TCREUR_Public/050919.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, September 19, 2005, Vol. 6, No. 185

                            Headlines

F R A N C E

COUZON: Manager Under Investigation
EUROTUNNEL SA: Net Loss Down 18% to GBP87 Million


G E R M A N Y

BAVARIA CLEAN: Declares Bankruptcy
BRANDSCHUTZ GMBH: Creditors Meeting Set Next Month
CARGOLIFTER AG: Former Chairman Forms New Outfit
CORECESS EUROPE: Court to Verify Claims November
DAIMLERCHRYSLER AG: E.U. Court Cuts Antitrust Fine to EUR9.8 Mln

ESLICO AUTOMATEN: Succumbs to Bankruptcy
FRISEURSALON CLEOPATRA: Proofs of Claim Due October
FUBA PRINTED: Court Opens Insolvency Proceedings
GEA GROUP: Acquires Membraflow Group
GM GASTRONOMIE: Court Appoints Interim Administrator

GROBA-GASTSTATTENBETRIEBS: Under Bankruptcy Administration
INTERTAINMENT AG: Hearing on HypoVereinsbank Claim Set October
MANIS GMBH: Creditors to Meet November
POHLMANN FENSTER: Declared Bankrupt
PRIMACOM AG: Secures Deal on Second Secured Loan
PRO-CAR: Court Appoints Manfred Barzen Administrator
TINO WOHNBAU: Last Day for Filing Claims October 20


G R E E C E

FAGE DAIRY: Rating Cut to 'B+' on Weakened Financial Profile
OLYMPIC AIRLINES: Privatization to Push Through


H U N G A R Y

MALEV HUNGARIAN: Signs Transfer Agreement with Bangkok Airways


I R E L A N D

CAFESLIM LIMITED: Business for Sale


I T A L Y

FIAT SPA: Fixes Price of Ordinary Shares to be Issued to Banks
FIAT SPA: GM Settlement Drives up Operating Income to EUR1.4 Bln
FIAT SPA: Chairman Rules out Ferrari Stake Sale
PARMALAT FINANZIARIA: Sells Bakery Unit to Vicenzi Biscotti


N E T H E R L A N D S

ROYAL SHELL: Carries on Buyback Program


K Y R G Y Z S T A N

INFO TECH: Creditors' Claims Due November
JBI-20 OSH: Sets Public Auction September 28
LARKOM FREE: Proofs of Claim Due November
SELEKT FREE: Gives Creditors Until November to File Claims


R U S S I A

BREEDER: Bankruptcy Supervision Procedure Begins
DRUZHBA: Declared Insolvent
GAGARINO-AGRO-TEKH-SERVICE: Under Bankruptcy Supervision
KULESHOVSKOYE: Bankruptcy Hearing Set December
METROMEDIA INTERNATIONAL: Buys Majority Interest in Magticom

NELIDOVSKIY MEAT: Court Brings in Insolvency Manager
NORTH GARDENS: Succumbs to Bankruptcy
SIBERIAN GRAIN: Undergoes Bankruptcy Supervision Procedure
SURGUT-ZHIL-INDUSTRY: Insolvency Manager Takes over Helm
TRANSNATIONAL: Bankruptcy Hearing Set November
YUG-ENERGO: Bankruptcy Hearing Set Next Year
YUKOS OIL: Lithuania Wants Full Control of Mazeikiu Nafta


S W E D E N

SKANDIA INSURANCE: Provides Old Mutual Key Company Information


S W I T Z E R L A N D

LEICA GEOSYSTEMS: Remains on CreditWatch After Danaher's Exit


U K R A I N E

DNIPROAVIA AVIATION: One-year Recovery Program Starts
DONTRAST: Court Names Oleksandr Kebkal Liquidator
FIESTA: Creditors' Claims Due September 20
GRAN-S: Gives Creditors Until Tomorrow to File Claims
ILLINTSI' AGRO-COMMERCIAL: Succumbs to Insolvency

KREDO-SPORT: Court Appoints Liquidator
LVIV COMMERCIAL: Declared Insolvent
NOVOSANZHANSKE: Insolvency Manager Moves in
PEGAS: Lviv Court Opens Bankruptcy Proceedings
PEVAG AVSTRIYA: Declared Insolvent
RATI: Court Grants Debt Moratorium
REMBUDSERVICE: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ABBEY MEDIA: Creditors Meeting Set Wednesday
BOOTS GROUP: Bayer Board Okays GBP1.4 Billion Offer
BRITISH ENERGY: Extends Dungeness B's Lifespan to 2018
CARTMEL VALLEY: Water Bottler Up for Sale
CEDENCO SIGNS: Hires Administrators from UHY Hacker Young

CHESTER CITY: City Council Demands Payment of Stadium Rent
COFURN LIMITED: Members Vote to Liquidate Business
COMPASS GROUP: Names Centrica CEO Non-executive Director
CRAFTSMAN WINDOWS: Falls into Liquidation
DEGREECYCLE LIMITED: Clothing Manufacturer Winds up

FEELING OK.NET: Administrator Takes over Firm
GOSHAWK INSURANCE: Reveals US$0.5 Million Half-year Loss
G.P. MAINTENANCE: In Liquidation
GRADUNET LIMITED: Labor Recruitment Firm Winds up
GRAHAM PRECISION: Unnamed Investor Buys firm out of Receivership

HOLLYWOOD MEDIA: Files for Liquidation
LUMINAR PLC: Wraps up Rebranding of Seven Units
MERIDIAN AVIATION: Hires Bond Partners as Administrator
MG ROVER: Nanjing Starts 'Dismantling' Longbridge Home
MOWLEM PLC: To Bare Results Last Week of September

NETCABLE LIMITED: Calls in Administrators from Begbies Traynor
OFFICE EXPRESS: Files for Liquidation
PATRICIA VIVIAN: Fabric Retailer Liquidates
PLAN PROFILE: Administrators from Vantis Numerica Move in
PRINTMOVERS LIMITED: Appoints BDO Stoy Liquidator

PRW MECHANICAL: Names Begbies Traynor Liquidator
REGAL PETROLEUM: Court to Hear Case vs. Former Unit Set Thursday
ROBERT BAILEY: Manufacturer Calls in Administrator
SOFTWARE STORE: Creditors Meeting Set Wednesday
SPHERE DRAKE: Scheme of Arrangement Gets Go Signal

SPRUCE FINANCE: In Administrative Receivership
TITANBASE LIMITED: Appoints X L Business Solutions Administrator
VITRASEAL LTD.: Hires Administrators from Vantis Numerica
WATERFORD WEDGWOOD: To Delist ADRs from Nasdaq Tuesday
WHITFIELD STREET: Business for Sale
WM MORRISON: Unions Threaten Nine-day Strike


                            *********


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


COUZON: Manager Under Investigation
-----------------------------------
The head of insolvent tableware manufacturer, Couzon, has been
placed under "legal restriction" on suspicion his company
deceived buyers about its product.

Les Echos identified him as Alain Feingold, whom authorities
believe deliberately misrepresented his products as made in
France when in truth they came from China.

Couzon sells knives, among others.  Early this year it
transferred production to China, leaving 100 jobless.  It filed
for liquidation on September 7, the paper said.

CONTACT:  COUZON
          Valette BP 9
          Courpiere 63120
          France
          Phone: +33 4 73511805
          Fax: +33 4 73516960


EUROTUNNEL SA: Net Loss Down 18% to GBP87 Million
-------------------------------------------------
Eurotunnel S.A. has reported results in the first half of 2005.

Highlights

(a) 2% growth in revenue; shuttle service revenue up 6% to
    GBP146 million in a favorable local context; railways
    revenue stable at GBP117 million, including payments of
    GBP36 million under the Minimum Usage Charge (MUC);

(b) improved operational results from first phase of
    reorganization; operating margin up 7% due partly to a 3%
    fall in operating costs; operating profit up 19% to GBP74
    million;

(c) net loss reduced by 18% to GBP87 million; interest cover
    after investment activities: 97%; and

(d) negotiations with creditors continue in line with timetable.

      Report of Chairman and Chief Executive Jacques Gounon

Eurotunnel has accelerated improvements in its operational
performance.  Increased revenue in our core shuttle business has
been achieved within the framework of a new marketing strategy
based on our key benefits: frequency, speed, and reliability.

We expect to consolidate the 3% reduction in operating costs in
the second half.  This will be achieved by more closely aligning
capacity with demand and by further reductions in staff costs, as
the first voluntary redundancies take effect.

I would like to acknowledge the hard work and commitment of our
staff and the sense of responsibility shown by the unions, all of
whom are taking on this phase of reconstruction with the firm
intention of saving Eurotunnel.

In accordance with our timetable for the planned financial
restructuring, we presented a business plan to our creditors in
advance of the 30 June deadline, and our initial reflections on
the debt restructuring on 13 July.

Negotiations with the Ad-hoc Committee and two other creditor
committees continued throughout the summer.  These negotiations
remain confidential, although we hope to be able to issue a
progress by the end of October at the latest.

Operating Revenue

Shuttle services revenues were up 6% to GBP146 million mainly due
to higher truck shuttle volumes and yields.

Railways revenue remained stable at GBP117 million and remains
protected until the end of November 2006 by payments under the
provisions of the Minimum Usage Charge (MUC) in the Railway Usage
Contract, which amounted to GBP36 million in the first half of
2005.

Non-transport activities revenues amounted to GBP5 million during
the period, down GBP4 million compared to the same period in
2004, partly as a result of a reduction in land sales.

Operating revenue for the first half of 2005 was GBP268 million,
an improvement of 2% compared to the first half of 2004 at
constant exchange rates.

Operating Profit

Operating costs reduced by 3% compared to the same period in
2004, despite marked increases in electricity and maintenance
costs, due to reductions in staff costs, marketing and
advertising and insurance premiums.  The full benefit of the cost
reductions arising from the DARE project is not expected before
the first half of 2006.

The cost of security to the Group was approximately GBP5 million.
Depreciation charges and provisions have reduced by GBP6 million
compared to the same period in 2004, mainly due to the impairment
charge made at the end of 2004.

Non-trading charges amounted to GBP11 million in the first half
of 2005, an increase of GBP3 million compared to the same period
in 2004, and related to external costs associated with
refinancing and to costs relating to the termination of certain
contracts.

Operating profit improved by GBP12 million (19%) to GBP74 million
for the period due to increased revenues (GBP5 million), reduced
operating costs (GBP4 million) and reduced depreciation and
provision charges (GBP6 million) despite the increase in
non-trading charges (GBP3 million).

Net Result

Net interest charges, including other financial income and
charges, were GBP161 million for the first half of 2005, a
decrease of 4% compared to the same period in 2004.  Hedging
charges included within net interest charges significantly offset
the benefit of lower interest rates.

The net loss improved by GBP18 million to GBP87 million for the
first half of 2005.

Net cash flow from trading for the first half of 2005 was GBP140
million, compared to GBP124 million for the same period in 2004.
This GBP16 million increase compared to the same period in 2004
is in part due to an improved operating margin, and in part to a
reduction in working capital.

Net cash flow from investing activities decreased significantly
to GBP3 million due to reduced expenditure and to cash generated
by sales of land.  Net cash flow after investing activities
amounted to GBP137 million in the first half of 2005, an increase
of GBP29 million compared to the same period in 2004.

Cover of contractual interest after investing activities was 97%
for the first half of 2005.

Forecast Cash Position

These are the financial consequences of the forecasts updated in
the light of the latest results and the current outlook for the
Group including the consequences of project DARE:

(a) During 2005 the cash flow position remains protected by the
    mechanism by which interest that cannot be paid in cash can
    be settled by way of Stabilization Advances up to a limit of
    GBP60 million.  Taking into account either financial or
    operational risks, especially those associated with the
    implementation of DARE, the cash flow position remains
    subject to a number of uncertainties.  On the basis of the
    latest operating forecasts available, the amount of unused
    Stabilization Advances should provide sufficient cash to the
    end of 2005, at which time the level of available cash is
    projected to be equal to the Permitted Float of GBP25
    million (this is the maximum amount of cash that may be held
    by the Group as defined in the Credit Agreements);

(b) In 2006 the Group will no longer benefit from the
    Stabilization Advances, rendering the cash flow position
    more vulnerable particularly at the end of July and October
    2006 because of the interest payments due under the current
    Credit Agreements.  Furthermore, Railways revenue will no
    longer be protected after November 2006; payments under the
    provisions of the Minimum Usage Charge (MUC) in the Railway
    Usage Contract for the first 11 months of 2006 will have an
    estimated effect on cash flow amounting to approximately
    GBP65 million;

(c) From the first half of 2007 Eurotunnel will not be able to
    meet its contractual debt repayments; and

(d) The cash flow forecasts are based on assumptions that the
    Group considers to be both reasonable and realistic.  The
    effect of the conversion of the Stabilization Advances and
    Notes existing at 30 June 2005 would be to reduce annual
    interest charges by approximately GBP24 million from January
    2006, based on current interest rates.  Furthermore,
    significant disruptions to the operations of the Group or
    events that are unforeseeable or unquantifiable at the date
    of the accounts (for example relating to on-going disputes)
    could accelerate the date at which the Group would be unable
    to meet its financial obligations.

Financial Restructuring

Eurotunnel has obtained a waiver from its Lenders, valid up to 31
January 2006, which defines the conditions under which the Group
can undertake debt-restructuring negotiations with its creditors.
In particular, the waiver required a proposal of a restructuring
plan by no later than 15 July 2005, as well as the establishment
of a structured means of communication between Eurotunnel and its
creditors.  The waiver can be terminated at any time should
either party not meet its respective responsibilities.  In
accordance with the timetable, Eurotunnel presented a business
plan during June, and on the 13 July, presented its initial
reflections for restructuring its debt to the Ad-Hoc Committee,
which represents the majority of Eurotunnel's creditors.

