---

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

                           E U R O P E

          Tuesday, September 20, 2005, Vol. 6, No. 186

                            Headlines

C Z E C H   R E P U B L I C

TELESYSTEM INTERNATIONAL: Delisting from Toronto Stock Exchange


F R A N C E

ALSTOM SA: Fulfills E.U. Requirement to Divest Assets
ALSTOM SA: Wins EUR204 Million Contract in Venezuela
CHAMATEX SA: Court Okays Continuation Plan


G E R M A N Y

ARGISOL-BAUSYSTEME: Magdeburg Firm Succumbs to Bankruptcy
AWEKA SCHWEISSTECHNIK: Creditors Meeting Set Next Month
CAFE AN DER BISMARCKSTRASSE: Under Bankruptcy Administration
DAIMLERCHRYSLER AG: Seals MTU Buyout
EGF EDELSTAHL: Essen Court Calls in Administrator

HEWO-VERLAG: Proofs of Claim Due September 30
KAUFHAUS MERKUR: Court to Verify Claims January
KUGEL GMBH: Hagen Company Goes Under
MF BAUPLAN: Creditors' Claims Due October
PRIMACOM AG: Court Junks SSL Claims for Lack of Jurisdiction

PRIMACOM AG: May Sell Profitable Dutch Unit, Says Paper
QML QUALITATSVERBUND: Wuppertal Court Appoints Administrator
REM GRUNDSTUECKS: Falls into Bankruptcy
RHI AG: Files Amended Plan of Reorganization in U.S.
SIGMANN AKTIENGESELLSCHAFT: Creditors to Meet November
THYSSENKRUPP AG: To Pair with EADS in Atlas Bid
VAVA ABBRUCH: Claims Filing Period Ends November 25


H U N G A R Y

PARMALAT HUNGARIA: Rival Dairy Group Takes over Business


I T A L Y

ALITALIA SPA: European Commission Won't Reopen Probe for Now
ALITALIA SPA: Italy Moves to Offset High Fuel Cost
PARMALAT FINANZIARIA: Parmatour Has New Owner


N E T H E R L A N D S

KONINKLIJKE AHOLD: Names New Chief Internal Audit Officer
ROYAL SHELL: Cancels 2,250,000 'A' Shares


R U S S I A

BEK-BANK: Court Brings in Insolvency Manager
CENTRE OF FOREST: Declared Insolvent
HOUSE BUILDER: Proofs of Claim Deadline Expires Next Month
INDUSTRY & CONSTRUCTION: Moody's Raises Ratings to Ba1
LERMONTOVSKOYE: Hires A. Sherstnev Insolvency Manager

MAGNITOGORSKIY: Claims Filing Period Ends October
NOVGORODSKOYE: Bankruptcy Supervision Procedure Begins
STROY-COMPANY: Insolvency Manager Takes over Firm
TRAVERS: Undergoes Bankruptcy Supervision Procedure
TVER-VEGETABLE-OIL: Bankruptcy Hearing Set November 1
YUGORSKAYA: Claims Filing Period Ends Next Month
YUKOS OIL: Eight Investment Companies Bare Shareholdings in Firm


S P A I N

ONO GROUP: Obtains EUR3.5 Billion Loan to Fund Auna Acquisition


S W E D E N

INTRUM JUSTITIA: Names Monika Elling Chief Financial Officer


S W I T Z E R L A N D

SWISS INTERNATIONAL: Teams up with Qatar Airways, Air Canada


U K R A I N E

BEREZINO: Court Appoints Temporary Insolvency Manager
ENERGOSOYUZ: Bankruptcy Supervision Begins
KOMISHUVAHATEPLOMEREZHA: Declared Insolvent
KOMTEHUKRSNAB: Liquidator Takes over Operations
OHMATIV: Undergoes Bankruptcy Supervision Procedure

PLEMINNIJ ZAVOD: Proofs of Claim Due Friday
SPETSKOMUNMONTAZH: Claims Filing Period Ends Sept. 23
VILHOVE' BREAD: Applies for Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ADL RECRUITMENT: Appoints Joint Administrators
AGUSTAWESTLAND U.K.: Rotor Defects Threaten GBP900 Mln U.S. Deal
ALCROFT DESIGN: Construction Firm Collapses
AUTOCARE: Fires 274 Workers
BEDE TECHNOLOGY: Goes into Liquidation

BRENT TIMBER: Liquidators from Elwell Watchorn Move in
BRITISH ENERGY: Financial Results Using IFRS Out Next Week
CIRCO CONNECT: Hires Liquidator from Robert Day
DE BOER HOLDINGS: Calls in Liquidators from Ernst & Young
DIGNITY PLC: Half-year Operating Profit Up 11.4% to GBP23.4 Mln

EPIC ENGINEERING: Members Opt for Liquidation
ERICSSON RADIO: Appoints Liquidators from PricewaterhouseCoopers
EXECUTE (UK): Files for Liquidation
FOCUS DIY: Slowdown in Consumer Spending Triggers Ratings Review
GLENCOYNE COURT: Hires Administrator from Peats

GRAND SHEARMAN: Appoints Vantis Numerica Liquidator
JELMEAD LIMITED: Files for Liquidation
KENTING DRILLING: Hires Lovewell Blake to Liquidate Assets
KPMG FINANCIAL: Liquidator from KPMG Enters Firm
LOFT CONVERSION: EGM Passes Winding-up Resolution

MG ROVER: Nanjing, SAIC Find Ways to Jointly Develop Rover Brand
MGS MICROPURE: Calls in Liquidator
NAM RETAIL: Creditors Meeting Set Next Month
PREMIER BUILDING: Files for Liquidation
PRIMARY BOOKS: Members Approve Winding-up

PROFILE MEDIA: Half-year Operating Loss Down to GBP322,000
RIPPONDEN CARRIERS: Appoints Begbies Traynor Administrator
SILVEROCK CONSULTANTS: Calls in Liquidator
STRANGE AND DAWSON: Administrators from Mazars Enter Firm
STREAMLINE LEISURE: Appoints Begbies Traynor Liquidator

T. & T. REPRODUCTIONS: In Liquidation
TURPINS PLC: Appoints Liquidator from Vantis Redhead French
WEDDING LIST: Begbies Traynor Administrators Take over Biz
WOOLWORTHS GROUP: Loss Swells to GBP36.6 Million Under IFRS

* Large Companies with Insolvent Balance Sheets


                            *********


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


TELESYSTEM INTERNATIONAL: Delisting from Toronto Stock Exchange
---------------------------------------------------------------
Telesystem International Wireless Inc. confirms that September
27, 2005 will be the last day of trading of its common shares on
the Toronto Stock Exchange (TSX) and that its common shares will
begin trading on the TSX Venture Exchange at the opening of the
markets on September 28, 2005 under the ticker "TIW".  The
Company expects its common shares to be delisted from the NASDAQ
on or about September 27, 2005.

TIW also confirms that its 7.00% Equity Subordinated Debentures
will be delisted from the TSX at the closing of the market on
September 27, 2005.

There can be no assurance as to whether there will be adequate
liquidity for the shares of TIW in the future or whether the
Company will maintain the listing of its shares on the TSX
Venture Exchange or any other public exchange until further cash
distributions on its shares are made.

In addition, there can be no assurance as to when the Company's
common shares will be cancelled under its plan of arrangement.
If the Company's common shares are cancelled before a target
return of CA$19.9614 per share, together with investment income
thereon, has been distributed, shareholders at the time of the
cancellation will continue to have the right to receive future
distributions, if any.  In all events the cumulative future
distributions will not exceed the difference between the target
return of CA$19.9614 per share and investment income thereon,
minus amounts previously distributed to shareholders.

                        About the Company

Telesystem International, headquartered in Montreal (Quebec),
provides wireless voice, data and short messaging services in
Central and Eastern Europe with over 6.9 million subscribers.  It
operates in Romania through MobiFon S.A. under the brand name
Connex and in the Czech Republic through Oskar Mobil a.s. under
the brand name Oskar.

                       Restructuring Plan

On May 20, the Superior Court, District of Montreal, Province of
Quebec issued a final order approving a Plan of Arrangement
under the Canada Business Corporations Act.  The court supervised
Plan of Arrangement was adopted by the Company to allow the
Company to:

   -- complete the transaction with Vodafone announced on
      March 15, 2005;

   -- proceed with its liquidation, including the implementation
      of a claims process and the distribution of net cash to
      shareholders;

   -- cancel its common shares; and

   -- proceed with its final distribution and be dissolved.

The Court has appointed KPMG Inc. as monitor to perform the
duties provided in the claims identification process approved by
the Court.  Visit http://bankrupt.com/misc/Telesystem_Profile.htm
to view company profile.

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Jacques Lacroix
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca


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


ALSTOM SA: Fulfills E.U. Requirement to Divest Assets
-----------------------------------------------------
Engineering giant Alstom S.A. has disposed of its Power
Conversion unit as required by the European Commission, AFX News
reported recently.

An Alstom spokesman refused to disclose the amount paid by
Barclays Private Equity, but analysts at Societe Generale had
previously estimated the unit to be worth EUR200-250 million.
The disposal is one of the requirements set by the Commission
when it approved a rescue package backed by the government last
year.

The Power Conversion unit makes generators and electrical control
equipment.

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

          BARCLAYS PRIVATE EQUITY (PARIS)
          Gonzague de Blignieres
          73 avenue des Champs-Elysees
          F - 75008 Paris
          Phone: +33 (0) 1 5669 4343
          Fax: +33 (0) 1 5669 4344
          E-mail: gonzague.deblignieres@barcap.com
          Web site: http://www.barcap.com/cgi-bin/bpe/index.pl


ALSTOM SA: Wins EUR204 Million Contract in Venezuela
----------------------------------------------------
C.A. Metro Los Teques, the public operator of the Los Teques
metro line, has awarded the ALSTOM-led FRAMECA consortium a
turnkey contract worth EUR204 million for the Caracas metro
(Venezuela).  ALSTOM's share is about EUR90 million.

The Los Teques line is an independent line running 9.8 km from
Las Adjuntas at the south end of Line 2 to El Tambor in the
centre of Los Teques.  It will relieve congested roads and
complement the existing metro network.  The first line will be
put into service in October 2006 and the second line at the
beginning of 2008.

ALSTOM will supply six train sets, the traction electrification
and the signaling equipment for the Los Teques line in
continuation of metro line 2.  ALSTOM will also be in charge of
the co-ordination of this project with SGTE as co-leader.

Five ALSTOM sites will be involved in this contract:
Valenciennes, Tarbes, Villeurbanne, Saint-Ouen in France and
Charleroi in Belgium.

ALSTOM has been a key supplier to the metro of the Venezuelan
capital for the last 30 years and has so far delivered 600 cars
for metro lines 1, 2 and 3. The company also did the rolling
stock maintenance of 400 metro cars and provided signaling
equipment and power supply for these lines.

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

          Press relations
          G. Tourvieille/S. Gagneraud
          Phone: +33 1 41 49 27 13 / 27 40
          E-mail: internet.press@chq.alstom.com

          Investor relations
          E. Chatelain
          Phone: +33 1 41 49 37 38
          Web site: Investor.relations@chq.alstom.com


CHAMATEX SA: Court Okays Continuation Plan
------------------------------------------
The commercial court of Annonay has approved the 10-year
continuation plan of textile group Chamatex, Les Echos says.

The plan passed court scrutiny despite uncertainties in the
market.  The industry has been very sluggish, the main reason
Chamatex has failed to find a buyer and subsisting on creditors
support.  Creditor banks recently agreed to write off 80% of its
debt in exchange for cash payments within the next few months.

Chamatex applied for court-supervised administration on July 2,
2004 and has undergone significant restructuring and
transformation.  Since entering voluntary liquidation, it has cut
workers to 120 from 450 and sold or closed shops.

TCR-Europe reported on August 11 that Chamatex expects to post a
profit for the financial year ending September 30, despite a deep
dive in turnover from EUR76.5 million in 2003/2004 to EUR20
million in 2004/2005.

CONTACT:  CHAMATEX S.A.
          B.P. 13
          07290 Ardoix
          Phone: 33 (0) 475 69 85 00
          Fax: 33 (0) 475 69 85 28
          Web site: http://www.chamatex.fr


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


ARGISOL-BAUSYSTEME: Magdeburg Firm Succumbs to Bankruptcy
---------------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against ARGISOL-Bausysteme GmbH on August 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 27, 2005 to register
their claims with court-appointed provisional administrator
Kaufmann Andre Schirrmeister.

