TCREUR_Public/050922.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, September 22, 2005, Vol. 6, No. 188

                            Headlines

B O S N I A   &   H E R Z E G O V I N A

PRIVREDNA BANKA: Govt Officials Face Embezzlement Charges


F I N L A N D

INTERAVANTI OYJ: Trustee Appeals Verdict on Amanda Case


F R A N C E

STEPHANE KELIAN: Owner Accused of Fraudulent Bankruptcy


G E R M A N Y

ASTRIS GRUNDSTUECKSGESELLSCHAFT: Falls into Bankruptcy
DETTMANN METALL: Proofs of Claim Due September 30
HEIDELBERGCEMENT AG: Integrates European Structure
IHR HAUS: Under Bankruptcy Administration
MAX GASTSTATTENBETRIEBS: Court to Verify Claims October

METALLBEARBEITUNG PETZOLD: Appoints Kuebler Administrator
MINERVA BUCHHANDLUNG: Creditors to Meet October
MITTELPUNKT GMBH: Duisburg Company Goes Bust
REGENA GMBH: Creditors' Claims Due Next Month
SCHULZE PLANUNGSGRUPPE: Court to Verify Claims December
STRUMPF & WASCHE: Succumbs to Bankruptcy
THOMAS COOK: Appoints New Board Member


G R E E C E

DRYSHIPS INC.: Declares Quarterly Dividend of US$0.20 Per Share
HELLAS TELECOMMUNICATIONS: Moody's Assigns (P)B1 Rating


K A Z A K H S T A N

CASPIAN BANK: Planned Notes Issuance Rated Ba2


L U X E M B O U R G

TNK-BP INTERNATIONAL: S&P Affirms Foreign Currency Rating


N E T H E R L A N D S

ROYAL SHELL: Buys back Additional 1,815,000 'A' Shares
ROYAL SHELL: To Restructure, Merge Subsidiaries
VERSATEL TELECOM: Shareholders Seek Probe Amid Tele2 Offer


R U S S I A

ALFA: Undergoes Bankruptcy Supervision Procedure
DAIRY ESIPOVSKIY: Declared Insolvent
DAL-GEO: Bankruptcy Supervision Procedure Begins
KRONA: Hires N. Peshkun Insolvency Manager
NIZHNEAMURSKIY TIMBER: Court Brings in Insolvency Manager

STROY-LINE: Insolvency Manager Takes over Biz
SVOBODNENSKAYA: Furniture Company Calls in Insolvency Manager
URAL-PRODUCT: Succumbs to Bankruptcy
VERKHNEMAMONSKIY: Undergoes Bankruptcy Supervision Procedure
WOOD-PROM-SERVICE: Bankruptcy Hearing Set December


S E R B I A   &   M O N T E N E G R O

ZASTAVA AUTOMOBILI: Signs Key Contract to Make Fiat Punto Cars


S W E D E N

TIVOX AB: Binar Buys Parts of Business


S W I T Z E R L A N D

CABLECOM HOLDINGS: Plans Flotation this Year
KABA HOLDING: Annual Net Profit Up 40%
SWISS INTERNATIONAL: To Raise Fuel Surcharges


T U R K E Y

PETROL OFISI: Rating Off CreditWatch; Outlook Stable


U K R A I N E

AGROPROMTEHKOM: Creditors' Claims Due this Week
GALKOMTORG: Succumbs to Insolvency
HODORIV' MEAT: Declared Insolvent
SELECT: Krym Court Appoints Insolvency Manager


U N I T E D   K I N G D O M

ASHTEAD GROUP: Sunbelt Bolsters First-quarter Profit
BELGRAVE EX-SERVICEMEN'S: Hires Administrator from Springfields
BLACKS BIKES: Administrator Takes over Firm
BRITISH DENKAVIT: Hires Administrators from Mazars
CHAVEL LIMITED: Administrators from Stoy Hayward Move in

CHILL BARS: Calls in Administrators from P&A Partnership
CONCEPT CYCLING: Appoints Administrators from KPMG
COSTAIN GROUP: Awards New CEO Shares, Options
DRAX GROUP: Board Says GBP1.9 Billion Offer Undervalues Company
GATE GOURMET: Retains Restructuring Professionals

HIGHVIEW INVESTMENTS: Names Langley & Partners Administrator
INCLINE GLOBAL: Calls in Administrators from Ernst & Young
INFOGRAMES ENTERTAINMENT: Atari Sells Sark Shares Worth US$7 Mln
J B FINCH: Files for Liquidation
KEEPING INFORMATION: EGM Passes Winding-up Resolution

LEARNING DYNAMIX: Administrators from Tait Walker Enter Firm
M A REES & SON: Administrators from S F Plant Move in
MOLD SERVICES: Names Mazars Liquidator
MONDBURY LIMITED: Names Leonard Curtis Administrator
MOWLEM PLC: Not Likely to Declare Interim Dividend

MR. ELECTRIC: Calls in Liquidator
NETTPROFILE LIMITED: In Liquidation
NOVALPAL HOLDINGS: Appoints Administrators from Moore Stephens
PENROSE ANGLING: Names P&A Partnership Liquidator
PHOENIX GAMES: Files for Liquidation

PLATE ROLLERS: Opts for Liquidation
RICHMOND TOOLS: Administrators from Stoy Hayward Enter Firm
SKILL DEVELOPMENT: Falls into Liquidation
SUBMARINE LIMITED: Hires Carter Clark Administrator
TLA PARTNERSHIP: Appoints Administrator from Begbies Traynor

TWENTYFIVETEN LIMITED: Calls in Liquidator
VEDANTA RESOURCES: Ratings Under Review for Possible Upgrade
W HAMILTON: Administrators Take over Operation


                            *********


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B O S N I A   &   H E R Z E G O V I N A
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PRIVREDNA BANKA: Govt Officials Face Embezzlement Charges
---------------------------------------------------------
The provisional administrator of Privredna Banka Srpsko Sarajevo
has submitted evidence of embezzlement against top officials of
the ruling Bosnian Serb party to state prosecutors, AP
WorldStream says.

Tom Robinson told Dnevni Avaz daily the evidence show that
several party leaders used the bank to fund activities of war
crime suspects.  The officials include former Bosnian President
Mirko Sarovic and Dragan Kalinic, former speaker of the Bosnian
Serb Parliament.  Mr. Robinson said the prosecutor will decide
whether the evidence is enough to raise charges.

Mr. Robinson was appointed provisional administrator in November
after the bank's license was revoked.  The bank was found
insolvent and possibly involved with war crimes suspect Radovan
Karadzic.  The bank is thought to have financed companies
supporting his activities.  Mr. Karadzic has been indicted on
charges of genocide and other war crimes, and is in hiding for
nine years.

Privredna Banka was also suspected of providing "loans" for the
1998 pre-election campaign of the Bosnian Serb Democratic Party.
The "loans", which were provided to companies owned by the party,
was not repaid.  Bank owner Momcilo Mandic is facing charges
relating to this transaction.  SDS's bank accounts were frozen in
June.

CONTACT:  PRIVREDNA BANKA SRPSKO SARAJEVO, REPUBLIKA SRPSKA
          Beograd, Zagrebac (ka br. 9/II
          Phone: (+381 11) 181519, 182280
          Fax: (+381 11) 182232


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F I N L A N D
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INTERAVANTI OYJ: Trustee Appeals Verdict on Amanda Case
-------------------------------------------------------
Interavanti Oyj and Interglobia Ltd.'s bankruptcy estate trustee
has lodged an appeal against the verdict of the Helsinki district
court.  Helsinki district court issued a decision on the cases
filed by the trustee against Amanda Capital on June 30, 2005.
The decision favored Amanda Capital.

Amanda Capital's management, Board of Directors and legal
counselors regard the lawsuits as unfounded.  The legal
procedures as such do not have an impact on Amanda Capital Plc's
regular business operations.  The company continues to follow its
strategy concentrating on private equity funds.

Background

Interglobia Ltd.'s bankruptcy estate filed two lawsuits against
Amanda Capital Plc in 2003.  These lawsuits concerned
transactions carried out in 1997 by Amanda Capital Plc's
predecessor, the undivided Finvest Oyj, to purchase the shares of
three subsidiaries of the Interglobia Group and sell its shares
in Interglobia Ltd., one of its subsidiaries.

These two lawsuits were partly overlapping, and their capital
value amounted to approximately EUR10.2 million.  In connection
with this matter, Interavanti Oyj brought action against Amanda
Capital Plc at the Helsinki District Court, demanding
compensation to the sum of EUR2.9 million.

CONTACT:  AMANDA CAPITAL PLC
          Petteri Ankila, Managing Director
          Phone: +358 50 549 5578
          Web site: http://www.amandacapital.fi

          INTERAVANTI OYJ
          Mannerheimintie 118 9. krs.
          00270 Helsinki
          Phone: (09) 477 7220
          Fax: (09) 477 72240
          Web site: http://www.interavanti.fi/


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F R A N C E
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STEPHANE KELIAN: Owner Accused of Fraudulent Bankruptcy
-------------------------------------------------------
The French judiciary has granted the request of two mayors to
investigate the liquidation of Stephane Kelian Production,
reports Les Echos.

The mayors of Bourg-de-Peage and Romans believe fraudulent
financial transactions preceded the footwear maker's collapse.
They trace these transactions to early 2003 when the Smalto group
acquired the company.  They believe the new owner misused company
properties and engaged in fraudulent bankruptcy.

Earlier, a union representative told another paper that during
the summer holidays, Stephane's commercial division moved its
stocks to Dusseldorf, Germany.  Then on August 4 the company told
staff not to report for work and, a few days later, it sent all
raw materials to subcontractors in Portugal.  Shortly thereafter
the company filed for insolvency.

Stephane Kelian Production is the manufacturing arm of the
eponymous French luxury footwear company based in southeastern
France.

CONTACT:  STEPHANE KELIAN
          Service Marketing - BP88 - av,
          Robert Schuman - 26302
          Bourg de Peage cedex France
          Phone: 0142778200
          Fax: 0142760597
          Web site: http://www.stephane-kelian.fr/


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G E R M A N Y
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ASTRIS GRUNDSTUECKSGESELLSCHAFT: Falls into Bankruptcy
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against ASTRIS Grundstuecksgesellschaft mbH & Co.
Beteiligungs KG on August 25.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 25, 2005 to register their claims
with court-appointed provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 10:55 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on January 25,
2006, 10:15 a.m. at the same venue.

CONTACT:  ASTRIS GRUNDSTUECKSGESELLSCHAFT mbH
          & Co. Beteiligungs KG
          Kleiststr. 3-6,10787 Berlin

          Udo Feser, Uhlandstr. 165/166, 10719 Berlin


DETTMANN METALL: Proofs of Claim Due September 30
-------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Dettmann Metall- und Stahlbau GbR on August 25.
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 Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2005, 9:00 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21,
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  DETTMANN METALL- UND STAHLBAU GbR
          Lauterbacher Strasse 22, 08459 Neukirchen

          Bernward Widera, Administrator
          Buettenstrasse 4, 08058 Zwickau


HEIDELBERGCEMENT AG: Integrates European Structure
--------------------------------------------------
In an effort to lower costs and increase efficiency,
HeidelbergCement will significantly streamline its organization
in Europe.  The company has about 42,000 employees worldwide,
25,000 of them in Europe.  An integrated organization model will
replace the up-to-now extremely decentralized Group organization.
This will lead to lean structures, transparency, faster decisions
and a significantly higher implementation speed.  The aim of the
reorganization is to strengthen the international competitiveness
of HeidelbergCement and to significantly reduce costs.  The
annual savings will amount to about EUR50 million.

The measures, which will be implemented over the next two to
three years, will lead to a reduction of about 1,100 jobs in 13
European countries.  The works councils will be involved in the
process according to the regulations of the respective countries.
The project affects administrative functions on Group, regional
and country level. Starting from a systematic and detailed
analysis performed by HeidelbergCement managers, the following
proposals for the optimization of the organizational processes
have been developed in the "win" project with the support of
Boston Consulting:

Increase in efficiency by further developing the organization

(a) Transfer Group functions to Heidelberg: The staff functions
    Strategy and Development, Treasury/Corporate Finance and
    Group Internal Audit, which are very important for the Group
    management, will be transferred to Heidelberg.  At the same
    time the headquarters at Malmo will be closed and at
    Brussels significantly reduced;

(b) Introduce a Shared Service Center concept: It is planned to
    establish one Shared Service Centre in each country for the
    business fields cement, ready-mixed concrete and aggregates,
    which will assume functions from Human Resources and
    Accounting.  Pooling and standardizing services that so far
    have been provided at numerous locations will allow for
    significantly increased efficiency of these processes. At
    the same time the competence in this central facility will
    increase;

(c) Centralize the IT infrastructure: The clearly reduced
    complexity of the IT structure and the use of a standardized
    business information system will increase the efficiency of
    corporate reporting.  The possibility of outsourcing was
    abandoned in favor of an internal efficiency increase.

(d) Centralize technical services: The Heidelberg Technology
    Center (HTC), our technical competence center, will be
    integrated more heavily into line management in the future.
    At the same time the managing director of the HTC will have
    the overall technical responsibility for the European cement
    plants.  This will enable more efficient support of the
    plants, for example through the transfer of best practice
    solutions across the Group.  Key performance indicators
    (KPI) that are standardized throughout the Group will
    effectively contribute to this process.

