TCREUR_Public/050927.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

          Tuesday, September 27, 2005, Vol. 6, No. 191

                            Headlines

B E L G I U M

TELENET COMMUNICATIONS: S&P May Raise Rating After IPO


C Z E C H   R E P U B L I C

* Several Dairies Go Bust in Recent Years


F R A N C E

SNCM: Connex Withdraws Offer to Buy Minority Stake


G E R M A N Y

ABEKA BAUGESELLSCHAFT: Proofs of Claim Due November
AGFAPHOTO GMBH: Paper Identifies Bidder
ALBERT HAAS: Court Calls in Administrator
CANDELA LICHT: Stuttgart Business Goes Bust
DAIMLERCHRYSLER AG: Canadian Unit, Union Vow to Work Together

HECKMANN TANK: Creditors Meeting Set December
KESSEL-TECHNISCHE: Court to Verify Claims Next Month
KRONOS INTERNATIONAL: Fitch Affirms 'BB' Rating, Stable Outlook
PALTS BETON: Charlottenburg Firm Falls into Bankruptcy
PFLEIDERER AG: Buys Polish Manufacturer Silekol

POLYMER GMBH: Creditors' Claims Due October
RHI AG: Invites Bids for Heraklith Group
RUSSOCHART SHIPPING: Under Bankruptcy Administration
SGL CARBON: Redeems Convertible Bond; Reduces Credit Facility
VOLKSWAGEN AG: Okays Strategic Review of Two Subsidiaries
VOLKSWAGEN AG: Predicts Better Results from Bentley this Year
VOLKSWAGEN AG: Porsche Eyes Raising Stake to 20%


H U N G A R Y

MALEV HUNGARIAN: Signs Code-sharing Deal with Japan Airlines


I R E L A N D

AN POST: ComReg Solicits Public Opinion on Postal Price Hike
DELPHI SPA: Main Shareholder Teams up with Private Equity Firm


I T A L Y

ALITALIA SPA: Tribunal Junks SULT Complaint
IMPREGILO SPA: Sells Leonardo Stake to Gemina


L A T V I A

LATVIJAS KRAJBANKA: Short-term 'B' Rating Affirmed


L I T H U A N I A

BANKAS SNORAS: Ratings Affirmed After Krajbanka Acquisition


N E T H E R L A N D S

KONINKLIJKE AHOLD: Appoints New Chief Financial Officer
ROYAL SHELL: Has 4,024,465,000 'A' Shares Remaining


R U S S I A

AGRO-TEKH: Undergoes Bankruptcy Supervision Procedure
ARDATOV-SEL-KHOZ-TEKHNIKA: Court Brings in Insolvency Manager
BOGORDOSKIY COMBINE: Bankruptcy Supervision Procedure Begins
CHEREMUSHINSKAYA NIVA: Succumbs to Bankruptcy
KOLOS ASH: Declared Insolvent

NEPRIKSKIY ELEVATOR: Claims Filing Period Ends October 20
OKSKIY: Court Brings in Insolvency Manager
ORGRESBANK: Low-B Ratings, Stable Outlook Affirmed
PROBUSINESSBANK: Ratings Affirmed at 'B-/B'
SEL-KHOZ-KHIMIYA: Insolvency Manager Takes over Business

SPETS-TRANS-STROY: Bankruptcy Hearing Set December
TERMINAL-CENTRE: Names I. Gridneva Insolvency Manager
YUKOS OIL: May Sell Certain Units


S W E D E N

SKANDIA INSURANCE: Old Mutual Bid Unappealing to Investors
SKANDIA INSURANCE: Old Mutual to Pursue Bid Despite Initial Snub


U N I T E D   K I N G D O M

AZURE INTEGRATION: Hires Administrators from Menzies
BEAVERS RECRUITMENT: Administrators from Tenon Recovery Move in
BLACKAMBER BOOKS: Names Baker Tilly Liquidator
BOXSTAR LIMITED: Business for Sale
CAXTON SHOE: Calls in Liquidators from Hawdon Bell & Co.