Creditors and other interested parties are encouraged to attend
the meeting on October 27, 2005, 10:20 a.m. at the district court
of Magdeburg, Saal E, Insolvenzabteilung, Liebknechtstrasse
65-91, 39110 Magdeburg, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  ARGISOL-BAUSYSTEME GmbH
          Hoymer Str. 9, 06493 Ballenstedt
          Contact:
          Guenter Mueller, Manager
          Neue Str. 340, 06493 Ballenstedt/OT Badeborn

          Kaufmann Andre Schirrmeister, Administrator
          Magdeburger Str. 23, 06112 Halle
          Phone: 0345/2308811
          Fax: 0345/2311199


AWEKA SCHWEISSTECHNIK: Creditors Meeting Set Next Month
-------------------------------------------------------
The district court of Hagen opened bankruptcy proceedings against
Aweka Schweisstechnik GmbH on August 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors had until September 19, 2005 to register their
claims with court-appointed provisional administrator Jochen
Draenkow.

Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 10:30 a.m. at the district court
of Hagen, Haupthaus (Neubau) -, Heinitzstrasse 42, 58097 Hagen,
Etage 2, Raum 283, 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:  AWEKA SCHWEISSTECHNIK GmbH
          Hagener Str. 397 - 399, 58285 Gevelsberg
          Contact:
          Andreas Kampmann, Manager
          Hasslinghauser Str. 4, 58256 Ennepetal

          Jochen Draenkow, Administrator
          Friedrichstr. 10, 58507 Luedenscheid
          Phone: 02351/3388
          Fax: +49235123808


CAFE AN DER BISMARCKSTRASSE: Under Bankruptcy Administration
------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Cafe an der Bismarckstrasse GmbH on August
25.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until November
24, 2005 to register their claims with court-appointed
provisional administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on September 29, 2005, 9:45 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
January 19, 2006, 9:00 a.m. at the same venue.

CONTACT:  CAFE AN DER BISMARCKSTRASSE GmbH
          Wilmersdorfer Strasse 135,10627 Berlin

          Dr. Wolfgang Schroder, Administrator
          Genthiner Str. 48, 10785 Berlin


DAIMLERCHRYSLER AG: Seals MTU Buyout
------------------------------------
The sale of MTU Friedrichshafen is reportedly underway after
DaimlerChrysler AG agreed to buy the remaining stake in the
diesel-engine maker.  According to the Associated Press,
DaimlerChrysler had agreed to pay an undisclosed sum for the
remaining 12% of MTU from the Maybach and Zeppelin families.

Daimler is expected to sell MTU after the buyout, as part of its
strategy to divest non-core assets.  It is now negotiating with
possible buyers, which include German truck manufacturer MAN AG,
U.S.-based equity firm Kohlberg Kravis Roberts and Swedish
investor EQT Partners.  The sale is expected to generate EUR1
billion.

MTU builds engines for trains, ships and construction machinery
and employs more than 6,000.  It had turnover of EUR1.75 billion
in 2004.
In a statement, DaimlerChrysler stressed: "The uncertainty for
the firm and all its employees has been ended."

Early this month, negotiations between Daimler and the Maybach
and Zeppelin families went awry when the latter demanded to
retain its MTU shareholding.

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


EGF EDELSTAHL: Essen Court Calls in Administrator
-------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
EGF Edelstahl- und Grosskuechen-Fertigungs GmbH & Co. KG on
August 29.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 25, 2005 to register their claims with court-appointed
provisional administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 1:00 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, 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:  EGF EDELSTAHL- UND GROSSKUECHEN-FERTIGUNGS GmbH
          & Co. KG
          Frohnhauser Strasse 95, 45143 Essen
          Contact:
          Anna Maria, Dietrich-Georg, and Franz Georg Fluegel
          Managers

          Dr. Jorg Nerlich, Administrator
          Goethestr. 100, 45130 Essen
          Phone: 0201 8961050
          Fax: 8961059


HEWO-VERLAG: Proofs of Claim Due September 30
---------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against HEWO-Verlag GmbH on August 30.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 30, 2005 to register their claims
with court-appointed provisional administrator Dr. Rainer Maus.

Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 11:20 a.m. at the district court
of Wuppertal Hauptstelle, Eiland 2, 42103 Wuppertal, 2. Etage,
Saal 234, 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 October 25,
2005, 9:20 a.m. at the same venue.

CONTACT:  HEWO-VERLAG GmbH
          Sinterstr. 36, 42781 Haan
          Contact:
          Herbert Wolters, Manager
          Salzweg 3c, 58710 Menden

          Dr. Rainer Maus, Administrator
          Turmhof 15, 42103 Wuppertal
          Phone: 0202/49 37 00
          Fax: 0202/45 13 66


KAUFHAUS MERKUR: Court to Verify Claims January
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Kaufhaus Merkur Grundstuecksgesellschaft mbH
& Co. Friedrichstadt KG on August 25.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 24, 2005 to register their claims
with court-appointed provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 17, 2005, 9:40 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on January 23,
2006, 9:00 a.m. at the same venue.

CONTACT:  KAUFHAUS MERKUR GRUNDSTUECKSGESELLSCHAFT mbH
          & Co. Friedrichstadt KG
          Kleiststrasse 3-6,10787 Berlin

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


KUGEL GMBH: Hagen Company Goes Under
------------------------------------
The district court of Hagen opened bankruptcy proceedings against
Kugel GmbH & Co. KG on August 31.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 29, 2005 to register their claims
with court-appointed provisional administrator Martin
Buchheister.

Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2005, 11:20 a.m. at the district court
of Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen,
Etage 2, Raum 283, 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:  KUGEL GmbH & Co. KG
          Staklenberg 1, 58553 Halver
          Contact:
          Ralf Lottmann, Manager

          Martin Buchheister, Administrator
          Rathausplatz 21-23, 58507 Luedenscheid
          Phone: 02351/3653-31
          Fax: +492351365399


MF BAUPLAN: Creditors' Claims Due October
-----------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against MF Bauplan GmbH on August 24.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 7, 2005 to register their claims
with court-appointed provisional administrator Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 9:35 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MF BAUPLAN GmbH
          Heckenrund 13B, 22359 Hamburg
          Contact:
          Wolfgang Schumacher, Manager

          Stefan Hinrichs, Administrator
          Osterbekstrasse 90a, 22083 Hamburg
          Phone: 040/41004040
          Fax: 040/41004059


PRIMACOM AG: Court Junks SSL Claims for Lack of Jurisdiction
------------------------------------------------------------
On Sept. 13, the District Court in Mainz rejected PrimaCom AG's
claim against the Second Secured Lenders due to lack of
international jurisdiction.

After submission of the written reasons of this judgment,
PrimaCom said it will examine whether the decision will be
appealed.

                            *   *   *

In December, PrimaCom AG and the company's subsidiary PrimaCom
Management GmbH filed a lawsuit at the District Court in Mainz
against the holders of the "second secured loan."  The second
secured loan amounts to EUR375 million.  The lawsuit (AZ 10HKO
112/04) was aimed at determining whether PrimaCom AG and PrimaCom
Management GmbH is obligated to pay the interest of the second
secured loan or rather that the second secured holder should
currently not be able to enforce possible existing interest
claims.

The lawsuit is based on expert opinions obtained from the
renowned accounting partnership (Wirtschaftspruefersozietat) LKC
Kemper Czarske v. Gronau Berz -- functioning as special
examiner -- as well as from Prof. Dr. Armbruester on usurious
credit and additionally on an expert opinion from a renowned
insolvency office -- that the second secured loan has an equity
character.  This implies that no interest would have to be paid
over the entire term and that interest already paid should be
refunded to the company.  Furthermore due to the equity character
of the second secured loans, it is not possible under the German
law to continue to make interest payments as long as, and until a
solution to the financial crisis is found.

CONTACT:  PRIMACOM AG
          Investor Relations
          Phone: +49 (0) 6131 - 944 522
          Fax: +49 (0) 6131 - 944 508
          E-mail: investor@primacom.de

          LKC KEMPER CZARSKE V. GRONAU BERZ
          Anschrift: Forstweg 8, 82031 Gruenwald
          Phone: (089) 54 67 01-0
          Fax: (089) 54 67 01 40
          Web site: http://www.lkc-wp.de


PRIMACOM AG: May Sell Profitable Dutch Unit, Says Paper
-------------------------------------------------------
Primacom AG has approached creditor banks and investors regarding
a debt-restructuring proposal that could erase as much as EUR500
million of its debt, Suddeutsche Zeitung says.

The paper speculated the plan may involve the sale of Dutch
subsidiary Multikabel, which has 300,000 customers and is
profitable.  The proceeds could be used to repay EUR500 million
of top priority loans.  The plan may also involve a deal with
international investment companies such as Apollo, which is
currently owed EUR500 million, about half of Primacom's total
debt.

Primacom is the fourth largest cable network operator in Germany,
but it failed to capitalize on a 6.8% hike in turnover in the
first six months of the year.  Instead, it saw first-half
operating profit drop to EUR5.74 million from EUR11.63 million
last year.  Net loss ballooned to EUR60.1 million from EUR52
million.

Primacom's consolidated debt currently stands at EUR999.6
million, while liquid funds amount to EUR396,000.  Its 860
employees service around 1.3 million clients in Germany and the
Netherlands.

CONTACT:  PRIMACOM AG
          An der Ochsenwiese 3
          D-55124 Mainz
          Phone: +49(0)6131 944 522
          Fax: +49(0)6131 944 508
          E-mail: investor@primacom.de
          Web site: http://www.primacom.de


QML QUALITATSVERBUND: Wuppertal Court Appoints Administrator
------------------------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against QML Qualitatsverbund Messe- und Ladenbau Deutschland-GmbH
on August 29.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 30, 2005 to register their claims with court-appointed
provisional administrator Stephan Ries.

Creditors and other interested parties are encouraged to attend
the meeting on October 24, 2005, 9:00 a.m. at the district court
of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2. Etage,
Saal 234, 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: QML QUALITATSVERBUND MESSE-
         UND LADENBAU DEUTSCHLAND-GmbH
         Flandersbacherstr. 20, 42489 Wuelfrath
         Contact:
         Rainer Wronka, Manager

         Stephan Ries, Administrator
         Friedrichstr. 51, 42105 Wuppertal
         Phone: 0202/49393150
         Fax: 0202/4939319


REM GRUNDSTUECKS: Falls into Bankruptcy
---------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against REM Grundstuecks GmbH & Co. Kaiserdamm
Verwaltungs KG on August 25.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 25, 2005 to register their claims
with court-appointed provisional administrator Christoph
Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 9:20 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on January 24,
2006, 9:25 a.m. at the same venue.

CONTACT:  REM GRUNDSTUECKS GMBH & CO. KAISERDAMM VERWALTUNGS KG
          Kleiststrasse 3-6,10787 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


RHI AG: Files Amended Plan of Reorganization in U.S.
----------------------------------------------------
In 2002, U.S. members of the RHI group filed for bankruptcy
protection under Chapter 11.  This included North American
Refractories Company (NARCO), Global Industrial Technologies
(GIT), A.P. Green Industries (APG) and Harbison-Walker
Refractories Company (H-W).

RHI, several RHI affiliates and various U.S. companies operating
under Chapter 11, including NARCO and GIT, had reached settlement
agreements in April 2004 to settle all mutual pre-petition
claims, including those arising from receivables, payables, bank
guarantees, liabilities and tax issues arising out of the debtors
' affiliation with RHI.  These agreements regulate the handling
of bank guarantees and liabilities as well as RHI's
relinquishment of pre-petition operating receivables from the
U.S. debtor companies and the relinquishment of all shares in the
U.S. debtor companies in the course of the Chapter 11
proceedings.

As RHI wrote down all accounts receivable and book values of
investments affected in the financial statements of 2001, no
additional burdens on the results will arise from these
agreements for RHI.  A condition to the NARCO settlement
agreement is a US$60 million payment by Honeywell International
Inc. to RHI Refractories Holding under a prior contract related
to NARCO's Chapter 11 filing.

On September 15, 2005, the U.S. Chapter 11 companies filed
amended Plans of Reorganization (PoR).  The PoR filed by these
companies incorporate the abovementioned settlement agreements.
RHI and the parties involved in the Chapter 11 proceedings are
currently reviewing the PoR.

