TCREUR_Public/050923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 23, 2005, Vol. 6, No. 189

                            Headlines

F R A N C E

AGZ HOLDING: Moody's Upgrades EUR165 Million Senior Notes to B1
BULL SA: Subsidiary Acquires Enatel
BULL SA: Unveils New Image
REYES: Collapses into Liquidation


G E R M A N Y

AAP IMPLANTATE: Bares Terms of Capital Increase
AGFAPHOTO GMBH: Creditors to Consider Two Offers October 11
BECKHOFF BAU: Essen Court Appoints Administrator
BLUE MARLIN: Court to Verify Claims February
BORUSSIA DORTMUND: Annual Loss Widens to EUR79.6 Million

BSS BRANDSCHUTZSYSTEME: Proofs of Claim Due November
DAIMLERCHRYSLER AG: Labor Deal Aborts Strike in Canada
EBG IMMOBILIENVERWALTUNGS: Bielefeld Company Goes Bust
ELEKTRO FLOTH: Creditors Meeting Set Next Month
FINBET FINANZIERUNGSVERMITTLUNGS: Succumbs to Bankruptcy

FISCUS GMBH: To Quietly Liquidate Business
KARSTADTQUELLE AG: Building Shopping Center in Essen
LOHMANN-TRANSPORT: Under Bankruptcy Administration
PELJHAN ESTRICH: Claims Filing Period Ends October 19
SANAVITA AG: Dortmund Court Calls in Administrator
TEAM-TRANS: Falls into Bankruptcy


G R E E C E

OLYMPIC AIRLINES: To Appeal E.U. Commission State Aid Ruling


I R E L A N D

ELAN CORPORATION: Plans to Apply for Tysabri License in U.S.


I T A L Y

FIAT AUTO: Shakes up Management
FIAT SPA: Debt Conversion Successful


K Y R G Y Z S T A N

EKO-MOTOR: Gives Creditors Until November to File Claims
JANAR: Shareholders Meeting Set Next Month
KURULUSH BUILDING: Proofs of Claim Deadline November 7
MUNARAKURULUSH: Shareholders Decide to Liquidate Company


L U X E M B O U R G

THIEL LOGISTIK: Restructures Management of Holding Firm


N E T H E R L A N D S

ROYAL SHELL: Share Buyback Continues


P O L A N D

ELEKTRIM SA: Court Orders Buyback of Bonds Worth EUR471.4 Mln
HELLENA SA: In Search of Rescuer


R U S S I A

BALEZINSKIY WOOD: Undergoes Bankruptcy Supervision Procedure
BKS: Claims Filing Period Ends Next Month
CHAIN FACTORY: Court Brings in Insolvency Manager
EGZ-WOODWORKING: Insolvency Manager Takes over Biz
EVRAZ GROUP: Signs Coalfield Joint Venture with Mitsui

FACTORIYA: Succumbs to Bankruptcy
GLAZOVSKAYA: Under Bankruptcy Supervision
MAGADAN-OIL-PRODUCT: Hires K. Myrza Insolvency Manager
OAO GAZPROM: Selling Bonds to Fund Sibneft Purchase
SALAVATSKIY FOOD: Bankruptcy Supervision Procedure Begins
SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set December
SERYSHEVSKIY ELEVATOR: Declared Insolvent


S W E D E N

CONCORDIA BUS: To Unveil Second-quarter Results Next Week
SKANDIA INSURANCE: Old Mutual Unveils Plans for Skandia Liv


U K R A I N E

BAHMACHMYASOKOMBINAT: Creditors' Claims Due Next Week
BILOGIRSK' AUTO 14331: Succumbs to Bankruptcy
GRAAL: Undergoes Bankruptcy Supervision Procedure
HOLMI' ALCOHOL: Bankruptcy Supervision Starts
SINELNIKOVE' BREAD: Under Bankruptcy Supervision
TRANSKOM: Gives Creditors Until Next Week to File Claims


U N I T E D   K I N G D O M

ACORN SPORTS: Calls in Administrators from KPMG
APPLE MORTGAGES: Hires Liquidator from Bennett Verby
ASTON CORD: Files for Liquidation
AXA SIGNMAKERS: EGM Passes Winding-up Resolution
BEST BUY: Appoints Begbies Traynor Administrator

BJ SERVICES: Liquidators from Robson Rhodes Move in
BRIDGEND TIMBER: Creditors Meeting Set Next Week
BRITISH ENERGY: Profit Up GBP6 Million Under IFRS
BUZZ RECRUITMENT: Calls in Liquidator
CENTER PARCS: Stays Cautiously Positive for the Full Year

COLT TELECOM: To Redeem 2006 Convertible Notes Next Month
E-MOTIONAL LIMITED: Hires Administrators from Geoffrey Martin
ENERGYWIZE LIMITED: Names Mazars Liquidator
EQUITABLE LIFE: Drops Damage Suit vs. Ernst & Young
FURNITURE ITALIA: Names Bond Partners Administrator

GIBBONS REFRACTORIES: Shareholder Requests Liquidation
GREATSHAPE LEISURE: Administrators Take over Operations
HANDLEY PRINTERS: Administrator from Tomlinsons Enters Firm
JAMES HILL: Files for Liquidation
JESSOPS PLC: 2004 Sales Down 2.6%

JPH HAULAGE: Calls in Administrators from P&A Partnership
KEYLINE ENGINEERING: Liquidator Moves in
METSOL ENGINEERING: EGM Passes Winding-up Resolution
MG ROVER: Nanjing to Discuss Plans with City Dads
MISYS PLC: New Non-executive Director to Head Audit Committee

MOWLEM PLC: 'BB' Rating Affirmed; Outlook Remains Negative
NORTHERN BLACKMORE: Names Deloitte & Touche Liquidator
READCO 300: Meeting of Creditors Set Next Week
REGENCY GROUP: Succumbs to Liquidation
SANCTUARY GROUP: Expects Losses at EBITDA Level this Year

SCREW & RIVET: In Administrative Receivership
STEELPRINT LIMITED: Calls in Liquidator
WHEELBASE (U.K.): Administrators from KPMG Take over Firm
WM MORRISON: 'I'm no Quitter,' Says Deputy Chairman
WOOLWORTHS GROUP: Nearly Doubles Loss to GBP41.2 Million
WYVERN FURNITURE: Creditors Meeting Set Next Week


                            *********


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


AGZ HOLDING: Moody's Upgrades EUR165 Million Senior Notes to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of AGZ Holding (Antargaz) to Ba2 from Ba3.  At the same
time, the rating agency has upgraded to B1 from B2 the rating of
AGZ Finance's EUR165 million Senior Notes due 2011, which are
wholly guaranteed by AGZ Holding.

The rating of the Notes is notched to reflect the fact that they
are contractually subordinated to the existing, more senior
secured bank loans and potential other debt within the group,
which puts bondholders in a weaker position to unsubordinated
creditors.  All ratings have a stable outlook.

Moody's last rating action on AGZ Holding and AGZ Finance was on
July 8, 2002, when it assigned for the first time a B2 rating to
the Notes.

Moody's said that the upgrade reflected the recent track record
of AGZ Holding's main subsidiary, Antargaz, as a stand-alone
entity since its spin-off from Elf Aquitaine, as well as ongoing
maintenance of a solid financial profile, which Moody's expects
to be maintained going forward.  The upgrade is also assisted by
the presence of UGI Corporation (not rated) as a shareholder and
the relatively conservative financial policy the U.S. gas and
electric utility has been implementing since it acquired the
totality of Antargaz's capital in March 2004.

Moody's states that its decision to upgrade the group's credit
ratings was underpinned by Antargaz's strong operational
performance over the last four years.  Indeed, since it became
independent in 2001, Antargaz has

(a) Successfully defended its market shares on its core
    cylinders and small bulk businesses, keeping them stable in
    the low-twenties;

(b) Increasingly diversified its supply sources, thus becoming
    less dependent on Total (rated Aa1); and

(c) Managed to maintain its margins by passing rising commodity
    prices on to customers.

Moody's adds that the group's upgrade was also supported by
Antargaz's gradual strengthening of its financial profile over
recent years, its strong free cash flow generation and ability to
fund both capital investments and dividends from internal
sources.  Moody's emphasizes that it expects the group to
maintain its retained cash flow to net adjusted debt ratio in the
mid-teens, net adjusted debt to EBITDA below 3.5x and funds from
operations to cover interest payments at least 4.0x while staying
free cash flow positive to support its Ba2 corporate family
rating.

At the same time, the Antargaz group's ratings remain constrained
by its modest size, presence in the stagnating and mature French
LPG market which offers little growth opportunity, as well as
exposure to foreign exchange risk and temperature fluctuations,
which create volatility in cash flow generation.  Ratings are
also constrained by the ongoing competition from alternative
fuels, especially natural gas, and the burgeoning involvement of
French hypermarket/supermarket chains into LPG distribution,
which could, in Moody's view, threaten existing players' market
shares in the cylinders business over the medium term.  Moody's
however notes that the French LPG market has historically been
characterized by low customer churn rates, and adds that current
ratings do not incorporate any substantial market share loss.

Moody's stated that the Antargaz group's ratings are currently
well-positioned, and that upward pressure on ratings could occur
over the medium term, should the group consistently maintain its
solid financial ratios in line with recent levels.  In
particular, the rating agency will examine the company's ability
to continue to pass rising commodity prices on to customers, as
well as management's adherence to its leverage target.

Headquartered in Paris (France), the Antargaz group is one of the
largest distributors of LPG (butane and propane) in France.  It
holds the number two or three position in its core business of
small bulk and cylinders.  It also operates in the
medium/large-bulk sector and has a small share in the growing
automotive LPG market.  Antargaz is a privately owned company
whose ultimate shareholder is UGI Corporation.

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

          Stuart Lawton, Managing Director
          Corporate Finance
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


BULL SA: Subsidiary Acquires Enatel
-----------------------------------
Bull Evidian on Tuesday completed the acquisition of Enatel,
which specializes in information systems access security and
publisher of the WiseGuard software suite.  The acquisition will
enable Bull Evidian to strengthen its AccessMaster software
suite, dedicated to identity management and secure access to
information systems while reinforcing its own range of E SSO
solutions.

"This strategic acquisition marks a new phase in the development
of Bull Evidian as a world-wide publisher of security solutions,
and underscores Bull's momentum as Europe's number one in
information systems security," says Jean-Pierre Barberis, General
Manager of Bull's Services and Solutions activities.

"With Enatel's technologies we will be able to respond even more
effectively to our customers' access management requirements, in
terms of even greater modularity, easier deployment and faster
return on investment."

Enatel technology provides secure access to applications using
unique user authentication combined with new tools such as smart
cards and biometry.

Enatel's solutions make it much simpler to deploy a decentralized
access management policy, building on the organization's existing
infrastructure in a transparent way.

With a customer base incorporating a population of over 500,000
users Enatel's solutions are marketed and sold across Europe and
have been chosen by many major companies including
Renault-Nissan, Total and Suez.

"[T]his marks a major step forward for Enatel, which will enable
us to put our WiseGuard solutions onto the world stage and enable
the combined Evidian/Enatel solutions to reach an even wider user
community," explains Hassan Maad, CEO and founder of Enatel.  "We
will supply our customers with a comprehensive, modular solution
that responds to their most urgent demands in terms of security,
productivity and meeting new regulatory requirements," Mr. Maad
adds.  He joins the Bull Evidian management team as
Vice-President responsible for business development for the
combined solution portfolio.

The acquisition is in line with the long-standing collaborative
working relationship between the two companies, which most
notably resulted in the integration of part of Enatel's
technology into Evidian's AccessMaster enterprise SSO solution.
Bringing together WiseGuard and Bull Evidian's own access
management solutions will enable rapid capitalization on two
complementary technologies and will offer a response to the
growing need to bring information systems security in line with
new regulatory requirements, such as Sarbanes Oxley

About Bull Evidian

Bull designs and develops servers; software and services for an
open environment, integrating the most advanced technologies.
Bull brings its customers its expertise and know-how to help them
in the transformation of their information systems and optimize
their IT infrastructure and their applications.

Evidian, a subsidiary of Bull, is the European number one and one
of the world's major players in Identity & Access Management
(IAM).  Evidian's AccessMaster new-generation IAM software suite
integrates virtual identity management, provisioning, PKI,
dynamic access control and SSO, in all types of environments:
from traditional applications to Web/J2EE applications.  Bull
Evidian software helps numerous organizations in Europe, the
Americas and Asia to improve their flexibility, reduce costs,
enhance their security and improve their regulatory compliance
(Sarbanes-Oxley, HIPAA, Bale II).  Evidian's IAM solution has
been recognized in many international awards.  In 2005, Bull
Evidian launched 'IAM NOW >', an initiative designed to boost the
deployment of identity and access management in large
organizations, providing rapid ROI.

About Enatel

Enatel is a leading European provider of security and
authentication solutions, specializing in enterprise single
sign-on (SSO) access management.  Since it was founded in 1998,
Enatel has supported many large organizations in the deployment
of major projects linked to user access security.

Bolstered by its wide experience with major public and
private-sector organizations, Enatel has developed an innovative
solution which provides a pragmatic response to a security
problem long seen as especially complex: password management.

The modules within Enatel's WiseGuard software suite ensure that
companies apply the rules of distributed security effectively,
based on their existing infrastructure, while at the same time
reducing the costs involved in aligning their access control with
new regulatory requirements.  Enatel grown strongly and has been
consistently profitable since it was founded, and is making its
mark as a visionary player in the industry, who can help
customers successfully develop their new identity management
systems.

                        About the Company

Bull designs and develops servers, software and services for an
open environment, integrating the most advanced technologies.
It implemented a three-step turnaround plan in 2002 after being
hurt by steadily declining revenues since 1997.  Its position
deteriorated owing to the stock market crisis affecting
technology stocks, the crisis in the Internet sector and the
collapse of telecommunications markets.

                          Restructuring

In 2004, the last and essential steps of the recapitalization
process were completed.  The market operations launched in June
2004 (capital increase, and Oceane bonds public exchange offer)
were successfully carried out allowing Bull to raise EUR61
million.