(e) Establish a Group purchasing organization: Worldwide
    purchasing will be optimized through strict specialization
    in product groups.  In light of a purchase volume totaling
    EUR4.9 billion, additional savings can be achieved by
    utilizing economies of scale to a greater extent.

Strengthen our basis for growth

The challenges of international competition require a consistent
and continuous optimization in all areas.  The planned
enhancement of our organization in the framework of the "win"
project is an important step in achieving integral efficiency and
long-term, result-oriented growth.

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


IHR HAUS: Under Bankruptcy Administration
-----------------------------------------
The district court of Heilbronn opened bankruptcy proceedings
against Ihr Haus Massivbau Vertriebs GmbH on August 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 26,
2005 to register their claims with court-appointed provisional
administrator Dr. jur. Norbert Hill.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2005, 10:45 a.m. at the district court
of Heilbronn, Erdgeschoss, Saal 4, Insolvenzgericht, Rollwagstr.
10a, 74072 Heilbronn, 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:  IHR HAUS MASSIVBAU VERTRIEBS GmbH
          Burgstrasse 30, 71720 Oberstenfeld
          Contact:
          Arlette Hofling, Manager

          Dr. jur. Norbert Hill, Administrator
          Gebelsbergstrasse 35, 70199 Stuttgart
          Phone: 0711/601770-0
          Fax: 0711/601770-60


MAX GASTSTATTENBETRIEBS: Court to Verify Claims October
-------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Max Gaststattenbetriebs GmbH on August 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 19, 2005 to
register their claims with court-appointed provisional
administrator Martin Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 9:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  MAX GASTSTATTENBETRIEBS GmbH
          Auf dem Sande 11, 32469 Petershagen
          Contact:
          Heinz Eichler, Manager

          Martin Kienitz, Administrator
          Ruegenweg 14, 32427 Minden


METALLBEARBEITUNG PETZOLD: Appoints Kuebler Administrator
---------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Metallbearbeitung Petzold GmbH on August 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 6, 2005
to register their claims with court-appointed provisional
administrator Dr. Bruno M. Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 11:00 a.m. at the district
court of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse
21, in Chemnitz, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  METALLBEARBEITUNG PETZOLD GmbH
          Fabrikgelande 5, 08427 Fraureuth
          Contact:
          Harald Petzold and Lars Petzold, Managers

          Dr. Bruno M. Kuebler, Administrator
          Loschwitzer Str. 3, 01309 Dresden
          Web site: http://www.kuebler-gbr.de


MINERVA BUCHHANDLUNG: Creditors to Meet October
-----------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Minerva Buchhandlung Lothar Meyer KG on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 4, 2005
to register their claims with court-appointed provisional
administrator Dr. Guenter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2005, 1:55 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  MINERVA BUCHHANDLUNG LOTHAR MEYER KG
          Bahnhofstr. 13, 45879 Gelsenkirchen
          Contact:
          Thomas Winkelmann, Manager
          Bahnhofstr. 13, 45879 Gelsenkirchen

          Dr. Guenter Trutnau, Administrator
          Kettwiger Strasse 2-10, 45127 Essen
          Phone: (0201) 1095-3


MITTELPUNKT GMBH: Duisburg Company Goes Bust
--------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Mittelpunkt GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 5, 2005 to register their
claims with court-appointed provisional administrator Dr. Helmut
Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on October 26, 2005, 11:00 p.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, III. Etage, Raum 315, 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:  MITTELPUNKT GmbH
          Hans-Bockler-Platz 17, 45468 Muelheim an der Ruhr
          Contact:
          Joachim Schramm, Manager
          Maybachstrasse 17, 45133 Essen

          Dr. Helmut Schmitz, Administrator
          Am Flohbusch 1, 47802 Krefeld


REGENA GMBH: Creditors' Claims Due Next Month
---------------------------------------------
The district court of Baden-Baden opened bankruptcy proceedings
against Regena GmbH Umwelttechnik on August 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 14, 2005 to
register their claims with court-appointed provisional
administrator Dr. Ferdinand Kiessner.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2005, 10:45 a.m. at the district
court of Baden-Baden, Baden-Baden, 76532 Baden-Baden,
Gutenbergstr. 17, EG, 009a, 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:  REGENA GmbH UMWELTTECHNIK
          Contact:
          Berthold Warth and Manfred Regenold, Managers
          Hurststr. 24, 77815 Buehl

          Dr. Ferdinand Kiessner, Administrator
          77655 Achern, Eisenbahnstr. 19-23


SCHULZE PLANUNGSGRUPPE: Court to Verify Claims December
-------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Schulze Planungsgruppe GmbH on August 31.  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. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 9:55 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 on
December 14, 2005, 1:00 p.m. at the same venue.

CONTACT:  SCHULZE PLANUNGSGRUPPE GmbH
          Olpketalstr. 121, 44229 Dortmund
          Contact:
          Hanspeter Schulze, Manager
          Paul-Geisler-Weg 11, 44229 Dortmund

          Dr. Winfrid Andres, Administrator
          Neuer Zollhof 3, 40221 Duesseldorf
          Phone: 0211/69076969
          Fax: 69 07 69-70


STRUMPF & WASCHE: Succumbs to Bankruptcy
----------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Strumpf & Wasche Voigt GmbH 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, 10:30 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:  STRUMPF & WASCHE VOIGT GmbH
          Konigstrasse 7-11, 47051 Duisburg
          Contact:
          Matthias Voigt, Manager
          Boningerstr. 36, 47051 Duisburg

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


THOMAS COOK: Appoints New Board Member
--------------------------------------
The management board of Thomas Cook AG is to be expanded from
November 2005 to include a fifth member.

Manny Fontenla-Novoa (51), Chief Executive Officer of the group's
British division Thomas Cook UK Limited, has been appointed by
Thomas Cook AG's supervisory board as a new board member.  Within
the framework of this executive body, Spanish-born Fontenla-Novoa
will be responsible for the group's business activities in the
U.K. and Ireland.  He will also continue to carry out his duties
as CEO of Thomas Cook UK & Ireland.

With the appointment of Manny Fontenla-Novoa the management
board's expertise in tourism is strengthened as the two
most-important sales markets in the Thomas Cook Group Germany and
the U.K. will be represented.  The two sales markets together
generate 80 percent of the group's total sales.

Manny Fontenla-Novoa can look back on over 30 years experience in
the leisure travel industry.  Joining Thomas Cook in 1972 he
undertook a number of roles.  He became head of the marketing and
sales department of the newly founded tour operator Sunworld Ltd.
in 1991. 1998 saw Manny Fontenla-Novoa move to Thomas Cook U.K.'s
sales organization as sales director and deputy managing
director.  In April 2000, he became managing director and was
responsible for in excess of 750 travel agencies, 115 foreign
exchange bureau and TV sales with the associated call centres.
Additionally, Manny Fontenla-Novoa was put in charge of the
management of Thomas Cook UK's tour operator brands in September
2001.  In his current position as CEO of Thomas Cook UK &
Ireland, which he has occupied since January 2003, Manny
Fontenla-Novoa has implemented a comprehensive restructuring
program at the group's British subsidiary with its workforce of
11,000 and has significantly improved the company's financial
situation.  He is also responsible for the re-branding of the
company's major tour operator brands (Thomas Cook, JMC, Sunset).

The management board at Thomas Cook AG:

Members                              Members
until October 31, 2005               as of November 1, 2005

Wolfgang Beeser                      Thomas Holtrop
Chairman and CEO                     Chairman and CEO

Dr. Peter Fankhauser                 Dr. Peter Fankhauser
Germany sales market               Germany sales market

Ludger Heuberg                       Manny Fontenla-Novoa
Finance, human resources         UK & Ireland sales market

Thomas Holtrop[*]               Ludger Heuberg
                                     Finance, human resources

Ralf Teckentrup                      Ralf Teckentrup
Airlines, IT                         Airlines, IT

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Member of management board since September 1, 2005.  Takes
over as chairman and CEO on November 1, 2005.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

CONTACT:  THOMAS COOK AG
          Zimmersmuehlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de

          Corporate Communications
          Phone: +49(0) 61 71) 65-1700
          Fax: +49(0) 61 71) 65-1060
          E-mail: konzernkommunikation@thomascookag.com


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G R E E C E
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DRYSHIPS INC.: Declares Quarterly Dividend of US$0.20 Per Share
---------------------------------------------------------------
DryShips Inc. has declared a quarterly cash dividend of US$0.20
per common share, payable October 31, 2005 to stockholders of
record on September 30, 2005.

George Economou, Chairman and Chief Executive Officer of the
Board, said: "We are pleased to announce the payment of our
second quarterly dividend payment and the continuance of our
quarterly dividend policy as announced in our IPO Prospectus."

                            *   *   *

DryShips specializes in shipping drybulk commodities such as
coal, iron ore, and grains as well as minor bulks like bauxite,
fertilizers, and steel products.  Its fleet is managed by
Liberian affiliate Cardiff Marine Inc.  Chairman and CEO George
Economou and family own 57% of DryShips.

The company reported net revenues of US$71.47 million (EUR58.76
million) for the second quarter of 2005, compared with US$17.46
million for the second quarter of 2004.  Operating Income for
the second quarter of 2005 was US$49.52 million (EUR40.71
million) compared to US$12.97 million for the second quarter of
2005.  Net income for the second quarter 2005 was US$43.33
million (EUR35.62 million) compared to US$12.78 million for the
second quarter of 2004.

Net revenues for the six-month period ended June 30, 2005 were
US$99.61 million (EUR81.89 million) compared to US$33.43 million
for the six-month period ended June 30, 2004.  Operating income
was US$69.19 million (EUR56.89 million) compared to US$23.87
million for the six-month period ended June 30, 2004.  Net
income for the six-month period ended June 30, 2005 was US$62.44
million (EUR51.33 million) compared to US$23.23 million for the
six-month period ended June 30, 2004.

For the year ended October 31, 2004, DryShips reported a
US$(4.374) million [EUR(3.58) million] shareholders' equity, as
total liabilities exceeded total assets of US$183.55 million
(EUR150.05 million).  The company faces US$98.17 million
(EUR80.24 million) in maturing debt before the end of the
current fiscal year.  Its long-term liabilities amount to
US$115.202 million (EUR94.16 million), according to U.S. SEC
files.

CONTACT:  DRYSHIPS INC.
          80 Kifissias Avenue
          Marousi
          Athens - 15125
          Greece
          Web site: http://www.dryships.com

          Christopher J. Thomas
          Chief Financial Officer
          Phone: 011-30-210-809-0570
          E-mail: finance@dryships.com

          Investor Relations / Media
          Nicolas Bornozis
          Capital Link, Inc. (New York)
          Phone: 212-661-7566
          E-mail: nbornozis@capitallink.com


HELLAS TELECOMMUNICATIONS: Moody's Assigns (P)B1 Rating
-------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B1 corporate
family rating to Hellas Telecommunications II S.a.r.l.  (Hellas
II), an indirect holding company of TIM Hellas Telecommunications
S.A. (TIM Hellas or the company).

Moody's also assigned a (P)B1 rating to the proposed issuance of
senior secured notes in the amount of EUR925 million due 2012 to
be issued by Hellas Telecommunications (Luxembourg) V and a (P)B3
rating to the proposed issuance of senior unsecured notes in the
amount of EUR355 million due 2013 to be issued by Hellas
Telecommunications (Luxembourg) III.  The outlook on the ratings
is negative.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the transaction
and associated documentation, Moody's will endeavor to assign
definitive ratings to the securities.  A definitive rating may
differ from a provisional rating.

Transaction Summary

TIM Hellas plans to raise EUR925 million in senior secured bonds
and EUR355 million in senior unsecured bonds to refinance senior
secured and unsecured bridge facilities put in place at the time
of the acquisition of 80.87% of the share capital of TIM
International N.V.  by two private equity firms -- Apax Partners
and Texas Pacific Group (collectively the Sponsors) -- in June
2005.  Part of the net proceeds (c. EUR277.5 million) will be
held in an escrow account to finance a further buy-out of the
remaining minority shareholders.

Additionally, Hellas Telecommunications Finance will issue
Paid-in-Kind (PIK) notes in the amount of EUR110 million to
partially refinance the existing PIK bridge facility.  The
obligor for the PIK notes will be outside the restricted group.
TIM Hellas also has access to a EUR250 million revolving credit
facility, which is granted to Hellas Telecommunications
(Luxembourg) V.  The facility will be reduced to EUR200 million
at the close of the merger of TIM Hellas and its acquisition
vehicle.

The Sponsors will make an equity contribution into the restricted
group through a subordinated shareholder funding in the amount of
EUR360 million, which will represent a combination of EUR50
million of convertible preferred equity certificates, EUR200
million of preferred equity certificates and EUR110 million
through the issuance of the PIK note.  In its analysis of the
capital structure, Moody's takes into account the deeply
subordinated nature of the shareholder funding as enshrined in
the draft intercreditor agreement.

Hellas II and some of its subsidiaries will guarantee the senior
secured notes on a senior secured basis.  Following the merger of
TIM Hellas (the operating company) and its acquisition vehicle,
Troy GAC Telecommunications S.A., the notes will additionally be
guaranteed by TIM Hellas; prior to the merger, TIM Hellas'
guarantee will extend to EUR166 million (of the EUR925 million
senior secured notes) on-lent to repay the existing third-party
debt by TIM Hellas.  The senior secured notes and the senior
secured guarantees will benefit, inter-alia, from the security
over substantially all the assets of the intermediate holding
companies and TIM Hellas, with the liens being junior to the
liens securing the revolving credit facility.