COLDSEAL LIMITED: Collapse Inevitable
COLLINS & AIKMAN: C&A Europe's Schedules of Assets, Debt
CUSTOM NETWORK: Hires Liquidator from Alexander Lawson & Co.
DOUBLEDRIVE ENGINEERING: In Administrative Receivership
ELAN SYSTEMS: Industrial Washing Machine Maker Winds up

ESNA LIMITED: Software Consultancy Firm Liquidates
FURNITURELAND LIMITED: Founder as Consumer Demand Falls
GRAHAM PRECISION: Names KPMG Liquidator
IN-MOTION PICTURES: Calls in Administrators from Tenon Recovery
I S NETWORKING: In Liquidation

KINGSTON INTERNATIONAL: Hires Kroll Limited as Administrator
MARCONI CORPORATION: Takeover Talks Plain Speculation
MARKET SQUARE: Files for Liquidation
MEGCOM SOLUTIONS: Calls in Liquidator
PREMIER ASPECTS: Administrators from Baker Tilly Move in

REDTEN COMPUTERS: Falls into Administration
ROBERT BAILEY: Administrators from Elwell Watchorn Enter Firm
ROY HOLLINGWORTH: Names Poppleton & Appleby Liquidator
SECURITY CONSCIOUS: Calls in Liquidator from Milner Boardman
SOL GAS: Hamiltons Liquidator Takes over Firm

SPARKLE GIFTWARE: Files for Liquidation
SPICE HQ: Appoints Saud & Company Liquidator
TECHNICAL PRODUCT: Appoints P&A Partnership Administrator
VICTORIA FORGE: Calls in Liquidator from PwC
WALSH BUILDERS: Hires Liquidator from K. B. Stout
WHITFIELD STREET: Appoints Chantrey Vellacott Administrator
WM MORRISON: Reveals Closure Plans Amid Labor Talks

* Large Companies with Insolvent Balance Sheets


                            *********


=============
B E L G I U M
=============


TELENET COMMUNICATIONS: S&P May Raise Rating After IPO
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Belgium cable-operator Telenet
Communications N.V. on CreditWatch with positive implications
following the group's announcement that its shareholders have
approved an IPO of the company.

At the same time, Standard & Poor's placed its 'B-' senior
unsecured debt on Telenet on CreditWatch with positive
implications.  In addition, the ratings on related entity Telenet
Group Holdings N.V., including the 'B+' corporate credit rating,
were placed on CreditWatch with positive implications.

On Sept. 15, 2005, Telenet announced that its shareholders have
approved a plan to sell stock in an IPO on Sept. 26, 2005, for up
to EUR300 million ($364 million).  The proceeds will be used to
fund expansion and reduce bond debt.  A listing on Euronext
Brussels will take place in the near future.

"The CreditWatch placement reflects the possibility that the
ratings could be raised, most likely by no more than one notch,
if the company's leverage and financial policy following the IPO
are materially less aggressive than over the last two years,"
said Standard & Poor's credit analyst Leandro de Torres Zabala.
"Should deleverage be deemed insufficient in the context of the
company's business risk profile and financial policy, the ratings
would be affirmed at the current levels."

Telenet also plans to implement a secondary offering at the same
time, whereby some shareholders might sell their stake (totally
or partly) in the company.  Standard & Poor's does not expect a
change of the majority shareholder.  This will continue to be
Liberty Media International Inc., with 21% of the company's share
capital.  Standard & Poor's estimates that the primary IPO could
reach a value in the range of EUR900 million to EUR1 billion.

"We will resolve the CreditWatch placement on receipt of more
information.  Our assessment is likely to cover the impact of the
transaction on Telenet's leverage; the strategy of the company in
terms of investments in telephony and Internet services; and its
future financial policy, including appetite for acquisitions and
dividend distributions," S&P said.

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

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


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


* Several Dairies Go Bust in Recent Years
-----------------------------------------
Ten dairy companies were forced to close down between 1997 to the
present, Czech News Agency says.  The companies are Ceskolipska
mlekarna, Jesenicke mlekarny, Mistecka mlekarna, Mlekarna
Josefov, Mlekarna Milko, Mlekarna Milpo, Mlekarna Stribro, Promil
Novy Bydzov, Mlekarna Kunin, and Mlekarna Frydek-Mistek.

The most recent insolvency cases were that of Mlekarna Kunin, and
Promil Novy Bydzov, which owe suppliers dozens of millions of
crowns.  They are expected to liquidate soon.

2003 saw the wind-up of the loss-making cheese production of
Mlekarna Josefov and Mlekarna Milpo.  The latter closed after
failing to meet E.U. requirements.  Mlekarna Josefov is owned by
Czech company Alimpex.  Mlekarna Frydek-Mistek also became
bankrupt in November 2003 because of debt.

Mlekarna Stribro declared bankruptcy in August 2000; shortly
after it was bought by Alimpex for CZK31 million.  Its bankruptcy
proceeding is expected to end this year.  Ceskolipska mlekarna
also closed in 2000 due to a recession in the dairy segment and
debt.  The company is considered one of the most modern dairies
in the country.  Its new owners plan to re-launch operations.  In
1997 Mlekarna Milko went bust due to insurmountable debt.  Czech
dairy Polabske mlekarny Podebrady has bought the company's Milko
brand and logo.