In order to convert the Stabilization Advances and Notes into
Units in accordance with the provisions of the 1998
restructuring, Eurotunnel has the possibility to propose to its
shareholders to vote on the conversion before the end of 2005.
The consequences of such a conversion, which are being examined
as part of the current debt restructuring, are described in the
Group's interim report.

Within the Credit Agreements there is an option available for
putting into place an additional line of credit as described in
the 2004 annual accounts.  In addition, should an Event of
Default occur, the finance agreements also provide, under certain
conditions, for a standstill period during which time the
negotiation of a restructuring plan can take place whilst
enabling the Group to continue to conduct its business normally.

Uncertainties

The Group is subject to two uncertainties: the ability to
continue as a going concern and the carrying value at which the
Group's assets are recorded in the accounts.

The going concern basis is dependent on the Group's ability to
put in place a refinancing plan or, if not, to obtain an
agreement from the Lenders within the existing arrangements in
the second half of 2006 at the latest.

An impairment charge of GBP1.3 billion was accounted for in the
2003 accounts, which was based on assumptions for forecast
operating cash flows, the future level of the Group's debt over
the life of the Concession as well as for market interest rates;
this corresponded to an implicit discount rate of 7%.

Eurotunnel updated its impairment calculation as at 31 December
2004, which led to an additional impairment charge of GBP395
million; this corresponded to an implicit discount rate of 7.2%.

The value in use was calculated in the context of the going
concern uncertainty and on the basis of operating cash flows
which assume no changes to existing operational and financing
contracts assuming, for the purposes of these valuations only,
the validity of the going concern principle.  In addition, these
valuations are based on a reduction of the level of debt by
GBP1.3 billion and an equivalent increase in capital.  Taking
into account the increasing uncertainties that the Group is
facing, Eurotunnel considered it appropriate, at 31 December
2004, to use values in the upper ranges for the market risk
premium and the asset 'beta' ratios.

The operational performance of the Group in the first half of
2005 and the level of interest rates would not require a
modification to the value in use of assets.

The Group is currently working on a refinancing plan the
consequences of which on the level of indebtedness may differ
from the underlying assumptions used at 31 December 2004.

The Group has not revised its financial projections, which is
normally carried out during the second half of the year as a part
of the preparation of its medium term plan.

Relatively small changes in the assumptions used would lead to
material changes in the value in use.  By way of example, a
variation of 0.10% in the implicit discount rate would correspond
to a change in the value in use of the fixed assets of
approximately GBP150 million.

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

CONTACT:  EUROTUNNEL S.A.
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk

          Press Office
          Phone: + 44 (0) 1303 288728
                 or + 44 (0) 1303 288737
          E-mail: press.uk@eurotunnel.com

          Investor Inquiries
          Xavier Clement
          Phone: + 331 55 27 36 27
          E-mail: xavier.clement@eurotunnel.com


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


BAVARIA CLEAN: Declares Bankruptcy
----------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Bavaria Clean GmbH on August 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 1, 2005 to register their
claims with court-appointed provisional administrator Barbara
Beutler.

Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 9:30 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  BAVARIA CLEAN GmbH
          Steinsdorfstrasse 19 in 80538 Muenchen

          Barbara Beutler, Administrator
          Schwanthalerstr. 32, 80336 Muenchen
          Phone: 089/54511-0
          Fax: 089/54511-444


BRANDSCHUTZ GMBH: Creditors Meeting Set Next Month
--------------------------------------------------
The district court of Stralsund opened bankruptcy proceedings
against Brandschutz GmbH J. Muehring on August 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors had until September 16, 2005 to
register their claims with court-appointed provisional
administrator Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 11:40 a.m. at the district court
of Stralsund, Frankendamm 17, Haus A, 4. OG, Saal A4 21, 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:  BRANDSCHUTZ GmbH J. MUEHRING
          Contact:
          Jorg Muehring, Manager
          An der Muehle 25, 18311 Ribnitz-Damgarten

          Ulrich Rosenkranz, Administrator
          Markt 11, 18311 Ribnitz-Damgarten


CARGOLIFTER AG: Former Chairman Forms New Outfit
------------------------------------------------
A group of investors, led by former management board Chairman
Carl von Gablenz, has relaunched Cargolifter AG, Suddeutsche
Zeitung says.

The new company, a limited partnership called CL Cargolifter GmbH
& Co KGaA, aims to revive initially the concept of freight
airships, the primary product of the old Cargolifter.  Several
interested parties have already voiced support for the idea, Mr.
Gablenz says.

Cargolifter filed for insolvency in 2002 after wiping out EUR320
million in capital.  It left 74,000 small shareholders and the
Land of Brandenburg, which invested EUR42 million, out of pocket.
Insolvency proceedings are still continuing.

CONTACT:  CARGOLIFTER AG I.I.
          Sophie-Charlotten-Strasse 57/58
          Berlin
          Berlin
          Deutschland 14057
          E-mail: kontakt@cargolifter.info
          Web site: http://www.cargolifter.info/


CORECESS EUROPE: Court to Verify Claims November
------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Corecess Europe GmbH on August 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 14, 2005 to register their
claims with court-appointed provisional administrator Dr. Josef
Hingerl.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2005, 9:40 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  CORECESS EUROPE GmbH
          Dr. Josef Hingerl, Administrator
          Terminalstrasse, Mitte 18 (MAC), Ebene 7
          Buero 7375, 85356 Muenchen-Flughafen
          Phone: 089/9758230-0
          Fax: 089/9758230-6


DAIMLERCHRYSLER AG: E.U. Court Cuts Antitrust Fine to EUR9.8 Mln
----------------------------------------------------------------
DaimlerChrysler AG's antitrust fine has been reduced from EUR71.8
million to EUR9.8 million, said the Associated Press.

The European Union's Court of Justice ruled that the carmaker did
not violate competition rules in Germany and Spain, but it upheld
a decision by regulators that DaimlerChrysler was involved "in an
anti-price-slashing agreement with the Belgian dealers."

In 2001, the Commission ruled that the carmaker violated its
rules when it banned the cross-border sales of its Mercedes-Benz
brand, which restricted price competition among dealers.

DaimlerChrysler was found not guilty of breaking competition
rules in Germany because it acted alone there.  Under E.U. rules,
a cartel violation occurs only when two companies jointly perform
an "anticompetitive conduct."  The court also ruled that the
carmaker followed local law in Spain, which was noted to be "not
contrary" to any E.U. rule.

Both decisions in Germany and Spain resulted to the scrapping of
the carmaker's initial fine of EUR47.025 million and EUR15
million, respectively.

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


ESLICO AUTOMATEN: Succumbs to Bankruptcy
----------------------------------------
The district court of Syke opened bankruptcy proceedings against
Eslico Automaten GmbH on August 23.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 11, 2005 to register their claims
with court-appointed provisional administrator Dr. Juergen
Sander.

Creditors and other interested parties are encouraged to attend
the meeting on October 14, 2005, 9:10 a.m. at the district court
of Syke, Saal 112, Nebenstelle, Hauptstr. 5A, Syke, 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:  ESLICO AUTOMATEN GmbH
          Rudolf-Diesel-Str. 20, 31582 Nienburg/Weser
          Contact:
          Bertil Hartmann, Manager
          Martinistr. 4, 30659 Hannover

          Dr. Juergen Sander, Administrator
          An der Beeke 22, 28844 Weyhe


FRISEURSALON CLEOPATRA: Proofs of Claim Due October
---------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Friseursalon Cleopatra GmbH on August 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 20, 2005 to
register their claims with court-appointed provisional
administrator Gudrun Hopf.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2005, 9:10 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  FRISEURSALON CLEOPATRA GmbH
          Schwanthalerstr. 19 in 80336 Muenchen

          Gudrun Hopf, Administrator
          Hilblestr. 7, 80636 Muenchen
          Phone: 089/183690
          Fax: 089/184160


FUBA PRINTED: Court Opens Insolvency Proceedings
------------------------------------------------
The local court in Osterode accepted on Sept. 1 a proposal to
restructure Fuba Printed Circuits GmbH, Emsnow reports.  It
appointed Torsten Gutmann from Lehrte/Hannover as solicitor.

The insolvency plan proposed by general managers Walter Drach and
Andreas Ebeling will allow the company to continue its activities
while trying to trim down debt.  Creditors still have to approve
the insolvency plan, which will allow them to receive a quoted
part of their claims or defer them to the company.  Tunisian
partner FUBA Printed Circuits Tunisie S.A., a 10% shareholder
since August 2005, will increase its share of equities to 50%
once the plan is confirmed, according to the report.

Mr. Ebeling said the management's efforts are well-supported by
customers, suppliers, employees, the works council and the trade
union (IG Metall).  Banks granted a bulk credit of EUR3 million
to the firm in mid-July.  FUBA also obtained long-term collective
reorganization agreements for its Gittelde and Dresden plants.
Approximately 240 jobs will be cut at Gittelde.  The company
expects to finish the entire process before the end of 2005.

Europe's fourth largest European manufacturer of Printed Circuit
Boards filed for bankruptcy protection in July.  Mr. Ebeling
blames the global break-in of the market for printed circuit
boards as well as overcapacity and high personnel costs for its
troubles.  The company has existed for 46 years.  It had earlier
set a turnover of EUR100 million for fiscal year 2003/2004.

CONTACT:  FUBA PRINTED CIRCUITS GmbH
          Bahnhofstrasse 3
          37534 Gittelde
          Germany
          Phone: +49 (5327) 880-0
          Fax: +49 (5327) 880-200
          E-mail: infogittelde@fpc.de
          Web site: http://www.fpc.de

          Dresden Site
          Kesselsdorfer Strasse 216
          01169 Dresden
          Germany
          Phone: +49 (351) 4133-0
          Fax: +49 (351) 4133-320
          E-mail: infodresden@fpc.de


GEA GROUP: Acquires Membraflow Group
------------------------------------
GEA Group Aktiengesellschaft is to strengthen its Mechanical
Separation strategic business unit, which forms part of the
Process Equipment segment, by acquiring the Membraflow Group with
effect from October 1 this year.

Membraflow produces and installs membrane filtration equipment,
generating sales of approximately EUR9 million and excellent
profitability.  As soon as it has been acquired, Membraflow will
make a positive contribution to GEA Group's earnings-per-share
figures.  The company, which is based in Aalen-Essingen near
Stuttgart, Germany, employs 34 people.

"By acquiring Membraflow, we are adding another key process to
our leading expertise in centrifugal separation technology.  This
will strategically enhance our portfolio and enable us to grow in
new markets," said Peter Schenk, a member of GEA Group's
Executive Board.

The company's products are already being used for specialty
mechanical engineering applications in the food, chemical and
pharmaceutical industries in conjunction with separators and
decanters manufactured by the GEA Group subsidiary Westfalia
Separator.  In the food sector, its main market, for example, its
biggest customers are engaged in the production of gelatine and
starch milk.  However, Membraflow also enjoys an excellent
reputation among winemakers, dairy businesses and fruit-juice
producers.  Although the company's business is still centered on
Europe, its strongest growth is coming from the U.S. and Asia.

Membraflow is one of the three largest players in the global
membrane filtration market, which is estimated to generate sales
of roughly EUR100 million a year and is forecast to grow rapidly
over the next few years.

In 2004, GEA Group Aktiengesellschaft reported consolidated sales
of approximately EUR4.1 billion and employed roughly 17,000
people.  With sales in excess of EUR1 billion, Process Equipment
was the second largest segment and, with a pre-tax return on
sales of over 10%, the most profitable.

GEA Group Aktiengesellschaft is an international technology group
that focuses on specialty mechanical engineering -- especially
process engineering and equipment -- and plant engineering.

In 2004, its sales totaled approximately EUR4.1 billion.  At
December 31, 2004, it employed around 17,000 people.
GEA Group is one of the world's market and technology leaders in
90 percent of its businesses and is listed in Germany's MDAX
index.

                            *   *   *

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

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

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


GM GASTRONOMIE: Court Appoints Interim Administrator
----------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against GM Gastronomie GmbH on August 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 4, 2005 to register their
claims with court-appointed provisional administrator Simona Fix.

Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 10:00 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  GM GASTRONOMIE GmbH
          Orlandostrasse 5 in 80331 Muenchen

          Simona Fix, Administrator
          Lindwurmstr. 25, 80337 Muenchen
          Phone: 089/55968820
          Fax: 089/55968855


GROBA-GASTSTATTENBETRIEBS: Under Bankruptcy Administration
----------------------------------------------------------
The district court of Syke opened bankruptcy proceedings against
GROBA-Gaststattenbetriebs-GmbH on August 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 27, 2005 to register their
claims with court-appointed provisional administrator Dr.
Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 9:55 a.m. at the district court
of Syke, Saal 112, Nebenstelle, Hauptstr. 5A, Syke, 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:  GROBA-GASTSTATTENBETRIEBS-GmbH
          Industriestrasse 11, 27211 Bassum
          Contact:
          Manuela Grotheer, Manager
          Hafenstrasse 15, 27711 Osterholz-Scharmbeck

          Dr. Christian Willmer, Administrator
          Georgstrasse 5, D-27283 Verden


INTERTAINMENT AG: Hearing on HypoVereinsbank Claim Set October
--------------------------------------------------------------
HypoVereinsbank has filed a partial claim for payment of EUR10
million against Intertainment AG and Intertainment Licensing GmbH
in a proceeding for documentary evidence before the regional
court (Landgericht) Muenchen I.  The suit was served on
Intertainment AG on the afternoon of September 13, 2005.  The
regional court has scheduled a date for an oral hearing on
October 7, 2005.

The partial claim relates to a loan amounting to around EUR14
million taken out by Intertainment Licensing GmbH from HVB, for
which Intertainment AG had given a surety.  The legal
representatives of Intertainment are continuing to assume on the
basis of the ongoing settlement negotiations that the matter will
be included in a mutually agreed, concluding arrangement.

