TCREUR_Public/050921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, September 21, 2005, Vol. 6, No. 187

                            Headlines

A U S T R I A

JULIUS MEINL: 67 Stores to be Sold for CZK1 Billion


F I N L A N D

KALEVI AHOLAITA: Retailing Chain Declares Bankruptcy


G E R M A N Y

APOTHEKEN-ABRECHNUNGEN: Bochum Court Appoints Administrator
BORUSSIA DORTMUND: Selling Rights to Stadium
COMEDIS GMBH: Succumbs to Bankruptcy
DAIMLERCHRYSLER AG: Recalling 100,000 Grand Cherokees
ENEL RECYCLING: Proofs of Claim Due Next Month

FLOTHMANN GMBH: Creditors Meeting Set October
GEBR. ALBERT: Under Bankruptcy Administration
INFINEON TECHNOLOGY: Perlach Site Still Competitive, Says Union
M K TRANSPORT: Court to Verify Claims November
RATIO GMBH: Essen Court Appoints Dr. Nikolaus Administrator

SCHMIDT & CO.: Creditors to Meet November
VOGT ELECTRONIC: Court to Verify Claims December
VOLKSWAGEN AG: Sees Zero Profit in China this Year
XANTINA GMBH: Frankfurt Venture Goes Bust


G R E E C E

OLYMPIC AIRLINES: Blames Government for Legal, Financial Woes
TIM HELLAS: Gets Senior Unsecured 'B' Rating from Fitch
TIM HELLAS: Corporate Credit Rated 'B+'; Outlook Stable


I T A L Y

ALITALIA SPA: Banks Committed to Underwrite Rights Issue
FIAT SPA: Agnellis Buy 87.75 Mln Shares to Stay in Control
PIAGGIO & C. SPA: Books EUR39 Mln Net Income in First Half


K A Z A K H S T A N

BANK CASPIAN: Proposed Eurobond Gets Expected 'B+' Rating


K Y R G Y Z S T A N

ASKOR: Shareholders Meeting Set Next Week
DARUK-MULSAN: Proofs of Claim Deadline November 5
ELEI SERVICE: Claims Filing Period Expires November
SPACE MOTORS: Declared Insolvent
UVETA PLUS: Creditors' Claims Due November


N E T H E R L A N D S

KONINKLIJKE AHOLD: Sells Stake in Central American Joint Venture


R U S S I A

AERO-GRAD: Creditors Have Until October 13 to File Claims
BUTURLINOVSKIY: Claims Filing Period Ends October
CONFECTIONARY: Chelyabinsk Court Opens Bankruptcy Proceedings
DMITRIEVSKAYA: Bankruptcy Supervision Procedure Begins
INDUSTRY & CONSTRUCTION: Loan Participation Notes Rated 'B'

KENTAVR-AGRO: Court Brings in Insolvency Manager
MILK-VEGETABLES FARMING: Hires L. Abalakova Insolvency Manager
MORSHANSK-SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set Next Month
OSTROGOZHSKOYE MILK: Undergoes Bankruptcy Supervision Procedure
PROMSVYAZBANK: Fitch Assigns Proposed Eurobond 'B' Rating

PROMSVYAZBANK: Fitch Affirms Long-term 'B' Rating
REPAIR-MECHANICAL FACTORY: Under Bankruptcy Supervision
WOOD-PROCESSING COMBINE: Succumbs to Bankruptcy
YUKOS OIL: Court Suspends Hearing on Yuganskneftegaz Tax Appeal
YUKOS OIL: Lukoil, ConocoPhillips Eye Lithuanian Asset
YUKOS OIL: Lithuanian Govt to Buy, Resell Stake in Refinery


S W E D E N

SKANDIA INSURANCE: Welcomes Probe on Alleged Insider Trading


U K R A I N E

DANILO GALITSKIJ: Declared Insolvent
GALLAK-PAK: Lviv Court Opens Bankruptcy Proceedings
MIKGAZBUD: Under Bankruptcy Supervision
POGREBISHERAJAGROTECHSERVICE: Bankruptcy Supervision Begins


U N I T E D   K I N G D O M

ALBION STORAGE: Calls in Liquidator
AMBERBARN LIMITED: Files for Liquidation
BISON FREIGHT: Hires PricewaterhouseCoopers to Wind up Business
BRANTON ENGINEERING: To Hold Creditors Meeting Today
CEETAK FABRICATIONS: Hires F A Simms & Partners as Administrator

DIRECT DECORATING: EGM Passes Winding-up Resolution
DUDLEY CONTROLS: Appoints SPW Poppleton Liquidator
ERC FRANKONA: Liquidators from Ernst & Young Move in
F. C. DAVISON & SON: Hires Menzies Corporate to Liquidate Assets
FIFTH ELEMENT: Names BDO Stoy Hayward Liquidator

FRENCH RESTAURANT: Hires Administrators from Milner Boardman
H AND M AIR: Goes into Liquidation
ICON BUSINESS: In Liquidation
INNOVATIONS FOR TRADE: Members Opt for Liquidation
INTERCEPT LIMITED: Publisher Applies for Liquidation

INVENSYS PLC: Names New President for Controls Business
KIRKLAND CONTRACTS: Furniture Maker Calls in Administrator
KLAUSSNER FURNITURE: Creditors Meeting Set Next Week
MAYFLOWER CORPORATION: PwC Charged with Malpractice
NATIONWIDE MEDIATION: Sets Creditors Meeting Friday

NORTHERN FOODS: Trading Update Out Next Month
QIBLA-COLA: Falls into Receivership
SAMSON DAY: Administrators Take over Business
SPIRENT PLC: To Dispose of Network Products Division
SPORTS MONDIAL: Appoints Administrator from B & C Associates

TABLE WORKS: Hires Administrators from PKF
TOWN & COUNTRY: Files for Liquidation
TRIANGLE ASSET: Goes into Liquidation
WM MORRISON: Agrees to Wage Bargaining to Pacify Unions
XEROX CORPORATION: Moody's Revises Outlook to Positive

* 50,000 Firms to go Bust in Three Years -- Paper


                            *********


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


JULIUS MEINL: 67 Stores to be Sold for CZK1 Billion
---------------------------------------------------
Royal Ahold is paying CZK1 billion for the 67 local outlets of
Julius Meinl, daily Mlada fronta Dnes (MfD) says, citing a draft
contract of the asset transfer.

The purchase price is equal to 23% of the stores' turnover.
Ahold, in addition, will pay the price of inventories and bring
in additional investment.  Spokesperson Katerina Cerna said Ahold
will not disclose the actual purchase price.  The anti-monopoly
office UOHS has already cleared the transaction.

The spokesperson said Julius Meinl's staff should not worry about
layoffs.  They will be transferred and paid the same wages under
the new management.  Julius Meinl is notorious for paying low
wages, says MfD.

Julius Meinl, which entered the local market 11 years ago, cites
fierce competition for its departure from Czech Republic.  It has
accumulated losses in recent years, the magnitude of which
exceeds its share capital.  Losses for 2003 amounted to CZK500
million (EUR16.7 million).  The company is a subsidiary of
Austrian Julius Meinl International, a recognized retailer in
Central and Eastern Europe.  It employed 1,700 people in 67
outlets last year.

Ahold operates 184 Albert supermarkets and 50 Hypernova
hypermarkets in the Czech Republic.  It is the second largest
retail chain in the country, next to Makro Cash&Carry CR,
according to Incoma Research.  It's sales is CZK34.6 billion vs.
Meinl's CZK4.2 billion.

CONTACT:  JULIUS MEINL a.s.
          U Libenskeho Pivovaru 63
          180 00 Prague 8
          Phone: (+420) 2 83 088 200
          Fax: (+420) 2 83 088 206
          E-mail: sekretariat@julius-meinl.cz
          Web site: http://www.julius-meinl.cz


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


KALEVI AHOLAITA: Retailing Chain Declares Bankruptcy
----------------------------------------------------
Kalevi Aholaita Oy has reportedly filed for bankruptcy with debt
of about EUR6.4 million.  According to news agency STT, the
low-cost retail chain has been undergoing restructuring.  Its
largest debt is owed to Nordea Bank.

Aholaita, which owns 27 shops in Helsinki, Hame and Pirkanmaa,
has already informed its 134 employees about the filing.  The
retail outlets will be shut down until further measures by the
official receiver.

CONTACT:  KALEVI AHOLAITA OY
          Patamaenkatu 2
          33900 TAMPERE
          Phone: 030 4004 000
          Fax: (03) 3136 3632 or
               (03) 3136 3633
          E-mail: etunimi.sukunimi@aholaita.fi
          Web site: http://www.aholaita.fi


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


APOTHEKEN-ABRECHNUNGEN: Bochum Court Appoints Administrator
-----------------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Apotheken-Abrechnungen-Organisation L. Neumann GmbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 17, 2005 to register their claims with court-appointed
provisional administrator Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2005, 9:15 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  APOTHEKEN-ABRECHNUNGEN-ORGANISATION L. NEUMANN GmbH
          August-Becker-Strasse 10, 45711 Datteln
          Contact:
          Ingo Neumann, Manager
          Hubertusstrasse 53, 44577 Castro-Rauxel

          Ulrich Zerrath, Administrator
          Lange Wanne 57, 45665 Recklinghausen
          Phone: 02361 / 48840
          Fax: 48 8499


BORUSSIA DORTMUND: Selling Rights to Stadium
--------------------------------------------
Football club Borussia Dortmund (BVB) is selling its rights to
the Westfalen Stadium for the 2006/2007 season, according to
Agence France-Presse.

Finance director Hans-Joachim Watzke says the club is in talks
with four big companies.  BVB has already sold the stadium to
Molsiris, and is only leasing it until 2017.  Mr. Watzke said it
will not use the money raised from selling the rights to
strengthen its team.  Income from the stadium is estimated at
EUR5 million a year.

BVB averted bankruptcy in March by buying back a stake held by
Molsiris, a division of Commerzbank that bought the club's 95%
stake in the stadium.  In exchange, Molsiris returned EUR52
million to Borussia and reduced its annual rent and deferred the
EUR15 million rent for 2005 and 2006.

BVB became the first German club to float on the stock exchange
in October 2000.  It used the proceeds on huge transfers and
wages hoping for steady income from Champions League football.
But the plan did not work out as expected.  BVB recently adjusted
its 2004 loss forecast by 9.4% to EUR78.2 million from previous
estimate of EUR68.8 million due to higher cost in organizing
matches.

CONTACT:  BORUSSIA DORTMUND GMBH & CO. KGAA
          Rheinlanddamm 207-209
          44137 Dortmund
          Phone: +49 (2 31) 9 02 00
          Web site: http://www.borussia-dortmund.de


COMEDIS GMBH: Succumbs to Bankruptcy
------------------------------------
The district court of Bonn opened bankruptcy proceedings against
CoMEDIS GmbH on September 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 31, 2005 to register their claims
with court-appointed provisional administrator Ruediger Stoll.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2005, 12:15 p.m. at the district
court of Bonn, Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn,
1. Stock, Saal W126, 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:  COMEDIS GmbH
          Heuserweg 13-15, 53842 Troisdorf
          Contact:
          Andreas Wirtz, Manager
          Im Rabengrund 8 a, 50997 Koln

          Ruediger Stoll, Administrator
          Sankt Augustiner Strasse 94 a, 53225 Bonn
          Phone: 0228/ 40 09 40
          Fax: 40 09 479


DAIMLERCHRYSLER AG: Recalling 100,000 Grand Cherokees
-----------------------------------------------------
DaimlerChrysler AG's Chrysler unit will reportedly recall over
100,000 Jeep Grand Cherokee sport utility vehicles due to
transmission fluid-related troubles.