On December 1, 2004 the European Commission approved the EUR517
million restructuring aid proposed by the government.  Bull
received the amount on January 14 this year.  This aid is tied to
a profit sharing agreement under the terms of which Bull will pay
the French State 23.5% of the consolidated profit before tax
exceeding EUR10 million for 8 years.

The payment of this aid was subject to Bull's reimbursement of a
shareholder advance of the same amount (capital & interests)
granted by the French State in 2001 and 2002 and converted in
March 2004 into a subordinated loan.  This reimbursement took
place in January 2005.  The recapitalization of Bull is now
complete.

                         Status to date

The action plan launched in 2002 helped Bull record its first six
months of growth since 1999 in July.  It reported net income of
EUR9.4 million.  It hopes to bring its Italian operations to
breakeven at the end of 2005.

In February, Standard & Poor's Ratings Services revised its
outlook on Bull to positive from stable, primarily reflecting the
sequential stabilization, in second-half 2004, of the company's
business performance, including revenues and EBIT, growing
bookings, and rising free cash flow.  At the same time, Standard
& Poor's affirmed its 'B-' long-term corporate credit rating on
the group.

CONTACT:  BULL S.A.
          Anne-Marie Jourdain
          rue Jean Jaures
          78340 Les Clayes sous Bois
          France
          Phone: +33(0)1 30 80 32 52
          E-mail: anne-marie.jourdain@bull.net
          Web site: http://www.bull.com/fr

          ENATEL
          Catherine Pereira
          Phone: + 33 (01) 41 11 55 65
          E-mail: catherine.pereira@enatel.com

          BULL
          Analysts relations
          Patrick Massoni
          Phone: + 33 (01) 80 32 36
          E-mail: patrick.massoni@bull.net

          Anne-Marie Jourdain
          rue Jean Jaures - 78340 Les Clayes sous Bois
          France
          Phone: +33(0)1 30 80 32 52
          E-mail: anne-marie.jourdain@bull.net


BULL SA: Unveils New Image
--------------------------
Bull S.A. on Monday unveiled a provocative advertising campaign
in France, to mark the launch of its new corporate identity.  The
slogan, 'Back in business' signals that Bull is most definitely
still here, and a force to be reckoned with.  Bull has clearly
bounced back.

The series of three simple, inverted visual images
('heart-monitor trace', 'fast rewind/fast forward' and 'No/oN')
marks a shift in tone for Bull, which invites the reader to turn
the page (and the image of Bull) upside-down.  Each visual
relates to one of three key stories: Bull's financial
performance, its expertise in the latest technologies, and its
commercial momentum.

The campaign, developed by TBWA\CORPORATE, will be run in France
for a three-week period from 19 September to 8 October 2005.  The
media plan features full, back-page ads in a number of major
business and IT titles.

New Logo for a Transformed Company

Bull's new logo is a key element of the new corporate identity,
symbolizing the company's modernity, power and vitality.  The use
of the color grey reflects Bull's status as a manufacturer with
powerful technological expertise, while the accompanying touch of
green provides a link to the company's past.

Reflecting a new Bull, the new logo links technology and
simplicity with the move towards the Open Source world, powerful
industry partners, new markets and new horizons.

Didier Lamouche, Bull Chairman and Chief Executive Officer
explains: "[W]e are inviting everyone to discover the new reality
of Bull: a successful, extremely high-tech, profitable and public
enterprise, which is on the way back to success.  And even if our
corporate identity is evolving, the Bull brand remains because it
represents our historical legacy and is a synonym for our
expertise."

The second stage of Bull's return to the limelight will be marked
by a subsequent advertising campaign, rolling out from the end of
October, which will reveal the new face of Bull, its positioning
and its offerings.  The implementation of the new logo will
coincide with the second campaign.

CONTACT:  BULL S.A.
          Anne-Marie Jourdain
          rue Jean Jaures
          78340 Les Clayes sous Bois
          France
          Phone: +33(0)1 30 80 32 52
          E-mail: anne-marie.jourdain@bull.net
          Web site: http://www.bull.com/fr


REYES: Collapses into Liquidation
---------------------------------
The commercial court in Villeneuve-sur-Lot in southwestern France
liquidated Reyes on September 16, reports Le Monde.  The
manufacturer of metal girders and aluminium joinery employs 172.


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


AAP IMPLANTATE: Bares Terms of Capital Increase
-----------------------------------------------
The Management and Supervisory Board of aap Implantate AG on
Sept. 7 decided on an increase of capital stock of up to
1,460,857 shares.  It will be conducted on subscription price of
EUR1.60 with allotment of subscription rights to existing
shareholders at a ratio of 21:2.  There will be no trading in
subscription rights and the new stocks will be entitled to a
share in profits from January 1, 2005.

The capital increase is completely guaranteed by existing
shareholders of aap, so that all not acquired shares will be
subscribed by this group of investors, who include members of the
management and supervisory board.  But the management and
supervisory board reserved to themselves also to allocate not
acquired shares to third parties (institutional investors or
employees).

From the capital increase the company will receive up to EUR2.3
million before transaction costs.  The proceeds are intended to
be used for financing an acquisition in the biomaterials segment
and to continue to step up its operative business.

Aap Implantate is a German medical technology company
specializing in bone fracture healing, joint replacement, bone
cements and biomaterials.

                            *   *   *

For the second quarter the company reported sales of EUR3.2
million (up 16%, previous year: EUR2.7 million) and earnings
before interest and taxes (EBIT) of EUR76,000 (previous year:
-EUR554,000).  The shortfall for the quarter improved strongly
to -EUR81,000 (previous year: -EUR3.2 million).

CONTACT:  AAP IMPLANTATE AG
          Oliver Bielenstein, Director/CFO
          Lorenzweg 5
          Phone: +49 (0)30 - 750 19 - 140
          12099 Berlin
          Fax: +49 (0)30 - 750 19 - 290

          Nanette Huedepohl
          Investor & Public Relations
          Phone: +49 (0)30 - 750 19 - 133
          Fax: +49 (0)30 - 750 19 - 290


AGFAPHOTO GMBH: Creditors to Consider Two Offers October 11
-----------------------------------------------------------
A number of possible investors are interested in insolvent
photography group AgfaPhoto, Suddeutsche Zeitung says.

According to reports, a group of financial investors is
interested in the company's laboratory equipment unit, while a
sole buyer from the photography sector is eyeing its paper and
film business.  Both parties offered to keep 500 jobs at
AgfaPhoto, which once employed 1,700 people.  AgfaPhoto hopes to
present the offer at a creditors meeting on October 11.

                            *   *   *

AgfaPhoto filed for insolvency at the district court of Cologne
late May and appointed Andreas Ringstmeier provisional
administrator.  The company blames the growing popularity of
digital photography, although there are suspicions management may
have engaged in financial fraud.  Mr. Ringstmeier had said seven
months ago the company only had EUR22 million in cash, but
management reported EUR72 million.

AgfaPhoto, formerly owned by Agfa-Gevaert, is headquartered in
Leverkusen.  It manufactures photographic film, papers, chemicals
and disposable cameras.  It also offers online print service,
on-site processing, kiosk systems and wholesale finishing.  It
has 32 subsidiaries outside Germany that are not affected by the
firm's insolvency.  The company owes money to suppliers and
pension security body Pensionssicherungsverein.

CONTACT:  AGFAPHOTO GERMANY GmbH
          Im Mediapark 5
          D-50670 Cologne
          Phone: +49 221 98544-3723
          Fax: +49 221 98544-3805
          Web site: http://www.agfaphoto.com


BECKHOFF BAU: Essen Court Appoints Administrator
------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Beckhoff Bau GmbH on September 1.  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 Dr. Jens M.
Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2005, 9:00 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I. OG,
gelber Bereich, Saal 186, 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:  BECKHOFF BAU GmbH
          Prosperstr. 98, 46246 Bottrop
          Contact:
          Dr. Ernst Beckhoff, Manager
          Scharnholzstr. 40 h, 46236 Bottrop

          Dr. Jens M. Schmittmann, Administrator
          Zweigertstrasse 28-30, 45130 Essen
          Phone: 0201 438740


BLUE MARLIN: Court to Verify Claims February
--------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Blue Marlin 77 Vermogensverwaltungs GmbH on
August 31.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 1, 2005 to register their claims with court-appointed
provisional administrator Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 9:50 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on February 21,
2006, 9:30 a.m. at the same venue.

CONTACT:  BLUE MARLIN 77 VERMOGENSVERWALTUNGS GmbH
          Berchtesgadener Str. 20,10825 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


BORUSSIA DORTMUND: Annual Loss Widens to EUR79.6 Million
--------------------------------------------------------
Soccer club Borussia Dortmund GmbH & Co. posted net loss of
EUR79.6 million (US$97.3 million) in the 12 months through June,
up from last year's EUR67.7 million.  Its ticket sales were down
13.8% to EUR17.5 million, while television revenue sank 23% to
EUR14.9 million after the company failed to join the European
tournament.  Sales dropped 23.2% to EUR75.3 million, in part due
to a lack of significant sporting success.  This year the company
expects to trim down losses by about EUR70 million through sale
of players and wage cuts.

BVB almost went into bankruptcy in February after failing to
qualify for the Champions League.  It averted collapse in March
by buying back a stake held by Molsiris, a division of
Commerzbank that bought the club's 95% stake in the stadium.  In
exchange, Molsiris returned EUR52 million to Borussia and reduced
its annual rent and deferred the EUR15 million rent for 2005 and
2006.

Founded in 1909 by a youth group that split from a Catholic
parish club, Borussia took its name from a local Dortmund
brewery, the Borussia Brauerei.  The club currently ranks eight
in the German Bundesliga.  It became the first German club to
float on the stock exchange in October 2000.

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


BSS BRANDSCHUTZSYSTEME: Proofs of Claim Due November
----------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against BSS Brandschutzsysteme GmbH & Co. KG on September 2.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 2, 2005
to register their claims with court-appointed provisional
administrator Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting on December 6, 2005, 11:15 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  BSS BRANDSCHUTZSYSTEME GmbH & Co. KG
          Bachstr. 10, 52134 Herzogenrath
          Contact:
          Rainer Spanier, Manager

          Carsten Lange, Administrator
          Laurentiusstrasse 16-20, 52072 Aachen
          Phone: 0241/946210
          Fax: 02419462111


DAIMLERCHRYSLER AG: Labor Deal Aborts Strike in Canada
------------------------------------------------------
A strike by over 11,000 Ontario workers has been avoided after
DaimlerChrysler AG's Canadian unit reached a settlement with
union leaders.

DaimlerChrysler Canada has agreed with the Canadian Auto Workers
union not to carry out major job reductions, said the Associated
Press.  The settlement, which was unanimously agreed upon by
union officials, will also see DaimlerChrysler equal the wage,
benefit and pension gains that the union reached with Ford last
week.

Ken Lewenza, one of the CAW's lead negotiators, reportedly joked:
"We are exhausted to the point of being satisfied."

On Sunday, employees of Ford Canada accepted a new, three-year
labor deal, despite the company offering low wage gains, which
involved increases of 1.5% and 1% in the first year, and in the
following two years, respectively.  The arrangement will also
leave hundreds of Ontario workers jobless.

Last week, CAW president Buzz Hargrove warned of a strike against
DaimlerChrysler's plans to outsource some jobs at its Canadian
Division.  However, the matter has been put under control, he
added.

Headquartered in Stuttgart, Germany, DaimlerChrysler AG produces
cars and trucks under the brands Chrysler, Dodge, Jeep,
Mercedes-Benz, Smart, and Maybach, among others.  It has a global
workforce of 384,723 employees, and achieved revenues of EUR142.1
billion (US$192.3 billion) in 2004.

Its Canadian division has reported total sales of 21,613 units in
July, up 21% from the same period last year.  Car sales increased
30.3% from 3,968 units last year, and truck sales were up 18.6%
from July 2004 sales of 13,868 units.

That was on the same month that Canadian buyers were offered the
same financial savings that DaimlerChrysler Canada's 12,000
employees have.  The division also granted an additional US$5,500
(EUR4,614) in dealer discounts on virtually all 2005 Chrysler,
Jeep(R) and Dodge vehicles.

Mike Accavitti, Vice President, Marketing, DaimlerChrysler
Canada, said: "DaimlerChrysler is the first manufacturer in
Canada to bring employee pricing to market.  Our sales are up
through the first half of the year and we aim to keep that
momentum going with more new product launches and best in-class
offers."

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


EBG IMMOBILIENVERWALTUNGS: Bielefeld Company Goes Bust
------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against EBG Immobilienverwaltungs GmbH & Co. KG on August 31.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 25, 2005
to register their claims with court-appointed provisional
administrator Georg Welslau.

Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2005, 10:15 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:  EBG IMMOBILIENVERWALTUNGS GmbH & Co. KG
          Masurenweg 5, 32339 Espelkamp
          Contact:
          Manfred Brueckner, Manager

          Georg Welslau, Administrator
          Bismarckstr. 43, 32427 Minden


ELEKTRO FLOTH: Creditors Meeting Set Next Month
-----------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Elektro Floth GmbH on September 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 30, 2005 to register
their claims with court-appointed provisional administrator Dr.
Helmuth Liesegang.

Creditors and other interested parties are encouraged to attend
the meeting on October 12, 2005, 10:20 a.m. at the district court
of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2. Etage,
Saal 234, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  ELEKTRO FLOTH GmbH
          Otto-Hahn-Strasse 13 a, 42369 Wuppertal
          Contact:
          Werner Heinrich Kamm, Manager

          Dr. Helmuth Liesegang, Administrator
          Briller Strasse 2, 42103 Wuppertal
          Phone: 0202/389060
          Fax: 0202/3890622


FINBET FINANZIERUNGSVERMITTLUNGS: Succumbs to Bankruptcy
--------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against FINBET Finanzierungsvermittlungs- und
Beteiligungsgesellschaft mbH 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 Dr. Dirk
Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 2005, 9:10 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on January 24,
2006, 9:15 a.m. at the same venue.

CONTACT:  FINBET FINANZIERUNGSVERMITTLUNGS- und
          BETEILIGUNGSGESELLSCHAFT mbH
          Miquelstr. 56/58,14195 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


FISCUS GMBH: To Quietly Liquidate Business
------------------------------------------
Fiscus GmbH is facing a "quiet liquidation," reported heise
online.

