the Western District of Pennsylvania, 5490
U.S. Steel Tower, 600 Grant Street, Pittsburgh, Pennsylvania.

                            *   *   *

The U.S. Bankruptcy Court for the District of Delaware approved
the Debtor's Disclosure Statement explaining the terms of the
Modified Plan on Aug. 19, 2005.

The Court determined that the Disclosure Statement contains
adequate information -- the right amount of the right kind of
information -- for creditors to make an informed decision about
the Plan.

                       About the Plan

Under the Modified Plan, treatment of claims other than asbestos
personal injury claims remain unchanged.

Priority claims, secured claims, workers' compensation claims,
general unsecured claims will be unimpaired.

The Plan separates the tort claimants into two classes:

   a) Non-participants to the CE Settlement Trust will be
      subject to a channeling injunction.  The injunction will
      require the tort claimants to assert their claims against
      the Asbestos PI Trust.  The Trust will be funded with
      substantial assets including ABB's $232 million
      contribution.

   b) Participants in the CE Settlement Trust will also be
      subject to a channeling  injunction.  The participants
      will receive a release of any preference claims and
      fraudulent transfer claims from the Debtors.  They will
      also be permitted to keep any distributions that have been
      or will be made from the CE Settlement Trust.

The Asbestos PI Trust will act as a Qualified Settlement Fund as
defined in the Treasury Regulations under Section 468B of the
Internal Revenue Code.

The Modified Plan also contemplates Lummus' filing of a chapter
11 case to liquidate its assets and create the Lummus Asbestos PI
Channelling Injunction Trust.  The Trust will contribute $204
million to the Asbestos PI Trust upon the sale of Lummus.

                   Valuation & Plan Funding

Under the Plan, CE's US$812,000,000 value is delivered to the
Sec. 524(g) Trust for the benefit of present and future
claimants.

In addition:

      (1) ABB contributes:

          (a) 30,298,913 shares of its stock, initially valued
              at $50,000,000, but with a current market value
              exceeding $81,000,000;

          (b) a financial commitment to pay $250,000,000 to the
              Trust in pre-agreed installments from 2004 to 2009
              (guaranteed by certain ABB affiliates);

          (c) up to $100,000,000 more from 2006 through 2011 if
              certain performance benchmarks are achieved; and

      (2) Asea Brown Boveri contributes:

          (a) an indemnification of all of CE's environmental
              liabilities, which has a value of around
              $100,000,000;

          (b) a release of its indemnification rights against CE
              for asbestos claims asserted against Asea Brown
              Boveri after June 30, 1999;

          (c) a note evidencing Asea Brown Boveri's agreement to
              contribute almost $38,000,000 on account of the
              asbestos claims attributable to:

                 -- Basic, Incorporated (CE acquired this
                    acoustical plaster manufacturer in 1979) and

                 -- ABB Lummus Global, Inc. (CE acquired
                    this manufacturer of feed water heaters that
                    used asbestos-containing gaskets in
                    transactions stretching from 1930 to 1970);

      (3) Lummus and Basic release and assign all of their
          interests in insurance covering asbestos personal
          injury claims, including certain CE-shared policies.

A full-text copy of the Modified Disclosure Statement is
available for a fee at:
     http://www.researcharchives.com/bin/download?id=050822021626

Objections to the Plan, if any, must be filed and served by
Sept. 12, 2005, to:

    Counsel for the Committee:

      Frank/Gecker LLP
      325 North LaSalle Street, Suite 625
      Chicago, Illinois 60610
      Attn: Joseph D. Frank, Esq.

    Counsels for the Debtor:

      Pachulski, Stang Ziehl, Young, Jones & Weintraub, P.C.
      919 North Market Street, 16th Floor
      P.O. Box 8705
      Wilmington, Delaware 19899-8705
      Attn: Laura Davis Jones, Esq.

          --- and ---

      Kirkpartick & Lockhart Nicholson Graham LLP
      599 Lexington Avenue
      New York, New York 10022-6030
      Attn: Jeffrey N. Rich, Esq.

    United States Trustee:

      Office of the United States Trustee
      84 North King Street
      Wilmington, Delaware 19801
      Attn: Richard Schepacarter, Esq.

    Counsel to ABB Holdings Inc.:

      Kirkland & Ellis LLP
      Citigroup Center
      153 East 53rd Street
      New York, New York 10022
      Attn: Theodore L. Freedman, Esq.

    Counsel to Future Claimants' Representative:

      Swidler Berlin LLP
      3000 K. Street, Northwest, Suite 300
      Washington, D.C. 20007
      Attn: Roger Frankel, Esq.

    Counsel to Certain Cancer Claimants:

      Montgomery, McCracken, Walker & Rhoads, LLP
      1223 South Broad Street, 28th Floor
      Philadelphia, Pennsylvania 19109
      Attn: natalie D. Ramsey, Esq.

All ballots must be returned by 4:00 p.m., Eastern Time on
Sept. 12, 2005.

Headquartered in Norwalk, Connecticut, Combustion Engineering,
Inc., is the U.S. subsidiary of the ABB Group.  ABB is a leader
in power and automation technologies that enable utility and
industry customers to improve performance while lowering
environmental impact.  The ABB Group of companies operates in
more than 100 countries and employs about 103,000 people.
Combustion Engineering filed for chapter 11 protection on Feb.
17, 2003
(Bankr. D. Del. Case No. 03-10495).  Curtis A. Hehn, Esq., at
Pachulski Stang Ziehl Young & Jones and Jennifer Mo, Esq., at
Kirkpatrick & Lockhart Nicholson Graham represents the Debtor in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated more than $100 million in assets
and debt.

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


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


ACROBAT MUSIC: Hires Tenon Recovery to Wind up Business
-------------------------------------------------------
J. Cooper, Chairman of Acrobat Music & Media Limited, informs
that at an EGM at Sherlock House, 73 Baker Street, London W1U
6RD, on Aug. 31, the subjoined Extraordinary Resolution to wind
up the company was passed.

S. R. Thomas and S. J. Parker of Tenon Recovery, Sherlock House,
73 Baker Street, London W1U 6RD were appointed Joint Liquidators.
The appointment was confirmed at a subsequent Meeting of
Creditors held on the same day.

CONTACT:  ACROBAT MUSIC & MEDIA LTD.
          Suite 315, MWB Business Exchange
          2 Gayton Road, Harrow, Middlesex HA1 2XU
          Phone: 02089014028
          Fax: 0044 (0) 20 8910 4001
          Web site: http://www.acrobatmusic.net

          TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


AVIATION BROKERS: Appoints Liquidators from Atherton Bailey
-----------------------------------------------------------
At the extraordinary general meeting of Aviation Brokers Limited,
duly convened, and held at Dawson House, 5 Jewry Street, London
EC3N 2PJ, on 10 August 2005, the following Resolutions were
passed, as a Special Resolution, as Extraordinary Resolutions and
as Ordinary Resolutions respectively:

"That the Company be wound up voluntarily, that, in accordance
with the provisions of the Company's articles of association, the
Liquidators be authorised to divide among the Members, in specie,
all or part of the Company's assets, that the Joint Liquidators
may exercise any of the powers specified in Part 1 of Schedule 4
of the Insolvency Act 1986 (payment of debt, compromise of claims
etc.), that Malcolm Peter Fillmore and Ranjit Bajjon of Atherton
Bailey LLP, 3-4 The Courtyard, East Park, Crawley, West Sussex
RH10 6AG, be appointed Joint Liquidators for the purpose of such
winding-up, and the Liquidators are to be entitled to act jointly
and severally, and that the Joint Liquidators be remunerated on
the basis of time costs properly incurred to be drawn at their
discretion."