Intertainment maintains the legal position defined in the Annual
Report 2004 and presented this week at the Annual General Meeting
on Tuesday of this week.  It is assuming that HVB and
Intertainment had reached a new arrangement in relation to the
settlement of the residual debt.  The new arrangement provides
for HVB issuing a debt waiver on a deferred debt basis.  Within
the scope of this deferred debt, the loan originally due on June
30, 2004 was written down in the balance sheet for the fiscal
year ending 2003 in the amount of EUR13,583 million and reported
under reserves in accordance with the debt waiver.  A legal
opinion was obtained for an appraisal of the facts.  This formed
the basis for the assessment by the management of Intertainment.

HVB had called in the loan a number of times, including June 30,
2004, despite the new arrangement.  In the opinion of
Intertainment, this was no longer possible on account of the new
arrangement.

                            *   *   *

Intertainment has specialized in acquiring theatrical, video and
television film rights with large commercial potential, which it
markets in Germany and in other European countries (including
Eastern Europe).  Among its customers are the most important
media enterprises.

At the same time Intertainment also acquires the rights to
commercially very viable films for the People's Republic of
China, as this huge market (with about 1.3 billion people) is
currently practically untapped but in the medium term will
realize its big potential.  Through its subsidiary Intertainment
Animation & Merchandising GmbH, it markets interesting cartoons
as well as commercially viable merchandising rights.

CONTACT:  INTERTAINMENT AG
          Investor Relations
          Osterfeldstrasse 84
          85737 Ismaning
          Germany
          Phone: +49 (0) 89 21699-0
          Fax: +49 (0) 89 21699-11
          E-mail: investor@intertainment.de
          Web site: http://www.intertainment.de


MANIS GMBH: Creditors to Meet November
--------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Manis GmbH on August 19.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 1, 2005 to register their claims
with court-appointed provisional administrator Dr. Josef Hingerl.

Creditors and other interested parties are encouraged to attend
the meeting on November 8, 2005, 9:55 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  MANIS GmbH
          Dorfstr. 34 in 81247 Muenchen

          Dr. Josef Hingerl, Administrator
          Terminalstrasse, Mitte 18 (MAC), Ebene 7
          Buero 7375, 85356 Muenchen-Flughafen
          Phone: 089/9758230-0
          Fax: 089/9758230-6


POHLMANN FENSTER: Declared Bankrupt
-----------------------------------
The district court of Bochum opened bankruptcy proceedings
against Pohlmann Fenster- und Tuerenwerk GmbH on August 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 21, 2005
to register their claims with court-appointed provisional
administrator Udo Claes-Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2005, 8:30 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  POHLMANN FENSTER- UND TUERENWERK GmbH
          Herner Str. 58-60, 44652 Herne
          Contact:
          Erich Pohlmann, Manager

          Udo Claes-Hellmich, Administrator
          Bahnhofstrasse 46, 45879 Gelsenkirchen
          Phone: (0209) 1 55 34 90
          Fax: (02 09) 177952988


PRIMACOM AG: Secures Deal on Second Secured Loan
------------------------------------------------
The Company announced that, in London, an agreement in principle
has been reached with the owners of the Second Secured Loan (SSL)
on the economic conditions of a settlement.

Both parties have agreed that the Company will pay EUR375 million
to the owners of the SSL in compensation of all open demands due
the owners of the SSL.

The Company must pay this amount by November 30, 2005.  The
agreement will also provide that the Company recognizes a
liability due to the owners of the SSL of EUR425 million i.e. if
the Company is not able to pay the amount of EUR375 million, the
owners of the SSL can execute against the company immediately.

In the agreement the owners of the SSL will agree to the sale of
Multikabel.  Regarding Multikabel, a letter of intent exists in
which a potential purchaser agrees to acquire Multikabel.  In
addition there have been discussions with other potential
creditors and investors.

The management board currently assumes that the payment to the
owners of the SSL will be possible in this timeframe.

The company further assumes that the settlement can be
implemented, only if the Senior Banks also agree.  The agreement
has still to be worked out in detail and signed.

PrimaCom AG
Management Board

CONTACT:  PRIMACOM AG
          An der Ochsenwiese 3
          D-55124 Mainz
          Phone: +49(0)6131 944 0
          Fax: +49(0)6131 944 529
          E-mail: investor@primacom.de
          Web site: http://www.primacom.de


PRO-CAR: Court Appoints Manfred Barzen Administrator
----------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Pro-Car Transport GmbH on August 12.  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 Manfred
Barzen.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2005, 9:00 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  PRO-CAR TRANSPORT GmbH
          Werinherstr. 15 in 81541 Muenchen

          Manfred Barzen, Administrator
          Hilblestr. 7, 80636 Muenchen
          Phone: 089/183690
          Fax: 089/184160


TINO WOHNBAU: Last Day for Filing Claims October 20
---------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against TINO Wohnbau GmbH on August 17.  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.
Christine Berg-Gruenenwald.

Creditors and other interested parties are encouraged to attend
the meeting on September 30, 2005, 9:50 a.m. at the district
court of Muenchen, Infanteriestr. 5, SS. 101, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report on December 5, 2005, 9:00 a.m. at the
same venue.

CONTACT:  TINO WOHNBAU GmbH
          Fuerstenrieder Str. 187 in 81377 Muenchen

          Dr. Christine Berg-Gruenenwald, Administrator
          Leopoldstr. 139, 80804 Muenchen
          Phone: 361930-0
          Fax: 361930-499


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


FAGE DAIRY: Rating Cut to 'B+' on Weakened Financial Profile
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Greece-based dairy company Fage Dairy
Industry S.A. to 'B+' from 'BB-'.  The outlook is stable.

"The downgrade reflects Fage's negative trading in first-half
2005 and our expectation that difficult market conditions in the
Greek dairy market will continue to challenge a recovery in
Fage's earnings in the near term," said Standard & Poor's credit
analyst Benedetta Rospigliosi.

In addition, as the planned capacity expansion in the U.S. has
been delayed (EUR25 million [$30.5 million] now estimated, mainly
in 2006), cash flow generation is no longer expected to turn
positive in 2006.  At end-June 2005, the company had net debt of
EUR121 million.

We expect Fage to avoid any further deterioration of its
financial profile by decreasing, if necessary, discretionary
outflows such as management costs, upstream funding, or dividend
distributions.

"In order to sustain its current rating, Fage must show its
ability to fund internally its development and the remuneration
of its shareholders, as well as maintain a net debt-to-EBITDA
ratio below 5x," said Ms. Rospigliosi.

"We also assume that the Filippou family's other business
interests will not result in a cash drain on Fage's liquidity
position, apart from the above-mentioned shareholder payments;
any evidence of the contrary would have a negative credit impact
on the company."

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

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


OLYMPIC AIRLINES: Privatization to Push Through
-----------------------------------------------
Greece will still privatize Olympic Airlines notwithstanding a
recent European Commission ruling that compels the carrier to
repay EUR540 million in illegal state aid, Reuters says.

The government stressed Olympic Airlines will remain airborne
until all privatization efforts are exhausted.  This it said in
reaction to speculations it would shut down the carrier as a
result of the adverse Commission ruling.

The Finance Ministry said in a statement: "The government's goal
is that the company's privatization should continue as long as it
is possible."

The ministry said it would review the Commission's ruling, adding
it would ask investors if they are still interested in the
carrier despite the ruling.  Greece sign last month a preliminary
agreement to sell the carrier to preferred bidder Olympic
Investors-York Capital, but extended the sale until this month to
allow U.S. bidder to prove its credit worthiness before entering
into final negotiations.  The sale, however, is subject to E.U.
approval.

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
=============


MALEV HUNGARIAN: Signs Transfer Agreement with Bangkok Airways
--------------------------------------------------------------
Troubled national carrier Malev Hungarian Airlines has struck a
passenger transfer deal with Bangkok Airways, Budapest Business
Journal says.

The deal, which runs from December 2, 2005 to September 30, 2006,
applies to Malev's three-times-a-week Bangkok flights.  The deal
would allow Malev passengers to travel to other destinations in
Thailand and Cambodia using a single ticket, cutting their
transfer time by half to one-and-a-half hours.  The deal would
also help passengers save around HUF20,000 in airport tax.

The government recently scrapped the latest attempt to sell
Malev, saying the offers were unsatisfactory.  It will instead
revive its search for a strategic partner to save the troubled
carrier.

CONTACT:  MALEV HUNGARIAN AIRLINES
          Konyves Kalman korut 12-14,
          H-1097 Budapest
          Phone: +36 1 235 3100
          Fax: +36 1 235-3255
          E-mail: malev@malev.hu
          Web site: http://www.malev.hu

          ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.)
          Pozsonyi ut 56
          H-1133 Budapest
          Phone:(36 1) 237 4400
          Fax:(36 1) 237 4100
          E-mail: apvrt@apvrt.hu
          Web site: http://www.apvrt.hu/english/m3.html


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


CAFESLIM LIMITED: Business for Sale
-----------------------------------
KPMG offers for sale the business and assets of Cafeslim Limited
as a going concern.

Features:

(a) Provide online weight management programmes to consumers in
    the U.K. and Ireland;

(b) Unique backend developed proprietary technology to
    streamline and automate the development of rapid meal plans;

(c) Extensive and growing network of members;

(d) Strong revenue growth;

(e) Experienced and committed team of support professionals; and

(f) Owner of Cafeslim trademark and domain names across several
    different brand categories including: cafeslim.com,
    cafeslim.ie, cafeslim.co.uk, cafeslim.org and cafeslim.tv

CONTACT:  KPMG
          1, Stokes Place
          St. Stephen's Green
          Dublin 2
          Phone: +353 1 410 1000
          Fax: +353 1 412 1932
          E-mail: kieran.wallace@kpmg.ie

          CAFESLIM LIMITED
          Cafeslim Limited.
          Unit B, (first floor),
          65/66 Western Parkway Business Park,
          Ballymount Drive,
          Dublin 12
          Web site: http://www.cafeslim.com


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


FIAT SPA: Fixes Price of Ordinary Shares to be Issued to Banks
--------------------------------------------------------------
The subscription price of the Fiat S.p.A. ordinary shares that
will be issued by the Company and subscribed by the lending banks
on September 20, 2005, in execution of the capital increase to
service the EUR3 billion Convertible Facility, was set at
EUR10.28.

As per the agreement, this price is the result of the average
between EUR14.4409 and the weighted average of the official
prices posted in the six months preceding Sept. 13.  The shares
will subsequently be preemptively offered to all Fiat
stockholders in accordance with the first three paragraphs of
Article 2441 of the Italian Civil Code and Article 134 first
paragraph of the Consolidated Law on Financial Intermediation.

                            *   *   *

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

                        About Fiat S.p.A.

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

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


FIAT SPA: GM Settlement Drives up Operating Income to EUR1.4 Bln
----------------------------------------------------------------
The Board of Directors of Fiat S.p.A., chaired by Luca Cordero di
Montezemolo, met on Thursday in Turin and resolved, as previously
announced, on the EUR3 billion capital increase to service the
mandatory convertible facility.  The Board of Directors also
approved the First-half Report of the Fiat Group that contains
the financial data of the Group, which were previously examined
by the Board of Directors on July 28, 2005 and disclosed at that
time.

Capital Increase for the Mandatory Convertible Facility

Pursuant to the delegation of authority granted by the
Extraordinary Stockholders Meeting held on September 12, 2002,
the Board of Directors resolved on a capital increase to service
the Mandatory Convertible Facility that falls due on September
20, 2005.

On that date, 291,828,718 ordinary shares will be issued at the
price of EUR10.28 each, which is determined as the average
between the price of EUR14.4409 as per the convertible facility
agreement, and the weighted average of the official prices over
the last six months.

The lending banks will subscribe the new shares through a set-off
against the total debt of EUR3 billion owed to them, with the
obligation to pre-emptively offer the shares to stockholders.

The offering (to be carried out in the ratio of 149 newly issued
Fiat ordinary shares at a price of EUR10.28 per share for every
500 Fiat ordinary, preference or savings shares held) will take
place within a few weeks, after having obtained clearance from
Consob for the publication of the relevant Prospectus.

The shares subscribed by the lending banks pursuant to Article
2441, paragraph seven of the Italian Civil Code will not enjoy
voting rights until expiration of the offering.

The conversion will entail a reduction of EUR3 billion in the net
debt of Fiat S.p.A. and of the Group.  In the statutory financial
statements of Fiat S.p.A., prepared in accordance with
Italian accounting principles, the reduction in net debt will be
counterbalanced by the increase in capital stock and in
additional paid-in capital.

An increase in capital stock and reserves for an amount equal to
the current value of the shares issued will be booked in the
consolidated financial statements, which are prepared in
accordance with IFRS; the difference, determined on the basis of
the subscription price of new shares (EUR10,28 per share) and
their market value at the time of the subscription, will be
booked in the statement of operations as a non-recurring
financial gain.  Based on the market value of Fiat shares as of
the date of this press release, the difference to be posted in
the statement of operations would amount to approximately EUR700
million.

Group Results in the First Half of 2005

Fiat Group revenues totaled EUR22.8 billion in the first half of
2005, 1% less than in the same period of 2004.  The slight
downturn was caused mainly by lower sales in the Automobiles
business area (declining in the first quarter and recovering in
the second quarter of 2005), which were impacted by weak demand
in Italy.  The increase in revenues at Iveco partially
compensated for this reduction.

The trading profit for the period (EUR407 million) almost doubled
with respect to the EUR205 million reported in the first half of
last year.  The improvement is attributable to sharply lower
trading losses at the Automobiles business area (EUR200 million)
and the positive performance of CNH and Iveco.  The trading
profit of the Components and Production Systems business area and
that of Other Businesses decreased.

Operating income totaled EUR1.4 billion, compared with EUR125
million in the first six months of 2004.  The sharp increase
reflects the contribution of EUR1.1 billion made by the gain
resulting from the General Motors settlement.  Operating income
also included EUR202 million generated by the improvement in
trading profit.