Juergen Albers, the chairman of the supervisory board of Fiscus,
said shareholders -- the federal government and 15 states --
intend to "quietly" wind up the company as opposed to filing
bankruptcy.

Fiscus, which provides IT services for the financial authorities,
has approximately 150 employees.  The shareholders reportedly aim
to keep them employed despite the pending liquidation.  Ovum, in
another report, noted the company's failure was mainly due to its
federal structure, its budget and the lack of standardization and
harmonization.

Fiscus, which had revenues of EUR42 million in 2004, was formed
in 1991 after state finance ministers agreed to develop a common
tax office software by 2006.  However, the project failed
reportedly due to poor coordination.  Fiscus products, which were
approved by the states and the federal government, were also
never used because they did not suit the needs and the
capabilities of the finance ministries.

In August, owners refused a management buyout offer by four
executives together with independent backers.  The takeover,
which involved an amount higher that the money needed to
liquidate the company, would have reportedly saved the company.

CONTACT:  FISCUS GmbH
          Welckerstr. 11
          53113 Bonn
          Phone: 0228/2807-0
          Fax: 0228/2807-100
          E-mail: info@fiscus.info
          Web site: http://www.fiscus.info


KARSTADTQUELLE AG: Building Shopping Center in Essen
----------------------------------------------------
Troubled retail giant KarstadtQuelle AG will build the largest
shopping center in Essen, Financial Times Deutschland says.

KarstadtQuelle, along with local property developer ECE
Projektmanagement, has applied for permit to build the mall next
spring.  The EUR300 million construction has a total sales area
of 70,000 sq.m., a third of which will be occupied by Karstadt.

KarstadtQuelle has been disposing of non-core assets to focus on
core activities, boost sales and cut cost.  As part of its
recovery, it plans to expand operations abroad.

CONTACT:  KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          ECE PROJEKTMANAGEMENT GmbH. & Co. KG
          Heegbarg 30
          22391 Hamburg
          Phone: +49 40 60606-0
          Fax: +49 40 60606-230
          Web site: http://www.ece.de


LOHMANN-TRANSPORT: Under Bankruptcy Administration
--------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Lohmann-Transport-GmbH on September 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 10, 2005 to register their
claims with court-appointed provisional administrator Dr. Petra
Mork.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2005, 9:20 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  LOHMANN-TRANSPORT-GmbH
          Flemerskamp 80, 44319 Dortmund
          Contact:
          Stefan Nieder, Manager

          Dr. Petra Mork, Administrator
          Arndtstr. 28, 44135 Dortmund
          Phone: 0231-952063-0
          Fax: 0231-95206316


PELJHAN ESTRICH: Claims Filing Period Ends October 19
-----------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Peljhan Estrich GmbH on September 1.  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 Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 10:00 a.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I. OG,
gelber Bereich, Saal 184, 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:  PELJHAN ESTRICH GmbH
          Johanniskirchstr. 80, 45329 Essen
          Contact:
          Marija and Matevz Peljhan, Managers

          Georg F. Kreplin, Administrator
          Limbecker Platz 1, 45127 Essen
          Phone: 0201 220 05 02
          Fax: 0201 220 05 40


SANAVITA AG: Dortmund Court Calls in Administrator
--------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against SANAVITA AG & Co. KG on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 16, 2005 to register their
claims with court-appointed provisional administrator Achim
Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 8:35 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
January 9, 2006, 8:30 a.m. at the same venue.

CONTACT:  SANAVITA AG & Co. KG
          Am Bahnhof 1-3, 59368 Werne

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 54110
          Fax: 5411266


TEAM-TRANS: Falls into Bankruptcy
---------------------------------
The district court of Aachen opened bankruptcy proceedings
against Team-Trans Transport, Lagerei & Werbeservice GmbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 27, 2005 to register their claims with court-appointed
provisional administrator Heinrich C. Friedhoff.

Creditors and other interested parties are encouraged to attend
the meeting on December 6, 2005, 8:50 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  TEAM-TRANS TRANSPORT, LAGEREI & WERBESERVICE GmbH
          Am Gut Wolf 17, 52070 Aachen
          Contact:
          Hubert Hanel, Manager

          Heinrich C. Friedhoff, Administrator
          Viktoriastrasse 73-75, 52066 Aachen
          Phone: 0241/9491915
          Fax: 0241/9491919


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


OLYMPIC AIRLINES: To Appeal E.U. Commission State Aid Ruling
------------------------------------------------------------
Troubled national carrier Olympic Airlines will appeal a European
Commission ruling ordering it to repay millions of euros in
illegal state aid to Greece, Reuters says.

The company will bring the matter to the European Court in
Brussels.  The Commission had ruled Olympic violated the "one
time, last time" rule on state subsidies and ordered it to return
over EUR540 million in illegal subsidies.

Transport Minister Michael Liapis says the ruling does not change
the plan of the government to sell the airline.  Just last week,
the government submitted draft legislation to the parliament
seeking to bar Olympic creditors from filing any actions against
the carrier until Feb. 28, 2006.  The purpose is to prevent them
from disrupting the sale process involving Olympic Investors-York
Capital.

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

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


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


ELAN CORPORATION: Plans to Apply for Tysabri License in U.S.
------------------------------------------------------------
Elan Corporation, plc (NYSE: ELN) and Biogen Idec (NASDAQ: BIIB)
announced on Sept. 20 that in the coming weeks they expect the
safety evaluation of TYSABRI(R) (natalizumab) in Crohn's disease
and rheumatoid arthritis will be completed, and that they will
submit a supplemental Biologics License Application for TYSABRI
in multiple sclerosis (MS) to the U.S. Food and Drug
Administration.

On August 9, 2005, the companies announced the completion of the
safety evaluation of TYSABRI in MS, which resulted in no new
confirmed cases of progressive multifocal leukoencephalopathy
(PML).  The companies have previously reported three confirmed
cases of PML, two of which were fatal.

On February 28, 2005, Biogen Idec and Elan announced that they
voluntarily suspended TYSABRI from the U.S. market and all
ongoing clinical trials based on reports of PML, a rare and
potentially fatal, demyelinating disease of the central nervous
system.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company.  We are committed to making a difference in the lives of
patients and their families by dedicating ourselves to bringing
innovations in science to fill significant unmet medical needs
that continue to exist around the world.  Elan shares trade on
the New York, London and Dublin Stock Exchanges. For additional
information about the company, please visit http://www.elan.com

About Biogen Idec

Biogen Idec creates new standards of care in oncology, neurology
and immunology.  As a global leader in the development,
manufacturing, and commercialization of novel therapies, Biogen
Idec transforms scientific discoveries into advances in human
healthcare.  For product labeling, press releases and additional
information about the company, please visit
http://www.biogenidec.com

CONTACT:  ELAN CORPORATION PLC
          Lincoln House
          Lincoln Place
          Dublin2
          Ireland
          Phone: +353 1 709 4000
          Fax: +353 1 709 4108
          Web site: http://www.elan.com


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


FIAT AUTO: Shakes up Management
-------------------------------
A few new appointments have been decided in the top line
positions reporting directly to Fiat Auto's Chief Executive
Officer Sergio Marchionne, in order to respond with increasing
effectiveness to the need of change in corporate culture.

Antonio Baravalle will be named Head of Alfa Romeo's Brand &
Commercial.  Karl Heinz Kalbfell, Chief Executive Officer of
Maserati, will be in charge of strategic development of the
Alfa-Maserati "sports car pole."

Olivier François, who joined Fiat Auto early in September, will
lead Lancia's Brand & Commercial.  Lorenzo Sistino, Head of Light
Commercial Vehicles' Brand & Commercial, will be also responsible
for worldwide commercial operations within Fiat's Brand &
Commercial, under Luca De Meo's lead.

Roberto Ronchi will take on responsibility for Fleet Management &
Network Development.

Mauro Veglia took on responsibility for Fiat Auto's Customer
Care, after serving at Iveco.

Stefan Ketter will be in charge of Manufacturing in replacement
of Antonio Bene, who in turn will be assigned another
responsibility within the Group.

Ketter will maintain interim responsibility for Quality.

     Statement of Mr. Marchionne, CEO of Fiat and Fiat Auto

As a result of the profound cultural change that began almost one
year ago, the Company has now a leaner and more efficient
structure, which is producing benefits in operational management
and cost reduction.

The new appointments are part of the strategy focused on
managerial strengthening and based on accountability of people
and timely decision making.

In making these new appointments we have assessed and enhanced
the skills of managers, their leadership and personal traits.
The team that will lead Fiat Auto is made up of motivated and
skilled managers and I firmly believe that their contribution
will be essential to the Company's turnaround.

                            *   *   *

Fiat Auto manufactures automobiles, buses, industrial and special
vehicles, and agricultural tractors.  Earlier this year, Fiat
Auto was able to achieve its objective of breaking even at the
operating level.  Its net financial position as at the end of
2004, however, remained negative at -EUR5 billion.  S&P had said
the automotive activities will gradually recover although they
will remain loss-making in 2005.

CONTACT:  FIAT AUTO S.P.A.
          Corso G. Agnelli, 200 - 10135 Torino
          Phone: +39 011 003 11 11
          Fax: +39 011 003 75 91
          Web site: http://www.fiat.com
          Contact:
          H. Demel, C.E.O.


FIAT SPA: Debt Conversion Successful
------------------------------------
Fiat S.p.A.'s conversion of EUR3 billion bank debt into shares
was supported well by banks, according to La Stampa.
Sanpaolo-IMI affirmed it is keeping its shareholding in the
company.  UniCredit, meanwhile, is not ruling out divesting its
holding.

The Agnelli family maintained its 30% control of the company by
buying 10.27% of the group's capital from the Luxembourg holding
company Exor.

S&P said the conversion is very favorable for Fiat's credit
quality.  It will wipe out EUR3 billion of financial debt at the
industrial level and materially decreases the group's interest
burden.  In August, it revised its outlook on Italy-based
automaker Fiat S.p.A. to stable from negative.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term and 'B' short-term
corporate credit ratings on the group.

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

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


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


EKO-MOTOR: Gives Creditors Until November to File Claims
--------------------------------------------------------
LLC Eko-Motor, which recently became insolvent, will accept
proofs of claim at Bishkek, Den-Syaopina Str. 345 until November
7, 2005.

CONTACT:  EKO-MOTOR
          Bishkek,
          Den-Syaopina Str. 345


JANAR: Shareholders Meeting Set Next Month
------------------------------------------
The liquidation commission of JSC Janar will hold a shareholders
general meeting on October 7, 2005, 10:00 a.m. at Bishkek,
VPZ -1, Corporation JSC Janar.

Agenda:

(a) Report of the liquidation commission's chairman;

(b) Approval of liquidation accounts;

(c) Others

Call (312) 63-00-23 for more information.


KURULUSH BUILDING: Proofs of Claim Deadline November 7
------------------------------------------------------
LLC Kurulush Building, which recently became insolvent, will
accept proofs of claim at Free Economic Zone Bishkek, Ak-Chee
until November 7, 2005.

CONTACT:  KURULUSH BUILDING
          Free Economic Zone Bishkek,
          Ak-Chee


MUNARAKURULUSH: Shareholders Decide to Liquidate Company
--------------------------------------------------------
The shareholders of Munarakurulush, following a general meeting
on August 23, 2005, decided to liquidate the joint stock company.
Proofs of claim will be accepted at Naryn, Sovetskaya Str. 119,
until November 10, 2005.  Call (3522) 2-42-39 for more
information.


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


THIEL LOGISTIK: Restructures Management of Holding Firm
-------------------------------------------------------
In agreement with DELTON AG, the Board of Directors of Thiel
Logistik AG has resolved on a new management structure for the
corporate holding, whereby the Board of Directors -- in
accordance with Luxembourg company law and in keeping with the
company statutes -- has been reorganized to be the sole
management body of the Group.

The former Executive Board, which was not appointed as a
corporate law requirement, has been dismantled.

The Board of Directors consists of the executive members Mr.
Berndt-Michael Winter and Dr. Antonius Wagner (Chairman and
Deputy Chairman respectively, both previously non-executive
members), Mr. Stefan Delacher (previously a member of the
Executive Board), Mr. Klaus Hrazdira (Chairman of Quehenberger
Logistik AG & Co. KG, a Thiel Group company) as a future member,
and, as before, the non-executive members Prof. Dr. Werner
Delfmann and Dr. Yves Prussen.  Mr. Klaus Hrazdira, who cannot be
elected to the Board of Directors until the Annual Shareholders
Meeting in April 2006, will be included with immediate effect in
all the Board of Directors' consultation and decision-making
processes.

The management structure now adopted positions the Thiel Group to
handle the three key challenges it faces: improving operating
performance, strengthening management capacities in the Group's
operating companies and creating a Group structure that can fully
exploit the performance potentials existing within the Thiel
Group.

           Report of Mr. Berndt-Michael Winter, Chairman

We will steer the Thiel Group towards a profitability level
matching market standards.  In addition, we will achieve the
right balance between a decentralized structure of
responsibilities on the one hand and the pooling of specialized
logistics expertise and administrative functions on the other.
The imminent arrangement of the future structures demands the
maximum efficiency and confidence within the top management team,
and so we have given preference to making appointments to key
management positions from within the company over external
appointments.  We will ensure that the strategy of the Group,
which is recognized as being the right one, is continued and that
it will be achieved on a solid and sustainable foundation."
An Executive Committee, formed by the executive members within
the Board of Directors, is responsible for the operating
functions.  Mr. Berndt-Michael Winter is its Chairman; Dr.
Antonius Wagner is responsible for the financial functions and
Mr. Stefan Delacher is looking after the Industry Solutions and
Air & Ocean segments.  Mr. Klaus Hrazdira is responsible for the
Regional Logistics Services segment.

The Supervisory Board of DELTON AG has given its approval for
DELTON's board members Mr. Berndt-Michael Winter and Dr. Antonius
Wagner to take over the additional executive management duties.

          Report of Mr. Stefan Quandt, Deputy Chairman

This new management structure demonstrates DELTON's commitment to
its entrepreneurial responsibility as the majority shareholder of
Thiel Logistik AG, and at the same time to its core business area
of logistics.  The assumption of executive responsibility within
Thiel Logistik AG by Mr. Winter and Dr. Wagner, both of whom will
remain members of the Management Board of DELTON, ensures
DELTON's right to shape strategic decisions according to its
majority shareholding.