According to the Associated Press, the recall covers 2005 model
year vehicles with 3.7 liter engines and automatic transmissions,
which represent almost half of all Jeep Grand Cherokees sold so
far this year.  Spokesman Max Gates says, in a number of
vehicles, water contamination of the transmission fluid could
cause fires under the hood.  The leakage of condensed water from
the air conditioning system into the area that contains the
transmission fluid could lead to a shaking in the transmission.
The shaking could cause the transmission to operate under higher
temperatures, from which hot fluid could be ejected into the hot
part of the exhaust system and cause an engine fire, he said.

DaimlerChrysler has already coursed through four reports of
fires -- two in Hawaii and two in California and
Washington --from Dollar Rent a Car to the National Highway
Traffic Safety Administration.  Mr. Gates notes, however, that
less than 1% of the vehicle's owners have cited the problem in
their warranty claims.  The company, which plans to notify owners
of the recall next month, expects the trouble to affect less than
5% of the vehicles sold.

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


ENEL RECYCLING: Proofs of Claim Due Next Month
----------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Enel Recycling GmbH on August 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 26, 2005 to register their
claims with court-appointed provisional administrator Dr.
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2005, 2:00 p.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004,
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  ENEL RECYCLING GmbH
          Gartenstrasse 41, 15749 Mittenwalde

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Strasse 48, 10785 Berlin


FLOTHMANN GMBH: Creditors Meeting Set October
---------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Flothmann GmbH on September 1.  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 Stefan Hahn.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 9:20 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 during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  FLOTHMANN GmbH
          Friedrichstr. 114, 42551 Velbert
          Contact:
          Hans-Joachim Flothmann, Manager

          Stefan Hahn, Administrator
          Morianstrasse 45, 42103 Wuppertal
          Phone: 0202/283310
          Fax: 0202/2833175


GEBR. ALBERT: Under Bankruptcy Administration
---------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Gebr. Albert und Wolfgang Nitz GbR on September 1.
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 Dr. Andreas Ropke.

Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 11:30 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, IV. Etage, Saal 407, 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:  GEBR. ALBERT UND WOLFGANG NITZ GbR
          Dorfplatz 5, 47279 Duisburg
          Contact:
          Albert and Wolfgang Nitz, Managers
          Gellertstrasse 43, 46049 Oberhausen

          Dr. Andreas Ropke, Administrator
          Dammstr. 26, 47119 Duisburg


INFINEON TECHNOLOGY: Perlach Site Still Competitive, Says Union
---------------------------------------------------------------
Trade union IG Metall continues to oppose the closure of Infineon
Technology's Munich Perlach site, Frankfurter Allgemeine Zeitung
says.

In its latest attempt to save hundreds of jobs at the site, IG
Metall presented an expert's report it commissioned showing the
plant's productivity and competitiveness can be improved with an
appropriate level of investment.  This contradicts the claim of
Chief Executive Wolfgang Ziebart in February that the plant's
production is lagging industry trends and standards.  Under the
current plan, the plant will be phased out by 2007.

IG Metall's Werner Neugebauer concedes job security at the site
is uncertain and that steps might be taken like partial
retirement.  He will represent workers during the pay
negotiations with management and Bavaria's regional employers'
association on September 27.  At the meeting, he will also demand
that Infineon explain its basis for claiming the Munich site is
no longer competitive.

Local rival X-Fab recently abandoned talks to acquire the site,
claiming "there is no long-term guarantee of running the Perlach
site with economic success and preserving the jobs."

                          About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for automotive, industrial and multi-market
sectors, for applications in communication, as well as memory
products.  With a global presence, Infineon operates through its
subsidiaries in the U.S. from San Jose, CA; in the Asia-Pacific
region from Singapore; and in Japan from Tokyo.  In fiscal year
2004 (ending September), the company achieved sales of EUR7.19
billion with about 35,600 employees worldwide.  Infineon is
listed on the DAX index of the Frankfurt Stock Exchange and on
the New York Stock Exchange (ticker symbol: IFX).

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

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


M K TRANSPORT: Court to Verify Claims November
----------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against M K Transport GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 24, 2005 to register their
claims with court-appointed provisional administrator Helmut
Buerenkemper.

Creditors and other interested parties are encouraged to attend
the meeting on November 14, 11:00 a.m. at the district court of
Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, 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:  M K TRANSPORT GmbH
          Siegenstrasse 186a, 44359 Dortmund
          Contact:
          Marlis Krueger, Manager
          Siegenstrasse 186 a, 44359 Dortmund

          Helmut Buerenkemper, Administrator
          Lipperoder Strasse 9, 59555 Lippstadt
          Phone: 02941/ 97 62-0
          Fax: 97 62 20


RATIO GMBH: Essen Court Appoints Dr. Nikolaus Administrator
-----------------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Ratio GmbH on August 31.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until October 17, 2005 to register their claims with
court-appointed provisional administrator Dr. Frank Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 10:00 a.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:  RATIO GmbH
          Wilhelm-Beckmann-Str. 14, 45307 Essen
          Contact:
          Michael Kraft, Manager
          Kevelohbusch 21, 45277 Essen

          Dr. Frank Nikolaus, Administrator
          Alfredstr. 108-112, 45131 Essen
          Phone: 87 90 40


SCHMIDT & CO.: Creditors to Meet November
-----------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Schmidt & Co. GmbH Haus- und Grundbesitz on August 18.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until September 20,
2005 to register their claims with court-appointed provisional
administrator Dr. Helmut Hemmerling.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2005, 8:30 a.m. at the district court
of Stuttgart, Saal 4, Hauffstr. 5, 70190 Stuttgart, 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:  SCHMIDT & Co. GmbH HAUS- UND GRUNDBESITZ
          Hauptmannsreute 6, 70192 Stuttgart
          Contact:
          Vlassios Sardanis, Manager
          Hans-Juergen Schmidt-Stevenoot, Manager

          Dr. Helmut Hemmerling, Administrator
          Talstr. 108, 70188 Stuttgart
          Phone: 0711/168670
          Fax: 0711/4595572


VOGT ELECTRONIC: Court to Verify Claims December
------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against VOGT electronic Witten GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 10,
2005 to register their claims with court-appointed provisional
administrator Frank Imberger.

Creditors and other interested parties are encouraged to attend
the meeting on December 1, 2005, 11:00 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report on December 15, 2005, 9:00 a.m. at the same venue.

CONTACT:  VOGT ELECTRONIC WITTEN GmbH
          Siemensstr. 2 - 10, 58454 Witten
          Contact:
          Werner Becker, Manager
          Franz-Josef Meinzenbach, Manager

          Frank Imberger, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


VOLKSWAGEN AG: Sees Zero Profit in China this Year
--------------------------------------------------
Volkswagen AG is expecting zero profit in its China operations
this year, says Sueddeutsche Zeitung.

Chief Executive Bernd Pischetsrieder himself declared this when
asked how much profit the operation will post in 2005.  "Around
zero.  It's not crucial whether there will be a small profit or
loss at the end."

He said he is more concerned about Volkswagen's market share in
China, which fell from 29% to 11% at the start of the year due to
decreasing volumes and pricing with fixed losses.  In June, First
Auto Works-Volkswagen, one of Volkswagen AG's two major joint
ventures in China, revealed a cost reduction target of CNY3
billion in 2005.  The unit aims to increase productivity, the
level of local content and outsourcing as part of its emergency
"survival plan."

The joint venture, which posted a CNY400 million loss in the
first quarter of 2005, plans to cut expenses on parts and
components by CNY2.8 billion.  Along with Shanghai Auto Industry
Corp., the Changchun plant sold a total of 16,000 units in the
first quarter, 20% lower than last year's figure.

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


XANTINA GMBH: Frankfurt Venture Goes Bust
-----------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Xantina GmbH on August 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 20, 2006 to register their
claims with court-appointed provisional administrator Dr. Jan
Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting on February 14, 2006, 9:25 a.m. at the district court
of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  XANTINA GmbH
          Frankfurter Strasse 198 A, 61118 Bad Vilbel
          Contact:
          Ursula Brandt, Manager
          Maingaustr. 28, 63179 Obertshausen

          Dr. Jan Markus Plathner, Administrator
          Lyoner Strasse 14, 60528 Frankfurt am Main
          Phone: 069/9623340
          Fax: 069/96233422


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


OLYMPIC AIRLINES: Blames Government for Legal, Financial Woes
-------------------------------------------------------------
Olympic Airlines employees are urging the government to keep the
ailing carrier flying, The Times says.

A recent ruling by the European Commission threatens to send the
carrier into liquidation, a possibility that even Prime Minister
Costas Karamanlis recently conceded.  Mr. Karamanlis has said the
loss-making airline should either be sold or liquidated.

Employees took over the main departure lounge of Athens airport
Thursday last week, a day after the Commission ordered the
airline to return around EUR150 million in illegal state aid.
The Commission said the carrier received several under-the-table
aid over the past 12 years, in violation of the "one time, last
time" rule on state subsidy.

"Had Olympic played by the rules like other European airlines,
this unfortunate state of affairs would not have happened," The
Times quoted E.U. Transport Commissioner Jacques Barrot.

Greece acquired the airline, then known as Olympic Airways, from
Aristotle Onassis in 1975, 18 years after its establishment.  On
December 11, 2002, the Commission ruled that an aid granted to
Olympic Airways was illegal, and ordered Greece to recover EUR160
million.  But in 2003, Greece set up Olympic Airlines, which took
over the flight operations and most of the assets of Olympic
Airways, leaving behind almost all of its debts and circumventing
the obligation to recover the aid.

Employees now blame the government for the carrier's legal and
financial fix.  Over 7,000 workers will lose their jobs and
several tour packages will be cancelled should Olympic liquidate.

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


TIM HELLAS: Gets Senior Unsecured 'B' Rating from Fitch
-------------------------------------------------------
Fitch Ratings has assigned Greece-based TIM Hellas
Telecommunications S.A. ratings of Senior Unsecured 'B' with a
Stable Outlook and Short-term 'B'.  At the same time, Fitch has
assigned a 'BB-' (BB minus) rating to both the first priority
senior revolving credit facility and to the senior secured notes
issued by Hellas Telecommunications (Luxembourg) Investment V
(Hellas V).  The senior unsecured notes issued by Hellas
Telecommunications (Luxembourg) Investment III (Hellas III) have
been assigned a 'B-' (B minus) rating.

The Senior Unsecured rating reflects TIM Hellas' position as the
third operator in the mature Greek mobile market and its high
financial leverage.

Michelle De Angelis, Associate Director in Fitch's Leveraged
Finance Group, said: "The Greek mobile market is now reasonably
mature and TIM Hellas faces increased competition from an
aggressive fourth operator as well as regulatory pressure on
termination rates, which have contributed to a decline in EBITDA
in 2004 and the first half of 2005.

"However, the agency notes the fresh strategic focus brought by
the new owners and a new management team, which has resulted in
the recent improvement in operational indicators, although this
has yet to translate into improved financial performance."

Nonetheless, Fitch expects performance to stabilize over the next
year and the company to return to growth by 2007.  Furthermore,
the financing structure, which includes no amortizing debt and a
(currently undrawn) revolving credit facility, provides
significant financial flexibility, which supports the rating.

The 'BB-' (BB minus) rating for the revolving credit facility and
the senior secured notes reflects Fitch's expectations that each
of these classes of creditors could achieve a high recovery rate
in a distress situation assuming sale as a going concern.  The
senior secured notes rank pari passu in terms of right and order
of payment with the revolving credit facility but second to the
revolving credit facility in right and order of payment from
enforcement proceeds.  The 'B-' (B minus) rating assigned to the
senior unsecured notes reflects Fitch's expectation that these
notes would achieve below-average recoveries due to the higher
priority of the senior secured notes and revolving credit
facility.