R A Roberson, Chairman

CONTACT:  ATHERTON BAILEY LLP
          3-4 The Courtyard
          East Park, Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mails: r.bajjon@athertonbailey.com
                   m.fillmore@athertonbailey.com


BEACHAM & CO.: Files for Liquidation
------------------------------------
D. Hodgson, Chairman of Beacham & Co. Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Aug. 31 at Critchleys, Greyfriars Court, Paradise Square, Oxford
OX1 1BE.

Anthony John Harris, of Critchleys, Greyfriars Court, Paradise
Square, Oxford OX1 1BE was appointed liquidator

CONTACT:  BEACHAM & CO.
          93 Walkden Road, Worsley, Manchester
          Lancashire M28 7BQ

          CRITCHLEYS
          Greyfriars Court,
          Paradise Square, Oxford OX1 1BE
          Phone: +44 (0) 1865 261100
          Fax:   +44 (0) 1865 261201
          E-mail: Oxford@critchleys.co.uk
          Web site: http://www.critchleys.co.uk


B F MANAGEMENT: Hires Liquidator from Maidment Judd
---------------------------------------------------
At the extraordinary general meeting of the members of B F
Management Limited, duly convened, and held at Charter Court,
Midland Road, Hemel Hempstead, Hertfordshire HP2 5GE, on 2
September 2005, the following Special Resolution was duly passed:

"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."

A R Wolfe, Chairman

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


BRADLEY & WALKER: Calls in Administrator
----------------------------------------
Andrew T. Clay (IP No 9164) of Andrew Michaels & Co. Ltd. has
been appointed administrator of jewelry shop Bradley & Walker
Limited (Company No 04740050) on August 24.  The shop's
registered office is located at 52 London End, Old Beaconsfield,
Buckinghamshire HP9 2JH.

CONTACT:  ANDREW MICHAELS & CO. LTD.
          Concept House
          Brooke Street
          Cleckheaton
          Bradford BD19 3RY
          West Yorkshire
          Phone: 0870 750 5411
          Fax: 0870 750 5412
          E-mail: info@andrew-michaels.com


BRITISH ENERGY: Delays Reactivation of two Nuclear Reactors
-----------------------------------------------------------
British Energy Group plc is currently undertaking a planned
outage of one unit at Hartlepool.  As a result of inspections to
boiler closure units, there appears to be the potential for
stress corrosion cracking of the primary 'holding down' bolts
although testing has shown no evidence of cracking at Hartlepool
or Heysham 1 to date.

In line with conservative operations, the Company has elected to
maintain the shutdown of two reactors at Hartlepool and to
shutdown two reactors at Heysham 1.  The Company intends to
complete the remedial work scheduled for later this year before
the units are returned to service.

As a consequence, the return to service of the two units at
Hartlepool and one unit at Heysham 1 is expected to be delayed by
about one month.  The return to service of the second unit at
Heysham 1 is expected to follow completion of its statutory
outage due to commence later this month.

The return to service of all four units is dependent on the
successful outcome of the program of work at each unit.

Subject to the outcome of this program of work, the net
additional unplanned losses are currently expected to be around 1
TWh (terrawatt hours).  Based on current information, the Company
re-confirms it expects the annual average nuclear output over the
next two years to be approximately 63 TWh.

The Company will provide a further update as soon as possible,
expected to be within one month.

                            *   *   *

Headquartered in South Lanarkshire, British Energy is U.K.'s
largest electricity generator, producing 20% of the country's
power through its eight nuclear facilities in Scotland and
England (total capacity is 9,600 MW).  British Energy also owns
the 2,000-MW coal-fired plant (Eggborough) in England; it has
sold its North American power generation operations.

The company emerged as British Energy Limited with a new holding
company, British Energy group plc, after the court approved its
scheme of arrangement in January.  Under the program, existing
creditors of the group will receive 97.5% of equity in the new
group.

CONTACT:  BRITISH ENERGY GROUP PLC
          Systems House
          Alba Campus
          Livingston
          EH54 7EG
          Phone: +44 (0)1506 408700
          Fax: +44 (0)1506 408888
          Web site: http://www.british-energy.com


CABLE & WIRELESS: To Delist from New York Stock Exchange
--------------------------------------------------------
Cable and Wireless plc intends to terminate its American
Depositary Receipt program on 13 December 2005 and to delist
voluntarily from the New York Stock Exchange.

ADR holders will be able to exchange their ADRs for ordinary
shares.  In accordance with the provisions of the Deposit
Agreement governing the ADRs, notice of such termination will be
provided to holders at least 30 days prior to the Termination
Date.

Rationale for Delisting and Termination of ADR Program:

(a) ADRs represent a very small proportion of Cable & Wireless'
    equity: as of close of business on 31 August, 2005, only
    3.5% of Cable & Wireless' issued equity was held in ADR
    form;

(b) ADR trading volumes are very low: less than 1.0% of Cable &
    Wireless' shares traded over the three months to 31 August
    2005 were represented by ADRs;

(c) currently the majority of the holdings of U.S. residents in
    Cable & Wireless are represented by ordinary shares; and

(d) following its exit from the U.S. during the course of 2004,
    Cable & Wireless does not carry out any material business in
    the U.S.

Given the relatively low participation in the ADR program, Cable
& Wireless does not believe that the benefits to it of
maintaining the program and NYSE listing justify the additional
administration.

The termination of the ADR program and delisting from the NYSE
will affect neither Cable & Wireless' listing of ordinary shares
on the London Stock Exchange nor its high level of communication
and disclosure for all shareholders, including U.S. investors.
Cable & Wireless is and will continue to be subject to the
listing rules, the prospectus rules and the disclosure rules made
by the U.K. Listing Authority, and to the Combined Code on
Corporate Governance.  Like any other company whose shares are
traded on the London Stock Exchange, Cable & Wireless maintains
high standards of corporate governance under this regime.

SEC Registration

Notwithstanding the delisting, Cable & Wireless' registration
under the U.S. Securities Exchange Act of 1934 remains in effect
and Cable & Wireless will continue to comply with its
obligations.  However, Cable & Wireless believes that the
increasing costs of maintaining its registration in the U.S. and
complying with SEC reporting and other applicable U.S.
obligations outweigh the benefits obtained by the Company and its
shareholders as a whole.

Therefore Cable & Wireless intends to convene an extraordinary
general meeting later in the year to amend its Articles of
Association to facilitate termination of registration with the
SEC and its SEC reporting and other applicable obligations.