There are no plans to increase or decrease DELTON's shareholding
in Thiel Logistik AG.

Thiel Logistik AG of Grevenmacher, Luxembourg, develops complete
logistics and service solutions as an external partner for
industry and commerce.  In 2004, the Thiel Group achieved sales
of EUR1.7 billion and currently employs approximately 9,000
people in 44 countries.  With more than 446 locations on all
continents, Thiel Logistik operates in the major European markets
and in every important procurement and sales market worldwide.
The Group's business segments are Industry Solutions, Air & Ocean
with its focus on air and sea freight, and Regional Logistics
Services, whose areas of operation extend from Germany and the
Benelux countries via Austria and Switzerland to the countries of
Central and Eastern Europe.  The Industry Solutions comprise
Thiel Automotive, Thiel FashionLifestyle, Thiel Media and Thiel
Furniture.  Thiel Logistik AG ranks among the market leaders in
its business segments.  Thiel Logistik AG is listed on the Prime
Standard of the German Stock Exchange.  The principle shareholder
is DELTON AG, Bad Homburg, Germany, with 50.26 percent of the
share capital.

                            *   *   *

After a period net result of -EUR0.1 million in 2004, the Thiel
Group stated a net result of -EUR1.3 million for the first
quarter of fiscal year 2005.

After a deduction of the minority interest of EUR0.7 million
remains a negative result attributable to the shareholders of the
company of -EUR2.0 million.  Full copy of Thiel Logistics' first
quarter results is available at
http://bankrupt.com/misc/Thiel(1Q2005).pdf

In April, Moody's Investors Service changed the outlook for all
ratings of Thiel Logistik to Negative following a profits warning
and the announced departure of the CEO Mr. Klaus Eierhoff with
effect from 30 June 2005.  These ratings are assigned as
definitive ratings, however, recognizing the company's strong
cash position to weather the current one-time expenses, good
market positions and strong core business mix:

(a) Senior Implied Rating of B1,

(b) Guaranteed Senior Subordinated Notes due 2012 Rating of B3,

(c) Unsecured Issuer Rating of Caa1

CONTACT:  THIEL LOGISTIK AG
          Hans Dettmar
          Head of Corporate Communication
          Phone: 00352/719690-1360
          Fax: 00352/719690-1359
          E-mail: ir-info@thiel-logistik.com

          Tino Fritsch
          Head of Media Relations
          Phone: 00352/719690-1353
          Fax: 00352/719690-1359
          E-mail: presse-kontakt@thiel-logistik.com

          Susanne Prufer
          Head of Corporate Communications
          Phone: 0049/6172 404-385
          E-mail: s_pruefer@delton.de


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


ROYAL SHELL: Share Buyback Continues
------------------------------------
On 20 September 2005, Royal Dutch Shell plc purchased for
cancellation 2,370,000 'A' Shares at a price of EUR27.44 per
share.  It further purchased for cancellation 750,000 'A' Shares
at a price of 1,848.60 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,027,565,000.

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


===========
P O L A N D
===========


ELEKTRIM SA: Court Orders Buyback of Bonds Worth EUR471.4 Mln
-------------------------------------------------------------
The London public court ordered Elektrim S.A. on Sept. 14 to
immediately buy back EUR471.4 million of bonds for having broken
a restructuring agreement signed in 2002, Puls Biznesu reports.

Elektrim plans to appeal.  Replying to bondholders' pressure to
buy the bonds back, the company said it is still waiting for
explanation of the court's decision.  Zygmunt Solorz-Zak,
Elektrim's chairman and main shareholder, said he could pay back
the bonds when they come due on Dec. 15, 2005.

Elektrim S.A. is a public holding company quoted on the Warsaw
Stock Exchange since 1992.  Its most valuable assets are Elektrim
Telekomunikacja Sp. z o.o., and Elektrownia Patnow-Adamow-Konin
S.A.  Since 1999 Elektrim has implemented a far-reaching
restructuring program to improve its operational efficiency and
strengthen its position in the market.  It plans to concentrate
in two industries -- telecommunications and power.

CONTACT:  ELEKTRIM S.A.
          Panska 77/79
          00-834 Warszawa

          Public relations:
          Ewa Bojar
          Company Spokesman
          Phone: (+48 22) 432 89 55
          Fax:   (+48 22) 432 87 99
          E-mail: ewa_bojar@elektrim.pl

          Investor relations:
          Phone: (+48 22) 432 87 75
          Fax:   (+48 22) 432 87 99
          Web site: http://www.elektrim.pl


HELLENA SA: In Search of Rescuer
--------------------------------
The largest creditor of beverage maker Hellena S.A. is looking
for investments to help solve the company's financial problem,
according to the Polish News Bulletin.  Sovereign Capital is in
search for an investor that would take over the company's assets
and pay a PLN200 million debt.  Agros Nova had indicated interest
in the undertaking.

Hellena was established in 1991 by Zenon Sroczyn'ski.  The
company specializes in fruit and vegetable juices production,
carbonated and non-carbonated drinks and natural spring waters.
It is the biggest Polish soft drink manufacturer and continuously
extends its shares in the market.  It has become a joint stock
company since 1994.  The founder remains the major shareholder.
Barbara Mikoajczyk is chairman of the board.  Visit
http://www.hellena.com.pl/for more information.

CONTACT: HELLENA S.A.
         62-800 Kalisz 1
         P.O. Box 165
         Export Department
         Phone: +48 (62) 50-48-360
         Fax: +48 (62) 50-48-363
         E-mail: hellena@hellena.com.pl


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


BALEZINSKIY WOOD: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Balezinskiy Wood Processing Combine (TIN 1802019030).  The case
is docketed as A71-45/2005-G26.  Mr. N. Gulyashikh has been
appointed temporary insolvency manager.  Creditors may submit
their proofs of claim to 426004, Russia, Udmurtiya republic,
Izhevsk, Post User Box 910.

CONTACT:  BALEZINSKIY WOOD PROCESSING COMBINE
          427550, Russia, Udmurtiya republic,
          Balezino, Shkolnaya Str. 1

          Mr. N. Gulyashikh
          Temporary Insolvency Manager
          426004, Russia, Udmurtiya republic,
          Izhevsk, Post User Box 910


BKS: Claims Filing Period Ends Next Month
-----------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against BKS after finding the
close joint stock company insolvent.  The case is docketed as
A75-3318/2005.  Mr. A. Katkov has been appointed insolvency
manager.  Creditors have until October 13, 2005 to submit their
proofs of claim to 628600, Russia, Khanty-Mansiyskiy autonomous
region - Yugra, Nizhnevartovsk, Severanaya Str. 7a.

CONTACT:  BKS
          628600, Russia, Khanty-Mansiyskiy autonomous region -
          Yugra, Nizhnevartovsk, Severanaya Str. 7a

          Mr. A. Katkov
          Insolvency Manager
          628600, Russia, Khanty-Mansiyskiy autonomous region -
          Yugra, Nizhnevartovsk, Severanaya Str. 7a


CHAIN FACTORY: Court Brings in Insolvency Manager
-------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Chain Factory after finding the open joint
stock company insolvent.  The case is docketed as
A76-3602/05-60-7.  Mr. M. Lepin has been appointed insolvency
manager.

CONTACT:  CHAIN FACTORY
          Russia, Chelyabinsk region,
          Yuryuzan, Ostrovskogo Str. 2a

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


EGZ-WOODWORKING: Insolvency Manager Takes over Biz
--------------------------------------------------
The Arbitration Court of Udmutriya republic has commenced
bankruptcy supervision procedure on close joint stock company
Egz-Woodworking (TIN 1827017122).  The case is docketed as
A71-41/2005-G21.  Mr. A. Karelin has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to 426000, Russia, Udmutriya republic, Izhevsk, Karla Marksa Str.
432-142.

CONTACT:  EGZ-WOODWORKING
          Russia, Udmutriya republic,
          Sarapul, Elektrozavodksaya Str. 15

          Mr. A. Karelin
          Temporary Insolvency Manager
          426000, Russia, Udmutriya republic,
          Izhevsk, Karla Marksa Str. 432-142


EVRAZ GROUP: Signs Coalfield Joint Venture with Mitsui
------------------------------------------------------
Evraz Group S.A. has signed a joint venture agreement with Mitsui
& Co., Ltd., one of the world's largest mineral resources
companies, in respect of Denisovskoye coalfield, Yakutia, East
Siberia.

Under the terms of the joint venture agreement, and upon
completion of the transaction, Evraz will retain an ownership
interest of 70% in the project, while Mitsui will become a co
investor with 30%.  Completion of the transaction is subject to
certain terms in the joint venture agreement and is anticipated
to close by the end of 2005.

The Denisovskoye coalfield is now under development and it is
expected that production and shipments of coking coal will begin
in the second half of 2006.

According to estimates, extractable reserves are 70 million to 85
million tons of high-grade hard coking coal.  The project is
expected to reach its full production during 2008 and annual
production volume is anticipated to be in the region of 2.4
million tons of coking coal.  The joint venture project plans to
export all of the coking coal produced to steel mills in Asia,
especially Japan, taking advantage of favorable transport
infrastructure.

A spokesperson for Mitsui said: "After an extensive search for a
partner in Russia, we are pleased to be able to announce our
joint venture with Evraz.  Coal is one of Mitsui's core
businesses and we continue to seek opportunities to invest in the
development of coalfields worldwide and Russia is a priority for
us.  We look forward to mutual development of this project with
Evraz, Russia's leading steel and mining business."

Alexander Abramov, Chairman and Chief Executive of Evraz Group,
said: "We look forward to applying our strong track record of
successful mine development to this joint venture with Mitsui who
will provide significant input based on their expertise and
knowledge of the global coal market.  The high quality of coking
coal in the Denisovskoye field gives us a significant competitive
advantage for exports to the fast growing Asian and Japanese
markets.  This partnership fits well with one of Evraz's
strategic aims, to build a stand alone mining business."

                     About Evraz Group S.A.

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

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

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

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

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

                     About Mitsui & Co. Ltd.

Mitsui taps an expanding global network to access strategic
information and harness business engineering capabilities.  Its
main businesses include sales, manufacture, export/import,
international trade and services in the following fields: metal
products and minerals, machinery, electronics and information,
chemicals, energy, consumer products and services -- retail,
foods, textiles & fashion, general merchandise and various
services -- and financial markets and logistics & transportation.

Mitsui is also diversifying services, exploring for and
developing natural resources, making commercial investments,
developing technologies in new businesses and much more.

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


FACTORIYA: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous commenced
bankruptcy proceedings against Factoriya (TIN 8601006273) after
finding the open joint stock company insolvent.  The case is
docketed as A75-6580/2005.  Mr. Y. Zholudev has been appointed
insolvency manager.

CONTACT:  FACTORIYA
          628007, Russia, Khanty-Mansiyskiy autonomous region,
          Khanty-Mansiysk, Mira Str. 13

          Mr. Y. Zholudev
          Insolvency Manager
          628002, Russia, Khanty-Mansiyskiy autonomous region -
          Yugra, Khanty-Mansiysk, Gagarina Str. 10


GLAZOVSKAYA: Under Bankruptcy Supervision
-----------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on poultry farm Glazovskaya (TIN
1829015734).  The case is docketed as A71-100/2005-G2.  Mr. N.
Gulyashikh has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 426004, Russia,
Udmurtiya republic, Izhevsk, Post User Box 910.  A hearing will
take place on December 14, 2005, 2:30 p.m. at the Arbitration
Court of Udmurtiya republic at Russia, Izhevsk, Lomonosova Str.
5, Room 105.

CONTACT:  GLAZOVSKAYA
          Russia, Udmurtiya republic,
          Glazov, Udmurtskaya Str. 62

          Mr. N. Gulyashikh
          Temporary Insolvency Manager
          426004, Russia, Udmurtiya republic,
          Izhevsk, Post User Box 910


MAGADAN-OIL-PRODUCT: Hires K. Myrza Insolvency Manager
------------------------------------------------------
The Arbitration Court of Magadan region commenced bankruptcy
proceedings against Magadan-Oil-Product after finding the open
joint stock company insolvent.  The case is docketed as
A37-481/04-10B.  Mr. K. Myrza has been appointed insolvency
manager.  Creditors have until October 13, 2005 to submit their
proofs of claim to Russia, Magadan, Main Post Office, Post User
Box 58.

CONTACT:  MAGADAN-OIL-PRODUCT
          685000, Russia, Magadan region,
          Bilibina Str. 2

          Mr. K. Myrza
          Insolvency Manager
          Russia, Magadan region,
          Main Post Office, Post User Box 58


OAO GAZPROM: Selling Bonds to Fund Sibneft Purchase
---------------------------------------------------
OAO Gazprom plans to finance its purchase of a controlling stake
in oil company OAO Sibneft partly through a US$4.5 billion bonds
issuance in the coming year, Bloomberg News reports citing
unidentified bankers involved in the transaction.

ABN Amro Holding N.V. and Dresdner Kleinwort Wasserstein are
arranging a US$12 billion financing package, which includes a
US$4.5 billion bridge loan to be repaid by selling bonds, the
report said.  ABN and Dresdner has already agreed to underwrite
half of the USS$12 billion loan package.  Citigroup Inc., Credit
Suisse First Boston, Goldman Sachs Group Inc. and Morgan Stanley
were asked to help underwrite and arrange the Gazprom loan.

The transaction potentially stands to become the biggest-ever
emerging market corporate bond, breaking Gazprom's record US$1.75
billion issue in February 2003, according to Bloomberg data.
They will probably be sold next year.  Gazprom Deputy Chief
Executive Alexander Medvedev said his company may buy Sibneft by
year's end.

Gazprom's senior unsecured debt is rated Baa2 by Moody's;
Standard & Poor's rates the company's debt BB-.   Fitch rates
Gazprom 'BB+'/Stable.  It said it will carefully monitor
developments surrounding a possible takeover of Sibneft.

Jeffrey Woodruff, Director in Fitch's Energy Team, said:
"Acquiring Sibneft fits in with the company's strategy of
diversifying operations into crude oil production and achieving
the stated goal of becoming Russia's flagship energy company
intent on competing with major western oil companies."