Income before taxes totaled EUR1 billion, reflecting an
improvement of EUR1.4 billion from the loss of EUR395 million for
the first half of 2004.  The growth stemmed principally from
improvement in operating income (approximately EUR1.3 billion),
in addition to lower net financial expenses.  These totaled
EUR436 million, EUR184 million less than the corresponding figure
for the first six months of 2004, which reflected approximately
EUR150 million in expenses generated by the closing of the equity
swap agreement on GM shares.  Excluding this last component, the
improvement reflected the lower net debt of the Group's
industrial companies.

Net consolidated income before minority interests in the first
half of 2005 was EUR510 million, with an improvement of EUR1,148
million from a loss of EUR638 million in the same period of 2004.
This change was also affected by higher income taxes for EUR281
million, including the reversal of EUR277 million in deferred tax
assets posted at the end of 2004 by Fiat S.p.A., in consequence
of the gain on the termination of the Master Agreement with
General Motors.

Net industrial debt (EUR9.2 billion) at June 30, 2005 was down by
EUR0.3 billion, while the Group's cash position (cash, cash
equivalents and current securities) remained strong at EUR7.3
billion, up from the EUR6.1 billion reported at December 31,
2004.  The settlement received from General Motors and the
Barclays-Iveco transaction contributed significantly to this
improvement.

The report is available free of charge at
http://bankrupt.com/misc/Fiat(H12005).pdf

Subsequent Events and Outlook for the Rest of 2005

As a consequence of the notification by EDF of its intention to
withdraw its arbitration claim, on September 9, 2005 Fiat sold
24.6% of the share capital of Italenergia Bis to EDF at a price
of EUR1,147 million.  Concurrently the Citigroup financing of the
same amount that had been extended in September 2002 was
reimbursed. On the same date, the financial institutions that had
acquired 14% of Italenergia Bis in 2002, sold their stake to EDF.

Consequently, the possibility that Fiat be required to repurchase
said stake was eliminated.

This possibility had entailed for Fiat the recognition of a
financial debt of approximately EUR600 million in the financial
statements prepared under IFRS.

As a result of these two transactions, Fiat will book a net gain
of over EUR850 million in its consolidated statement of
operations prepared under IFRS, while the Group net debt will
decrease by approximately EUR1.8 billion.

The positive results recorded in the first six months of the year
and in particular the accelerated pace of growth in the second
quarter, provide a satisfactory indication that efforts aimed at
achieving turnaround are bearing fruit.  Though we are cautiously
optimistic about the future, Fiat Auto still has a lot of work to
do and all the efforts to improve its structural efficiency will
further intensify.  At the same time, other businesses have yet
to reach fully satisfactory operating performances.

In the second half of the year, most of Fiat's business sectors
expect to continue operating in a competitive economic climate.
Nonetheless, the Group confirms its commitment to the achievement
of its stated 2005 financial objectives.

The conversion of the Mandatory Convertible Facility and the
completion of the Italenergia transaction will strengthen our
capital structure by approximately EUR4.8 billion.  When adjusted
for this effect, net debt of industrial activities at June 30,
2005 would be EUR4.4 billion, and consolidated stockholders'
equity (before minority interest) would total approximately EUR10
billion.  Furthermore, the closing in July of a new three-year
EUR1 billion credit facility (that replaces a corresponding one
of EUR1.7 billion), which is currently undrawn, provides us with
adequate financial flexibility.

The Fiat S.p.A. Board of Directors decided to advance the date of
the meeting for the review of the third quarter 2005 results from
October 31 to October 26, 2005.

- - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - -
Effective January 1, 2005, the Fiat Group adopted the
International Financial Reporting Standards.  The comparative
data for the corresponding period of 2004 have thus been restated
and illustrated in accordance with the new accounting standards.
For more information on the content of these standards, as well
as the impact of their adoption on the 2004 figures that have
already been published, reference is made to the specific
Appendices of the quarterly reports at March 31, 2005 and June
30, 2005.

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


FIAT SPA: Chairman Rules out Ferrari Stake Sale
-----------------------------------------------
Fiat S.p.A. Chairman Luca Cordero di Montezemolo said the firm
has no plans of selling its 56% stake in luxury sports carmaker
Ferrari S.p.A.

When asked regarding a possible listing on the stock market he
told reporters at the Frankfurt auto show it would only be
decided after talks with 34% co-owner Mediobanca.  The Italian
investment bank mentioned in July it was selling 5% of Ferrari to
Abu Dhabi's Mubadala Development Co.

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

The company is launching a share offering to raise funds to serve
a EUR3 billion convertible loan that matures this month.

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


PARMALAT FINANZIARIA: Sells Bakery Unit to Vicenzi Biscotti
-----------------------------------------------------------
Troubled dairy giant Parmalat Finanziaria S.p.A. has sold its
local bakery operations to Vicenzi Biscotti S.p.A., AFX News
says.  The transaction, worth EUR19 million, will give Vicenzi
four production plants and several brands.  Parmalat values the
bakery operations at EUR17 million.  The sale now only awaits the
approval of the local antitrust authority after the Industry
Ministry cleared the deal recently.

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

          VICENZI BISCOTTI S.p.A
          Via Forte Garafolo
          1-37057 San Giovanni Lupatoto
          Phone: 0039 045 8262800
          Fax: 0039 045 8266026
          Web site: http://www.vicenzi.it


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


ROYAL SHELL: Carries on Buyback Program
---------------------------------------
On 14 September 2005, Royal Dutch Shell plc purchased for
cancellation 1,650,000 'A' Shares at a price of EUR25.94 per
share.  It further purchased for cancellation 660,000 'A' Shares
at a price of 1,746.61 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,038,400,000.

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

                            *   *   *

Shell's buyback scheme is 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 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


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


INFO TECH: Creditors' Claims Due November
-----------------------------------------
LLC Info Tech, which recently became insolvent, will accept
proofs of claim at Bishkek, Kievskaya Str. 135 on or before
November 1, 2005.

CONTACT:  INFO TECH
          Bishkek,
          Kievskaya Str. 135


JBI-20 OSH: Sets Public Auction September 28
--------------------------------------------
PSSI of Osh Region will sell the properties of CJSC JBI-20 Osh on
September 28, 2005, 2:00 p.m. at City Court of Osh region, Room
14.  For sale are cars of different models.

To participate, bidders must deposit an amount equivalent to 5%
of the starting price to the cashier of JBI-20 Osh on or before
September 27, 2005.  Call (0-32-22) 3-60-92 for more information.


LARKOM FREE: Proofs of Claim Due November
-----------------------------------------
LLC Larkom Free Economic Zone Bishkek, which recently became
insolvent, will accept proofs of claim at Bishkek, Manas Avenue
303 on or before November 1, 2005.

CONTACT:  LARKOM FREE ECONOMIC ZONE BISHKEK
          Bishkek,
          Manas Avenue 303


SELEKT FREE: Gives Creditors Until November to File Claims
----------------------------------------------------------
LLC Selekt Free Economic Zone Bishkek, which recently became
insolvent, will accept proofs of claim at Bishkek, Manas Avenue
303 on or before November 1, 2005.

CONTACT:  SELEKT FREE ECONOMIC ZONE BISHKEK
          Bishkek,
          Manas Avenue 303


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


BREEDER: Bankruptcy Supervision Procedure Begins
------------------------------------------------
The Arbitration Court of Khakasiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Breeder.  The case is docketed as A74-2041/2005.  Mr. M. Panino
has been appointed temporary insolvency manager.

Creditors may send their proofs of claim to 655017, Russia,
Khakasiya republic, Abakan, Post User Box 199.  A hearing will
take place on October 12, 2005, 2:40 p.m.

CONTACT:  BREEDER
          Russia, Khakasiya republic,
          Ust-Abakanskiy region, Rastsvet

          Mr. M. Panino
          Temporary Insolvency Manager
          655017, Russia, Khakasiya republic,
          Abakan, Post User Box 199


DRUZHBA: Declared Insolvent
---------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Druzhba (TIN 2339001850) after finding the
open joint stock company insolvent.  The case is docketed as
A-32-7370/2005-27/76-B.  Ms. E. Zhukova has been appointed
insolvency manager.  Creditors have until October13, 2005 to
submit their proofs of claim to 350042, Russia, Krasnodar,
Kolkhoznaya Str. 3, Office 307.

CONTACT:  DRUZHBA
          352430, Russia, Krasnodar region,
          Kurganinsk, Mikhaylovskoye Shosse, 1

          Ms. E. Zhukova
          Insolvency Manager
          350042, Russia, Krasnodar region,
          Kolkhoznaya Str. 3, Office 307


GAGARINO-AGRO-TEKH-SERVICE: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Smolensk region has commenced bankruptcy
supervision procedure on open joint stock company
Gagarino-Agro-Tekh-Service.  The case is docketed as
A-62-1175/2005 (627-N/05).  Mr. P. Protsenko has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 127018, Russia, Moscow, Polkovaya Str. 17, Building
3.

CONTACT:  GAGARINO-AGRO-TEKH-SERVICE
          Russia, Smolensk region,
          Gagarin, Proezd STKh, 5

          Mr. P. Protsenko
          Temporary Insolvency Manager
          127018, Russia, Moscow,
          Polkovaya Str. 17, Building 3


KULESHOVSKOYE: Bankruptcy Hearing Set December
----------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Kuleshovskoye (TIN 2326002141, KPP 232601001, OKPO 036050663).
The case is docketed as A-32-17779/2005-1/249 B.  Mr. G. Antipov
has been appointed temporary insolvency manager.  A hearing will
take place on December 21, 2005, 12:00 p.m.

CONTACT:  KULESHOVSKOYE
          353040, Russia, Krasnodar region,
          Beloglinskiy region, Kuleshovka

          Mr. G. Antipov
          Insolvency Manager
          350020, Russia, Krasnodar region,
          Ofitserskaya Str. 34, Room 11


METROMEDIA INTERNATIONAL: Buys Majority Interest in Magticom
------------------------------------------------------------
Metromedia International Group, Inc. the owner of interests in
communications and media businesses in the country of Georgia,
announced on September 15, 2005 these recent developments
concerning Magticom Ltd., its mobile telephony business venture
in the country of Georgia:

(a) The Company and Dr. George Jokhtaberidze, co-founder of
    Magticom, acquired the 14.5% interest in Magticom formerly
    owned by Western Wireless International Corporation for a
    cash price of $43 million.  The Company now owns 50.1% of
    Magticom through various holding companies and Dr.
    Jokhtaberidze owns 49.9%.  The Company and Dr. Jokhtaberidze
    funded the purchase pro rata to these ownership shares;

(b) Prior to the purchase, Magticom issued a dividend of $17.0
    million, net of 10% Georgian dividend withholding taxes, of
    which approximately $7.28 million was distributed to the
    Company.  The Company used this dividend distribution plus
    an additional $14.26 million of corporate cash to fund its
    portion of the purchase; and

(c) Concurrently with these transactions, the Company paid in
    full all principal and interest due to Dr. Jokhtaberidze
    under a promissory note executed in February 2005 in
    connection with the Company's acquisition of approximately
    8.34% of Dr. Jokhtaberidze's ownership interest in Magticom.
    The amount of this payment was approximately $23.5 million.

After completion of all aforementioned transactions, the balance
of unrestricted corporate cash on hand was approximately $21.3
million.

               Chief Executive Mark Hauf Reports:

We have now obtained a clear majority interest in Magticom,
which, I believe, will serve the Company as a steadily growing
source of value well into the future.  Magticom continues to grow
while maintaining a very attractive level of profitability. Our
sole minority partner, Dr. Jokhtaberidze, shares our enthusiasm
for continued development of this business.  The $43 million cash
outlay for Western Wireless's 14.5% economic interest in Magticom
reflects an attractive valuation for the buyers.  And, with the
full repayment of the note to Dr. Jokhtaberidze, the Company has
no debt obligations to third parties at either the Corporate
level or at Magticom and possesses sufficient liquidity to
address its immediate operational and development initiatives.
In all, I believe that the developments we consummated represent
a significant further step in building value for our
shareholders.

              About Metromedia International Group

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

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


NELIDOVSKIY MEAT: Court Brings in Insolvency Manager
----------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on open joint stock company Nelidovskiy
Meat Combine.  The case is docketed as A66-5493/2005.  Mr. S.
Krasilnikov has been appointed temporary insolvency manager.  A
hearing will take place on November 1, 2005 at 12:00 noon.

CONTACT:  NELIDOVSKIY MEAT COMBINE
          Russia, Tver region, Nelidovo

          Mr. S. Krasilnikov
          Temporary Insolvency Manager
          141730, Russia, Moscow region, Lobnya,
          Yubileynaya Str. 4, Building 5, Room 17


NORTH GARDENS: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against North Gardens after finding the agricultural
company insolvent.  The case is docketed as
A-32-4901/2005-1/29-B.  Mr. S. Malaev has been appointed
insolvency manager.  Creditors have until October 14, 2005 to
submit their proofs of claim to 350063, Russia, Krasnodar, Frunze
Str. 30.

CONTACT:  NORTH GARDENS
          353500, Russia, Krasnodar region,
          Temryuk, 27th September Str. 21

          Mr. S. Malaev
          Insolvency Manager
          350063, Russia, Krasnodar region,
          Frunze Str. 30


SIBERIAN GRAIN: Undergoes Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on open joint stock company
Siberian Grain.  The case is docketed as A45-13862/05-27/236.
Ms. A. Ledvino has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 630129, Russia,
Novosibirsk, Post User Box 22.  A hearing will take place on
December 26, 2005, 10:30 a.m. at Russia, Novosibirsk, Kirova Str.
3, Room #915.