If the court gives its approval, RHI AG and its affiliates will
receive protection with respect to all remaining asbestos claims
against the debtor companies in the U.S.A. on the basis of these
settlement agreements and provide, among other things, that RHI
AG and its affiliates will be beneficiaries of the channeling
injunctions of the plans of reorganization.

The implementation of all abovementioned agreements can be
effected as soon as the court in Pittsburgh approves the
settlement agreements and the debtors' PoR within the Chapter 11
proceedings.  Therewith all present and future asbestos claims
against the deconsolidated U.S. companies would finally be
resolved with legal security.

CONTACT:  RHI AG
          Wienerbergstrasse 11
          A-1100 Wien
          Phone: +43 0 50213-0
          Fax: +43 0 50213-6213
          E-mail: rhi@rhi-ag.com
          Web site: http://www.rhi-ag.com

          Investor Relations
          Markus Richter
          Phone: +43-1-50213-6123
          E-mail: markus.richter@rhi-ag.com


SIGMANN AKTIENGESELLSCHAFT: Creditors to Meet November
------------------------------------------------------
The district court of Monchengladbach opened bankruptcy
proceedings against Sigmann Aktiengesellschaft on August 26.
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 Oliver Spies.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 9:30 a.m. at the district court
of Monchengladbach, Hohenzollernstr. 157, 41061 Monchengladbach,
Erdgeschoss, Sitzungssaal A 14, at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  SIGMANN AKTIENGESELLSCHAFT
          Konstantinstrasse 83, 41238 Monchengladbach
          Contact:
          Manfred Sigmann, Manager
          Lorenz-Gortz-Strasse 39, 41238 Monchengladbach

          Oliver Spies, Administrator
          Hohenzollernstrasse 124 - 126, 41061 Monchengladbach


THYSSENKRUPP AG: To Pair with EADS in Atlas Bid
-----------------------------------------------
ThyssenKrupp AG and EADS N.V. are reportedly planning to jointly
bid for Atlas Elektronik.  The arrangement will see ThyssenKrupp
and EADS owning 60% and 40% stakes, respectively, in the German
maritime electronics firm owned by BAE Systems plc, said
Frankfurter Allgemeine Zeitung.

ThyssenKrupp, which refused to provide details, is said to have
the support of the German government and labor group IG Metall.
The state eyes Atlas to be controlled by a German company,
according to the German media.  This gives another possible
bidder Thales, the French electronics group, almost no chance of
getting through.

BAE has said due diligence for the transaction is underway and
would take "some weeks."

CONTACT:  THYSSENKRUPP AG
          August-Thyssen-Strasse 1
          D-40211 Duesseldorf
          P.O. Box 10 10 10
          Phone: +49 211 824 0
          Fax: +49 211 824 36000
          E-mail: info@thyssenkrupp.com
          Web site: http://www.thyssenkrupp.com


VAVA ABBRUCH: Claims Filing Period Ends November 25
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Vava Abbruch GmbH on August 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 25,
2005 to register their claims with court-appointed provisional
administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 9:40 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report January 18,
2005, 9:10 a.m. at the same venue.

CONTACT:  VAVA ABBRUCH GmbH
          Daimlerstr. 89,12277 Berlin

          Ruediger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


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


PARMALAT HUNGARIA: Rival Dairy Group Takes over Business
--------------------------------------------------------
Dairy group Alfoldi Milk Kft has acquired Parmalat Hungaria Dairy
Rt., Budapest Business Journal says.

Ferenc Somogyi, who represents liquidator TM-Line, confirmed the
sale, adding it still needs clearance from the Competition
Office.  He declined to reveal the purchase price, of which 40%
had already been used to repay 40% of the company's D-category
creditors.  He did say the figure fell within previous estimates
of between EUR6.85 million (HUF1.7 billion) and EUR7.38 million
(HUF1.8 billion).

TCR-Europe reported on Aug. 11, 2005 that Alfoldi would probably
retain the "Parmalat" brand and apply for job-retaining subsidies
to keep Parmalat's Szekesfehervar workers.

CONTACT:  PARMALAT HUNGARIA RT
          8000 Szekesfehervar,
          Seregelyesi ut 127
          Phone: (36-22) 540-100
          Fax: (36-22) 540-205
          Web site: http://www.parmalat.hu


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


ALITALIA SPA: European Commission Won't Reopen Probe for Now
------------------------------------------------------------
The European Commission will not reopen the probe on Alitalia's
restructuring plan, Transport Commissioner Jacques Barrot
declared last week.  He was reacting to speculation that the
Commission may review the airline's state-backed rescue plan if
the recapitalization component misses the deadline.

Under the plan, the EUR1.2 billion rights issue that will reduce
the government stake from 62.3% to less than 50% is supposed to
take place on October 8.  But Finance Director Gabriele
Spazzaderi recently said the transaction will not take place
until late October or early November, in violation of the
condition set by Brussels 11 months ago when it authorised the
Italian state to guarantee a EUR400 million bridging loan to
Alitalia.

Mr. Barrot clarified, however, that as long as Alitalia could
launch its capital hike before 2006, it would not reopen the
probe.  "Either the recapitalization really happens before the
end of the year... or else it doesn't and we reopen the dossier,"
AFX quoted him as saying.

                        About the Company

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

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


ALITALIA SPA: Italy Moves to Offset High Fuel Cost
--------------------------------------------------
The government is drafting a decree for the airline sector that
would lessen the impact of soaring fuel costs, Reuters says.

In a statement, the cabinet said the decree, sponsored by
undersecretary Gianni Letta, would apply to the entire sector.
However, according to Reuters, Alitalia was clearly the decree's
main beneficiary.  In a phone interview with Reuters, Transport
Minister Pietro Lunardi said, "Alitalia's industrial plan has
been knocked off course and therefore we need to adopt measures
to deal with it [high fuel costs]."

Alitalia is currently updating its 2005-2008 industrial plan to
include considerations in fuel prices, which, according to
unofficial estimates, might cost the carrier around EUR400
million over the four-year period.  Failure to do so might scare
away possible investors from pouring EUR1.2 billion in fresh
capital.  The carrier had indicated it might include additional
cost cuts in the new business plan.

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


PARMALAT FINANZIARIA: Parmatour Has New Owner
---------------------------------------------
Parmalat Finanziaria S.p.A. has accepted I Grandi Viaggi S.p.A.
(IGV) and Aurum Hotels' bid for Parmatour.

The two were picked over Soglia Hotels, which had offered EUR44
million for the travel agency formerly operated by the Tanzi
family.  IGV-Aurum's bid was slightly higher at EUR47 million,
according to Il Sole 24 Ore.  Administrators accordingly chose
IGV-Aurum because it guaranteed the jobs at Parmatour's
headquarters.  Proceeds from the sale will be used to repay part
of Parmatour's EUR800 million debt.

Soglia Hotels, meanwhile, lamented the lack of transparency in
the sale process, alleging the administrators had allowed
IGV-Aurum to increase its bid at the last minute, in violation of
auction rules.

Parmatour was one of several Parmalat units placed under the
supervision of court-appointed administrator Enrico Bondi.  The
travel agency, owned by Francesca Tanzi, daughter of Parmalat
founder Calisto, operates 11 local and foreign resorts.

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


          I GRANDI VIAGGI S.p.A.
          Via della Moscova 36
          Milan 20121
     Phone: 02-29046 565
                 02-29046 563
          Web site: http://www.igrandiviaggi.it

          SOGLIA HOTELS AND RESORT
          Corso Claudio, 1
          84083 - Castel San Giorgio - Salerno
          Phone: +39 081 5161600
          Fax: +39 081 5161996
          Web site: http://www.sogliahotels.com


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


KONINKLIJKE AHOLD: Names New Chief Internal Audit Officer
---------------------------------------------------------
On September 16, 2005, Ahold appointed Joop Brakenhoff as Chief
Internal Audit Officer.

Currently Ahold's Vice President Internal Control, Mr. Brakenhoff
assumed his new role on September 19, 2005.  He will focus on
fine-tuning the company's internal controls and central reporting
lines.  The internal audit function will continue to have a dual
reporting line to Anders Moberg, President & CEO, and the Audit
Committee of Ahold's Supervisory Board.

Mr. Brakenhoff, 40, started his career at Ahold on June 1, 2002,
as VP Internal Audit Europe and was promoted to VP Accounting in
February 2004.  In February 2005, he shouldered the additional
responsibility of setting up the Internal Control unit of Ahold's
Accounting & Reporting department.  Prior to joining Ahold, Mr.
Brakenhoff worked at KPMG for nine years in various management
positions before joining the Heerema Group in 1994 and the Burg
Group two years later as Group Controller and statutory Financial
Director.  Mr. Brakenhoff succeeds Thijs Smit, whose decision to
pursue other interests towards the end of the year was announced
on June 17, 2005.

Commenting on the appointment, Anders Moberg said: "With his
solid background in Ahold's accounting, reporting and audit
disciplines, we are delighted to promote Joop into this key
position as our Internal Audit process moves to the next level.
We are also very pleased to have been able to appoint a successor
to Thijs from within our ranks. Our management development
program is operating at full swing and we wish Joop every success
in his new challenge."

                        About the Company

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

                           The Trouble

Ahold encountered trouble in 2003 when it admitted a US$500
million overstatement of EBITA at its U.S. foodservice
distribution arm, requiring restatement of financial accounts
for 2002 and previous years.  In November that year, it announced
a 3-year 'Road to Recovery' program that includes a EUR2.5
billion rights issue, EUR300 million and US$1.45 billion back-up
credit facilities, and at least EUR2.5 billion in asset sales.
The program is aimed at returning the company to investment grade
by end of 2005.

                         Status to date

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

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

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

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

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

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


ROYAL SHELL: Cancels 2,250,000 'A' Shares
-----------------------------------------
On 15 September 2005, Royal Dutch Shell plc purchased for
cancellation 2,250,000 'A' Shares at a price of EUR26.62 per
share.  It further purchased for cancellation 712,636 'A' Shares
at a price of 1796.78 pence per share.

Following the cancellation of these shares and the conversion of
a further 31,318 Royal Dutch shares correctly tendered during the
subsequent offer acceptance period in respect of the offer by
Royal Dutch Shell plc for all ordinary shares of Royal Dutch
Petroleum which expired on 9 August 2005, the remaining number of
'A' Shares of Royal Dutch Shell plc will be 4,035,500,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


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


BEK-BANK: Court Brings in Insolvency Manager
--------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Bek-Bank after finding the commercial bank
insolvent.  The case is docketed as A40-40590/05-71-73B.  Mr. I.
Sukharev has been appointed insolvency manager.

CONTACT:  BEK-BANK
          103051, Russia, Moscow,
          B. Karetnyj Per. 20, Building 2

          Legal address: 113186, Russia, Moscow,
          Nagoranaya Str. 18, Building 2


CENTRE OF FOREST: Declared Insolvent
------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Centre Of Forest Mechanical Engineering (EGRN
1033800844142, TIN/KPP 3804007629/380401001) after finding the
state enterprise insolvent.  The case is docketed as
A19-2700/05-37.  Ms. T. Mineeva has been appointed insolvency
manager.

Creditors may submit their proofs of claim to 665719, Russia,
Irkutsk region, Bratsk, Post User Box 3116.  A hearing will take
place on October 17, 2005, 10:00 a.m. at Russia, Irkutsk region,
Gagarina Avenue, 70.

CONTACT:  CENTRE OF FOREST MECHANICAL ENGINEERING
          665718Russia, Irkutsk region,
          Bratsk, Prom.zrea BLPK

          Ms. T. Mineeva
          Insolvency Manager
          665719, Russia, Irkutsk region,
          Bratsk, Post User Box 3116


HOUSE BUILDER: Proofs of Claim Deadline Expires Next Month
----------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against House Builder (TIN 4216003788, OGRN
1034220005874) after finding the open joint stock company
insolvent.  The case is docketed as A27-30118/2004-4.  Mr. O.
Kurmashev has been appointed insolvency manager.  Creditors have
until October13, 2005 to submit their proofs of claim to 653052,
Russia, Kemerovo region, Prokopyevsk, Post User Box 2486.