Increasing regulatory pressure on fixed-to-mobile termination
rates contributed to a decline in top-line revenues for the first
half of 2005 to EUR395 million (down 3.3% year-on-year) and in
EBITDA to EUR103.5 million (down 12.6% year-on-year).  However,
following the re-launch of its brand image and customer
offerings, TIM Hellas seems to have succeeded in arresting the
fall in its subscriber numbers, with both three-month active
prepaid customers and contract customer numbers recovering from
second-quarter 2005.  The challenge for TIM Hellas will be to
bring churn under control, to stabilize its loss in market share,
and to increase customer ARPUs through a higher take-up of
value-added services.

Although TIM Hellas has been free cash flow positive for the last
three years, the significant increase in leverage following the
acquisition of Q-Telecom will bring with it substantial increases
in financing costs, and Fitch views TIM Hellas' ability to
improve on cash flow generation in 2005 and 2006 as essential to
the maintenance of the current rating.  The entirely back-ended
financing structure allows TIM Hellas a large degree of financial
flexibility, but a failure to improve on cash flow generation
could limit its ability to repay/refinance its debt at maturity.

TIM Hellas has announced that it is in negotiations regarding the
possible acquisition of Q-Telecom, the fourth mobile operator in
Greece with a 7.3% market share at end-2004.  The ratings
assigned to TIM Hellas reflect the business without the addition
of Q-Telecom.  The Stable Outlook reflects Fitch's view that
while an acquisition of Q-Telecom could improve operational
metrics, improvements in financial performance and cash flow
generation may only materialize in the medium term.

On 15 June 2005 Texas Pacific Group and Apax Partners, through
their acquisition vehicle Troy GAC, acquired 81% of TIM Hellas
from a subsidiary of TIM S.p.A. for a consideration of EUR1,114
million plus debt of EUR173 million.  TPG and Apax expect to
acquire the remaining minority stake in TIM Hellas through a
cash-out merger in October 2005.

CONTACT:  FITCH RATINGS
          Michelle De Angelis, London
          Phone: +44 (0)20 7417 3499
          Roger Coyle
          Phone: +44 (0)20 7862 4105
          Michael Dunning
          Phone: +44 (0)20 7417 6343
          Web site: http://www.fitchratings.com

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


TIM HELLAS: Corporate Credit Rated 'B+'; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Greek mobile telecommunications
operator Tim Hellas Telecommunications S.A.  Standard & Poor's
also assigned its 'B+' corporate credit rating to related entity
Hellas Telecommunications (Luxembourg) II (Hellas II).  The
outlook for both entities is stable.

At the same time, Standard & Poor's assigned its 'B' long-term
rating to the proposed EUR925 million ($1.1 billion) issuance of
senior secured notes due 2012 by related entity Hellas
Telecommunications (Luxembourg) V (Hellas V).  The notes will be
guaranteed by Tim Hellas and Hellas II.  The notes are rated one
notch lower than the corporate credit rating due to the super
seniority ranking of the group's EUR250 million revolving
facility in the event of a payment default.  The notes have also
been assigned a recovery rating of '3', indicating Standard &
Poor's expectation of meaningful recovery for lenders (in the
range of 50%-80% of principal) in the event of a payment default.

In addition, a 'B-' long-term rating has been assigned to the
proposed issuance of EUR355 million of senior subordinated notes
due 2013 by Hellas Telecommunications (Luxembourg) III (Hellas
III).  The notes will also be guaranteed by Hellas II and
subsequently by Tim Hellas.  The issuance is to refinance senior
debt of EUR1.1 billion.  This corresponds to the amount that
intermediate holding company Troy GAC Telecommunications S.A.
(Troy GAC) paid in June 2005 to acquire 80.87% of the shares in
Tim Hellas.  The issuance will also be used to buy the remaining
Tim Hellas' shares for about EUR270 million and to refinance
existing debt.  Tim Hellas is owned by private-equity houses Apax
and Texas Pacific Group, through Hellas II and Troy GAC.

"The ratings are constrained by Tim Hellas' high leverage and
aggressive capitalization, the ongoing market share pressures in
the competitive and mature Greek market, and the potential for
significant regulatory cuts in fixed-to-mobile tariffs in the
short-to-medium term," said Standard & Poor's credit analyst
Melvyn Cooke.  "The ratings are supported, however, by Tim
Hellas' established position as the third-largest Greek mobile
operator, adequate operating margins and free cash flow
generation, and strong liquidity with an extended maturity
profile."

Standard & Poor's expects Tim Hellas to generate revenue growth
and EBITDA margin improvement in order to strengthen its capital
structure over the next few years.  Given the group's long-term
bullet debt maturities, this implies that Tim Hellas will protect
its accumulated cash balances to steadily improve its credits
ratios on a net debt basis.  The outlook also anticipates that
the group will defend its position as the number-three mobile
operator in Greece and stop the decline in its market share.
This is especially important if negotiations to buy rival Greek
operator Q-Telecom fail.

"A negative rating action could arise if the company fails to
deliver material revenue growth and/or EBITDA margin improvement
compared with 2004," said Mr. Cooke. "Upside potential is
unlikely in the near term given the expected improvement already
factored into the ratings."

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

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


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


ALITALIA SPA: Banks Committed to Underwrite Rights Issue
--------------------------------------------------------
Deutsch Bank and Banca Intesa remain willing to underwrite
Alitalia's EUR1.2 billion recapitalization, Agenzia Giornalistica
Italia says.

The two recently met with the finance ministry after speculation
swirled that the recapitalization may no longer be viable.  Prior
to the meeting, Banca Intesa had called for a review of
Alitalia's turnaround plan, which did not anticipate a spike in
oil prices.  Many fear this will seriously undermine Alitalia's
ability to earn a profit, a not-so-good sight for potential
participants in the rights issue.

                        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 stood 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 will underwrite the carrier's EUR1.2 billion
fundraising to finance the 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


FIAT SPA: Agnellis Buy 87.75 Mln Shares to Stay in Control
----------------------------------------------------------
The founding family of Fiat S.p.A., the Agnellis, has paid EUR576
million to keep its controlling 30.06% stake in the group,
Automotive News Europe reports.

The Agnellis bought 87.75 million shares of Fiat stock through
IFIL, the family's holding company.  This prevented the dilution
of the family's stake to 21.9% on Tuesday when creditor banks
converted into shares a EUR3 billion loan to Fiat group.

The move kept Fiat's top management intact, but creditor banks
reportedly want new chairman Luca Cordero di Montezemolo
replaced.  Fiat's creditors include Banca Intesa, Banca Monte dei
Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo
IMI, and UniCredito Italiano.

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer.

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


PIAGGIO & C. SPA: Books EUR39 Mln Net Income in First Half
----------------------------------------------------------
FINANCIAL HIGHLIGHTS
(Italian GAAP)
Income Statement          (reclassified) June [1]     2004
                           2005    2004    2004    statutory [2]
                                         pro forma
Net Sales                         814.3   596.6   761,9   1,084.2
Gross Industrial Margin           251.6   179.1    n.a.    322.9
Operating Expenses               (181.4) (133.3)   n.a.   (254.9)
Operating Result                   70.2    45.8    27.1    68.0
Profit Before Tax                  52.5    24.5   (37.3)   20.8
Net Result                         39.3    16.5   (46.5)   4.1
.Minority Interest                  0.2     0.3     0.3     0.3
.Group                             39.1    16.2   -46.8     4.1
Gross Margin on Net Sales %        30.9    30.0     n.a.   29.8
Operating Result on Net Sales %     8.6     7.7     3.6     6.3
Net Profit on Net Result %          4.8     2.8    (6.1)    0.4
EBITDA                            112.8    77.0    73.0   130.3
EBITDA on Net Sales %              13.8    12.9     9.6    12.0
Balance Sheet
Net Working Capital                70.8   (56.7)   18.0    54.3
Net Tangible Assets               239.5   171.4   233.8   237.9
Net Intangible Assets             511.7   412.6   530.6   532.8
Investments                         8.9    14.5    27.4    25.7
Funds                            (156.8) (111.4) (155.4) (161.8)
Net Invested Capital              674.1   430.4   654.4   688.9
Net Financial Position            401.1   234.8   477.8   456.8
Shareholders' Equity              273.0   195.6   176.6   232.1
Sources of Funds                  674.1   430.4   654.4   688.9
Minority Equity Interest            0.7     0.3             0.3
Change in Net Financial Position
Opening Net Financial Position   (456.8) (281.9)  n.a.   (281.9)
Operating Cash Flow (Result + Depreciation and
Amortization)                      97.5    60.0            93.4
(Increase)/Decrease Working Capital
                                  (16.4)   14.1           (50.7)
(Increase)/Decrease Fixed Assets  (28.4)  -18.9          (142.5)
Net change Severance Indemnities Funds and
other Funds                         1.5    -7.0            (2.1)
Change in Shareholders' Equity      1.5    -1.1            47.8
Of which Share Capital Increase                            50.0
Total Change                       55.7    47.1           (54.0)
Aprilia Acquisition                                      (120.9)
Closing Net Financial Position   (401.1)  (234.8)        (456.8)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] June 2004 Pro forma: this schedule restates performance in
the first half of 2004 with reference to the Group's current
post-Aprilia acquisition configuration, and is provided to permit
a comparison of business and financial results in the two
periods;

[2] Statutory: this schedule is an operating reclassification of
the financial statements at 31 December 2004.  Since Aprilia was
acquired on 30 December 2004, in accordance with current
accounting policies the consolidated financial statements at 31
December 2004 were drawn up by consolidating only the assets and
liabilities of the Group in its current configuration; the 2004
consolidated income statement reflects the results of the Piaggio
Group ante acquisition.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

              Highlights of the First Half of 2005

Growth of consolidated net sales of EUR814.3 million, up 6.9% on
the first half 2004 pro-forma result including the Aprilia Group.

The Piaggio Group (excluding the Aprilia Group) increased net
sales from EUR596.6 million to EUR628.4 million (+5.3%),
including revenues of EUR26.3 million on engine sales to Aprilia;
Aprilia Group increased net sales from EUR177.1 million in the
first half of 2004 to EUR212.2 million in the first half of 2005
(+19.8%).

Consolidated EBITDA improved to EUR112.8 million, or 13.8% of Net
Sales, from EUR73.0 million (9.6% of Net Sales) in the
year-earlier first half (an increase of EUR39.8 million).

The Piaggio Group (excluding Aprilia) strengthened EBITDA on Net
Sales from 12.9% to 15.4% at June 30, 2005.

The Aprilia Group improved from -1.7% in the first half of 2004
to 7.9% at June 30, 2005.

EBIT was EUR70.2 million, compared with EUR27.1 million in 2004.

The first-half net result showed a turnaround from -EUR46.5
million in 2004 to EUR39.3 million, with an increase of EUR85.8
million, also thanks to EUR18.6 million eco-incentive granted by
the Italian Government to cover discounts recognized to final
customers in previous years.

The consolidated Net Financial Position changed from -EUR456.8
million at Dec. 31, 2004 to -EUR401.1 million at June 30, 2005,
primarily reflecting the seasonal nature of the Group's business
while also including EUR18.6 million of cash received for the
mentioned eco-incentives and approximately EUR4.6 million of fees
paid in connection with the bond issued on 27 April 2005.

                    Events After 30 June 2005

On 16 June 2005 the Boards of Piaggio & C. S.p.A. and Aprilia
S.p.A. initiated the process of the full merger between the two
companies with Piaggio & C S.p.A. as the surviving company.  On
29 July 2005 the Florentine Regional Head Office of the Tax
Authorities recognized the economic and industrial basis for the
full merger between the two companies and consequently agreed
that the relevant tax avoidance regulation would not be
applicable.

                   Full-Year Business Outlook

In 2005 the Piaggio Group intends to consolidate its leadership
on the two-wheeler market, where demand in Europe during the
first half rose modestly by 1%.  The recent joint venture set up
in China in 2004 is expected to bring out its first products by
the end of October.

One of Piaggio's priorities is the re-launch of the Aprilia and
Guzzi brands and Aprilia's integration with the rest of the
Group, in part to achieve the related synergies.