CONTACT:  SIBERIAN GRAIN
          630091, Russia, Novosibirsk region,
          Krasnyj Pr. 74

          Ms. A. Ledvino
          Temporary Insolvency Manager
          630129, Russia, Novosibirsk region,
          Post User Box 22


SURGUT-ZHIL-INDUSTRY: Insolvency Manager Takes over Helm
--------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Surgut-Zhil-Industry
after finding the open joint stock company insolvent.  The case
is docketed as A75-1870/2005.  Mr. Y. Dadyko has been appointed
insolvency manager.  Creditors have until October 13, 2005 to
submit their proofs of claim to 628400, Russia, Khanty-Mansiyskiy
autonomous region, Surgut, Aeroflotskaya Str. 5.

CONTACT:  Mr. Y. Dadyko
          Insolvency Manager
          628400, Russia, Khanty-Mansiyskiy autonomous region,
          Surgut, Aeroflotskaya Str. 5


TRANSNATIONAL: Bankruptcy Hearing Set November
----------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on oil company Transnational.  The case is
docketed as A27-19657/2005-4.  Mr. E. Sanzharevskiy has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 650036, Russia,
Kemerovo, Gagarina Str. Post Office 36, Post User Box 8.  A
hearing will take place on November 30, 2005.

CONTACT:  TRANSNATIONAL
          650036, Russia, Kemerovo region, Gagarina Str.
          Post Office 36, Post User Box 8

          Mr. E. Sanzharevskiy
          Insolvency Manager
          650036, Russia, Kemerovo region, Gagarina Str.
          Post Office 36, Post User Box 8


YUG-ENERGO: Bankruptcy Hearing Set Next Year
--------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on close joint stock company Yug-Energo
(TIN 6143018776).  The case is docketed as A53-15930/2005-S2-30.
Mr. S. Baludin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 344010, Russia,
Rostov-na-Donu, Nakhichevanskiy Per. 64, Office 1007.  A hearing
will take place on November 2, 2006, 10:30 a.m.

CONTACT:  YUG-ENERGO
          347360, Russia, Rostov region,
          Volgodonsk, Lenina Str. 60

          Mr. S. Baludin
          Temporary Insolvency Manager
          344010, Russia, Rostov-na-Donu,
          Nakhichevanskiy Per. 64, Office 1007


YUKOS OIL: Lithuania Wants Full Control of Mazeikiu Nafta
---------------------------------------------------------
Lithuania is interested in buying Yukos Oil's majority stake in
oil refinery Mazeikiu Nafta, Prime Minister Algirdas Brazauskas
told journalists on Thursday.

The Lithuanian government already owns 40.6% of Mazeikiu; Yukos
holds 53.7% and management rights.  Yukos is selling the stake to
help pay for its back-tax bill that as of June 29 stood at US$2
billion, according to the Russian Justice Ministry.

Mazeikiu owns a refinery, the Butinge offshore terminal and a
pipeline.  It had net profit of LTL378.9 million (EUR109.6
million) in the first half on sales of LTL4.8 billion.

It is one of the last two foreign assets of Yukos that have not
been seized by the Russian government in an effort to collect
payment for the back-tax bill.  The other is a property in the
Netherlands.  Russia has asked all Yukos assets to be frozen, but
the two countries have not complied so far.

The estimated value of Yukos' stake in Mazeikiu Nafta is US$1.47
billion, according to MosNews.  Also interested in the company
are U.S. oil giant ConocoPhillips, Russian companies Gazprombank
and Lukoil, the Russian-British joint venture TNK-BP, the
international group Vitol and Kazakhstan's state-owned KaMunGaz.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in the U.S. on Dec. 14, 2004,
but the case was dismissed two months after.

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

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


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


SKANDIA INSURANCE: Provides Old Mutual Key Company Information
--------------------------------------------------------------
In connection with Old Mutual plc's announcement early this
summer to the Board of Directors of Skandia Insurance Company
Ltd. of its interest in making a public offer for all Skandia
shares, Old Mutual requested to perform due diligence of Skandia.
The Board accepted this request.  Prior to the start of this
process, a customary confidentiality agreement was reached.

In connection with the public announcement of its offer to
Skandia's shareholders, Old Mutual stated that it plans to
distribute a prospectus at the end of September, after which time
Skandia's shareholders will have to take a position on the offer.

In view of this and pursuant to the Industry and Commerce Stock
Exchange Committee's takeover rules, following is a summary of
previously non-public information that was provided to Old
Mutual -- as well as to certain other parties -- in the course of
the due diligence process.

Most of the information provided in the course of the due
diligence process was either immaterial concerning the valuation
of Skandia's shares or confirmatory of existing public
information.  However, the Board has determined that there
were three areas of disclosure that could have an impact on the
valuation of Skandia's shares.  These are:

(a) business plans for the years 2005-2007;

(b) a project regarding identification of cost reduction
    opportunities and synergies within the group, over and above
    plan; and

(c) a special assessment of embedded value as per 31 March 2005
    performed by Tillinghast, a business unit of Towers Perrin.

All of this information was originally prepared for internal use
and has not been subject to a review by Skandia's auditors.  The
results from the review of the Turbo plan and Tillinghast's
assessment are over and above the business plan and were
developed independently of each other.  Tillinghast's work did
not consider the synergies identified.

                            *   *   *

Old Mutual plc has reportedly sought the support of its own
shareholders in its SEK44.9 billion bid for Skandia.  The backing
is crucial due to the size of the transaction, from which an GBP8
billion cross-border financial services group could emerge.

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

Mr. Sutcliffe is positive about Old Mutual gaining the necessary
backing as talks with its major shareholders are ongoing,
stressing that "people have warmed to it since May."  The company
is also confident that Skandia's key investors would
welcome its proposal, following several discussions with them.

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

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

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

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

          COLLEGE HILL
          Alex Sandberg
          Phone: +44 (0) 20 7457 2020
          Mobile: +44 (0) 7831 851 844
          Tony Friend
          Phone: +44 (0) 20 7457 2020
          Mobile: +44 (0) 7798 864 995
          Web site: http://www.collegehills.com/


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


LEICA GEOSYSTEMS: Remains on CreditWatch After Danaher's Exit
-------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB+' rating on
Switzerland-based optical-measurement instruments maker Leica
Geosystems Holdings AG on CreditWatch with developing
implications following the announcement that Danaher Corp.
(A+/Stable/--) has disposed of all its shares in Leica,
effectively ending its battle with Hexagon AG for control of the
company.

"The effective end of Danaher's bid for control of Leica, and
resulting boost for Hexagon's bid, increases the likelihood that
Leica will be taken over by Hexagon, which could put negative
pressure on the ratings," said Standard & Poor's credit analyst
Jarrad Oberhardt.  "Nevertheless, both offers remain technically
open until their respective expiry dates."

A formal declaration of the result of each offer will be known at
the end of September.  Standard & Poor's expects to resolve the
CreditWatch placement once an acquisition has been completed.

The rating was originally placed on CreditWatch with negative
implications on June 13, 2005, after Swedish technology company
Hexagon announced an unsolicited takeover bid for Leica. The
implications of the CreditWatch were later revised to developing
on July 26, 2005, following news of a friendly takeover bid by
U.S.-based Danaher.

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

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


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


DNIPROAVIA AVIATION: One-year Recovery Program Starts
-----------------------------------------------------
The Economic Court of Dnipropetrovsk region has placed
state-owned JSC Dniproavia Aviation Company under bankruptcy
proceedings for 12 months until Aug. 11, 2006, Interfax reports.
Ihor Samoshost was appointed insolvency manager.

Dniproavia Aviation has three Yak049 and five Yak-42 aircraft.
It flies to Istanbul, Tbilisi, Frankfurt, Antalia, Hurghada,
Koln, Volgograd, Moscow, Kyiv, Sevastopol, Ivano-Frankivsk and
Simferopol.  Its main creditor is PrivatBank.  The company
applied for bankruptcy proceedings on November 4, 2004.

CONTACT:  PRIVATBANK
          Web site: http://www.privatbank.ua/info/index1.stm


DONTRAST: Court Names Oleksandr Kebkal Liquidator
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Dontrast (code EDRPOU 31776685) after finding
the limited liability company insolvent.  The case is docketed as
15/145-b.  Mr. Oleksandr Kebkal (License Number AA 668313) has
been appointed liquidator/insolvency manager.

Creditors have until September 20, 2005 to submit their proofs of
claim to:

(a) DONTRAST
    02218, Ukraine, Kyiv region,
    Rajduzhna Str. 6

(b) Mr. Oleksandr Kebkal
    Liquidator/Insolvency Manager
    02068, Ukraine, Kyiv region,
    Grigorenko Str. 7-V/51
    Phone: 467-50-05

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


FIESTA: Creditors' Claims Due September 20
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Fiesta (code EDRPOU 24738743) on July 29,
2005 after finding the limited liability company insolvent.  The
case is docketed as 44/365-b.  Mr. S. Kitsul (License Number AA
487782) has been appointed liquidator/insolvency manager.

Creditors have until September 20, 2005 to submit their proofs of
claim to:

(a) FIESTA
    04071, Ukraine, Kyiv region,
    Varhnij Val Str. 54

(b) Mr. S. Kitsul
    Liquidator/Insolvency Manager
    03127, Ukraine, Kyiv region,
    Lomonosov Str. 11/1
    Phone: 8 (067) 295-08-03

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


GRAN-S: Gives Creditors Until Tomorrow to File Claims
-----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Gran-S (code EDRPOU 21566220) on August 4,
2005 after finding the private enterprise insolvent.  The case is
docketed as 43/623.  Ms. Ludmila Zayikina has been appointed
liquidator/insolvency manager.  The company holds account number
26003301360261 at Prominvestbank, MFO 322153.

Creditors have until September 20, 2005 to submit their proofs of
claim to:

(a) GRAN-S
    01042, Ukraine, Kyiv region,
    Druzhbi Narodiv Str. 5/717

(b) Ms. Ludmila Zayikina
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


ILLINTSI' AGRO-COMMERCIAL: Succumbs to Insolvency
-------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Illintsi' Agro-Commercial House (code EDRPOU
30072320) on July 19, 2005 after finding the company insolvent.
The case is docketed as 5/151-05.  Illintsi' State Tax Inspection
has been appointed liquidator/insolvency manager.  The company
holds account number 260032546 at JSPPB Aval, Vinnitsya regional
branch, MFO 302247.

Creditors have until September 20, 2005 to submit their proofs of
claim to:

(a) ILLINTSI' AGRO-COMMERCIAL HOUSE
    22700, Ukraine, Vinnitsya region,
    Illintsi, Kirov str.
    Phone: (04352) 2-11-50

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


KREDO-SPORT: Court Appoints Liquidator
--------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Kredo-Sport (code EDRPOU 32158844) on August
4, 2005 after finding the limited liability company insolvent.
The case is docketed as 43/621.  Ms. Ludmila Zayikina has been
appointed liquidator/insolvency manager.  The company holds
account number 26000100761001 at OJSC Alfa-Bank, Kyiv region
branch, MFO 321346.

Creditors have until September 20, 2005 to submit their proofs of
claim to:

(a) KREDO-SPORT
    01010, Ukraine, Kyiv region,
    Sichnevogo Povstannya Str. 24-V

(b) Ms. Ludmila Zayikina
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region, Melnikov Str. 2/10

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


LVIV COMMERCIAL: Declared Insolvent
-----------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against LLC Lviv Commercial House (code EDRPOU
30994581) on February 28, 2005.  The case is docketed as
6/26-29/17.  Mr. S. Bogach has been appointed
liquidator/insolvency manager.

Creditors have until September 20, 2005 to submit their proofs of
claim to:

(a) LVIV COMMERCIAL HOUSE
    Ukraine, Lviv region,
    Mitskevich Str. 4

(b) Mr. S. Bogach
    Liquidator/Insolvency Manager
    Ukraine, Lviv region,
    Zhovkivskij district, Malehiv, Stus Str. 5

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


NOVOSANZHANSKE: Insolvency Manager Moves in
-------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Collective Enterprise Novosanzhanske (code
EDRPOU 03585863) on July 28, 2005 after finding the limited
liability company insolvent.  The case is docketed as 10/311.
Mr. Fedor Lazarev (License Number AA 116272) has been appointed
liquidator/insolvency manager.  The company holds account number
26007171431001 at CB Privatbank, Poltava regional branch, MFO
331401.

Creditors have until September 20, 2005 to submit their proofs of
claim to:

(a) NOVOSANZHANSKE
    Ukraine, Poltava region,
    Novi Sanzhari, Vernadskij Str. 19

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

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


PEGAS: Lviv Court Opens Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Pegas (code EDRPOU 30203355) after finding
the limited liability company insolvent.  The case is docketed as
6/27-29/18.  Mr. S. Bogach has been appointed
liquidator/insolvency manager.

Creditors have until September 20, 2005 to submit their proofs of
claim to:

(a) PEGAS
    Ukraine, Lviv region,
    Gnat Hotkevich Str. 3a a/80

(b) Mr. S. Bogach
    Liquidator/Insolvency Manager
    Ukraine, Lviv region,
    Zhovkivskij district, Malehiv, Stus Str. 5

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


PEVAG AVSTRIYA: Declared Insolvent
----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Pevag Avstriya (code EDRPOU 31722650) on
August 4, 2005 after finding the limited liability company
insolvent.  The case is docketed as 43/622.  Ms. Ludmila Zayikina
has been appointed liquidator/insolvency manager.  The company
holds account number 26002001300602 at JSCB Rajffajzenbank
Ukraine, MFO 300528.

Creditors have until September 20, 2005 to submit their proofs of
claim to:

(a) PEVAG AVSTRIYA
    03039, Ukraine, Kyiv region,
    Nauki Avenue, 16 A

(b) Ms. Ludmila Zayikina
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

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


RATI: Court Grants Debt Moratorium
----------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on Private Productional Enterprise Rati
(code EDRPOU 31042061) on July 18, 2005 and ordered a moratorium
on satisfaction of creditors' claims.  The case is docketed as
5/138 B.  Mr. Oleksandr Tihonov (License Number AA 216966) has
been appointed temporary insolvency manager.  The company holds
account number 26007301500991 at JSCB National Credit, Gorlivka
branch, MFO 335797.