CONTACT:  HOUSE BUILDER
          654005, Russia, Kemerovo region,
          Novokuznetsk, Buratskogo Str. 30

          Mr. O. Kurmashev
          Insolvency Manager
          653052, Russia, Kemerovo region,
          Prokopyevsk, Post User Box 2486


INDUSTRY & CONSTRUCTION: Moody's Raises Ratings to Ba1
------------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency bank deposit rating of Industry & Construction Bank
(ICB) to Ba1 from Ba3 and the bank's senior unsecured foreign
currency debt rating to Ba1 from Ba3, and has assigned a Ba2
rating to the upcoming issue of subordinated notes via the bank's
Luxembourg-based orphan SPV, Or-ICB S.A.

The short-term deposit rating and Financial Strength Rating (FSR)
remain unchanged at Not-Prime and D- (D minus), respectively.
The outlook for long-term and short-term deposit ratings as well
as for senior and subordinated debt ratings is positive.  At the
same time, Moody's Interfax Rating Agency, which is
majority-owned by Moody's, has upgraded the long-term national
scale credit rating of ICB to Aa1.ru from Aa3.ru.

Today's rating actions reflect the changed perception of support
from one of the bank's main shareholders -- Vneshtorgbank (VTB),
rated at the country ceiling for Russia -- Ba1 (rating on review
for possible upgrade)/Not-Prime (rating on review for possible
upgrade)/D- (stable outlook), which owns a blocking equity stake
in ICB and holds an option which confers a right to raise its
shareholding in the bank to a controlling one (about 76% of the
total shares).  This option will be exercised in the foreseeable
future.

The upgrade of the bank deposit and debt ratings as well as of
their corresponding positive outlooks is based on Moody's
assumptions regarding:

(a) The likelihood that this transaction will materialize; and

(b) The role that ICB will play in VTB Group if it were to be
acquired by the latter.

However, Moody's cautions that a reversal in VTB's plans
regarding acquiring full control of ICB would result in downward
pressure on the ratings.  On the other hand, if the deal with VTB
goes through as expected, the ratings will have an upside
potential, reflected in the positive outlook and, depending on
the type of transaction and the level of implicit support, may
converge with those for state-owned VTB.

Moody's has also assigned a Ba2 foreign currency debt rating to
the bank's upcoming subordinated note issue through Or-ICB S.A.,
a Luxembourg-based special purpose entity, with a tentative size
of US$200 million, with final legal maturity of 10 years,
redeemable by the bank five years after issue.  This rating
account for a higher expected loss given default stemming from
the subordinated nature of the obligation, and was notched down
from the bank's Ba1 senior unsecured debt rating.

Industry & Construction Bank is headquartered in St. Petersburg,
Russian Federation.  It is the largest non-state-owned bank in
the Northwest region and reported total assets of US$3.6 billion
under IFRS (audited) as of December 31, 2004.
CONTACT:  MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
          Adel Satel, Managing Director
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Dmitry Polyakov, Asst Vice President - Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


LERMONTOVSKOYE: Hires A. Sherstnev Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Lermontovskoye after finding the limited
liability company insolvent.  The case is docketed as
A19-11196/05-49.  Mr. A. Sherstnev has been appointed insolvency
manager.

CONTACT:  LERMONTOVSKOYE
          665326, Russia, Irkutsk region,
          Kuytunskiy region, Lermontovskiy

          Mr. A. Sherstnev
          Insolvency Manager
          665302, Russia, Irkutsk region,
          Kuytun, Post User Box 22


MAGNITOGORSKIY: Claims Filing Period Ends October
-------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Magnitogorskiy after finding the fishing
factory insolvent and bankruptcy proceedings were introduced at
the company.  The case is docketed as A76-3816/05-55-4.  Mr. L.
Matulskiy has been appointed insolvency manager.  Creditors have
until October 13, 2005 to submit their proofs of claim to 455026,
Russia, Chelyabinsk region, Magnitogorsk, Post User Box 33.

CONTACT:  MAGNITOGORSKIY
          Russia, Magnitogorsk

          Mr. L. Matulskiy
          Insolvency Manager
          455026, Russia, Chelyabinsk region,
          Magnitogorsk, Post User Box 33


NOVGORODSKOYE: Bankruptcy Supervision Procedure Begins
------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on building enterprise Novgorodskoye.  The
case is docketed as A27-18789/2005-4.  Ms. N. Nikitina has been
appointed temporary insolvency manager.  A hearing will take
place on November 28, 2005, 3:00 p.m. (local time).

CONTACT:  NOVGORODSKOYE
          652645, Russia, Kemerovo region, Belovo,
          Novyj Gorodok, Glinki Str. 28A

          Ms. N. Nikitina
          Temporary Insolvency Manager
          650056, Russia, Kemerovo-56,
          Post User Box 3877

          The Arbitration Court of Kemerovo region
          650099, Russia, Kemerovo region,
          Krasnaya Str. 8


STROY-COMPANY: Insolvency Manager Takes over Firm
-------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on limited liability company Stroy-Company.
The case is docketed as A27-14972/2005-4.  Mr. M. Chereshko has
been appointed temporary insolvency manager.  A hearing will take
place on November 21, 2005, 11:30 a.m. at 650099, Russia,
Kemerovo, Krasnaya Str. 8.

CONTACT:  STROY-COMPANY
          650024, Russia, Kemerovo region,
          Kemerovo, Avtozavodskaya Str. 10-203

          Mr. M. Chereshko
          Temporary Insolvency Manager
          650070, Russia, Kemerovo region,
          Post User Box 2299
          Phone: (3842) 58-40-74


TRAVERS: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on close joint stock
company Travers.  The case is docketed as A-75-5997/2005.  Mr. A.
Shuravin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) TRAVERS
    628400, Russia, Khanty-Mansiyskiy autonomous region - Yugra,
    Surgut, Mira Str. 8-1

(b) Temporary Insolvency Manager
    625023, Russia, Tyumen,
    Odesskaya Str. 7, Office 301

(c) The Arbitration Court of Khanty-Mansiyskiy autonomous
    region:
    628012, Russia, Tyumen region, Khanty-Mansiysk,
    Lenina Str. 54/1

A hearing will take place on November 21, 2005.


TVER-VEGETABLE-OIL: Bankruptcy Hearing Set November 1
-----------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on limited liability company
Tver-Vegetable-Oil.  The case is docketed as A66-6245/2005.  Ms.
O. Abasheva has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 170001, Russia,
Tver, OSP, Post User Box 1125.  A hearing will take place on
November 1, 2005.

CONTACT:  TVER-VEGETABLE-OIL
          Russia, Tver region, Makarova Str. 4

          Ms. O. Abasheva
          Temporary Insolvency Manager
          170001, Russia, Tver region,
          OSP, Post User Box 1125


YUGORSKAYA: Claims Filing Period Ends Next Month
------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Yugorskaya after finding
the air carrier insolvent.  The case is docketed as
A75-3315/2005.  Mr. A. Kiselev has been appointed insolvency
manager.  Creditors have until October 13, 2005 to submit their
proofs of claim to 628400, Russia, Tyumen region, Surgut,
Bezverkhova Str. 5.

CONTACT:  YUGORSKAYA
          Russia, Tyumen region,
          Sovetskiy, Airport, 2

          Mr. A. Kiselev
          Insolvency Manager
          628400, Russia, Tyumen region,
          Surgut, Bezverkhova Str. 5


YUKOS OIL: Eight Investment Companies Bare Shareholdings in Firm
----------------------------------------------------------------
In separate filings with the U.S. Securities and Exchange
Commission, eight investment companies disclosed that they owned
70,860 issued by Yukos ADR, as of June 30, 2005:

         Investor                    Shares        Value
         --------                    ------        -----
   Accessor Funds, Inc.              12,560      $28,637
   Forward Funds, Inc.                2,100        4,788
   J.P. Morgan Series Trust II        8,000       18,240
   John Hancock Trust                 5,000       11,400
   New Covenant Funds                 5,400       12,312
   The Hirtle Callaghan Trust        11,100       25,308
   The Vantagepoints Funds            5,700       12,996
   The World Funds, Inc.             21,000       47,880

Headquartered in Moscow, Yukos Oil Company is an open joint stock
company existing under the laws of the Russian Federation.  Yukos
is involved in the energy industry substantially through its
ownership of its various subsidiaries, which own or are otherwise
entitled to enjoy certain rights to oil and gas production,
refining and marketing assets.  The Company filed for chapter 11
protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742).
Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery,
Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew
Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets and
$30,790,000,000 in total debts.  On Feb. 24, 2005, Judge Letitia
Z. Clark dismissed the Chapter 11 case.  (Yukos Bankruptcy News,
Issue No. 25; Bankruptcy Creditors' Service, Inc., 215/945-7000)

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


ONO GROUP: Obtains EUR3.5 Billion Loan to Fund Auna Acquisition
---------------------------------------------------------------
ONO, one of Spain's leading broadband service providers, said
that on 4 August 2005 it signed commitment letters with 16
financial institutions for a new EUR3,500 million financing which
will enable the acquisition of Auna Tlc, refinance the
outstanding senior facilities of ONO and provide sufficient
funding for the enlarged ONO group to reach free cash flow
positive.

The financing is structured in EUR3,100 million senior secured
facilities, EUR130 million subordinated facility and EUR270
million subordinated high yield bridge.

The self arranged EUR3,100 million senior secured credit
facilities have been fully committed by a club of banks formed by
ABN AMRO, Ahorro Corporacion Financiera, Banco Santander
Central Hispano, Banesto, Bank of Scotland, Caixa Catalunya,
CALYON, Instituto de Credito Oficial (ICO), Fortis Bank, JP
Morgan, Rabobank, Royal Bank of Scotland, SabadellAtlantico,
Societe Generale and WestLB as mandated lead arrangers.  Although
the transaction has been arranged as a club deal, it is
anticipated that there would be general syndication.  This
syndication would be lead by the four bookrunners ABN AMRO, Banco
Santander Central Hispano, CALYON and Fortis Bank.

The EUR130 million subordinated facility has been fully committed
by ABN AMRO, CALYON, Fortis Bank and Banco Santander Central
Hispano as bookrunners and Axis as mandated lead arranger.

The EUR270 million subordinated high yield bridge has been fully
committed by JP Morgan, Royal Bank of Scotland and CALYON as
bookrunners and ABN AMRO, Fortis Bank and WestLB as mandated lead
arrangers.

The EUR3,100 million senior secured credit facilities consists of
EUR3,000 million of senior secured credit facilities in five
separate tranches and a EUR100 million senior secured bank
guarantees tranche.  The senior secured credit facilities, which
have final maturity dates of 31 December 2013, will pay an
initial margin of between 225 and 275 basis points over EURIBOR.
The facilities will contain standard covenants for this type of
transaction.

These new senior secured credit facilities will be used to
partially fund the acquisition of Auna Tlc, to refinance and
replace the existing EUR1,250 million senior credit facilities of
ONO.

Additionally, it will provide sufficient funding for the enlarged
ONO group to reach free cash flow positive and will allow, on the
dates and under the conditions set forth in the indentures
thereunder, the refinancing of ONO's 2011 notes bond debt.  The
EUR130 million subordinated facility and the EUR270 million
subordinated high yield bridge will rank pari passu with the
existing bonds and will be used to fund the acquisition of Auna
Tlc.

ONO expects that the EUR3,500 million financing will close once
the approval of the relevant competition authorities is obtained
for the acquisition of Auna Tlc.

About ONO

ONO is one of the leading broadband service providers in Spain.
It offers direct access telephony, pay television and Internet
access services to the residential market where it has a
potential market of over seven million homes.  In the business
market, ONO offers advanced voice, data and value added services
across its own high capacity local access and national backbone
networks.  ONO's shareholders are Bank of America, Caisse de
depot et placement du Quebec, General Electric, Grupo Ferrovial,
Grupo Multitel, Santander Central Hispano, Sodinteleco and VAL
Telecomunicaciones.

CONTACT:  ONO
          Jonathan Cumming, Chief Financial Officer
          Phone: +34 91 180 9444
          E-mail: jonathan.cumming@ono.es
          Web site: http://www.ono.es

          GRUPO ALBION
          Hiedra Fuentes/Alejandra Moore
          Phone: +34 91 531 2388
          E-mail: hfuentes@grupoalbion.net
                  amoore@grupoalbion.net


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


INTRUM JUSTITIA: Names Monika Elling Chief Financial Officer
------------------------------------------------------------
Monika Elling will assume as Chief Financial Officer of Intrum
Justitia AB, replacing Bo Askvik who will pursue his career
outside the Group.  The changeover is set December 2005.