The focus in the Light Transportation Vehicles Division is mainly
on enhancing the production capacity of the Indian subsidiary.

            Piaggio Group Business & Financial Review

The Piaggio Group closed the first half of 2005 with a net income
of EUR39.3 million (Italian GAAP), against a net loss of EUR46.5
million in the year-earlier period including the Aprilia Group.

Copy of the result is available free of charge at
http://bankrupt.com/misc/Piaggio(H12005).pdf

CONTACT:  PIAGGIO & C. S.P.A.:
          23, Viale Rinaldo Piaggio, 56025 Pontedera, Pisa,
          Italy
          Phone: +39-587-27-21-11
          Fax: +39-587-27-22-74
          Web site: http://www.piaggio.com/


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


BANK CASPIAN: Proposed Eurobond Gets Expected 'B+' Rating
---------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based Bank Caspian's
upcoming debut eurobond an expected Long-term 'B+' rating.
Caspian is rated Long-term 'B+' with a Stable Outlook, Short-term
'B', Individual 'D', and Support '5'.

The final rating is contingent upon receipt of final
documentation conforming materially to information already
received.

The notes are to rank at least pari passu with the claims of
other unsecured creditors of Caspian, save those preferred by
relevant legislation.  Under Kazakhstani law, the claims of
retail depositors rank above those of other senior unsecured
creditors.  At end-H105, retail deposits accounted for 41% of
Caspian's total liabilities, according to the bank's IFRS
accounts.  Covenants prevent Caspian from entering into
transactions of US$1.5 million or more on other than market
terms, restrict dividend payments to 50% of annual net income,
and oblige the bank to maintain a total capital ratio of at least
13%, as calculated in accordance with the Basel recommendations.

The terms and conditions of the notes also contain a cross
default clause and a negative pledge clause, the latter of which
allows for a degree of securitization by Caspian.  Should any
securitization be undertaken, Fitch comments that the nature and
extent of any overcollateralization would be assessed by the
agency for any potential impact on unsecured creditors.

As at end-July 2005, Caspian was the 8th largest commercial bank
in Kazakhstan, with approximately a 3% share of the banking
system's assets.  Initially a corporate bank, it is now rapidly
developing its retail and small and medium-sized enterprises
business, pioneering mass consumer express lending in Kazakhstan.

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

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


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


ASKOR: Shareholders Meeting Set Next Week
-----------------------------------------
A general meeting of the shareholders of OJSC Askor will be held
on September 29, 2005, 2:00 p.m. at Bishkek, Chaikovski Str.
House 5.

Agenda:

(a) Confirmation of board members;

(b) Liquidation of the group; and

(c) Setting up a liquidation commission.

Call (312) 64-80-48 for more information.


DARUK-MULSAN: Proofs of Claim Deadline November 5
-------------------------------------------------
LLC Daruk-Mulsan, which recently became insolvent, will accept
proofs of claims on or before November 5, 2005. Call (312)
61-06-94 or 43-25-42 for more information.


ELEI SERVICE: Claims Filing Period Expires November
---------------------------------------------------
LLC Elei Service, which recently became insolvent, will accept
proofs of claims on or before November 5, 2005.  Call (312)
22-00-87 for more information.


SPACE MOTORS: Declared Insolvent
--------------------------------
LLC Space Motors Ltd., which recently became insolvent, will
accept proofs of claims at Bishkek, Gorki Str. 1 on or before
November 5, 2005.  Call (312) 55-90-76 for more information.


UVETA PLUS: Creditors' Claims Due November
------------------------------------------
LLC Uveta Plus, which recently became insolvent, will accept
proofs of claims at Bishkek, Ahunbayeva Str. 96a-12 on or before
November 5, 2005.

CONTACT:  UVETA PLUS
          Bishkek,
          Ahunbayeva Str. 96a-12


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


KONINKLIJKE AHOLD: Sells Stake in Central American Joint Venture
----------------------------------------------------------------
Royal Ahold on Sept. 20 said it has agreed to sell its indirectly
owned stake of 33 1/3% in CARHCO N.V., its Central American joint
venture, to Wal-Mart Stores Inc.  The transaction amount was not
disclosed.

CARHCO owns an 85.6% stake in La Fragua S.A., a discount store,
supermarket and hypermarket company in Guatemala, with a presence
in El Salvador and Honduras.  CARHCO also fully owns Corporacion
de Supermercados Unidos S.A., a discount store, supermarket and
hypermarket operator in Costa Rica, Nicaragua and Honduras.

In addition, CSU fully owns Corporacion de Companias
Agroindustriales, S.A., a company that sources all of the fresh
products for CSU and La Fragua and which also develops private
label articles.  As of August 2005, CARHCO operated in total 363
stores in Guatemala (120), El Salvador (57), Honduras (32), Costa
Rica (124) and Nicaragua (30).

The divestment of Ahold's stake in CARHCO is part of the company'
s strategy to optimize its portfolio and to strengthen its
financial position by reducing net debt.

                        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


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


AERO-GRAD: Creditors Have Until October 13 to File Claims
---------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Aero-Grad after finding
the open joint stock company insolvent.  The case is docketed as
A75-3296/2005.  Mr. A. Katkov has been appointed insolvency
manager.  Creditors have until October 13, 2005 to submit their
proofs of claim to 628460, Russia, Khanty-Mansiyskiy autonomous
region - Yugra, Raduzhnyj, Airport.

CONTACT:  AERO-GRAD
          628460, Russia, Khanty-Mansiyskiy autonomous region-
          Yugra, Raduzhnyj, Airport

          Mr. A. Katkov
          Insolvency Manager
          628460, Russia, Khanty-Mansiyskiy autonomous region-
          Yugra, Raduzhnyj, Airport


BUTURLINOVSKIY: Claims Filing Period Ends October
-------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Buturlinovskiy (TIN 3605004366) after finding
the agro-combine company insolvent.  The case is docketed as
A14-7909-20058/20b.  Mr. A. Gryanko has been appointed insolvency
manager.  Creditors have until October 13, 2005 to submit their
proofs of claim to Russia, Voronezh region, Buturlinovka,
Chekhova Str. 18.

CONTACT:  BUTURLINOVSKIY
          Russia, Voronezh region,
          Buturlinovka, Chekhova Str. 18

          Mr. A. Gryanko
          Insolvency Manager
          397531, Russia, Voronezh region, Buturlinovka,
          Dorozhnaya Str. 15, Apartment 19


CONFECTIONARY: Chelyabinsk Court Opens Bankruptcy Proceedings
-------------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Confectionary after finding the municipal
unitary enterprise insolvent.  The case is docketed as
A76-18456/05-48-98.  Mr. M. Lepin has been appointed insolvency
manager.

CONTACT:  CONFECTIONARY
          Russia, Chelyabinsk region,
          Trekhgornyj, K. Marksa Str. 19b

          Mr. M. Lepin
          Insolvency Manager
          454091, Russia, Chelyabinsk region,
          Svobody Str. 76, Apartment 2


DMITRIEVSKAYA: Bankruptcy Supervision Procedure Begins
------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on agro company Dmitrievskaya.  The case is
docketed as A64-2798/05-18.  Mr. L. Vasilyev has been appointed
temporary insolvency manager.

CONTACT:  DMITRIEVSKAYA
          Russia, Tambov region,
          Nikiforovskiy region, Dmitrievka

          Mr. L. Vasilyev
          Temporary Insolvency Manager
          392000, Russia, Tambov region,
          K. Marksa Str. 258g, Apartment 47


INDUSTRY & CONSTRUCTION: Loan Participation Notes Rated 'B'
-----------------------------------------------------------
Fitch Ratings has assigned Or-ICB S.A.'s upcoming issue of US$200
million loan participation notes with an expected maturity of 10
years an expected Long-term 'B' rating.  The notes are to be used
solely for financing a subordinated loan to Russia's OJSC
Industry & Construction Bank (ICB, rated Long-term foreign
currency 'B+'/Rating Watch Positive, Short-term 'B', Support '4',
Individual 'D').  Or-ICB S.A., a Luxembourg-domiciled special
purpose vehicle (SPV), will only pay noteholders principal and
interest received from ICB.

The difference between the rating of the notes and ICB's
Long-term rating reflects Fitch's notching policy for senior and
more junior obligations, indicating the higher expected loss for
more junior debt instruments.  The assignment of the final rating
is contingent on receipt of final documents conforming materially
to information already received.

The notes are to rank at least pari passu with the claims of
subordinated creditors of ICB.  The interest rate will be fixed,
with a step-up after the fifth year.  ICB has the right to prepay
the subordinated loan at the end of the fifth year or earlier, if
the subordinated loan does not qualify as tier II capital.

ICB is the leading privately owned bank in the Northwest of
Russia, with an extensive branch network, and also one of the top
10 banks in the country with total assets of US$3.6 billion, net
loans of US$1.9bn and shareholders equity of US$0.3bn at
end-2004.  The bank is ultimately controlled by the founders of a
financial industrial group known as the Bankers' House St.
Petersburg (BHSP).  In March 2005, Vneshtorgbank (VTB, rated
Long-term foreign currency 'BBB') acquired a 25% plus 1 share in
the bank and an option to purchase a further 51% minus 1 share.

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

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


KENTAVR-AGRO: Court Brings in Insolvency Manager
------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on limited liability company Kentavr-Agro
(TIN 5505031970).  The case is docketed as K/E-59/05.  Mr. V.
Smirnitskiy has been appointed temporary insolvency manager.

CONTACT:  KENTAVR-AGRO
          Russia, Omsk region

          Mr. V. Smirnitskiy
          Insolvency Manager
          644024, Russia, Omsk-24,
          Marksa Pr. 4-209A
          Phone/Fax: (3812) 31-05-27/31-00-13


MILK-VEGETABLES FARMING: Hires L. Abalakova Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Chelyabinsk region commended bankruptcy
proceedings against Milk-Vegetables Farming after finding the
close joint stock company insolvent.  The case is docketed as
A76-21044/05-34-130.  Ms. L. Abalakova has been appointed
insolvency manager.

CONTACT:  MILK-VEGETABLES FARMING
          Russia, Chelyabinsk region,
          Agapovskiy region, Primorskiy

          Ms. L. Abalakova
          Insolvency Manager
          455051, Russia, Chelyabinsk region, Magnitogorsk,
          Sovetskaya Str. 205/1, Apartment 24


MORSHANSK-SEL-KHOZ-TEKHNIKA: Bankruptcy Hearing Set Next Month
--------------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on open joint stock company
Morshansk-Sel-Khoz-Tekhnika.  The case is docketed as
A64-3161/05-18.  Mr. A. Baklykov has been appointed temporary
insolvency manager.  A hearing will take place on October 25,
2005.

CONTACT:  MORSHANSK-SEL-KHOZ-TEKHNIKA
          Russia, Tambov region, Morshansk

          Mr. A. Baklykov
          Insolvency Manager
          392000, Russia, Tambov region,
          Internatsionalnaya Str. 118


OSTROGOZHSKOYE MILK: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on open joint stock company Ostrogozhskoye
Milk.  The case is docketed as A14-8887-2005/93/20b.  Mr. V.
Dyachkov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 394077, Russia,
Voronezh, Post User Box 28.  A hearing will take place on
November 17, 2005, 10:00 a.m. at Russia, Voronezh,
Srednemoskovskaya Str. 77, Room 301.

CONTACT:  OSTROGOZHSKOYE MILK
          Russia, Voronezh region, Ostrogozhsk

          Mr. V. Dyachkov
          Temporary Insolvency Manager
          394077, Russia, Voronezh region,
          Post User Box 28


PROMSVYAZBANK: Fitch Assigns Proposed Eurobond 'B' Rating
---------------------------------------------------------
Fitch Ratings has assigned Promsvyaz Finance plc's upcoming issue
of US$150 million limited recourse loan participation notes an
expected Long-term 'B' rating.  The notes are to be used solely
for financing a loan to Russia's Promsvyazbank (PSB), whose
ratings of Long-term foreign currency 'B'/Stable Outlook,
Short-term 'B', Support '5', Individual 'D', were affirmed by
Fitch.

