TCREUR_Public/050916.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

           Friday, September 16, 2005, Vol. 6, No. 184

                            Headlines

C Z E C H   R E P U B L I C

CARAVELLA TOURS: Books Appointment with Bankruptcy Court
VSEOBECNA ZDRAVOTNI: Faces Forced Administration


F I N L A N D

M-REAL CORPORATION: Names Johan Lindborg to Board


F R A N C E

RHODIA SA: Sells Phosphates Manufacturing Business to Misa Inc.
RHODIA SA: Disasters Hit Swiss, Louisiana Sites
SNCM: Connex Leads Potential Buyers


G E R M A N Y

AUGUSTA TECHNOLOGIE: Names Chief Operating Officer
AUTOHAUS J & F: Under Bankruptcy Administration
BASIMO GMBH: Court to Verify Claims January
BFI VIERTE: Sets First Creditors Meeting September 27
DAIMLERCHRYSLER AG: Beijing Okays Auto Financing Venture

FJH AG: Reaches Cooperation Deal with IBM
G.A.T. GESELLSCHAFT: Hannover Business Goes Bust
HD BAUSTAHLVERARBEITUNG: Proofs of Claim Due Next Month
HELMER U. ZIMMERMANN: Court Names Ott & Kollegen Administrator
INFINEON TECHNOLOGIES: Talks to Sell Munich Site Fail

MUELLER-BAU: Creditors' Claims Due Later this Month
PRODUCTS WITH INNOVATIONS: Succumbs to Bankruptcy
SALA BETEILIGUNGS: Creditors Meeting Set October
TRESSETTE GMBH: Court Calls in Administrator
VOLKSWAGEN AG: Plans to Close, Sale or Merge 'Problem' Plants


G R E E C E

OLYMPIC AIRLINES: European Commission Declares State Aid Illegal


H U N G A R Y

NABI RT: FHF Modifies Shareholding


I R E L A N D

JSG HOLDINGS: Mulls Merger with Kappa Packaging
JSG HOLDINGS: Merger Kappa Won't Impact Rating, Says Moody's
RIVERDEEP GROUP: 'B+' Rating Affirmed; Off CreditWatch Negative


I T A L Y

GIANNI VERSACE: Reduces Debt Significantly


L U X E M B O U R G

ORIFLAME COSMETICS: Eyes Up to 10% Annual Sales Growth


N E T H E R L A N D S

ALMATIS B.V.: Investcorp Takes over Business
ALMATIS B.V.: Moody's May Downgrade Ratings
KAPPA BEHEER: Faces Moody's Downgrade
ROYAL SHELL: Cancels Additional 1,440,000 'A' Shares
ROYAL SHELL: Sells 'Oil Products' Businesses to Rubis Group


P O L A N D

POLISH OIL: Eyes Gradual Dividend Increase as Profits Rise


R U S S I A

BANK OF MOSCOW: Moody's to Review Currency Deposit Ratings
CHISTOVSKOYE: Undergoes Bankruptcy Supervision Procedure
ESSOILA: Hires V. Tyurlik Insolvency Manager
EVRAZ GROUP: To Unveil Half-year Results Next Month
GAS: Bankruptcy Supervision Procedure Begins

GAZPROMBANK: Moody's May Upgrade Ba1 Ratings
IVCHE-MASH: Succumbs to Bankruptcy
KMB-BANK: Moody's Reviews Ba1 Ratings
KONZA: Claims Filing Period Ends Next Month
OIL-BRIDZH: Insolvency Manager Takes over Business

OREKHOVO-ZUEVSKIY REM-TEKH-MASH: Under Bankruptcy Supervision
OUTDOOR EQUIPMENT: Bankruptcy Hearing Set November
PALEVITSKOYE: Komi Court Brings in Insolvency Manager
RUSSIAN AGRICULTURAL: Moody's Hints of Potential Upgrade
RUSSIAN BANK: Currency Deposit Ratings Under Review

SBERBANK: Moody's to Review Currency Deposit Ratings
VITA: Declared Insolvent
VNESHECONOMBANK: Moody's Mulls Deposit Ratings Upgrade
VNESHTORGBANK: Moody's May Upgrade Currency Deposit Ratings
YUKOS OIL: Receives Bankruptcy Notification
ZAO RAIFFEISENBANK: Ba1 Deposit Ratings Under Review


S P A I N

DOGI INTERNATIONAL: Maintains Result Despite Market Difficulties


S W E D E N

ESSELTE GROUP: Shakes up Management Following Dymo Sale


U K R A I N E

AGROMOTOR: Creditors' Claims Due September 19
AMAS: Gives Creditors Until Next Week to File Claims
ARS: Undergoes Bankruptcy Supervision Procedure
BUSINESS-PETROLEUM: Declared Insolvent
KALINIVSKE: Liquidator Steps in

PROMSERVICE PLUS: Bankruptcy Supervision Begins
STRIHA: Kyiv Court Opens Bankruptcy Proceedings
TINKIVSKE-2: Under Bankruptcy Supervision
TIS: Insolvency Manager Takes over Operations
ZHOVTEN: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

360 ONBOARD: Names Mazars Liquidator
3D CONTAINERS: Meeting of Creditors Set Next Week
ACORN SPORTS: Up for Sale
AMBIT RESEARCH: Calls in Administrators
AMESFLEET LIMITED: Electrical Products Retailer Winds up

BARNABY EVANS: Administrator from Hazlewoods Moves in
BOOKS-A-BOUND: Files for Liquidation
CHP FURNITURE: Meeting of Unsecured Creditors Set Next Week
CONCEPT CYCLING: Business for Sale
D W WEAVER: Directors Blame Government for Collapse

EATON ELECTRIC: Opts for Liquidation
ECS CLIMATE: EGM Passes Winding-up Resolution
ELIZA TINSLEY: Receives Takeover Feelers
ENODO TECHNOLOGIES: Appoints Menzies Administrator
EURO ELECTRICAL: Calls in Administrator

FORD GREEN: Creditors Meeting Set Today
GALLOWAY GLASS: Owners Abandon Shattered Business
GMS SECURITY: Names Poppleton & Appleby Administrator
GRANVILLE BUILDING: Administrators Take over Firm
INDUSTRIAL MECHANICAL: Files for Liquidation

INTERNATIONAL EXECUTIVE: Members Decide to Wind up Business
JESSOPS PLC: Pre-close Trading Update Out Next Week
LINK CATERING: Calls in Joint Administrator
LLOYD DAVIES: Furniture Retailer Calls in Administrators
MERLIN PUBLICITY: In Administrative Receivership

MG ROVER: Fate up in the Air, Concedes PricewaterhouseCoopers
MOWLEM PLC: Wins GBP429 Million Contract from Highways Agency
PIONEER CLINICAL: Names Begbies Traynor Liquidator
PRINTMOVERS LIMITED: Appoints BDO Stoy Liquidator
ROYAL MAIL: Sets Date for Implementation of New Pricing System

STANLEY J HOLMES: Meeting of Creditors Set Next Week
TRANSPLAN DEVELOPMENTS: Creditors to Meet September 21
TUBE DEVELOPMENTS: Files for Liquidation
TURNERS CONSTRUCTION: Appoints Begbies Traynor Administrator
UNIQ PLC: U.K. Division Has New Managing Director

UNITED BISCUITS: Profit Grows 4.3% with Jacob's, Triunfo Results
U.K. FRONTLINE: Firm Ripped off Advertisers, DTI Says
WGR TRADING: Bar Operator Calls in Receiver from KPMG
WHEELBASE UK: Bicycle Retailer for Sale


                            *********


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


CARAVELLA TOURS: Books Appointment with Bankruptcy Court
--------------------------------------------------------
Travel agency Caravella Tours has collapsed, making it the third
and largest bankruptcy in the sector this year, Mlada fronta Dnes
(MfD) says.

Renata Werlikova, of insurance company Generali, said Caravella
has already secured the return of 92 clients still abroad.  The
insurer will reimburse some 400 other clients, who are scheduled
to leave in the coming months, she said.

Caravella, which arranges tours primarily for Egypt and Tunisia,
is 100%-owned by a Tunisian citizen, who was not identified by
the paper.  Prior to Caravella's collapse, two other tour
operators also filed for bankruptcy -- Connexion Voyages in July
and Travel Studio International in August.

CONTACT:  CARAVELLA TOURS S.R.O.
          Vinohradska 47
          Praha 2 12000
          Phone: 222 252 501
                 222 251 560
          Fax: 222 253 584
          E-mail: info@caravellatours.cz
          Web site: http://caravellatours.cz


VSEOBECNA ZDRAVOTNI: Faces Forced Administration
------------------------------------------------
Local insurer Vseobecna zdravotni pojistovna (VZP) may be forced
into administration if it fails to pay doctors on time, Czech
Happenings says.

Czech Doctors' Association (CLK) President David Rath gave the
company a few weeks to get its act together or he will ask the
health ministry to launch forced administrative proceedings and
seek the replacement of VZP director Jirina Musilkova.

Mr. Rath said his group has received a number of complaints from
doctors, who claim VZP payments are two months delayed.  This has
forced them to avail of loans to sustain their practice.

"We're resolutely calling on the VZP to prepare and start
implementing a program to improve its financial management, as
its hitherto management has been very careless, very poor and it
has preferred many contractual partners at the cost of others,
thus allowing its debts to further increase," Mr. Rath said.  He
added VZP should consider taking out a loan, instead of passing
its financial problems to health facilities.

CLK is also contemplating a complaint against VZP before the
anti-monopoly office (UOHS).  In an interview with Czech News
Agency, Health Ministry spokeswoman Jana Kocova said she could
not anticipate what the ministry will do if and when CLK does
file its complaint.  She admitted the situation is becoming
"rather tense and has to be solved."

CONTACT:  VSEOBECNA ZDRAVOTNI POJISTOVNA
          Orlicka 4/2020
          130 00 Praha 3
          Phone: 221 751 111
          E-mail: info@vzp.cz
          Web site: http://www.vzp.cz


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


M-REAL CORPORATION: Names Johan Lindborg to Board
-------------------------------------------------
The Board of M-real Corporation has appointed Karl-Johan
Lindborg, Map Merchant Group's President & CEO, a member of
M-real's Corporate Executive Board as of 14 September 2005.

M-real's subsidiary Map Merchant Group is the third largest paper
merchant in Europe, and Lindborg has been its President & CEO
since the year 2000.  Previously he has worked as President & CEO
of Finnforest between the years 1996 and 1999 and prior to that
in management positions in Enso Gutzeit, Tampella Forest and
Rauma Repola.

                        About the Company

Headquartered in Espoo, Finland, M-Real is one of Europe's
leading suppliers of paperboard and related services, coated and
uncoated fine paper and coated magazine paper.

                          Credit Rating

In February, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on M-real Corp. to 'BB' from
'BB+'.  The 'B' short-term corporate credit rating on M-real was
affirmed. The outlook is stable.

"The downgrade reflects M-real's continued weaker than expected
operating performance and credit protection measures, which are
not expected to improve materially over the near to medium term,"
said Standard & Poor's credit analyst Alf Stenqvist.

The weak operating cash flows reflect weak paper prices for the
group's main products (primarily fine papers), negative currency
effects, and operating inefficiencies, he said.

The company reported a loss of EUR121 million for the second
quarter vs. profit of EUR76 million a year ago.

CONTACT:  M-REAL CORPORATION
          Hannu Anttila, President and CEO
          Phone: +358 10 469 43 43
          Peter Sandberg
          Executive Vice President, Office Papers
          Phone: +31 610 90 55 32


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


RHODIA SA: Sells Phosphates Manufacturing Business to Misa Inc.
---------------------------------------------------------------
Rhodia S.A. has signed an agreement for the sale of its
phosphates and sulfuric acid manufacturing businesses at its site
in Rieme (Belgium) to Misa Inc.

The transaction is likely to be finalized in the coming weeks,
pending approvals from the Belgium authorities.  This disposal,
which marks a further step in Rhodia's withdrawal from the
phosphates area, forms part of the divestiture of non-strategic
activities being undertaken by the Group with a view to
consolidating its business portfolio.

Misa Inc., an affiliate of Uganda-based Madhvani International,
is engaged in the development of projects in the industry,
energy, agriculture and infrastructure sectors.

                            *   *   *

In June, French police and a judicial investigator reportedly
swooped down on the offices of the finance ministry and Rhodia.
Agence France-Presse associated the raid to the probe into the
accounting irregularities at the company where Finance Minister
Thierry Breton had served as board member.

Rhodia is a global specialty chemicals company partnering with
major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets to offer tailor-made solutions combining
original molecules and technologies to respond to customers'
needs.

It generated net sales of EUR5.3 billion in 2004 and employs
20,000 people worldwide.  It is listed on the Paris and New York
stock exchanges.  In August, the group reported that headcount in
France has been reduced by more than 1,000 people (-12%).  The
operating loss amounted to EUR69 million, versus a loss of EUR33
million in the second quarter 2004, reflecting the EUR101 million
full impairment of Rhodia Pharma Solutions assets.  Excluding
this exceptional charge, the Group would have reported operating
income of EUR32 million, representing a EUR65 million improvement
compared to the second quarter 2004.

Financial result, which was unchanged at a negative EUR95
million, included principally EUR58 million in interest expense,
EUR27 million in unrealized foreign exchange losses on the
conversion of U.S. dollar-denominated debt and EUR3 million in
non-recurring refinancing costs.

The Group's overall net loss for the period came to EUR197
million, compared with a net loss of EUR132 million in the
second quarter 2004 (before the taking into account EUR187
million of results from discontinued operations).

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25


RHODIA SA: Disasters Hit Swiss, Louisiana Sites
-----------------------------------------------
Recent natural disasters in Central Europe and the United States
have adversely affected operations at two Rhodia S.A. facilities.

The Emmenbruecke polyamide technical fibers production plant
suffered severe damage following heavy flooding in Switzerland in
late August.  The facility has been shut down, and some
production has been transferred to the Humenne plant in Slovakia.
After repairs, production will gradually resume in fourth-quarter
2005.

The Baton Rouge plant in Louisiana, which regenerates sulfuric
acid for refineries in the region and manufactures diphenols,
suffered little damage from Hurricane Katrina and is back on
stream.  However, Rhodia is still waiting for some of its
customers to resume operations and is adversely impacted by the
disruption of the supply chain in this region.

These exceptional events will slow down the forecasted growth in
EBITDA in the second half.  The full-year 2005 impact of these
natural disasters is not expected to exceed a 5% shortfall in
projected EBITDA.

The Group's businesses are performing satisfactorily and these
exceptional events, whose impact is limited to second-half 2005,
do not jeopardize Rhodia's 2006 targets.

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25


SNCM: Connex Leads Potential Buyers
-----------------------------------
Passenger transport specialist Connex is the frontrunner to
acquire loss-making state-owned ferry operator The Societe
Nationale Maritime Corse Mediterranee, Lloyds List reports citing
an industry source.

According to union representatives, Connex, as well as a Spanish
and two French banks are in talks with the government regarding
the acquisition of the Marseilles-based company.

The Ministry of Transport invited investments for SNCM in January
after the company reported a full-year loss.  Results at SNCM
were hit by a drop in passengers at its Corsican services, and by
industrial action.  It said a new investment is needed to avert
bankruptcy.

The ministry did not disclose the number of bids it received
recently, but said it will present the best one at the end of the
month.  Union representatives have said they will not welcome
future attempts to privatize the company in light of possible job
losses it would cost.  SNCM employs 2,500 people.

CONTACT:  THE SOCIETE NATIONALE MARITIME CORSE MEDITERRANEE
          Web site: http://www.sncm.fr/action/home


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


AUGUSTA TECHNOLOGIE: Names Chief Operating Officer
--------------------------------------------------
The Supervisory Board of Prime Standard member AUGUSTA
Technologie AG (ISIN DE000A0D6612) has appointed Mr. Ralph
Zettler (46), an industrial engineering graduate, as a new member
of the Managing Board with effect from September 1, 2005.

As Chief Operating Officer (COO), Mr. Zettler will strengthen the
existing Managing Board of AUGUSTA in the final implementation of
the restructuring process.

Prior to his appointment to the Managing Board of AUGUSTA
Technologie AG, Mr. Zettler was most recently COO of Alldata
Systems GmbH, a 100% subsidiary of the ARAG group.  Under his
management, the Dusseldorf-based IT company was restructured and
sold to T-Systems.

                            *   *   *

AUGUSTA recorded a consolidated loss for the first half of EUR0.7
million in H1 2005 (consolidated loss for H1
2004: EUR17.4 million) and a consolidated loss per share of
EUR0.12 (loss per share in H1 2004: EUR14.65).  After minority
interest, AUGUSTA broke even in the period under review.