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


SNCM: Connex Withdraws Offer to Buy Minority Stake
--------------------------------------------------
Talks to sell part of state-owned ferry operator The Societe
Nationale Maritime Corse Mediterranee fell through, but
preparations for a potential outright sale are up, angering
workers unions.

Passenger transport specialist Connex withdrew its offer for lack
of adequate assurances regarding the financing of redundancies at
the company.  Now the government is in talks with two investment
funds, Butler Capital Partners and Caravelle regarding what
unions claim a full-scale privatization.  CGT union staged a
strike that included a blockade of all of SNCM ferries in the
port of Marseilles to protest the eventual outcome of the
negotiations.  Corsican union STC is also threatening to launch
the same action starting Sept. 29.  They strongly oppose a
privatization in light of possible job losses it would cost.
SNCM employs 2,500 people.

The government announced tenders for the recapitalization of SNCM
in January of this year after SNCM posted a deficit of EUR29.7
million in 2004.  It could no longer provide the company direct
financial aid because of European Union competition rules.  SNCM
operates ex-Corsica ferry services to mainland France and other
Mediterranean destinations.

CONTACT:  THE SOCIETE NATIONALE MARITIME CORSE MEDITERRANEE
          Web site: http://www.sncm.fr/action/home


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


ABEKA BAUGESELLSCHAFT: Proofs of Claim Due November
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Abeka Baugesellschaft mbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 30,
2005 to register their claims with court-appointed provisional
administrator Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 10:40 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on January 25,
2006, 10:20 a.m. at the same venue.

CONTACT:  ABEKA BAUGESELLSCHAFT mbH
          Waldstr. 5 - 7,12555 Berlin

          Stephan Mitlehner, Administrator
          Walter-Benjamin-Platz 6, 10629 Berlin


AGFAPHOTO GMBH: Paper Identifies Bidder
---------------------------------------
Photo-Me International plc is bidding for AgfaPhoto GmbH,
according to a pre-published report of Financial Times
Deutschland.  The offer competes with that of AgfaPhoto manager
Joerk Hebenstreit, the report said.

AgfaPhoto hopes to present the offers at a creditors meeting on
October 11.  The company 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.

AgfaPhoto was formerly owned by Agfa-Gevaert N.V., which sold the
firm to the management and a group of financial investors for
EUR112 million in November 2004.  In a span of six months, the
company no longer had enough cash to pay employees.  A recent
report from Financial Times Deutschland says job cuts at
AgfaPhoto might exceed original expectations of 850 to 1,500
because current bids can only secure around 500 jobs.  The
company has 1,800 employees.

AgfaPhoto 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 its 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


ALBERT HAAS: Court Calls in Administrator
-----------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Albert Haas Heizung und Sanitar GmbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 30, 2005 to register their claims with court-appointed
provisional administrator Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 10:55 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report January 25,
2006, 10:30 a.m. at the same venue.

CONTACT:  ALBERT HAAS HEIZUNG UND SANITAR GmbH
          Kaiserdamm 12,14057 Berlin

          Knut Rebholz, Administrator
          Cicerostr. 22, 10709 Berlin


CANDELA LICHT: Stuttgart Business Goes Bust
-------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against Candela Licht und Leuchten Geschaftsfuehrungs GmbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
September 30, 2005 to register their claims with court-appointed
provisional administrator Dr. Wolfgang Bilgery.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 9:00 a.m. at the district court
of Stuttgart, Hauffstr. 5, EG, Saal 4, 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:  CANDELA LICHT UND LEUCHTEN GESCHAFTSFUEHRUNGS GmbH
          Kronenstr. 32, 70174 Stuttgart
          Contact:
          Michele A. Rami, Manager
          Tuebinger Str. 71, 70176 Stuttgart

          Dr. Wolfgang Bilgery, Administrator
          Humboldtstr. 16, 70178 Stuttgart
          Phone: 0711/966890
          Fax: 0711/9668919


DAIMLERCHRYSLER AG: Canadian Unit, Union Vow to Work Together
-------------------------------------------------------------
In relation to DaimlerChrysler AG's new three-year collective
agreement with the Canadian Auto Workers union, Mark Gendregske,
DaimlerChrysler Canada Vice President of Human Resources, said:
"By ratifying this new three-year agreement, our Canadian
workforce and the CAW have expressed their commitment to
enhancing DaimlerChrysler's operational excellence, cost
competitiveness and job security.