Promsvyaz Finance plc, an Ireland-domiciled special purpose
vehicle (SPV), will only pay noteholders principal and interest
received from PSB.  The assignment of the final rating is
contingent on receipt of final documents conforming materially to
information already received.

The SPV's claims under the loan agreement will rank at least pari
passu with the claims of other senior unsecured borrowers, except
for those preferred by bankruptcy, insolvency, liquidation or
similar laws.  Under Russian law, the claims of retail depositors
rank above those of other senior unsecured creditors.  At 1 July
2005, retail deposits accounted for approximately 13% of PSB's
total liabilities, according to the bank's IFRS accounts.

The loan agreement between the SPV and PSB contains a number of
covenants including a cross default clause, with a maximum
aggregate amount of overdue indebtedness of US$10 million.  The
notes will be subject to a negative pledge clause, which allows
for a degree of securitization by PSB.  Were such transactions to
be undertaken, Fitch comments that the nature and extent of any
over-collateralization would be assessed by the agency for any
potential impact on unsecured creditors.  Other covenants limit
mergers and disposals by PSB and its subsidiaries, and
transactions between the bank and its affiliates.  PSB has also
covenanted to maintain a Tier 1 capital adequacy ratio calculated
in accordance with the Basel Accord of no less than 12%.

PSB was founded in 1995 and ranks among the top 15 banks in
Russia with total assets of US$2.6 billion, net loans of US$1.4
billion and shareholders equity of US$0.3 billion as at 1 July
2005.  It is ultimately owned, on an equal basis, by two
brothers, who control a number of other financial and industrial
companies involved in food production, publishing, real estate
and insurance.  PSB is headquartered in Moscow and currently has
29 branches as well as representative offices in China,
Kyrgyzstan and Ukraine.

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

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


PROMSVYAZBANK: Fitch Affirms Long-term 'B' Rating
-------------------------------------------------
Fitch Ratings has affirmed Promsvyazbank's ratings at Long-term
foreign currency 'B', Short-term 'B', Individual 'D' and Support
'5'.  The Outlook is Stable.

Fitch has also assigned Promsvyaz Finance plc's upcoming issue of
US$150 million limited recourse loan participation notes, to be
used solely for financing a loan to PSB, an expected Long-term
'B' rating.

PSB's ratings reflect the risks associated with its rapid growth,
the still significant concentration of the loan book and the
bank's moderately high appetite for market risk.  However, Fitch
also notes PSB's adequate capital and liquidity positions, sound
profitability, growing franchise and competitive, although
increasing, cost base.

The branch network nearly doubled in size between 2004 and 1H05.
This has helped PSB to secure interest margin and gradually
increase fee and commission income and should underpin its future
growth plans.  However, margins in the sector are likely to fall,
and in the medium term the bank will have to demonstrate its
ability to effectively manage its branch network and maintain
cost efficiency.

PSB's capital position is adequate, although this should be
viewed in light of the concentration of the loan book and the
still considerable exposure to the real estate and construction
sectors.  Despite PSB's expected business growth, capital
adequacy is expected to remain at reasonable levels as a result
of additional capital injections from the shareholders and a
policy of full earnings retention.

Upside rating potential would arise from a diversification of the
loan book, a reduction of market risk appetite, and evidence that
the bank can continue to increase its franchise and effectively
manage its branch network.  Downside rating risk could result
from a significant deterioration in the bank's capital adequacy,
or asset quality, or poor performance.

PSB was founded in 1995 and ranks among the top 15 banks in
Russia with total assets of US$2.6 billion, net loans of US$1.4
billion and shareholders equity of US$0.3 billion as at 1 July
2005.  It is ultimately owned, on an equal basis, by two
brothers, who control a number of other financial and industrial
companies involved in food production, publishing, real estate
and insurance.  PSB is headquartered in Moscow and has 29
branches as well as representative offices in China, Kyrgyzstan
and Ukraine.

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

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


REPAIR-MECHANICAL FACTORY: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on open joint stock company
Repair-Mechanical Factory (TIN 7415001413).  The case is docketed
as A76-21458/05-55-118.  Mr. A. Lavrov has been appointed
temporary insolvency manager.  A hearing will take place on
November 30, 2005, 9:00 a.m. at the Arbitration Court of
Chelyabinsk region at Russia, Chelyabinsk region,
Vorovskogo Str. 2, Room 703.

CONTACT:  REPAIR-MECHANICAL FACTORY
          456313, Russia, Chelyabinsk region,
          Miass, Sevastopolskaya Str. 1a

          Mr. A. Lavrov
          Temporary Insolvency Manager
          456208, Russia, Chelyabinsk region,
          Zlatoust, Post User Box 2234


WOOD-PROCESSING COMBINE: Succumbs to Bankruptcy
-----------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Wood-Processing Combine #2 after finding the
open joint stock company insolvent.  The case is docketed as
A76-1157/05-48-5.  Mr. O. Khvoshnyanskiy has been appointed
insolvency manager.

Creditors have until October 13, 2005 to submit their proofs of
claim to:

(a) WOOD-PROCESSING COMBINE #2
    Russia, Chelyabinsk region,
    Nakhimova Str. 20p

(b) Insolvency Manager
    454091, Russia, Chelyabinsk region,
    Kirova Str. 118, Room 5


YUKOS OIL: Court Suspends Hearing on Yuganskneftegaz Tax Appeal
---------------------------------------------------------------
RIA Novosti reports that Moscow's arbitration court suspended
trial Monday on the appeal filed by Yuganskneftegaz, once Yukos
Oil major's main production unit, against a back tax claim of
US$1.2 billion.

The hearing was suspended in order to calculate 2003 oil market
prices.

The Federal Tax Service's Interregional Inspectorate accused
Yugansk of evading taxes via its affiliates registered in
preferential tax zones and through various leasing schemes.

The court is also looking into the legitimacy of the tax
authorities' demand that the company pay US$318 million in tax
bills for 1999 and US$1.1 billion for 2002.

Yuganskneftegaz accounted for 70% of Yukos' oil output.  In
December 2004, the company was bought at an auction by the
Rosneft state-owned oil producer.

                            *   *   *

The disposal of Yugansk was aimed at extracting payment for the
firm's US$27.5 billion tax bill for 2000-2003.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  But the case was dismissed in February
24, 2005.  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 debt.

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


YUKOS OIL: Lukoil, ConocoPhillips Eye Lithuanian Asset
------------------------------------------------------
Russian oil company Lukoil and U.S. concern ConocoPhillips
announced Monday that they are planning to bid for beleaguered
oil giant Yukos' stake in Lithuania's Mazeikiu nafta, according
to RIA Novosti.

Speaking to reporters after a meeting with Lithuania's Economics
Minister, Kestutis Dauksys, Lukoil and ConocoPhillips executives
said they are interested in acquiring the stake, which has a
current market value of US$1.5 to 2 billion, as well as part of
the Lithuanian government's shares in the company.  Both are
seeking equal interest in Mazeikiu nafta.

Under an investment agreement, the Yukos management will decide
which of the bidding companies their Mazeikiu stake should go to,
but the bidder they pick will have to be confirmed by Lithuania's
government.

                            *   *   *

Yukos' main unit was sold by the government in December to a
little-known firm OOO Baikalfinansgroup for US$9.35 billion
(RUR260.75 billion).  The disposal was aimed at extracting
payment for the firm's US$27.5 billion tax bill for 2000-2003.

Baikal was purchased by state-owned Rosneft within weeks.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  But the case was dismissed in February
24, 2005.  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 debt.

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


YUKOS OIL: Lithuanian Govt to Buy, Resell Stake in Refinery
-----------------------------------------------------------
The Lithuanian government intends to buy and resell part of the
stake in the Mazeikiu Nafta oil company currently owned by
beleaguered Russian giant Yukos, RIA Novosti reports.

Prime minister Algirdas Brazauskas said in an interview Sunday on
Lithuanian television that the government could buy 20% of shares
in the company, out of the 53.7% stake owned by Yukos Finance, a
Yukos subsidiary, and then sell it on to a new owner.

The premier said a draft bill had already been prepared, through
which the government will be given the authority to borrow
sufficient funds for the purchase, and would be presented to the
Cabinet next week.

The Lithuanian government currently holds a 40.66% stake in
Mazeikiu nafta.

The market value of the Yukos-owned stake in the company is
between US$1.5-2 billion.

                            *   *   *

Yukos' main unit Yuganskneftegaz was sold by the government in
December to a little-known firm OOO Baikalfinansgroup for US$9.35
billion (RUR260.75 billion).  The disposal was aimed at
extracting payment for the firm's US$27.5 billion tax bill for
2000-2003.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection on Dec. 14, 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  But the case was dismissed in February
24, 2005.  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 debt.

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

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


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


SKANDIA INSURANCE: Welcomes Probe on Alleged Insider Trading
------------------------------------------------------------
The Stockholm Stock Exchange has filed a report of the
circumstances surrounding Old Mutual's bid for Skandia Insurance
Company Limited to the Swedish Financial Supervisory Authority
and the National Economic Crimes Bureau.  According to the
Stockholm Stock Exchange, there are suspicions of insider trading
in Skandia shares related to leaks surrounding the offer and the
offer process.

In its report on the stock exchange's notification on Friday's
evening editions, Swedish Television (SVT) gave the impression
that the notification concerned actions by Skandia as a company
and that Skandia's board and management had handled the offer
process incorrectly and thereby were guilty of market
manipulation.  This is not correct.  The Stockholm Stock
Exchange's Head of Oversight, Anders Ackebo, has clarified in
interviews that the material in the notification does not point
out any specific person or any specific company.  According to
what is stated in the interviews, the notification is not
directed at Skandia as a company.

Skandia welcomes the Stockholm Stock Exchange's notification and
an investigation of the matters in question by the authorities.

                            *   *   *

In connection with Old Mutual plc's public announcement of its
offer to Skandia's shareholders, Skandia has provided Old Mutual
as well as certain other parties a summary of previously
non-public information.

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

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

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

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

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

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

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

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

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

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

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


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


DANILO GALITSKIJ: Declared Insolvent
------------------------------------
The Economic Court of Ternopil region commenced bankruptcy
proceedings against Danilo Galitskij (code EDRPOU 31321658) on
March 15, 2005 after finding the limited liability company
insolvent.  The case is docketed as 10/B-507.  Mr. Roman Senik
(License Number AA 719876) has been appointed
liquidator/insolvency manager.  The company holds account number
26007012441 at JSC Credit Bank, Ternopil branch, MFO 338244.

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

(a) DANILO GALITSKIJ
    Ukraine, Ternopil region,
    Gusyatinskij district, Horostkiv,
    Nezalezhnosti Str. 21

(b) Mr. Roman Senik
    Liquidator/Insolvency Manager
    77012, Ukraine, IvanoFrankivsk region,
    Rogatinskij district, Dichki
    Phone: 8 (067) 947-02-93

(c) ECONOMIC COURT OF TERNOPIL REGION
    46000, Ukraine, Ternopil region,
    Ostrozski Str. 14a


GALLAK-PAK: Lviv Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Gallak-Pak (code EDRPOU 25550693) on August
8, 2005 after finding the open joint stock company insolvent.
The case is docketed as 6/177-5/97.  Mr. Y. Onushkanich (License
Number AA 484203) has been appointed liquidator/insolvency
manager.  The company holds account number 26066100340001 at
JSC Ukrinbank, Drogobich branch, MFO 325785.