CONTACT:  AUGUSTA TECHNOLOGIE AG
          Wilhelm-Leuschner-Str. 9-11
          60329 Frankfurt/Main, Germany
          Phone: 0049-(0)69-242669-0
          Web site: http://www.augusta-ag.de
          Lena Trautmann, Investor Relations
          Phone: +49-(0)69-242669-19
          Fax: +49-(0)69-242669-40
          E-mail: trautmann@augusta-ag.de


AUTOHAUS J & F: Under Bankruptcy Administration
-----------------------------------------------
The district court of Neuruppin opened bankruptcy proceedings
against Autohaus J & F - Rheinsberg - GmbH on August 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 18, 2005
to register their claims with court-appointed provisional
administrator Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 10:00 a.m. at the district
court of Neuruppin, Karl-Marx-Strasse 18a, 16816 Neuruppin, Saal
325, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  AUTOHAUS J & F - RHEINSBERG - GmbH
          Dr.-Martin-Henning-Str. 9, 16831 Rheinsberg,
          Contact:
          Herrn Stefan Freyer, Manager
          Muehlenweg 186 B, 16818 Walsleben

          Susanne Mueller, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


BASIMO GMBH: Court to Verify Claims January
-------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Basimo GmbH on August 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 25, 2005 to register their
claims with court-appointed provisional administrator Joachim
Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on September 20, 2005, 9:50 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report January
25, 2006, 9:30 a.m. at the same venue.

CONTACT:  BASIMO GmbH
          Mauserstr. 74 a,12277 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


BFI VIERTE: Sets First Creditors Meeting September 27
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against BFI Vierte Geschaftsfuehrungs GmbH on August
26.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until November
20, 2005 to register their claims with court-appointed
provisional administrator Christoph Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on September 27, 2005, 9:30 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report January
17, 2006, 9:30 a.m. at the same venue.

CONTACT:  BFI VIERTE GESCHAFTSFUEHRUNGS GmbH
          Kleiststrasse 3 - 6,10787 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


DAIMLERCHRYSLER AG: Beijing Okays Auto Financing Venture
--------------------------------------------------------
The Chinese Government has reportedly approved DaimlerChrysler
AG's planned auto financing operation that will be headquartered
in Beijing.

According to the Associated Press, the new venture,
DaimlerChrysler Auto Finance (China) Ltd., aims to sign 3,000
financing contracts with dealers and customers by next year.  It
will also offer insurance for passenger cars and financial
services for commercial vehicles.

Juergen Walker, chairman of DaimlerChrysler Financial Services'
board of management, said: "We are now working on the remaining
tasks that are necessary to start our business in the fourth
quarter of this year."

Along with China's rapid economic growth, car ownership in the
country has been rising, with sales of domestic cars rising 15%
to 2.4 million in 2004.  While many Chinese are still buying cars
using cash, auto financing is said to be flourishing.

Last month, DaimlerChrysler AG raised its shareholding in a joint
venture with Beijing Automotive Industry Corp. from 42% to 50%.
The transaction, which reportedly involved several millions of
euros, will see the production of 25,000 vehicles annually.

DaimlerChrysler also intends to launch in China its first
Mercedes Benz E-class sedans by November.  This will be followed
by the C-class, while other Chrysler and Mitsubishi models will
be made there.

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


FJH AG: Reaches Cooperation Deal with IBM
-----------------------------------------
FJH, the consultancy and software company specializing in the
insurance sector, has signed a cooperation agreement with IBM for
the life insurance sector under IBM's "ISV Advantage for
Industries" scheme.  The two companies aim to offer life insurers
and pension providers single-source integrated solutions for IT
projects.  The cooperation will include strategic consultancy and
the development of suitable IT architectures through to the
necessary software and hardware as well as system implementation,
customization and maintenance.  By pooling their expertise both
partners will gain a decisive competitive edge for exploiting new
opportunities presented by the market.

As well as longstanding expertise in implementing software
projects and extensive knowledge of the insurance sector, FJH
will also contribute FJA Life Factory, its tried and tested
standard software that supports all key life insurance business
processes - from the development of new insurance projects, the
preparation of offers and the issuing of insurance policies
through to invoicing and payments on maturing policies.  IBM
systems offer optimum support for the software.  In future, FJH
will also schedule its releases to tie in with IBM's
technological developments.

Describing the benefits of the collaboration, Ulrich Korff,
Chairman of the Executive Board of FJH, says: "This cooperation
with IBM means we can offer the insurance sector an even more
comprehensive service -- from one single source.  IBM complements
our know-how and service offering in crucial areas such as
strategy consultancy and the development of software
architectures.  The 'ISV Advantage for Industries' program also
gives us direct access to IBM's technological know-how, providing
an important boost for our own in-house software development."

"Our clients are increasingly demanding integrated, one-stop
solutions combining technical competence with an efficient
infrastructure", explains Norbert Dick, Vice President of IBM
with global responsibility for the insurance sector.

"In selected sectors and fields of business IBM is seeking
best-of-breed partners for the respective specialist components.
In FJH we have gained a partner that will link up with IBM
Business Consulting Services to offer our life insurance clients
an optimum, integrated solution."

About FJH

FJH AG is a leading consultancy and software company for the
insurance and pensions market.  Under its brand name FJA, the FJH
Group offers a broad range of software solutions to support
insurance companies and pension providers in all key areas and
issues.  Products include portfolio administration systems,
process and document management software and point-of-service
solutions through to systems for asset liability management and
corporate control.

FJH has long-standing business relations with around half of all
life insurers in Germany for whom it has successfully implemented
numerous major projects over the last 25 years; its clients also
include renowned health and non-life insurers.  Globally, FJH's
software is used in 20 countries on three continents, including
the U.S.A. and Australia and a number of Eastern European
countries.

In addition to its headquarters in Munich the FJH Group also has
German offices in Hamburg, Cologne and Stuttgart.  It also has
subsidiaries in Switzerland, Austria, the USA and Slovenia.

The Company was founded in 1980 and has been listed on the
Frankfurt Stock Exchange since February 2000.  FJH AG was
included in the Prime Standard index in January 2003.

CONTACT:  FJH AG
          Elsenheimerstr. 65
          80687 Muenchen,
          Phone: +49 89/769 01 517
          Fax: +49 89/769 01 606
          Web site: http://www.fjh.com

          Contact: Martina Fassbender
          E-Mail: martina.fassbender@fjh.com


G.A.T. GESELLSCHAFT: Hannover Business Goes Bust
------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against g.a.t. Gesellschaft fuer Ausbildung + Training mbH on
August 19.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 10, 2005 to register their claims with court-appointed
provisional administrator Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 8:00 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  G.A.T. GESELLSCHAFT FUER AUSBILDUNG + TRAINING mbH
          Pelikanstr. 13, 30177 Hannover
          Contact:
          Michael Schoneberg, Manager

          Helge Wachsmuth, Administrator
          Alexanderstr. 2, 30159 Hannover
          Phone: 0511/325095
          Fax: 0511/329934


HD BAUSTAHLVERARBEITUNG: Proofs of Claim Due Next Month
-------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against HD Baustahlverarbeitung GmbH on August 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 10, 2005 to
register their claims with court-appointed provisional
administrator Stefan Neugebauer.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2005, 11:15 a.m. at the district court
of Braunschweig, An der Martinikirche 8, 38100 Braunschweig, 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:  HD BAUSTAHLVERARBEITUNG GmbH
          Reppnersche Str. 24, 38226 Salzgitter
          Contact:
          Atif Delalic, Manager
          Reppnersche Str. 24, 38226 Salzgitter

          Stefan Neugebauer, Administrator
          Imatraweg 12, 38226 Salzgitter
          Phone: 05341/178083
          Fax: 05341/178087


HELMER U. ZIMMERMANN: Court Names Ott & Kollegen Administrator
--------------------------------------------------------------
The district court of Kempten opened bankruptcy proceedings
against Helmer u. Zimmermann GmbH+Co. KG on August 23.
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. jur. Marco Liebler.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 10:00 a.m. at the district court
of Kempten, SS 240/II, in 87435 Kempten, Residenzplatz 4-6, at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report on November 11, 2005, 10:10
a.m. at the same venue.

CONTACT:  HELMER U. ZIMMERMANN GmbH+Co. KG
          Rothelebuch 7 in 87637 Seeg

          Dr. jur. Marco Liebler, Administrator
          Nymphenburger Str. 139
          c/o Kanzlei Ott & Kollegen
          80636 Muenchen
          Phone: 089/120260
          Fax: 089/12026127


INFINEON TECHNOLOGIES: Talks to Sell Munich Site Fail
-----------------------------------------------------
During discussions in the past weeks, Infineon Technologies AG
(FSE/NYSE: IFX) and X-FAB Semiconductor Foundries AG concluded
that X-FAB would not take over the Infineon plant in Perlach.
Both X-FAB and Infineon were prepared to make concessions to
continue operations at the site and safeguard jobs.  After
investigating the matter in depth it proved, however, that there
is no long-term guarantee of running the Perlach site with
economic success and preserving the jobs.

Reinhard Ploss, Group Vice President and General Manager of the
Automotive, Industrial and Multimarket Group at Infineon, said,
"We regret the development and would have welcomed selling the
site and preserving the jobs. The discussions were very
constructive and included long and intensive negotiations.
Nevertheless a takeover by X-FAB was not possible due to the
specific conditions in Perlach."

Hans-Juergen Straub, CEO of X-FAB, stated, "We would have liked
to continue operating the Perlach plant as a semiconductor site
and we explored the full limit of possibilities as we assessed
the takeover risks in light of the objectives of X-FAB as a
whole. However, the economic and structural deficits in Perlach
were insurmountable."

About X-FAB

X-FAB Semiconductor Foundries AG, headquartered in Erfurt,
Germany, is an independent analog/mixed-signal foundry
manufacturing silicon wafers for analog-digital integrated
circuits (mixed-signal ICs) on customer order.  The company
maintains wafer production facilities in Erfurt (Germany),
Plymouth (U.K.) and Lubbock, Texas (U.S.), and employs
approximately 1,100 people worldwide.  Wafers are manufactured
based on ultra-modern modular CMOS and BiCMOS processes with
technologies ranging from 1.0 down to 0.35 micron.  Main
application areas are the automotive, communications, consumer
and industrial sectors.

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for automotive, industrial and multimarket
sectors, for applications in communication, as well as memory
products.  With a global presence, Infineon operates through its
subsidiaries in the U.S. from San Jose, CA, in the Asia-Pacific
region from Singapore and in Japan from Tokyo.  In fiscal year
2004 (ending September), the company achieved sales of Euro 7.19
billion with about 35,600 employees worldwide.  Infineon is
listed on the DAX index of the Frankfurt Stock Exchange and on
the New York Stock Exchange (ticker symbol: IFX).

CONTACT:  INFINEON TECHNOLOGIES AG
          P.O.  Box 80 09 49
          D-81609 Muenchen
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com

          Guenter Gaugler
          Phone: +49 89 234 28481
          E-mail: guenter.gaugler@infineon.com

          X-FAB SEMICONDUCTOR FOUNDRIES AG
          Haarbergstrasse 67
          D-99097 Erfurt
          Phone: +49 361 427 6000
          Fax: +49 361 427 6111
          E-mail: info@xfab.com
          Web site: http://www.xfab.com

          Dagmar Berendes
          ThinkBold Corporate Communication
          Phone: +1 408 379 2344
          E-mail: dagmar@thinkbold.com

          Edicto GmbH
          Sonke Knop/ Axel Muhlhaus
          Phone: +49 6084 94 85-90
          E-mail: kontakt@edicto.de


MUELLER-BAU: Creditors' Claims Due Later this Month
---------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Mueller-Bau GmbH on August 19.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 26, 2005 to register their claims
with court-appointed provisional administrator Dirk Stadler.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2005, 8:00 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MUELLER-BAU GmbH
          Lueneburger Str. 18, 30880 Laatzen
          Contact:
          Patrick Schroder, Manager
          Tucholskyring 9, 22175 Hamburg
          Hermann-Andreas Thiele, Manager
          Unterdorf 5, 31085 Everode

          Dirk Stadler, Administrator
          Callinstr. 43, 30167 Hannover
          Phone: 0511/4739080
          Fax: 0511/47390811


PRODUCTS WITH INNOVATIONS: Succumbs to Bankruptcy
-------------------------------------------------
The district court of Hof opened bankruptcy proceedings against
Products with Innovations GmbH on August 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 29, 2005 to register their
claims with court-appointed provisional administrator Hubertus
Benecke.

Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2005, 1:15 a.m. at the district court
of Hof, Sitzungssaal 012, Erdgeschoss, Berliner Platz 1, 95030
Hof, 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:  PRODUCTS WITH INNOVATIONS GmbH
          Bismarckstr. 36 in 95028 Hof

          Hubertus Benecke, Administrator
          Buergerstr. 2, 95028 Hof
          Phone: 09281/819490
          Fax: 09281/8194910


SALA BETEILIGUNGS: Creditors Meeting Set October
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Sala Beteiligungs GmbH on August 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 25,
2005 to register their claims with court-appointed provisional
administrator Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 9:30 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on January 18,
2006, 9:00 a.m. at the same venue.

CONTACT:  SALA BETEILIGUNGS GmbH
          Kurfuerstendamm 226,10719 Berlin

          Rolf Rattunde, Administrator
          Kurfuerstendamm 212, 10719 Berlin


TRESSETTE GMBH: Court Calls in Administrator
--------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Tressette GmbH on August 22.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 16, 2005 to
register their claims with court-appointed provisional
administrator Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting on October 5, 2005, 9:45 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on January 11,
2006, 9:35 a.m. at the same venue.

CONTACT:  TRESSETTE GmbH
          Fehrbelliner Str. 24,10119 Berlin

          Rolf Nacke, Administrator
          Gross-Berliner Damm 73 c, 12487 Berlin


VOLKSWAGEN AG: Plans to Close, Sale or Merge 'Problem' Plants
-------------------------------------------------------------
Non-performing parts factories of Volkswagen AG could be shut
down, disposed of or fused to other ventures, said the Financial
Times.  This after the carmaker revealed it is reviewing the
viability of its network of component-making facilities, with
French firm Renault as benchmark.  It expects to identify problem
sites within two weeks.

Meanwhile, senior executives warned that units would not be
created as a separate entity, citing Delphi's case as a lesson.
The latter, which was formed after General Motors spun off its
parts division, is now urging its parent company to bail it out
of imminent bankruptcy.

A senior executive said: "We have to decide for each plant
[whether] we have the management resources and skills to return
them to profit.  Theoretical options include selling them or
finding partners."

He added they would check each site, even though some of them are
highly profitable.  Volkswagen's factories that are solely
dedicated to making components are in Brunswick, Kassel,
Salzgitter and Chemnitz, alongside sections of plants in
Wolfsburg and Mosel.

The review is understood to be part of Volkswagen's effort to cut
costs and raise profits, which could affect up to 30,000 jobs.
The potential job cuts represent about a third of the carmaker's
workforce and three times higher than initial estimates made by
Chief Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

While Mr. Bernhard insists the figures were "plucked out of the
air," he does not deny the cost-cutting effort.  In fact, he
previously told workers to be "ready to tread new paths" and
stressed that "no sacred cows" would be spared as the struggling
carmaker plans to save EUR10 billion and lift profits by EUR4
billion to avoid dipping further into the red by 2008.

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


===========
G R E E C E
===========


OLYMPIC AIRLINES: European Commission Declares State Aid Illegal
----------------------------------------------------------------
The European Commission declared illegal a number of measures
taken by the Greek State, which gave an unfair advantage to
Olympic Airways and Olympic Airlines, the new company, which has
taken over its flight operations.  This decision closes the
investigation, started on March 16, 2004, into the State aid
granted since December 2002, when the airline was ordered to
repay EUR160 million in illegal aid.

Between 1994 and 2000 the Commission took a number of decisions
authorizing public aid for the restructuring of Olympic Airways.
In December 2002, however, the Commission found that further aid
had been granted to the airline, which was incompatible with the
common market, and demanded that EUR160 million be repaid.

That aid has still not been repaid.  Following a detailed
analysis of the finances of both Olympic Airways and Olympic
Airlines, the Commission found that Greece has continued to grant
further aid to these companies, which is incompatible with the
common market and therefore illegal, including:

(a) EUR40 million from the Greek State and Olympic Airways to
    cover part of the costs to Olympic Airlines of leasing
    aircraft;

(b) An unjustified payment of some EUR90 million from the Greek
    State to Olympic Airways when Olympic Airlines was set up
    and transferred to the State, achieved by overvaluing the
    assets transferred to the State;

(c) The Greek State's toleration of Olympic Airways' failure to
    pay more than EUR350 million in tax and social security
    liabilities due between December 2002 and December 2004; and

(d) The assumption by the Greek State of a number of Olympic
    Airways' financial obligations, e.g. in connection with
    aircraft leasing contracts and the repayment of a bank loan,
    amounting to up to EUR60 million.

The exact amount to be recovered by the Greek state will be
defined during the execution of the decision.

By granting this aid, Greece has given Olympic Airways and
Olympic Airlines an advantage not available to their competitors.
The Commission therefore asked Greece to recover the illegal aid
payments.  Greece has two months in which to inform the
Commission of the measures it intends to take to comply with the
decision.

Background

On December 11, 2002 the Commission took a final decision ruling
that aid granted to Olympic Airways was illegal, and asked Greece
to recover EUR160 million.  At the end of 2003 Greece adopted a
specific law setting up a new company, Olympic Airlines, which
took over the flight operations and most of the assets of Olympic
Airways, leaving behind almost all of its debts.

The creation of this new company, contrary to standard economic
and accounting practice, would have had the effect of
circumventing the obligation to recover the aid, as the Court
found in its judgment of May 12, 2005.