Gazprom is the world's biggest natural-gas producer.  Sibneft is
Russia's fifth-biggest oil producer.

CONTACT:  OAO GAZPROM
          16 Nametkina
          117997 Moscow, V-420,
          Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru

          OAO SIBERIAN OIL
          Sadovnicheskaya St. 4, 115035 Moscow, Russia
          Phone: +7-095-777-3152
          Fax: +7-095-777-3151


SALAVATSKIY FOOD: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Salavatskiy Food Combine (TIN 0266012149, OGRN 1020201997114).
The case is docketed as A07-16538/05-A-PAV.  Mr. R.
Shaymukhametov has been appointed temporary insolvency manager.

CONTACT:  SALAVATSKIY FOOD COMBINE
          453261, Russia, Bashkortostan republic,
          Salavat, Zelenaya Str. 1

          Mr. R. Shaymukhametov
          Temporary Insolvency Manager
          450001, Russia, Bashkortostan republic,
          Ufa, Oktyabrya Str. 15/1, Apartment 57


SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set December
-------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Sel-Khoz-Khimiya.  The case is docketed as A12-16636/05-s49.  Mr.
E. Savchenko has been appointed temporary insolvency manager.  A
hearing will take place on December 27, 2005, 10:00 a.m.

CONTACT:  SEL-KHOZ-KHIMIYA
          Russia, Volgograd region,
          Kotovo, Kalinina Str. 116

          Mr. E. Savchenko
          Temporary Insolvency Manager
          400039, Russia, Volgograd region,
          Post User Box 3195
          Phone/Fax: (8442) 75-51-92


SERYSHEVSKIY ELEVATOR: Declared Insolvent
-----------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Seryshevskiy Elevator (TIN 2824001045) after
finding the open joint stock company insolvent.  The case is
docketed as A04-1215/05-6/135 "B".  Mr. G. Shirokopoyas has been
appointed insolvency manager.  Creditors have until October 13,
2005 to submit their proofs of claim to 628400, Russia,
Khanty-Mansiyskiy autonomous region, Surgut, Aeroflotskaya Str.
5.

CONTACT:  SERYSHEVSKIY ELEVATOR
          676355, Russia, Amur region,
          Seryshevo, Litvinenko Per. 9

          Mr. G. Shirokopoyas
          Insolvency Manager
          Russia, Amur region,
          Seryshevo, Chkalova Str. 7
          Phone/Fax: 41642-22-1-33


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


CONCORDIA BUS: To Unveil Second-quarter Results Next Week
---------------------------------------------------------
Concordia Bus Nordic Holding AB will announce its Q2 FY2006
results Monday Sept. 26.  Quarterly report and presentation will
be available to download from http://www.concordiabus.comafter
12 a.m. U.K. time Sept. 26.  The call will also include a Q&A
session.

The telephone details are:

Time and date: 26 of September 2005 at 16.00 (CET, Swedish time)
3 p.m. (U.K. time) and 10:00 (NY, U.S.A. time)
Duration: 120 minutes

Bridge numbers:
U.K.: +44(0)20 7162 0081
U.S.A.: +1 334 323 6201
Sweden: +46(0)8 505 201 10

(Note for local Connect dial-in-numbers- you must always dial the
area code to enter the conference)

Action replay numbers:
U.K.: +44(0)20 7031 4064, access code: 676323
U.S.A.: +1 954 334 0342, access code: 676323
Sweden: +46(0)8 505 203 33, access code: 676323

                        About the Company

Concordia Bus operates bus systems under contracts with public
transportation authorities in Sweden (through Swebus), Norway
(through SBC), and Finland (through Concordia Finland).  It has
9,000 employees annual revenue of SEK4,813 million (preliminary
full year group profit and loss ending Feb. 28, 2005), and total
net assets of SEK2,852 million.

                           The Trouble

Concordia Bus AB has failed to pay the interest coupon on its
EUR160 million ($202 million) subordinated notes.  Its
restructuring became effective July 28.  It envisages the
reduction of the face amount of all the Subordinated Notes from
100% to 25%.  It also includes third-party tender offer, a
revised consent solicitation by Nordic, the borrowing of EUR25
million bridge facility and EUR45 million mezzanine facility, and
change of control offer by certain members of the Subordinated Ad
Hoc Committee.

Company profile is available at
http://bankrupt.com/misc/Concordia_Profile.htm

CONTACT:  ALVAREZ & MARSAL (EUROPE) LIMITED
          Financial advisers to Concordia Bus Nordic AB
          5th Floor
          One Canada Square
          London E14 5AA
          Contact: Tony Alvarez III
          Phone: +44 (0) 207 715 5200
          E-mail: TAlvarezIII@alvarezandmarsal.com

          CONCORDIA BUS NORDIC AB
          Contact:
          Ragnar Norback
          Phone: +46(0)854630141, +46(0)701871040
          Per Skargard
          Phone: +46(0)854630021

          GAVIN ANDERSON & COMPANY
          Richard Constant/Candace Carpenter
          Phone: +44(0)207.554.1400


SKANDIA INSURANCE: Old Mutual Unveils Plans for Skandia Liv
-----------------------------------------------------------
This announcement and the information contained herein are
restricted and are not for release, publication or distribution,
in whole or in part, in or into the United States, Canada,
Australia or Japan.

Old Mutual has publicly confirmed its intentions around the
mutual company Skandia Liv, given the proposed acquisition of
Skandia by Old Mutual.

Old Mutual has confirmed that Skandia Liv will remain a mutual
company.  Old Mutual is committed to maintaining the existing
governance structure of Skandia Liv within which Skandia Liv has
a separate and independent Board from Skandia.  Investment
strategy and investment policy decisions will continue to be made
by the Board and Investment Committee of Skandia Liv with their
clients' best interests in mind.

Old Mutual is very satisfied with and supportive of the current
governance arrangements and sees no need for alterations to be
made.  These commitments will be reflected in Old Mutual's
prospectus.

                            *   *   *

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

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

Mr. Sutcliffe is positive about Old Mutual gaining the necessary
backing as talks with its major shareholders are ongoing,
stressing that "people have warmed to it since May."

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

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

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

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

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


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


BAHMACHMYASOKOMBINAT: Creditors' Claims Due Next Week
-----------------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
supervision procedure against OJSC Bahmachmyasokombinat (code
EDRPOU 14236893) on August 16, 2005.  The case is docketed as
4/257 B.  Mr. Sergij Bulichov (License Number AA 315497) has been
appointed temporary insolvency manager.  The company holds
account number 2600201761012 at OJSC Ukreximbank, Chernigiv
branch, MFO 353348.

Creditors have until September 25, 2005 to submit their proofs of
claim to:

(a) BAHMACHMYASOKOMBINAT
    16500, Ukraine, Chernigiv region,
    Bahmach, Petrovskij Str. 64

(b) Mr. Sergij Bulichov
    Temporary Insolvency Manager
    Ukraine, Chernigiv region,
    Nizhin, B. Hmelnitskij Str. 20/16
    Phone: (04631) 2-20-71

(c) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue 20


BILOGIRSK' AUTO 14331: Succumbs to Bankruptcy
---------------------------------------------
The Economic Court of AR Krym region has commenced bankruptcy
supervision procedure against OJSC Bilogirsk' Auto Transport
Enterprise 14331.  The case is docketed as 2-8/8819/2005.  Mr.
Volodimir Yablonskij (License Number AA 216940) has been
appointed temporary insolvency manager.

Creditors have until September 25, 2005 to submit their proofs of
claim to:

(a) BILOGIRSK' AUTO TRANSPORT ENTERPRISE 14331
    97600, Ukraine, AR Krym region,
    Bilogirsk, Industrialna Str. 2

(b) Mr. Volodimir Yablonskij
    Temporary Insolvency Manager
    Ukraine, AR Krym region,
    Simferopol, Lermontov Str. 18/68

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




GRAAL: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure against LLC Commercial House Graal (code
EDRPOU 24943120).  The case is docketed as 15/563 b.  Mr. Letskan
Vyacheslav (License Number AA 419239) has been appointed
temporary insolvency manager.  The company holds account number
26005734 at JSPPB Aval, Kyiv region branch, MFO 300335.

Creditors have until September 25, 2005 to submit their proofs of
claim to:

(a) GRAAL
    03022, Ukraine, Kyiv region,
    Zhukovskij Str. 13/16

(b) Mr. Letskan Vyacheslav
    Temporary Insolvency Manager
    03057, Ukraine, Kyiv region, Dovzhenko Str. 16-v/42

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


HOLMI' ALCOHOL: Bankruptcy Supervision Starts
---------------------------------------------
The Economic Court of Chernigiv region has commenced bankruptcy
supervision procedure against State Enterprise Holmi' Alcohol
Plant (code EDRPOU 00375314).  The case is docketed as 9/203 b.
Mr. Pchelintseva Irina (License Number AB 216733) has been
appointed temporary insolvency manager.  The company holds
account number 26006935054695 at JSCB Ukrsocbank, Chernigiv
branch, MFO 353014.

Creditors have until September 25, 2005 to submit their proofs of
claim to:

(a) HOLMI' ALCOHOL PLANT
    15331, Ukraine, Chernigiv region,
    Korukivskij district, Holmi, Lenin Str. 98

(b) Mr. Pchelintseva Irina
    Temporary Insolvency Manager
    14000, Ukraine, Chernigiv region, Shors Str. 10/48
    Phone: 17-64-34

(c) ECONOMIC COURT OF CHERNIGIV REGION
    14000, Ukraine, Chernigiv region,
    Miru Avenue 20


SINELNIKOVE' BREAD: Under Bankruptcy Supervision
------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure against OJSC SINELNIKOVE' BREAD PLANT (code
EDRPOU 00381367) on August 4, 2005.  The case is docketed as B
29/105/05.  Mr. Yevgen Shevtsov (License Number AB 216778) has
been appointed temporary insolvency manager.

Creditors have until September 25, 2005 to submit their proofs of
claim to:

(a) SINELNIKOVE' BREAD PLANT
    52500, Ukraine, Dnipropetrovsk region,
    Sinelnikove, Kosmichna Str. 1

(b) Mr. Yevgen Shevtsov
    Temporary Insolvency Manager
    49069, Ukraine, Dnipropetrovsk region, a/b 3925

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


TRANSKOM: Gives Creditors Until Next Week to File Claims
--------------------------------------------------------
The Economic Court of Odessa region commenced bankruptcy
supervision procedure against CJSC Transkom (code EDRPOU
21035988) on July 5, 2005.  The case is docketed as
32/140-05-6360.  Ms. Safronova Svitlana (License Number AA
783026) has been appointed temporary insolvency manager.  The
company holds account number 26003300010901 at
Innovational-commercial bank NPK-Bank, branch 8, MFO 328975.

Creditors have until September 25, 2005 to submit their proofs of
claim to:

(a) TRANSKOM
    65039, Ukraine, Odessa region,
    Fontanska doroga Str. 2/36

(b) Ms. Safronova Svitlana
    Temporary Insolvency Manager
    65012, Ukraine, Odessa region,
    Rishelyevska Str. 74/1

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


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


ACORN SPORTS: Calls in Administrators from KPMG
-----------------------------------------------
Brian Green and Paul Andrew Flint (IP Nos 8709 and 9075) of KPMG
LLP were appointed administrators of Acorn Sports & Leisure (UK)
Ltd. (Company No 04302051) on Sept. 7.  The company has an annual
turnover of GBP6 million.  It wholesales bicycles and accessories
including brands like Acorn, Axcs and Concept 2.  It has
approximately 25 employees.  For more information, contact KPMG
LLP, St James' Square, Manchester M2 6DS.

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


APPLE MORTGAGES: Hires Liquidator from Bennett Verby
----------------------------------------------------
J. Bandey, Chairman of Apple Mortgages Direct Limited, informs
that a special resolution to wind up the company was passed at an
EGM held on Sept. 7 at the St. Petersgate, Stockport, Cheshire
SK1 1EB.  Vincent A. Simmons of Bennett Verby, St Petersgate,
Stockport, Cheshire SK1 1EB was appointed liquidator.

Apple Mortgages Direct Ltd. specializes in mortgage brokers and
packagers.  It was established before the end of the last
century.  The company's interests had span both commercial and
residential markets.  Visit http://www.applemortgages.co.uk/for
more information.

CONTACT:  APPLE MORTGAGES DIRECT LTD.
          Europa 67, Bird Hall Lane,
          Stockport, SK3 0XA
          Phone: 0161 428 2111
          Fax: 0161 428 9211
          E-mail: big@pple.uk.com

          BENNETT VERBY
          7 St Petersgate
          Stockport
          Cheshire SK1 1EB
          Phone: 0161 477 9345
          Fax: 0161 429 7224
          E-mail: v.simmons@bennettverby.co.uk


ASTON CORD: Files for Liquidation
---------------------------------
Aston Cord Limited informs that a resolution to wind up the
company was passed at an EGM held on Sept. 9 at 21-23 Station
Road, Gerrards Cross, Buckinghamshire SL9 8ES.  Helen Timothe
Phillips of 21-23 Station Road, Gerrards Cross, Buckinghamshire
SL9 8ES was appointed liquidator.

CONTACT:  ASTON CORD (BATHROOMS) LTD.
          189 Lower Richmond Road
          Richmond
          Surrey
          Tw9 4LN
          Phone: 0208 878 7502
          Fax: 01932 787 169
          Web site: http://www.aston-cord.co.uk/


AXA SIGNMAKERS: EGM Passes Winding-up Resolution
------------------------------------------------
G. E. A. Bowra, Chairman of Axa Signmakers Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Sept. 9 at Comfort Inn, Vistoria Parade, Ramsgate, Kent CT11 8DT.
Ruth Duncan of Maxwell Davies, 16 Caring Lane, Maidstone, Kent
ME14 4NJ was appointed liquidator.