Process for Termination of ADR Program and Delisting

The Deposit Agreement will be amended to reduce the period after
which JP Morgan Chase Bank, N.A., as depositary, will sell the
ordinary shares underlying those ADRs, which have not already
been cancelled, from one year to 30 days after the Termination
Date.  Notice of this amendment will shortly be provided to ADR
holders and will become effective 90 days thereafter.  Notice of
the termination of the ADR program will be provided to ADR
holders at the same time.  Cable & Wireless will terminate the
ADR program from close of business on the Termination Date and
JPM's books for issuances and transfers will cease to be open
from that date.

ADR holders will, however, be entitled to surrender their ADRs to
JPM before 5:00 p.m. (Eastern Standard Time) on 12 January 2006
(30 days from the Termination Date) and request delivery of the
underlying Cable & Wireless ordinary shares.

Such ADR holders will receive their Cable & Wireless ordinary
shares upon payment of all applicable fees and expenses and
subject to applicable taxes and governmental charges.

On or after 13 January 2006, JPM may sell the underlying Cable &
Wireless ordinary shares then held under the Deposit Agreement
and will hold the net proceeds of any such sale, together with
any other cash then held by it, in an unsegregated escrow account
uninvested and without liability for interest, for the pro rata
benefit of the registered holders of ADRs which have not already
been surrendered.

JPM will write to registered holders of ADRs in relation to the
termination of the program shortly after Cable & Wireless gives
notice of termination and will provide information on how to
proceed.

Expected Timetable

(a) 13 December 2005: Termination of Cable & Wireless' ADR
    Program;

(b) On or about 13 December 2005: Termination of NYSE listing
    (subject to SEC approval);

(c) 5:00 p.m. EST on 12 January 2006: Deadline for ADR holders
    to exchange their ADRs for underlying ordinary shares in
    Cable & Wireless; and

(d) On or after 13 January 2006: Remaining ADR holders may
    tender their ADRs for net cash receipt after fees and
    expenses.

                            *   *   *

Cable & Wireless is one of the world's leading international
communications companies.  It provides voice, data and IP
(Internet Protocol) services to business and residential
customers, as well as services to other telecoms carriers,
mobile operators and providers of content, applications and
Internet services.  Its principal operations are in the United
Kingdom, continental Europe, Asia, the Caribbean, Panama and the
Middle East.

In June, the group reported profit before tax and exceptional
items of GBP377 million, up 36% against prior year, while
operating profit from continuing operations, before exceptional
items reached GBP277 million, up 20% against prior year.

CONTACT:  CABLE & WIRELESS PLC
          124 Theobalds Rd.
          London WC1X 8RX, United Kingdom
          Phone: +44-20-7315-4000
          Fax: +44-20-7315-5198
          Web site: http://www.cw.com/new/


CARTMEL VALLEY: Names Grant Thornton Administrator
--------------------------------------------------
Leslie Ross and Keith Hinds (IP Nos 7244, 6745) of Grant Thornton
have been appointed administrators for Cartmel Valley Foods
Limited (Company No 03987767) on September 1.  The company
produces mineral water and soft drinks.

CONTACT:  GRANT THORNTON
          Heron House, Albert Square
          MANCHESTER M60 8GT
          Phone: 0161 834 5414
          Fax: 0161 832 6042
          Web site: http://www.grant-thornton.co.uk


COMPOSITE CHAMBERS: Creditors to Meet Later this Month
------------------------------------------------------
Notice is hereby given by A Poxon and J J Schapira, of DTE
Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT, that a
Meeting of the Creditors of Composite Chambers Limited  (formerly
RDT Chamber Solutions Limited), DTE House, Hollins Mount, Bury
BL9 8AT, is to be held at 85-89 Colmore Row, Birmingham B3 2BB,
on 23 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.  In order to be entitled to vote under Rule
2.38 at the Meeting, Creditors 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 their claim. Notice is also hereby
given, for the purposes of paragraph 49(6) of Schedule B1 to the
Insolvency Act 1986, that Members of the Company should write to
A Poxon, at DTE Leonard Curtis, DTE House, Hollins Mount, Bury
BL9 8AT, for copies of the Administrators' proposals.  The
Administrators were appointed on 15 July 2005.

A Poxon, Joint Administrator

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


COMPUTACENTER PLC: German, French Units Suffer Losses
-----------------------------------------------------
Computacenter plc has published interim results for the six
months ended 30 June 2005.

Financial Highlights

(a) group revenues of GBP1.15 billion (2004: GBP1.23 billion);

(b) profit before tax of GBP8.2 million (2004: GBP30.1 million);

(c) earnings per share of 1.2 pence (2004: 10.7 pence);

(d) interim dividend of 2.5 pence per share (2004: 2.3 pence);
    and

(e) strong balance sheet with net cash increasing by GBP41.6
    million to GBP87.3 million.

                 Report of Chairman Ron Sandler

The first half of 2005 has been a challenging time for
Computacenter.  Group revenues declined to GBP1.15 billion (2004:
GBP1.23 billion) and profit before tax fell 72.7% to GBP8.2
million (2004: GBP30.1 million).  The balance sheet remained
strong, with net cash increasing by GBP41.6 million during the
period to GBP87.3 million.

Despite the disappointing earnings, the Board has approved an
interim dividend of 2.5 pence per share (2004: 2.3 pence) to be
paid on 21 October 2005 to shareholders on the register as at 23
September 2005.  This is consistent with our policy of seeking to
keep the interim dividend at a level equal to one-third of the
preceding year's total dividend, and reflects the cash resources
of the business.

The decline in performance is largely attributable to a steep
fall in product margins in the U.K. business.  This has been due
to the combination of lackluster market demand and intense price
competition, which adversely impacted our product revenues and
the level of vendor rebates.  On a more positive note, our
U.K. Managed Services business continued to make progress, with
revenue growth of 1.3% in the period and a number of significant
new contracts secured.

We do not consider the deterioration in the competitive
environment for our U.K. product business to be temporary.  We
believe that for the foreseeable future we will continue to face
the challenges of intense price competition, vendors seeking to
sell direct to large accounts and substantially lowered vendor
rebates.  In anticipation of these developments, we embarked last
year upon a major strategic reassessment.  In the first half of
2005, we completed a fundamental reorganization of our U.K.
business to create a platform for implementing our new strategy,
the principal elements of which include:

(a) re-engineering our product business to deliver lower cost
    account management and sales;

(b) building a sizeable presence in the medium-sized business
    segment;

(c) creating a specialist software business unit to increase our
    share of this market;

(d) broadening the depth and range of our technical services
    activities;

(e) capturing greater value from the superior scale of our
    engineering and maintenance activities, by sharing more
    resource across our customer base;

(f) seeking to accelerate the growth of our Managed Services
    business.

Taken together, these initiatives represent a significant program
of activity.

The performance of our European businesses in the first half of
2005 was also disappointing.  Computacenter Germany recorded an
operating loss of GBP1.5 million (2004: profit of GBP2.5 million)
on a 3.8% fall in revenues.  The German economy remained weak,
leading to pressure on both product and service margins.  Our
efforts to reduce the cost base of the German business to combat
the lower margins are continuing.