When it opened its investigation in March 2004, the Commission
expressed doubts about the compatibility with the Treaty of the
continuing non-payment by Olympic Airways of tax and social
security liabilities and about the way in which Olympic Airlines
was established in late 2003.

(a) In effect, what appears to have happened in December 2003 is
    that all flight operations that were previously carried out
    within the Olympic Airways Group by Olympic Airways, Olympic
    Aviation and Olympic Macedonian were concentrated in a new
    entity renamed Olympic Airlines.

    Olympic Airlines also took over the slots, traffic rights
    and public service obligations of Olympic Airways.  All
    other activities - principally ground-handling, maintenance
    and engineering - remained within Olympic Airways (which has
    been renamed Olympic Air Services).  The latter retained
    ownership of a number of majority shareholdings in other
    aviation-related companies in Greece such as catering,
    information technology and fuel services;

(b) The Commission has therefore found that Olympic Airlines is
    a successor company to Olympic Airways and that since its
    creation it has received substantial State aid.  Olympic
    Airlines leases aircraft either from Olympic Airways or
    directly from the Greek State and pays significantly less
    than the head-lease payments, the resultant losses being
    borne by the State or by Olympic Airways at the State's
    behest.

    The Commission has also found that by overvaluing the assets
    transferred to Olympic Airlines and by using this valuation
    as the basis of a 'cash pre-payment' to Olympic Airways,
    Greece has granted illegal and incompatible aid; and

(c) The Commission has found that the Greek State has also
    granted State aid to Olympic Airways.  The most important
    part of this aid has been its continued forbearance in
    relation to the company's tax and social security
    liabilities.

These new aid payments constitute a violation of the "one time,
last time" principle, as the company had already benefited from
restructuring aid in the past.

CONTACT:  OLYMPIC AIRLINES S.A.
          96 Sygrou Ave.
          11741 Athens
          Phone: +30 1 9267221
          Fax: +30 1 9267858
          E-mail: olyair10@otenet.gr
          Web site: http://www.olympicairlines.com


=============
H U N G A R Y
=============


NABI RT: FHF Modifies Shareholding
----------------------------------
The First Hungary Fund Ltd. has started to distribute its NABI
Bus Industries (BSE: NABI) shares in specie to FHF shareholders.
FHF and its shareholders are expected to announce the changes in
NABI shareholding exceeding 5% pursuant to Section 67 of Act CXX
of 2001 On Capital Market.

FHF held 2,500,000 NABI shares (54.06% of the total NABI
shareholding) as of August 31, 2005.

                       Restructuring Plan

In May, Nabi Rt agreed in principle with its financiers on the
restructuring of approximately US$103 million short-term debt and
other banking facilities.

Under the agreement in principle, the financiers have agreed to
reduce their debt to US$60 million, with a portion of such
reduction converted to equity in the form of the financiers
acquiring a 90% equity interest in NABI Inc. (NABI Rt.'s main
operating subsidiary) and up to a 33% equity interest in NABI Rt.
The reduced debt will be classified as long term and have
maturities ranging from 5 to 8 years.  All warrants formerly
issued by NABI Rt. to the financiers will be cancelled as part of
the restructuring.

On completion of the restructuring, NABI Inc. will be the sole
borrower of US$60.0 million reduced debt.  NABI Rt will be free
of debt, but will guarantee repayment of up to US$6.5 million of
the debt of NABI Inc. secured by a first lien on all of NABI
Rt.'s real estate assets.

Nabi will ensure the continued supply of steel shells, chassis,
parts and service from Hungary to the U.S.  It will sell assets
and businesses, the proceeds of which will be used to continue to
reduce debt.

CONTACT:  NABI BUS INDUSTRIES RT
          Ujszasz u. 45.
          1165 Budapest, Hungary
          Phone: + (36-1) 401-7399
          Fax: + (36-1) 407-2931
          E-mail: nabihq@nabi.hu
          Web site: http://www.nabi.hu
          Andras Bodor, Corporate Affairs Director
          Phone: +36-1-401-7100
          E-mail: bodor@nabi.hu


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


JSG HOLDINGS: Mulls Merger with Kappa Packaging
-----------------------------------------------
Jefferson Smurfit Group (JSG) and Kappa Packaging (Kappa)
announced a proposal to merge their respective operations.  The
merger is subject to a number of conditions including EU
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, which includes 6.1
million tons of containerboard and 5.1 million tons 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:

(a) Chairman:                              Dr. M.W.J. Smurfit

(b) Deputy Chairman                     Frits Beurskens

(c) Chief Executive Officer                Gary McGann

(d) President & Chief Operating Officer    Tony Smurfit

(e) Chief Financial Officer                Ian Curley

Madison Dearborn Partners: Five (5) directors

Cinven Limited: Two (2) Directors

CVC Capital Partners:  Two (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.

Further announcements will be made as appropriate.

CONTACT:  JEFFERSON SMURFIT GROUP
          Beech Hill, Clonskeagh,
          Dublin 4, Ireland
          Phone: +353 (0) 1-202 7000
          Fax: +353 (0) 1-269 4481
          Web site: http://www.smurfit-group.com

          KAPPA PACKAGING
          Dr. Holtroplaan 5
          5652 XR Eindhoven
          The Netherlands
          Phone: +31 (0)40 214 07 77
          Fax: +31 (0)40 214 07 99
          E-mail: info@kappapackaging.com
          Web site: http://www.kappapackaging.com

          K CAPITAL SOURCE
          Mark Kenny
          Phone: +353 1 631 5500

          FINANCIAL DYNAMICS
          Ben Foster
          Phone: +44 20 7269 7247

          WHPR
          Brian Bell
          Phone: +353 1 669 0030


JSG HOLDINGS: Merger Kappa Won't Impact Rating, Says Moody's
------------------------------------------------------------
Moody's Investors Service affirmed all the ratings of JSG
Holdings Plc following the recent announcement of the proposed
merger with Kappa Beheer B.V (Corporate Family rating Ba3 under
review for possible downgrade), subject to regulatory approval
and any required employee consultation process.

The affected ratings are:

JSG Holdings Plc:

(a) Corporate Family rating affirmed at B1; and

(b) EUR325 million of senior PIK notes due 2015 affirmed at
    Caa2.

JSG Funding Plc:

(a) EUR350 million in 10.125% senior notes due 2012 affirmed at
    B3;

(b) US$545 million in 9.625% senior notes due 2012 affirmed at
    B3;

(c) US$205 million of 9.625% senior notes due 2012 affirmed at
    B3;

(d) EUR217.5 million in subordinated notes due 2015 affirmed at
    Caa1; and

(e) US$200 million in subordinated notes due 2015 affirmed at
    Caa1.

JSG Acquisitions: EUR1.1 billion (previously EUR2.525 billion) in
senior secured credit facilities affirmed at B1.

Smurfit Capital Funding Plc:

(a) US$234 million in 6.75% guaranteed debt securities due 2005
    affirmed at B1; and

(b) US$292 million in 7.50% guaranteed debt securities due 2025
    affirmed at B1.

Moody's understands that the share merger, which will also
contain the payment of a consideration to the shareholders of
Kappa, comprises a cash component of up to a maximum of EUR300
million and a EUR75 million subordinated promissory note.  The
transaction will lead to the creation of a new entity called
"Smurfit Kappa Group," which will be 58.3% owned by JSG
shareholders and 41.7% by Kappa shareholders.

The proposed financing structure will result in the refinancing
of all of Kappa's existing debt and JSG's senior credit
facilities with new senior bank facilities of EUR3.8 billion.
JSG's existing bonds are expected to remain in place.

While Moody's acknowledges that the acquisition will pose
significant challenges in terms of integration, the affirmation
of JSG's ratings reflects the rating agency's view that the new
entity will be well positioned as the market leader in the
corrugated and containerboard segments in Europe.  Moody's
further believes that this will not only improve JSG's ability to
withstand margin pressure resulting from the current difficult
market conditions, but will also enable it to achieve substantial
synergies.  Whilst Moody's deems JSG's leverage to be high, with
pro forma adjusted net debt/EBITDAR expected to be over 6x, the
rating agency views liquidity as adequate with approximately EUR1
billion available on a pro forma basis via a combination of bank
financing and internally generated cash flows.

In Moody's view, the proposed merger positions JSG well in the B1
rating category in light of its enlarged size, stronger market
position and potential for significant cost reductions and
synergies.  However, integration and execution risks are
substantial and the market remains challenging.  Moody's cautions
that JSG's ratings could come under downward pressure in the
event that market conditions deteriorate further and the proposed
synergies are not achieved, resulting in a negative impact on
operating performance and subsequently also on leverage and
sustainable cash flow.

At the same time, the ratings could come under upward pressure
should the combined entity be able to effectuate an improvement
in operating margins with a resulting positive impact on cash
flow and adjusted leverage approaching 5x.

Headquartered in Dublin, Ireland, JSG is a leading paper-based
packaging group with key operations in Europe and Latin America.
For the six months ending 30 June 2005, JSG generated total sales
of EUR 2,148 million.

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

          Sophia Dedemadis, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


RIVERDEEP GROUP: 'B+' Rating Affirmed; Off CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch and
affirmed its 'B+' corporate credit ratings on the Ireland-based
educational software publisher Riverdeep Holdings PLC and related
entity Riverdeep Group Ltd.  The ratings were removed from
CreditWatch with negative implications, where they were placed on
July 19, 2005, pending clarity on the status of the group's
proposed pay-in-kind (PIK) term loan facility.  The outlook is
negative.

"Although Riverdeep's PIK facility will greatly increase the
group's leverage, this increase is tempered by the group's recent
operating improvements and financial policy focused on a gradual
reduction in financial leverage," said Standard & Poor's credit
analyst Anna Overton.

We have factored in the $175 million PIK loan facility, maturing
in 2011, as part of Riverdeep's consolidated debt obligations,
which are ultimately served by cash flows from the group's
operating subsidiaries.  The PIK facility will leave the group
very aggressively leveraged at more than 7x its $74 million
EBITDA in the 12 months to June 2005 on a gross debt basis.  The
group's high financial leverage and the potential revenue
volatility of its U.S.-focused specialist-software businesses are
the primary rating constraints.

The negative outlook reflects the potential volatility of demand
in the fragmented and evolving market for electronic
instructional materials in U.S. schools, where Riverdeep occupies
a rather narrow business niche.

"The ratings could be lowered if the company's earnings remain
flat in the short-to-medium term, or if there are any material
cash distributions in the form of either acquisitions or
shareholder returns over the next two years," said Ms. Overton.
"Furthermore, at the current rating level Riverdeep should
maintain mid-to-high single-digit growth in cash earnings and
high returns on any discretionary cash flows reinvested in the
existing business."

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 RATINGS SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com


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


GIANNI VERSACE: Reduces Debt Significantly
------------------------------------------
Gianni Versace S.p.A. has trimmed down debt by more than
two-thirds in the first half, according to The Guardian.  The
debt reduction was helped by a series of disposals and increase
in half-year sales under the leadership of chief executive
Giancarlo Di Risio, who joined the company only last year.

The company's debt was down to EUR35 million (GBP24 million) in
the first half from EUR115 million a year ago.  Net loss was EUR7
million on turnover of GBP149 million.  A loss of EUR15 million
is expected for the full year.  A return to black is not foreseen
until 2007.  The company has been struggling since the death of
founder Gianni Versace seven years ago.

CONTACT:  GIANNI VERSACE S.p.A.
          Via Manzoni 38
          20121 Milan
          Phone: +39-02-760-93-1
          Fax: +39-02-760-04122
          Web site: http://www.versace.it


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


ORIFLAME COSMETICS: Eyes Up to 10% Annual Sales Growth
------------------------------------------------------
Following a review of the business model, plans and operations,
the management team of Oriflame Cosmetics S.A. outlined its view
on the market and the Group's strategy going forward.

Chief Executive Magnus Brannstrom stated that the first priority
of the Group going forward will be to secure revenue growth
through defending market share in more competitive markets and to
grow market share in less developed direct sales markets.  As a
second priority, Oriflame Cosmetics will selectively open new
markets following the next opening, China, planned for first half
of 2006.

In line with the new financial targets, the Group will strive for
margin improvements through strengthened brand and product
positioning, maintained service levels, brand loyalty, the
sharing of best practice throughout the Group and a continuous
focus on effective sourcing of products.

Oriflame Cosmetics will sharpen the marketing strategy with
increased focus on the dual customer offering of products and the
direct selling opportunity.  The increased catalogue frequency
that has been introduced in some markets will continue, coupled
with efforts to strengthen each catalogues selling power and
layout.  With market research showing higher projected growth
within the area of skincare, Oriflame will leverage on the
company's heritage, successful formulations and strong market
positions within this product category in Western Europe.

New Financial Targets

Following a full business review of the group, the Board of
Directors has adopted new financial targets.  Oriflame Cosmetics
aims to achieve local currency sales growth of 5%-10% per annum
and within a five-year period an operating margin of 15%.

Outlook 2005

As a consequence of successful initiatives during the first
half-year of 2005, Oriflame expects to report local currency
sales growth in excess of 15% in the third quarter compared to
the third quarter 2004.

As previously stated, a number of factors impact sales and
margins in-between quarters:

(a) effectiveness of individual catalogues and product
    introductions;

(b) effectiveness of recruitment programs;

(c) timing of sales and marketing activities;

(d) number of sales days per quarter;

(e) currency effects; and

(f) political and economic developments in local markets.

Management reiterates the outlook for full year 2005 communicated
in the interim report for the first and second quarters of 2005,
that measures to increase sales growth within the areas of
marketing, product and catalogue development and Sales Force
effectiveness, together with substantial operational investments
in Russia and China, are expected to have a negative effect of
2-3 percentage points on operating margins for the full year
2005, significantly weighted towards the first half of the year.

                        About The Company

Oriflame Cosmetics is a direct-selling international cosmetics
company, with presence in 56 countries.  Oriflame offers a
complete range of high quality skincare, fragrances and color
cosmetics, marketed through a sales force of independent Sales
Consultants.  Oriflame is a co-founder of World Childhood
Foundation.  Oriflame Cosmetics is listed on the Stockholm
Exchange.

For the year ended December 31, 2004, the company posted an
operating profit of EUR109.5 million as operating cash flow
almost doubled to EUR90.5 million.  Net interest bearing debt
also improved to EUR57.5 million, down from EUR189.8 million.
Shareholders' equity remained negative, however, at -EUR34.99
million, as liabilities exceeded total assets of EUR300.8
million.

CONTACT:  ORIFLAME COSMETICS S.A.
          20 rue Philippe II
          L-2340
          Luxembourg
          Web site: http://www.oriflame.com

          Magnus Brannstrom, Chief Executive Officer
          Phone: +32 2 357 5529

          Kevin Kenny, Chief Financial Officer
          Phone: +32 2 357 5544

          Patrik Linzenbold, Investor Relations
          Phone: +32 2 357 5675


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


ALMATIS B.V.: Investcorp Takes over Business
--------------------------------------------
Investcorp, the global investment group, said that it had signed
an agreement to acquire the Almatis Group, a global leader in the
development and production of specialty alumina materials, from
Rhone Capital and Ontario Teachers' Private Capital.  Terms of
the transaction were not disclosed.

Almatis' products are used in various industrial manufacturing
processes and are critical ingredients in the production of
materials and solutions, such as refractory, that protect
industrial process equipment from the damaging effect of heat,
wear, chemical attack, impact and erosion, and provide thermal
insulation.  The company's products are sold globally to
customers in the high-grade steel production, glass
manufacturing, high-end ceramics, and electronics industries,
amongst others.   Almatis has its principal manufacturing
facilities in The Netherlands, Germany, the United States and
China, and distributes on a global scale operating across the US
and Europe and throughout Asia.

Almatis' chief executive officer, Oscar Groomes said: "We are
very excited about our new partnership with Investcorp.  They
have demonstrated a strong understanding of our business model
and the opportunities for growth and expansion from our current
strong base.  With their financial support and global experience,
we expect to capitalize on some very exciting prospects to grow
and strengthen Almatis through its next phase of development."

Investcorp managing director Mamoun Askari said that Investcorp
saw Almatis as a highly attractive investment opportunity given
its leading position in specialty alumina and the prospects for
continued growth and margin expansion:  "Almatis has had an
exceptional track record in the last couple of years.  We believe
that the company will continue to excel due to its strong and
increasing focus on value creation for its customers, its
compelling position in most of the categories of specialty
alumina that it participates in and the continuing robust
fundamentals in the global industries that it serves.  We are
confident that under the strong leadership of Oscar Groomes and
the team that he has built, Almatis' future is very promising,"
he said.

Almatis was established in 1910 as a division of Alcoa, and was
sold to Rhone Capital and Ontario Teachers' Private Capital in
February 2004.

Closing of this transaction is expected in October 2005.

CONTACT:  ALMATIS B.V.
          Theemsweg 30 3197 KM Botlek
          Web site: http://www.almatis.com

          INVESTCORP
          Investcorp House
          48 Grosvenor Street
          London W1K 3HW
          Phone: +44 (0) 20 7629 6600
          Fax: +44 (0) 20 7499 0371
          Web site: http://www.investcorp.com


ALMATIS B.V.: Moody's May Downgrade Ratings
-------------------------------------------
Moody's Investors Service has placed the ratings of Almatis
Holding B.V. and Almatis B.V. under review for possible downgrade
following the announcements made by the company on the
acquisition of Almatis by Investcorp, an investment group.