CONTACT:  AXA SIGNMAKERS LIMITED
          18 Leigh Rd
          Ramsgate
          Kent
          CT12 5EU
          United Kingdom
          Phone: (01843) 598800
          Fax: (01843) 597770
          Web site: http://www.axasigns.co.uk


BEST BUY: Appoints Begbies Traynor Administrator
------------------------------------------------
Rob Sadler (IP No 9172) and Gary Lee (IP No 9204) of Begbies
Traynor were appointed administrators of Best Buy Today
(Wholesale) Limited on Sept. 9.  The company's registered office
is at 37 Micklegate, Selby, North Yorkshire YO8 4EA.  Best Buy
Today sells electric household goods.

CONTACT:  BEGBIES TRAYNOR
          30 Park Cross Street,
          Leeds LS1 2QH
          Web site: http://www.begbies.com

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


BJ SERVICES: Liquidators from Robson Rhodes Move in
---------------------------------------------------
Company Names: BJ Services International Limited
               BJ Process & Pipeline Services Limited
               McKenna And Sullivan Limited
               OSCA UK Limited

The chairman of these companies informs that the special,
ordinary and extraordinary resolutions to wind up these companies
were passed.  Geoffrey Park Rowley and Adrian Gerald Paul Howlett
of RSM Robson Rhodes LLP, 186 City Road, London EC1N 2NU were
appointed joint liquidators.

CONTACT:  B J SERVICES CO (UK) LTD.
          Badentoy Avenue, Badentoy Industrial Estate,
          Aberdeen, Aberdeenshire AB12 4YB
          Phone: 01224401401

          OSCA UK LTD.
          2nd Floor Ocean Spirit House Prospect Point
          33 Waterloo Quay
          Aberdeen AB11 5BS
          Phone: 01224 210310
          Fax: 01224 212161
          Web site: http://www.osca.com/

          RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


BRIDGEND TIMBER: Creditors Meeting Set Next Week
------------------------------------------------
Company Names: Bridgend Timber Products Limited
               Cambria Mobel Limited
               Christie-Tyler South Wales West Division Limited
               Christie-Tyler Limited
               C.T. Distribution Limited
               Deeside Furniture Limited
               EARLYBIRD FURNITURE LIMITED
               HMTF FURNITURE LIMITED
               LEBUS FURNITURE LIMITED

Notice is hereby given, pursuant to section 48 of the Insolvency
Act 1986, that a Meeting of the Creditors of the above-named
Companies will be held at Tower Thistle Hotel, Tower Suite 1, St
Katherine's Way, London E1W 1LD, on Wednesday 28 September 2005,
at 10:30 a.m., to receive the report of the Joint Administrative
Receivers and to decide if Committees of Creditors should be
appointed.  Creditors whose claims are wholly secured are not
entitled to attend or to be represented at the Meeting. Please
note the following if you intend to vote at the Meeting, a
written statement of claim must be lodged with the Administrative
Receivers by 12:00 noon on the business day before the Meeting at
Ernst & Young LLP, 1 More London Place, London SE1 2AF.  A proxy
form is available and this must be completed and lodged with the
Administrative Receivers before the Meeting.  Copies of the
report may be obtained from http://www.ctinfo.co.ukor on written
request from the undersigned at 1 More London Place, London SE1
2AF.

M D Rollings, Joint Administrative Receiver

CONTACT:  CAMBRIA MOBEL LTD.
          Unit A11
          Treforest Industrial Estate
          Pontypridd CF37 5YH
          Mid Glamorgan
          Phone: 01443 843621
          Fax: 01443 841003

          CHRISTIE-TYLER LTD.
          Abertaroo Road
          Brynmenyn, Bridgend CF32 9LN
          Phone: 01656 726200
          Fax: 01656 726233

          DEESIDE FURNITURE LTD.
          Bagillt Rd
          Holywell
          Flintshire CH8 7FF
          Phone: +4401 352714131
          Fax: +4401 352710959

          EARLYBIRD FURNITURE LIMITED
          Unit 10
          Hartlebury Trading Estate
          Kidderminster
          Worcestershire DY10 4JB
          Phone: 01299 251 033
          Fax: 01299 251 036

          H M T F FURNITURE GROUP LTD.
          Abergarw Road, Brynmenyn,
          Bridgend, Mid Glamorgan CF32 9LN
          Phone: 01656721367

          LEBUS FURNITURE LTD.
          Unit 2, Dunlop Way
          Queensway Industrial Estate
          Scunthorpe DN16 3RN
          Humberside
          Phone: 01724 281381
          Fax: 01724 849630

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


BRITISH ENERGY: Profit Up GBP6 Million Under IFRS
-------------------------------------------------
British Energy Group plc has adopted International Financial
Reporting Standards (IFRS) with effect from 1 April 2005 for
reporting its group consolidated financial results and financial
position.

Accordingly, the Group will discontinue financial reporting in
accordance with United Kingdom Generally Accepted Accounting
Principles (U.K. GAAP) with effect from that date.  The first
financial results to be published under IFRS will be for the
quarter ended 3 July 2005, which is intended to be published on
28 September 2005.

As permitted by IFRS 1 "First time Adoption of International
Financial Reporting Standards" the restatement of results for the
period ended 31 March 2005 under IFRS does not incorporate the
impact of IAS 32 "Financial Instruments: Disclosure and
Presentation" and IAS 39 "Financial Instruments: Recognition and
Measurement."  These standards will be applied prospectively with
effect from 1 April 2005 and details of the Group's IAS 32 and
IAS 39 opening position as at 1 April 2005 is presented within
this restatement.

BEG plc acquired British Energy plc and its subsidiaries on the
Restructuring Effective Date (RED) 14 January 2005.  BEG plc was
incorporated on 2 July 2004 and the results presented in the
accompanying restatement cover the period from that date to 31
March 2005.   The BEG plc incorporation date was the date of
transition to IFRS; however, BEG plc did not trade from 2 July
2004 until RED.  The consolidated results for BEG plc are
therefore for a two and a half month trading period from RED to
31 March 2005.

The transition to IFRS at 2 July 2004 had no effect on the equity
recorded by BEG plc at that date.  The restatement includes an
analysis of the impact of IFRS restatements on the net assets
acquired at RED to explain the impact of IFRS on the recognition,
measurement and presentation of the assets and liabilities, which
were acquired at that date.

The Group has issued the accompanying restatement to present its
consolidated results for the period ended 31 March 2005 restated
from U.K. GAAP to IFRS, on an unaudited basis, for IFRS
comparative purposes.

Highlights

The restatement explains how the change from U.K. GAAP to IFRS
affects the Group's reported results and financial position.  It
is important to note that the transition to IFRS represents a
change in accounting basis only and has no impact on the Group's
underlying cash flows, commercial decision making or management
of commodity and treasury risks, including hedging strategies.

The change of basis of accounting to IFRS had the following
impact on the Group's previously reported U.K. GAAP results for
the period ended 31 March 2005:

(a) no change to earnings before interest, income taxes,
    depreciation and amortization (EBITDA);

(b) profit before taxation was restated at GBP60 million, an
    increase of GBP6 million;

(c) basic earnings per share increased by 1.1 pence per share;

(d) net assets increased by GBP6 million to GBP1,621 million at
    31 March 2005; and

(e) net debt under IFRS was unchanged.

The principal accounting changes arising for the period ended 31
March 2005, following introduction of IFRS, were in the following
areas:

(a) IFRS 3 Business Combinations - goodwill is no longer
    amortized but is subject to annual impairment testing;

(b) IAS 19 Employee Benefits - defined benefit scheme assets
    held in securities are measured at bid prices and scheme
    liabilities include a death in service reserve calculated on
    a different basis to U.K. GAAP; and

(c) IAS 12 Income Taxes - change in basis of measurement of
    deferred taxation.

The Group applied acquisition accounting rules at RED and
recognized a net provision for commodity contracts, which
amounted to GBP250 million at 31 March 2005 under both U.K. GAAP
and IFRS.  IAS 32 and IAS 39 rules for accounting for financial
instruments were adopted with effect from 1 April 2005.
Implementation of these standards increased the net commodity
provisions by GBP22 million, bringing the total to GBP272 million
of which GBP238 million is outside the scope of IAS 39 as it
relates to "own use" contracts and will continue to be unwound
over the lives of the related contracts.  After deferred tax
adjustments, Group net assets decreased by GBP15 million
following implementation of IAS 32 and IAS 39.

                            *   *   *

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

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

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


BUZZ RECRUITMENT: Calls in Liquidator
-------------------------------------
P. Cole, Chairman of Buzz Recruitment & Security Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 9 at Fergusson House, 124-128 City Road, London
EC1V 2NJ.  C. M. Iacovides of Jeffreys Henry Jacobs, 124-128 City
Road, London EC1V 2NJ was appointed liquidator.

Buzz Recruitment is a local provider of Security Services and
general staffing for hospitals, hotels, offices and industrial
sites in the City of London and throughout Essex.

CONTACT:  BUZZ RECRUITMENT AND SECURITY
          Trocall House
          Wakering Road
          Barking
          IG11 8PD
          Essex
          Phone: 020 8252 1453
          Fax: 020 8507 9066
          Web site: http://www.buzzrecruitmentandsecurity.co.uk

          JEFFREYS HENRY JACOBS
          124-128 City Road, London EC1V 2NJ
          Phone: 020 7670 9010
          Fax: 020 7670 9011
          Web site: http://www.jhj.co.uk


CENTER PARCS: Stays Cautiously Positive for the Full Year
---------------------------------------------------------
Center Parcs (U.K.) Group plc held Wednesday its Annual General
Meeting.

              Statement of Chairman Martin Robinson

As we said at the time of our preliminary results, the year to 21
April 2005 was strategically an important one for Center Parcs.
It was the first full year we traded as a listed company; we
undertook major development work at our four villages; we
acquired Chapel Spa and we announced a 5th village site, for
which we submitted a planning application in June.  Planning has
since progressed and we expect to have a further update on the
planning process before the end of the year.

More recently, turnover grew by 5.6% in the first 20 weeks of the
financial year and profitability is in line with our
expectations.  Forward bookings are in line with expectations and
we remain cautiously optimistic for the full year.

                        About the Company

Based in the United Kingdom, Center Parcs operates short break
holiday villages in Sherwood Forest (Nottinghamshire), Longleat
Forest (Wiltshire), Elveden Forest (Suffolk) and Whinfell Forest
(Cumbria).  It has more than 5,000 employees, and an annual
turnover of GBP229.64 million.

In July, the company revealed underlying trading for the year was
robust, but was impacted by a number of specific factors
including a weaker than expected first quarter; Christmas
scheduling issues; and higher than expected energy cost
inflation.

Action has been taken to minimize these impacts in the future.
For example, energy costs have been locked in for the next 18
months and a new program is in place for peak period scheduling
and marketing.  For only the second time in its history, one of
the villages had to be closed following power losses caused by
exceptionally severe weather conditions.  However, risk
management procedures and power backup arrangements allowed it to
reopen the site within two days.

Work was also underway on two key aspects of funding for the
Group:

(a) GBP52.5 million loan notes: these have a fixed coupon of
    6.5% until January 2007 and an amortization payment schedule
    beginning in FY07 with a sum of GBP7.5 million.  The Board
    has been reviewing the refinancing options for this part
    of the funding structure.

(b) funding for the 5th site: a range of funding models were
    under review.  The preferred funding route will be developed
    in due course to meet the likely timetable for the planning
    process and further updates will be provided as appropriate.

CONTACT:  CENTER PARCS (U.K.) GROUP PLC
          One Edison Rise
          New Ollerton
          Newark, Nottinghamshire
          NG22 9DP
          United Kingdom
          Phone: 0870 067 3000
          Fax: 0870 067 3099
          E-mail: shareholderservices@centerparcs.co.uk


COLT TELECOM: To Redeem 2006 Convertible Notes Next Month
---------------------------------------------------------
COLT Telecom Group plc has given notice of the redemption of all
of the outstanding 2% Senior Convertible Notes due 2006.  The
redemption will be at the principal amount of the Notes
(EUR166,549,000) plus accreted and accrued interest and will be
funded out of COLT's cash and liquid resources.  The aggregate
amount payable will be approximately GBP132.5 million.  The
redemption will take place on 21 October 2005.

Tony Bates, Chief Administrative and Financial Officer, said:
"The early redemption of these Notes reflects the Board's
confidence in the financial strength of COLT.  We are firmly on
track to be free cash flow positive for the second half of the
year and thereafter on a sustainable annual basis."

The early redemption of these Notes will save approximately
GBP1.25 million of net interest between now and the normal
maturity date of the Notes of 29 March 2006.

The early redemption of these Notes brings the total amount spent
by COLT on redeeming or buying back bonds to more than GBP560
million since October 2004.

                        About the Company

COLT is a leading European provider of business communications.
COLT specializes in providing data, voice and managed services to
midsize and major businesses and wholesale customers.  It has
more than 50,000 customers across all industry sectors.  COLT
owns and operates a 13-country, 20,000km network that includes
metropolitan area networks in 32 major European cities with
direct fiber connections into 10,000 buildings and 13 COLT data
centers.

COLT Telecom Group plc is listed on the London Stock Exchange
(CTM.L) and NASDAQ (COLT).

In July, the company said it continued to make progress in the
implementation of its strategic plan, even though market
conditions remained challenging.  Its financial position
continues to be strong with cash and cash equivalents of
GBP335.9 million at the end of the quarter.

CONTACT:  COLT TELECOM GROUP PLC
          Web site: http://www.colt.net

          John Doherty
          Director Corporate Communications
          E-mail: jdoherty@colt.net
          Phone: +44 (0) 20 7390 3681

          Gill Maclean
          Head of Corporate Communications
          E-mail: gill.maclean@colt.net
          Phone: +44 (0) 20 7863 5314

          Henny Valder
          COLT
          Phone: + 44 (0) 20 7947 1610
          E-mail: henny.valder@colt.net


E-MOTIONAL LIMITED: Hires Administrators from Geoffrey Martin
-------------------------------------------------------------
Stephen Goderski (IP No 8731) and Geoffrey Martin (IP No 002207)
of Geoffrey Martin were appointed administrators of mailing house
E-Motional Limited (Company No 04601045) on Sept. 9.  The
company's registered office is at Geoffrey Martin & Co., 7-8
Conduit Street, London W1S 2XF.