Hellas II and some of its subsidiaries will guarantee the senior
unsecured notes on a senior subordinated basis.  At the close of
the transaction, the senior unsecured notes will not be
guaranteed by TIM Hellas, which will guarantee the notes only
after the aforementioned merger.  The senior unsecured notes and
the guarantees will be secured by the liens ranking junior to the
liens securing the revolving credit facility and the senior
secured notes.

At present, the Sponsors own 80.87% of share capital of TIM
Hellas and intend to buy out the minority shareholders through a
cash-out merger, with an expectation to finalize the buy-out by
November 2005.  In the event that the Sponsors do not receive
necessary regulatory approvals to proceed with the cash-out
merger, they will implement a fallback plan, in which case the
Sponsors may not own 100% of the share capital of TIM Hellas.
The rating relies on Moody's expectation that the cash-out merger
is reasonably likely to occur, in which case TIM Hellas, the
operating company, will ultimately guarantee the notes
immediately after the cash-out merger.  Moody's will assess any
change in the buy-out process of the minority shareholders that
could have an adverse impact on the bondholder protection.

Rating Rationale

The (P)B1 corporate family rating reflects:

(a) The company's highly leveraged capital structure at c. 5.5x
    Adjusted Total debt to EBITDAR excluding PIK and c. 5.9x
    including PIK on a pro-forma basis;

(b) TIM Hellas' market position as a third mobile operator in
    the Greek market, with two strong competitors -- Vodafone
    Greece and Cellular Operating System of Mobile
    Communications S.A.  (Cosmote) -- and its high mobile
    penetration;

(c) The company's downward trend in its recent operating
    performance and the challenges it faces in retaining its
    market share and containing high churn rates;

(d) Regulatory pressure resulting in a further reduction in
    interconnect rates, which will negatively affect the
    company's revenue in the near term;

(e) the relatively new management team, albeit with a strong
    expertise in the Greek telecommunications market; and

(f) uncertainties associated with the potential acquisition of
    Q-Telecom.

More positively, the corporate family rating reflects:

(a) The incremental growth opportunities available to the
    company thanks to real penetration of less than 100% and
    anticipated usage growth;

(b) Its historically stable ARPU;

(c) The moderate capital expenditure requirements going forwards
    due to the full network build-out already achieved;

(d) Solid cash flow generation; and (v) the potential
    operational benefits from the ongoing association with TIM
    Italia S.p.A.

The company is weakly positioned in its rating category.  The
negative outlook on the ratings reflects the company's track
record of weak operational performance reflected in part by the
trend of continued market share losses as well as execution risk
associated with the minority buy-out.  If it were to achieve a
successful and sustainable operational turnaround, the rating
outlook could be changed to stable over the medium term.
Additionally, in the event that the acquisition of Q-Telecom
proceeds, Moody's would assess the impact of the transaction on
TIM Hellas' operational and financial profile relative to current
expectations.

Credit Weaknesses

The company is highly leveraged, with total adjusted debt to
EBITDA of c. 5.5x excluding PIK and c. 5.9x including PIK on a
pro-forma basis.  The ratio does not factor in any potential
drawdowns under the revolving credit facility.  Taking into
consideration the mature nature of the mobile market in Greece
and, as a result, the moderate growth opportunities as well as
the company's recent challenges in increasing its revenue, the
corporate family rating reflects expectations of a gradual
de-leveraging trajectory over the medium term.

TIM Hellas is the third largest mobile operator in the market
with two strong competitors, Vodafone Greece and Cosmote.
Vodafone Greece benefits from the high level of brand awareness
and global advertising of Vodafone Group plc, whilst Cosmote
benefits from its ownership by Hellenic Telecommunications
Organisation S.A. (OTE), the incumbent fixed-line operator in
Greece.  Additionally, in the pre-paid market the company
competes with Q-Telecom, which targets the low-value market
segment through its low-cost proposition in both voice and SMS.
As of 30 June 2005, the respective market shares of the Greek
mobile operators were: Cosmote -- 37.6%, Vodafone Greece --
35.8%, TIM Hellas 19.4% and Q-Telecom -- 7.3%.

Moody's also notes that the Greek mobile market is highly
penetrated, with official penetration of over 100%.  However, the
company concedes that real mobile penetration is lower -- at
below 80% due to a number of inactive subscribers thus providing
for further growth opportunities in subscriber numbers.  Although
Moody's recognizes the incremental opportunities for further
growth in the market, the rating agency cautions that the
company's revenue and EBITDA growth trajectory will be
constrained by the competitive and saturated nature of the Greek
mobile market.

The negative outlook on the ratings reflects the company's recent
weak operating performance and a continued loss of its market
share.  Revenues decreased by 3.3% to EUR395 million in the six
months ended June 30, 2005, from EUR408 million in the six months
ended June 30, 2004.  This was primarily a result of a decrease
in airtime revenues due to a change in interconnect rates and a
decrease in prepaid customers as TIM Hellas continued to lose
market share to its competitors.  TIM Hellas' market share has
been falling over a number of years, with a recent decline from
21% as of December 31, 2004 to approx. 19% as of June 30, 2005.
The revenue reduction fed through to EBITDA numbers, which
declined by EUR15 million to EUR104 million in H1 2005.

To retain its market share, TIM Hellas has to address its high
churn rates.  In H1 2005, the blended churn rate was 45.8% with a
pre-paid churn rate of 51.7% and a post-paid churn rate of 34.9%.
The high churn rate is somewhat mitigated by a relatively short
payback on acquired subscribers.

TIM Hellas' revenue and EBITDA were also affected by new
interconnect rates introduced in October 2004 with a reduction
from EUR0.18/min to EUR0.15/min.  With Greece aiming to align its
telecommunications industry regulation with the EU standards, new
legislation is expected to be introduced later this year which
will stipulate a further reduction in the interconnect rates to
bring them in line with the EU average.  This reduction in the
interconnect rates, particularly fixed-to-mobile, will negatively
affect the company's revenue and EBITDA.

Additionally, TIM Hellas has to comply with recently introduced
regulation requiring it to obtain environmental assessments and
local permits for its antennas.  At present, the company is not
in compliance with this requirement for the majority of its
antennas, which could result in their removal from the sites.
Although Moody's believes that the company will ensure receipt of
the relevant permits, any material disruption to the company's
network operations due to the antennas' removal would exert
downward pressure on the rating.

TIM Hellas has recently recruited senior managers from its bigger
rivals -- Vodafone Greece and OTE.  Whilst they have significant
experience in the Greek telecommunications market, they are new
to TIM Hellas.  This, in combination with the operational
challenges the company faces, adds to the execution risk related
to the company's business strategies.

TIM Hellas has publicly indicated that its Sponsors are in
negotiations with Info-Quest S.A. to acquire Q-Telecom, a fourth
mobile operator in Greece, for a consideration of approx.
EUR230-270 million.  Whilst Moody's recognizes potential benefits
associated with a reduction in competitive pressure, the rating
agency will further evaluate any impact of this acquisition on
TIM Hellas' business and financial risk profile in the event that
the acquisition materializes.

However, the (P)B1 corporate family rating takes into account the
event risk as well as execution and integration risks associated
with the contemplated acquisition.  The rating relies on Moody's
expectation that the funding of the acquisition, with a mix of
debt and equity as indicated in the draft Offering Memorandum,
would not have a material impact on TIM Hellas' leverage profile.
Furthermore, it is also assumed that any form of potential legal
integration of Q-Telecom into the corporate structure of TIM
Hellas would not reduce the bondholder protection in terms of the
security package and the relevant guarantees.

Credit Strengths

The (P)B1 corporate family rating takes into account the
incremental growth opportunities available to the company thanks
to real mobile penetration of less than 100% and an anticipated
increase in usage.  TIM Hellas has recorded an increase in
Minutes of Use for both pre-paid and post paid-subscribers, which
has supported an increase in ARPU for both segments.  However, it
should be noted that the increase in usage can largely be
attributed to new promotional campaigns, particularly in the
pre-paid segment.

Despite TIM Hellas' operational challenges, the company has
managed to maintain ARPU at a relatively stable level.  Due to
the recent increase in usage, ARPU rose modestly for both
segments.

Another positive factor that supports the corporate family rating
is the company's moderate capital expenditure going forwards.
TIM Hellas' GSM network is largely complete (97.75% population
coverage as of December 2004), and future capital expenditures
will be limited to investments in reducing the gap with its
competitors and improving its comparative network quality.  In
addition, TIM Hellas needs to achieve 50% UMTS network coverage
by the end of 2006 (27.4% as of December 2004).  The
capex-to-sales ratio is expected to be below 15% over the medium
term.

Due to its relatively mature business model, the company
generates positive free cash flow.  The rating relies on the
expectation that the company will continue to generate sufficient
amount of cash flow to service its substantially increased debt
service payments and capital expenditure whilst remaining free
cash flow positive going forwards.

Additionally, the rating factors in the company's ongoing
association with TIM Italia through a series of agreements
relating to branding, technology and purchasing.  TIM Hellas will
continue to benefit from using TIM brand, although the agreement
to use the name expires in 2009.  The company will continue to
use TIM Italia's software for its pre-paid platform and will be
able to benefit from synergies in handset procurement policies
amongst other factors.

Structural Considerations

Moody's notes the complex nature of the envisaged capital
structure, which features some instruments that are not
necessarily common to European high-yield issuance.  The (P)B1
corporate family rating takes into account the issuance of the
PIK notes in the amount of EUR110 million, resulting in a ratio
of Adjusted Total Debt to EBITDAR of 5.9x on a pro-forma basis.
At the same time, the rating agency acknowledges that the PIK
notes are issued outside the restricted group and that their
proceeds are downstreamed into the restricted group in the form
of preferred equity certificates.  As a result, PIK notes do not
have a debt-like claim into the restricted group and are entitled
to receive cash interest payments only within the restricted
payments test of 50% of the net income of the group under the
draft terms and conditions of the notes.

The (P)B1 rating on the senior secured bonds reflects their
senior position in the capital structure relative to the senior
unsecured notes.  The rating also takes into account the fact
that the secured notes rank junior in terms of their security
package and payment priority in insolvency to the revolving
credit facility and hedging debt.  This is, however, mitigated by
the relatively moderate amount, which the company could raise
under the revolving facility -- up to EUR250 million.

The (P)B1 rating on the notes is further supported by the
company's intention to reduce the available amount under the
facility to EUR200 million after the merger of TIM Hellas and
Troy GAC.  Additionally Moody's notes that the company may raise
up to one third of its overall bond funding in US Dollars (up to
EUR400 million equivalent) in which case it intends to hedge the
obligation against foreign exchange risk.  As per the draft
intercreditor agreement, any hedging debt will rank pari-passu
with the revolving credit facility and ahead of the senior
secured notes.  Therefore, in the event hedging debt is in the
money, that amount will rank ahead of the notes.

The (P)B3 rating on the senior unsecured notes reflects their
contractual subordination to the material amount of the senior
secured debt.

The Sponsors will fund their equity contribution into the
restricted group through preferred equity certificates (PECs) and
convertible preferred equity certificates (CPECs) in the total
amount of EUR250 million.  Moody's understands that these
instruments are deeply subordinated to any third-party debt
including the senior secured and senior unsecured notes as
provided in the draft intercreditor agreement.  In the event that
the PEC/CPEC instruments fail to comply with the equity-like
characteristics as currently factored into the rating, Moody's
would need to revise the company's debt profile with its leverage
increasing to 6.9x Adjusted Total Debt to EBITDA, which would
exert downward pressure on the corporate family rating.

The assigned ratings assume that there will be no material
variations to the draft legal documentation reviewed by Moody's
and that these agreements are legally valid, binding and
enforceable.

Company Overview

Headquartered in Athens, Greece, TIM Hellas is the third largest
mobile operator in Greece, with a market share of approximately
19% (2.26 million subscribers) as of June 30, 2005.  In H1 2005,
the company generated EUR394.7 million of revenue and EUR112.3
million of EBITDA.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Jenya Brown, Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


CASPIAN BANK: Planned Notes Issuance Rated Ba2
----------------------------------------------
Moody's Investors Service has upgraded to D- from E+ the
Financial Strength Rating (FSR) of Kazakhstan's Caspian Bank, and
has raised the bank's long-term foreign currency deposit rating
to Ba2 from Ba3.  The bank's short-term deposit rating remains
unchanged at Not-Prime.  At the same time Moody's has assigned a
Ba2 rating to the bank's upcoming issue of senior unsecured
notes.  The outlook for all ratings is stable.

The upgrade reflects:

(a) The bank's track record of solid financial performance,
    which is on an upward trend, in part due to the rising share
    of high-margin consumer lending;

(b) Its entrenched positions in consumer financing - mostly
    express loans -- bolstered by its good relationship with
    retail chains such as resellers of home appliances; and

(c) Continuing sound asset quality, sturdy capital ratios and
    healthy internal capital generation.

However, the bank's D- FSR has limited upside potential in the
foreseeable future as it remains constrained by:

(a) The still volatile operating environment;

(b) The bank's relatively small size and rapid expansion, which
    may, in an adverse scenario, put a strain on its asset
    quality, capital adequacy and liquidity;

(c) The untested resilience of the consumer portfolio quality in
    an economic downturn;

(d) Remaining high concentrations in the loan book despite the
    bank's focus on a smaller-ticket trade and consumer
    financing; and

(e) changing funding profile with growing reliance on the
    international money and capital markets.