Whilst the company's recent operating performance has been good,
the review for possible downgrade is prompted by Moody's
expectation that the acquisition is likely to lead to a change in
the capital structure and possibly to an increase in the overall
levels of indebtedness at Almatis.  Due to the early stage of the
transaction, it is not possible at this stage to assess the
consequences of the change in ownership on the financial metrics
of the company.

Ratings affected by the action are:

(a) The B1 corporate family rating on Almatis Holdings B.V.;

(b) The B3 rating on the EUR 150 million 9% senior notes due
    2012 issued by Almatis Holdings B.V.;

(c) The B1 rating on the US$180 million senior secured
    facilities at Almatis B.V.

Moody's notes that both the company's 2012 note holders and the
senior secured creditors benefit from put options in the event of
a change of control.  If the bondholders exercised the put option
or the bonds were tendered for above par as part of a
refinancing, Moody's would expect to confirm and withdraw the
rating for the bonds.  Similarly, a refinancing of the rated bank
loans would also result in a confirmation and rating withdrawal
for the credit facilities.

Additional factors being considered as part of the review include
the recent disposal of the Adsorbent and Catalyst business, which
in 2004 generated 10% of Almatis' revenue and 6.2% of Almatis'
EBITDA.  The proceeds of the sale will be used to repay some of
the outstanding bank debt.

Moody's review will focus on:

(a) The likely business and financial strategies of Investcorp
    for Almatis;

(b) The new capital structure of Almatis; and

(c) Operating and financial plans for 2006.

Almatis Holdings B.V., based in Rotterdam, The Netherlands, is a
leading global producer of alumina-based specialty aggregates and
chemicals, generating sales of US$382.9 million for the ten
months period ended 31/12/2004.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Elena Nadtotchi, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S DEUTSCHLAND GmbH (FRANKFURT)
          Michael West, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


KAPPA BEHEER: Faces Moody's Downgrade
-------------------------------------
Moody's Investors Service has placed all ratings of Kappa Beheer
B.V. on review for possible downgrade following the company's
recent announcement of the proposed merger with JSG Holdings plc
(Corporate Family rating of B1), subject to regulatory approval
and any required employee consultation process.

Moody's understands that the share merger, which will also
contain the payment of a consideration to the shareholders of
Kappa (comprising a cash component of up to a maximum of EUR300
million and a EUR75 million subordinated promissory note), will
result in a new entity called "Smurfit Kappa Group," which will
be 58.3% owned by JSG shareholders and 41.7% by Kappa
shareholders.

The proposed financing structure will result in the refinancing
of all of Kappa's existing debt and JSG's senior credit
facilities with new senior bank facilities of EUR3.8 billion.
JSG's existing bonds are expected to remain in place.

In Moody's opinion, the proposed merger will position Smurfit
Kappa Group as the market leader in the corrugated and
containerboard segments in Europe, thus enabling the company to
benefit from a reduction in costs as well as in capacity through
the rationalization of mills. However, the rating agency also
notes that the merger is expected to pose significant challenges
in terms of integration. In a separate rating action, Moody's has
affirmed the ratings of JSG.

In its review of Kappa's ratings, Moody's will focus on the
proposed merger with JSG and the likelihood of it proceeding as
currently planned. The review will also consider recent trading
at Kappa, particularly in light of ongoing challenging market
conditions, which are characterized by raw material price
volatility and overcapacity resulting in intensifying margin
pressures.

Should the merger be successfully completed and all outstanding
debt of Kappa be repaid and cancelled, Moody's will withdraw the
ratings.

The ratings placed on review for downgrade are:

(a) Corporate Family Rating of Ba3;

(b) EUR145 million 12.5% guaranteed senior subordinated notes
    due 2009 rated B2;

(c) US$100 million 10.625% guaranteed senior subordinated notes
    due 2009 rated B2;

(d) EUR370 million 10.625% guaranteed senior subordinated notes
    due 2009 rated B2; and

(e) EUR95 million 10.625% guaranteed senior subordinated notes
    due 2009 rated B2.

Kappa Beheer B.V., based in Eindhoven, The Netherlands, is the
intermediate holding company for Kappa Packaging, an integrated
board and corrugated packaging company.  For the six months ended
June 30, 2005, Kappa Packaging generated sales of EUR1.4 billion.

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

          Sophia Dedemadis, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


ROYAL SHELL: Cancels Additional 1,440,000 'A' Shares
----------------------------------------------------
On 13 September 2005, Royal Dutch Shell plc purchased for
cancellation 1,440,000 'A' Shares at a price of EUR25.90 per
share.  It further purchased for cancellation 600,000 'A' Shares
at a price of 1,745.20 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,040,710,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


ROYAL SHELL: Sells 'Oil Products' Businesses to Rubis Group
-----------------------------------------------------------
Royal Dutch Shell plc has signed a Sale and Purchase Agreement
and Trade Mark License Agreement with Rubis Group relating to the
divestment of Shell's Oil Products businesses in the French
Antilles (Guadeloupe, Martinique) and French Guyana.  In June,
Shell announced it was reviewing an offer from Rubis.

The agreements relate to Shell's 24% interest in the SARA
refinery in Martinique, a wholly-owned network of 54 retail
service stations, distribution assets and facilities, commercial
fuels, bitumen, aviation, lubricants, liquefied petroleum gas and
marine businesses geographically spread across the region.

The sale is subject to regulatory approvals and completion is
expected to take place by the end of 2005.

Shell SAGF Chairman Jean Pierre Fiorentino said: "We are
delighted with the outcome of this agreement.  Rubis will
continue to use the Shell brand under a Trade Mark License
Agreement and Shell will keep supplying high quality fuels and
lubricants to the region, thereby continuing to serve customers,
dealers, and distributors and maintaining awareness of the Shell
brand across the region."

"The business has been sold as a going concern and our priority
now is to work with our staff, customers and other stakeholders
to ensure a smooth transition and jointly grow the business," Mr.
Fiorentino added.

The divestment is consistent with Shell's strategy of managing
its portfolio to deliver maximum value to customers and
shareholders.

                            *   *   *

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: Eyes Gradual Dividend Increase as Profits Rise
----------------------------------------------------------
Polish Oil and Gas Company (PGNiG) is planning to gradually
increase its dividend rate from around 5% out of 2005 profits to
about 30% in a few years, said Interfax.

This came as Poland's natural gas monopolist, which is amid an
Initial public offering that will bring the State's shareholding
in the firm down to 85%, saw a significant rise in its profits
recently.

Chief Executive Marek Kossowski said: "We will start with a small
dividend and later its level will be lower than 30%.  The
decision will largely depend on the owner."

The company earlier disclosed in its issue prospectus that it
would raise its dividend rate to 20% out of 2007 profits.  Last
year, PGNiG more than doubled its 2003 net profit to PLN746.7
million.  In the first half of 2005, the company booked a 25%
rise in net profit to PLN516.6 million, compared to last year's
figure.

PGNiG is a stock company owned by the State Treasury.  With an
initial capital of PLN5 billion, it operates in the whole
country and outside Poland through a network of specialized
divisions and companies.

Earlier this month, a consortium of banks awarded PGNiG a EUR900
million loan deal to restructure its debt and fund investments.
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.

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


BANK OF MOSCOW: Moody's to Review Currency Deposit Ratings
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the long- and short-term foreign currency deposit ratings
of nine banks in Russia.  The banks' outstanding senior and
subordinated foreign currency debt ratings were also placed on
review for possible upgrade.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, upgraded the
long-term national scale credit ratings (NSRs) of Russian Bank
for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to
Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank
Austria and Russian Agricultural Bank at the level of Aaa.ru.

This rating action follows the recent announcement by Moody's
placing on review for possible upgrade the Russian Federation's
Ba1 foreign currency bank deposit ceiling.

These ratings have been affected:

(a) Sberbank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of senior
    unsecured euronotes; Baa2 foreign currency debt rating of
    subordinated loan participation notes.

(b) Vneshtorgbank -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of notes of all series of US$ debt issuance program of VTB
    Capital S.A.; Baa2 foreign currency debt rating of
    subordinated loan participation notes issued by VTB Capital
    S.A.

(c) Gazprombank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of loan
    participation notes to be issued by GPB Eurobond Finance
    Plc; EMTN Program of Gazinvest Finance B.V. and medium-term
    notes issued by Gazinvest Luxemburg S.A.

(d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of all issues by Kuznetski Capital S.A.

(e) Russian Bank for Development -- Ba1/NP long- and short-term
    foreign currency deposit ratings; Baa3 foreign currency debt
    rating of loan participation notes issued by RBD Capital
    S.A.

(f) Vnesheconombank -- Ba1/NP long- and short-term foreign
    currency deposit ratings.

(g) Russian Agricultural Bank - Ba1/NP long- and short-term
    foreign currency deposit ratings.

(h) KMB-Bank -- Ba1/NP long- and short-term foreign currency
    deposit ratings.

(i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term
    foreign currency deposit ratings.

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

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


CHISTOVSKOYE: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on open joint stock company Chistovskoye
(TIN 5527002720).  The case is docketed as K/E-167/05.  Mr. K.
Kiselevskiy has been appointed temporary insolvency manager.  A
hearing will take place on January 24, 2006, 2:00 p.m.

CONTACT:  CHISTOVSKOYE
          646955, Russia, Omsk region,
          Okoneshnikovskiy region, Chistovo

          Mr. K. Kiselevskiy
          Temporary Insolvency Manager
          644043, Russia, Omsk region,
          K. Libknekhta Str. 35, 13th floor


ESSOILA: Hires V. Tyurlik Insolvency Manager
--------------------------------------------
The Arbitration Court of Kareliya republic has commenced
bankruptcy supervision procedure on close joint stock company
Essoila (TIN 001021050075, KPP 102101001).  The case is docketed
as A26-4567/2005-12.  Mr. V. Tyurlik has been appointed temporary
insolvency manager.  A hearing will take place on December 21,
2005, 12:00 p.m.

CONTACT:  ESSOILA
          186137, Russia, Kareliya republic,
          Essoila, Sovkhoznaya Str. 2

          Mr. V. Tyurlik
          Insolvency Manager
          185035, Russia, Kareliya republic,
          Petrozavodsk, Dzerhinskogo Str. 4-2


EVRAZ GROUP: To Unveil Half-year Results Next Month
---------------------------------------------------
Evraz Group S.A. will be announcing its interim results for the
half-year ended 30 June 2005 on Thursday, 13 October 2005.

A conference call to discuss the interim results will be hosted
by Alexander Frolov, Managing Director Corporate, Evraz Group
S.A. and Pavel Tatyanin, Chief Financial Officer, Evraz Group
S.A. on Thursday, 13 October 2005 at 5:00 p.m. (Moscow Time);
2:00 p.m. (London Time); and 9:00 a.m. (New York Time).

The Dial-in number in the U.K. will be: 0845 245 3471 and outside
the U.K. it will be +44 (0) 1452 542 300.

                            *   *   *

Evraz Group is one of the largest vertically integrated steel
and mining businesses with operations mainly in the Russia.  In
2004, Evraz produced 13.7 million tonnes of crude steel.

Evraz Group is a listed company on the London Stock Exchange.
The company listed its global depositary receipts (GDRs) on the
LSE on June 2, this year, after raising US$422 million from new
investors.

Evraz's principal assets include three of the leading steel
plants in Russia: Nizhny Tagil (NTMK) in the Urals region, and
West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia.

In July, Standard & Poor's Rating Services assigned its 'B+'
long-term corporate credit rating to Evraz Group S.A. and its
core subsidiary Mastercroft Ltd.

Standard & Poor's credit analyst Elena Anankina said: "The
ratings on Evraz and Mastercroft reflect the companies' complex
organizational and ownership structure with, historically,
significant related party transactions, and a short track record
as a single group."

CONTACT:  EVRAZ GROUP S.A.
          Corporate Affairs and Communications
          Irina Kibina
          Alexander Karlashov
          Phone: +7 095 234 4629
          E-mail: IR@eam.ru


GAS: Bankruptcy Supervision Procedure Begins
--------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on limited liability company Gas
(TIN0235000295).  The case is docketed as A07-15823/05-G-PAV.
Mr. N. Gladilov has been appointed temporary insolvency manager.
A hearing will take place on November 14, 2005, 10:00 a.m. at the
Arbitration Court of Bashkortostan republic.

CONTACT:  GAS
          Russia, Bashkortostan republic,
          Meleuz, Elevatora Square

          Mr. N. Gladilov
          Temporary Insolvency Manager
          453852, Russia, Bashkortostan republic,
          Meleuz, Elevatora Square


GAZPROMBANK: Moody's May Upgrade Ba1 Ratings
--------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the long- and short-term foreign currency deposit ratings
of nine banks in Russia.  The banks' outstanding senior and
subordinated foreign currency debt ratings were also placed on
review for possible upgrade.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, upgraded the
long-term national scale credit ratings (NSRs) of Russian Bank
for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to
Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank
Austria and Russian Agricultural Bank at the level of Aaa.ru.

This rating action follows the recent announcement by Moody's
placing on review for possible upgrade the Russian Federation's
Ba1 foreign currency bank deposit ceiling.

These ratings have been affected:

(a) Sberbank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of senior
    unsecured euronotes; Baa2 foreign currency debt rating of
    subordinated loan participation notes.

(b) Vneshtorgbank -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of notes of all series of US$ debt issuance program of VTB
    Capital S.A.; Baa2 foreign currency debt rating of
    subordinated loan participation notes issued by VTB Capital
    S.A.

(c) Gazprombank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of loan
    participation notes to be issued by GPB Eurobond Finance
    Plc; EMTN Program of Gazinvest Finance B.V. and medium-term
    notes issued by Gazinvest Luxemburg S.A.

(d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of all issues by Kuznetski Capital S.A.

(e) Russian Bank for Development -- Ba1/NP long- and short-term
    foreign currency deposit ratings; Baa3 foreign currency debt
    rating of loan participation notes issued by RBD Capital
    S.A.

(f) Vnesheconombank -- Ba1/NP long- and short-term foreign
    currency deposit ratings.

(g) Russian Agricultural Bank - Ba1/NP long- and short-term
    foreign currency deposit ratings.

(h) KMB-Bank -- Ba1/NP long- and short-term foreign currency
    deposit ratings.

(i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term
    foreign currency deposit ratings.

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

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


IVCHE-MASH: Succumbs to Bankruptcy
----------------------------------
The Arbitration Court of Ivanovo region commenced bankruptcy
proceedings Ivche-Mash after finding the open joint stock company
insolvent.  The case is docketed as A17-1231/05-14-B.  Mr. S.
Savrasov has been appointed insolvency manager.  Creditors have
until October 13, 2005 to submit their proofs of claim to 152930,
Russia, Yaroslavl region, Rybinsk, Post User Box 13.

CONTACT:  IVCHE-MASH
          153027, Russia, Ivanovo region,
          P. Bolshevikova Str. 27

          Mr. S. Savrasov
          Insolvency Manager
          153027, Russia, Ivanovo region,
          P. Bolshevikova Str. 27
          Phone/Fax: (0932) 35-20-22


KMB-BANK: Moody's Reviews Ba1 Ratings
-------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the long- and short-term foreign currency deposit ratings
of nine banks in Russia.  The banks' outstanding senior and
subordinated foreign currency debt ratings were also placed on
review for possible upgrade.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, upgraded the
long-term national scale credit ratings (NSRs) of Russian Bank
for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to
Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank
Austria and Russian Agricultural Bank at the level of Aaa.ru.

This rating action follows the recent announcement by Moody's
placing on review for possible upgrade the Russian Federation's
Ba1 foreign currency bank deposit ceiling.

These ratings have been affected:

(a) Sberbank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of senior
    unsecured euronotes; Baa2 foreign currency debt rating of
    subordinated loan participation notes.

(b) Vneshtorgbank -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of notes of all series of US$ debt issuance program of VTB
    Capital S.A.; Baa2 foreign currency debt rating of
    subordinated loan participation notes issued by VTB Capital
    S.A.

(c) Gazprombank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of loan
    participation notes to be issued by GPB Eurobond Finance
    Plc; EMTN Program of Gazinvest Finance B.V. and medium-term
    notes issued by Gazinvest Luxemburg S.A.

(d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of all issues by Kuznetski Capital S.A.

(e) Russian Bank for Development -- Ba1/NP long- and short-term
    foreign currency deposit ratings; Baa3 foreign currency debt
    rating of loan participation notes issued by RBD Capital
    S.A.

(f) Vnesheconombank -- Ba1/NP long- and short-term foreign
    currency deposit ratings.

(g) Russian Agricultural Bank - Ba1/NP long- and short-term
    foreign currency deposit ratings.

(h) KMB-Bank -- Ba1/NP long- and short-term foreign currency
    deposit ratings.

(i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term
    foreign currency deposit ratings.