CONTACT:  GEOFFREY MARTIN & CO.
          7-8 Conduit Street
          London W1S 2XF
          Phone: 020 7495 1100
          Fax: 020 7495 1144
          E-mail: stephen.goderski@geoffreymartin.co.uk

          GEOFFREY MARTIN & CO.
          St. James's House
          28 Park Place
          Leeds
          West Yorkshire LS1 2SP
          Phone: 0113 244 5141
          Fax: 0113 242 3851
          E-mail: geoffrey.martin@geoffreymartin.co.uk


ENERGYWIZE LIMITED: Names Mazars Liquidator
-------------------------------------------
S. Dargonne, Chairman of Energywize Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 6 at Ardington Hotel, 30-38 Steyne Gardens, Worthing, West
Sussex.

Lucinda Ann Field and Timothy Colin Hamilton Ball both of Mazars
LLP, of 37 Frederick Place, Brighton BN1 4EA were appointed Joint
Liquidators.

Energywize is committed to providing low cost, effective, energy
saving products, which will enable customers to save money on
their gas and electric bills.  Visit
http://www.energy-wize.co.uk/for more information.

CONTACT:  ENERGYWIZE LIMITED
          27 Tarring Road, Worthing, West Sussex
          BN11 4HE
          Phone: 0800 542 4187
          E-mail:  energy_wize@hotmail.com

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


EQUITABLE LIFE: Drops Damage Suit vs. Ernst & Young
---------------------------------------------------
Equitable Life has called off its GBP700 million claim against
former auditor Ernst & Young, said The Scotsman.  The move has
reportedly left the insurer with legal costs of GBP30 million,
and irked policyholder groups.

Equitable Chairman Vanni Treves has reportedly expressed "sadness
and frustration" over the decision made in light of evidence it
will not win the case.  He said: "The outcome of the litigation
is deeply disappointing [but] I don't think 'apologize' is a word
I'd use.  The legal action cost policyholders GBP50 each. For
that I am sorry."

In July, the insurer dropped its GBP1.3 billion "lost sale" claim
from the original GBP2 billion case against E&Y.  The company
earlier claimed that if it had been advised of its true financial
condition in 1998, the board would have sold the company, earning
over GBP1 billion in the process.

The insurers' former directors, who are also being sued for
negligence and breach of fiduciary duty, said they would not have
opted for a sale.  Equitable will reportedly carry on with its
GBP1.7 billion lawsuit against them.

Meanwhile, lawyers representing Ernst & Young called the move
"the biggest climbdown in English legal history," said the
Evening Standard in another report.  Two months ago, the auditor
was quoted as saying: "The fact that four years into this process
and nearly half way through the trial, Equitable has abandoned
its GBP1.3 billion claim against (us) shows what a desperate
state their case is in."

The highly technical trial, which involved a number of witnesses
and lawyers, was started in April.  The GBP2 billion claim was
said to be the biggest ever filed against an auditing firm in the
U.K.

CONTACT:  THE EQUITABLE LIFE ASSURANCE SOCIETY
          Walton Street
          Aylesbury
          Buckinghamshire HP21 7QW
          United Kingdom
          Phone: +44-870-901-0052
          Web site: http://www.equitable.co.uk


FURNITURE ITALIA: Names Bond Partners Administrator
---------------------------------------------------
T Papanicola (IP No 005496) of Bond Partners LLP was appointed
administrator of Furniture Italia Limited (Company No 03399697)
on Sept. 9.  The company's registered office is at The Grange,
100 High Street, London N14 6TB.

CONTACT:  FURNITURE ITALIA LTD.
          Unit 7 Period Works,
          1 Lammas Road, London E10 7QT
          Phone: 020-8556-1221

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


GIBBONS REFRACTORIES: Shareholder Requests Liquidation
------------------------------------------------------
Purtain Limited, Shareholder of Gibbons Refractories Limited,
informs that resolutions to wind up the company were passed.

David Kenneth Duggins of Ernst & Young LLP, One Colmore Square,
Birmingham B4 6HQ and Patrick Joseph Brazzill, of Ernst & Young
LLP, 1 More London Place, London SE1 2AF were appointed Joint
Liquidators.

CONTACT:  GIBBONS REFRACTORIES LIMITED
          Coopers Bank Works, Coopers Bank Road, Brierley Hill
          West Midlands DY5 4TU
          Phone: 01384255141

          ERNST & YOUNG LLP
          No.1 Colmore Square
          Birmingham B4 6HQ
          Phone: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com


GREATSHAPE LEISURE: Administrators Take over Operations
-------------------------------------------------------
Kevin James Wilson Wilson Weir and Gregory Andrew Palfrey (IP Nos
9332, 9060) of Smith & Williamson Limited were appointed
administrators of Greatshape Leisure Limited (Company No
03936273) on Sept. 9.  The company offers recreational services.

CONTACT:  SMITH & WILLIAMSON LIMITED
          Notebeme House
          84 High Street
          Southampton
          Hampshire SO14 2NT
          Phone: 02380 831 050
          Fax: 02380 831 051
          E-mail: KW2@smith.williamson.co.uk


HANDLEY PRINTERS: Administrator from Tomlinsons Enters Firm
-----------------------------------------------------------
A H Tomlinson (IP No 006585) of Tomlinsons was appointed
administrator of Handley Printers Limited (Company No 01166715)
on Sept. 6.  The company's registered office is at Crossland
Industrial Estate, 125 Stockport Road West, Bredbury, Cheshire
SK6 2BR.

The company manufactures adult and children's quality jigsaw
puzzles.  Visit http://www.jr-puzzles.co.uk/for more
information.

CONTACT:  HANDLEY PRINTERS LTD.
          Unit 1 Stockport Road West,
          Crossland Industrial Estate
          Bredbury, Stockport SK6 2BR
          Cheshire
          Phone: 0161 430 8188

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


JAMES HILL: Files for Liquidation
---------------------------------
K. R. Gadd, Director of James Hill Engineering Ltd., informs that
a resolution to wind up the company was passed at an EGM held on
Sept. 7 at 21-23 Station Road, Gerrards Cross, Buckinghamshire
SL9 8ES.  Helen Timothe Phillips of 21-23 Station Road, Gerrards
Cross, Buckinghamshire SL9 8ES was appointed liquidator.

CONTACT:  JAMES HILL ENGINEERING LTD.
          20 Brunel Way
          Segensworth East
          Fareham
          PO15 5SD
          Hampshire
          Phone: 01489 583737
          Fax: 01489 577736


JESSOPS PLC: 2004 Sales Down 2.6%
---------------------------------
Jessops plc will announce its preliminary results for the year
ending 30 September 2005 on 30 November 2005.  Prior to entering
its close period, the Company has issued a trading update.

Although trading conditions in the high street remained
challenging throughout the second half of the year, the Board
expects profits for the year to 30 September 2005 to be in line
with its expectations, with encouraging signs coming from the
digital photo processing market and digital SLR cameras.

Total sales for the 25 weeks to 18 September were up 0.7% with
overall like for like sales down 2.6%.  Like many other
retailers, Jessops continues to face the dual pressures of lower
consumer spending and continued price deflation.

Gross margins improved for the full year by approximately 1
percentage point compared to 2004, as a direct result of a number
of initiatives implemented in the second half.  This was achieved
by working more closely with our suppliers, an increased focus on
exclusive merchandise deals and a movement in the sales mix to
higher margin D&P and own brand accessories sales in the period.

Total camera sales in the second half to date were up 2% by
volume and 6% by value, with digital cameras accounting for 87%
of camera sales by value.  Within this Jessops continues to see
good growth in higher end digital SLR cameras, up 90% by value in
the second half and its share of this sector of the market has
held relatively steady.  The market for compact cameras has
become increasingly competitive and while it continues to compete
actively on price, Jessops' market share has, as expected,
declined slightly in the period.

Additionally, increased focus on the Camcorder market has
resulted in Jessops gaining an increased share of the market in
the period, although the overall Camcorder market remains
difficult.

As anticipated, Jessops continues to see significant change in
the D&P market as it moves from film to digital processing. Total
D&P sales were down 2% in the second half, with digital
processing up 71% by value against a further 22% decline in
traditional film processing.  It reached a major milestone in D&P
in August when first time digital processing sales exceeded
traditional film processing sales.  Its reputation as a photo
specialist and its early move into digital D&P, offering digital
mini-labs and digital instant kiosks in store, have helped it
secure a significant share of this growing market.  Jessops is
now processing over two million digital prints per week and is
confident that as more customers become familiar with digital
processing, it is well placed to benefit from this high margin
and fast growing opportunity.

To maximize its growth potential, it is continuing to invest in
its D&P offering, building on the knowledge gained from its
photoexpress stores trial.

In August, it started a new trial in six Jessops stores, offering
an enhanced digital photo processing service.  These stores offer
an increased number of digital processing kiosks, which are all
prominently located at the front of the store, and have a clearly
identified member of staff who is a digital photo
"expert" to assist customers in getting the most out of the new
technology.

While it is only a few weeks into the trial, the early signs are
encouraging and it will be extending the trial to a further 10
stores by the end of October.  As a consequence of this
development, photoexpress stores will be converted into Jessops
stores over the coming weeks.

Jessops will have opened 2 new stores by the end of the second
half, bringing the total new Jessops store openings in the year
to 14.  These, together with the 7 photoexpress stores that are
being converted, brings the total number of Jessops stores at the
end of September 2005 to 278.

                        About the Company

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

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

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


JPH HAULAGE: Calls in Administrators from P&A Partnership
---------------------------------------------------------
John Russell and Andrew Philip Wood (IP Nos 5544 and 9148) of The
P&A Partnership were appointed joint administrators of haulage
contractor JPH Haulage Limited (Company No 03951767) on Sept. 6.
The company's registered office is at 93 Queen Street, Sheffield
S1 1WF.

CONTACT:  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


KEYLINE ENGINEERING: Liquidator Moves in
----------------------------------------
C. R. Thomas, Shareholder and Director of Keyline Engineering
Limited, informs that resolutions to wind up the companies were
passed at an EGM held on Sept. 7 at The Conifers, Filton Road,
Hambrook, Bristol BS16 1QG.  Simon Thorntonn of Houghton Stone
Business Recovery, The Conifers, Filton Road, Hambrook, Bristol
BS16 1QG was appointed liquidator.

CONTACT:  KEYLINE ENGINEERING LTD.
          Unit 26, Maze Street
          Barton Hill Trading Estate
          Bristol
          BS5 9TQ
          Avon
          Phone: 0117 955 1435
          Fax: 0117 955 6850

          HOUGHTON STONE BUSINESS RECOVERY
          The Conifers, Filton Road,
          Hambrook, Bristol BS16 1QG
          Phone: 0117 957 9009


METSOL ENGINEERING: EGM Passes Winding-up Resolution
----------------------------------------------------
M. Moss, Chairman of Metsol Engineering CNC Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 7 at 3 Chapel Court, 42 Holly Walk, Leamington Spa,
Warwickshire CV32 4YS.  David Halstead Bottomley of Bottomley &
Co, 3 Chapel Court, 42 Holly Walk, Leamington Spa, Warwickshire
CV32 4YS was appointed liquidator.

CONTACT:  METSOL (ENGINEERING CNC) LTD.
          Ridgacre Enterprise Park, Ridgacre Road
          West Bromwich
          B71 1BW
          West Midlands
          Phone: 0121 553 2189
          Fax: 0121 525 3375

          BOTTOMLEY & CO.
          3 Chapel Court
          42 Holly Walk
          Leamington Spa
          Warwickshire CV32 4YS
          Phone: 08700 676767
          Fax: 08700 676768
          E-mail: david@3chapelcourt.com


MG ROVER: Nanjing to Discuss Plans with City Dads
-------------------------------------------------
MG Rover's new owner will reportedly meet community leaders in
Birmingham to discuss plans for the revival of production at the
Longbridge plant.

According to icBirmingham, officials of Nanjing Automobile
(Group) Corporation, which paid GBP53 million for the assets of
the carmaker in July, wanted to meet people affected by MG
Rover's crisis.

Judith Parry-Evans, of Regeneration South-West Birmingham, said:
"Nanjing wants to meet community leaders to convey their
ambitions and plans."

The meeting, arranged by the Birmingham City Council, is set end
of September and involves councilors and Northfield
representatives.  Ms. Evans noted the council has been stressing
since its first meeting with Nanjing its enthusiasm to work out
something for "the benefit of southwest Birmingham."

Meanwhile, Northfield councilor Randall Brew was reportedly
displeased by "insensitive" reports, which he feared could ruin
the growing relationship between the community and Nanjing.  He
said: "There was always going to be ill-feeling following the
closure of MG Rover.  The spirit of the Austin died that day.
Nanjing bought the company in an open market and we have to work
with them."

The collapse of MG Rover in April has left about 6,000 workers
jobless.  In Northfield, male unemployment was said to be up 7.8%
from February to 12.3%.  Former MG Rover workers also reportedly
owe an average of GBP9,500, while 75% of businesses within a
quarter of a mile of the Longbridge site booked a drop in
turnover.

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

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


MISYS PLC: New Non-executive Director to Head Audit Committee
-------------------------------------------------------------
Misys plc has appointed John Ormerod as a non-executive Director.
Mr. Ormerod will join the Misys Board and also take up the
Chairmanship of the Audit Committee with effect from 1 October
2005.

Mr. Ormerod was Practice Senior Partner at Deloitte London until
2004, where he was a Member of the U.K. Board and the U.K.
Executive Committee.

Prior to Deloittes, Mr. Ormerod had a 30-year career with
Andersen U.K., culminating as Regional Managing Partner U.K. &
Ireland, where he had overall responsibility for the firm's
strategy, performance, people and growth.

He is Chairman of the Audit Committee at Transport for London and
also at Gemplus International, a company listed on NASDAQ and
Euronext.  He also serves on the Audit Committee of HBOS.

Misys Executive Chairman Kevin Lomax said: "We are delighted to
welcome John to the Misys Board.  He has enormous professional
services and financial experience gained from work with a range
of major international organizations.  Through his role as
Chairman of the Audit Committee, the Company will benefit from
John's background in corporate governance and audit."

John Ormerod, aged 56, joins non-executive Directors Tony
Alexander, Sir Dominic Cadbury, George Farr, Al-Noor Ramjii and
Dr Juergen Zech on the Misys Board.

                        About the Company

Founded in 1979, Misys is one of the largest and strongest
vendors of industry-specific software products and solutions in
the world.  It employs over 6,500 people.