With market conditions in France remaining equally challenging,
the revenues of our French business declined 14.2% and the
operating loss widened to GBP7.9 million (2004: GBP2.0 million).
Under-utilization of our services staff and a reduction in
product revenues were the main cause of this deterioration.  A
new management team in Computacenter France has been installed
and further efforts to rectify the poor profitability are
underway, principally directed towards significant cost
reduction.

I am pleased to say that, shortly after the period end, the tax
assets claim raised by GE, relating to our acquisition of GE
CompuNet in Germany and GECITS Austria in 2003 (noted as a
contingent liability in the Group's 2004 accounts), was
satisfactorily resolved.  Following the purchase of GE's share of
the tax assets, Computacenter has now received EUR40 million.

With the resolution of this dispute the Board is now able to
consider how best to utilize the Group's cash resources for the
benefit of shareholders.

Trading has been subdued in July and August, particularly in the
U.K.  Nevertheless, we anticipate a stronger profit performance
in the second half and the outlook for the full year remains in
line with market expectations.  Looking further ahead, the Board
is confident that the Group's profits can be improved in the
future.

There is no escape from the fact that trading in 2005 has been
difficult and Computacenter's performance has been extremely
disappointing.  Nonetheless, Computacenter's staff have continued
to deliver outstanding customer service in difficult trading
circumstances, and I am pleased to record my appreciation for
their considerable dedication and hard work.

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

CONTACT:  COMPUTACENTER PLC
          Hatfield Avenue
          Hatfield
          Hertfordshire AL10 9TW, United Kingdom
          Phone: +44-17-0763-1000
          Fax: +44-17-0763-9966
          Web site: http://www.computacenter.co.uk


COMPUTACENTER PLC: Non-executive Director Steps down
----------------------------------------------------
Ghislain Lescuyer has resigned as a Non-Executive Director of the
Computacenter plc.

Chairman Ron Sandler said: "Ghislain is relocating to Los Angeles
following a change in his role at his employer, Thomson S.A., and
he will therefore no longer be able to fulfill his Board
responsibilities for Computacenter.  We are immensely grateful to
Ghislain for the contribution he has made to the Group and are
sorry to see him leave.  The Board is of course aware of the
requirements of the Combined Code with regard to its structure
and this is under review by the Nomination Committee."

                        About the Company

Computacenter is an independent provider of IT infrastructure
services through its network of branch offices across the U.K.,
Germany, France, Luxembourg and Belgium, and international
partners, at locations across the globe.  With a workforce of
9,838, the group reported revenue of 2,455.8 million, and
operating profit 65.7 million in 2004.

On June 28, shares in Computacenter plunged more than 20% after
it disclosed a profits warning for the second time this year.
The warning, which stripped almost GBP100 million from the firm's
value, undermined hopes of a turnaround and boosted threats of
job cuts.

CONTACT:  COMPUTACENTER PLC
          Hatfield Avenue
          Hatfield
          Hertfordshire AL10 9TW, United Kingdom
          Phone: +44-17-0763-1000
          Fax: +44-17-0763-9966
          Web site: http://www.computacenter.co.uk


COSTAIN GROUP: Wins Road Widening Contract
------------------------------------------
Costain Group plc, in joint venture with Mowlem plc, has been
awarded a GBP429 million Highways Agency contract to widen a 25
mile stretch of the M1 motorway near Luton, Bedfordshire and
construct a new link between the A5 and the M1, north of
Dunstable.

It is the largest contract that has been awarded under the
Highway Agency's Early Contractor Involvement Scheme to date.

Costain will, along with the Highways Agency and Mowlem, now
develop detailed construction plans and programs for the project.
Construction work is expected to begin in 2008 with completion
scheduled for 2011.

Andrew Wyllie, Chief Executive, said: "This contract win is
significant.  Along with other recent awards, Costain has now
been awarded GBP624 million of road scheme work in just two
months.  The M1 project, the largest to date, reflects both the
strength of our relationship with the Highways Agency and our
recognized capabilities in this sector."

In another statement, Simon Vivian, Mowlem Chief Executive, said:
"Mowlem is delighted to be extending its long-standing and
successful partnership with the Highways Agency on this very
important and high profile project.  Our selection is another
vote of confidence in Mowlem's ability to deliver large public
sector projects."

                        About the Company

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
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


DORIC BOARD: Liquidators Enter Firm
-----------------------------------
At the extraordinary general meeting of Doric Board & Packaging
Company Limited, duly convened, and held at Anderton House, Fifth
Avenue, Trafford Park, Manchester M17 1TN, the following
Resolutions were duly passed, as a Special Resolution, as
Ordinary Resolutions and as an Extraordinary Resolution
respectively:

"That the Company be wound up voluntarily, and that Peter Jones
and Roderick Michael Withinshaw, of Royce Peeling Green Limited,
The Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG, be
appointed Joint Liquidators for the purpose of such winding-up,
that the remuneration of the Joint Liquidators be based upon the
time costs, at their firm's prevailing rates, properly incurred
by them and their staff in attending to matters arising in
connection with the winding-up, plus VAT, together with
disbursements arising during the course of the winding-up, and
that they be entitled to draw such remuneration on account as
they think fit, and that the Joint Liquidators may divide among
the Members of the Company in specie the whole or any part of the
assets of the Company and may, for the purpose, value any assets
and determine how the division shall be carried out as between
the Members."

R D Ward, Chairman

CONTACT:  ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


DRAX GROUP: Receives GBP1.9 Billion Takeover Offer
--------------------------------------------------
Drax Group Limited received on 12 September an indicative
approach from a consortium comprising Constellation Energy Group,
Inc. and Perry Capital LLC regarding a possible cash offer for
Drax representing an enterprise value of GBP1.9 billion.  The
proposal is subject to a number of conditions, including due
diligence and financing.

The Board is considering this approach and will provide an update
in due course.  The Board notes that the indicative value
proposed is below the enterprise value of the Company as implied
by current trading of its A2/A3 debt and equity.

Consistent with its previously stated intention, the Board will
consider any proposal which it believes will deliver fair value
to its shareholders, while continuing with preparations for a
refinancing and listing.  The next important step in the
refinancing and listing process, being the posting of a document
to investors seeking irrevocable undertakings from shareholders
by mid-October, will commence next week.

Deutsche Bank AG London Branch, which is regulated by the
Financial Services Authority for the conduct of designated
investment business in the United Kingdom, is acting for Drax in
connection with the matters described herein and no one else and
will not be responsible to anyone other than Drax for providing
the protections afforded to customers of Deutsche Bank, nor for
providing advice in relation to the matters described herein.

                        About the Company

Headquartered in Selby, North Yorkshire, United Kingdom, Drax
Group operates the largest coal-fire power plant in Europe.  Its
primary subsidiary, Drax Power, operates the Drax Power Station
in North Yorkshire England.

Drax Group underwent a financial restructuring in 2003 after its
largest customer, TXU Europe, filed for administrative
protection.  Its former project creditors took control of the
firm from owner U.S. energy generator AES.  In December, it
secured an agreement for a GBP348 million claim from TXU.  It
received a first distribution of some GBP214 million at the end
of March.  Succeeding payments are expected in 2005, 2006.  The
company is using its money to discharge B debt.