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

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


KONZA: Claims Filing Period Ends Next Month
-------------------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Konza after finding the open joint stock
company insolvent.  The case is docketed as A35-566/05g.  Mr. V.
Skorikov has been appointed insolvency manager.  Creditors have
until October 13, 2005 to submit their proofs of claim to 305000,
Russia, Kursk region, Radisheva Str. 8, Apartment 27.

CONTACT:  KONZA
          Russia, Kursk region,
          Pryamitsyno, Zavodskaya Str. 2

          Mr. V. Skorikov
          Insolvency Manager
          305000, Russia, Kursk region,
          Radisheva Str. 8, Apartment 27


OIL-BRIDZH: Insolvency Manager Takes over Business
--------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on limited liability company Oil-Bridzh.
The case is docketed as A53-13557/05-S2-30.  Mr. N. Isaev has
been appointed temporary insolvency manager.  A hearing will take
place on October 12, 2005, 2:40 p.m.

CONTACT:  OIL-BRIDZH
          344034, Russia, Rostov-na-Donu,
          Privokzalnaya Str. 4

          Mr. N. Isaev
          Temporary Insolvency Manager
          344034, Russia, Rostov-na-Donu,
          Privokzalnaya Str. 4


OREKHOVO-ZUEVSKIY REM-TEKH-MASH: Under Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open join stock company
Orekhovo-Zuevskiy Rem-Tekh-Mash.  The case is docketed as
A41-K2-12560/05.  Mr. D. Tkach has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 142605, Russia, Moscow region, Orekhovo-Zuevo, Malodubinskoye
Shosse.

CONTACT:  OREKHOVO-ZUEVSKIY REM-TEKH-MASH
          142605, Russia, Moscow region,
          Orekhovo-Zuevo, Malodubinskoye Shosse

          Mr. D. Tkach
          Insolvency Manager
          142605, Russia, Moscow region,
          Orekhovo-Zuevo, Malodubinskoye Shosse


OUTDOOR EQUIPMENT: Bankruptcy Hearing Set November
--------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Outdoor Equipment.  The case is docketed as A12-11234/05-s49.
Mr. A. Shirochenko has been appointed temporary insolvency
manager.

Creditors may submit their proofs of claim to 400005, Russia,
Volgograd, 7th Gvardeyskaya Str. 2A, Office 400.  A hearing will
take place on November 17, 2005, 9:30 a.m.

CONTACT:  OUTDOOR EQUIPMENT
          403530, Russia, Volgograd region,
          Frolovo, Stroilteley Str. 128B

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


PALEVITSKOYE: Komi Court Brings in Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on close joint stock company Palevitskoye
(TIN 1109004397).  The case is docketed as A29-5183/05-3B.  Mr.
I. Rayushkin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 167023, Russia,
Komi republic, Syktyvkar, Post User Box 2034.  A hearing will
take place on November 15, 2005, 10:00 a.m.

CONTACT:  PALEVITSKOYE
          168216, Russia, Komi republic, Syktyvdinskiy region,
          Palevitsy, Sovetskaya Str.

          Mr. I. Rayushkin
          Temporary Insolvency Manager
          167023, Russia, Komi republic,
          Syktyvkar, Post User Box 2034


RUSSIAN AGRICULTURAL: Moody's Hints of Potential Upgrade
--------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the long- and short-term foreign currency deposit ratings
of nine banks in Russia.  The banks' outstanding senior and
subordinated foreign currency debt ratings were also placed on
review for possible upgrade.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, upgraded the
long-term national scale credit ratings (NSRs) of Russian Bank
for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to
Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank
Austria and Russian Agricultural Bank at the level of Aaa.ru.

This rating action follows the recent announcement by Moody's
placing on review for possible upgrade the Russian Federation's
Ba1 foreign currency bank deposit ceiling.

These ratings have been affected:

(a) Sberbank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of senior
    unsecured euronotes; Baa2 foreign currency debt rating of
    subordinated loan participation notes.

(b) Vneshtorgbank -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of notes of all series of US$ debt issuance program of VTB
    Capital S.A.; Baa2 foreign currency debt rating of
    subordinated loan participation notes issued by VTB Capital
    S.A.

(c) Gazprombank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of loan
    participation notes to be issued by GPB Eurobond Finance
    Plc; EMTN Program of Gazinvest Finance B.V. and medium-term
    notes issued by Gazinvest Luxemburg S.A.

(d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of all issues by Kuznetski Capital S.A.

(e) Russian Bank for Development -- Ba1/NP long- and short-term
    foreign currency deposit ratings; Baa3 foreign currency debt
    rating of loan participation notes issued by RBD Capital
    S.A.

(f) Vnesheconombank -- Ba1/NP long- and short-term foreign
    currency deposit ratings.

(g) Russian Agricultural Bank - Ba1/NP long- and short-term
    foreign currency deposit ratings.

(h) KMB-Bank -- Ba1/NP long- and short-term foreign currency
    deposit ratings.

(i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term
    foreign currency deposit ratings.

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

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


RUSSIAN BANK: Currency Deposit Ratings Under Review
---------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the long- and short-term foreign currency deposit ratings
of nine banks in Russia.  The banks' outstanding senior and
subordinated foreign currency debt ratings were also placed on
review for possible upgrade.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, upgraded the
long-term national scale credit ratings (NSRs) of Russian Bank
for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to
Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank
Austria and Russian Agricultural Bank at the level of Aaa.ru.

This rating action follows the recent announcement by Moody's
placing on review for possible upgrade the Russian Federation's
Ba1 foreign currency bank deposit ceiling.

These ratings have been affected:

(a) Sberbank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of senior
    unsecured euronotes; Baa2 foreign currency debt rating of
    subordinated loan participation notes.

(b) Vneshtorgbank -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of notes of all series of US$ debt issuance program of VTB
    Capital S.A.; Baa2 foreign currency debt rating of
    subordinated loan participation notes issued by VTB Capital
    S.A.

(c) Gazprombank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of loan
    participation notes to be issued by GPB Eurobond Finance
    Plc; EMTN Program of Gazinvest Finance B.V. and medium-term
    notes issued by Gazinvest Luxemburg S.A.

(d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of all issues by Kuznetski Capital S.A.

(e) Russian Bank for Development -- Ba1/NP long- and short-term
    foreign currency deposit ratings; Baa3 foreign currency debt
    rating of loan participation notes issued by RBD Capital
    S.A.

(f) Vnesheconombank -- Ba1/NP long- and short-term foreign
    currency deposit ratings.

(g) Russian Agricultural Bank - Ba1/NP long- and short-term
    foreign currency deposit ratings.

(h) KMB-Bank -- Ba1/NP long- and short-term foreign currency
    deposit ratings.

(i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term
    foreign currency deposit ratings.

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

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


SBERBANK: Moody's to Review Currency Deposit Ratings
----------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the long- and short-term foreign currency deposit ratings
of nine banks in Russia.  The banks' outstanding senior and
subordinated foreign currency debt ratings were also placed on
review for possible upgrade.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, upgraded the
long-term national scale credit ratings (NSRs) of Russian Bank
for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to
Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank
Austria and Russian Agricultural Bank at the level of Aaa.ru.

This rating action follows the recent announcement by Moody's
placing on review for possible upgrade the Russian Federation's
Ba1 foreign currency bank deposit ceiling.

These ratings have been affected:

(a) Sberbank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of senior
    unsecured euronotes; Baa2 foreign currency debt rating of
    subordinated loan participation notes.

(b) Vneshtorgbank -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of notes of all series of US$ debt issuance program of VTB
    Capital S.A.; Baa2 foreign currency debt rating of
    subordinated loan participation notes issued by VTB Capital
    S.A.

(c) Gazprombank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of loan
    participation notes to be issued by GPB Eurobond Finance
    Plc; EMTN Program of Gazinvest Finance B.V. and medium-term
    notes issued by Gazinvest Luxemburg S.A.

(d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of all issues by Kuznetski Capital S.A.

(e) Russian Bank for Development -- Ba1/NP long- and short-term
    foreign currency deposit ratings; Baa3 foreign currency debt
    rating of loan participation notes issued by RBD Capital
    S.A.

(f) Vnesheconombank -- Ba1/NP long- and short-term foreign
    currency deposit ratings.

(g) Russian Agricultural Bank - Ba1/NP long- and short-term
    foreign currency deposit ratings.

(h) KMB-Bank -- Ba1/NP long- and short-term foreign currency
    deposit ratings.

(i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term
    foreign currency deposit ratings.

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

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


VITA: Declared Insolvent
------------------------
The Arbitration Court of Ulyanovsk region commenced bankruptcy
proceedings against Vita (TIN 7308000359) after finding the open
joint stock company insolvent.  The case is docketed as
A72-4121/04-17/14-B.  Ms. R. Khusnomardanova has been appointed
insolvency manager.  Creditors have until October 13, 2005 to
submit their proofs of claim to 433513, Russia, Ulyanovsk region,
Dimitrovograd, Post User Box 985.

CONTACT:  VITA
          Russia, Ulyanovsk region, Kuzovatovskiy region,
          Kuzovatov, Sovetskaya Str. 1

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


VNESHECONOMBANK: Moody's Mulls Deposit Ratings Upgrade
------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the long- and short-term foreign currency deposit ratings
of nine banks in Russia.  The banks' outstanding senior and
subordinated foreign currency debt ratings were also placed on
review for possible upgrade.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, upgraded the
long-term national scale credit ratings (NSRs) of Russian Bank
for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to
Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank
Austria and Russian Agricultural Bank at the level of Aaa.ru.

This rating action follows the recent announcement by Moody's
placing on review for possible upgrade the Russian Federation's
Ba1 foreign currency bank deposit ceiling.

These ratings have been affected:

(a) Sberbank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of senior
    unsecured euronotes; Baa2 foreign currency debt rating of
    subordinated loan participation notes.

(b) Vneshtorgbank -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of notes of all series of US$ debt issuance program of VTB
    Capital S.A.; Baa2 foreign currency debt rating of
    subordinated loan participation notes issued by VTB Capital
    S.A.

(c) Gazprombank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of loan
    participation notes to be issued by GPB Eurobond Finance
    Plc; EMTN Program of Gazinvest Finance B.V. and medium-term
    notes issued by Gazinvest Luxemburg S.A.

(d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of all issues by Kuznetski Capital S.A.

(e) Russian Bank for Development -- Ba1/NP long- and short-term
    foreign currency deposit ratings; Baa3 foreign currency debt
    rating of loan participation notes issued by RBD Capital
    S.A.

(f) Vnesheconombank -- Ba1/NP long- and short-term foreign
    currency deposit ratings.

(g) Russian Agricultural Bank - Ba1/NP long- and short-term
    foreign currency deposit ratings.

(h) KMB-Bank -- Ba1/NP long- and short-term foreign currency
    deposit ratings.

(i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term
    foreign currency deposit ratings.

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

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


VNESHTORGBANK: Moody's May Upgrade Currency Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the long- and short-term foreign currency deposit ratings
of nine banks in Russia.  The banks' outstanding senior and
subordinated foreign currency debt ratings were also placed on
review for possible upgrade.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, upgraded the
long-term national scale credit ratings (NSRs) of Russian Bank
for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to
Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank
Austria and Russian Agricultural Bank at the level of Aaa.ru.

This rating action follows the recent announcement by Moody's
placing on review for possible upgrade the Russian Federation's
Ba1 foreign currency bank deposit ceiling.

These ratings have been affected:

(a) Sberbank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of senior
    unsecured euronotes; Baa2 foreign currency debt rating of
    subordinated loan participation notes.

(b) Vneshtorgbank -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of notes of all series of US$ debt issuance program of VTB
    Capital S.A.; Baa2 foreign currency debt rating of
    subordinated loan participation notes issued by VTB Capital
    S.A.

(c) Gazprombank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of loan
    participation notes to be issued by GPB Eurobond Finance
    Plc; EMTN Program of Gazinvest Finance B.V. and medium-term
    notes issued by Gazinvest Luxemburg S.A.

(d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of all issues by Kuznetski Capital S.A.

(e) Russian Bank for Development -- Ba1/NP long- and short-term
    foreign currency deposit ratings; Baa3 foreign currency debt
    rating of loan participation notes issued by RBD Capital
    S.A.

(f) Vnesheconombank -- Ba1/NP long- and short-term foreign
    currency deposit ratings.

(g) Russian Agricultural Bank - Ba1/NP long- and short-term
    foreign currency deposit ratings.

(h) KMB-Bank -- Ba1/NP long- and short-term foreign currency
    deposit ratings.

(i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term
    foreign currency deposit ratings.

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

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


YUKOS OIL: Receives Bankruptcy Notification
-------------------------------------------
Yukos Oil lawyers scurried on Thursday to verify whether a
bankruptcy action has been filed against it after receiving a
letter from a Gazprom unit saying it has been declared bankrupt.

Orenburggeofizika said in a letter dated Sept. 14, a copy of
which was obtained by The Moscow Times: "OOO Orenburggeofizika is
sending you notification that your organization has been declared
bankrupt in line with the federal law on bankruptcy."

A source in Yukos confirmed the letter, but Yukos itself declined
to comment.  The Yukos source said the company has unpaid debts
to hundreds of contractors, but it's not clear whether
Orenburggeofizika initiated a bankruptcy filing.

Gazprom denied on Thursday any bankruptcy filing against Yukos.

Yukos has outstanding RUB1.71 million (US$60,000) debt for work
carried out in 2004, Gazprom spokesman Sergei Kupriyanov said.
It failed to pay the debt despite two orders from the Moscow
Arbitration Court.

No one at Orenburggeofizika could be reached for comment on
Thursday, The Moscow Times said.

Chris Weafer, Alfa Bank's chief strategist, believes it was an
independent action by the unit.  He thinks the case is unlikely
to succeed given the insignificance of the debt compared to what
Yukos owes the state.  Besides, President Vladimir Putin promised
publicly last year, the government would not want it to go
bankrupt.

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

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

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


ZAO RAIFFEISENBANK: Ba1 Deposit Ratings Under Review
----------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the long- and short-term foreign currency deposit ratings
of nine banks in Russia.  The banks' outstanding senior and
subordinated foreign currency debt ratings were also placed on
review for possible upgrade.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, upgraded the
long-term national scale credit ratings (NSRs) of Russian Bank
for Development from Aa1.ru to Aaa.ru and KMB-Bank from Aa3.ru to
Aaa.ru, and confirmed the NSRs of Gazprombank, ZAO Raiffeisenbank
Austria and Russian Agricultural Bank at the level of Aaa.ru.

This rating action follows the recent announcement by Moody's
placing on review for possible upgrade the Russian Federation's
Ba1 foreign currency bank deposit ceiling.

These ratings have been affected:

(a) Sberbank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of senior
    unsecured euronotes; Baa2 foreign currency debt rating of
    subordinated loan participation notes.

(b) Vneshtorgbank -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of notes of all series of US$ debt issuance program of VTB
    Capital S.A.; Baa2 foreign currency debt rating of
    subordinated loan participation notes issued by VTB Capital
    S.A.

(c) Gazprombank -- Ba1/NP long- and short-term foreign currency
    deposit ratings; Baa2 foreign currency debt rating of loan
    participation notes to be issued by GPB Eurobond Finance
    Plc; EMTN Program of Gazinvest Finance B.V. and medium-term
    notes issued by Gazinvest Luxemburg S.A.

(d) JSCB Bank of Moscow -- Ba1/NP long- and short-term foreign
    currency deposit ratings; Baa2 foreign currency debt rating
    of all issues by Kuznetski Capital S.A.

(e) Russian Bank for Development -- Ba1/NP long- and short-term
    foreign currency deposit ratings; Baa3 foreign currency debt
    rating of loan participation notes issued by RBD Capital
    S.A.

(f) Vnesheconombank -- Ba1/NP long- and short-term foreign
    currency deposit ratings.

(g) Russian Agricultural Bank - Ba1/NP long- and short-term
    foreign currency deposit ratings.

(h) KMB-Bank -- Ba1/NP long- and short-term foreign currency
    deposit ratings.

(i) ZAO Raiffeisenbank Austria -- Ba1/NP long- and short-term
    foreign currency deposit ratings.

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

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


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


DOGI INTERNATIONAL: Maintains Result Despite Market Difficulties
----------------------------------------------------------------
Highlights of first-quarter results:

-- The Dogi Group maintains its forecast to improve the 2004
   results thanks to the perspective of a more favorable first
   semester at the Spanish mill,

-- The Asian mills are growing, the German mill has consolidated
   its recovery and the Spanish mill suffers the consequences of
   the pressure caused by the textile importation from China

Dogi International Fabrics (Stock market: DGI) made public its
financial results corresponding to the first semester for 2005.
It has managed during the year to control losses of EUR1.8
million in line with the results registered for the same period
in 2004 and to report sales turnover of EUR70.2 million.

The evolution of the results for this first semester has been
characterized by the positive track of the mills in the Asian
region and the increase of the profitability of the German mill
against the fragile situation the Spanish mill is suffering with
respect to its sales due to the existing pressure from the
importation from China.

In this sense, the mills in the Asian region have increased sales
by 14% achieving turnover of EUR18.2 million.  The performance of
the Dogi Group in this area is currently marked by the start up
of the newly installed capacity in the China mill which will
become operative in September, and will allow the Group to
continue growing in Asia.  This growth in volume in the Asian
region is based on the local demand, as demographic and economic
growth is on the rise, and also the increase in the number of
European garment makers who have moved to the region to take
advantage of the lower labor costs.