Monika Elling is 43 years old and has a degree from Stockholm
School of Economics combined with MBA studies at McGill
University in Montreal, Canada.  She leaves a position as Equity
Analyst at Enskilda Securities in Stockholm where she has been
employed since 1999.

Monika Elling also has a background from Securitas where she
spent five years with Business Development and Investor
Relations.  Prior to that she worked two and a half years in what
today is Assa Abloy and was posted as CFO and COO in Arrow Lock
Group in the U.S.  In addition she has been Business Controller
for Industor AB and responsible for accounting and administration
in Sandvik Oberg, a subsidiary of Sandvik AB.

Jan Roxendal, President and CEO, said: "We are pleased to welcome
Monika Elling to Intrum Justitia.  She has an impressive track
record and with her profound knowledge from the financial sector
and her operational experience she will be an important
contributor to the continuous success of our company."

                            *   *   *

With about 2,800 employees in 22 European countries, Intrum
Justitia's objective is to be a leading provider of credit
management services in Europe through excellence in local client
care, ledger administration and debt collection and by measurably
improving clients' cash flow and long-term profitability.

In 2003, Intrum Justitia discovered accounting inaccuracies in
its England operations.  By November of that year, the company
reported initial adjustment for the inaccuracies of SEK80
million, which was charged to second quarter 2003 accounts.  It
also revealed additional provision of SEK104 million in relation
to the unallocated payment, while costs for review, new processes
and routines amounted to SEK48 million.

Although consolidated revenues grew by 7% to SEK1,419.7 million
in the first half of 2003, Intrum Justitia returned a net deficit
of -SEK3.1 million.

In August 2005, the company reported half-year revenues of
SEK23.1 million and pre-tax deficit of -SEK4.5 million.  Net debt
as of June 30, 2005 amounted to SEK 542.2 million, while the
group's liquid assets totaled SEK147.0 million.

CONTACT:  INTRUM JUSTITIA AB
          Marcusplatsen 1A
          Nacka, Sweden
          Phone: +46 8 546 10 200
          Fax: +46 8 546 10 211
          E-mail: info@intrum.com
          Web site: http://www.intrum.com


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


SWISS INTERNATIONAL: Teams up with Qatar Airways, Air Canada
------------------------------------------------------------
Swiss International Air Lines is introducing further attractive
codeshare destinations to expand its route network.  As of
October 1, Doha becomes accessible directly from Zurich with
flights operated by Qatar Airways, as does Ljubljana with Adria
Airways.  And from October 30, passengers will be able to fly
directly from Zurich to Delhi or Toronto thanks to a new
codeshare service operated by Air Canada.  SWISS is also
expanding its range of codeshare flights with Lufthansa.

Four attractive new destinations in Canada, India, Qatar and
Slovenia become available to SWISS customers in October.  The
network expansion is possible thanks to joint undertakings with
partner airlines.  The appeal of the new services is further
enhanced by good connecting possibilities in Zurich, which allow
them to dovetail smoothly within the SWISS route network.

Direct Toronto and Delhi services with Air Canada

SWISS is teaming up with Star Alliance member Air Canada on the
Zurich-Toronto and Zurich-Delhi routes.  Air Canada will connect
the three cities daily using Boeing 767 equipment.  Air Canada
customers, meanwhile, can take advantage of a codeshare
arrangement covering SWISS' flights on the Zurich-Montreal and
Zurich-Mumbai routes.  The new codeshare agreement, which enters
into effect with the start of the winter schedules on October 30,
also extends to further destinations served from the partners'
Toronto, Montreal and Zurich hubs.

Doha with Qatar Airways

Doha will be incorporated into the SWISS route network through
four weekly codeshare services operated by Qatar Airways. The
capital of Qatar thus becomes the latest attractive Middle East
destination available to SWISS customers. These joint flights
become available on October 1.

Ljubljana with Adria Airways

The addition of Ljubljana expands SWISS' route portfolio in
Central Europe.  The ten weekly codeshare flights operated by
Adria Airways between Zurich and the Slovenian capital are
available to SWISS customers as of October 1.

Further destinations with Lufthansa

The collaboration between Lufthansa and SWISS continues to
expand.  The partners' services between Bremen, Leipzig and
Cologne-Bonn and the Frankfurt and Munich hubs will all be
operated as Lufthansa/SWISS codeshares from the start of the
winter schedules, as will all the partners' flights on the
Zurich-Geneva, Zurich-Thessaloniki and Zurich-Alicante routes.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          Phone: +41 (0) 848 773 773
          Fax: +41 (0) 61 582 3554
          E-mail: communications@swiss.com


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


BEREZINO: Court Appoints Temporary Insolvency Manager
ENERGOSOYUZ: Bankruptcy Supervision Begins
KOMISHUVAHATEPLOMEREZHA: Declared Insolvent
KOMTEHUKRSNAB: Liquidator Takes over Operations
OHMATIV: Undergoes Bankruptcy Supervision Procedure
PLEMINNIJ ZAVOD: Proofs of Claim Due Friday
SPETSKOMUNMONTAZH: Claims Filing Period Ends Sept. 23
VILHOVE' BREAD: Applies for Bankruptcy Supervision Procedure


BEREZINO: Court Appoints Temporary Insolvency Manager
-----------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on OJSC Berezino on July 14, 2005.  The
case is docketed as 14/3058.  Ms. Nataliya Levchenko has been
appointed temporary insolvency manager.

Creditors have until September 23, 2005 to submit their proofs of
claim to:

(a) BEREZINO
    Ukraine, Cherkassy region,
    Zhashkivskij district, Berezino

(b) Ms. Nataliya Levchenko
    Temporary Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Tobilevich Str. 9/1

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


ENERGOSOYUZ: Bankruptcy Supervision Begins
------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on CJSC Energosoyuz (code EDRPOU 30310516).
The case is docketed as 23/207-b.  Mr. Igor Mihno (License Number
AA 668303) has been appointed temporary insolvency manager.  The
company holds account number 26001300852 at JSCB Forum, Kyiv
region branch, MFO 322948.

Creditors have until September 23, 2005 to submit their proofs of
claim to:

(a) ENERGOSOYUZ
    Ukraine, Kyiv region,
    Mehanizatoriv Str. 9

(b) Mr. Igor Mihno
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Lesya Ukrainka Boulevard 5/107

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


KOMISHUVAHATEPLOMEREZHA: Declared Insolvent
-------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Komishuvahateplomerezha (code EDRPOU
24911806) on August 1, 2005 after finding the limited liability
company insolvent.  The case is docketed as 19/169(05).  Mr. Y.
Arhipov (License Number AA 419211) has been appointed
liquidator/insolvency manager.

Creditors have until September 23, 2005 to submit their proofs of
claim to:

(a) KOMISHUVAHATEPLOMEREZHA
    70530, Ukraine, Zaporizhya region,
    Komishuvaha, B. Hmelnitskij Str. 80-A

(b) Mr. Y. Arhipov
    Liquidator/Insolvency Manager
    69013, Ukraine, Zaporizhya region,
    Radishev Str. 85
    Phone: 17-98-59

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


KOMTEHUKRSNAB: Liquidator Takes over Operations
-----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Ukrainian-Russian Joint Enterprise
Komtehukrsnab (code EDRPOU 23647543) on June 15, 2005 after
finding the close joint stock company insolvent.  The case is
docketed as B 40/79/05.  Ms. Ivanova Viktoriya (License Number AA
484179) has been appointed liquidator/insolvency manager.

Creditors have until September 23, 2005 to submit their proofs of
claim to:

(a) UKRAINIAN-RUSSIAN JOINT ENTERPRISE KOMTEHUKRSNAB
    49000, Ukraine, Dnipropetrovsk region,
    Simferopilska Str. 21

(b) Ms. Ivanova Viktoriya
    Liquidator/Insolvency Manager
    49081, Ukraine, Dnipropetrovsk region,
    Gazeti Pravda Avenue 14/31
    Phone: (0562) 31-87-12, 31-87-13

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


OHMATIV: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Ohmativ on June 16,
2005.  The case is docketed as 10/1979.  Mr. Sergij Zozulya has
been appointed temporary insolvency manager.

Creditors have until September 23, 2005 to submit their proofs of
claim to:

(a) OHMATIV
    Ukraine, Cherkassy region,
    Zhashkivskij district, Ohmativ

(b) Mr. Sergij Zozulya
    Temporary Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Shevchenko Str. 250/31

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


PLEMINNIJ ZAVOD: Proofs of Claim Due Friday
-------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on OJSC Pleminnij Zavod Stepok (code EDRPOU
00486787) on July 8, 2005.  The case is docketed as B-50/108-05.
Mr. Dmitro Zadruzhnij (License Number AA 216763) has been
appointed temporary insolvency manager.  The company holds
account number 260090013827 at JSCB Region-Bank, Harkiv branch,
MFO 351254.

Creditors have until September 23, 2005 to submit their proofs of
claim to:

(a) PLEMINNIJ ZAVOD STEPOK
    64730, Ukraine, Harkiv region,
    Barvinkivskij district, Druga Ivanivka

(b) Mr. Dmitro Zadruzhnij
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Pushkinska Str. 5, Room 408
    Phone: (0572) 58-92-50

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


SPETSKOMUNMONTAZH: Claims Filing Period Ends Sept. 23
-----------------------------------------------------
The Economic Court of Kirovograd region has commenced bankruptcy
supervision procedure on JSCCT Spetskomunmontazh (code EDRPOU
03331074).  The case is docketed as 10/110.  Mr. V. Kosarenko
(License Number AA 484182) has been appointed temporary
insolvency manager.  The company holds account number
2600530010560 at JSCB Ukrsocbank, Kirovograd regional branch.

Creditors have until September 23, 2005 to submit their proofs of
claim to:

(a) SPETSKOMUNMONTAZH
    25006, Ukraine, Kirovograd region,
    Komarov Str. 68

(b) Mr. V. Kosarenko, Temporary Insolvency Manager
    25006, Ukraine, Kirovograd region,
    Preobrazhenska Str. 6/29
    Phone: 8 (050) 564-74-78

(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
    25006, Ukraine, Kirovograd region,
    Lunacharski Str. 29


VILHOVE' BREAD: Applies for Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Vilhove' Bread Receiving Enterprise
(code EDRPOU 03066554) on August 5, 2005.  The case is docketed
as 20/82 b.  Mr. Oleksandr Roj (License Number AA 176034) has
been appointed temporary insolvency manager.  The company holds
account number 260053011370 at Oshadbank, Stanichno-Luganske
branch 364122, MFO 364122.

Creditors have until September 23, 2005 to submit their proofs of
claim to:

(a) VILHOVE' BREAD RECEIVING ENTERPRISE
    Ukraine, Lugansk region,
    Stanichno-Luganskij district, Vilhove,
    Sverdlov Str. 8

(b) Mr. Oleksandr Roj
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Stanichne Str. Sovetska Str. 7

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square 3a


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


ADL RECRUITMENT: Appoints Joint Administrators
----------------------------------------------
Peter Anthony Hall and Alan Peter Whalley (IP Nos 3966, 6588) of
Buchanans Plc were appointed joint administrators of ADL
Recruitment Limited (Company No 04688191) on Sept. 6.  The
company's registered office is at Latimer House, 5 Cumberland
Place, Southampton SO15 2BH.

ADL is a fast, efficient, solution to all recruitment
requirements in domestic, commercial and industrial environments
throughout the United Kingdom.  Visit
http://www.adl-recruitment.co.uk/for more information

CONTACT:  ADL RECRUITMENT
          110 Aviation Park West,
          Bournemouth International Airport
          Christchurch, Dorset BH23 6NW
          Phone: (01202) 580054
          Fax: (01202) 582840
          E-mail: info@adl-recruitment.co.uk
          BUCHANANS PLC
          Latimer House
          5 Cumberland Place
          Southampton SO15 2BH
          Phone: 023 8022 1222


AGUSTAWESTLAND U.K.: Rotor Defects Threaten GBP900 Mln U.S. Deal
----------------------------------------------------------------
Agustawestland U.K.'s contract to build helicopters for the U.S.
presidential fleet may be at risk due to defects found in similar
aircraft operated by the Canadian armed forces.