Drax Group Limited has appointed Deutsche Bank AG London as lead
adviser and sponsor for the proposed refinancing and listing of
Drax.  It has retained Dresdner Kleinwort Wasserstein Limited as
financial adviser.

CONTACT:  DRAX GROUP LIMITED
          Melanie Wedgbury
          Phone: 01757 618381
          Kelly-Ann French/ Eric Burns

          BUCHANAN COMMUNICATIONS
          Phone: 01943 883990
          Charles Ryland/Ben Willey
          Phone: 020 7466 5000


EAST WEST: Members Resolve to Liquidate Food Business
-----------------------------------------------------
A.S. Chodhury, Chairman of East West Seafoods Limited informs
that resolutions to wind up the company were passed at an EGM of
the members of the company held on Aug. 25 at the offices of UHY
Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH.

Andrew Andronikou and Ladislav Hornan were appointed Joint
Liquidators.

CONTACT:  EAST WEST SEAFOODS LTD.
          42 Park Road, Wembley, Middlesex HA0 4AT
          Phone: 02089220531


EURAMAX INTERNATIONAL: Moody's Junks Proposed US$315 Mln Notes
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Euramax
International, Inc. ("Euramax" -- B2 corporate family rating) and
assigned a Caa1 rating to its proposed US$315 million guaranteed
senior subordinated notes, due 2013.  Proceeds from the notes
issuance will be used to refinance the company's US$190 million
second lien senior secured term loan and US$110 million senior
unsecured PIK notes.  The company has amended its credit
agreements to permit the refinancing of these debt instruments.
The rating outlook is stable.

Ratings Assigned:

Euramax International, Inc. and co-issuer Euramax International
Holdings B.V.:

     Guaranteed senior subordinated notes, $315 million due 2013
     -- Caa1

Ratings Affirmed:

Euramax International, Inc. and co-issuer Euramax International
Holdings B.V.:

     (a) Guaranteed first lien senior secured tranche B term
         loan, $332 million due 2012 - B2,

     (b) Guaranteed second lien senior secured term loan,
         $190 million due 2012 - Caa1 (Rating will be withdrawn
         upon completion of the transaction)

Euramax Holdings Limited (UK), Euramax Europe B.V., Euramax
Netherlands B.V.:

     Guaranteed first lien senior secured tranche B term loan,
     18 million due 2012 - B2

Euramax International, Inc., co-issuer Euramax International
Holdings B.V., Euramax Holdings Limited (UK), Euramax Europe
B.V., Euramax Netherlands B.V.:

      Guaranteed first lien senior secured revolving credit
      facility, $80 million due 2011 - B2

Euramax International, Inc.:

     Corporate Family Rating - B2

On August 25, 2005, Moody's downgraded Euramax's corporate family
rating to B2 from B1.  The rating action considered the increase
in debt that would accrue from the expected refinancing of the
senior unsecured PIK notes (which Moody's had previously viewed
as common equity) with cash-pay subordinated debt.  As a result
of this refinancing, Moody's credit metrics will now incorporate
a higher pro forma debt balance of US$765 million as opposed to
the US$640 million debt balance (amount excludes the senior
unsecured PIK notes) that was factored into the B1 corporate
family rating assigned in June 2005.

In 2005, Moody's anticipates that Euramax will now generate free
cash flow of around US$35 million.  This amount would reflect
higher capital expenditures to support expansion of the company's
distribution network and new product introductions as well as a
partial year of higher interest expense.  Factoring in a full
year of pro forma cash interest expense, Moody's expects the
company will generate approximately US$25 million of free cash
flow in 2006, implying a FCF to debt ratio less than 5%, which is
consistent with the B2 ratings category.

The stable outlook reflects Moody's expectation that Euramax will
continue to generate positive free cash flow despite higher pro
forma cash interest expense.  The company's ratings could come
under pressure should a decline in operating performance or
margin pressure result in leverage increasing beyond 7.0 times
and/or negative free cash flow, or if the company pursues a large
debt financed acquisition.

The Caa1 rating of Euramax's proposed senior subordinated notes
considers their contractual subordination to a significant amount
of first lien senior secured debt.  The senior subordinated notes
will be guaranteed by domestic subsidiaries (U.S. accounted for
61% of 2004 EBITDA).  The rating is subject to review of final
documentation.

Headquartered in Norcross, Georgia, Euramax International Inc. is
an international producer of:

   * value-added aluminum,
   * steel,
   * vinyl, and
   * fiberglass products.

The company reported revenues of US$1.0 billion for the LTM ended
April 1, 2005.

CONTACT:  EURAMAX INTERNATIONAL INC.
          5445 Triangle Pkwy., Ste. 350, Norcross, GA
          Zip: 30092
          Phone: 770-449-7066
          Fax: 770-449-7354


EURAMAX INTERNATIONAL: S&P Rates US$315 Mln Sr. Sub-notes 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
US$315 million of senior subordinated notes, due 2013, to be
issued by Euramax International Inc. and its wholly owned direct
subsidiary, Euramax International Holdings B.V.

Standard & Poor's also withdrew its 'B-' rating (as well as the
'4' recovery rating) on the company's second-lien term loan
following a recapitalization of the company's financial
structure.  The rating agency also affirmed our existing 'B+'
corporate credit rating and all other ratings on the company.

The outlook is negative.  Pro forma total debt at July 1, 2005,
was about $765 million.

Proceeds from the proposed debt issue will be used to repay the
company's $190 million second-lien term loan and US$110 million
payment-in-kind notes issued at parent company Euramax Holdings
Inc.  The second-lien loan and PIK debt were issued in connection
with the June 29, 2005, $1.038 billion buyout of the firm by
Goldman Sachs Capital Partners and Euramax's management.  The
company's $80 million revolving credit facility and US$450
million first-lien term loan remain in place.  Under the new
recapitalization, all debt will now reside at operating company
entities.  While overall interest costs may be modestly lower,
cash paying interest will increase, resulting in a slight
deterioration of credit measures.

"The ratings on Norcross, Georgia-based Euramax reflect the
firm's highly leveraged financial profile and aggressive
financial policy," said Standard & Poor's credit analyst James T.
Siahaan.  High financial risk is tempered by the firm's good
niche positions for a number of its:

   * product lines,
   * geographic diversity,
   * moderate cyclical exposure,
   * relatively stable operating margins, and
   * limited capital intensiveness.

Euramax manufactures various aluminum, steel, vinyl, and glass
fiber products for building construction and transportation
markets.  Products include rain-carrying (gutter) systems for
contractors and the do-it-yourself markets and aluminum sidewalls
for the towable recreational vehicle and manufacturing housing
markets.

Euramax sells its products in a number of geographic markets
including:

   * the U.S.,
   * the U.K.,
   * The Netherlands, and
   * France.

In 2004, overseas sales totaled 31% of total company sales.