In addition, German mill has reported a 6% sales increase,
reaching EUR19 million, thanks to the success "Dreamshape"
product range belonging to the PENN ELASTIC trademark, which
groups together the more technological products of Dogi
International Fabrics, specially designed to carry out support
and control functions.  The growing consolidation of the PENN
ELASTIC trademark, as a reference in this segment is a good
example of how the distinctive and focalizing strategy in high
range products decided upon by the Dogi Group, is the way to be
competitive against the Asian competition.  Finally, in Spain the
sales have decreased with respect to the same period in 2004 and
are situated EUR33 million.  The reduction in sales volume has
been partially compensated with expense control policies and
measures orientated towards an increase in efficiency in the
mill.

The positive evolution of the Asian and German mills, along with
the perspectives of a more favorable second semester for the
Spanish mill permits the Company to maintain its year-end
forecast with a clear improvement versus 2004.  At this point it
is worth mentioning that the sales of the Dogi Group in July have
been higher than the ones registered for the same period in 2004.

The Dogi Group on a strategic level sustains its product offer
with the two trademarks: DOGI and PENN ELASTIC.  DOGI is the
trademark that covers the more creative and novel range of
products of the Group and the PENN ELASTIC trademark focuses on
more technological products for control functions.

CONTACT:  DOGI INTERNATIONAL
          Pintor Domenech Farre
          13-15 08320 El Masnou
          Barcelona, Spain
          Phone: +34-93-462-80-00
          Fax: +34-93-462-80-34
          Contact:
          Jose Domenech Gimenez, Chairman and President
          Francisco Schroder Quijano, CFO
          Marisa Engel Lopez, CIO


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


ESSELTE GROUP: Shakes up Management Following Dymo Sale
-------------------------------------------------------
Esselte Group is reshuffling management in line with the recent
disposal of its Dymo Division to Newell Rubbermaid.  It appointed
Nigel Gunn, managing director of Esselte U.K., as senior vice
president sales.  Mr. Gunn, who was responsible for improving the
company's U.K. Ireland operations, will manage Esselte's Western
Region, adding France to his scope.

Esselte also appointed Cezary Monko president and Steve Boaler
chief financial officer for Esselte Europe.  Kjell Clefjord will
continue as chief operating officer.

President and CEO Magnus Nicolin said the reorganization is aimed
at realizing a plan to focus on its core product categories.

In July, Esselte sold its Dymo Division for around US$730 million
in cash to raise money to repay its outstanding debt.  Following
its announcement of the transaction, Moody's placed the firm's
corporate family rating (formerly senior implied rating) of B2,
and EUR150 million 7 5/8% senior notes (due 2011) of Caa1 under
review for possible upgrade.

CONTACT:  ESSELTE GROUP
          44 Commerce Road,
          Stamford, CT 06902-4561, U.S.A.
          Media Contact:
          Phone: +1 203.355.9022
          Fax: +1 203.355.9010
          Web site: http://www.esselte.com


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


AGROMOTOR: Creditors' Claims Due September 19
---------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Agromotor (code EDRPOU 32548739) on August 1,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-24/80-05.  Mr. V. Zharov has been appointed
liquidator/insolvency manager.

Creditors have until September 19, 2005 to submit their proofs of
claim to:

(a) AGROMOTOR
    62300, Ukraine, Harkiv region,
    Harkiv district, Lukyantsi, Peremogi str.

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


AMAS: Gives Creditors Until Next Week to File Claims
----------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
proceedings against Amas (code EDRPOU 13902454) on August 8, 2005
after finding the limited liability company insolvent.  The case
is docketed as 32/156-05-6528.  Mr. S. Vanenkov has been
appointed liquidator/insolvency manager.  The company holds
account number 26004121801 at OJSC MT-Bank, Illichivsk branch,
MFO 328168.

Creditors have until September 18, 2005 to submit their proofs of
claim to:

(a) AMAS
    65031, Ukraine, Odessa region,
    Chornomorskogo kozatstva Str. 123

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


ARS: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------
The Economic Court of Donetsk region has commenced bankruptcy
supervision procedure on Production-Commercial Enterprise LLC Ars
(code EDRPOU 05433873).  The case is docketed as 5/120 B.  Mr.
Valerij Sidelnikov (License Number AB 216706) has been appointed
temporary insolvency manager.  The company holds account number
26006980132 at Ukrsocbank, Makiyivka branch, MFO 334174.

Creditors have until September 18, 2005 to submit their proofs of
claim to:

(a) ARS
    86133, Ukraine, Donetsk region,
    Makiyivka, Trubitsin str.

(b) Mr. Valerij Sidelnikov
    Temporary Insolvency Manager
    Phone: (06257) 7-89-35
           (050) 625-14-60

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


BUSINESS-PETROLEUM: Declared Insolvent
--------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Business-Petroleum (code EDRPOU 23167464) on
June 29, 2005 after finding the limited liability company
insolvent.  The case is docketed as 15/492-b.  JS Energy Supply
Company Kyivenergo has been appointed liquidator/insolvency
manager.  The company holds account number 26004200032625 at
Ukrsocbank, Kyiv region branch, MFO 322056.

Creditors have until September 18, 2005 to submit their proofs of
claim to:

(a) BUSINESS-PETROLEUM
    03022, Ukraine, Kyiv region,
    Academic Glushkov Avenue 10

(b) KYIVENERGO
    Liquidator/Insolvency Manager
    01001, Ukraine, Kyiv region,
    Ivan Franko Square 5

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


KALINIVSKE: Liquidator Steps in
-------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Kalinivske (code EDRPOU 31580347) after
finding the limited liability company insolvent.  The case is
docketed as 8/359.  Mr. Lazarev Fedor (License Number AB 116272)
has been appointed liquidator/insolvency manager.  The company
holds account number 2600330100123 at Oshadbank, Mashivske branch
5473, MFO 391140.

Creditors have until September 18, 2005 to submit their proofs of
claim to:

(a) KALINIVSKE
    Ukraine, Poltav region,
    Mashivskij district, Kalinivka

(b) Mr. Lazarev Fedor
    Liquidator/Insolvency Manager
    36039, Ukraine, Poltav region,
    Roza Luksenburg Str. 36

(c) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


PROMSERVICE PLUS: Bankruptcy Supervision Begins
-----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on Private Enterprise Promservice Plus
(code EDRPOU 30647468) on August 1, 2005.  The case is docketed
as 7/56-05.  Mr. Yevgen Chuprun (License Number AA 779228) has
been appointed temporary insolvency manager.  The company holds
account number 260048215 at JSPPB Aval, Sumi regional branch, MFO
337483.

Creditors have until September 19, 2005 to submit their proofs of
claim to:

(a) PROMSERVICE PLUS
    Ukraine, Sumi region,
    Krolevets, Miru Avenue 12/32

(b) Mr. Yevgen Chuprun
    Temporary Insolvency Manager
    Ukraine, Sumi region,
    Petropavlovska Str. 74, Room 49 A

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


STRIHA: Kyiv Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against JSCCT Striha (code EDRPOU 19480095) on June
29, 2005 after finding the close joint stock company insolvent.
The case is docketed as 15/490-b.  JS Energy Supply Company
Kyivenergo has been appointed liquidator/insolvency manager.  The
company holds account number 26000194 at JSPPB Aval, First Kyiv
region branch, MFO 322506.

Creditors have until September 18, 2005 to submit their proofs of
claim to:

(a) STRIHA
    03162, Ukraine, Kyiv region,
    Romen Rolan Str. 4 B

(b) KYIVENERGO
    Liquidator/Insolvency Manager
    01001, Ukraine, Kyiv region,
    Ivan Franko Square 5

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


TINKIVSKE-2: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Tinkivske-2 on August
2, 2005.  The case is docketed as 01/2615.  Mr. Oleg Krivoshij
(License Number AA 23-44/81) has been appointed temporary
insolvency manager.

Creditors have until September 19, 2005 to submit their proofs of
claim to:

(a) TINKIVSKE-2
    Ukraine, Cherkassy region,
    Chigirin district, Tinki

(b) Mr. Oleg Krivoshij
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Engels Str. 243-1, room 510
    Phone: (0472) 64-84-88

(c) ECONOMIC COURT OF CHERKASSY REGION
    18005, Ukraine, Cherkassy region,
    Shevchenko Avenue 307


TIS: Insolvency Manager Takes over Operations
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Tis (code EDRPOU 21631689) on June 29, 2005
after finding the close joint stock company insolvent.  The case
is docketed as 15/489-b.  JS Energy Supply Company Kyivenergo has
been appointed liquidator/insolvency manager.  The company holds
account number 26001200004353 at Ukrsocbank, Kyiv region branch,
MFO 322034.

Creditors have until September 18, 2005 to submit their proofs of
claim to:

(a) TIS
    01033, Ukraine, Kyiv region,
    Gajdar Str. 5

(b) KYIVENERGO
    Liquidator/Insolvency Manager
    01001, Ukraine, Kyiv region,
    Ivan Franko Square 5

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


ZHOVTEN: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Vinnitsya region has commenced bankruptcy
supervision procedure on OJSC Zhovten (code EDRPOU 00845938).
The case is docketed as 5/154-05.  Mr. Glebov Vasil (License
Number AA 630087) has been appointed temporary insolvency
manager.  The company holds account number 26007000689001 at JSC
Ukrinbank, Vinnitsya branch, MFO 302333.

Creditors have until September 19, 2005 to submit their proofs of
claim to:

(a) ZHOVTEN
    22334, Ukraine, Vinnitsya region,
    Litinskij district, Verbivka

(b) Mr. Glebov Vasil
    Temporary Insolvency Manager
    Ukraine, Vinnitsya region,
    Vinnitsya district, Luka-Meleshkivska,
    Vinitska Str. 26

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose, 7


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


360 ONBOARD: Names Mazars Liquidator
------------------------------------
I. L. Gross who is acting for and on behalf of TNX Television
Holdings Inc. informs that a resolution to wind up the company
had been passed.  Philip Michael Lyon of Mazars LLP, Cartwright
House, Tottle Road, Nottingham NG2 1RT was appointed liquidator.

CONTACT:  360 ONBOARD LTD.
          Pacific House, Wyvern Business Park, Stanier Way,
          Chaddesden, Derby, Derbyshire DE21 6BF
          Phone: 01332 678883

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


3D CONTAINERS: Meeting of Creditors Set Next Week
-------------------------------------------------
Notice is hereby given by Robert Derek Smailes and Stephen
Blandford Ryman, of Rothman Pantall & Co, Clareville House, 26-27
Oxendon Street, London SW1Y 4EP, that a Meeting of Creditors of
3D Containers (UK) Limited (Company No 05252839), c/o Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y
4EP, is to be held by correspondence on Wednesday 21 September
2005.  The Meeting is an initial Creditors' Meeting under
paragraph 51 of Schedule B1 to the Insolvency Act 1986.  In order
to vote at the Meeting, you must complete and give to me form
2.25B, Notice of Business by Correspondence, which must be
returned, together with details in writing of your claim not
later than 12:00 noon on the business day before the day fixed
for the Meeting.  In order to be entitled to vote under Rule 2.38
at the Meeting you must give to me, not later than 12:00 noon on
the business day before the day fixed for the Meeting, details in
writing of your claim.

R D Smailes, Joint Administrator

CONTACT:  3D CONTAINERS LTD.
          Beatings Way, Bredgar Road,
          Gillingham, Kent ME8 6SP
          Phone: 01634268688

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


ACORN SPORTS: Up for Sale
-------------------------
Joint Administrators, Brian Green and Paul Andrew Flint, offer
for sale the business and assets of Acorn Sports & Leisure (U.K.)
Limited.

The Group assembles, wholesales and retails bicycles and
accessories to major corporate customers and independent bike
dealers.

Features:

(a) Annual turnover of GBP6 million;

(b) Wholesale of bicycles and accessories;

(c) Brands include Acorn, Axcs and Concept 2;

(d) Trades from leasehold premises in West Yorkshire; and

(e) Approximately 25 employees.

CONTACT:  KPMG LLP
          St James' Square
          Manchester M2 6DS
          Phone: (0161) 838 4000
          Fax: (0161) 838 4089
          Web site: http://www.kpmg.uk

          Paul Andrew Flint, Joint Administrator
          E-mail: paul.a.flint@kpmg.co.uk

          Alex Birch, Joint Administrator
          E-mail: alex.birch@kpmg.co.uk


AMBIT RESEARCH: Calls in Administrators
---------------------------------------
P. R. Boyle and John Sallabank (IP Nos 008897, 008099) of
Harrisons were appointed administrators for Ambit Research
Limited (Company No 02161845) on Aug. 25.  The company's
registered office is located at 4 St Giles Court, Southampton
Street, Reading, Berkshire RG1 2QL.  Ambit Research primarily
sells trampolines.

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


AMESFLEET LIMITED: Electrical Products Retailer Winds up
--------------------------------------------------------
D. A. Goodman informs that a resolution to wind up Amesfleet
Limited was passed at an EGM on Aug. 31 held at Great Central
House, Great Central Avenue, South Ruislip, Middlesex HA4 6TS.
Solomon Cohen was appointed Liquidator.

CONTACT:  AMESFLEET LTD.
          Care of Harrison & Gibson, 193-207 High Road, ILFORD,
          ESSEX IG1 1LZ
          Phone: 020-8478 0994

          PITMAN COHEN
          Great Central House, Great Central Avenue, South
          Ruislip, Middlesex HA4 6TS


BARNABY EVANS: Administrator from Hazlewoods Moves in
-----------------------------------------------------
Philip John Gorman (IP No 008069) of Hazlewoods was appointed
administrator for estate agents Barnaby Evans Limited (t/a Your
Move Barnaby Evans) (Company No 04890455) on Sept. 2.  The
company has registered office at Clarence House, 57 Eastgate
Street, Gloucester GL1 1PN.

CONTACT:  HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


BOOKS-A-BOUND: Files for Liquidation
------------------------------------
C. Shivas, Director of Books-a-Bound (1982) Limited, informs that
a resolution to wind up the company was passed at an EGM on Aug.
25 held at 76 New Cavendish Street, London W1G 9TB.  Jeremy
Berman of Berley, 76 New Cavendish Street, London W1G 9TB has
been appointed liquidator.

CONTACT:  BOOKS-A-BOUND LTD.
          Unit 50-56
          Wharf Road
          London
          N1 7SF
          London
          Phone: 020 7251 3308
          Fax: 020 7251 1990

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


CHP FURNITURE: Meeting of Unsecured Creditors Set Next Week
-----------------------------------------------------------
Notice is hereby given, in accordance with section 48(2)
Insolvency Act 1986, that a Meeting of the Creditors of CHP
Furniture Limited (t/a Coach House Pine) will be held at 1
Woodborough Road, Nottingham NG1 3FG, on 20 September 2005, at
10:30 a.m., for the purposes mentioned in sections 48 and 49 of
the Insolvency Act 1986.  In accordance with Rule 3.11(1) of the
Insolvency Rules 1986, a Creditor is entitled to vote only if:

(a) details of the debt claimed are submitted to the receivers
    in writing no later than 12:00 noon on the business day
    prior to the Meeting; and

(b) where the Creditor cannot attend in person, a form of proxy
    which the Creditor intends to be used on his behalf is
    lodged with the receivers before the Meeting.

Creditors whose claims are fully secured are not entitled to
attend or be represented at the Meeting.  Unsecured Creditors may
request a free copy of the Administrative Receivers' report to be
sent to them. Claims, proxies or requests should be sent to the
Administrative Receivers at Deloitte & Touche LLP, 1 Woodborough
Road, Nottingham NG1 3FG.

C J Farrington and A P Peters, Joint Administrative Receivers

CONTACT:  CHP FURNITURE LTD.
          Jessop Way
          Newark NG24 2ER
          Nottinghamshire
          Phone: 01636 610143
          Fax: 01636 610146

          DELOITTE & TOUCHE LLP
          1 Woodborough Road,
          Nottingham NG1 3FG
          Phone: +44 (0) 115 950 0511
          Fax:   +44 (0) 115 959 0060
          Web site: http://www.deloitte.com


CONCEPT CYCLING: Business for Sale
----------------------------------
Joint Administrators, Brian Green and Paul Andrew Flint, offer
for sale the business and assets of Concept Cycling Limited.  The
group assembles, wholesales and retails bicycles and accessories
to major corporate customers and independent bike dealers.

Features:

(a) Annual turnover of GBP22 million;

(b) Assembly and wholesale of bicycles;

(c) Brands include Viking and Sentinel;

(d) Trades from leasehold sites in Worsley (head office function
    and warehouse), Oldham (assembly plant) and Stockport
    (warehouse); and

(e) Approximately 150 employees, of which 110 are assembly and
    warehouse staff.