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

(a) GALLAK-PAK
    Ukraine, Lviv region,
    Borislav

(b) Mr. Y. Onushkanich
    Liquidator/Insolvency Manager
    79031, Ukraine, Lviv region,
    Strijska Str. 71b/3

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


MIKGAZBUD: Under Bankruptcy Supervision
---------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
supervision procedure against JSCCT Mikgazbud (code EDRPOU
03336083) on August 1, 2005.  The case is docketed as 2/69/05.
Mr. Volodimir Barantsov (License Number AA 779308) has been
appointed temporary insolvency manager.  The company holds
account number 2600730011104 at JSCB Ukrsocbank, Mikolaiv
regional branch, MFO 326018.

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

(a) MIKGAZBUD
    Ukraine, Mikolaiv region,
    Gmiryov Str. 4

(b) Mr. Volodimir Barantsov
    Temporary Insolvency Manager
    54038, Ukraine, Mikolaiv region,
    Karpenko Str. 30/17

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


POGREBISHERAJAGROTECHSERVICE: Bankruptcy Supervision Begins
-----------------------------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
supervision procedure against OJSC Pogrebisherajagrotechservice
(code EDRPOU 00902493) on July 28, 2005.  The case is docketed as
5/158-05.  Mr. Volodimir Kravtsov (License Number AA 779160) has
been appointed temporary insolvency manager.  The company holds
account number 260065869 at JSPPB Aval, Vinnitsya branch, MFO
302247.

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

(a) POGREBISHERAJAGROTECHSERVICE
    22200, Ukraine, Vinnitsya region,
    Pogrebishe, Privokzalna Str. 1

(b) Mr. Volodimir Kravtsov
    Temporary Insolvency Manager
    Ukraine, Zhitomir region,
    Polyova Square 10, Room 7
    Phone: 8 (097) 264-54-50

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


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


ALBION STORAGE: Calls in Liquidator
-----------------------------------
S. L. Freili, Chairman of Albion Storage Systems Ltd., informs
that resolutions to wind up the companies were passed at an EGM
held on Sept. 2 at The Cedar Tree, Corbetts Lane, Caerphilly CF83
3HX.  Barry Gibson Mitchell of Barry Mitchell & Company was
appointed liquidator.

CONTACT:  ALBION STORAGE SYSTEMS LTD.
          Albion House, Oxford Street
          Nantgarw
          Cardiff
          CF15 7CR
          South Glamorgan
          Phone: 01443 841111
          Fax: 01443 841188
          Web site: http://www.albion-systems.co.uk

          BARRY MITCHELL & COMPANY
          Pentre Farm House, Mamhilad, Gwent NP4 0JH


AMBERBARN LIMITED: Files for Liquidation
----------------------------------------
B Fisher, Director and shareholder of Amberbarn Limited (t/a A &
B Entertainment), informs that a resolution to wind up the
company was passed at an EGM held on Sept. 1 at The Mill Hotel,
Moor Road, Croston, near Preston PR26 9HP.  Timothy Hargreaves of
T.H. Associates Insolvency Practitioners, Towngate House, 116-118
Towngate, Leyland PR25 2LQ was appointed liquidator.

CONTACT:  AMBERBARN LTD.
          P.O. Box 87, Southport, Merseyside PR8 2AP
          Phone: 01704550033


BISON FREIGHT: Hires PricewaterhouseCoopers to Wind up Business
---------------------------------------------------------------
Company Names:  Bison Freight Limited
                (Company No 04501770)

                Marshall Maritime Services Limited
                (Company No 04476159)

Mark David Arthur Loftus (IP No 8324) and Stephen Andrew Ellis
(IP No 8843) of PricewaterhouseCoopers LLP were appointed joint
administrators for these companies on Sept. 5.  The companies'
registered office is at Charter House, Albert Dock, Hull HU1 2DS.

Bison Freight Limited is engaged in freight transport by road
while Marshall Maritime Services Limited handles stevedoring,
warehousing and haulage.

CONTACT:  MARSHALL MARITIME SERVICES
          Cargo Road
          Docks
          Cardiff CF10 4LY
          Phone: (029) 2047 0639
          Fax: (029) 2048 7560

          PRICEWATERHOUSECOOPERS
          Queen Victoria House
          P.O. Box 88
          Guildhall Road
          Hull HU1 1HH
          United Kingdom
          Phone: [44] (1482) 224 111
          Fax: [44] (1482) 584 120
          Web site: http://www.pwc.com


BRANTON ENGINEERING: To Hold Creditors Meeting Today
----------------------------------------------------
Notice is hereby given, pursuant to Rule 2.34 of the Insolvency
Rules 1986, that a Meeting of Creditors of Branton Engineering
Limited will be held at the offices of Harris Lipman, 2 Mountview
Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ, on 21
September 2005, at 10:30 a.m.  The purpose of the Meeting is to
consider the Joint Administrator's proposals under paragraph 51
of Schedule B1 of the Insolvency Act 1986, as amended, and to
consider establishing a Creditor's Committee.  A proxy form
should be completed and sent to us at Harris Lipman, 2 Mountview
Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ, if you
cannot attend and vote at the Meeting and wish to be represented.
Creditors wishing to attend and vote at the Meeting must ensure
that proxy forms and details in writing of claim are submitted to
the offices of Harris Lipman no later than 12:00 noon on the
business day before the date fixed for the Meeting.

M Hall, Joint Administrator

CONTACT:  BRANTON ENGINEERING LTD.
          Caxton Way
          Stevenage SG1 2DF
          Hertfordshire
          Phone: 01438 747999
          Fax: 01438 747070

          HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


CEETAK FABRICATIONS: Hires F A Simms & Partners as Administrator
----------------------------------------------------------------
R. F. Simms (IP No 9252) of F A Simms & Partners Plc was
appointed administrator of Ceetak Fabrications Limited (Company
No 1178634) on Sept. 2.  The company's registered office is
located at 1 Napier Road, Bedford, Bedfordshire MK41 0QR.

Ceetak Fabrications designs, manufactures and installs functional
and aesthetic products across industries, with a strong
reputation for product quality and customer service.  Founded in
1973, Elmside became part of the Ceetak group in 1987 and changed
its name to Ceetak Fabrications in January 2004.  Visit
http://www.ceetakfabrications.com/for more information.

CONTACT:  CEETAK FABRICATIONS LTD.
          27-29 Bury Mead Road
          Hitchin
          Hertfordshire SG5 1RT
          United Kingdom
          Phone: (01462) 630730
          Fax: (01462) 433692

          F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


DIRECT DECORATING: EGM Passes Winding-up Resolution
---------------------------------------------------
G. Goodyear, Director of Direct Decorating 2000 Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 6 at Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP.  Richard Frank Simms and Martin Richard
Buttriss of Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP were appointed joint liquidators.

CONTACT:  DIRECT DECORATING 2000
          459 Longbridge Road
          Barking
          IG11 9DG
          Essex
          Phone: 020 8594 3024
          Web site: http://www.directdecorating2000ltd.co.uk

          F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


DUDLEY CONTROLS: Appoints SPW Poppleton Liquidator
--------------------------------------------------
G. Dudley, Director of Dudley Controls Limited, informs that
resolutions to wind up the companies were passed at an EGM held
on Sept. 8 at Gable House, 239 Regents Park Road, Finchley,
London N3 3LF.  H. J. Sorsky of SPW Poppleton & Appleby was
appointed liquidator.

Dudley Controls makes wheelchair controllers, joysticks and
switches.  Visit
http://www.angelfire.com/biz/DudleyControls/index2.htmlfor more
information.

CONTACT:  DUDLEY CONTROLS LTD.
          10 Peverel Drive, Milton Keynes, Bucks MK1 1NL
          Phone: 01908 640777

          SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: mike@spwca.com


ERC FRANKONA: Liquidators from Ernst & Young Move in
----------------------------------------------------
T J Carroll, Chairman of ERC Frankona Reinsurance (II) Limited,
confirms that special resolution to wind up the company was
passed at an EGM held on Aug. 31 at Regis House, 45 King William
Street, London EC4R 9AN.

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

CONTACT:  E R C FRANKONA REINSURANCE LTD.
          Knollys House,
          11 Byward Street,
          London EC3R 5EF
          Phone: 02076176800

          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


F. C. DAVISON & SON: Hires Menzies Corporate to Liquidate Assets
----------------------------------------------------------------
The sole member of F. C. Davison & Son (Chemists) Limited
confirms that special, ordinary and extraordinary resolutions to
wind up the company were passed at a general meeting held on Aug.
25.  Paul John Clark and Jason James Godefroy of Menzies
Corporate Restructuring, 17-19 Foley Street, London W1W 6DW were
appointed liquidators.

CONTACT:  F C DAVISON & SON (CHEMISTS) LTD.
          Idlewells Shopping Centre,
          Sutton-In-Ashfield
          Nottinghamshire NG17 1BJ
          Phone: 01623-557144

          MENZIES CORPORATE RESTRUCTURING
          17-19 Foley Street
          London W1W 6DW
          Phone: 020 7291 9750
          Fax: 020 7291 9777
          E-mail: mcr@menzies.co.uk
          Web site: http://www.menzies.co.uk


FIFTH ELEMENT: Names BDO Stoy Hayward Liquidator
------------------------------------------------
C. Smith, Chairman of Fifth Element Event Design Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Feb. 15 at 12 The Talina Centre, Bagleys Lane, London.

Simon James Michaels and Antony David Nygate of BDO Stoy Hayward
LLP, 8 Baker Street, London W1U 3LL were appointed liquidators.
The appointment was confirmed at a subsequent Meeting of
Creditors held on 24 February 2005.

CONTACT:  FIFTH ELEMENT EVENT DESIGN LTD.
          12 The Talina Centre Bagleys Lane London SW6 2BW
          Phone: 020 7610 8630
          Fax: 020 7610 8631
          Web site: http://www.fifth-element.co.uk

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


FRENCH RESTAURANT: Hires Administrators from Milner Boardman
------------------------------------------------------------
Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) of Milner
Boardman & Partners were appointed joint administrators of The
French Restaurant Limited (Company No 04585277) on Sept. 8.  The
company's registered office is located at 22 Saint John Street,
Manchester M3 4EB.

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


H AND M AIR: Goes into Liquidation
----------------------------------
The Leeds District Registry issued a winding-up order against H
and M Air Conditioning and Refrigeration Company Limited on Aug.
1.  The winding-up petition was filed June 23.

H & M Air Conditioning and Refrigeration Company Ltd. specializes
in the design, installation, service, commissioning and
maintenance of the entire range of air conditioning services in
all types of retail, commercial, industrial and leisure
developments.  The group also supplies split systems, VRV Heat
Pump Systems, Computer Room Systems and Cellar Coolers.

CONTACT:  H AND M AIR CONDITIONING AND REFRIGERATION COMPANY
          LIMITED
          38 Swan Road, Swan Industrial Estate,
          Washington,
          Tyne & Wear, NE38 8JJ
          Phone: 0191 4175988
          Fax: 0191 4972627
          Web site: http://www.handmairconditioning.co.uk

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


ICON BUSINESS: In Liquidation
-----------------------------
H. Gilmore, Director of Icon Business Solutions UK Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 2 at 4 St Giles Court, Southampton Street,
Reading RG1 2QL.  P. R. Boyle and J C Sallabank of Harrisons, 4
St Giles Court, Southampton Street, Reading RG1 2QL were
appointed Joint Liquidators.

CONTACT:  ICON BUSINESS SOLUTIONS LTD.
          69 Anchorway Road, Greenlane, Coventry, West Midlands
          CV3 6JH
          Phone: 02476 415 731

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


INNOVATIONS FOR TRADE: Members Opt for Liquidation
--------------------------------------------------
R. Gray, Director of Innovations for Trade Technology Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 2 at Meridian House, 62 Station Road, North
Chingford, London E4 7BA.  A J Clark of Carter Clark, Meridian
House, 62 Station Road, North Chingford, London E4 7BA was
appointed liquidator.