According to the Western Daily Press, small cracks have been
found on the tail rotor assembly of 15 EH101 helicopters sent to
Canada.  In light of this, people in the industry believe U.S.
rival Sikorsky may capitalize on the matter and lobby against the
contract, citing the president's safety requirements.  The order
for 23 West-designed US101 helicopters is valued at GBP900
million.

The Danish armed forces is also considering delaying acceptance
of 14 EH101 helicopters worth GBP270 million it ordered from the
company while the probe is ongoing.  Last year, it also refused
delivery of the aircraft until problems with sophisticated
software were fixed.

Recently, an ITV West documentary cited tail rotor problems as
the main culprit for the crashes involving Agusta's Lynx military
helicopters, resulting in 40 deaths and serious injuries.

CONTACT:  AGUSTAWESTLAND UK
          Yeovil, Somerset
          BA20 2YB United Kingdom
          Tel: +44 (0) 1935 475222
          Fax: +44 (0) 1935 702131
          E-mail: info@whl.co.uk
          Web site: http://www.agustawestland.com/home.asp


ALCROFT DESIGN: Construction Firm Collapses
-------------------------------------------
J. Mitchell, Chairman of Alcroft Design & Build Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 2 at 4 Shakespeare Road, London N3 1XE.  Stewart
Trevor Bennett of Berg Kaprow Lewis LLP, 35 Ballards Lane, London
N3 1XW was appointed liquidator.  Alcroft designs, manufactures
and installs conservatories.

CONTACT:  ALCROFT DESIGN & BUILD LTD.
          Vicarage Farm, Knotting Rd Melchbourne
          Bedford Bedfordshire
          MK44 1BQ
          Phone: 01234 708770

          BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


AUTOCARE: Fires 274 Workers
---------------------------
On 9 September 2005, Autocare Distribution Limited and Auto
Handling Limited appointed administrators from
PricewaterhouseCoopers.

Bruce Cartwright, joint administrator, said: "Our financial
review of the business confirmed that there was no scope to
preserve the Autocare Distribution Limited and Auto Handling
Limited businesses intact.  Over the last few days we have
affected an orderly wind-down of the business, which has resulted
in the transfer of contract work to new contractors.  We are
grateful for the immediate support and effort that the customers
have provided to ensure this has happened in an orderly fashion.

"These companies employed 315 individuals.  On the basis that we
did not have any funds to meet the wages and salaries in full,
274 employees were made redundant on 13 September 2005.  The
majority of these redundancies were drivers and we believe that
most will find employment during the course of this week by new
contractors who have taken over the existing contract work.  We
are working closely with the unions and the new contractors on
this matter."

Meanwhile, Autocare U.K. Limited appointed administrators from
PricewaterhouseCoopers on 12 September 2005.

Mr. Cartwright said: "Autocare U.K. operated from three
locations -- Kirriemuir, Immingham and Thurleigh -- and employed
206 people.  In view of the financial position, we were obliged
to close one of the outlets, Thurleigh, with immediate effect and
35 employees at this location were made redundant.  We have
continued to trade the business from the other two key locations
and we are seeking to sell the business and assets on a going
concern basis.  Discussions are currently taking place with
interested parties."

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


BEDE TECHNOLOGY: Goes into Liquidation
--------------------------------------
The Sunderland Court issued a winding-up order against Bede
Technology Limited on Sept. 5.  The winding-up petition was filed
April 21.

Bede Technology designs and manufactures PC-based data monitoring
& control products and bespoke automation equipment for
industrial and laboratory applications.  Visit
http://www.bedetech.comfor more information.

CONTACT:  BEDE TECHNOLOGY LIMITED
          Unit A, Camberwell Way,
          Doxford Park, Sunderland,
          Tyne & Wear SR3 3XN
          Phone: 0191 525 0777
          Fax: 0191 525 0888

          Official Receiver
          1st Floor, Melbourne House,
          Pandon Bank, Newcastle Upon Tyne,
          Tyne & Wear NE1 2JQ


BRENT TIMBER: Liquidators from Elwell Watchorn Move in
------------------------------------------------------
Company Names: Brent Timber And Fencing Co. Limited
               Checkinsure Limited
               E H Wise Limited
               Hosier Holdings Limited

P. J. Hosier, Chairman of these companies, informs that a special
resolution to wind up the companies was passed at an EGM held on
Sept. 5 at Abbots Mead, Barnet Lane, Elstree, Hertfordshire WD6
3RA.

John Michael Munn and Joseph Gordon Maurice Sadler of Elwell
Watchorn & Saxton LLP, 41 Welbeck Street, London W1G 8EA were
appointed liquidators.

CONTACT:  BRENT TIMBER AND FENCING CO. LTD.
          London Road
          Bushey
          Watford WD23 2LB
          Hertfordshire
          Phone: 01923 233811
          Fax: 01923 244336

          ELWELL WATCHORN & SAXTON
          41 Welbeck Street,
          London W1G 8EA
          Phone: (+44) 020 7846 3048
          Fax: (+44) 020 7846 3074
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


BRITISH ENERGY: Financial Results Using IFRS Out Next Week
----------------------------------------------------------
British Energy Group plc intends to release its International
Financial Reporting Standards (IFRS) First Time Adoption
Statement on the morning of 21 September 2005.  There will be a
presentation of the statement at 4:30 p.m. U.K. time at the
offices of Financial Dynamics, Holborn Gate, Southampton
Buildings, London WC2A 1PB.  This presentation will be Web cast
and available by conference call, details of which will be
included in the statement.

The Company intends to release its financial results for the
first quarter 2005/06 at 7:00 a.m. U.K. time on 28 September
2005.  There will be a Web cast presentation and conference call
at 2:00 p.m. U.K. time, details of which will be in the results
announcement.

                            *   *   *

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


CIRCO CONNECT: Hires Liquidator from Robert Day
-----------------------------------------------
A. Kelly, Director of Circo Connect Europe Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 2 at 24 Christchurch Road, Tring, Hertfordshire HP23 4EE.

Robert Day of Robert Day and Company Limited, Garfield, Church
Lane, Oving, Aylesbury, Buckinghamshire HP22 4HL was appointed
liquidator.

CONTACT:  CIRCO CONNECT EUROPE LTD.
          121 High Street,
          Berkhamsted, Hertfordshire HP4 2DJ
          Phone: 01442870148

          ROBERT DAY & COMPANY LIMITED
          Garfield
          Church Lane
          Oving, Aylesbury
          Buckinghamshire HP22 4HL
          Phone: 0845 226 7331
          Fax: 0845 226 7332
          E-mail: enquiries@robertdayandcompany.com


DE BOER HOLDINGS: Calls in Liquidators from Ernst & Young
---------------------------------------------------------
Company Names: De Boer Holdings (UK) Limited
               De Boer Interiors (UK) Limited
               De Boer Special Projects (UK) Limited
               Sporting Structures Limited

R. M. Pit, Chairman of these companies, informs that the special
resolution to wind up the companies was passed at an EGM held on
Aug. 26 at De Boer Investment B.V, Laandenderweg 11, 1812 PW
Alkmaar, Netherlands.

Elizabeth Anne Bingham and Alan Lovett of Ernst & Young LLP, 1
More London Place, London SE1 2AF were appointed liquidators.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


DIGNITY PLC: Half-year Operating Profit Up 11.4% to GBP23.4 Mln
---------------------------------------------------------------
Dignity plc has reported interim results for the 26 weeks to 1
July 2005.

Financial Highlights

(a) underlying profit before tax[*]: up 19.7% to GBP15.8 million
    (2004: GBP13.2 million);

(b) operating profit: up 11.4% to GBP23.4 million (2004: GBP21.0
    million);

(c) revenue: up 8.0% to GBP74.6 million (2004: GBP69.1 million);
    and

(d) interim dividend of 2.75 pence per share (2004: 1.875 pence
    per share).

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Before non-recurring finance charges 2004
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Operating Highlights

(a) acquisition of four new funeral home locations, bringing the
    total to 516 homes at 1 July 2005; and

(b) additional six new funeral homes acquired since 1 July 2005.

Peter Hindley, Chief Executive of Dignity plc, said: "We are
pleased to report a strong trading performance in the first 26
weeks of 2005.  Underlying profits before tax increased by almost
20%, achieved on increased revenues that were up 8%, and a 1.7%
increase in the estimated number of deaths in Great Britain,
which was slightly ahead of expectations.

"We continue to grow the core areas of our business organically,
having acquired ten funeral locations as at the end of August.
We continue to look for new opportunities.  The Group is trading
well and the outlook remains positive for the rest of the year."

               Report of Chairman Richard Connell

I am pleased to report a strong trading performance in the first
26 weeks of 2005.  Operating profit reported under IFRS has
increased by 11.4% to GBP23.4 million (2004: GBP21.0 million).

The Group performed 36,000 (2004: 35,100) funerals from our
network of 516 funeral homes around the country and 21,200 (2004:
19,800) cremations from our 22 crematoria.  Total estimated
deaths for the 26-week period to 1 July 2005 in Great Britain
were 300,800 compared to 295,800 in the comparative 26-week
period in 2004.  This is an increase of 1.7%, which is marginally
ahead of our expectations for the period.  The Board's view on
death rates continues to rely on government forecasts and its
view on medium-term death rates remains unchanged.

The number of unfulfilled pre-arranged funeral plans at 1 July
2005 was 171,500 (2004: 170,200).

Underlying Profit Before Tax and Dividend

Underlying profit before tax in the first 26 weeks of the year
was GBP15.8 million compared to GBP13.2 million in the previous
period, an increase of 19.7%.  This was slightly ahead of our
expectations and is stated before non-recurring finance charges
in 2004.  After taking account of these items, the reported
profit before taxation was GBP15.8 million (2004: loss GBP(2.1)
million).

The Board has declared an interim dividend of 2.75 pence per
share (2004: 1.875 pence per share), which will be paid on 28
October 2005 to shareholders on the register at 7 October 2005.
This is an increase of 10% on the annualized 2004 interim
dividend.  This is consistent with the Group's policy of
progressing the dividend based on the Group's performance.

Developments

As part of its stated strategy, the Group acquired four funeral
home locations in the period to 1 July 2005, funded from existing
cash reserves and internally generated cash flows.  In addition,
in July, the Group acquired a further six funeral home locations.
This brings the total investment in acquisitions in 2005 to
GBP6.9 million.  The Group continues to look for further suitable
opportunities.

Outlook

The Group has recorded a strong performance in the first 26 weeks
of this year.  We expect the future development of the Group to
be achieved by a combination of further acquisitions, seeking
additional partners for our pre-arranged funeral plan business
and from time to time, the opening of new locations.  The Group
continues to trade well and the Board's expectations for the
remainder of 2005 remain positive.

Finally, I would like to thank all our staff for their continued
hard work and dedication to client service.

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

CONTACT:  DIGNITY PLC
          Plantsbrook House
          94 The Parade
          Sutton Coldfield
          West Midlands
          B72 1PH
          Phone: 0121 354 1557
          Fax: 0121 321 5644
          E-mail: enquiries@dignityuk.co.uk
          Web site: http://www.dignityfunerals.co.uk


EPIC ENGINEERING: Members Opt for Liquidation
---------------------------------------------
A. B. G. Stokes, Director of Epic Engineering Group Limited,
informs that the special, ordinary and extraordinary resolutions
to wind up the company were passed at an EGM held on Sept. 2 at
35 Balmoral Road, Ash Vale, Aldershot, Hampshire GU12 5BB.
Michael James Gregson of Bulley Davey, 69-75 Lincoln Road,
Peterborough PE1 2SQ was appointed liquidator.

CONTACT:  EPIC ENGINEERING GROUP LTD.
          Cheriton Avenue,
          Twyford, Reading,
          Berkshire, RG10 9DB
          Phone: 0118 934 1636

          BULLEY DAVEY
          69-75 Lincoln Road,
          Peterborough PE1 2SQ
          Phone: 01733 569494
          Fax: 01733 565250
          Web site: http://www.bulleydavey.co.uk


ERICSSON RADIO: Appoints Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
J. Heavey of Ericsson Radio Communications Limited, informs that
special and ordinary resolutions to wind up the company were
passed on Aug. 30.  Jonathan Sisson and Tim Walsh of
PricewaterhouseCoopers LLP, 12 Plumtree Court, London EC4A 4HT
were appointed liquidators.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


EXECUTE (UK): Files for Liquidation
-----------------------------------
R. Dransfield, Chairman of Execute (UK) Limited, informs that
resolutions to wind up the company were passed at an EGM held at
Baker Tilly, 2 Whitehall Quay, Leeds LS1 4HG.  Adrian David Allen
and Philip Edward Pierce of Baker Tilly, 2 Whitehall Quay, Leeds
LS1 4HG were appointed Joint Liquidators.