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

(a) RATI
    84617, Ukraine, Donetsk region,
    Gorlivka, Pushkinska Str. 12

(b) Mr. Oleksandr Tihonov
    Temporary Insolvency Manager
    84627, Ukraine, Donetsk region,
    Gorlivka, Gagarin Str. 51 a/40

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


REMBUDSERVICE: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of Cherkassy region has commenced bankruptcy
supervision procedure on CJSC Rembudservice (code EDRPOU
21365533). The case is docketed as 01/1526.  Ms. Natalya Miguta
has been appointed temporary insolvency manager.  The company
holds account number 26042309810319 at JSCB National Credit, MFO
354972.

Creditors have until September 20, 2005 to submit their proofs of
claim to:

(a) REMBUDSERVICE
    19000, Ukraine, Cherkassy region,
    Kaniv, Lenin Str. 195-A

(b) Ms. Natalya Miguta
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Smilyanskij district, Kostyantinivka

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


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


ABBEY MEDIA: Creditors Meeting Set Wednesday
--------------------------------------------
Notice is hereby given by James Douglas Ernie Money and Mark
Jeremy Orton, both of KPMG LLP, St Nicholas House, Park Row,
Nottingham NG1 6FQ, that a Meeting of Creditors of Abbey Media
Supplies Ltd. (Company No 04027763) is to be held at KPMG LLP, St
Nicholas House, Park Row, Nottingham NG1 6FQ, on 21 September
2005, 10:00 a.m.  The Meeting is an initial Creditors' Meeting
under paragraph 51 of Schedule B1 of 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.

J D E Money, Joint Administrator

CONTACT:  ABBEY MEDIA SUPPLIES
          Field House, Field Street
          Shepshed Loughborough LE12 9AL
          Leicestershire
          Phone: 01509 560560
          Web site: http://www.abbeymg.net/

          KPMG LLP
          St Nicholas House
          Park Row
          Nottingham
          Nottinghamshire NG1 6FQ
          Phone: 0115 935 3535
          Fax: 0115 935 3500


BOOTS GROUP: Bayer Board Okays GBP1.4 Billion Offer
---------------------------------------------------
The supervisory board of Bayer AG has reportedly approved a bid
of at least GBP1.4 billion for Boots Group plc's healthcare
business.

While Boots was said to be seeking a price of GBP1.7-2 billion, a
source privy to the deal told Reuters the German chemicals and
drugs firm could afford to offer lower than Europe's biggest drug
maker GlaxoSmithKline, whose bid faces antitrust challenges.

With Global headquarters in Leverkusen, Germany, the Bayer Group
markets some 5,000 products in the fields of healthcare,
nutrition and high-tech materials.  It employs over 90,000
employees worldwide, and has net income of EUR603 million on net
sales of over EUR29 billion in 2004.

Along with Bayer and GSK, Reckitt Benckiser and U.S. drug company
Pfizer also advanced to the second round of bidding.  Boots'
healthcare business owns the Clearasil skin products, Nurofen
painkillers and Strepsils lozenges, among others.

The bidders have been given access to the unit's books and
management for consultation.  The sale, which is being handled by
U.S. investment bank Goldman Sachs, is part of Boots' strategy to
focus on its core retail business.

CONTACT:  BOOTS GROUP PLC
          1 Thane Road
          Nottingham NG2 3AA
          Phone: 0115 950 6111
          Customer Service: 0845 070 80 90
          Web site: http://www.boots-plc.com

          BAYER AG
          51368 Leverkusen
          Germany
          Phone: +49-(0)214 / 30-1
          Web site: http://www.bayer.com


BRITISH ENERGY: Extends Dungeness B's Lifespan to 2018
------------------------------------------------------
British Energy Group plc has completed the necessary technical
and economic evaluation as well as requisite external reviews,
and has decided to extend Dungeness B's accounting life for 10
years to 2018.  The decision extends the expected life of
Dungeness B for accounting purposes to 35 years in line with a
number of the Company's other power stations.

Chief Executive Officer Bill Coley said: "This decision is based
on a comprehensive technical and economic evaluation of
Dungeness and is important in supporting the U.K.'s security of
electricity supply and climate change goals for the reduction of
CO2 emissions."

The decision with respect to Dungeness B is not indicative of the
potential for life extensions at the Company's other nuclear
power stations, which are subject to separate technical and
economic evaluation, currently expected to be completed a minimum
of 3 years before the scheduled closure date of each respective
station.

The Company expects total Group investment in plant projects,
major repairs and strategic spares to be GBP230 million to GBP250
million for the financial year 2005/06 and GBP200 million to
GBP250 million for 2006/07.  This includes the cost of work
during those years with respect to the extension to Dungeness B's
life.  To enable this station to operate for the full ten years,
it is planned to spend an incremental GBP25 million in total for
the three years from 2007/08.  This is in addition to expected
normal investment spending.

                        About the Company

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

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

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


CARTMEL VALLEY: Water Bottler Up for Sale
-----------------------------------------
Joint Administrator Les Ross offers for sale the business and
assets of Cartmel Valley Springs Ltd.

The company has access to high quality spring water including
trace salicin, abstracted under license and bottled on site.  The
water is distributed under the Lakeland Willow brand.

Features:

(a) Freehold site of approximately 0.4 hectares, building size
    approximately 744 square meters;

(b) License to abstract up to 100 million liters annually;

(c) Customer base includes several national supermarkets;

(d) Major opportunity to develop an exciting consumer brand;

(e) First prize in the 2004 World Aqua Expo in Paris; and

(f) Modern production equipment

CONTACT:  GRANT THORNTON U.K. LLP
          Heron House, Albert Square
          Manchester M60 8GT
          Web site: http://www.grant-thornton.co.uk

          Les Ross, Joint Administrator
          Phone: 0161 834 5414
          Fax: 0161 953 0213
          E-mail: les.ross@gtuk.com


CEDENCO SIGNS: Hires Administrators from UHY Hacker Young
---------------------------------------------------------
Andrew Andronikou and Ladislav Hornan (IP Nos 1253, 2059) of UHY
Hacker Young were appointed administrators for Cedenco Signs
Limited (Company No 01288406) on Aug. 23.

CONTACT:  CEDENCO SIGNS LTD.
          41 Market Street
          Watford WD18 0PN
          Hertfordshire
          Phone: 01923 249375
          Fax: 01923 255340

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


CHESTER CITY: City Council Demands Payment of Stadium Rent
----------------------------------------------------------
The Chester City Council has commenced proceedings against
Chester City football club and its guarantor to recover GBP40,000
in rent arrears, plus interest and costs, according to the Daily
Post.

The amount due is approximately two years rent for the Deva
stadium.  It represents 0.7% of the annual council tax bill,
according to a council spokesman.

The Daily Post earlier reported that the Inland Revenue has filed
a petition before the High Court to wind up the club for its
failure to pay a GBP180,000 tax bill.  The case will be heard in
London on Sept. 21.

Stephen Vaughan, the club's chairman, meanwhile, denied the club
is on the brink of closing and pledged to help the club out.  He
bought his 75% majority share in 2001 and, to date, has lent the
club GBP4 million.  Earlier this year, he paid GBP167,000 in PAYE
income tax bill and GBP152,000 in VAT.

CONTACT:  CHESTER CITY FOOTBALL CLUB
          Web site: http://www.chester-city.co.uk/


COFURN LIMITED: Members Vote to Liquidate Business
--------------------------------------------------
C. M. O'Grady, Chairman of Cofurn Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 1 at Maclaren House, Skerne Road, Driffield, East Yorkshire
YO25 6PN.

Andrew James Nichols of Redman Nichols was appointed liquidator.
At a Meeting of Creditors held on 1 September 2005, the Creditors
confirmed his appointment.

CONTACT:  COFURN LIMITED
          Unit 4B Colt Business Pk, Havelock St, Hull HU3 4JH
          Phone: 01482 596850

          REDMAN NICHOLS
          Maclaren House
          Skerne Road
          Driffield
          East Yorkshire YO25 6PN
          Phone: 01377 257788
          Fax: 01377 249119
          E-mail: andrew.nichols@redman-nichols.co.uk


COMPASS GROUP: Names Centrica CEO Non-executive Director
--------------------------------------------------------
Compass Group plc has appointed Sir Roy Gardner, Chief Executive
of Centrica PLC, a Non-Executive Director of the company with
effect from 1 October 2005 when he will also take on the role of
Senior Independent Director.  He will become Non-Executive
Chairman of the company in 2006.

Sir Francis Mackay, Chairman of Compass Group, said: "I am
delighted that Roy has agreed to join the Board.  Roy's
experience will be a tremendous asset to the Group in the years
ahead."

On behalf of the Nominations Committee, Peter Cawdron, Deputy
Chairman of Compass Group, said: "Roy will bring great energy and
drive to the group.  He has created enormous value for
shareholders at Centrica and brings with him a wealth of
knowledge and experience, and his leadership will be a tremendous
asset for the Group."

                            *   *   *

Compass Group plc provides food, vending and related services to
clients and customers in the workplace, at school and colleges,
hospitals, on the move, at leisure and in defense, offshore and
remote locations.  It has annual revenues of GBP12 billion and
employs 400,000 people in over 90 countries.

In May, Michael J. Bailey, Chief Executive, said: "I am not happy
with our recent performance.  We need to respond more rapidly
than we have to the changes taking place in our market."

Half-year turnover was GBP6,191 million (2004: GBP5,844 million)
with like-for-like growth of 6%, in line with expectations.
However, net debt at 31 March 2005 rose to GBP2,494 million (30
September 2004: GBP2,373 million), while profit before taxation
and goodwill amortization decreased by 8% from GBP283 million to
GBP260 million.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com


CRAFTSMAN WINDOWS: Falls into Liquidation
-----------------------------------------
D J Thornborough, Chairman of Craftsman Windows Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 2 at The Rhinewood Country House Hotel, Glazebrook
Lane, Glazebrook, near Warrington, Cheshire WA3 5BB.

Richard Ian Williamson of Campbell Crossley and Davis, 348-350
Lytham Road, Blackpool FY4 1DW was appointed liquidator

CONTACT:  CRAFTSMAN WINDOWS LTD.
          Unit 3/5/Dean Mill/Plumbe St
          Burnley
          BB11 3AG
          Phone: 01282 422262

          CAMPBELL CROSSLEY & DAVIS
          348-350 Lytham Road
          Blackpool
          Lancashire FY4 1DW
          Phone: 01253 349331
          Fax: 01253 349435
          E-mail: ian.williamson@crossleyd.co.uk


DEGREECYCLE LIMITED: Clothing Manufacturer Winds up
---------------------------------------------------
M. Iveson, Chairman of Degreecycle Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Aug. 26 at the offices of RMT, Gosforth Park Avenue, Newcastle
upon Tyne NE12 8EG.  A Josephs and L A Farish of RMT, Gosforth
Park Avenue, Newcastle upon Tyne NE12 8EG were appointed
liquidator.

CONTACT:  DEGREECYCLE LIMITED
          Unit 4 All Saints Indstl Est, Darlington Road,
          Shildon, CO Durham DL4 2RD
          Phone: 01388-777253


FEELING OK.NET: Administrator Takes over Firm
---------------------------------------------
William Paxton (IP No 008825)of Robson Laidler LLP was appointed
administrator for Feeling Ok.Net Limited (Company No 03957987) on
Aug. 30.  The company has a registered office at Fernwood House,
Fernwood Road, Jesmond, Newcastle upon Tyne NE1 1TJ.

Feeling Ok.Net sells slimming aids and foods.  Visit
http://www.feelingfat.net/for more information.

CONTACT:  ROBSON LAIDLER LLP
          Fernwood House,
          Fernwood Road, Jesmond,
          Newscastle upon Tyne
          Liquidator:
          W Paxton
          Phone: 0191 281 8191
          Fax: 0191 281 6279
          Web site: http://www.robson-laidler.co.uk


GOSHAWK INSURANCE: Reveals US$0.5 Million Half-year Loss
--------------------------------------------------------
GoshawK Insurance Holdings Plc has reported interim results for
the six months ended 30 June 2005.

Financial and Operational Summary

(a) increase in gross premiums written of 30% over 2004, mainly
    driven by growth in the U.S.;

(b) operating profit of US$4.7 million (2004: US$8.0 million);

(c) group loss after tax of US$0.5 million (2004: profit of
    US$9.2 million) representing nil cents per share (2004:
    earnings per share of 5 cents);

(d) net assets per share unchanged at US$0.99 (55 pence)
    compared to US$0.99 (51 pence) at 31 December 2004;

(e) group results presented under International Financial
    Reporting Standards for the first time.  Impact of IFRS not
    material on results or financial position; comparatives
    restated;

(f) catastrophe activity low for first half, but increases on
    2004 catastrophe estimates;

(g) Hurricane Katrina net losses initially estimated in range of
    US$25 million to US$30 million; and

(h) US$1.6 million (1 cent per share) added to net asset value
    in August 2005 resulting from sale of former corporate
    member at Lloyd's.

            Report of Chief Executive Russell Brooke

We achieved our most important goal in 2005, the generation of
growth in our underwriting portfolio, which reflects the traction
of our strategy and increased franchise value. Rosemont Re has
been severely tested in its first two years as a short tail
specialist, which are the worst consecutive catastrophe years in
history.  Underwriting conditions are expected to improve
significantly following Hurricane Katrina and we are currently
working on increasing our capital base to maximize the resulting
opportunity.

GoshawK returned a marginal loss in the first half of 2005.
Tangible net asset value per share was unchanged compared to 31
December 2004, and was increased post period end by the first
installment of proceeds from the sale of the Group's former
corporate capital vehicle at Lloyd's.