CONTACT:  INNOVATIONS FOR TRADE & TECHNOLOGY
     Penlaw House,
          Robert Way,
          Wickford
          Essex SS11 8DD
          Phone: 01268 572211
          Fax: 01268 764043

          CARTER CLARK
          Meridian House
          62 Station Road
          North Chingford
          London E4 7BA
          Phone: 020 8524 1447
          Fax: 020 8524 1457
          E-mail: recovery@carterclark.co.uk


INTERCEPT LIMITED: Publisher Applies for Liquidation
----------------------------------------------------
P. Fenouil, Chairman of Intercept Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 7 at 60-62 High Street, Harpenden, Hertfordshire AL5 2SP.
Anthony David Kent of Maidment Judd, 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP was appointed liquidator.

Intercept Limited publishes and translates many titles in the
fields of agricultural science, biotechnology, botany, brewing
science, ecology and the environment, entomology, food science,
genetics, geology, the life sciences, natural history,
palaeontology, pest management, pharmacology, water science, and
zoology.  The company also owns many of the scientific titles of
The Natural History Museum (London).  Since 1991, Intercept
Limited has been part of the Lavoisier SAS based in Paris,
France.  Visit http://www.intercept.co.uk/for more information.

CONTACT:  INTERCEPT LIMITED
          P.O. Box 716, Andover, Hants SP10 1YG, UK
          Phone: +44 (0) 1264 334748
          Fax: +44 (0) 1264 334058
          E-mail: intercept@andover.co.uk

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


INVENSYS PLC: Names New President for Controls Business
-------------------------------------------------------
Invensys plc discloses that Chan Galbato will join the company on
3 October 2005 as President of its Controls business group.

Mr. Galbato joins Invensys from Home Depot, the U.S. home
improvement retailer, where he was president of services.  He was
previously President and Chief Executive Officer of Armstrong
Floor Products, Chief Executive Officer of Choice Parts, and
prior to that he held various senior management roles at General
Electric, the latter as Chief Executive Officer of the Coregis
Division of GE Capital.

He takes over from John Duerden who will remain with the Group to
assist in the smooth handover and carry out certain projects
until the scheduled expiry of his contract on 31 March 2006.  Mr.
Galbato holds a BA in economics from State University of New York
and an MBA from the University of Chicago Graduate School of
Business.

Controls is a leading global provider of components, systems and
services used in appliances, heating, air conditioning/cooling,
refrigeration and safety products as well as building systems
across a wide range of industries in residential and commercial
markets.  Controls, which had revenue of GBP921 million in the
year ended 31 March 2005, has more than 16,000 employees and over
40 manufacturing locations worldwide.

Ulf Henriksson, Chief Executive Officer of Invensys plc, said: "I
am delighted that Chan has agreed to join Invensys in this
important role of running our largest business group.  Controls
is undertaking a significant change program and his considerable
experience in change management will be essential to ensuring
that we achieve the necessary turnaround in performance."

                            *   *   *

Invensys is a global automation, controls and process solutions
Group.  It is made up of five businesses: Process Systems, APV,
Eurotherm, Rail Systems and Controls.  The Group is headquartered
in London and is listed on the London Stock Exchange, with 35,000
employees working in 60 countries.

In August, the company reported that revenue from continuing
businesses for the three months to 30 June 2005 was down 2% to
GBP577 million (Q1 04/05: GBP586 million).  Group loss for the
period was reduced from GBP42 million to GBP26 million.  The
group has also "substantially" completed its disposal program
with the sales of Lambda and ABS EMEA.

These results have come a long way from Invensys' troubled past,
which saw about GBP3.28 billion in half-year debt, and job losses
of over 6,000 jobs as its U.S. and manufacturing markets
declined.

Last year, Invensys launched a GBP2.7 billion refinancing plan to
repay or cash collateralize approximately GBP1.5 billion of
existing indebtedness, to establish an escrow account of
approximately GBP576 million to fund certain identifiable legacy
liabilities of the company, to pay fees associated with the
transaction and for general corporate purposes.  The program
includes raising approximately GBP470 million of equity, GBP650
million of high yield bonds and GBP1.6 billion of senior credit
facilities.

CONTACT:  INVENSYS PLC
          Invensys House, Carlisle Place
          London SW1P 1BX
          Phone: +44-20-7834-3848
          Fax: +44-20-7834-3879
          Web site: http://www.invensys.com

          Steve Devany
          Phone: +44 (0) 20 7821 3758

          Nina Delangle
          Phone: +44 (0) 20 7821 2121

          Emma Burdett
          Phone: +44 (0) 20 7379 5151


KIRKLAND CONTRACTS: Furniture Maker Calls in Administrator
----------------------------------------------------------
Keith Hinds (IP No 6745) and Leslie Ross (IP No 7244) of Grant
Thornton were appointed joint administrators for Kirkland
Contracts Limited (Company No 01753561) on Sept. 9.  The
company's registered office is at Kirkland House, Kirkland
Gardens, Baildon, West Yorkshire BD17 6HP.

The company has been manufacturing contract furniture for over
twenty years.  Visit http://www.kirkland-contracts.co.uk/for
more information.

CONTACT:  KIRKLAND CONTRACTS LIMITED
          Tong Park, Baildon
          West Yorkshire BD17 7QD
          Phone: 01274 531617
          Fax: 01274 531718
          E-mail: info@kirkland-contracts.co.uk

          GRANT THORNTON UK LLP
          St Johns Centre
          110 Albion Street
          Leeds
          West Yorkshire LS2 8LA
          Phone: 0113 245 5514
          Fax: 0113 246 0828
          E-mail: keith.hinds@gtuk.com

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


KLAUSSNER FURNITURE: Creditors Meeting Set Next Week
----------------------------------------------------
Notice is hereby given, pursuant to paragraph 51 of Schedule B1
of the Insolvency Act 1986, that a Meeting of the Creditors of
Klaussner Furniture Industries (UK) Limited will be held at
Renaissance Hotel, Blackfriars Street, Manchester M3 2EQ, on 26
September 2005, at 11:00 a.m., for the purposes of considering
and, if thought fit, approving the proposals of the
Administrators for achieving the aim of the Administration Order;
and also to consider establishing and, if thought fit, to appoint
a Creditors' Committee.  A person authorised under section 375 of
the Companies Act 1985 to represent a Corporation must produce to
the Chairman of the Meeting a copy of the Resolution from which
their authority is derived.  The copy Resolution must be under
seal of the corporation, or certified by the Secretary or
Director of the Corporation as a true copy. Please note that a
Creditor is entitled to vote only if he has delivered to the
Administrators at BDO Stoy Hayward, Commercial Buildings, 11-15
Cross Street, Manchester M2 1BD, not later than 12:00 noon on 23
September 2005, details in writing of the debt claimed to be due
from the Company, and the claim has been duly admitted under the
provisions of the Insolvency Rules 1986 and there has been lodged
with the Administrators any proxy which the Creditor intends to
be used on his behalf.

D J Power, Joint Administrator

CONTACT:  KLAUSSNER FURNITURE
          Lea Green Industrial Estate
          St Helens
          Lancashire, WA9 4QA
          Phone: 01744 810110
          Fax: 01744 819969

          BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Phone: 0161 817 3700
          Fax: 0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


MAYFLOWER CORPORATION: PwC Charged with Malpractice
---------------------------------------------------
PricewaterhouseCoopers has been accused of malpractice for its
role as auditor of collapsed Mayflower Corporation, Birmingham
Post says.

The charge was brought by the Accountancy Investigation and
Disciplinary Board (AIDB).  PwC faces an undetermined amount of
fine if found guilty.  PwC says the complaint is "misconceived."
A tribunal is to decide on the case.  Adjudicators may expel
companies from professional bodies or withdraw their license.  No
date for a formal hearing has yet been set.

PwC was auditor of Mayflower for 2002.  Its London staff was
doing work on the company's 2003 accounts when Mayflower filed
for administration.  Mayflower's former finance director David
Thomas Donnelly and a former employee at a subsidiary are still
under investigation by the auditing watchdog.

U.K.'s biggest bus maker called in administrator from Deloitte
Touche LLP early last year.  Thereafter it discovered an error at
the Transbus Division that increased its net debt by up to GBP20
million.  It had debt of GBP180 million when it filed for
administration.  Mayflower blames its demise to the decline in
demand for vehicle components, competition at TransBus and high
debt levels from acquisitions.

CONTACT:  MAYFLOWER CORPORATION PLC
          Mayflower House
          London Road
          Loudwater
          High Wycombe Bucks HP1D 9RF
          Phone: 01494 450145
          Fax: 01494 450607
          Web site: http://www.mayflowercorp.com


NATIONWIDE MEDIATION: Sets Creditors Meeting Friday
---------------------------------------------------
Notice is hereby given by T Papanicola, of Bond Partners LLP, The
Grange, 100 High Street, London N14 6TG, that a Meeting of
Creditors of Nationwide Mediation Limited (Company No 03897968),
Wellesley House, 7 Clarence Parade, Cheltenham, Gloucestershire
GL50 3NY, is to be held at the Holiday Inn, Crest Way, Barnwood,
Gloucester GL4 3RX, on 23 September 2005, at 2:00 p.m.  The
Meeting is an initial Creditors' Meeting under paragraph 51 of
Schedule B1 to the Insolvency Act 1986 an initial Creditors'
Meeting requested under Paragraph 52(2) of the Schedule. A proxy
form should be completed and returned to me by the date of the
Meeting if you cannot attend and wish to be represented. In order
to be entitled to vote under Rule 2.38 at the Meeting you must
give to me, not later than 12:00 noon on the business day before
the day fixed for the Meeting, details in writing of your claim.

T Papanicola, Joint Administrator

CONTACT:  NATIONWIDE MEDIATION LTD.
          7 Clarence Parade,
          Cheltenham, Gloucestershire GL50 3NY
          Phone: 01242251190

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


NORTHERN FOODS: Trading Update Out Next Month
---------------------------------------------
On 10 October, Northern Foods plc will publish an update on
trading for the 26 weeks ending 1 October 2005, together with
further details of the impact of adopting International Financial
Reporting Standards (IFRS) on the reported accounts for the 52
weeks ended 2 April 2005.

On 15 November, Northern Foods plc will publish its interim
accounts for the 26 weeks ending 1 October 2005.

                            *   *   *

Leeds-based Northern Foods plc is one of U.K.'s leading food
producers with a turnover of GBP1.5 billion and over 22,000
employees based in sites across the U.K. and Ireland.

Northern Foods began restructuring and refocusing its business
in Autumn 2003.  It appointed Chief Executive, Pat O'Driscoll, at
the end of March 2004.  It has also launched a comprehensive
strategic review of the business, established a new management
team, and simplified its business structure and factory
reorganization.

CONTACT:  NORTHERN FOODS PLC
          2180 Century Way, Thorpe Park
          Leeds
          LS15 8ZB, United Kingdom
          Phone: +44-113-390-0110
          Fax: +44-113-390-0211
          Web site: http://www.northern-foods.co.uk


QIBLA-COLA: Falls into Receivership
-----------------------------------
Qibla-Cola has ceased trading and is now under receivership, The
Grocer says.  The Derby-based company, which had set out to
dominate the Muslim market for cola, has failed miserably even
after gaining ground in the Canadian, Norwegian and Dutch
markets.  Businessmen Zafir Iqbal and Zahida Parveen launched
Qibla-Cola in 2003.

CONTACT:  QIBLA-COLA
          PO BOX 6440,
          Derby, DE1 9NE,
          England, United Kingdom
          E-mail: info@qibla-cola.com
          Web site: http://www.qibla-cola.com/


SAMSON DAY: Administrators Take over Business
---------------------------------------------
Mark Newman (IP No 8723) of Vantis Business Recovery and Simon
Glyn (IP No 9159) of Vantis Numerica were appointed joint
administrators of general builders Samson Day Builders Limited
(Company No 02839765) on Sept. 2.  The company's registered is at
Judd House, 16 East Street, Tonbridge, Kent TN9 1HG.