According to Moody's, the Ba2 deposit rating continues to
incorporate an expectation of limited support from the
Kazakhstani authorities, should the need arise, reflecting Bank
Caspian's growing importance to the national banking system.
However, Moody's cautions that any external support from the
country's financial authorities in case of distress might be of a
limited nature.  The extent and timeliness of such support are
somewhat uncertain, but are well captured in the Ba2 rating.

Moody's has also assigned a Ba2 foreign currency debt rating to
the bank's upcoming senior unsecured notes issue with a tentative
size of US$ 150 million and maturity of 3 years.  This rating is
based on the bank's fundamental credit quality and seniority of
the notes.

Moody's also notes that, according to the terms of the issue,
Caspian Bank is obliged to comply with a number of covenants such
as a negative pledge, limitations on certain transactions,
payment of dividends and will also have to maintain a total
capital adequacy ratio of at least 13%.

Caspian Bank is headquartered in Almaty, Kazakhstan and reported
under IFRS total consolidated assets of US$773 million (reviewed
by the auditors) as of June 30, 2004.

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

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


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


TNK-BP INTERNATIONAL: S&P Affirms Foreign Currency Rating
---------------------------------------------------------
ISSUER CREDIT RATINGS

TNK-BP International Ltd.

Corporate Credit Rating:            BB/Stable/B

TNK-BP Ltd.
Corporate Credit Rating:            BB/Stable/B

AFFIRMED RATINGS

TNK-BP International Ltd.
Senior unsecured debt Foreign currency:    BB

Short-Term Debt Foreign currency:          B

Major Rating Factors

Strengths:

(a) Second-largest vertically integrated Russian oil company;

(b) Large reserve base and high share of dollar-denominated
    crude oil and product export revenues;

(c) Management and operational support from 50% owner BP; and

(d) Higher profitability and free cash flow generation than
    peers.

Weaknesses

Country-risk associated with operating in Russia and
oil-industry-specific risks, such as a heavy and often changing
tax burden, back-tax claims, license extensions, and access to
new reserves for foreign controlled entities.

Rationale

The rating on TNK-BP International Ltd. (TNK-BP Int.) is based on
the group's large crude oil reserves and production base, and
downstream integration.  The resulting high share of
dollar-denominated crude and product export revenues and strong
free cash flow generation ability further underpin the group's
credit quality.  These strengths are tempered by general country-
and oil-industry-specific risks from operating in the Russian
Federation (BBB-/Stable/A-3).  Exposure to large back-tax claims
has declined following the recent downward revision of additional
taxes payable for fiscal year 2001, which are now set at Russian
ruble (RUR)7 billion (about $250 million), from the previous $1
billion tax claim.  The rating does not factor in any direct
financial support from BP PLC (AA+/Stable/A-1+), but acknowledges
its management control and operational support.  The ratings also
apply to TNK-BP Ltd., the 100% holding company of TNK-BP Int.,
which shares a practically identical asset base.

With 2004 EBITDA (excluding earnings from equity investments) of
$5.7 billion, TNK-BP Int. is Russia's second-largest vertically
integrated oil company.  It is 50% owned by BP, and 50% by
Russian Alfa/Access/Renova group (not rated).  TNK-BP Int.
produced 1.45 million barrels per day (mmbpd) in 2004, excluding
its 50% equity-share of Slavneft's production of 0.22 mmbpd.
Proven reserves remained at a comfortable 8 billion barrels (15
year reserve life) on an SEC-LOF (life of field) basis.  Under
SEC standards, which do not take into account license extensions,
reserves would only be 4 billion barrels.

In 2004, TNK-BP Int.'s operating and financial performance was
very strong.  Funds from operations (FFO) jumped by 45% to reach
$5 billion.  This strong performance was in part caused by the
rise in oil prices, a hefty increase in oil production (up 13%),
continued price realizations above peers' levels, and stable
production costs despite the ruble's 18.5% real inflation and
strongly rising tax levels.  Net income rose an impressive 54% to
reach $4 billion (including $0.6 billion in equity income from
Slavneft).  Free cash flow was, however, fully absorbed by high
dividends of $3.86 billion.  Net debt levels thus rose to $2.9
billion at year-end 2004 (from $2.1 billion), but FFO continued
to cover net debt by a robust 173%.  For 2005, capital
expenditure is expected to trend upward to $2 billion from $1.3
billion in 2004, but free cash flow generation should remain very
strong. TNK-BP Int. is expected to incur additional debt,
however, in line with management's financial policy to increase
leverage (defined as net debt to net debt plus equity) to a
target range of 25%-35% (23% at year-end 2004).

Liquidity

TNK-BP Int.'s 'B' short-term rating is underpinned by current
good liquidity and strong free cash flow generation, and
supported by favorable oil prices.  Cash balances stood at $0.5
billion at year-end 2004, versus short-term and maturing
long-term debt of $0.9 billion.  Committed undrawn bank lines
currently stand at $0.4 billion.

Recovery analysis

Most of the group's debt (e.g. trade finance facilities and
Russian bank loans) is issued by OAO TNK-BP Holding and
guaranteed by TNK-BP Int. OAO TNK-BP Holding is a 100%-owned
Russia-registered subholding company, which controls the key
operating subsidiaries OAO TNK (96%), Sidanco (98%), and ONAKO
(99%).  Eurobonds, European commercial paper and unsecured
Western bank loans will, however, be issued by a finance vehicle,
called TNK-BP Finance, under a guarantee from TNK-BP Int.

Ratings on the $700 million outstanding loan participation notes
issued in November 2002, and on the recent $5 billion debt
issuance program reflect the rating on TNK-BP International.
Standard & Poor's Ratings Services does not currently notch
TNK-BP's debt down from its issuer credit rating, as recovery
prospects of debt holders at the holding are not viewed to be
materially disadvantaged, compared with subsidiaries' creditors.
In this respect, management has expressed the objective to lower
the share of secured debt to below 40% of total debt (from 58%
currently) and 20% of total assets in the next year. Furthermore,
the level of pledged export volumes of maximum 0.12 mmbpd is
viewed as acceptable in comparison with the group's current total
crude and product exports of about 1 mmbpd. The current ongoing
corporate restructuring should also be positive. When achieved
(targeted before year-end 2005), the minority shareholdings in
OAO TNK, Sidanco, and ONAKO will be fully integrated within OAO
TNK-BP Holding and these three subsidiaries will cease to exist
as separate legal entities.

Outlook

The stable outlook is based on management's commitment to
maintain debt levels within the targeted 25%-35% leverage,
together with the expectation of continued robust free cash flow
generation ability and high and profitable export volumes.

A significant improvement of the Russian operating and fiscal
environment could gradually lead to an upgrade by one notch.
Events that may pressure the 'BB' long-term rating would include
large back tax claims for 2002 and 2003 (which is currently not
expected on the basis of the recent ruling on 2001 taxes), a
failure to have important licenses extended or granted.
Dividends--while possibly large in a high-price environment--and
disposals of non-core assets are likely to be neutral as long as
financial policy targets are adhered to.

Primary Credit Analyst:
Karl Nietvelt, Paris
Phone: (33) 1-4420-6751
E-mail: karl_nietvelt@standardandpoors.com

Secondary Credit Analyst:
Elena Anankina, Moscow
Phone: (7) 095-783-4130
E-mail: elena_anankina@standardandpoors.com


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


ROYAL SHELL: Buys back Additional 1,815,000 'A' Shares
------------------------------------------------------
On 19 September 2005, Royal Dutch Shell plc purchased for
cancellation 1,815,000 'A' Shares at a price of EUR27.15 per
share.  It further purchased for cancellation 500,000 'A' Shares
at a price of 1,830.51 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,030,685,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


ROYAL SHELL: To Restructure, Merge Subsidiaries
-----------------------------------------------
Royal Dutch Shell, the single parent company of the Shell Group,
has proposed to implement an internal restructuring and merger of
certain of its subsidiaries to achieve governance, management and
fiscal efficiencies.

As part of the restructuring, Royal Dutch would be merged into a
subsidiary, Shell Petroleum N.V., and the remaining shareholders
in Royal Dutch would receive cash or, at the option of U.K.
resident shareholders who so elect, loan notes exchangeable into
Royal Dutch Shell A shares.

The final terms, including the price to be paid in exchange for
each Royal Dutch share held by the Minority, will be determined
and announced in the fourth quarter of 2005.  Following approval
at an extraordinary general meeting, the restructuring is
expected to be completed by year-end.

Background

Following completion of the unification transaction, including
the subsequent offer acceptance period that ended on 9 August
2005, Royal Dutch Shell holds approximately 98.5% of the
outstanding shares of Royal Dutch and is the sole parent of the
Shell Group.

Royal Dutch Shell has announced previously that it reserved the
right to use any legally permitted method to obtain 100% of the
Royal Dutch shares.

Restructuring of Royal Dutch Shell Subsidiaries

As a result of a review to determine the most appropriate
governance, management and fiscal structure for the companies
beneath Royal Dutch Shell following the Unification, the Board of
Royal Dutch Shell now proposes to unwind Royal Dutch and Shell
Transport's respective 60:40 cross holdings in subsidiaries which
own directly or indirectly all Shell Group companies.  As part of
the restructuring Royal Dutch would be merged into a subsidiary,
SPNV.

Implementation of the restructuring will require a Royal Dutch
EGM.  Royal Dutch Shell intends to vote in favor of the
restructuring at the EGM.  Notice for the EGM will be given in
due course and it is intended that the EGM and restructuring will
be completed before the year-end.  The restructuring will be
subject to receipt of any necessary consent and approvals and
elements of these proposals are the subject of consultation with
relevant staff representative bodies as required.

Acquisition of the Interests of the Royal Dutch Minority

The proposed merger of Royal Dutch into SPNV will allow for the
acquisition on a compulsory basis of the remaining interest in
Royal Dutch held by the Minority.  In the merger, as a
consequence of the intended exchange ratio, the Minority will be
entitled solely to a cash payment for the Royal Dutch shares
previously held, or, for U.K. resident shareholders who so elect,
to loan notes exchangeable for Royal Dutch Shell A shares based
on a value that does not exceed the face amount of the loan
notes.

The Royal Dutch Shell Board believes that the acquisition of the
shares held by the Minority in this way will be simpler and
quicker and therefore result in a more cost efficient process
than the alternative Dutch statutory squeeze out procedure.

The Board of Royal Dutch has engaged ABN AMRO Bank N.V. as its
financial advisor.  ABN AMRO will assist the Board in its
evaluation of the fairness to the Minority, from a financial
point of view, of the exchange ratio and cash consideration to be
received in the restructuring by the Minority.

If the merger is not completed as proposed, the Board of Royal
Dutch Shell intends to commence Dutch statutory squeeze out
proceedings in order to acquire the shares held by the Minority.
A squeeze out would result in the Minority receiving a cash
payment in exchange for their Royal Dutch shares.

Loan Note Alternative for U.K.-resident Royal Dutch Shareholders

As an alternative to the cash payment to which they would
otherwise be entitled under the merger, U.K.-resident Royal Dutch
shareholders will be offered the opportunity to elect to receive
loan notes that are exchangeable, at the option of the holder or
Royal Dutch Shell, into Royal Dutch Shell A shares.  These loan
notes will provide the ability to achieve a rollover for U.K.
capital gains tax purposes.

The loan notes would have a total face amount equal to the cash
payment that a shareholder would otherwise be due.  Loan notes
would be exchangeable for Royal Dutch Shell A shares on one or
more fixed dates based on a value that does not exceed the face
amount of the loan notes.  The loan notes would be exchangeable
for Royal Dutch Shell A shares based on the market price of such
shares at the time of exchange, subject to a cap equal to the
number of shares the shareholder would have been entitled to in
the original offer.  In the event that the cap applies, there
would be no entitlement to incremental cash compensation.

                        About the Company

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

                           The Trouble

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

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


VERSATEL TELECOM: Shareholders Seek Probe Amid Tele2 Offer
----------------------------------------------------------
Versatel Telecom International N.V. has received notice that a
group of Versatel shareholders headed by Centaurus Capital
Limited has filed a request with the Enterprise Chamber of the
court of appeals in Amsterdam for a judicial investigation into
the affairs of Versatel.

This is in relation to the recommended cash offers made by Tele2
Finance B.V. for all issued and outstanding ordinary shares in
the capital of Versatel and for all the issued and outstanding
3.875% convertible senior notes due 2011 convertible into
ordinary shares in the capital of Versatel.

The other petitioners are SG Amber Fund, Arnhold & S.
Bleichroeder Advisers LLC, Mellon HBV Alternative Strategies
Limited and Barclays Capital Securities Limited.

In addition, the petitioners will ask the Enterprise Chamber to
take provisional measures prohibiting Versatel to take or
implement any resolution resulting in, or cooperating with any
legal act implementing the Offers and the further actions
described in the offer memorandum dated 14 September 2005,
including the sale of Versatel Deutschland Holding GmbH, the
dividend distribution as described in the explanatory notes to
agenda item 4 of the extraordinary general shareholders meeting
of Versatel to be held on 29 September 2005, the acceptance of
the resignation of the present supervisory board members and
their discharge from liability, the appointment of a new managing
director and new supervisory board members and any statutory
merger or other legal acts described in paragraphs 4.8.4 and
8.8.4 of the Offer Memorandum.