Rosemont Re's 2005 underwriting year performance was excellent in
the first half.  We have achieved significant growth in our U.S.,
portfolio and have been able to access business where margins
have increased substantially due to loss impact from 2004.  This
has been particularly evident in Florida.  In territories where
prices have continued to fall we have reduced our participations
as appropriate.  Rosemont Re now has a much better portfolio
balance, with the U.S. representing fifty percent of our income.

Despite loss activity in the first half being relatively light,
we announced on 19 August 2005 that loss development from 2004's
hurricane Ivan would negatively impact the result for the half
year.  The primary reason for this was the receipt of late loss
advices on certain offshore energy accounts.

Hurricane Katrina will be a significant market event, with
current insured loss estimates ranging between US$20 billion and
US$60 billion.  A range this wide and the logistical challenges
in assessing this loss mean it will be some time before any
certainty emerges.  Events such as Hurricane Katrina illustrate
why Rosemont Re sets aside a substantial portion of its annual
premiums to meet potential second half losses.

The Company has commenced certain capital raising initiatives
with the aim of maximizing its opportunities in the forthcoming
2006 renewals where we expect to see significant rate increases.

Financial Results and Dividend

GoshawK reported a loss after tax of US$0.5 million (nil cents
per share) for the six months ended 30 June 2005 compared to a
profit after tax of US$9.2 million (5 cents per share) for the
six months ended 30 June 2004.  Net tangible asset value was
US$0.99 per share compared to US$0.99 per share at 31 December
2004 and US$1.06 per share at 30 June 2004.  No interim dividend
is proposed.

The results have been prepared under International Financial
Reporting Standards for the first time and comparatives have been
restated accordingly.  The impact of IFRS was not material on
results or the Company's financial position.

Loss Activity

There has been some negative development in the catastrophe
losses from 2004.  The main cause has been the business
interruption loss in the marine offshore energy market resulting
from hurricane Ivan.  The net impact of this deterioration has
been approximately US$7 million.

The first half of 2005 has seen little loss activity for Rosemont
Re.  The two headline events in the first half were winter storm
Erwin in Scandinavia and an explosion at the Suncor energy plant
in Canada.  Neither of these events has produced material losses
to Rosemont Re.

Hurricane Katrina is likely to create the largest individual
catastrophe loss in the reinsurance market ever.  Due to
Katrina's track close to the center of New Orleans, damage to
property from wind and flood is truly catastrophic and a market
changing event.  Unlike the smaller events in 2004 the
reinsurance and retrocession markets will bear a substantial
portion of this loss.

Rosemont Re's property portfolio will be partially shielded due
to the regional clients we target.  However, our initial estimate
is that the loss will have a net negative impact in the range of
US$25 million to US$30 million on the Company's financial result
for the year.  The losses from Hurricane Katrina will take some
time to become clear.  Accordingly, our initial estimate is
subject to change, perhaps materially.  The estimate may reduce
should the gross loss to the Company not penetrate the Company's
retrocessional protections to the full extent.  The estimate may
increase should the gross loss exceed the Company's
retrocessional protections.

Preceding Katrina, neither hurricanes Dennis nor Emily will
result in material losses for us.  We do not expect any loss from
the Mumbai floods and our ONGC (Indian Ocean oil rig explosion
and fire) loss is capped at US$2 million.

Financing

When the Company's debt facilities were renegotiated in late
2003, the Company agreed to issue the lenders with warrants, in
three tranches, over shares representing 5% of the issued share
capital of the Company at the time.  The final tranche of
warrants over shares totaling 1% of the issued share capital of
the Company is scheduled to be issued to the lenders on 1 January
2006, should the facilities not be repaid prior to then.  Due to
the approach by Phoenix to take control of the Group, management
was prevented from completing refinancing discussions with rating
agencies and potential financiers during July and August.  Due to
this delay, it is possible that such a refinancing may not take
place before 1 January 2006 and accordingly the final tranche of
warrants may be issued to the lenders.

The Company announced on 9 September 2005 that it was engaged in
capital raising initiatives in response to the prospective
improvement in underwriting conditions as a result of the losses
from hurricane Katrina.  If the Company is unsuccessful in
raising capital a negative rating action would be expected.
Alternative strategies are then possible, however these may
result in a potential significant reduction in shareholder value.

Outlook

We continue to gain momentum in our core lines of business and
franchise value has been increased.  We intend to continue to
target growth through a combination of profitable underwriting
and appropriate investment strategy.  While the impact of
hurricane Katrina will reduce the expected outcome for 2005, we
believe that the expanded retrocessional protections we have put
in place will limit the impact to shareholders and that the
Company will outperform relative to its peers.  Business
conditions are set to improve quite significantly, and we intend
to position the Company to benefit.

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

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

          COLLEGE HILL
          Phone: 020 7457 2020
          Tony Friend
          Roddy Watt
          Web site: http://www.collegehills.com/


G.P. MAINTENANCE: In Liquidation
--------------------------------
G. Ince, Chairman of G.P. Maintenance Services Ltd., informs that
a resolution to wind up the company was passed at an EGM held on
Aug. 24 at Hotel Elizabeth Hull, Ferriby High Road, North
Ferriby, North Humberside HU14 3LG.

John Russell and Allan Cooper, of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF, Insolvency Practitioners, was appointed
liquidator.  At a subsequent Meeting of Creditors, the
Resolutions for voluntary liquidation and the appointment of John
Russell and Allan Cooper were confirmed.

CONTACT:  G.P. MAINTENANCE SERVICES LIMITED
          258 Saltshouse Road, Hull, North Humberside HU8 9HJ
          Phone: 01482-701634

          THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


GRADUNET LIMITED: Labor Recruitment Firm Winds up
-------------------------------------------------
S. Lawrence, Chairman of Gradunet Limited, informs that
resolutions to wind up the companies were passed at an EGM on
Sept. 2 held at Allen House, 1 Westmead Road, Sutton, Surrey SM1
4LA.

Turpin, Barker Armstrong, of Allen House, 1 Westmead Road,
Sutton, Surrey SM1 4LA, has been appointed liquidator.

Gradunet is U.K.'s pioneer graduate recruitment Web site.  It has
been online since 1995 as a resource for recruiters to target
candidates who specifically suit their vacancies.  It is now
based in new offices in Covent Garden under a new team of
managers.  Visit http://www.gradunet.co.ukfor more information.

CONTACT:  GRADUNET LIMITED
          E-mail: info@gradunet.co.uk

          TURPIN, BARKER ARMSTRONG
          Allen House
          1 Westmead Road, Sutton, Surrey SM1 4LA
          Phone: +44 (0) 20 8661 7878
          Fax:   +44 (0) 20 8661 0598
          E-mail: tba@turpinba.co.uk
          Web site: http://www.turpinba.co.uk


GRAHAM PRECISION: Unnamed Investor Buys firm out of Receivership
----------------------------------------------------------------
Graham Precision Pumps Limited has been bought out of
receivership by a private investor, Creditman reports.  The
transaction, worth more than GBP1.5 million, has reportedly saved
all 40 jobs at the Congleton-based firm.

In March, delays in several large contracts forced the company to
call in joint administrative receivers Paul Stanley and Vivian
Bairstow of Begbies Traynor.

With sales and service agents in over 60 countries, Graham
produces high specification vacuum pumps for processing
industries focusing on the chemical, pharmaceutical,
petrochemical, oil & gas, and utilities markets.  The company,
formed 60 years ago, will now operate under the new name of
Graham U.K.  Along with the employees, existing directors and
management board will also be retained.

Mr. Stanley said: "We're absolutely thrilled that we were able to
find a buyer for the business.  This deal will secure the future
of the company, which is a leader in its field, and the jobs of
its 40 staff.  We wish it every success in the future."

CONTACT:  GRAHAM PRECISION PUMPS LIMITED
          Forge Lane, Congleton
          Cheshire CW12 4HG
          United Kingdom
          Phone: +44 (0)1260 274721
          Fax: +44 (0)1260 276965
          Web site: http://www.gppltd.u-net.com

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


HOLLYWOOD MEDIA: Files for Liquidation
--------------------------------------
T. Andrews, Director of Hollywood Media Limited, informs that
resolutions to wind up the companies were passed at an EGM held
on Sept. 6 at 54th Floor, Canterbury House, 85 Newhall Street,
Birmingham B3 1LH.  Andrew Appleyard of Haines Watts was
appointed liquidator.

CONTACT:  THE HOLLYWOOD GROUP
          The Studios
          Westwood Avenue
          Cole Valley Business Park
          Tyseley
          Birmingham B11 3RF
          Phone: 0121 773 3123
          Fax: 0121 773 3324
          Web site: http://www.hollywoodgroup.co.uk

          HAINES WATTS
          Canterbury House
          85 Newhall Street
          Birmingham
          West Midlands B3 1LH
          Phone: 0121 212 4477
          Fax: 0121 212 4459


LUMINAR PLC: Wraps up Rebranding of Seven Units
-----------------------------------------------
Luminar plc continues to perform broadly in line with its plans
after an adjustment for the Candu transaction.  Like-for-like
sales for the year to date remain neutral.  Further progress will
be reported in the Company's Interim Announcement.

The Company has completed the rebranding of seven units in the
first half and is pleased with the progress being made with the
rebranding program.  The rebranding program for the full year is
on track to meet its target.

The Company's net debt position continues to improve through
operating cash flows and disposals of underperforming assets.
The net debt as at 31 August 2005 was GBP140.4 million (prior
year GBP173.3 million).  Since the half the year the Company has
further strengthened its cash flow with the completion of the
sale and leaseback, referred to in the Company's Preliminary
Announcement in May, for GBP17 million.

The markets in which the Company trades remain challenging, but
it continues to be cautiously optimistic and it has put in place
solid operational plans.

                            *   *   *

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

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

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

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

          COLLEGE HILL
          Matthew Smallwood
          Alex Sandberg
          Phone: 020 7457 2020
          Web site: http://www.collegehill.com/


MERIDIAN AVIATION: Hires Bond Partners as Administrator
-------------------------------------------------------
T. Papanicola (IP No 005496) of Bond Partners LLP was appointed
administrator for Meridian Aviation Group Limited (Company No
04310110) on Aug. 22.  The company has a registered office at The
Grange, 100 High Street, London N14 6TG.

Meridian Aviation provides a wide range of aviation services.
Operating at the forefront of general aviation technology, it is
also an exclusive dealer of IceShield de-icers, products with a
global reputation for quality and innovation.  Visit
http://www.meridian-aviation.com/for more information.

CONTACT:  MERIDIAN AVIATION GROUP LIMITED
          Bournemouth International Airport
          Christchurch
          Dorset, BH23 6NE
          U.K.
          Phone: +44 (0) 1202 583 200
          Fax: +44 (0) 1202 579 165
          E-mail: enquiries@meridian-aviation.com

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


MG ROVER: Nanjing Starts 'Dismantling' Longbridge Home
------------------------------------------------------
MG Rover's new owners have reportedly started taking apart the
production line at Longbridge.  According to The Mirror, Chinese
workers arrived at the plant Thursday to begin shipping machinery
to Nanjing Automobile's eastern China headquarters.  Birmingham
contractors were also called in to help dismantle the equipment
once used to build MG Rover cars.

While Nanjing's plan to restart production of Rover models in
China gets underway, the revival of Longbridge operations remain
hanging.  Dave Osborne, an official of the Transport & General
Workers Union, said: "We (Nanjing and unions) agreed to meet
again."

Earlier, PricewaterhouseCoopers admitted the fate of the factory
will not be known until next year, despite regular contact with
Nanjing.  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."

Unions fear that if car production resumes at Longbridge, it may
not be as large as it was.  While Nanjing has already agreed to
build sports cars at the plant with GB Sports Car Company, it has
yet to present its concrete plans for MG Rover.  It also remains
unclear 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: To Bare Results Last Week of September
--------------------------------------------------
Mowlem plc will be announcing interim results for the six months
ended 30 June 2005 on Wednesday, 28 September 2005.

                        About the Company

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


NETCABLE LIMITED: Calls in Administrators from Begbies Traynor
--------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder (IP Nos 7805,
9008) of Begbies Traynor (South) LLP have been appointed
administrators for telecommunications company Netcable Limited
(Company No 02928202) on Sept. 7.  The firm has a registered
office at Communications House, Wallingford Road, Uxbridge,
Middlesex UB8 2BB.

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


OFFICE EXPRESS: Files for Liquidation
-------------------------------------
A. M. Gadd, Director of The Office Express Group Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 5 at the office of Irwin & Company, Station House,
Midland Drive, Sutton Coldfield, West Midlands B72 1TU.

Gerald Irwin was appointed liquidator.

Office Express Group is a "one-stop" facility for all types of
products, equipment and services for businesses.  It supplies
everything from paper clips to office furniture, from stationery
to safety products and from beverages to cleaning materials.  It
also prints and produces uniforms and workwear.  It has some 80,0
00 different products.  Visit http://www.officeexpress.co.ukfor
more information.

CONTACT:  THE OFFICE EXPRESS GROUP LIMITED
          Unit 2
          Chantry Industrial Estate
          Kingsbury Road
          Curdworth
          Sutton Coldfield
          West Midlands
          B76 9EE
          United Kingdom
          Sutton Coldfield
          Phone: (01675) 475556
          Fax: (01675) 475554

          IRWIN & COMPANY
          Station House
          Midland Drive
          Sutton Coldfield
          Birmingham
          West Midlands B72 1TU
          Phone: 08700 111812
          Fax: 08700 111813
          E-mail: mail@irwinuk.net


PATRICIA VIVIAN: Fabric Retailer Liquidates
-------------------------------------------
Patricia Vivian Ltd. (t/a Fabric Trading Interiors) informs that
a resolution to wind up the company was passed at an EGM held on
Sept. 2 at 21-23 Station Road, Gerrards Cross, Buckinghamshire
SL9 8ES.

Helen Timothe Phillips, 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES was appointed liquidator.