Founded in 1996, Execute is a specialist consultancy and Systems
Integrator, providing leading edge business solutions to
corporate companies and the public sector.  The company operates
from strategically positioned offices in the South and North of
England.  Its customers include JP Morgan, BBC Radio, Walt
Disney, Kellogg's, Shell Exploration, London Borough of Greenwich
Council and numerous NHS Trusts.  Visit
http://www.execute.co.uk/about.aspfor more information.

CONTACT:  EXECUTE (UK) LIMITED
          Execute Corporate IT Services
          Rimani House
          14-16 Hall Street
          Halifax
          West Yorkshire
          HX1 5BD
          Phone: 0 (+44) 1422 253700
          Fax: 0 (+44) 1422 253701
          E-mail: info@execute.co.uk

          BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Phone: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk


FOCUS DIY: Slowdown in Consumer Spending Triggers Ratings Review
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit ratings on Focus DIY (Finance) PLC and Focus DIY
(Investments) Ltd., the parent companies of U.K. home-improvement
retailer Focus, on CreditWatch with negative implications.

At the same time, Standard & Poor's affirmed its '1' recovery
rating, which is not on CreditWatch, on the senior secured
facilities of Focus.  The CreditWatch placement is a result of
Standard & Poor's reassessment of the risk profile of the U.K.
home-improvement industry, given its larger-than-expected
susceptibility to the challenging macro environment.  The
negative implications reflect that the industry trends are likely
to have implications for Focus.

"We estimate that, similar to its peers, the group is likely to
have experienced a deterioration in sales and earnings over the
crucial third quarter in fiscal 2005," said Standard & Poor's
credit analyst Sunita Kara.  "A material reduction in earnings
would have an adverse impact on the group's liquidity position,
and in particular on the group's financial covenants."

The U.K. home-improvement industry is currently being challenged
by the slowdown in consumer spending and the sharp decline in
residential property sales, as recently evidenced by Focus'
competitor B&Q, which is part of Kingfisher PLC
(BBB+/Negative/A-2).  These factors point to a difficult trading
backdrop for Focus, compounded by the group's reliance on the
decorative segment, which in Standard & Poor's opinion is more
competitive and exposed to retail consumption trends than the
building trade segment.  In addition, Focus has a highly
leveraged financial profile giving the group only modest
flexibility to accommodate a deterioration in earnings.

Standard & Poor's aims to resolve the CreditWatch after meeting
with Focus' management to discuss prospects for the industry and
the group, in addition to the evolution of the group's credit
metrics and liquidity position.

"The ratings could be affirmed at the current level or downgraded
depending on our assessment of forthcoming financial data," added
Ms. Kara.

"If there are no immediate liquidity concerns, we currently
assess the downgrade possibility will be limited to one notch."

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


GLENCOYNE COURT: Hires Administrator from Peats
-----------------------------------------------
Nicholas James Peat (IP No 8831) of Peats was appointed
administrator for flat management Glencoyne Court Management
Company Limited (Company No 04318785) on Sept. 6.  The company's
registered office is at One The Centre, High Street, Gillingham,
Dorset SP8 4AB.

CONTACT:  PEATS
          Canford House, Discovery Court,
          551-553 Wallisdown Road, Poole,
          Dorset BH12 5AG


GRAND SHEARMAN: Appoints Vantis Numerica Liquidator
---------------------------------------------------
V. Grand, Chairman of Grand Shearman Limited, informs that
special, ordinary and extraordinary resolutions to wind up the
company were passed at an EGM held on Sept. 6 at 2 Penta Court,
Station Road, Borehamwood, Hertfordshire WD6 1SL.  Nicholas Hugh
O'Reilly and Jonathan Mark Birch of Vantis Numerica, P.O. Box
2653, 66 Wigmore Street, London W1A 3RT were appointed
liquidators.

CONTACT:  GRAND SHEARMAN SERVICES LTD.
          2 Penta Court Station Road
          Borehamwood, Hertfordshire WD6 1SL
          Phone: 020-8905-1666

          VANTIS NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.numerica.biz


JELMEAD LIMITED: Files for Liquidation
--------------------------------------
L. Compton, Chairman of Jelmead Limited, informs that resolutions
to wind up the company were passed at an EGM held on Sept. 7 at
Smith & Williamson Limited, 25 Moorgate, London EC2R 6AY.
Anthony Spicer and Iain Allan of Smith & Williamson Limited, 25
Moorgate, London EC2R 6AY were appointment liquidators.

Jelmead manufactures corrugated cases and fittings, chipboard
cartons, covered boxes, slip cases and board sales.  Visit
http://www.jelmead.comfor more information.

CONTACT:  JELMEAD LIMITED
          Unit 1 & 4, Francis Works, Geddings Road, Hoddesdon,
          Herts, EN11 0NT
          Phone: 01992 442751
          Fax: 01992 463739


KENTING DRILLING: Hires Lovewell Blake to Liquidate Assets
----------------------------------------------------------
M. V. Harvey, Director of Kenting Drilling Services Limited,
informs that special, ordinary and extraordinary resolutions to
wind up the company were passed at an EGM held on Sept. 6 at
Lovewell Blake, 89 Bridge Road, Oulton Broad, Lowestoft NR32 3LN.
Christopher Robin Ashe and Andrew John Turner of Lovewell Blake,
89 Bridge Road, Oulton Broad, Lowestoft NR32 3LN were appointed
liquidators.

CONTACT:  KENTING DRILLING SERVICES LTD.
          Trent Lane, Castle Donnington,
          Derby, DE74 2NP
          United Kingdom
          Phone: +44 (0) 1332 850060
          Fax: +44 (0) 1332 850553

          LOVEWELL BLAKE
          89 Bridge Road
          Oulton Broad
          Lowestoft
          Suffolk NR32 3LN
          Phone: 01502 563921
          Fax: 01502 584630
          E-mail: ajt@lovewell-blake.co.uk


KPMG FINANCIAL: Liquidator from KPMG Enters Firm
------------------------------------------------
N. Challis, Director of KPMG Financial Manager Limited, informs
that special and ordinary resolutions to wind up the company were
passed at a general meeting held on Aug. 30.  Richard John Hill
of KPMG LLP, Arlington Business Park, Theale, Reading RG7 4SD was
appointed liquidator.

CONTACT:  KPMG FINANCIAL MANAGER LIMITED
          100 Temple Street
          Bristol, Avon BS1 6AG

          KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


LOFT CONVERSION: EGM Passes Winding-up Resolution
-------------------------------------------------
S. James, Chairman of Loft Conversion Centre Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 6 at The Langfords Hotel, 8-16 Third Avenue, Hove,
East Sussex.  K W Touhey and D J Oprey of Chantrey Vellacott DFK
LLP, 16-17 Boundary Road, Hove, East Sussex BN3 4AN were
appointed Joint Liquidators.  Their appointment was confirmed at
a creditors meeting held on the same day.

Loft Conversion Centre Limited is into loft conversion, and
staircase design, construction and installation.  Its working
area is in most of East and West Sussex, South Surrey.  Visit
http://www.loftconversioncentre.co.uk/for more information.

CONTACT:  LOFT CONVERSION CENTRE LIMITED
          27 Old Shoreham Road, Brighton
          East Sussex, UK
          Phone: 01273 733333

          CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com


MG ROVER: Nanjing, SAIC Find Ways to Jointly Develop Rover Brand
----------------------------------------------------------------
Nanjing Automobile (Group) Corporation and Shanghai Automotive
Industry Corporation are reportedly close to signing a deal for
the production of MG Rover cars in China.

The deal will see Nanjing manufacture Rover engines and small
cars, while SAIC will build the bigger and more modern Rover 75
model, the Sunday Times said.  Both firms wooed MG Rover after
its collapse in April, but Nanjing clinched the deal with its
GBP53 million offer in July.  SAIC, however, managed to acquire
the intellectual property rights to several Rover models.

Earlier, The Mirror, in another report, revealed Chinese workers
have arrived at the Longbridge plant to begin shipping machinery
to Nanjing Automobile's eastern China headquarters.  While the
reported agreement with SAIC could clear the way for Nanjing to
restart production in China, the revival of Longbridge operations
remain hanging.  Nanjing has already agreed to build sports cars
at the plant with GB Sports Car Company, but it has yet to
present concrete plans for MG Rover.  SAIC, on the other hand, is
still assessing whether it could begin car assembly in the U.K.

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


MGS MICROPURE: Calls in Liquidator
----------------------------------
D. C. Godfrey, Director of MGS Micropure Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 6 at St Marks House, 3 Gold Tops, Newport, South Wales NP20
4PG.  Leigh-Jane Holmes of Purnells, St Marks House, 3 Gold Tops,
Newport, South Wales NP20 4PG was appointed liquidator.

CONTACT:  MGS MICROPURE LTD.
          Unit 7 Nine Mile Point Industrial Estate
          Cwmfelinfach, Ynysddu
          Newport (Gwent)
          NP11 7HZ
          Gwent
          Phone: 01495 200444
          Web site: http://www.mgsmicropure.co.uk
          Contact:
          Andrew Miller, Managing Director

          PURNELLS
          St Marks House
          3 Gold Tops
          Newport
          Gwent NP 20 4PG
          Phone: 01633 214712
          Fax: 01633 246599
          E-mail: ray@purnells.co.uk


NAM RETAIL: Creditors Meeting Set Next Month
--------------------------------------------
Notice is hereby given that a Meeting of Creditors of Nam Retail
Services Limited is to be held at KPMG LLP, St Nicholas House, 31
Park Row, Nottingham NG1 6FQ, on 5 October 2005, at 11:00 a.m.,
to consider the Administrators' proposals under paragraph 51 of
Schedule B1 to the Insolvency Act 1986, and to consider
establishing a Creditors' Committee.  A Creditor will be entitled
to vote only if a written statement of claim is given to me at 1
The Embankment, Neville Street, Leeds LS1 4DW, not later than
12:00 noon on 4 October 2005 and if the claim is admitted for
voting purposes.  Any proxies that are intended to be used must
be submitted to me by the date of the Meeting.  A Company may
vote either by proxy or through a representative appointed by
Board Resolution.

J D E Money, Joint Administrator

CONTACT:  NAM RETAIL SERVICES
          9-11, Newmarket Court,
          Derby, Derbyshire DE7 6BN
          Phone: 01332861640
          Fax: 01332 861641

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


PREMIER BUILDING: Files for Liquidation
---------------------------------------
M. Bradford, Chairman of Premier Building Maintenance UK Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 1 on the 1st Floor of 4 Meadow Court, 41-43
High Street, Witney, Oxfordshire OX28 6ER.  Peter Edwards of
Peter Edwards & Co. was appointed liquidator.

CONTACT:  PREMIER BUILDING MAINTENANCE UK LTD.
          P.O. Box 298, Witney, Oxfordshire OX28 1XQ
          Phone: 01993705084


PRIMARY BOOKS: Members Approve Winding-up
-----------------------------------------
A. Phillips, Chairman of Primary Books Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 1 at 32 Aldershot Road, Fleet, Hampshire GU51 3NN.  Robert
James Thompson of Rendell Thompson, 32 Aldershot Road, Fleet,
Hampshire GU51 3NN was appointed liquidator.

Primary Books manages and runs book fair events in schools.  It
also supplies schools with any book in print in the U.K.   Visit
http://www.primarybooks.co.ukfor more information.

CONTACT:  PRIMARY BOOKS LTD.
          The Old Dairy
          High Street
          Grateley
          Andover
          Hants
          SP11 8JS
     Phone: 01264 889000
          Fax: 01264 889900
          E-mail: theoffice@primarybooks.co.uk


PROFILE MEDIA: Half-year Operating Loss Down to GBP322,000
----------------------------------------------------------
Profile Media Group plc has reported interim results for the six
months ended 30 June 2005.