Alternatively the petitioners request the Enterprise Chamber to
take any other provisional measures that the court may deem fit.
According to the petitioners, their request is based on these
alleged reasons to doubt the policies of Versatel:

(a) Versatel recommends Offers that may not have been equally
    made to all shareholders.  The petitioners assume that Talpa
    Capital B.V. has been given special benefits over and above
    the EUR2.20 per share as offered by Tele2 in the Offer
    Memorandum;

(b) the petitioners maintain that the Offers are too
    low, measured by objective standards and that therefore
    Versatel's supervisory board and management board
    should not have recommended these Offers to Versatel
    shareholders and bondholders; and

(c) the petitioners allege that certain consequences of the
    Offers being declared unconditional as described in the
    Offer Memorandum are contrary to Dutch law, in particular
    the distribution of the proceeds of the sale of Versatel
    Deutschland Holding GmbH to Versatel shareholders and the
    triangular legal merger contemplated by the Offer Memorandum
    as one of the means through which Tele2 may acquire full
    legal control over Versatel.

Versatel disagrees with the allegations of the petitioners and
will explain this to the Enterprise Chamber.  A hearing is
scheduled before the Enterprise Chamber today, September 22, 2005
at 3:30 p.m., during which the petitioners' request for
provisional measures will be discussed.

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Wouter van de Putte, Head of Investor Relations
          Phone: +31-20-750-2362
          E-mail: wouter.vandeputte@versatel.com
          Web site: http://www.versatel.com

          Cilesta van Doorn
          Manager Corporate Communications
          Phone: +31-20-750-1318
          E-mail: cilesta.vandoorn@versatel.com


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


ALFA: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on limited liability company
Alfa.  The case is docketed as A73-6895/05-39.  Mr. O. Syskov has
been appointed temporary insolvency manager.

CONTACT:  ALFA
          Russia, Khabarovsk region, Komsomolskiy region,
          Kenay, Shkolnaya Str. 5A

          Mr. O. Syskov
          Insolvency Manager
          Russia, Khabarovsk region,
          Dzerzhinskogo Str. 28


DAIRY ESIPOVSKIY: Declared Insolvent
------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Dairy Esipovskiy after finding the open joint
stock company insolvent.  The case is docketed as A14-8230-2005
85/20b.  Ms. E. Mineeva has been appointed insolvency manager.

CONTACT:   DAIRY ESIPOVSKIY
           Russia, Voronezh region, Ternovskiy region,
           Esipovo, Rabochij Per

           Ms. E. Mineeva
           Insolvency Manager
           394018, Russia, Voronezh region,
           F. Engelsa Str. 56, Office 38


DAL-GEO: Bankruptcy Supervision Procedure Begins
------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Dal-Geo.  The case is docketed as A73-5953/2005-39.  Ms. E.
Shtinova has been appointed temporary insolvency manager.

CONTACT:  DAL-GEO
          681021, Russia, Komsomolsk-na-Amure,
          Oktyabrskiy Pr. 46, Office 3

          Ms. E. Shtinova
          Temporary Insolvency Manager
          680023, Russia, Khabarovsk region,
          Respublikanskaya Str. 17


KRONA: Hires N. Peshkun Insolvency Manager
------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on timber industry company Krona (TIN
2801087014).  The case is docketed as A04-4656/05-10/7 "B".  Ms.
N. Peshkun has been appointed temporary insolvency manager.  A
hearing will take place on November 1, 2005.

CONTACT:  KRONA
          675000, Russia, Amur region,
          Blagoveshensk, Studencheskaya Str. 13

          Ms. N. Peshkun
          Temporary Insolvency Manager
          675000, Russia, Amur region, Blagoveshensk,
          Zeyskaya Str. 140, Office 41


NIZHNEAMURSKIY TIMBER: Court Brings in Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on limited liability company
Nizhneamurskiy Timber Complex.  The case is docketed as
A73-5951/2005-9.  Mr. V. Muratov has been appointed temporary
insolvency manager.

CONTACT:  Mr. V. Muratov
          Temporary Insolvency Manager
          680020, Russia, Khabarovsk region,
          Post User Box 106-29


STROY-LINE: Insolvency Manager Takes over Biz
---------------------------------------------
The Arbitration Court of Khabarovsk region has commenced
bankruptcy supervision procedure on limited liability company
Stroy-Line (TIN 2721094425).  The case is docketed as
A735694/2005-39.  Ms. L. Kravtsova has been appointed temporary
insolvency manager.  A hearing will take place on December 21,
2005, 12:00 noon.

CONTACT:  STROY-LINE
          Legal Address: Russia, Khabarovsk region,
          Dzerzhinskogo Str. 32, Office 12

          Russia, Khabarovsk region, Gogolya Str. 12

          Ms. L. Kravtsova
          Insolvency Manager
          680028, Russia, Khabarovsk region,
          Amurskiy Avenue, 11, Office 7


SVOBODNENSKAYA: Furniture Company Calls in Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Amur region has commenced bankruptcy
supervision procedure on furniture factory Svobodnenskaya.  The
case is docketed as A04-4075/05-17/156 "b".  Mr. V. Dmitrov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 676450, Russia,
Amur region, Svobodnyj, 50 Let Oktyabrya Str. 33, section 308,
Room 2.  A hearing will take place on December 15, 2005, 8:30
a.m.

CONTACT:  SVOBODNENSKAYA
          Russia, Amur region,
          Svobodnyj, Shatkovskaya Str. 84

          Mr. V. Dmitrov
          Temporary Insolvency Manager
          676450, Russia, Amur region, Svobodnyj,
          50 Let Oktyabrya Str. 33, Section 308, Room 2
          Phone/Fax: (41643) 2-60-48


URAL-PRODUCT: Succumbs to Bankruptcy
------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Ural-Product (TIN 7452022482) after finding
the limited liability company insolvent.  The case is docketed as
A76-15725/05-60-101.  Mr. O. Khvoshnyanskiy has been appointed
insolvency manager.

CONTACT:  URAL-PRODUCT
          454081, Russia, Chelyabinsk region,
          Atrilleriyskaya Str. 102

          Mr. O. Khvoshnyanskiy
          Insolvency Manager
          454091, Russia, Chelyabinsk region,
          Kirova Str. 118, Room 5


VERKHNEMAMONSKIY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on vegetable oil factory Verkhnemamonskiy.
The case is docketed as A14-8141-2005 60/7b.  Mr. V. Chukhlebov
has been appointed temporary insolvency manager.  A hearing will
take place on December 2, 2005, 10:00 a.m. at the Arbitration
Court of Voronezh region at Russia, Voronezh, Srednemoskovskaya
Str. 77, Room 314.

CONTACT:  VERKHNEMAMONSKIY
          396460, Russia, Voronezh region, Verkhnemamonskiy
          region, Verkhniy Mamon, Stroitelnaya Str. 21

          Mr. V. Chukhlebov
          Temporary Insolvency Manager
          394000, Russia, Voronezh region,
          Main Post Office, Post User Box 298


WOOD-PROM-SERVICE: Bankruptcy Hearing Set December
--------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on limited liability company
Wood-Prom-Service (TIN 4633010162).  The case is docketed as
A-35-3975/05 "g".  Mr. L. Prokopenko has been appointed temporary
insolvency manager.  A hearing will take place on December 7,
2005 at 11:10 a.m. at the Arbitration Court of Kursk region at
305004, Russia, Kursk, K. Marksa Str. 25, Hall 1.

CONTACT:  WOOD-PROM-SERVICE
          307130, Russia, Kursk region,
          Zheleznogorsk, Lenina Str. 86, Room 3

          Mr. L. Prokopenko
          Temporary Insolvency Manager
          394065, Russia, Voronezh,
          Yuzhno-Moravskaya Str. 11, Apartment 80


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


ZASTAVA AUTOMOBILI: Signs Key Contract to Make Fiat Punto Cars
--------------------------------------------------------------
Serbia's largest vehicle maker, Zastava Automobili, obtained on
Tuesday a license to produce Fiat S.p.A.'s Punto model, reports
say.  The company will invest US$18 million to upgrade its car
assembly line, which could potentially employ up to 1,000
workers.  The plant, which is expected to produce 16,000 Puntos a
year, will start operating within a year.

According to AP WorldStream, the deal covers Zastava's US$12.1
million debt to the Italian carmaker.  The Kragujevac-based
company has been unable to find a strategic partner since 2001.
It went bankrupt in 1999 and Zastava Holding was dissolved two
years after.

The models will be sold for US$9,700 in Serbia, or about 25%
cheaper than cars produce in Europe.  Punto's name in Serbia will
be Zastava 10.  The cars will be exported to Macedonia, Croatia,
Romania, Bosnia and Albania.

CONTACT:  ZASTAVA AUTOMOBILI
          Trg Topolivca Br. 4, 34000 Kragujevac, Serbia
          Phone: +381-34-323-492
          Fax: +381-34-323-429
          Web site: http://www.zastava.net


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


TIVOX AB: Binar Buys Parts of Business
--------------------------------------
Binar AB signed a contract on Monday to acquire assets of
bankrupt firm Tivox AB, according to Nordic Business Report.  The
sale includes subsidiary Tivox Automation AB, and Rostfritt &
Smide i Tranas AB.  The companies employ 90 and 20 people,
respectively.

Tivox Automation AB filed into bankruptcy on Aug. 24.
Shareholders of the company have appealed the bankruptcy
decision, according to the report.

Tivox AB manufactures and markets equipment for industrial
painting (flag poles made from fiber, glass-armed plastics, flags
and related products, materials handling), industrial automation
equipment and fish-processing machinery.  It is also involved in
subcontracting work including specially commissioned machine
parts.  Automation equipment accounted for 50% of 2001 revenues
and industry equipment, 50%.

CONTACT:  TIVOX AB
          Vastra Ringvagen 4
          522 22 Tidaholm, S-522 22
          Sweden
          Phone: +46 502 195 00
                 +46 502 712 54


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


CABLECOM HOLDINGS: Plans Flotation this Year
--------------------------------------------
Cable operator Cablecom Holdings AG said Friday it is planning to
launch an initial public offering in October.  It already made a
request for the listing with the Swiss stock exchange.  It didn't
yet give an expected price for the offering.

Credit Suisse First Boston Corp. and Morgan Stanley will act as
joint global coordinators and joint bookrunners for the IPO.

Cablecom had first-half 2005 sales of CHF406.2 million.  This
year, it expects to post sales of CHF800 million to CHF850
million, and EBITDA of around CHF345 million, according to chief
executive Bruno Claude.

The company is 53% owned by Apollo Management LP, Goldman Sachs
Group Inc.'s unit Capital Partners, and TowerBrook Capital
Partners, formerly part of Soros Private Equity Partners.  Its
remaining stake is held by various banks.

In March, Standard & Poor's Ratings Services revised its outlook
on Cablecom Holdings  and its financing subsidiary Cablecom
Luxembourg SCA to stable from positive, following the group's
announcement that it is to refinance its existing CHF1,350
million (US$1,147 million) credit facility.

At the same time, Standard & Poor's assigned its 'B' long-term
rating, with a recovery rating of '3', to Cablecom Luxembourg's
proposed new SFR1,275 million issue of senior secured notes.  It
affirmed the 'B' long-term corporate credit rating on Cablecom
and Cablecom Luxembourg, and affirmed its 'CCC+' senior unsecured
debt rating on Cablecom Luxembourg's existing EUR290 million
(US$382 million) senior notes.

CONTACT:  CABLECOM HOLDINGS AG
          Web site: http://www.cablecom.ch/en/


KABA HOLDING: Annual Net Profit Up 40%
--------------------------------------
In financial 2004/05, the Kaba Group posted a 40% gain in
consolidated net profit from CHF47.2 million to CHF66.1 million.
The Group reported currency-adjusted sales growth at 2.1% and a
currency-adjusted EBIT advance of 5%.  In comparison with the
prior year, the EBIT margin picked up from 12.1% to 12.4%.

Higher Profit and Improved Balance Sheet

For the Kaba Group, 2004/05 was a successful financial year.  Net
consolidated income (restated to IFRS) rose by CHF18.9 million to
CHF66.1 million, a gain of 40% despite the fact that in October
2004, Kaba incurred a one-time refinancing charge of CHF7.9
million.  The increase is due mainly to a higher operating
profit, lower financial expenses, and a CHF7.3 million reduction
of the tax burden.  Moreover, an IFRS-related adjustment had a
positive effect: it relates to a reduction in conversion rates
among Swiss pension plans to reflect higher actuarial life
expectancies.  During the same period, Kaba was able to cut gross
debt by another CHF103.4 million from CHF454.9 million to HF
351.5 million.

Disparate Developments in the Segments

The Door Systems segment boosted local-currency sales by 8.9%.
Expressed in Swiss francs, sales rose by 8.5% to CHF252.7 million
and contributed 26% (PY: 24%) to consolidated sales.  During the
period, EBIT doubled to CHF19.3 million, increasing the EBIT
margin from 3.8% to 7.6%.

Local-currency sales growth at Access Systems was 0.5% and its
EBIT picked up from 20% to 21%.  At constant exchange rates, EBIT
growth by 6.6% to CHF88.4 million was brisker than sales growth.
Access Systems was able to clearly gain market share in Europe.
Sales in America closed at the same strong level as in the prior
year and currency-adjusted EBIT advanced as well.  The segment's
development in Asia-Pacific was weaker.