CONTACT:  SAMSON DAY BUILDERS LTD.
          45 Sweyn Rd
          Margate, Kent CT9 2DD
          Phone: 01843 221793

          VANTIS BUSINESS RECOVERY
          Judd House, 16 East Street,
          Tonbridge, Kent TN9 1HG
          Web site: http://www.vantisnumerica.com

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


SPIRENT PLC: To Dispose of Network Products Division
----------------------------------------------------
Spirent plc has started a formal process that is expected to
result in the sale of its Network Products division,
HellermannTyton.  This decision is consistent with the Group's
stated strategy of focusing on growing its Communications group
whilst maximizing the value of its other businesses.

HellermannTyton provides innovative solutions for fastening,
identifying, insulating, organizing, routing and connectivity
that add value to electrical and communication networks in a wide
range of applications.  It continues to demonstrate strong
revenue growth, robust margins and attractive cash flows.

Further announcements will be made as appropriate.

Gleacher Shacklock LLP and JPMorgan Cazenove Limited are acting
as Financial Advisers to the Company in relation to the disposal.

Anders Gustafsson, Chief Executive, said: "HellermannTyton is an
excellent business that is performing well.  Given our strategy
to concentrate our resources on the development of the
Communications group, we believe that this is a good time to
realize value from our successful investment in HellermannTyton
and strengthen our overall financial position."

                            *   *   *

Spirent is a communications technology company, which provides
performance analysis and service assurance solutions that enable
the development and deployment of next-generation networking
technologies such as broadband services, Internet telephony, 3G
wireless and web applications and security testing.  The group
has about 4,400 employees in 30 countries, including 6 sites in
the U.K.

Some 180 workers at Spirent plc's Service Assurance business
could lose their jobs as part of the firm's restructuring
measures.  For the first of half of 2005, the division reported
an operating loss of about GBP9 million blamed on customers
delaying capital spending, and the latest mergers among
telecommunication firms in the U.S.  The company revealed the
restructuring could result to annualized cost savings of about
GBP8 million, of which GBP3 million will affect the second half
of 2005.

Spirent also revealed losses of GBP34.1 million from last year's
profit of GBP16.7 million.  Net debt increased to GBP42.4 million
(31 December 2004 GBP26.4 million) due to a reduction in
operating cash flow, including the cash cost of restructuring,
increased capital expenditure and a GBP5.1 million currency
translation impact.

CONTACT:  SPIRENT PLC
          Spirent House
          Crawley Business Quarter
          Fleming Way
          Crawley
          West Sussex RH10 9QL
          Phone: +44 (0)1293 767676
          Fax: +44 (0) 1293 767677
          E-mail: media@spirent.com
          Web site: http://www.spirent.com


SPORTS MONDIAL: Appoints Administrator from B & C Associates
------------------------------------------------------------
Filippa Connor (IP No 9188) of B & C Associates was appointed
administrator of Sports Mondial Limited (Company No 03522574) on
Sept. 5.  The company's registered office is at Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA.  The company provides
travel arrangements and corporate hospitality.

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


TABLE WORKS: Hires Administrators from PKF
------------------------------------------
Edward T. Kerr (IP No 9020) and Ian J. Gould (IP No 7866) of PKF
were appointed joint administrators of Table Works Limited
(Company No 03277857) on Sept. 2.  The company's registered
office is at Regent House, Clinton Avenue, Nottingham NG1 5AZ.
The company sells furniture/household goods.

CONTACT:  TABLE WORKS LTD.
          3/4 Flying Horse Walk
          Nottingham NG1 2HN
          Phone: 0115-952-0522

          PKF
          Regent House
          Clinton Avenue
          Nottingham
          Nottinghamshire NG5 1AZ
          Phone: 0115 960 8171
          Fax: 0115 960 3665

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


TOWN & COUNTRY: Files for Liquidation
-------------------------------------
D. Clark, Chairman of Town & Country Taverns (Kent) Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Aug. 30 at 1st Floor, Council Offices, South Dale,
Caistor, Lincolnshire LN7 6LN.  Gordon Johnston, of hjs Recovery,
12-14 Carlton Place, Southampton, Hampshire SO15 2EA was
appointed liquidator.

CONTACT:  TOWN & COUNTRY TAVERNS (KENT) LTD.
          6 Elwick Road, ASHFORD, KENT TN23 1PD
          Phone: 01233-503402

          HJS
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.co.uk


TRIANGLE ASSET: Goes into Liquidation
-------------------------------------
H. Poole, Chairman of Triangle Asset Finance Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Aug. 30 at Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL.  Alan H Tomlinson of Tomlinsons, St John's
Court, 72 Gartside Street, Manchester M3 3EL was appointed
liquidator.  The appointment was confirmed at a subsequent
Meeting of Creditors held on the same date.

CONTACT:  TRIANGLE ASSET FINANCE LTD.
          Chester Enterprise Centre, Hoole Bridge, CHESTER,
          Cheshire CH2 3NE
          Phone: 01244312450

          TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


WM MORRISON: Agrees to Wage Bargaining to Pacify Unions
-------------------------------------------------------
Wm Morrison Supermarkets plc has reportedly agreed to initiate
national wage bargaining, which prompted unions to consider
calling off a three-day strike.  The GMB and Transport and
General Workers unions have scheduled a walkout on September 23
to September 25.

"We have offered to meet with the unions on Wednesday Sept. 21.
Having now conceded the issue which formed the basis of the
ballot (bargaining), we have asked them to confirm that the
planned industrial action is canceled, which would be in the best
interest of all concerned," Dow Jones quoted a company statement.

The labor groups welcomed the move, but stressed it was just one
of the issues that needed to be settled, the Financial Times said
in another report.  The unions, which plan to stretch the strike
for six days starting September 29, fear that about 2,500
distribution workers will be affected by the firm's plan to shut
down three of its depots.  The company has yet to confirm the
closures, although it has admitted that it has more depot space
and capacity than it needed.

CONTACT:  WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.co.uk


XEROX CORPORATION: Moody's Revises Outlook to Positive
------------------------------------------------------
Moody's Investors Service revised the rating outlook of Xerox
Corporation and supported subsidiaries to positive from stable.
The action is prompted by Xerox's significant debt and leverage
reduction over the last year, stable operating profit and free
cash flow generation, and the prospects for further strengthening
of its credit metrics and overall financial flexibility.

Moody's previously raised the senior implied rating of Xerox and
its financially supported subsidiaries to Ba1 from Ba3.  Ratings
raised include:

   Xerox Corporation:

      * Senior implied to Ba1 from Ba3;

      * Senior unsecured to Ba2 from B1;

      * Senior unsecured shelf registration (P) Ba2 and (P) B1;

      * Subordinated to Ba3 from B3;

      * Subordinated shelf registration to (P) Ba3 from (P) B3;

      * Preferred to B1 from Caa1

      * Preferred shelf registration to (P) B1 from (P) Caa1

   Xerox Credit Corporation:

      * Senior unsecured to Ba2 from B1 (support agreement from
        Xerox Corporation);

      * Xerox Capital (Europe) PLC;

      * Senior unsecured to Ba2 from B1 (guaranteed by Xerox
        Corporation);

The positive rating outlook reflects Moody's expectation for:

(a) modest low single digit revenue growth over the intermediate
    term driven by continued improvement in equipment revenue
    which should help to position follow on post sale revenues,
    specifically;

     (i) continued improvement in equipment revenue (29% of
         total revenues).  Equipment revenue has been modestly
         positive recently (4% growth in Q2) and we believe that
         the late June launch of an array of new products is
         likely to stimulate continued single digit equipment
         sales growth in the near to mid term although
         competitive pressures will remain intense;

    (ii) sustained momentum for post sale and finance revenue
         (71% of total revenues), which increased for the first
         time in several quarters during Q2, aided by the
         reduced impact of legacy light lens activity ($149
         million or 4% of Q2 total revenue); continued growth in
         color page volumes; and improvement in the overall low
         single digit decline of monochrome pages.  Excluding
         the declining legacy light lens business, post sale and
         financing revenue has increased between 1% and 5% for
         each of the last ten quarters, which we expect should
         continue over the intermediate term;

(b) gross margins of approximately 40%, which have recently been
    slightly pressured by strong growth in lower end product
    (Segment 1 and 2) and tempered demand from higher margin
    higher end product (Segment 3 to 5) including a modest early
    take up of its Nuvera production line;

(c) operating profit margins in the 9% range, which will in part
    depend on continued operating expense controls or reduction
    derived from its recently announced $200 million after tax
    restructuring plan;

(d) stability in cash flow from operations, which, with modest
    and predictable capital expenditures of approximately US$250
    million annually, drives free cash flow generation that has
    averaged $1.6 billion annually since 2002;

(e) continued, albeit more modest, reduction in overall debt.
    Since June 2004, consolidated debt has declined by US$3.1
    billion through the repayment of scheduled maturities and
    the conversion to equity of US$1 billion of trust preferred
    securities.  With zero public debt maturities in 2006 and
    only US$272 million and $50 million due in 2007 and
    2008, respectively, further debt reduction will be driven by
    continued reduction of debt that is currently secured by
    finance receivables;

(f) continued reduction of secured debt related to its finance
    receivable portfolio, which has declined by US$780 million
    year to date, with further declines expected in the second
    half of 2005; and

(g) further improvement in interest coverage and non finance
    leverage as a result of debt reduction, equity buildup, and
    stable free cash flow.

Rating could be upgraded if the company:

(a) achieves sustainable improvement in revenue, although this
    is expected to be low single digits;

(b) sustains consolidated operating margins in the 9% range;

(c) achieves adjusted EBIT interest coverage of 5 times on an
    LTM basis (currently 2.9 times) excluding finance
    operations;

(d) continues to generate consistent free cash flow;

(e) maintains its strong liquidity profile;

(f) continues to reduce the level of secured debt and obtains an
    unsecured bank facility with terms and conditions consistent
    with an investment grade profile, which will further improve
    financial flexibility.

Conversely, downward ratings pressure could develop if:

(a) financial performance deteriorates due to any combination of
    poor execution, sustained weak product acceptance or demand,
    unexpectedly intense and sustained competitive pressures; or
    deterioration in its finance operations due to a weakening
    of asset quality;

(b) the company incurs leverage to effect any combination of
    share buybacks or dividends; and

(c) undertakes significant debt financed acquisitions.

Liquidity remains solid, with cash balances of $2.1 billion at
June 2005 and full access to its $700 million secured revolving
credit facility, for which covenant room is expected to remain
ample.  Combined with our expectations of stable to improving
annual free cash flow ($1.7 billion for the latest twelve months
ended June 2005), Xerox is well positioned to meet:

(a) aggregate public debt maturities of approximately US$665
    million through 2008, including a US$300 million secured
    bank term loan due September 2008, as well as

(b) potential calls on liquidity related to outstanding
    shareholder litigation.

Xerox Corporation, headquartered in Stamford, Connecticut,
develops, manufactures and markets document processing systems
and related supplies and provides consulting and outsourcing
document management services.


* 50,000 Firms to go Bust in Three Years -- Paper
-------------------------------------------------
About 50,000 companies in the U.K. are set to collapse in three
years, says the Daily Post.

A research conducted by chartered accountants BDO Stoy Hayward
reveals that the first rise in the number of business going
bankrupt since 2002 looms amidst the economic slowdown.  This
year, some 15,968 firms are expected to go bust.  The figure will
increase 5% to 16,773 by 2006, and by 1.9% to 17,086 in 2007.

Statistics published by The Department for Constitutional Affairs
confirm this trend.  The number of winding up petitions filed in
the High Court and county courts of England and Wales rose 45%
(3,229) during the first quarter of 2005.  Creditors' bankruptcy
petitions increased 23% to 5,419, while the number of debtors
filing for bankruptcy totaled 9,285, up 27%.


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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