CONTACT:  PATRICIA VIVIAN LTD.
          281 Upper Richmond Road West, London,
          Gtr London,
          SW14 8QS
          Phone: 020 8392 260


PLAN PROFILE: Administrators from Vantis Numerica Move in
---------------------------------------------------------
Lynn Robert Bailey and Alan Roy Limb (IP Nos 6496, 8955) of
Vantis Numerica have been appointed joint administrators for Plan
Profile Ltd. (Company No 3401977) on Aug. 31.  The company
manufactures sealed glass units.

CONTACT:  VANTIS NUMERICA
          Stoughton House
          Harborough Road
          Oadby
          Leicestershire LE2 4LP
          Phone: 0116 272 8200
          Fax: 0116 271 5472


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

Andrew Howard Beckingham and Dermot Brendan Coakley BDO Stoy
Hayward LLP, Park House, 102-108 Above Bar, Southampton SO14 7NH,
were appointed Joint Liquidators.

At a subsequent Meeting of Creditors held on Sept. 5, the
appointment of Andrew Howard Beckingham and Dermot Brendan
Coakley was confirmed.

Since 1966, PrintMovers has been providing reliable collection
and delivery services to photo processors and retailers.  In 1982
PrintMovers was the first courier services in its sector to offer
a nationwide network.  Its board members are: Danny Charlesworth,
Chairman; Paul Martin, Operations Director; Andrew Faulkner,
Financial Director; and Graeme Buchan, Non Executive Director.

The company's fleet of 300 vehicles is comprised of Combo, Vivaro
and Sprinter type vans together with larger heavy goods vehicles.
Visit http://www.printmovers.co.uk/about.htmfor more
information.

CONTACT:  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


PRW MECHANICAL: Names Begbies Traynor Liquidator
------------------------------------------------
P. Wadsworth, Chairman of PRW Mechanical Services Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Aug. 31 at Begbies Traynor, 58 Queen Square, Bristol BS1
4LF.

Simon Robert Haskew and Ian Edward Walker of Begbies Traynor, 58
Queen Square, Bristol BS1 4LF were appointed Joint Liquidators.

PRW Electrical Services was formed as a sole proprietor
electrical contracting business in 1993 and acquired Ltd. status
in 1998.  It has more than 40 full-time staff.  Visit
http://www.prwelectrical.co.uk/for more information.

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Phone: 0117 929 4800
          Fax:   0117 922 0114
          Web site: http://www.begbies.com


REGAL PETROLEUM: Court to Hear Case vs. Former Unit Set Thursday
----------------------------------------------------------------
The Board of Regal Petroleum plc, having noted the recent
movement of its ordinary share price, is aware that there is
continuing speculation in the market regarding court proceedings
relating to the former joint venture in the Ukraine between Regal
and Chernihivnaftogasgeology.

The Board is now able to confirm that the appeal referred to in
Regal's "Ukrainian Update" announcement dated 9 September 2005,
will be the subject of an appeal court hearing on Thursday, 22
September 2005.

A further announcement will be made once the appeal court ruling
has been delivered.

                            *   *   *

Regal Petroleum plc earlier noted the recent speculation in the
media with regards to a dispute itemized in a letter from the
Ukrainian Prosecutor-General's Office on the validity of licenses
held by Regal Petroleum Corporation Limited, the wholly owned
subsidiary of Regal based in Ukraine.  Having received full
guidance from legal counsel in Ukraine, the company insisted the
speculation has no substance and the licenses owned by Regal
remain legal and valid.

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

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

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

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

          Buchanan Communications
          Phone: 020 7466 5000
          Bobby Morse
          Ben Willey


ROBERT BAILEY: Manufacturer Calls in Administrator
--------------------------------------------------
Ronald Stanley Harding and David John Watchorn (IP Nos 2123,
8686) of Elwell Watchorn and Saxton LLP have been appointed
administrators for Robert Bailey Healthcare Limited (Company No
04529131) on Sept. 6. The company has a registered office at Unit
6, Heapham Road Industrial Estate, Sanders Way, Gainsborough,
Lincolnshire DN21 1PZ.

Robert Bailey sells and manufactures medical products.  Visit
http://www.millpledge.comfor more information.

CONTACT:  ROBERT BAILEY HEALTHCARE LTD.
          Unit 6, Heapham Road Industrial Estate,
          Gainsborough, DN21 1RZ
          Phone: +44 (0) 1427 677559
          Fax: +44 (0) 1427 677654
          E-mail: sales@cottonwool.uk.com

          ELWELL WATCHORN & SAXTON
          Cumberland House,
          35 Park Row,
          Nottingham NG1 6EE
          Phone: (+44) 0115 988 6035
          Fax: (+44) 0115 988 6135 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


SOFTWARE STORE: Creditors Meeting Set Wednesday
-----------------------------------------------
Notice is hereby given by Philip John Gorman and Peter Richard
James Frost, of Hazlewoods LLP, Windsor House, Barnett Way, Barnw
ood, Gloucester GL4 3RT, that a Meeting of Creditors of Software
Store Limited (Company No 04264370) is to be held at the offices
of Hazlewoods LLP, Windsor House, Barnett Way, Barnwood,
Gloucester GL4 3RT, on 21 September 2005, at 10:00 a.m.  The
Meeting is an initial Creditors' Meeting, pursuant to paragraph
51 of Schedule B1 of 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.

P J Gorman, Joint Administrator

CONTACT:  THE SOFTWARE STORE
          46 Westgate Street,
          Gloucester, Gloucestershire GL1 2NF
          Phone: 01452381123

          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


SPHERE DRAKE: Scheme of Arrangement Gets Go Signal
--------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York entered an order giving full
force and effect to the Sphere Drake Insurance Limited's U.K.
Scheme of Arrangement.

The U.K. Scheme provides for an expeditious payment in full to
all creditors covered by the U.K. Scheme.  The High Court of
England and Wales, in London, England sanctioned the U.K. Scheme
on April 27, 2005, the U.K. Scheme became effective on May 6,
2005.

The Scheme Business has been in solvent run-off since 1968.  To
shorten SDI's run-off period, the U.K. Scheme, as an estimation
scheme of arrangement under which SDI's liabilities will be
valued as of Dec. 31, 2004.

Sphere Drake Insurance Limited's List of U.S. parties-in-interest
is available for a fee at:

   http://www.researcharchives.com/bin/download?id=050420025337

A copy of the U.K. Scheme of Arrangement can be requested from:

                   Karen Ostad, Esq.
                   Lovells
                   900 Third Avenue, 16th Floor
                   New York, NY 10022
                   Telephone: (212) 909-0600

The business of Sphere Drake Insurance Limited a.k.a. Odyssey Re
(London) Limited comprises policies, reinsurance, liabilities and
assets for Marine and Aviation Pool Business and the Non-Marine
Pool Business.   The Marine and Aviation Pool Business and the
Non-Marine Pool Business consist of: (a) direct insurance
business where policyholders are almost entirely U.S. companies
and reinsurance and retrocession business where the policyholders
are almost entirely U.S. insurers and reinsurers; and (b)
reinsurance placed through brokers where policyholders are London
Market insurers and reinsurers.  The Company filed a Section 304
petition on June 24, 2005 (Bankr. S.D.N.Y. Case No. 05-14610).
Dina Gielchinsky, Esq., and Karen Ostad, Esq., at Lovells, Norman
N. Kinel, Esq., and Jonathan F. Linker, Esq., at Dreier LLP,
represent Catherine Geraldine Regan, the Debtor's foreign
representative, company secretary, general counsel, and
petitioner.


SPRUCE FINANCE: In Administrative Receivership
----------------------------------------------
Citibid Securities Ltd. appoints Anthony David Kent (Office
Holder No 8764) of Maidment Judd administrative receiver for
Spruce Finance Limited (Reg No 03512127) on Sept. 6.

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


TITANBASE LIMITED: Appoints X L Business Solutions Administrator
----------------------------------------------------------------
Jeremy Nicholas Bleazard (IP No 009354) of XL Business Solutions
has been appointed administrators for discount retail store
Titanbase Limited (Company No 3174192) on Sept. 5.

CONTACT:  X L BUSINESS SOLUTIONS LTD.
          46 Moorlands Business Centre
          Balme Road
          Cleckheaton BD19 4EW
          West Yorkshire
          Phone: 01274 870 101
          Fax: 01274 870 606
          E-mail: jbleazard@XLBS.co.uk


VITRASEAL LTD.: Hires Administrators from Vantis Numerica
---------------------------------------------------------
Lynn Robert Bailey and Alan Roy Limb (IP Nos 6496, 8955), of
Vantis Numerica have been appointed joint administrators for
Vitraseal Ltd. (Company No 1084366) on Aug. 31.

The company manufactures sealed glass units.  Visit
http://www.vitraseal.co.ukfor more information.

CONTACT:  VITRASEAL LTD.
          Heanor Gate Industrial Estate
          Heanor DE75 7RB
          Derbyshire
          Phone: 01773 763426
          Fax: 01773 530874

          VANTIS NUMERICA
          Stoughton House
          Harborough Road
          Oadby
          Leicestershire LE2 4LP
          Phone: 0116 272 8200
          Fax: 0116 271 5472


WATERFORD WEDGWOOD: To Delist ADRs from Nasdaq Tuesday
------------------------------------------------------
Waterford Wedgwood plc has disclosed the delisting of its
American Depositary Shares (WATFZ) from the National Market of
NASDAQ at the opening of business on September 20, 2005 pursuant
to Market Place Rule 4450 (a) (5), as a result of the share price
having closed at less than US$1.00 per share for over 30
consecutive business days.

Waterford Wedgwood's American Depositary Shares have traded in
very small volumes and represent only one eighth of 1% (0.127%)
of the Group's outstanding share capital.  The Group believes
that the delisting will have no measurable effect on the share's
market trading given the negligible proportion of share capital
represented by the NASDAQ listing.  In this regard, the Group is
also influenced by the increasing cost burden of complying with
U.S. securities regulations.

The shares of Waterford Wedgwood plc continue to be quoted on
both the Irish Stock Exchange and the London Stock Exchange.

                            *   *   *

Waterford Wedgwood's 7 for 11 Rights Issue of 1,691,857,115
Rights Issue Units, at EUR0.06 per unit to raise approximately
EUR101 million gross of expenses, closed at 11.00 a.m. on 18 July
2005.

The Company received valid acceptances in respect of 528,540,678
Rights Issue Units from Qualifying Stockholders, representing an
aggregate take-up of approximately 31.24% of the total number of
Rights Issue Units offered.  Birchfield Holdings Limited (a
company owned and controlled by Sir Anthony O'Reilly and Peter
John Goulandris, the Chairman and Deputy Chairman respectively),
which underwrote 100% of the Rights Issue, is subscribing for the
balance of 1,163,316,437 Rights Issue Units in accordance with
the terms of the Underwriting Agreement.

The proceeds will be used to finance a major restructuring
program which is expected to cost around EUR90 million, including
EUR6.5 million which has already been spent.  Targeted annualized
cost savings from the restructuring program are EUR90 million.
The proceeds of the Rights Issue will also improve the Group's
liquidity.

CONTACT:  WATERFORD WEDGWOOD PLC
          Barlaston, Stoke-on-Trent
          Staffordshire
          United Kingdom
          Phone: +44 (0)1782 282686
          Fax: +44 (0)1782 204666
          E-mail: marni.shapiro@waterfordwedgwood.com
          Web site: http://www.waterfordwedgwood.com


WHITFIELD STREET: Business for Sale
-----------------------------------
William Turner and Kevin Murphy of Chantrey Vellacott DFK, Joint
Administrators, offer for sale the business and assets of
Whitfield Street Studios Limited (In Administration).

Features:

(a) Long established central London based studios with global
    reputation;

(b) Existing clients include internationally renowned artists
    15,000 sq. ft. purpose built complex offering comprehensive
    recording, mixing and mastering facilities;

(c) Extensive range of modern equipment;

(d) Business plan for conversion to major film post-production
    house; and

(e) Turnover for nine months to September 2005 around GBP1
    million.

CONTACT: CHANTREY VELLACOTT DFK
          Russell Square House
          10/12 Russell Square
          London WC1B 5LF
          Phone: (44) (20) 7509 9000
          E-mail: info@cvdfk.com
          Web site: http://www.cvdfk.com

          William Turner
          E-mail: wturner@cvdfk.com
          Phone: 020 7509 9000

          Roland Cramp
          E-mail: roland.cramp@edwardsymmons.com
          Phone: 020 7955 8454


WM MORRISON: Unions Threaten Nine-day Strike
--------------------------------------------
Wm Morrison Supermarkets plc is facing up to nine days of strikes
as it allegedly eyes shutting down three of its distribution
depots.

According to Reuters, the GMB and the Transport & General Workers
unions have called for industrial action from September 23 to
September 25 over fears of job losses.  The unions, which have
urged the chain to bring them "some positive proposals," intend
to stretch the strikes for six more days starting September 29.

Steve Pryle, a spokesman for GMB, noted they will provide
Morrison with a legal notice regarding the action, as they fear
about 2,500 distribution workers could be affected by the firm's
planned restructuring measures.  Reportedly slated for closure
are the depots at Aylesford, Bristol and Warrington.

While the company has yet to confirm the closure claims, it has
admitted that it had more depot space and capacity than it
needed.

The unions, which have also accused Morrison of avoiding
discussions with them over future employment levels, warned that
the walkouts could leave supermarket shelves empty.

Paul Kenny, GMB acting general secretary, said: "This is a clear
message from the workers to the company to listen to them and be
honest about the future."

Meanwhile, Brian Revell, TGWU national officer, appealed for the
company to hold talks with unions to avoid industrial action.

After five profit warnings in just over a year, a strike is
perhaps the last thing Morrison would like to be facing right
now.  The company has been having difficulties in integrating
Safeway, the US$3 billion business it acquired last year.

Following the acquisition, Morrison stocks have fallen from its
lofty peak of 256 pence in April 2004 to the opening price of 180
pence in June, a whopping GBP2 billion drop in market
capitalization.

CONTACT:  WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.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
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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