The Key + Ident Systems segment, which now also includes Ilco's
key cutting business in the Americas, held currency-adjusted
sales at the previous-year level.  At 11.7%, the EBIT margin
closed slightly lower than the consolidated average of 12.4%.
Measures to boost earnings have been intensified and expanded.

Data Collection reported currency-adjusted sales growth of 2% in
spite of stagnating markets in Germany and the U.S.A.

Board Proposes 20% Dividend Increase

In view of the considerably higher consolidated net income
generated in the year under review and as a token of its
investor-friendly payout policy, the Board of Directors will
propose to the Annual Meeting on 25 October 2005 a dividend of
CHF4.80 per share, up CHF0.80 from the previous year.  The payout
is to be implemented in the form of a reduction of the par value
per share from CHF10 by CHF4.80 to CHF5.20.  This approach allows
many Kaba Holding AG shareholders to avoid the double taxation of
dividends that is levied in Switzerland.  Additionally, the
General Meeting will be asked to approve an extension of the
authorized capital of 350,000 shares until 2007 and to re-approve
a conditional capital issue of 60,000 shares for employee
participation plans.

The Board of Directors proposes the election of Klaus Schmidt as
a further member.  Mr. Schmidt (47) is a German citizen and has
been Chairman of Dekra AG, a motor vehicle inspection group,
since 2003.  Previously, he was managing director of Alcatel Air
Navigation Systems GmbH.  Current members Ulrich Graf and Gerhard
Zeidler will be available for reelection.

Optimistic Long-term Outlook

Kaba assumes that the economic scenario will change only
immaterially in the short term and therefore believes that the
segments will continue to develop disparately in the near future.
The repeatedly demonstrated ability of the Kaba Group to generate
sustainably solid earnings even under mixed market conditions
justifies a positive assessment of its perspectives.

Kaba is a globally active, publicly traded security corporation.
With its "Total Access" strategy, the Kaba Group is specialized
in integrated solutions for security, organization, and
convenience at building and information access points.  Kaba is
also the world market's No. 1 provider of key blanks, key cutting
and coding machines, transponder keys, and high security locks.
It is a leading provider of electronic access systems, locks,
master key systems, hotel locking systems, security doors, and
automatic doors.

CONTACT:  KABA HOLDING AG
          CH-8153 Ruemlang
          Contact:
          Ulrich Graf, CEO
          Phone: +41 44 818 90 21
          Dr. Werner Stadelmann, CFO
          Phone: +41 44 818 90 61
          Jean-Luc Ferrazzini, CCO
          Phone: +41 44 818 92 01


SWISS INTERNATIONAL: To Raise Fuel Surcharges
---------------------------------------------
Swiss International will increase its fuel surcharges effective
September 23, in line with other airlines.  This measure is in
response to the increases in crude oil and fuel prices following
Hurricane Katrina and Tropical Storm Rita in the U.S.A.

In view of these developments, SWISS is constrained to increase
its fuel surcharges, to CHF93 per leg (formerly CHF68) for
long-haul flights and to CHF29 per leg (formerly CHF24) for
European flights.

The new fuel surcharges will be levied on any tickets booked or
issued in Switzerland on or after September 23.  All tickets
issued up to September 22 will be subject to fuel surcharges at
the current rates.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          Phone: +41 (0) 848 773 773
          Fax: +41 (0) 61 582 35 54
          E-mail: communications@swiss.com
          Web site: http://www.swiss.com


===========
T U R K E Y
===========


PETROL OFISI: Rating Off CreditWatch; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on
Turkey-based petroleum products distributor Petrol Ofisi A.S.
from CreditWatch, where they had been placed with developing
implications on Sept. 5, 2005.  At the same time, the 'B+'
long-term ratings on POAS were affirmed.  The outlook is stable.

The CreditWatch resolution comes after POAS was outbid in its
attempt to acquire the Turkish State's 51% stake in the Tupras
refining corporation.

The rating on POAS continues to reflect the company's significant
exposure to the volatile macroeconomic environment in Turkey and
the lack of meaningful geographical diversification.  It also
reflects the company's very aggressive financial policy, as
evidenced by its attempt to acquire Tupras.  Total debt at June
30, 2005 was $867 million.

Standard & Poor's expects that POAS will continue to benefit from
its favorable position as the leading petroleum distributor in
Turkey, even though the continuing increase in the price of oil
is likely to exert growing pressure on POAS' ability to pass on
higher prices to its retail customers.

"The rating could come under pressure, or the outlook revised to
negative, if POAS' distributing margins were to weaken as a
result of increased competition following the Tupras
privatization or as a result of an inability to pass on further
oil price increases," said Standard & Poor's credit analyst Per
Karlsson.  "The rating would also be pressured if POAS' financial
policy were to result in an increase in its debt position or in a
deterioration in its liquidity position." Upside potential in the
rating is limited at present.

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

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


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


AGROPROMTEHKOM: Creditors' Claims Due this Week
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Agropromtehkom (code EDRPOU 31107818) on July
27, 2005 after finding the limited liability insolvent.  The case
is docketed as 43/539.  Mr. V. Dranchenko (License Number AA
630098) has been appointed liquidator/insolvency manager.

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

(a) AGROPROMTEHKOM
    Ukraine, Kyiv region,
    Kaunaska Str. 10-a

(b) Mr. V. Dranchenko
    Liquidator/Insolvency Manager
    04074, Ukraine, Kyiv region, a/b 73

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


GALKOMTORG: Succumbs to Insolvency
----------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Galkomtorg (code EDRPOU 13818009) on August
2, 2005 after finding the limited liability insolvent.  The case
is docketed as 6/164-8/128.  Mr. Andrij Kolisnik (License Number
AB 116300) has been appointed liquidator/insolvency manager.

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

(a) GALKOMTORG
    79019, Ukraine, Lviv region,
    Zhovkivska Str. 15

(b) Mr. Andrij Kolisnik
    Liquidator/Insolvency Manager
    79017, Ukraine, Lviv region,
    Tarnavskij Str. 104 b/54
    Phone: 8 (097) 241-59-55

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


HODORIV' MEAT: Declared Insolvent
---------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Hodoriv' Meat Combine (code EDRPOU 00443826)
on June 29, 2005 after finding the limited liability company
insolvent.  Mr. Cherevatij Lubomir (License Number AA 630123) has
been appointed liquidator/insolvency manager.  The company holds
account number 2600510013578, 2600800013578, 2604200013578 at
JSPPB Ukrsocbank, Lviv regional branch, MFO 325019.

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

(a) HODORIV' MEAT COMBINE
    81750, Ukraine, Lviv region,
    Hodoriv, Shevchenko Str. 22

(b) Mr. Cherevatij Lubomir,
    Liquidator/Insolvency Manager
    79022, Ukraine, Lviv region,
    Gorodotska Str. 277, a/b 10296

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


SELECT: Krym Court Appoints Insolvency Manager
----------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Select (code EDRPOU 31020095) on August 8,
2005 after finding the limited liability insolvent.  The case is
docketed as 2-20/5677-2005.  Mr. G. Vudud (License Number AB
216916) has been appointed liquidator/insolvency manager.

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

(a) SELECT
    98100, Ukraine, AR Krym region,
    Feodosiya, Roza Luksemburg Str. 6

(b) Mr. G. Vudud
    Liquidator/Insolvency Manager
    95048, Ukraine, AR Krym region,
    Simferopol, a/b 2769

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


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


ASHTEAD GROUP: Sunbelt Bolsters First-quarter Profit
----------------------------------------------------
Ashtead Group plc released recently its first-quarter results for
the three months ended 31 July 2005.

Highlights

(a) Sunbelt's operating profit up 51% to US$38.6 million (2004 -
    US$25.6 million);

(b) A-Plant's operating profit up 23% to GBP3.7 million (2004 -
    GBP3.0 million);

(c) group pre-tax profit of GBP12.3 million (2004 - GBP4.9
    million);

(d) capital reorganization announced in July successfully
    concluded;

(e) strong market conditions in U.S. continue; and

(f) admitted to the FTSE 250 effective 19 September 2005.

            Report of Chief Executive George Burnett

Sunbelt again delivered a strong performance with first-quarter
dollar revenue up 16.6% reflecting strong growth in its key
non-residential construction market, increasing market share and
the shift from ownership to rental in the U.S.

As a result of this growth, Sunbelt's operating profit grew 51%
in the quarter.  A-Plant and Ashtead Technology both also
exceeded last year's first quarter performance by more than 20%.
We anticipate that Sunbelt, which now accounts for around
three-quarters of the Group's profits, and Ashtead Technology,
will continue to perform strongly.

A-Plant's rate of growth is expected to slow from the 23%
achieved in the first quarter reflecting the continued
competitiveness of the U.K. market.  The recently completed
capital reorganization has strengthened our balance sheet and
provides us with substantial flexibility to take advantage of the
strong U.S. market.

The Board therefore looks forward to a successful outcome to the
year.

A copy of this financial report is available free of charge at
http://bankrupt.com/misc/AshteadGroup(Q12005)(1).pdf

                            *   *   *

Registered in the U.K., Ashtead is a leading provider of rental
equipment in the U.K. and the U.S., through its a-Plant and
Sunbelt subsidiaries.  As at financial year ending April 30,
2005, the group generated annual revenues of GBP523.7 million
and EBITDA of GBP169.7 million.  Net debt stood at GBP493.2
million.

In July, Ashtead completed its refinancing, which included:

(a) the raising of approximately GBP70 million before expenses
    through the Placing and Open Offer of approximately 73.4
    million New Ordinary Shares at 95.5 pence per share; and

(b) the raising of US$250 million (approximately GBP142
    million), before expenses, by the issue of New Senior Loan
    Notes, which carry an interest rate of 8 5/8% and will be
    repayable in full in August 2015.

From the proceeds of the refinancing, Ashtead has now repaid the
Convertible Loan Note at a discount of approximately 11% and
will redeem GBP42 million of the existing Senior Loan Notes,
which carry interest at a rate of 12%.

Together these transactions have further deleveraged the balance
sheet and reduce borrowing costs; further extended the average
debt maturity to approximately 7 years; avoided the potential
dilution to existing shareholders which would occur if the
Convertible Loan Note were to convert into equity; broadened the
investor base; and facilitated the payment of dividends in the
future.

CONTACT:  ASHTEAD GROUP PLC
          King's Court, 41-51 Kingston Rd.
          Leatherhead
          Surrey KT22 7AP, United Kingdom
          Phone: +44-1372-362-300
          Fax: +44-1372-376-610
          Web site: http://www.ashtead-group.com

          George Burnett, Chief Executive Officer
          Ian Robson, Chief Finance Officer
          Phone: +44 (0)1372 362300


BELGRAVE EX-SERVICEMEN'S: Hires Administrator from Springfields
---------------------------------------------------------------
Situl Devji Raithatha (IP No 8927) of Springfields was appointed
administrator of Belgrave Ex-Servicemen's And Social Club Limited
(Company No IP13189R) on Sept. 7.  The company's registered
office is at 229 Melton Road, Belgrave, Leicester LE4 7AN.

CONTACT:  SPRINGFIELDS
          80 Hinckley Road
          Leicester
          Leicestershire LE3 0RD
          Phone: 0116 299 4745
          Fax: 0116 299 4742
          E-mail: situl.r@springfields-uk.com


BLACKS BIKES: Administrator Takes over Firm
-------------------------------------------
Gordon Craig (IP No 0978) of Cresswall Associates Limited was
appointed administrator of Blacks Bikes Limited (Company No
03208423) on Sept. 5.  The company sells motorcycles.

CONTACT:  CRESSWALL ASSOCIATES LIMITED
          Bridge House, Marsh Lane,
          Huddersfield HD8 8AE


BRITISH DENKAVIT: Hires Administrators from Mazars
--------------------------------------------------
Timothy Colin Hamilton Ball and Lucinda Ann Field (IP Nos 8018,
9295) of Mazars were appointed joint administrators of British
Denkavit Limited (Company No 03732843) on Sept. 2.  The company
sells grain and animal feeds.

CONTACT:  BRITISH DENKAVIT LTD.
          Unit 6 The Alpha Centre
          Upton Road
          Poole BH17 7AG
          Dorset
          Phone: 01202 670561

          MAZARS LLP
          8 New Fields
          2 Stinsford Road
          Nuffield, Poole
          Dorset BH17 0NF
          Phone: 01202 680777
          Fax: 01202 682671


CHAVEL LIMITED: Administrators from Stoy Hayward Move in
--------------------------------------------------------
Martha H. Thompson and Dermot Coakley (IP Nos 8678/01, 6824) of
BDO Stoy Hayward were appointed joint administrators for Chavel
Limited (Company No 03822839) on Sept. 5.

CONTACT:  CHAVEL LTD.
          Unit 7/10 Gastins Wood Indstl Est,
          Reading Road, Basingstoke, Hampshire RG24 8DU
          Phone: 01256-317300

          BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


CHILL BARS: Calls in Administrators from P&A Partnership
--------------------------------------------------------
Robert Michael Young and Ian Michael Rose (IP Nos 7875, 9144) of
Poppleton & Appleby were appointed joint administrators of Chill
Bars Limited (Company No 05111630) on Sept. 1.  The company's
registered office is at Poppleton & Appleby, The Old Barn,
Caverswall Park, Caverswall Lane, Stoke on Trent, Staffordshire
ST3 6HP.  The company manages a bar and restaurant.