"This agreement contributes to DaimlerChrysler's continued drive
to be among the industry leaders in products, operations and
customer service, and thus reinforces the importance of Canadian
manufacturing to our future."

The labor contract between DaimlerChrysler Canada and the
Canadian Auto Workers covers approximately 10,600 active
DaimlerChrysler represented employees at its various Canadian
facilities, primarily in Brampton, Etobicoke and Windsor,
Ontario.

Since the last contract agreement in 2002, DaimlerChrysler has
invested more than CA$2.6 billion in Canada, resulting in
increased consumer demand, and thus requiring its Brampton and
Windsor plants to operate three shifts.  In 2005, DaimlerChrysler
created approximately 1,000 new CAW jobs in Brampton.

DaimlerChrysler Canada Inc. is a wholly owned subsidiary of
DaimlerChrysler Corporation.  Founded as the Chrysler Corporation
in 1925, the Company is celebrating its 80th anniversary in
Canada this year.

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


HECKMANN TANK: Creditors Meeting Set December
---------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Heckmann Tank- und Wasch-Center 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 Stephan Heinrichsmeyer.

Creditors and other interested parties are encouraged to attend
the meeting on December 2, 2005, 8:30 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:  HECKMANN TANK- UND WASCH-CENTER GmbH & Co. KG
          Romerstr. 114, 59075 Hamm
          Contact:
          Rolf Heckmann, Manager

          Stephan Heinrichsmeyer, Administrator
          Spiekergasse 6-8, 33330 Guetersloh
          Phone: 05241/92 02-0
          Fax: 05241 92 02 22


KESSEL-TECHNISCHE: Court to Verify Claims Next Month
----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Kessel-Technische Dienste GmbH KTD on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 24, 2005 to register their claims with court-appointed
provisional administrator Wolfgang Kuehnel.

Creditors and other interested parties are encouraged to attend
the meeting on October 24, 2005, 9:00 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report January 23,
2006, 9:10 a.m. at the same venue.

CONTACT:  KESSEL-TECHNISCHE DIENSTE GmbH KTD
          Hildburghauser Str. 79,12249 Berlin

          Wolfgang Kuehnel, Administrator
          Berliner Str. 117, 10713 Berlin


KRONOS INTERNATIONAL: Fitch Affirms 'BB' Rating, Stable Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed Kronos International, Inc.'s (KII)
senior secured debt rating of 'BB'.  Additionally, Fitch has
assigned a 'BB+' to KII's EUR80 million senior secured credit
facility.  The Rating Outlook KII remains Stable.

KII's credit ratings incorporate its strong market position in
Europe, strong profitability and cash flow.  In the current
favorable pricing environment for TiO2 (titanium dioxide
pigments), Fitch expects cash flow to improve in the near term.
Free cash flow was US$53 million for the LTM (last twelve months)
ending June 30, 2005.  The last couple of years KII's free cash
flow has been steady at the US$50 million level.  KII's indenture
for the outstanding senior secured notes includes limitations on
restricted payments and at June 30, 2005, KII had the ability to
declare approximately US$84 million in dividends.

No dividends were declared during the first half of 2005.  The
credit ratings could be negatively affected by dividends paid, if
they are not supported by operational cash flow.  The company's
liquidity was adequate with US$10 million in cash and US$95
million available under its undrawn senior secured credit
facility at June 30, 2005.

In general, titanium dioxide pricing has trended higher in the
last year.  The painting and coating season this past spring was
not as strong as originally expected; however, volumes increased
sequentially in the second quarter of 2005 compared to the first
quarter.

More recently titanium dioxide supply has been affected by
hurricane Katrina.  E.I Dupont de Nemours and Company (DuPont),
the world's largest supplier of titanium dioxide has declared
force majeure due to the shutdown of its DeLisle, Mississippi
plant.  The plant could be shut down for possibly three months
due to substantial electrical damage as a result of the flooding
at the facility.  The DeLisle plant accounts for approximately
27% of DuPont's global production capacity and 16% of North
American production capacity.  This loss of production is
occurring as the industry typically realizes a seasonal slowdown;
however, with low inventory levels for the industry, pricing
should remain firm.  If demand growth continues, then the more
likely scenario is that producers will benefit from the tightness
in the market and gain pricing momentum.

For the LTM ending June 30, 2005, credit statistics for KII
remain sufficient for the rating category with EBITDA-to-interest
incurred of 3.8x.  KII had a debt-to-EBITDA ratio of 2.9x for the
LTM ending June 30, 2005.  Total adjusted debt-to-EBITDAR ratio,
incorporating gross rent, for KII was 3.2x for the same period.