CONTACT:  EURAMAX INTERNATIONAL INC.
          5445 Triangle Pkwy., Ste. 350, Norcross, GA
          Zip: 30092
          Phone: 770-449-7066
          Fax: 770-449-7354


EVOLUTION DH: Calls in Liquidator from GCP
------------------------------------------
Company Names: EVOLUTION DH LIMITED
               (Company No 05047201)

               EVOLUTION SP LIMITED
               (Company No 05047174)

At the extraordinary general meeting of these companies, duly
convened, and held at 41 Welbeck Street, London W1G 8EA, on 30
August 2005, at 3:15 p.m., the following Resolutions were duly
passed, as a Special Resolution, as an Ordinary Resolution and as
an Extraordinary Resolution respectively:

"That the Company be wound up voluntarily, and that Jane Lindsay
Gandon, of 2 Preston Park Avenue, Brighton BN1 6HJ, be and is
hereby appointed Liquidator for the purposes of such winding-up,
and that the Liquidator be and is hereby authorized to
distribute, amongst the Shareholders, in specie all or any part
of the assets of the Company."

S Patel, Chairman

CONTACT:  GCP
          Flat 7
          2 Preston Park Avenue
          Brighton
          West Sussex BN1 6HJ
          Phone: 01273 556925


GIGABIT NETWORKS: Goes into Liquidation
---------------------------------------
Company Name: GIGABIT NETWORKS LTD.
              174 Meadow Way, Leighton Buzzard,
              Bedfordshire
              Phone: 0800 0286372
              Fax: 01525 381998
              E-mail: info@gigabit-networks.co.uk
              Web site: http://www.gigabit-networks.co.uk

Registration Number: 04242023

Court: Bristol District Registry

Date of Filing Petition: July 5, 2005

No. of Matter: 2767 of 2005

Date of Winding-up Order: August 24, 2005

Based in Bedfordshire, Gigabit Networks provides a wide range of
network services, from design, voice, data and fiber-optic
cabling through to workstation, server installation and support
throughout the U.K.

CONTACT:  Official Receiver
          Sol House, 29
          St. Katherines Street,
          Northampton, NN1 2QZ
          Phone: 01604 542400
          Fax: 0104 542450


GW 3117: Members Pass Winding-up Resolution
-------------------------------------------
We, being all the members entitled to attend and vote at a
General Meeting of GW 3117 Limited for the purposes of section
381A(1) Companies Act 1985, hereby resolve and agree that the
following Resolutions shall take effect as Special Resolutions:

"That the Company be wound up voluntarily pursuant to section
84(1)(b) of the Insolvency Act 1986 ("the 1986 Act"), for the
purposes of a scheme of reconstruction under section 110 of the
1986 Act, and that Anthony Peter Supperstone, of BDO Stoy Hayward
LLP, 125 Colmore Row, Birmingham B3 3SD ("the Liquidator") be
appointed Liquidator of the Company for the purposes of such
winding-up, that the terms and conditions of the draft agreement
to be made between the Company, the Liquidator, GW 3107 Limited,
Aviation Windings Limited and Deritend Group Limited pursuant to
section 110 of the 1986 Act, for the sale and purchase of the
entire issued share capital of Deritend Industries Limited (Reg
No 04869281), and the undertaking and assets of the business
carried on by the Company under the names "Aviation Windings"
("the Agreement"), a copy of which is available and initialed by
the Members of the Company for identification, be approved; that
the Liquidator be authorized to enter into and carry into effect
the Agreement; and that the remuneration of the Liquidator be
fixed on the basis of time spent by him and members of his staff
in attending to matters arising prior to and during the
winding-up of the Company and he is hereby authorized to draw
such remuneration monthly or at such longer intervals as he may
determine."

R Hale, as Attorney 23 August 2005

S Smith, I Davis, R Kishor and G Bridges  25 August 2005

CONTACT:  BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham, B3 3SD
          Phone: 0121 200 4600
          Fax: 0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


HIGHWORTH PLUMBING: In Liquidation
----------------------------------
M. Seagroatt, Director of Highworth Plumbing and Heating
(Contractors) Limited, informs that resolutions to wind up the
company were passed at an EGM held on Aug. 31 at Highfield Court,
Tollgate, Chandlers Ford, Eastleigh SO53 3TZ.

Judith C. Wade-Duffee, of JWD Associates, 1 Grange Farm Business
Park, Sandy Lane, Shedfield, Southampton SO32 2HD was appointed
Liquidator.

CONTACT:  HIGHWORTH PLUMBING & HEATING CONTRACTORS LTD.
          Gloucester House/Unit 2 County Park/Shrivenham Rd
          Swindon
          SN1 2NR
          Phone: 01793 719600


HOMEFLAIR (UK): Calls in Liquidator
-----------------------------------
Homeflair (U.K.) Limited informs that a resolution to wind up the
company was passed an EGM held on Sept. 1 at Premier Travel Inn,
The Lakeside Beefeater, Wilmington Drive, Doncaster Carr,
Doncaster DN4 5PJ.

Harjinder Johal of Ashcrofts, 601 High Road, Leytonstone, London
E11 4PA was appointed liquidator.

CONTACT:  HOMEFLAIR (U.K.) LTD.
          Parkgate Complex, Rawmarsh Road, Rotherham, South
          Yorkshire S60 1RZ
          Phone: 01709376633


HOPEWELLS ELECTRICAL: Names Begbies Traynor Liquidator
------------------------------------------------------
Hopewells Electrical Limited informs that resolutions to wind up
the company were passed at an EGM held on Aug. 31 at Regency
House, 21 The Ropewalk, Nottingham NG1 5DU.

Peter A Blair and Paul Finnity, of Begbies Traynor, Regency
House, 21 The Ropewalk, Nottingham NG1 5DU was appointed
liquidator.

CONTACT:  HOPEWELLS ELECTRICAL INSTALLATIONS
          27 Wollaton Road, Beeston, Nottingham
          Nottinghamshire NG9 2NG
          Phone: 01159226160

          BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


HUB COMMUNICATIONS: Liquidators from Hurst Morrison Enter Firm
--------------------------------------------------------------
At the extraordinary general meeting of The Hub Communications
Company Limited, duly convened, and held at The Power House, 1
Linkfield Road, Isleworth, Middlesex TW7 6QG, on 28 July 2005,
the following Special Resolutions were duly passed:

"That the Company be wound up voluntarily, and that Robert
Christopher Keyes and Gareth Wyn Roberts, of Hurst Morrison
Thomson Corporate Recovery LLP, 5 Fairmile, Henley-on-Thames,
Oxfordshire RG9 2JR, be and are hereby appointed Joint
Liquidators for the purposes of such winding-up. That the Joint
Liquidators be authorised to exercise any powers necessary to
achieve an arrangement under section 110 of the Insolvency Act
1986. That the Articles of Association be altered in accordance
with section 9 of the Companies Act 1985, to include the
provisions of Regulation 117 of Table A of the Companies (Table
A-F) Regulations 1985, and that the Joint Liquidators be
authorised to divide among the Members of "The Company" in specie
the whole or any part of its assets, and for the purposes of such
division, to set the value as we might deem fair upon any class
of the Companies property and to determine how such division
should be effected among the Members."