CONTACT:  MISYS PLC
          Burleigh House, Chapel Oak, Salford Priors,
          Evesham, WR11 8SP, United Kingdom
          Phone: 44 (0)1386 871373
                 44 (0)1386 871045
          E-mail: group.secretariat@misys.co.uk
          Web site: http://www.misys.com


MOWLEM PLC: 'BB' Rating Affirmed; Outlook Remains Negative
----------------------------------------------------------
Fitch Ratings has affirmed U.K.-based Mowlem plc's ratings at
Senior Unsecured 'BB' and Short-term 'B'.  The Outlook remains
Negative.

This rating action follows the announcement by Mowlem that the
company will take a charge of around GBP70 million to the first
half results for the period to 30 June 2005.  This charge is the
outcome of a recent review by the company of its approach to
profit recognition and contract valuation, which according to
Mowlem is now nearly complete.  However, the agency notes that
the company has announced repeated profit warnings since
mid-2004.

The size of the charge is substantial, compared to Mowlem's
historical profit levels.  However, Fitch takes comfort that the
company is taking a more prudent approach to profit recognition
and giving greater focus to cash flow generation, while it has
taken steps to strengthen the internal risk management framework.
The agency also notes that this charge will not directly affect
the group's existing banking or bonding facilities, and that the
group's order book remains quite sizeable, in line with previous
levels.

Nevertheless, the Outlook remains Negative due to Fitch's
concerns that expected cash flow generation from the affected
contracts will be lower than previously anticipated.

The ratings continue to be supported by Mowlem's established
market position as a medium-sized construction and support
services group in the U.K.

CONTACT:  FITCH RATINGS
          Alex Herbert, London
          Phone: +44 (0) 20 7417 6334
          Valerie Poulain
          Phone: +44 (0) 20 7417 4294
          Web site: http://www.fitchratings.com

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


NORTHERN BLACKMORE: Names Deloitte & Touche Liquidator
------------------------------------------------------
J Percy-Davis, Director of Northern Blackmore (Life And Pensions)
Limited, informs that special and ordinary resolutions to wind up
the company were passed at a general meeting.  J R D Smith and N
J Dargan of Deloitte & Touche, PO Box 810, Athene Place, 66 Shoe
Lane, London EC4A 3WA were appointed joint liquidators.

CONTACT:  NORTHERN BLACKMORE (LIFE AND PENSIONS) LIMITED
          1 Seething Lane,
          London EC3N 4NH

          DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


READCO 300: Meeting of Creditors Set Next Week
----------------------------------------------
The creditors of READCO 300 LIMITED (t/a Hilliers of Plymouth -
Company Number: 04214112) will meet in September 27, 2005 at 2:00
p.m.  It will be held at Jurys Hotel, Prince Street, Bristol BS1
4QF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to N E Reed, D A Howell and E Klempka, joint
administrators of PricewaterhouseCoopers LLP, Benson House, 33
Wellington Street, Leeds LS1 4JP on or before September 26, 2005
not later than 12:00 noon.

Readco 300 Limited (trading as Hilliers of Plymouth) is based in
Plympton and was a major baker of quiche and other bakery
products for the retail market. It employees around 350 workers.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          E-mails: edward.klempka@uk.pwcglobal.com
                   steve.a.ellis@uk.pwcglobal.com
          Web site: http://www.pwcglobal.com


REGENCY GROUP: Succumbs to Liquidation
--------------------------------------
M. Hackett, Chairman of Regency Group International Plc, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 5 at 26-28 Goodall Street, Walsall WS1 1QL.
Timothy Frank Corfield of Griffin & King, 26-28 Goodall Street,
Walsall, West Midlands WS1 1QL was appointed liquidator.

CONTACT:  GRIFFIN & KING
          26-28 Goodall Street,
          Walsall, West Midlands WS1 1QL
          Phone: 01922 722205
          Fax: 01922 639480


SANCTUARY GROUP: Expects Losses at EBITDA Level this Year
---------------------------------------------------------
In its announcement on 23 August 2005 when the Board of The
Sanctuary Group plc announced new banking arrangements, an update
on the offer period and a trading update, it stated that it would
update the market as soon as appropriate after reviewing
expectations for the key trading months of August and September.
The Group is now in a position to provide commentary to the
market on its expectations for the full year.

Due to a number of operational and trading problems, to which the
market has already been alerted in the Company's Interim Results
(announced on 28 June) and in its announcement on 23 August, and
latterly due to continuing constraints placed on management by
the corporate discussions announced to the market on 3 June, it
is likely that the Group will generate a loss at EBITDA level
before exceptional items such as restructuring costs and
provisions.  This is below the lowest end of current market
expectations.

The Group has suffered from recent negative commentary as a
result of poor trading in 2005 and this has had an adverse impact
in particular in the Records division.  The Board continues to
enjoy the support of its bankers.

Action to Date

At the Interim Results on 28 June 2005 the Board indicated that
it had targeted an initial GBP7 million to GBP8 million of annual
cost savings to be implemented by the year-end.  This is on
target to be achieved.

In addition, the Board stated that it would be looking at
disposals of a number of non-core businesses.  The Company has
completed the sale of its Book Publishing division to Music
Sales.

Discussions continue on a number of other businesses and the
Board will update the market as and when these discussions reach
a conclusion.

Review of Business

To restore the Group to profitability and growth, the Board is
finalizing a fundamental review of the business.  This review
addresses, inter alia, worldwide cost structures, the performance
of revenue generating assets, premises and accounting policies.

Without compromising its high level of service and commitment to
its artists and customers, the Company intends to make further
additional and substantial annualized costs savings that will be
implemented by the financial year-end.  The Company will make
formal presentations to shareholders, analysts and other market
commentators as soon as practicable thereafter.

Update on Offer Period

There is at present no further update to the position set out in
its announcement on 23 August.

Executive Chairman Andy Taylor said: "I am well aware that
Sanctuary has disappointed the market significantly this year
and, with hindsight, it is clear we grew too fast.

I am totally focused on repairing the short-term damage to what
is fundamentally a robust business.  We will be restructuring our
business and supporting our artists throughout.  The Board and I
are determined to steer a company that has an extremely strong
roster of artists back to a profitable trading position and back
to sustainable long term growth."

                        About the Company

The Sanctuary Group plc is one of the world's leading developers
of music intellectual property rights (IPR), with offices in
London, New York, Berlin, Houston and Los Angeles.

The Artist Management arm of Sanctuary comprises: Music World
Entertainment (part of Sanctuary Urban) based in Houston;
Trinifold Management based in London; Sanctuary Artist Management
(London, Los Angeles, New York and Berlin) and Sanctuary
Entertainment (London).

Sanctuary's visual rights licensing and merchandising operations,
Bravado and World Online, are part of the Artist Services
division and have clients ranging from Elton John, Robbie
Williams and Simon and Garfunkel to Eminem, Christina Aguilera,
50 Cent and Hilary Duff.

In 2004, Sanctuary recorded a turnover of GBP221 million and a
group profit of GBP16.1 million.

CONTACT:  THE SANCTUARY GROUP PLC
          Sanctuary House
          45 - 53 Sinclair Road
          London
          W14 0NS
          Phone: +44 (0)20 7602 6351
          F: +44 (0)20 7603 5941
          E-mail: info@sanctuarygroup.com
          Web site: http://www.sanctuarygroup.com


SCREW & RIVET: In Administrative Receivership
---------------------------------------------
Barclays Bank Plc appoints Russell Cash (Office Holder No 1238)
and Robert Hunt (Office Holder No 8597) of PricewaterhouseCoopers
joint administrative receivers of Screw & Rivet Limited
(Registered No. 01680902) on Sept. 8.

Screw & Rivet Ltd. is an established manufacturer of special cold
forged components.  It is currently approved under BS EN ISO
9001: 2000 to manufacture special fasteners and cold headed
components in ferrous and non-ferrous materials.  Visit
http://www.screw-rivet.co.uk/for more information.

CONTACT:  SCREW & RIVET LIMITED
          Penn Street Wolverhampton,
          West Midlands WV3 0JQ
          Phone: 01902 429 041
          Fax: 01902 428 035
          E-mail: info@screw-rivet.co.uk

          PRICEWATERHOUSECOOPERS
          101 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3PW
          Greater Manchester
          Phone: 0161 247 4330
          Fax: 0161 228 3920


STEELPRINT LIMITED: Calls in Liquidator
---------------------------------------
S. Webb, Director of Steelprint Limited, informs that resolutions
to wind up the company was passed at an EGM held on Sept. 7 at
Gable House, 239 Regents Park Road, Finchley, London N3 3LF.  H.
J. Sorsky was appointed liquidator.

SteelPrint Ltd. is a commercial printing company founded in 1979
in Canterbury.  It serves customers throughout the U.K. providing
all their design and printing requirements.  Visit
http://www.steelprint.com/for more information.

CONTACT:  STEELPRINT LTD.
          Unit C, 254 Broad Oak Road, Canterbury, Kent CT2 7QH
          Phone: 01227 789444
          Fax: 01227 789888


WHEELBASE (U.K.): Administrators from KPMG Take over Firm
---------------------------------------------------------
Brian Green and Paul Andrew Flint (IP Nos 8709 and 9075) of KPMG
LLP were appointed administrators of Wheelbase (U.K.) Ltd.
(Company No 04315335) on Sept. 7.  The company's registered
office is at KPMG LLP, St James' Square, Manchester M2 6DS.
Wheelbase UK sells bicycles, sports equipment and accessories.

CONTACT:  WHEELBASE UK LTD.
          Staveley Mill Yard, Staveley,
          Kendal, Cumbria, LA8 9LS
          Phone: 01539 821 443
          Web site: http://www.wheelbase.co.uk

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


WM MORRISON: 'I'm no Quitter,' Says Deputy Chairman
---------------------------------------------------
The deputy chairman of Wm Morrison Supermarkets plc does not
intend to step down, said the Daily Telegraph.

David Jones, who also heads fashion retailer Next plc, stressed
he is "not a quitter," brushing aside his reported strained
relationship with Chairman Sir Ken Morrison.  Sir Ken is said to
be in favor of Paul Manduca, who joined the board two weeks ago,
to take over Mr. Jones' post.

"I was given the job by shareholders to do three things," Mr.
Jones told the Evening Standard in another report. "First, sort
out the non-executives.  Second, make certain that Morrisons has
a succession plan, and third, give business advice to the
company, which is in trouble."

Mr. Jones noted that he has fulfilled one of those with the
appointment of three non-executives in June, but he said, "I'm
not quitting until I've achieved the other two."

The appointments were understood to have ended a long-running
dispute with investors, which followed the company's troubles in
integrating Safeway.  It has also sparked a boardroom showdown
between Mr. Jones and Sir Ken with the latter's refusal to accept
the list of Mr. Jones' nominees.

Meanwhile, Mr. Jones also said the company "needs a tremendous
amount of modernization.  The next 12 months are going to be
exceptionally busy.  We need one or two [senior] people."

With regards to his chairmanship at Next, he downplayed the
effect of his Parkinson's disease, saying his departure was not
impending.  He added: "If my health deteriorates, I will
obviously have to pack it [Next] up.  You never know what is
going to happen, but I won't outstay my welcome."

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


WOOLWORTHS GROUP: Nearly Doubles Loss to GBP41.2 Million
--------------------------------------------------------
Woolworths Group plc has reported interim results for the 26
weeks ended 30 July 2005.

Financial Performance (Compiled Under IFRS)

(a) first half loss from continuing operations (before tax,
    amortization of joint venture intangibles and exceptional
    items) increased by GBP3.0 million to GBP35.9 million;

(b) loss before taxation from continuing operations reduced to
    GBP14.5 million (H1 2004: GBP32.9 million);

(c) total loss after taxation including discontinued operations
    GBP41.2 million (H1 2004: GBP24.3 million);

(d) group sales from continuing operations down 2.9% to
    GBP1,037.6 million;

(e) like-for-like sales at Woolworths Mainchain down 4.0% in the
    first half;

(f) like-for-like sales at Woolworths Mainchain in the eight
    weeks since last market update down 1.7%;

(g) Woolworths Gross Margin in line with last year;

(h) Entertainment Wholesale and Publishing sales up 15.5%;

(i) 5.1% increase in interim dividend to 0.41 pence per share
    (H1 2004: 0.39 pence); and

(j) net debt down GBP38.1 million to GBP93.8 million.

Operational Highlights

(a) 10/10 program progressing well, 25 stores re-fitted in the
    first half bringing the total to 83;

(b) supply chain enhanced following opening of new distribution
    center in Bedford;

(c) continued rigorous cost control with further savings to come
    through in the second half;

(d) Christmas plan in place with improved offer and promotional
    platform;

(e) 2entertain joint venture with BBC Worldwide progressing to
    plan; and

(f) disposal of MVC removes loss making business from the Group.

           Report of Chief Executive Trevor Bish-Jones

The tough trading conditions have had an impact on the
performance of the retail chain.  We have made good progress in
our Entertainment Wholesale and Publishing business.

We have continued to work hard in the period to improve the
underlying infrastructure of the business, reduce costs and
maintain our gross margins.  The roll out of our refurbishment
program is progressing well, rewarding our investment.

In the eight weeks since we last reported in July, our
like-for-like sales have improved from -4.4% to -1.7%.  We expect
the environment to remain challenging and we are planning further
cost savings, as well as improvements to the underlying value in
our offer.  As ever, our success is driven by how well we trade
over the Christmas period, and in that, it's still all to play
for.

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

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

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


WYVERN FURNITURE: Creditors Meeting Set Next Week
-------------------------------------------------
The creditors of Wyvern Furniture Limited will meet on September
28, 2005 at 10:30 a.m.  It will be held at Tower Thistle Hotel,
Tower Suite 1, St Katherines' Way, London E1W 1LD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M D Rollings, joint administrative receiver of
Ernst & Young LLP, 1 More London Place, London SE1 2AF on or
before September 27, 2005 not later than 12:00 noon.

CONTACT:  WYVERN FURNITURE LTD.
          Unit 13/15
          Hartlebury Trading Estate
          Kidderminster DY10 4JB
          Hereford and Worcester
          Phone: 01299 251100

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


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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