CONTACT:  KPMG LLP
          St James' Square
          Manchester M2 6DS
          Phone: (0161) 838 4000
          Fax: (0161) 838 4089
          Web site: http://www.kpmg.uk

          Paul Andrew Flint, Joint Administrator
          E-mail: paul.a.flint@kpmg.co.uk

          Alex Birch, Joint Administrator
          E-mail: alex.birch@kpmg.co.uk


D W WEAVER: Directors Blame Government for Collapse
---------------------------------------------------
D W Weaver Limited, one of U.K.'s largest agricultural hauliers,
has been placed in administration.  The directors of D W WEAVER
LIMITED have appointed corporate recovery and turnaround
specialists Don Bailey and James Martin of Begbies Traynor joint
administrators.  The company employs 130 people and has a
turnover circa GBP10 million.

Started over 40 years ago, the family-owned business specializes
in the movement of milk between local farms and dairies around
the U.K. using large tankers with capacities from 16,000 to
29,000 liters.  The company has a large fleet of vehicles ranging
from 16 tonnes to 44 tonnes and operates from Endon, Ashbourne,
Nantwich and Chester.

The directors attribute the failure of the company to government
debt that dates back to the foot and mouth crisis in 2001.  The
administrators intend to continue the services to existing
customers and, going forward, restructure the company's funding
facilities with continued input from existing management.  No
redundancies are anticipated during the restructuring subject to
the support of the existing customer base and suppliers.

Don Bailey said: "It's a great shame that financial pressures
have led to this situation, but we are hopeful that we can
turnaround the company's fortunes.  This is an excellent,
well-established company; they have a skilled workforce and our
main objective is to assist the rescue of the company as a going
concern."

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

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
     Phone: 0161 839 0900
          Fax: 0161 832 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies-traynor.com


EATON ELECTRIC: Opts for Liquidation
------------------------------------
I. B. Yule, Chairman of Eaton Electric Overseas Holding Ltd.,
informs that a resolution to wind up the company was passed at an
EGM held on Aug. 30 at Gerber, Landa & Gee, 12 Newton Terrace,
Glasgow G3 7PJ.  Thomas Hughes of Gerber, Landa & Gee, 11-12
Newton Terrace, Glasgow was appointed liquidator of the company.

CONTACT:  EATON ELECTRIC OVERSEAS HOLDING LTD.
          Mint House, 6 Stanley Park Road,
          Wallington, Surrey, SM6 0HA
          United Kingdom

          GERBER LANDA & GEE
          11-12 Newton Terrace,
          Glasgow, Lanarkshire G3 7PJ
          Phone: 01412217446


ECS CLIMATE: EGM Passes Winding-up Resolution
---------------------------------------------
K. Nicholls, Chairman of ECS Climate Control Limited, informs
that a resolution to wind up the company was passed at an EGM on
Aug. 19 held at Russell House, Russell Street, Swansea SA1 4HR.
Bruce Rees of Bruce G T Rees & Co, 14 Tawe Business Village,
Swansea Enterprise Park, Swansea SA7 9EH was appointed
liquidator.

ECS was set up in 1994 and employs 35.  Visit
http://www.ecsclimatecontrol.co.uk/Leasing.htmfor more
information.

CONTACT:  ECS CLIMATE CONTROL LTD.
          Unit 22, St David's Road
          Swansea Enterprise Park
          Swansea SA68QL
          Phone: 01792 701501
          Fax: 01792 701507
          E-mail: ecs@ecsclimatecontrol.co.uk


ELIZA TINSLEY: Receives Takeover Feelers
----------------------------------------
Engineering group Eliza Tinsley confirmed on Tuesday it has
received an approach regarding a potential takeover.

The company said in July it expects to report, before the impact
of FRS17, an operating profit for the year (pre-exceptionals and
goodwill amortization) in the order of GBP2.23 million (prior
year GBP1.3 million).  It will release its preliminary result on
Sept. 27, 2005 where it will say it has reduced debt by GBP3.6
million to GBP16.7 million following a three-year restructuring.

Eliza Tinsley is a growing group of engineering companies
organized into Off-Highway and Consumer Products Divisions.

CONTACT:  ELIZA TINSLEY GROUP PLC
          Andrew Hall, Chief Executive
          Paul Hill, Group Finance Director

          Phone: +44(0) 1384 263123
          Mobile: 07831 255511


ENODO TECHNOLOGIES: Appoints Menzies Administrator
--------------------------------------------------
Jason James Godefroy and Andrew Gordon Stoneman (IP Nos 9097,
8728) were appointed administrators for Enodo Technologies
Limited (Company No 04332631) on Sept. 1.  The firm's registered
office is located at 43-45 Portman Square, London W1H 6LY.

Over the last decade, Enodo has specialized in developing
software solutions and tools especially for marketers, allowing
them to unlock the full potential of their databases.  Visit
http://www.enodotechnologies.com/for more information.

CONTACT:  ENODO TECHNOLOGIES LTD.
          12A River St, Pewsey
          Phone: 01672 564453

          MENZIES CORPORATE RESTRUCTURING
          43/45 Portman Square
          London W1H 6LY
          Phone: 020 7487 7240


EURO ELECTRICAL: Calls in Administrator
---------------------------------------
Carl Derek Faulds and Peter Robin Bacon (IP Nos 008767, 009279)
of Portland Business & Financial Solutions Ltd. have been
appointed administrators for Euro Electrical Testing Limited
(Company No 4599546) on Sept. 1.

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


FORD GREEN: Creditors Meeting Set Today
---------------------------------------
Notice is hereby given by Michael F McCarthy, of Walletts
Insolvency Services, Adventure Place, Hanley, Stoke-on-Trent,
Staffordshire ST1 3AF, that a Meeting of Creditors of Ford Green
Engineering Limited (Company No 01535620), 2 Adventure Place,
Hanley, Stoke-on-Trent, Staffordshire ST1 3AF, is to be held at
the offices of Walletts Insolvency Services, Adventure Place,
Hanley, Stoke on Trent, Staffordshire ST1 3AF, on Friday 16
September 2005 at 10:00 a.m.  The Meeting is an initial Creditors
' Meeting under paragraph 51 of Schedule B1 to the Insolvency Act
1986.  I invite you to attend the above Meeting. A proxy form
should be completed and returned to me by the date of the Meeting
if you cannot attend and wish to be represented. In order to be
entitled to vote under Rule 2.38 at the Meeting you must give to
me, not later than 12:00 noon on the business day before the day
fixed for the Meeting, details in writing of your claim.

M F McCarthy, Administrator

CONTACT:  FORD GREEN ENGINEERING LTD.
          Clarence Road
          Longton, Stoke on Trent ST3 1AZ
          Staffordshire
          Phone: 01782 342530
          Fax: 01782 599692

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


GALLOWAY GLASS: Owners Abandon Shattered Business
-------------------------------------------------
Hazel Galloway, owner of Galloway Glass Limited, informs that a
resolution to wind up the company was passed at an EGM on Sept. 2
held at Saint & Co., Sterling House, Wavell Drive, Rosehill,
Carlisle CA1 2SA.  Jeanette Brown of Dodd & Co., Clint Mill,
Cornmarket, Penrith, Cumbria CA11 7HW was appointed liquidator.

Galloway Glass Ltd. is a company based in Annan in Dumfries and
Galloway.  The company owns well-known brands Decorative Stained
Glass and Fiesta Gifts.  It offers tailored originals, provide
large or small quantity orders, with in-house skills to provide
hand painted and hand decorated glass.  Visit
http://www.decorativestainedglass.com/for more information.

CONTACT:  GALLOWAY GLASS LTD.
          Provost Mills North
          Queensberry Street
          Annan
          Dumfries and Galloway
          DG12 5BL
          Phone: +4 (0) 1461 204051
          Fax: +4 (0) 1461 203718
          E-mail: info@decorativestainedglass.com
          DODD & CO
          Clint Mill
          Cornmarket
          Penrith
          Cumbria CA11 7HW
          Phone: 01768 864466
          Fax: 01768 865653
          E-mail: jeanette@doddaccountants.co.uk


GMS SECURITY: Names Poppleton & Appleby Administrator
-----------------------------------------------------
A. Turpin and M. D. Hardy (IP Nos 1452, 1453) of Poppleton &
Appleby were appointed administrators for security providers GMS
Security Limited (Company No 03175083) on Sept. 4.  The company's
registered office is located at 13 Portland Road, Birmingham B16
9HN.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


GRANVILLE BUILDING: Administrators Take over Firm
-------------------------------------------------
W. J. Kelly and J. P. N. Martin (IP Nos 004857, 008316) of
Begbies Traynor were appointed joint administrators for general
construction Granville Building Company Limited (Company No
01197704) on Sept. 5.  The company has a registered office at
Gaynes Hall, West Perry, Huntingdon, Cambridgeshire PE28 0ST.

Established in the early thirties and re-incorporated under
present management in 1975, Granville Building Company Limited
has become one of the leading, independent construction companies
serving Cambridgeshire and the surrounding counties.  Visit
http://www.granvillebuilding.co.uk/for more information.

CONTACT:  GRANVILLE BUILDING COMPANY LTD.
          Phone: 01733-567061
          Fax: 01733-312382

          BEGBIES TRAYNOR
          Newater House
          11 Newhall Street
          Birmingham B3 3NY
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com


INDUSTRIAL MECHANICAL: Files for Liquidation
--------------------------------------------
F. De Arcangelis, Director of Industrial Mechanical Technology
Limited, informs that resolutions to wind up the company were
passed at an EGM on Sept. 5 held at 4 St Giles Court, Southampton
Street, Reading RG1 2QL.  P. R. Boyle and J. C. Sallabank of
Harrisons, 4 St Giles Court, Southampton Street, Reading RG1 2QL,
were appointed Joint Liquidators.

IMT is focused on the Power Generation and Oil & Gas markets,
supplying mechanical equipment to OEMs, EPCs and End Users, such
as Power Stations.  It is working predominantly in Power
Generation and Oil & Gas, Power Stations, General Industry, and
Turbomachinery R&D.  Visit http://www.imecht.comfor more
information.

CONTACT:  INDUSTRIAL MECHANICAL TECHNOLOGY LTD.
          3b Marston House
          Cromwell Business Park
          Chipping Norton
          OX7 5SR
          Oxfordshire
          Phone: 0845 458 8124
          Fax: 0870 458 1900
          Contact:
          Gianluca Arcangelis, General Manager
          Franco Arcangelis, Managing Director

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


INTERNATIONAL EXECUTIVE: Members Decide to Wind up Business
-----------------------------------------------------------
J. Blenford, Chairman of International Executive Chauffeur Driven
Cars Limited, informs that a resolution to wind up the company
was passed at an EGM on Sept. 2 held at the offices of Sinclair
Harris, 46 Vivian Avenue, Hendon Central, London NW4 3XP, on 2
September 2005.  Jonathan Sinclair of Sinclair Harris, 46 Vivian
Avenue, Hendon Central, London NW4 3XP was appointed liquidator.

International Executive Chauffeur Driven Cars Limited specializes
in airport transfers, corporate functions and road shows.  Visit
http://www.internationalexecutive.co.uk/for more information.

CONTACT:  INTERNATIONAL EXECUTIVE CHAUFFEUR DRIVEN CARS LIMITED
          3a Princes Parade
          Golders Green Road
          London NW11 9PS
          Phone: +44 (0)20 8455 1117
          Fax: +44 (0)20 8455 5374


JESSOPS PLC: Pre-close Trading Update Out Next Week
---------------------------------------------------
Jessops plc will be announcing its pre-close trading update for
the year ending 30 September 2005 at 7:00 a.m. on Wednesday 21
September.

                            *   *   *

With a complete database of over 16,000 product lines, Jessops
plc is one of the most comprehensive retail Web sites in the U.K.
The site generates circa 7 million page impressions per month.

Jessops also operates a wholesale and commercial sales business
from its head office in Leicester.  The wholesale distribution
business, trading as Photoline, was formed in 1986.  Jessops'
business-to-business sales are primarily to the Government,
quasi-governmental organizations, schools, colleges and local
councils and Insurance companies.  It also sells photographic
equipment to professional photographers under the trading name
Jessops Professional.

In May, Jessops plc reported that earnings before interest, tax
and amortization ('EBITA') for the 26 Weeks to 27 March 2005 were
18% down at GBP5.7 million.  Profits on ordinary activities
before tax for the period, which included a higher interest
charge for October under the group's former financing structure,
were GBP1.3 million.  Net debt was reduced to GBP42.8 million
(2003: GBP126 million).

The positive start to the company's life as a listed company was
in contrast to the Group's trading in February and early March,
which saw an unprecedented decline in digital camera sales and
the toughest trading conditions seen at Jessops at least since
digital cameras were launched onto the market in the mid 1990s.

The impact of the sales shortfall in February and early March not
only had a material impact on profits for the period, but caused
the company to reconsider projections for the second half of the
year.  In response to these difficult market conditions, the
company has set in motion a number of projects to drive sales and
deliver efficiency savings.

CONTACT:  JESSOPS PLC
          Jessop House, Scudamore Rd.
          Leicester
          LE3 1TZ, United Kingdom
          Phone: +44-116-232-6000
          Web site: http://www.jessops.com


LINK CATERING: Calls in Joint Administrator
-------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018), of Milner
Boardman & Partners were appointed joint administrators for Link
Catering Equipment Limited (Company No 04357498) on Sept. 4.  The
company's registered office is located at 10 Greenhey Place, East
Gillibrands, Skelmersdale WN8 9SA.  Link Catering manufactures
metal structures and parts.

CONTACT:  LINK CATERING EQUIPMENT LTD.
          10 Greenhey Place
          Gillibrand Industrial Estate
          Skelmersdale WN8 9SA
          Lancashire
          Phone: 01695 722168

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


LLOYD DAVIES: Furniture Retailer Calls in Administrators
--------------------------------------------------------
Lloyd Davies, the Manchester-based upmarket furniture retailer,
has been placed in administration.  Corporate recovery
specialists Don Bailey and Steven Conn of Begbies Traynor have
been appointed its joint administrators.

The company encountered a series of misfortunes starting 2004
when its John Dalton Street home was flooded.  It then relocated
to King Street and took up premises in the quieter area of St.
Mary's Parsonage Gardens, a move that caused business to plunge.

Don Bailey said: "It's a great shame that financial pressures
have led to this situation."  Queries regarding the remaining
stock should be directed to agents Robson Kaye on 0161 998 8111.

CONTACT:  LLOYD DAVIES
          14 St Mary's Parsonage
          Manchester M3 2DF
          Phone: 0161 832 3700
          Fax: 0161 832 5141
          E-mail: shop@lloyddavies.co.uk
          Web site: http://www.lloyddavies.co.uk

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
     Phone: 0161 839 0900
          Fax: 0161 832 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies-traynor.com


MERLIN PUBLICITY: In Administrative Receivership
------------------------------------------------
Dynamic Commercial Finance Plc appointed Timothy John Edward
Dolder and Paul Michael Davis (Office Holder Nos 9008 and 7805)
of Begbies Traynor joint administrative receivers for advertising
firm Merlin Publicity International Ltd. (Reg No 02627440) on
Aug. 25.

CONTACT:  MERLIN PUBLICITY INTERNATIONAL
          Merlin House
          Eynsford, Dartford DA4 0OEQA
          Phone: (01322) 420100
          Fax: (01322) 863202

          BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


MG ROVER: Fate up in the Air, Concedes PricewaterhouseCoopers
-------------------------------------------------------------
PricewaterhouseCoopers has admitted that the revival of MG
Rover's Longbridge site remains uncertain, said icBirmingham.

The fate of the collapsed carmaker's factory will not be known
until next year, it said.  This despite regular contact with
Nanjing Automobile (Group) Corp., which bought the assets of MG
Rover for GBP53 million in July.

Rob Hunt, a PwC partner and joint administrator, said: "The big
question is around the redevelopment of Longbridge - that is a
five to ten-year program.  Whether or not that involves some or
no car production we are not going to know until early 2006."

Along with PwC, which is handling the sale of 2,000 MG Rover
vehicles, a total of 200 people are still working at the plant,
while the Powertrain engine-making unit employs another 100.
Nanjing Automobile reportedly pays the workers, which would
remain at the site until next year.

Earlier this month, a local newspaper in Birmingham challenged
the Chinese firm to come clean over its plans for MG Rover.  It
sought Nanjing to answer 12 questions related to the fate of the
Longbridge site.

While Nanjing has already agreed to build sports cars at the
plant with GB Sports Car Company, it has yet to present details
about restarting the site's operations.  It also remains
uncertain whether employment will reach the 500 people GB Sports
eyed or the 1,000 to 2,000 jobs Nanjing had planned.

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

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


MOWLEM PLC: Wins GBP429 Million Contract from Highways Agency
-------------------------------------------------------------
Mowlem plc, in joint venture, has won the largest Early
Contractor Involvement (ECI) contract to date from the Highways
Agency.

The project involves widening the M1 from three to four lanes
over a 16-mile stretch between Junction 10 (Luton South and
Airport) and Junction 13 where the motorway joins the A421 south
of Milton Keynes.

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."

The joint venture, with Costain, has also secured a contract
under the same deal to create a new link between the A5 and the
M1.

                            *   *   *

Mowlem plc, based in Middlesex, provides construction and support
services to public and private sector customers across a
comprehensive range of market sectors.  It has more than 25,000
employees, and annual turnover of GBP2 billion.  It has GBP228.4
million in assets and GBP18.9 million in debt.  Its creditors are
HSBC Bank, National Westminster Bank, and Lloyds TSB Bank.