Highlights

(a) profit attributable to shareholders is GBP259,538 compared
    to a loss of GBP1,083,952 in the corresponding period last
    year;

(b) operating loss down to GBP322,000 from GBP946,000;

(c) turnover on continuing businesses up 18%;

(d) gross margins on continuing businesses improve from 9.1% to
    26.8%;

(e) administrative expenses on continuing business down 27.3%
    compared with same period last year;

(f) loss from continuing operations before exceptional items,
    amortization of goodwill and interest reduced to GBP7,880
    from GBP291,952;

(g) disposal of U.S. operations and other assets generating
    exceptional gain of GBP817,000;

(h) basic earnings per share is 0.06 pence (2004 loss 0.26
    pence); and

(i) basic loss per share before exceptional items and
    amortization improves to 0.12 pence from 0.19 pence.

               Report of Chairman David Ellingham

I am pleased to present the Interim results for the six months
ended 30 June 2005.

The results demonstrate the progress we are making in returning
the Group to profitability.  Compared with the same period last
year, the loss on ordinary activities before exceptional items
and amortization has been reduced from GBP640,554 to GBP173,215.
The profit on ordinary activities after interest, amortization of
goodwill and exceptional items is GBP259,538 (2004: loss
GBP1,083,952).

Financial Results

Turnover for the continuing business increased from GBP2.72
million to GBP3.21 million, an increase of 18%.  Furthermore,
gross margins from continuing activities have improved to 26.8%
from 9.1%.

As we continue to bring the Group's operating base to an
appropriate and sustainable level ongoing administrative expenses
have fallen to GBP868,658 a reduction of 27.3% compared to the
same period last year.

Losses from continuing operations before interest, amortization
of goodwill and exceptional items were GBP46,884, reduced from
GBP296,879.  The basic and fully diluted earnings per share for
the six months ended 30th June 2005 was 0.06 pence compared to a
basic loss of 0.26 pence in the previous period.  The basic and
fully diluted loss per share before exceptional items and
amortization of goodwill for the six months ended 30 June 2005
was 0.12 pence compared to 0.19 pence in the previous period.

During the period the U.S. operations, motor racing titles and
the Good Ski Guide title were sold and accordingly have been
shown as discontinued in both the current period and comparative
periods.  The terms of the U.S. sale mean that there is no
trading reported for the group after 31 December 2004.  The
profits generated from the sale of these assets are shown under
exceptional items.

Publishing - Custom and Contract

This division consists of Profile Pursuit and Profile Business
Intelligence.  Revenue is generated mainly from the sale of
advertising space in controlled circulation publications.
Additional revenue is generated by sponsored reports.

During the six months under review the now wholly U.K. turnover
improved by GBP255,960, an increase of 14.5%, as we continue to
introduce new and more regular titles.

Publishing - Other

The remainder of the Group's publishing activities comprise of
Profile Sports Media and ProgrammeMaster.

During the six months under review the turnover of this division
has improved by GBP231,580, an increase of 24.2%.  The increase
in turnover reflects the new contracts achieved during this
period.  Further other opportunities for this division have been
identified and are currently being pursued.

Current Trading

The Group remains committed to maintaining tight cost controls
and will introduce new titles and initiatives when appropriate.
Cash flow remains a priority.  As previously announced, the
Company is in discussion with its advisers to raise funds in
order to exercise the option entered into with its bankers and
provide additional working capital to finance the continuing
improvement of revenues.

I would like to thank shareholders and employees for their
continued support during the period.  In particular, I would also
like to thank John Webber, our former Chairman, for the
operational support he gave during his tenure and for his
continuing financial support to the Company through his loan.

We look forward to implementing our plans for a fundraising to
secure the future of the Company.

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

                        About the Company

Profile Media Group is made up of a number of different companies
specializing in a range of products and services from custom
publishing and distribution to multi-channel customer contact and
integrated fulfillment.  It formed Profile Pursuit in 1993 to
offer a range of innovative publishing solutions in the U.S. and
U.K.  The U.S. subsidiary, Profile Pursuit Inc., was recently
sold to Healthspring Communications LLC.

Profile Media is predicting losses of at least GBP4 million this
year.  In March, Barclays Bank Plc agreed to extend the date for
the repayment of its GBP3 million term loan facility to 7 March
2005.  In June, the due date was extended to 31 October 2005.
The company also has unsecured loans of GBP100,000 each to
Chairman John Webber and Chief Executive David Ellingham.

CONTACT:  PROFILE MEDIA GROUP PLC
          5th Floor, Mermaid House
          2 Puddle Dock
          London
          EC4V 3DS
          PMG
          Phone: +44 (020) 7332 2000
          Fax: +44 (020) 7332 2001
          E-mail: info@profilemediagroup.co.uk

          Press Inquiries
          Martin Chard, Finance Director
          Phone: 020 7332 2000


RIPPONDEN CARRIERS: Appoints Begbies Traynor Administrator
----------------------------------------------------------
D. Bailey and P. Stanley (IP Nos 006739, 008123) of Begbies
Traynor were appointed administrators of Ripponden Carriers
Limited (Company No 05224110) on Aug. 26.  The company's
registered office is at Begbies Traynor, Elliot House, 151
Deansgate, Manchester M3 3BP.

CONTACT:  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


SILVEROCK CONSULTANTS: Calls in Liquidator
------------------------------------------
D. Velikic, Chairman of Silverock Consultants Ltd. (t/a Bites
College), informs that resolutions to wind up the company were
passed at an EGM held on Aug. 30 at Newman & Partners Insolvency
& Recovery Services Limited, Lynwood House, 373-375 Station Road,
Harrow, Middlesex HA1 2AW.  Mr. P Shah of Parker Wood Insolvency
Practitioners, 28 Church Road, Stanmore, Middlesex HA7 4XR was
appointed liquidator.

CONTACT:  SILVEROCK CONSULTANTS LTD.
          Lite Oxford Street
          61-65 Oxford Street
          (14 Soho Street)
          London W1D 3DN
          United Kingdom
          Phone: ++44(0) 207 7349989
          Fax: ++44 (0) 207 4371302


STRANGE AND DAWSON: Administrators from Mazars Enter Firm
---------------------------------------------------------
Timothy Colin Hamilton Ball and Lucinda Ann Field (IP Nos 8018
and 9295) of Mazars LLP were appointed administrators of Strange
and Dawson Advertising Limited (Company No 02408091) on Sept. 2.

Strange and Dawson Advertising Limited is one of South West's
leading independent full service advertising and marketing
agencies.  Visit http://www.strangeanddawson.com/for more
information.

CONTACT:  STRANGE AND DAWSON ADVERTISING LTD.
          Clifton Heights, Triangle West,
          Clifton, Bristol BS8 1EJ
          Phone: 0117 925 3830
          Fax: 0117 925 3851

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


STREAMLINE LEISURE: Appoints Begbies Traynor Liquidator
-------------------------------------------------------
W. Hachern, Chairman of Streamline Leisure Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Aug. 30 at Begbies Traynor (South) LLP, Chiltern House, 24-30
King Street, Watford WD18 0BP.  Paul Michael Davis and Timothy
John Edward Dolder of Begbies Traynor (South) LLP, Chiltern
House, 24-30 King Street, Watford WD18 0BP were appointed Joint
Liquidators.

CONTACT:  STREAMLINE LEISURE LTD.
          13 Streatham High Road, London SW16 1DS
          Phone: 02086776776

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


T. & T. REPRODUCTIONS: In Liquidation
-------------------------------------
F. G. Stanley, Director of T. & T. Reproductions Wholesale
Limited, informs that a resolution to wind up the company was
passed at an EGM held on Sept. 1 at 2nd Floor, 19 Castle Street,
Liverpool L2 4SX.  Gerard Keith Rooney of Rooney Associates, 2nd
Floor, 19 Castle Street, Liverpool L2 4SX was appointed
liquidator.

CONTACT:  T & T REPRODUCTIONS LTD.
          Wakefield Rd (Off Heysham Rd)
          Aintree Trading Estate, Aintree
          Bootle
          Merseyside
          Postcode
     L30 6TZ
          Phone: +4401 515233355
          Fax: +4401 515255515


TURPINS PLC: Appoints Liquidator from Vantis Redhead French
-----------------------------------------------------------
M. A. Freeman, Chairman of Turpins Plc, informs that special and
ordinary resolutions to wind up the company were passed at an EGM
held on Aug. 31 at 43-45 Butts Green Road, Hornchurch, Essex RM11
2JX.  Jeremy Stuart French, of Redhead, French, 43-45 Butts Green
Road, Hornchurch, Essex RM11 2JX was appointed liquidator.

CONTACT:  TURPINS PLC
          Kennedy Way,
          Clacton-On-Sea CO15 4AB
          Phone: 01255 423402

          VANTIS REDHEAD FRENCH LIMITED
          43-45 Butts Green Road,
          Hornchurch, Essex RM11 2JX
          Phone: 01708 458211
          Fax: 01708 442308
          E-mail: jeremy.french@vantisredheadfrench.co.uk


WEDDING LIST: Begbies Traynor Administrators Take over Biz
----------------------------------------------------------
Christopher Herron and Paul Michael Davis (IP Nos 8755, 7805) of
Begbies Traynor were appointed administrators of Internet wedding
gift retailer Wedding List Direct Limited (Company No 4840893) on
Sept. 8.  The company's registered office is located at Carolyn
House, 22-26 Dingwall Road, Croydon CR0 9XF.

CONTACT:  WEDDING LIST DIRECT LIMITED
          Web site: http://www.weddinglistdirect.co.uk/

          BEGBIES TRAYNOR (SOUTH) LLP
          Carolyn House,
          22-26 Dingwall Road,
          Croydon CR0 9XF
          Web site: http://www.begbies.com


WOOLWORTHS GROUP: Loss Swells to GBP36.6 Million Under IFRS
-----------------------------------------------------------
Prior to the announcement of interim results for the half-year to
30 July 2005, Woolworths Group plc has released its unaudited
financial results for the half-year to 31 July 2004 restated
under International Financial Reporting Standards (IFRS) as part
of the process for the adoption of IFRS as its primary accounting
basis for the year ending 28 January 2006.

The financial results for the year ending 29 January 2005
restated under IFRS were announced on 5 July 2005.

The key changes to Woolworths' reported financial information
under IFRS as at 31 July 2004 remained:

(a) recognition of all employee benefit related obligations,
    principally pensions and share based payments;

(b) recognition of lease incentives received over the entire
    term of the lease rather than up to the first market rent
    review;

(c) amortization of goodwill credited back to the income
    statement; and

(d) recognition of deferred tax liabilities on temporary
    differences.

For the half-year ended 31 July 2004, the impact on losses from
the adoption of IFRS is an increase in loss before tax,
exceptional costs and goodwill amortization of GBP3.7 million
from GBP32.9 million to GBP36.6 million.  The loss after tax
increases from GBP23.0 million to GBP24.3 million.  Net assets
are reduced by GBP84.4 million from GBP429.7 million to GBP345.3
million at 31 July 2004.

None of the adjustments arising from IFRS relate to cash, and
therefore there is no impact on reported cash flows.

Woolworths will announce interim results for the period ended 30
July 2005 on Wednesday 21 September 2005.

                            *   *   *

Woolworths Group plc is principally a U.K. retailer focused on
the home, family and entertainment.  The Group also operates the
entertainment businesses E.UK, 2 Entertain and Streets Online.

In August, Woolworths sold MVC Entertainment Limited for
GBP5.5 million to a group of retail investors led by Chris
Steed, Managing Director of Argyll Partners.  The sale was
completed on 30 July 2005 and the consideration was
paid in cash at completion.

In addition there will be a further cash inflow during the year
resulting from working capital reductions estimated to be GBP5
million - GBP10 million at Entertainment U.K. Ltd.

In July, Woolworths said that the retail climate has remained
difficult.  Woolworths Mainchain like-for-like sales decreased by
4.4% in the 24 weeks to 16 July 2005.  It said that against the
challenging retail environment, it continues to be disciplined
about controlling costs and stock while taking action to improve
the Group's businesses.

CONTACT:  WOOLWORTHS GROUP PLC
          Woolworth House, 242-246 Marylebone Rd.
          London
          NW1 6JL, United Kingdom
          Phone: +44-20-7262-1222
          Fax: +44-20-7706-5416
          Web site: http://www.woolworthsgroupplc.com

          TULCHAN GROUP
          Kate Inverarity
          Phone: 020 7353 4200
          Celia Gordon-Shute
          Phone: 020 7353 4200


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


                 * * * End of Transmission * * *