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


CONCEPT CYCLING: Appoints Administrators from KPMG
--------------------------------------------------
Company Names: Concept Cycling Group Ltd.
               (Company No 4735070)

               Concept Cycling Ltd.
               (Company No 03203091)

Brian Green and Paul Andrew Flint (IP Nos 8709, 9075) of KPMG LLP
were appointed administrators of these companies on Sept. 7. For
more information, contact KPMG LLP at St James' Square,
Manchester M2 6DS.

Concept Cycling Group Ltd. is the holding company while Concept
Cycling Limited is in charge of selling bicycles.  These
companies have subsidiaries, namely Wheelbase (UK) Limited and
Acorn Sports & Leisure (UK) Limited.

CONTACT:  CONCEPT CYCLING LTD.
          7-8 Shield Drive, Wardley Industrial Estate,
          Manchester, Lancashire M28 2QB
          Phone: 01617285533

          KPMG LLP
          St James' Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4040


COSTAIN GROUP: Awards New CEO Shares, Options
---------------------------------------------
On 12 September 2005, Costain Group plc appointed Andrew Wyllie
as Chief Executive of the Company.  Pursuant to the terms of his
service agreement, the Company granted Mr. Wyllie on 19 September
2005:

(a) a contingent award over 400,000 ordinary shares of 5 pence
    each in the capital of the Company.  The award will vest
    dependent on the extent to which certain performance targets
    are satisfied for the financial year ending 31 December
    2007; and

(b) an award in the form of an option with an exercise price of
    GBP1 per exercise (whether on exercise of the entire award
    or any part of it) over 677,966 ordinary shares of 5 pence
    each in the capital of the Company under the Costain Group
    plc Long-term Incentive Plan.  The award can only be
    generally exercised on the achievement of specified
    Performance Conditions after the end of the Company's
    financial year ending 31 December 2008.

                        About the Company

Costain collapsed under heavy debt in the mid-1990s after
venturing into U.S. mining.  It is still trying to recover, with
its first dividend in years expected this year or next.  Its
core U.K. business reported a GBP10.5 million profit last year
after plunging into a EUR5 million loss in 2000.

The company has moved into asset management of water utilities
from civil engineering.  In May, the special resolution
approving the reduction of share capital and cancellation of
share premium account in the Company was approved by the
Companies Court and registered at Companies House.

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44-1628-842-444
          Fax: +44-1628-674-477
          Web site: http://www.costain.com

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444


DRAX GROUP: Board Says GBP1.9 Billion Offer Undervalues Company
---------------------------------------------------------------
Drax Group Limited revealed on 13 September 2005 that it had
received an indicative approach from a consortium comprising
Constellation Energy Group, Inc. and Perry Capital LLC regarding
a possible cash offer representing an enterprise value of GBP1.9
billion for Drax.

Since then the Board has had the opportunity to clarify certain
aspects of the proposal with the advisers to Constellation/Perry,
to take soundings from Drax's major shareholders and Greenhill &
Co. International LLP (financial advisers to the Shareholder
Committee), and to consider the proposal with its own financial
advisers.

In assessing the proposal, the Board has focused on its value,
deliverability and timeliness as compared to the proposed
Refinancing and Listing.  The Board has also taken into account
the anticipated opportunities for the Company and its
shareholders following the Refinancing and Listing.

The indicative approach is to acquire 100% of the equity of Drax
and contemplates the full repayment of A1, A2, A3 and, if
required, B debt.  The proposal is subject to a number of
conditions, including arranging a leveraged capital structure and
due diligence.  It also expressly recognizes that the Company
will wish to continue to pursue a public listing in parallel with
any discussions.

The Board believes that the GBP1.9 billion enterprise value
referred to in the indicative proposal converts into an implied
price for the Linked Securities (A2/A3 debt and equity) of
approximately 328% of the outstanding principal of the A2 debt,
having taken into account the non-voting ordinary shares.  This
compares with the traded price of approximately 338% as at close
of trading on 9 September 2005 (being the last trading day before
the date of Constellation/Perry's proposal) and of approximately
368% as at close of trading on 19 September 2005.

The Board also believes that the indicative proposal
significantly undervalues the Company and has no certainty of
delivery.

Consistent with its previously stated position, the Board remains
committed to delivering shareholder value and to the possibility
of this arising through the pursuit of other strategic
alternatives to the proposed Refinancing and Listing.
Accordingly, if the Board receives any other indicative
proposals, it will also assess them on similar bases of value,
deliverability and timeliness.

The Board, which has been advised by Deutsche Bank (in its
capacity as its financial advisers), is therefore of the view
that it should continue with the process which has been mapped
out to deliver the proposed Refinancing and Listing whilst
maintaining a dialogue with Constellation/Perry.

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

This announcement is not for release, publication, or
distribution in or into the United States.

                        About the Company

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

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

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

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

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


GATE GOURMET: Retains Restructuring Professionals
-------------------------------------------------
Weil Gotshal & Manges partners Chris Mallon in London and Steve
Karotkin in the U.S. have been appointed restructuring adviser of
airline catering company Gate Gourmet, The Lawyer.com says.

Clarks Legal Services, of which Michael Sippitt is managing
partner, is advising the company on employment issues.  Latham &
Watkins London is advising mezzanine debtors.  The Latham team is
composed of John Houghton, together with corporate partners Ian
Clark and Charles Fuller, employment partner Stephen Brown and
New York restructuring partner Mitchell Seider.  The senior
creditors are advised by Bingham McCutchen partner Barry Russell.

The company has defaulted on monthly interest payments on a
CHF300 million (GBP132 million) "mezzanine" loan since January.
It is currently in talks with creditors regarding a rescue plan.
Failure to strike an agreement could send the company into
bankruptcy.  Gate Gourmet owes creditors almost CHF700 million.

Gate Gourmet is owned by U.S. private equity firm Texas Pacific
Group.  Its U.K. operations lost GBP22 million in 2004; a further
GBP25 million in losses is expected this year.  The company has
not made a profit since 2000.

CONTACT:  GATE GOURMET U.K. & IRELAND
          Phone: 0208 5135013
          Mobile: 07810 561816
          Web site: http://www.gategourmet.com

          BINGHAM MCCUTCHEN
          99 Gresham Street
          London, England EC2V 7HG
          Web site: http://www.bingham.com/bingham/default.asp

          LATHAM & WATKINS
          99 Bishopsgate
          London EC2M 3XF
          England
          Phone: +44-20-7710-1000
          Fax: +44-20-7374-4460
          Web site: http://www.lw.com/

          WEIL GOTSHAL & MANGES
          One South Place
          London EC2M 2WG, England
          Phone: +44 20 7903 1000
          Fax: +44 20 7903 0990
          Web site: http://www.weil.com/

          CLARKS LEGAL SERVICES
          12 Henrietta Street
          Covent Garden
          London
          WC2E 8LH
          England
          Phone: 020 7 539 8000
          Fax: 020 7 539 8001
          Web site: http://www.clarkslegal.com/


HIGHVIEW INVESTMENTS: Names Langley & Partners Administrator
------------------------------------------------------------
Philip Simons (IP No 9289) of Langley & Partners was appointed
administrators of Highview Investments Limited (Company No
03249869) on Sept. 6.  The company's registered office is at
Baron House, 28-30 Rivington Street, EC2A 3DZ.  Highview
Investments buys and sells real estate.

CONTACT:  LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: philip.simons@langleypartners.co.uk


INCLINE GLOBAL: Calls in Administrators from Ernst & Young
----------------------------------------------------------
Incline Global Technology Services has collapsed into
administration for lack of repair contracts, The Herald reports.

Directors of the company have called in Ernst & Young partners
Colin Dempster and Garry Wilson as administrators.  Owner venture
capitalist 3i, its major creditor, expects to lose up to GBP25
million, including new loans of GBP5 million advanced in March
and November last year.  3i invested GBP8 million three years ago
and got control of the firm from founding directors David Wares,
George McBride and Campbell Cromar.

Headquartered in Strathclyde Business Park, Incline Global
repairs flat LCD television screens and computer monitors.  It
employs a total of 500 people worldwide, 300 of which is with its
operational sites in China, Taiwan and the U.S.; all of which are
for sale.  Ernst & Young has already shut down a repair facility
in Shannon, Ireland, which once employed 60, and a satellite
operation in Prague, which has operated for only four months.
The company's Bellshill HQ is being wound down.

The company has been losing cash and just subsisting on a recent
capital injection by a major shareholder.  It failed to attract a
steady stream of repair orders despite soaring demand for flat
screens.  Its annual report for 2003 shows pre-tax losses of
GBP10.8 million, more than double the year before.  Turnover fell
from GBP19.3 million in 2002 to GBP10.8 million.

CONTACT:  INCLINE GLOBAL TECHNOLOGY SERVICES
          Web site: http://www.incline-gts.com/contact.asp

          ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com


INFOGRAMES ENTERTAINMENT: Atari Sells Sark Shares Worth US$7 Mln
----------------------------------------------------------------
Infogrames Entertainment said its American subsidiary Atari, Inc.
issued 5,702,590 unregistered shares of its common stock to Sark
Master Fund Ltd. (SARK Fund) and CCM Master Qualified Fund, Ltd.,
a current stockholder (CCM Fund).

The shares were sold for cash at an aggregate offering price of
US$7,413,367, or US$1.30 per share.

The issuance of shares to SARK Fund and CCM Fund did not involve
a public offering.  However, Atari, Inc. agreed to register the
shares for resale by those investors.

At the same time, Atari Inc. also issued 6,145,051 shares of its
common stock to Infogrames Entertainment as payment for
outstanding intra-group indebtedness.

As a result of these transactions, Atari Inc. now has 134,748,670
shares outstanding, 51.4% of which are held by Infogrames
Entertainment.

Atari Inc. also informed Infogrames Entertainment that it has
sold all of the 5,840,161 IESA shares issued to pay for the
acquisition of Humongous.

About Infogrames Entertainment and Atari

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

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

The Atari Group's extensive catalog of popular games is based on
original franchises (Driver, Alone in the Dark, V- Rally, Test
Drive, Roller Coaster Tycoon, etc.) and international licenses
(Matrix, Dragon Ball Z, Donjons & Dragons).

                            *   *   *

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

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

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

          Philippe Dujardin
          Phone: 33 (4) 37 64 30 00
          Fax: + 33 (4) 37 64 30 35
          E-mail: philippe.dujardin@atari.com
          Web site: http://www.atari.com


J B FINCH: Files for Liquidation
--------------------------------
J. Finch, Director of J B Finch Ltd. (formerly J.B. Finch
Machinery & Moulds Ltd.), informs that resolutions to wind up the
company were passed at an EGM held on Sept. 7 at 27 The Downs,
Altrincham, Cheshire WA14 2QD.  Neil Henry and Michael Simister
of Lines Henry, 27 The Downs, Altrincham, Cheshire WA14 2QD were
appointed Joint Liquidators.

CONTACT:  JB FINCH MACHINERY AND MOULDS LTD.
          Unit 3 Bridge Street
          Church
          Accrington
          BB5 4HU
          Lancashire
          Phone: 01254 383999
          Fax: 01254 383999

          LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977
          E-mail: nola@lineshenry.co.uk


KEEPING INFORMATION: EGM Passes Winding-up Resolution
-----------------------------------------------------
M. Nethercott, Director of Keeping Information Technology Easy
Limited, informs that a resolution to wind up the company was
passed at an EGM held on Sept. 7 at the offices of Harris
Chartered Accountants, 75 Mosley Street, Manchester M2 3HR.

Martin C Hepworth of Hepworth Joyce Associates Ltd., Unit 2,
Clarke Hall Farm, Aberford Road, Wakefield WF1 4AL was appointed
liquidator.  The company is a software training and consultancy
company based in Manchester.  Visit http://www.kitetraining.com
for more information.

CONTACT:  KEEPING INFORMATION TECHNOLOGY EASY LIMITED
          Portland Tower
          Portland Street
          Manchester
          M1 3LF
          Phone: 0161-234 0922
          Fax: (0870) 1364780


LEARNING DYNAMIX: Administrators from Tait Walker Enter Firm
------------------------------------------------------------
Gordon S. Goldie and Allan D. Kelly (IP Nos 5799, 9156) of Tait
Walker were appointed administrators of Learning Dynamix Limited
(Company No 03469280) on Sept. 7.

CONTACT:  LEARNING DYNAMIX
          The Talent House,
          10 Kingsway North,
          Gateshead, Tyne And Wear NE11 0JH
          Phone: 01914926900

          TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


M A REES & SON: Administrators from S F Plant Move in
-----------------------------------------------------
Simon Franklin Plant and Daniel Plant (IP Nos 9155, 9207) of S F
Plant + Co were appointed administrators of M A Rees & Son
Limited (Company No 04323072) on Sept. 8.  The company's
registered office is at Lutomer House, 100 Prestons Road, London
E14 9SB.  M A Rees offers road haulage services.

CONTACT:  M.A REES & SON
          Tyneside Road, Butetown
          Cardiff CF10 4LR
          Phone: 029 20480666

          S. F. PLANT + CO
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Phone: 0207 538 2222
          Fax: 0207 538 3322


MOLD SERVICES: Names Mazars Liquidator
--------------------------------------
G. Mold, Chairman of Mold Services Limited, informs that
resolutions to wind up the companies were passed at an EGM held
on Sept. 2 at 37 Frederick Place, Brighton, East Sussex BN1 4EA.
Lucinda Ann Field and Timothy Colin Hamilton Ball both of Mazars
LLP, 37 Frederick Place, Brighton, East Sussex BN1 4EA were
appointed Joint Liquidators.