CONTACT:  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


IBERIAN BASE: Members Opt for Liquidation
-----------------------------------------
All the members of Iberian Base Metals Plc, hereby resolve that
the following Resolutions were duly passed, on 31 August 2005, as
a Special Resolution and as Extraordinary Resolutions
respectively:

"That the Company be wound up voluntarily, and that Malcolm
Cohen, of BDO Stoy Hawyard LLP, 8 Baker Street, London W1U 3LL,
be and is hereby appointed Liquidator for the purposes of such
winding-up. That the Liquidator be and is hereby authorized to
distribute all or part of the assets in specie to the
Shareholders in such proportion as they mutually agree, that the
Liquidator be authorized under the provisions of section 165(2)
to exercise the powers laid down in Schedule 4, Part I, of the
Insolvency Act 1986, and that the Liquidator's fees be approved
by reference to the time properly spent, by the Liquidator and
staff, in attending to matters arising in the liquidation."

Barinas Enterprises Company Limited.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


LINDEN LANDSCAPES: Files for Liquidation
----------------------------------------
The Chairman of Linden Landscapes Limited informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 1 at 62 Wilson Street, London EC2A 2BU.  Ian Donald
Williams of Benedict Mackenzie LLP of 62 Wilson Street, London
EC2A 2BU was appointed liquidator.

CONTACT:  LINDEN LANDSCAPES
          Linden, Lake View Road, East Grinstead, West Sussex
          RH19 2QE
          Phone: 01342713219

          BENEDICT MACKENZIE
          62 Wilson Street
          London EC2A 2BU
          Phone: 020 7247 1174
          Fax: 020 7247 3494
          E-mail: i.williams@bmaclondon.com


LORNE STEWART: Appoints Liquidator
----------------------------------
P. M. Mathew, Chairman and Director of:

(a) Lorne Stewart (Western) Limited,

(b) Lorne Stewart (UK) Limited,

(c) Lorne Stewart International Limited,

(d) Lorne Stewart Services Limited, and

(e) Edgar Phillips Limited

informs that resolutions to wind up the companies were passed at
an EGM held on 31 August at Solomon Hare Business Rescue,
Oakfield House, Oakfield Grove, Clifton, Bristol BS8 2BN.

Peter W. Engel of Solomon Hare Business Rescue, Oakfield House,
Oakfield Grove, Clifton, Bristol BS8 2BN was appointed
liquidator.

CONTACT:  LORNE STEWART PLC
          Stewart House, Holden Road
          Leigh
          WN7 1EX
          Lancashire
          Phone: 01942 683333
          Fax: 01942 681888
          Web site: http://www.lornestewart.co.uk


MEDICAL ASSURANCE: Names Moore Stephens Liquidator
--------------------------------------------------
P. Harding, Chairman of Medical Assurance Bureau Limited informs
that resolutions to wind up the company were passed at an EGM
held on Aug. 3 at Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB.

Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens
Corporate Recovery, Beaufort House, 94-96 Newhall Street,
Birmingham B3 1PB, were appointed Joint Liquidators.

CONTACT:  MEDICAL ASSURANCE BUREAU LIMITED
          Barclay Curle House, 739 South Street, Glasgow,
          Lanarkshire G14 0BX
          Phone: 01419549445

          MOORE STEPHENS CORPORATE RECOVERY
          Web site: http://www.moorestephens.com


MERSEYSIDE PRECISION: Hires Begbies Traynor as Administrator
------------------------------------------------------------
D. Bailey and G. N. Lee (IP Nos 006739, 009204) of Begbies
Traynor have been appointed administrators for engineering firm
Merseyside Precision Engineering Limited (Company No 4410295) on
September 5.  The company has registered office c/o Begbies
Traynor, Elliot House, 151 Deansgate, Manchester M3 3BP.

CONTACT:  MERSEYSIDE PRECISION ENGINEERS
          Stockpit Road
          Knowsley Business Park
          Kirkby L33 7TQ
          Merseyside
          Phone: 0151 546 6659
          Fax: 0151 549 1718

          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


MG ROVER: Phoenix Four Boosts Pension Funds
-------------------------------------------
MG Rover's Phoenix Four has contributed GBP1.7 million to the
collapsed carmaker's pension funds, said The Times.

The one-off payment allowed the MG Rover Group Pension Scheme and
the MG Rover Group Senior Pension Scheme to apply to the Pension
Protection Fund for support.  Over 6,000 pensioners could benefit
from PPF, which provides compensation to members of defined
benefit pension schemes in case their employers fall into
insolvency.  Rover's two schemes have assets of GBP390 million
and a total deficit of about GBP500 million.

Chris Martin, a spokesman for the trustee of the MG Rover
pension schemes, Independent Trustee Services, said of the former
directors: "They've done their bit and we cannot legally compel
them to pay any more."

He noted, based on Rover's records and accounts, the former
directors could be forced to pay into the fund a legal minimum of
GBP450,000.

In 2000, the Phoenix Four -- Peter Beale, John Towers, Nick
Stephenson and John Edwards -- bought MG Rover and earned over
GBP30 million before the carmaker fell into administration in
April.  They earlier promised to hand over to the trust fund the
millions of pounds worth of assets controlled by Rover's parent
Phoenix Venture Holdings.  Before the GBP1.7 million one-off
payment, they have just paid GBP5,000 each to cover
the company's running costs.

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


MISYS PLC: Expects Poor Half-year Results from Banking Unit
-----------------------------------------------------------
              AGM Statement of Chairman Kevin Lomax

Conditions in each of the markets Misys serves have been broadly
unchanged since July, when we issued our preliminary results.

From our experience in the first quarter however, it is now clear
that the first half performance in the Banking division will be
adversely affected by two factors: a delay in revenue recognition
and the increased investment in the business, which is
principally on product development and on expanding our
professional services capabilities.

As previously indicated, as contracts become larger and more
complex, the timing of contract signing becomes less predictable
and revenue recognition typically occurs over a longer period. In
line with this trend, revenue recognition on a number of larger
Banking projects will now occur later than anticipated.

Our progress in our other businesses remains on track.

In the Banking division, our prospect pipeline, which contains a
number of large deals, and the order book remain strong.
However, in view of the timing issues mentioned above the
earnings per share in the first half are likely to be
significantly below last year and it is not clear that any profit
shortfall in the first half will be fully recovered in the
second.

                        About the Company

Misys plc has withdrawn resolution 16 from the agenda of the
company's Annual General Meeting.  This resolution concerned the
proposed Retention Long Term Incentive Plan (RLTIP) intended to
encourage the retention of two key executives over a period of
transition for the company.

Misys earlier faced investor rebellion over the controversial
GBP1.2 million retention bonus for healthcare head Tom Skelton
and banking head Ivan Martin if either of them would not be
appointed chief executive.

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

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

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


NORTHWOOD COMPUTER: Appoints Begbies Traynor Liquidator
-------------------------------------------------------
M. Ryde, Chairman of Northwood Computer Tutorial Centre Limited
(trading as Ryde College) informs that members of the company
have resolved to wind up the company.

Richard Andrew Segal and Paul Michael Davis, of Begbies Traynor
(South) LLP, Chiltern House, 24-30 King Street, Watford WD18 0BP
were appointed Joint Liquidators.

Dr. Ronald Ryde established Ryde College (formerly known as
Northwood Computer Tutorial Centre) in 1982, following over 30
years experience in teaching, computer training at all levels and
academic study.  The College is now renowned for achieving some
of the best examination results in the Country with some of the
youngest students and is one of the leading tutorial centers in
the U.K.  Visit http://www.rydecollege.co.uk/for more
information.