                           The Trouble

Mowlem's business review in February led to the discovery of a
number of accounting issues at its Technical Services unit.  The
errors nearly gave rise to technical breaches under certain
bonding facilities.  The review also resulted to the split up of
its Construction Services operation into three units.

Recently, the company warned its full year results will be GBP20
million lower than current market expectations due to changes in
approach to profit recognition and contract valuation.  The
announcement follows three previous profit warnings since June
2004.  It prompted Fitch Ratings to revise the outlook on the
company to Negative from Stable.  Senior Unsecured 'BB' and
Short-term 'B' ratings were affirmed.

CONTACT:  MOWLEM PLC
          White Lion Court,
          Swan St., Isleworth
          London TW7 6RN
          Phone: +44-20-8568-9111
          Fax: +44-20-8847-4802
          Web site: http://www.mowlem.com


PIONEER CLINICAL: Names Begbies Traynor Liquidator
--------------------------------------------------
A. W. Coles, Chairman of Pioneer Clinical Research Limited,
informs that resolutions to wind up the companies were passed at
an EGM on Sept. 1 held at 5th Floor, Riverside House, 31
Cathedral Road, Cardiff CF11 9HB.

John W Davies and David Hill of Begbies Traynor, 5th Floor,
Riverside House, 31 Cathedral Road, Cardiff CF11 9HB were
appointed Joint Liquidators.

CONTACT:  PIONEER CLINICAL RESEARCH LTD.
          138 Cathays Terrace, Cathays, Cardiff, Mid Glamorgan
          CF24 4HZ
          Phone: 02920404442

          BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


PRINTMOVERS LIMITED: Appoints BDO Stoy Liquidator
-------------------------------------------------
Printmovers Limited informs that resolution to wind up the
company was passed at an EGM on Aug. 23 held at Bennetts Farm,
735 Staines Road, Bedfont, Middlesex.

Andrew Howard Beckingham of BDO Stoy Hayward LLP, Park House,
102-108 Above Bar, Southampton, Hampshire SO14 7NH, and Dermot
Brendan Coakley of BDO Stoy Hayward LLP, Connaught House,
Alexandra Terrace, Guildford, Surrey GU1 3DA were appointed
liquidators.

CONTACT:  PRINTMOVERS LT.
          Bourne House, 33 Dairy Meadow Lane The Clarendon
          Centre, Salisbury SP1 2TJ

          BDO STOY HAYWARD LLP
          Connaught House, Alexandra Terrace,
          Guildford, Surrey GU1 3DA
          Phone: 01483 565666
          Fax:   01483 531306
          E-mail: guilford@bdo.co.uk
          Web site: http://www.bdo.co.uk

          BDO STOY HAYWARD LLP
          Park House, 102-108 Above Bar,
          Southampton, Hampshire SO14 7NH
          Phone: 023 8035 6000
          Fax: 023 8035 6111
          E-mail: southampton@bdo.co.uk
          Web site: http://www.bdo.co.uk


ROYAL MAIL: Sets Date for Implementation of New Pricing System
--------------------------------------------------------------
Royal Mail on Monday confirmed that its new pricing system,
Pricing in Proportion (PiP), which means mail will be charged by
size as well as weight, will come into force on 21 August 2006.

The date was selected following feedback from a number of
customers.  An extensive communications campaign, explaining the
new pricing system, will take place prior to the change.  The new
system will enable Royal Mail prices to more closely reflect its
costs when the postal market is opened up to full competition on
1 January 2006 and will help to safeguard the
one-price-goes-anywhere service.  Postal operators in Australia,
Canada, Japan and the U.S.A. already use size-based pricing
systems.

CONTACT:  ROYAL MAIL
          148 Old Street
          London
          EC1V 9HQ
          Web site: http://www.royalmail.com


STANLEY J HOLMES: Meeting of Creditors Set Next Week
----------------------------------------------------
Notice is hereby given by David E M Mond and Lawrence I Freedman,
both of Hodgsons, George House, 48 George Street, Manchester M1
4HF, that a Meeting of Creditors of Stanley J Holmes & Sons
Limited (Company No 02046606), George House, 48 George Street,
Manchester M1 4HF, is to be held at George House, 48 George
Street, Manchester M1 4HF, on 21 September 2005 at 11:00 a.m.
The Meeting is an initial Creditors' Meeting under paragraph 51
of Schedule B1 to the Insolvency Act 1986.  A proxy form should
be completed and returned to me by the date of the Meeting if you
cannot attend and wish to be represented.  In order to be
entitled to vote under Rule 2.38 at the Meeting you must give to
me, not later than 12:00 noon on the business day before the day
fixed for the Meeting, details in writing of your claim.

D E Mond and L I Freedman, Joint Administrators

CONTACT:  STANLEY J. HOLMES & SONS LTD.
          Vale Mill
          Chamber Road
          Hollinwood
          Oldham OL8 4PG
          United Kingdom
          Phone: 0161-621 3000
          Fax: 0161-627 2046
          Web site: http://www.sjholmes.co.uk


TRANSPLAN DEVELOPMENTS: Creditors to Meet September 21
------------------------------------------------------
Notice is hereby given, pursuant to paragraph 50 of Schedule B1
of the Insolvency Act 1986, that a Meeting of Creditors of
Transplan Developments Limited will be held at 5th Floor,
Exchange House, 446 Midsummer Boulevard, Central Milton Keynes
MK9 2EA, on 21 September 2005, at 10:00 a.m., for the purpose of
considering a statement of the Joint Administrators' proposals, a
copy of which will be supplied to Creditors of the Company, free
of charge, on application in writing, to the Joint Administrators
at the address shown below.  Secured Creditors (unless they
surrender their security) must give particulars of their security
and its value if they wish to vote at the Meeting. Creditors who
are secured either wholly or partly by, retention of title,
negotiable Instrument, hire purchase, conditional sale of chattel
leasing agreements, should have regard to Rules 2.24 to 2.27 of
the Insolvency Rules 1986 (as amended) in the valuation of their
claim for voting purposes.  A proxy to be used at the Meeting
must be duly completed and lodged, together with a proof of debt,
with the Joint Administrators at Baker Tilly, 5th Floor, Exchange
House, 446 Midsummer Boulevard, Central Milton Keynes MK9 2EA, no
later than 12:00 noon on the business day prior to the Meeting.

G P Bushby, Joint Administrator

CONTACT:  BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk


TUBE DEVELOPMENTS: Files for Liquidation
----------------------------------------
G. Brewin, Director of Tube Developments (UK) Limited, informs
that resolutions to wind up the company were passed at an EGM on
Sept. 6 held at The Old Mill, 9 Soar Lane, Leicester LE3 5DE.
Robert P J Allen of Vantage Corporate Restructuring was appointed
liquidator.

CONTACT:  TUBE DEVELOPMENTS LTD.
          Kilsth
          G65 9BN, Glasgow
          Scotland
          Phone: (+4412) 36 82 35 51
          Fax: (+4412) 36 82 56 60
          Web site: http://www.tubedev.com/

          VANTAGE
          20-24 Kirby Street
          London EC1N 8TS
          Phone: 0845 225 5801
          Fax: 0845 225 5802


TURNERS CONSTRUCTION: Appoints Begbies Traynor Administrator
------------------------------------------------------------
W. J. Kelly and J. P. N. Martin (IP Nos 004857, 008316) of
Begbies Traynor were appointed joint administrators for Turners
Construction Limited (Company No 01197704) on Sept. 5.  The
company has a registered office at 6 Churchfield Road, Acton,
London W3 6EG.

Turners Construction has been operating in the London area since
1992.  Its main focus of operations is in the domestic
construction market.  Visit http://www.turnersconstruction.co.uk/
for more information.

CONTACT:  TURNERS CONSTRUCTION
          6,Churchfield Road,
          Acton, London, W3 6EG
          Phone: 0700 4 284534
          Fax: 0208 248 6665
          E-mail: enquiries@turnersconstruction.co.uk

          BEGBIES TRAYNOR
          Newater House
          11 Newhall Street
          Birmingham B3 3NY
          E-mail: birmingham@begbies-traynor.com
          Web site: http://www.begbies.com


UNIQ PLC: U.K. Division Has New Managing Director
-------------------------------------------------
Uniq plc has appointed Rick Turnbull as Managing Director of Uniq
Prepared Foods, the U.K. division of Uniq.  Jed Kenrick is
leaving with immediate effect.  The Board thanked him for his
contribution to the business.

Rick Turnbull was formerly Managing Director of RHM's Partnership
division, a GBP350 million sales chilled foods business serving
M&S, McDonald's, Pizza Hut and Morrisons.  He led R F Brooks
while it grew annual sales from GBP10 million to GBP160 million
through organic growth.

Geoff Eaton, Chief Executive Uniq plc, said: "We are very
fortunate to have Rick to spearhead the recovery of our U.K.
businesses.  Rick brings a proven track record of generating
profitable growth in the U.K. chilled foods sector through
partnership with retailers and food service customers, innovation
and management development.  I am very pleased to be working with
Rick again."

Uniq will make its pre-close trading update on 30 September 2005.

                            *   *   *

Uniq plc, the European convenience foods group, has sold its
Nordic Salads business to Rieber & Son A.S.A. for EUR14 million.
This is in line with the Company's strategy of focusing on
building stronger product category positions in each of the
Group's principal geographical regions, namely the U.K., France,
Spain and Germany/Benelux.

About EUR13 million of the purchase price will be paid
immediately, with the balance due on 30 August. The proceeds will
be used to reduce Group borrowings.

In July, the company admitted that U.K. sales are starting to
show an improving trend versus last year's second half.  The
sandwich and salad businesses have performed ahead of
expectations, while the fish division has successfully passed on
much of the impact of higher salmon prices.

However, profit contribution from the Desserts category was,
however, well behind expectations.  Continuing business turnover
for the first three months was 0.6% down against the prior year
and, as expected, operating profit was significantly lower.

CONTACT:  UNIQ PLC
          1 Chalfont Park
          Gerrards Cross
          Buckinghamshire SL9 0UN
          Phone: +44-1753-276-000
          Fax: +44-1753-276-071
          Web site: http://www.uniq.com

          GAINSBOROUGH
          Julian Walker
          Phone: 020 7190 1705


UNITED BISCUITS: Profit Grows 4.3% with Jacob's, Triunfo Results
----------------------------------------------------------------
United Biscuits plc, a leading manufacturer and marketer of
biscuits and snacks, reports half-year results for 2005.

Highlights

-- Despite the continuing highly competitive retail environment,
   the Group delivered a strong performance driven by a focus on
   branded products and a much-improved performance from the
   U.K. business;

-- The Group recorded a positive trading performance for the
   first half of 2005 with revenue up 6.3% to GBP613.2 million
   (2004: GBP576.6 million).  This resulted in a 15.7% increase
   in business profit to GBP75.1 million (2004: GBP64.9
   million);

-- The results include the first half of 2005 results for the
   Jacob's and Triunfo businesses, acquired in the second half
   of 2004.  On an underlying basis, including the results of
   those businesses for the first half of 2004, the Group
   delivered 4.3% growth in business profit in the first half of
   2005;

-- Business profit also includes GBP14.4 million in respect of
   insurance claims to cover loss of profit in connection with
   the flood at the Carlisle biscuit factory;

-- Focused marketing campaigns, such as McCoy's Specials "The
   Gentleman's Crisp" and McVitie's "we make the biscuits, you
   make the crumbs", and investment in new product development
   for UB's priority brands drove first half results.

-- The integration of Triunfo into the Southern European
   business was completed in the first half of 2005.  Jacob's
   integration into the U.K. business is progressing in
   accordance with plans;

-- UB generated cost savings during the first half of 2005
   through supply chain efficiencies, acquisition synergies and
   the ongoing cost reduction program.  U.K. integration and
   corporate head office rationalization plans are expected to
   deliver cost savings of between GBP25-30 million with full
   effect in 2007; and

-- Healthy continues to be the fastest growing segment of the
   biscuit and snack market.  UB is actively responding by
   taking actions to reduce sodium and levels of saturated fats
   from many of its products.

Commenting on the results, Malcolm Ritchie, Chief Executive,
said: "In spite of the challenging market environment, UB has
delivered a solid performance for the first six months of 2005.
UB has strengthened its portfolio with strategic acquisitions and
our U.K. business has benefited from a more focused approach to
the key brands, which resulted in strong performances, in
particular from the go ahead! range.  We have continued to make
good progress through reducing the cost base and re-investing
behind the long-term strength of our principal brands."

                            *   *   *

As reported by TCR-Europe in June, Fitch Ratings downgraded
United Biscuits Finance's senior subordinated notes to 'CCC+'
from 'B-'.  At the same time, the agency downgraded Regentrealm
Limited -- a subsidiary of UB -- Senior Unsecured rating to 'B-'
from 'B' and its senior secured debt to 'BB-' from 'BB'.  The
Outlook was changed to Negative from Stable.

The rating actions followed the publication of very disappointing
results for FY04, with a 13.9% decrease in underlying EBITDA if
the contribution of Jacob's and Triunfo is deducted.  This trend
was not reversed in Q105.  Of particular concern is the limited
cash flow generation, primarily driven by decreasing
like-for-like profit generation from the core U.K. operations.

CONTACT:  CARDEW GROUP
          Tim Robertson
          Phone: 020 7930 0777
          Mobile: 07900 927650
          Sofia Rehman
          Phone: 020 7930 0777
          Mobile: 07771 683 185


U.K. FRONTLINE: Firm Ripped off Advertisers, DTI Says
-----------------------------------------------------
U.K. Frontline Services Limited has been wound up after the
Department of Trade and Industry proved the firm cheated on its
advertisers.

According to Creditman, the Manchester-based publishing company
led advertisers to believe that it produced two publications,
Children's Wall Planner and Crime Prevention Journal, which were
connected to charity.

However, the DTI has found that the Children's Wall Planner has
never been produced, and that more than 700 advertising contracts
costing over GBP130,000 had been paid for last year to appear in
that publication.

While the firm did put out regional publications, advertisement
which had been paid for were not published.  This involved 63
advertisements for a total cost of more than GBP15,000.

On July 18, the DTI filed a petition to wind up the company under
section 124a of the Insolvency Act 1986.  The Department's
Companies Investigation Branch then carried out investigations
under Section 447 of the Companies Act 1985.  The Official
Receiver was appointed Provisional Liquidator of the company on
July 21, while the Winding Up Order was made on September 5.

CONTACT:  U.K. FRONTLINE SERVICES LIMITED
          1 - 7 Bent Street, Cheetham Hill
          Manchester M8 8NF

          THE INSOLVENCY SERVICE
          Public Interest Unit North
          PO Box 326
          Boulton House
          17 - 21 Chorlton Street
          Manchester M60 3ZZ
          Phone: 0161 934 4182

          DEPARTMENT OF TRADE AND INDUSTRY
          7th Floor
          1 Victoria Street
          London SW1H 0ET
          Phone: +44 (0)20 7215 5000


WGR TRADING: Bar Operator Calls in Receiver from KPMG
-----------------------------------------------------
Blair Nimmo of KPMG Corporate Recovery was appointed receiver of
WGR Trading Limited at the request of the Company's directors on
31 August 2005.

The company, which operates 2 bars in Inverness city center
(Barbazza & Osbournes), encountered difficulties after they
overextended themselves during the recent refurbishment of one of
the licensed premises.  Established in 1998, WGR Trading has
about 45 employees across the 2 premises and has cumulative
annual turnover of around GBP1.5 million.

Appointed Receiver and Head of KPMG Corporate Recovery in
Scotland, Blair Nimmo said: "Both Barbazza and Osbournes are well
established and award winning licensed properties located in
prime locations in Inverness city center.  We are pleased to
report that to date, customers, suppliers and employees have
continued to be supportive which will hopefully enable us to
successfully continue to trade the business as normal and quickly
find a buyer, therefore safeguarding as many jobs as possible."

Anyone with any interest in acquiring either or both of the
licensed premises should contact KPMG on 0141 300 5675.

CONTACT:  KMPG Scotland
          Allan Barr, PR Manager
          Phone: 0141 300 5896
          Mobile: 07796 181 043
          E-mail: allan.barr@kpmg.co.uk

          Blair Nimmo
          Corporate Recovery Partner
          Phone: 0131 527 6672
          Mobile: 07774 617582


WHEELBASE UK: Bicycle Retailer for Sale
---------------------------------------
Joint Administrators, Brian Green and Paul Andrew Flint, offer
for sale the business and assets of Wheelbase (U.K.) Limited.

The group assembles, wholesales and retails bicycles and
accessories to major corporate customers and independent bike
dealers.

Features:

(a) Annual turnover of GBP2.5 million;

(b) Retail of bicycles

(c) Trades from three leasehold sites in Kendal, Lytham St Annes
    and Stockport; and

(d) Approximately 30 employees.

CONTACT:  KPMG LLP
          St James' Square
          Manchester M2 6DS
          Phone: (0161) 838 4000
          Fax: (0161) 838 4089
          Web site: http://www.kpmg.uk

          Paul Andrew Flint, Joint Administrator
          E-mail: paul.a.flint@kpmg.co.uk

          Alex Birch, Joint Administrator
          E-mail: alex.birch@kpmg.co.uk


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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