CONTACT:  MOLD SERVICES LTD.
          Building Services
          Grays Farm
          West End Lane
          Henfield
          West Sussex
          BN5 5RF
          England
          Phone: 01273 491011
          Fax: 01273 493246
          E-mail: enquiries@moldservices.com
          Web site:
          http://www.moldservices.com/BuildingServices.php

          MAZARS
          Web site: http://www.mazars.co.uk


MONDBURY LIMITED: Names Leonard Curtis Administrator
----------------------------------------------------
N. A. Bennett and S. D. Swaden (IP Nos 9083, 2719) of Leonard
Curtis & Co. were appointed administrators of Mondbury Limited
(Company No 1536974) on Sept. 9.  The company's registered office
is at One Great Cumberland Place, Marble Arch, London W1H 7LW.
Mondbury Limited manufactures ladies clothing.

CONTACT:  MONDBURY LTD.
          2 Queensland Road
          Holloway, London N7 7AL
          Phone: 020 7700 3456

          LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


MOWLEM PLC: Not Likely to Declare Interim Dividend
--------------------------------------------------
As previously announced, earlier this year Mowlem plc initiated a
detailed review of its approach to profit recognition and
contract valuation.  This review is now substantially complete.

Mowlem will be adopting more prudent and consistent accounting
rules for recognizing income on contracts and expects to make a
further adjustment to the carrying value of the contracts in the
balance sheet as at 31 December 2004 of around GBP70 million.
This will be reported as a separate item in the results for the
period ended 30 June 2005.

It is unlikely that an interim dividend will be paid.  Mowlem's
expectations on trading for the full year remain unchanged from
its announcement on 5 July 2005.

The Board continues to reassess its current strategy to ensure
that the scope of Mowlem's activities is best aligned to take
advantage of the opportunities in the construction and related
services industry.

Mowlem's order book remains steady at GBP2.3 billion and the
progressive implementation of new risk management processes
continues to improve the quality of work being secured.  Mowlem
has had a number of recent contract successes such as the GBP450
million M1 widening project and the GBP60 million Twickenham
contract.

The company has also recently been advised of preferred bidder
status on the GBP1 billion Northwood PFI project for the Ministry
of Defense.

                        About the Company

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

                           The Trouble

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

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

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


MR. ELECTRIC: Calls in Liquidator
---------------------------------
P. Nelson, Chairman of Mr. Electric (Brighton West & Portsmouth
East) Limited, informs that resolutions to wind up the company
were passed at an EGM held on Sept. 9 at the offices of Atherton
Bailey LLP, 1 Liverpool Terrace, Worthing, West Sussex BN11 1TA.

Ranjit Bajjon and Malcolm P. Fillmore of Atherton Bailey LLP, 1
Liverpool Terrace, Worthing, West Sussex BN11 1TA were appointed
Joint Liquidators.

The appointment was confirmed at a subsequent Meeting of
Creditors held on the same day.

Mr. Electric is the world's largest residential and light
commercial electrical installation and repair company with
multiple locations in the U.K., providing cost effective
solutions for all electrical needs.

The Mr. Electric concept was originated in the U.S.A. by the
Dwyer Group of Texas and was introduced to the U.K. in 1997.
Originally owned by a large group, it was acquired in 2003 by
C.C. Houlston (Franchising) Ltd. after a successful management
buyout and continues to operate from its Midlands based U.K.
headquarters.  Visit http://www.mr-electric.co.uk/for more
information.

CONTACT:  MR. ELECTRIC
          Five Mile House, 128 Hanbury Road, Stoke Prior,
          Bromsgrove, Worcestershire, B60 4JZ
          Phone: +44 (0) 1527 574343
          Fax: +44 (0) 1527 874031
          E-mail: enquiries@mr-electric.co.uk


NETTPROFILE LIMITED: In Liquidation
-----------------------------------
E. A. Sabiketi, Director of Nettprofile Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 7 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 liquidator.

Nettprofile Ltd. provides translation and interpretation services
for businesses and individuals.  It has more than 150 contracted
translators who specialize in English, French, Spanish, Japanese,
Greek, Italian, Polish, German, Russian, Mandarin Chinese, Arabic
and Dutch.  Visit http://www.nettranslation.co.uk/for more
information.

CONTACT:  NETTPROFILE LTD.
          288 Bishopsgate
          London EC2 M4QP
          United Kingdom
          Phone: +44(0)207 959 3018
          Fax: +44(0)207 959 3030
          E-mail: info@nettranslation.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


NOVALPAL HOLDINGS: Appoints Administrators from Moore Stephens
--------------------------------------------------------------
Simon Paterson (IP No 6856) of Moore Stephens was appointed
administrator of Novalpal Holdings Limited (Company No FC024232)
on Sept. 5.  The company is registered in England as Novapal
Limited.  It supplies free to air set top boxes.

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


PENROSE ANGLING: Names P&A Partnership Liquidator
-------------------------------------------------
M. Penrose, Chairman of Penrose Angling Systems Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 7 at 93 Queen Street, Sheffield S1 1WF, on 7
September 2005.

Allan Cooper and John Russell of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF were appointed liquidators.  The
appointment was confirmed at a subsequent Meeting of Creditors.

Penrose Angling Systems began manufacturing high quality
metalwares for the angling industry on September 1, 1994 with a
few basic items that included platforms and trolleys from a small
350 sq. ft. enterprise workshop in Attercliffe Sheffield.

Still based in Sheffield -- the steel city of the world -- it now
occupies an 8,000 sq. ft. complex in the heart of the Waleswood
Industrial area.  It has also become one of the leading
metalwares manufacturers in the U.K. with a range of quality
products that have dominated the market over the last five years.
Visit http://www.penrose-uk.com/for more information.

CONTACT:  PENROSE ANGLING SYSTEMS LIMITED
          Phone: +44 (0) 1909 774555

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


PHOENIX GAMES: Files for Liquidation
------------------------------------
Phoenix Games Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Sept. 1 at The Camden Head,
2 Camden Walk, Camden Passage, London N1 8DY.

Phoenix Games includes the U.K. home office of Phoenix Games Ltd.
and the Holland production office at Phoenix Games B.V.  Visit
http://www.phoenixgames.nl/for more information.

CONTACT:  MARRIOTT PALMER BROWN LIMITED
          30 Harts Grove, Woodford Green, Essex IG8 0BN
          Contact:
          Kevin Thomas Brown, Liquidator


PLATE ROLLERS: Opts for Liquidation
-----------------------------------
Bill Povey, Chairman of Plate Rollers (UK) Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Sept. 5 at Church Steps House, Queensway, Halesowen, West
Midlands B63 4AB.  Andrew Fender, of Sanderlings LLP, Sanderling
House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT, was
appointed liquidator.

Late Rollers produces rolled and welded cylinders, concentric
reducers, eccentric reducers, lobster back bends, square to round
transitions, equal tees, reducing tees and cylinder related
fabrications.  It serves many industries that are diverse and
numerous, these include: Petrol-Chemical, Renewable Energy,
Medical, Fabrication, Oil & Offshore, Civil & Environmental,
Water, And Marine & Telecommunications.

Situated in Dudley in the West Midlands conurbation, Plate
Rollers (U.K.) Ltd. has excellent access to both motorways and
airports.  The manufacturing area consists of 19,000 sq. ft., 24
ft. to the eaves, and is served by four pendant operated overhead
traveling cranes with a maximum lift of 15 tons.  Visit
http://www.plate-rollers.co.ukfor more information.

CONTACT:  PLATE ROLLERS (UK) LTD.
          Vauxhall Street
          Queens Cross
          Dudley
          DY1 1TA
          West Midlands
          Phone: 01384 237816
          Fax: 01384 457463


RICHMOND TOOLS: Administrators from Stoy Hayward Enter Firm
-----------------------------------------------------------
Martha H. Thompson and Dermot Coakley (IP Nos 8678/01, 6824) of
BDO Stoy Hayward LLP were appointed administrators of Richmond
Tools Limited (Company No 02228061) on Sept. 5.

CONTACT:  RICHMOND TOOLS LTD.
          Unit 7-10, Gastons Wood Industrial Estate,
          Chineham, Basingstoke,
          Hampshire RG24 8TW
          Phone: 01256 317300

          BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


SKILL DEVELOPMENT: Falls into Liquidation
-----------------------------------------
Skill Development Limited informs that a resolution to wind up
the company was passed at an EGM held on Sept. 7 at the offices
of Harris Chartered Accountants, 75 Mosley Street, Manchester M2
3HR.  Martin C Hepworth of Hepworth Joyce Associates Ltd, Unit 2,
Clarke Hall Farm, Aberford Road, Wakefield WF1 4AL was appointed
liquidator.

CONTACT:  SKILL DEVELOPMENT LIMITED
          Portland Tower
          Portland Street
          Manchester
          M1 3LF
          United Kingdom
          Phone: (0870) 3000296
          Fax: (0870) 3000654
          Web site: http://www.skilldevelopment.co.uk


SUBMARINE LIMITED: Hires Carter Clark Administrator
---------------------------------------------------
A. J. Clark (IP No 008760) of Carter Clark was appointed
administrator of clothing retailer Submarine Limited (Company No
04316625) on Sept. 8.  The company's registered office is at
Meridian House, 62 Station Road, North Chingford, London E4 7BA.

CONTACT:  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


TLA PARTNERSHIP: Appoints Administrator from Begbies Traynor
------------------------------------------------------------
Christopher Herron and Paul Michael Davis (IP Nos 8755, 7805) of
Begbies Traynor (South) LLP were appointed administrators of TLA
Partnership Limited (Company No 3454686) on Sept.9.  The
company's registered office is at Carolyn House, 22-26 Dingwall
Road, Croydon CR0 9XF.

TLA began trading in 1995.  It provides direct mail expenditure
in the United Kingdom.  Visit http://tlauk.comfor more
information.

CONTACT:  T L A PARTNERSHIP LTD.
          Unit 5 Vulcan Business Centre,
          Vulcan Way, Croydon, Surrey CR0 9UG
          Phone:  01689 800800

          BEGBIES TRAYNOR (SOUTH) LLP
          Carolyn House,
          22-26 Dingwall Road,
          Croydon CR0 9XF


TWENTYFIVETEN LIMITED: Calls in Liquidator
------------------------------------------
Twentyfiveten Limited informs that resolutions to wind up the
company were passed at an EGM held on Sept. 8 at Charlotte House,
19B Market Place, Bingham, Nottingham.

Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services, Charlotte House, 19B Market Place, Bingham, Nottingham
were appointed Joint Liquidators.

CONTACT:  TWENTYFIVETEN LIMITED
          30 Woolpack Lane
          Lace Market
          Nottingham NG1 1GA
          Phone: 0115 959 8600
          Contact:
          Andrew Godfrey, Director
          E-mail: andrew@twentyfiveten.co.uk
          Web site:
          http://home.btconnect.com/twentyfiveten/2510/rw.html


VEDANTA RESOURCES: Ratings Under Review for Possible Upgrade
------------------------------------------------------------
Moody's Investors Service has placed the Ba2 long-term senior
unsecured rating of Vedanta Resources Plc (Vedanta) on review for
possible upgrade.  The corporate family rating of Baa3 is not
affected by this rating action and is affirmed.

Moody's says the rating action follows the company's announcement
that it intends to raise US$ bonds in the near future to
refinance existing subsidiary debt and for general corporate
purposes.  Such an initiative - if executed- will reduce the
currently material structural and legal subordination for
Vedanta's bondholders.  The subsidiary secured and unsecured debt
to total debt was around 62% at March 31, 2005.

To the extent that Vedanta raises meaningful debt (of US$300
million or higher), the senior unsecured rating will be uplifted
to Ba1 from Ba2, and the bonds will be rated Ba1.  The planned
debt issuance is incorporated in the Baa3 corporate family
rating.

Vedanta Resources Plc, headquartered in London, is a metals and
mining company focused on integrated zinc and alumina/aluminum as
well as copper smelting and refining operations predominantly in
India.  Listed on the London Stock Exchange, the company is 54%
owned by Volcan Investments Ltd.

CONTACT:  MOODY'S INVESTORS SERVICE PTY LTD. (SYDNEY)
          Brian Cahill, Managing Director
          Corporate Finance Group
          Phone: 612 9270 8100

          Terry Fanous, VP - Senior Credit Officer
          Corporate Finance Group
          Phone: 612 9270 8100


W HAMILTON: Administrators Take over Operation
----------------------------------------------
David Michael Riley and Charles William Anthony Escott (IP Nos
8950, 8913) of RSM Robson Rhodes LLP were appointed W Hamilton
Reid Limited (Company No 00462685) on Sept. 7.  The company's
registered office is at Colwyn Chambers, 19 York Street,
Manchester M2 3BA.

CONTACT:  W. HAMILTON REID LTD.
          St. Ann's Works Marsh Street North
          Hanley, Stoke-on-Trent
          Staffs ST1 5ES
          Phone: 01782 202520
          Fax: 01782 274823

          RSM ROBSON RHODES LLP
          Colwyn Chambers,
          19 York Street,
          Manchester M2 3BA
          Phone: +44 (0) 161 236 3777
          Fax:   +44 (0) 161 455 3444
          Web site: http://www.robsonrhodes.co.uk


                            *********


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

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

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

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