CONTACT:  RYDE COLLEGE
          Phone: +44 (0)1442 831234
          E-mail: info@rydecollege.co.uk

          BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


P1 SYSTEMS: Court Okays Winding-up
----------------------------------
Company Name: P1 SYSTEMS LTD.
              Matthew Sutton & Co, 48-52 Penny Lane,
              Mossley Hill, Liverpool, L18 1DG
              Phone: 0191 206 4054
              Fax: 0191 206 4001
              Web site: http://www.p1-systems.com

Court: Bristol District Registry

Date of Filing Petition: June 29, 2005

No. of Matter: 2695 of 2005

Date of Winding-up Order: August 24, 2005

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


PARTNERSHIP DRIVER: Calls in Liquidator
---------------------------------------
B. Rahimzadeh, Chairman of Partnership Driver Supplies Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Aug. 30 at Prospect House, 2 Athenaeum Road, London
N20 9YU.

Stephen Robert Cork of Smith & Williamson Limited, Prospect
House, 2 Athenaeum Road, London N20 9YU was appointed liquidator.

CONTACT:  PARTNERSHIP DRIVER SUPPLIES L
          Unit 47 C Park Royal Business Centre 9-17 Park Royal
          Rd, London, NW10 7LQ
          Phone: 020 89630000

          SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601
          E-mail: jem1@smith.williamson.co.uk


PEDALPOWER PICTURES: Members Call in Mercer & Hole Liquidator
-------------------------------------------------------------
At the extraordinary general meeting of the members of Pedalpower
Pictures Developments Limited, duly convened, and held at 9 Greek
Street, London W1D 4DQ, on 30 August 2005, the following Special
Resolution was duly passed:

"That the Company be wound up voluntarily, and that Peter John
Godfrey-Evans, Mercer & Hole, Silbury Court, 420 Silbury
Boulevard, Central Milton Keynes MK9 2AF, be and is hereby
appointed Liquidator for the purposes of such winding-up."

G Egan, Chairman

CONTACT:  MERCER & HOLE
          Silbury Court
          420 Silbury Boulevard
          Milton Keynes
          Buckinghamshire MK9 2AF
          Phone: 01908 605552
          Fax: 01908 677433
          E-mail: peterdogfrey-evans@mercerhole.co.uk


PRESTELIGENCE LIMITED: Administrators Take over Firm
----------------------------------------------------
Alistair Steven Wood (IP No 007929) and Philip Michael Lyon (IP
No 002108) of Mazars have been appointed administrators for
Presteligence Limited (Company No 04944430) on September 1.  The
company supplies software for online or e-mail proof of
advertising.  It has a registered office at The Exchange,
Haslucks Green Road, Shirley, Solihull, West Midlands B90 2EL.

The group that was formerly GEI Prepress brings 30 years of
experience in the international newspaper business.  This
software development team specializes in complete workflow and
advertising services solutions for the newspaper and related
industries.  Visit http://www.presteligence.com/for more
information.

CONTACT:  PRESTELIGENCE LTD.
          Devlin House,
          36 St George Street,
          London W1S 2FW
          Phone: 020 7518 0366
          Fax: 020 7518 0302

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

          MAZARS LLP
          Cartwright House,
          Tottle Road,
          Nottingham NG2 1RT
          Web site: http://www.mazars.co.uk


REGAL PETROLEUM: Greek Subsidiary Settles Labor Dispute
-------------------------------------------------------
A settlement has been reached with the Union at Kavala Oil S.A.,
Regal Petroleum plc's subsidiary in Greece, in respect of the
recent industrial unrest.

Under the settlement, it has been agreed that the operational
management of Kavala Oil S.A., including the economics of
operations, shall be undertaken by Greek local management, with
the assistance of the unionized workforce with the aim of making
the operation successful.  Regal's participation will remain as
the majority shareholder of Kavala Oil S.A., but without
participating in the day-to-day operational management.

Following this settlement, Kavala Oil S.A. will continue its
production operations as previously, although Regal is not
intending to re-implement its well work-over program at present,
and will consider the economic viability of further support or
investment in Kavala Oil SA including development of currently
undeveloped but discovered oil, and pursuing exploration
potential, once the economics of the operation under Greek local
management has been assessed.

                            *   *   *

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

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

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

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

          Buchanan Communications
          Phone: 020 7466 5000
          Bobby Morse
          Ben Willey


REGUS GROUP: Half-year Earnings Up by GBP23.4 Million
-----------------------------------------------------
Regus Group plc has reported results in the first half of 2005.

                   Financial Highlights

(a) earnings ahead of last year by GBP23.4 million with adjusted
    EPS of 1.7 pence;

(b) EBITDA increased by 228% to GBP37.4 million;

(c) strong cash generation: operating cash flow of GBP34.5
    million and cash at bank of GBP81.5 million following early
    payment of US$20m on US$110m term debt;

(d) strong REVPAW growth; up 12.6%;

(e) substantial increase in operating profit: GBP24.2 million
    improvement;

(f) center contribution (gross profit) up by GBP31.2 million;
    GBP18.0m generated through expansions (acquisitions and new
    centers) and GBP13.2 million organically; and

(g) HQ acquisition contributed GBP77.6 million of revenue and
    GBP17.8 million of center contribution in the first half of
    2005.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] Results are before charging exceptional items of GBP3 million
in H1, 2005 (H1 2004: Nil) and amortization of intangibles of
GBP1.3 million (H1 2004: GBP0.1 million).  EBITDA excludes losses
of joint ventures and U.K. associate, which are non-cash and
equates to a GBP1 million loss in H1 2005  (H1 2004: GBP3.9
million).

[2] REVPAW - Annualized Revenue Per Available Workstation.

[3] Expansions are new centers and acquisitions opened since H1
2004.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

                    Operational Highlights

(a) month on month sales increase throughout H1 2005;

(b) continued double-digit growth in Meeting Room and Virtual
    office products;

(c) 12 month workstation forward order book 16% higher than the
    same period last year;

(d) excellent performance in EMEA;

(e) costs under control across the business;

(f) contracted synergies on HQ acquisition continue to be
    realized;

(g) nine new centers opened in the period plus acquisition of
    seven centers in Mexico; and

(h) six underperforming centers closed in Europe.

Mark Dixon, Chief Executive, said: "We have delivered strong
performance across all areas of the business in the first half of
2005, increasing month on month revenues, profitability and cash
generation.  The business is performing well and we are delighted
with the results in all three regions, in particular EMEA, which
has seen excellent performance.  We continue to pursue selective
growth and acquisitions that will bring positive impact to our
business in the future."

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

CONTACT:  REGUS GROUP PLC
          3000 Hillswood Dr.
          Chertsey
          Surrey KT16 0RS, United Kingdom
          Phone: +44-1932-895-500
          Fax: +44-1932-895-501
          Web site: http://www.regus.com

          Financial Dynamics
          David Yates
          Richard Mountain
          Phone: +44 20 7269 7291


                            *********


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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Information contained herein is obtained from sources believed to
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