Kronos International, Inc. is Europe's second largest producer of
TiO2 pigments.  The company is a wholly owned subsidiary of
Kronos Worldwide, Inc., a holding company that has additional
ownership interests in certain North American TiO2 producers.
TiO2 pigments are used in paints, paper, plastics, fibers and
ceramics.  KII generated approximately US$845 million of sales
and reported EBITDA of approximately US$158 million for the
trailing 12-months ending June 30, 2005.

Kronos Worldwide, Inc. is the fifth-largest TiO2 producer in the
world and has a significant presence in Europe, through its
operating subsidiary, KII.

CONTACT:  FITCH RATINGS
          Jennifer Quinn
          Phone: +1-312-368-3344
          Randall Biang, Chicago
          Phone: +1-312-606-2342

          Media Relations
          Brian Bertsch, New York
          Phone: +1-212-908-0549


PALTS BETON: Charlottenburg Firm Falls into Bankruptcy
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Palts Beton- und Schalungsbau GmbH on
September 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 24, 2005 to register their claims with court-appointed
provisional administrator Christoph Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 10:00 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on January 19,
2006, 10:00 a.m. at the same venue.

CONTACT:  PALTS BETON- UND SCHALUNGSBAU GmbH
          Yorckstr. 60,10965 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


PFLEIDERER AG: Buys Polish Manufacturer Silekol
-----------------------------------------------
Pfleiderer AG acquires, through its Polish subsidiary Pfleiderer
Grajewo S.A., the Polish manufacturer of urea formaldehyde resins
Silekol Sp. z o.o.  A preliminary conditional share purchase
agreement for the acquisition of 99% of the shares of Silekol Sp.
z o.o. was signed on September 22, 2005.

The transaction still requires approval by Polish Anti-Trust and
Consumer Protection Authority as well as approval by the
Supervisory Board of Pfleiderer Grajewo S.A. and the General
Shareholder's Meeting of ZAK SA, the parent company of Silekol
Sp. z o.o.  During the period January to July 2005, Silekol Sp. z
o.o. reported sales of EUR22.6 million.

The acquisition of Silekol Sp. z o.o. will ensure a long-term
stable source of high-quality resins for Pfleiderer's chipboard
production as well as more independence as to price fluctuations
for this important production component.

                            *   *   *

On July 21, Fitch Ratings affirmed Germany-based Pfleiderer AG's
Senior Unsecured 'BB' rating and removed it from Rating Watch
Negative (RWN).  A Stable Outlook has been assigned.  The
Short-term 'B' rating is also affirmed.

The rating action follows Pfleiderer's announcement to acquire
Kunz Group's engineered wood activities in Canada, the United
States and Germany.  In FY04, the acquired activities had total
sales of EUR556 million and EBITDA of EUR85 million.  The
transaction is expected to close in August/September and subject
to regulatory approval.

CONTACT:  PFLEIDERER AG
          Ingolstadter Strasse 51
          93218 Neumarkt
          Deutschland

          Ulrich Korner
          Corporate Communication
          Phone: + 49 (0) 91 81 / 28 - 84 91
          Fax: + 49 (0) 91 81 / 28 - 606
          E-mail: ulrich.koerner@pfleiderer.com


POLYMER GMBH: Creditors' Claims Due October
-------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Polymer GmbH Chemie-Rohstoffe on September 7.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 14, 2005
to register their claims with court-appointed provisional
administrator Dr. Guenter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2005, 9:45 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:  POLYMER GmbH CHEMIE-ROHSTOFFE
          Contact:
          Udo Schattschneider, Manager
          Duesseldorfer Str. 79, 40878 Ratingen

          Dr. Guenter Trutnau, Administrator
          Kettwiger Strasse 32/34, 45127 Essen
          Phone: 0201-10953
          Fax: 0201-1095500


RHI AG: Invites Bids for Heraklith Group
----------------------------------------
RHI has decided to initiate the sale of its Insulating division
with the lead company Heraklith AG.  An IPO, the alternative
option to the further strategic development of this division,
will not be pursued any further due to the high number of
potential buyers who have shown serious interest.

RHI will now ask several potential buyers to place their bids
and, following the preparation of a short list in October 2005,
enable selected investors who can strengthen Heraklith in its
strategic development in Central and Eastern Europe, especially
in Russia, to perform a comprehensive due diligence analysis.

The completion of the transaction (closing) is scheduled for the
first quarter of 2006, following the preparation of Heraklith's
2005 financial statements.

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

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


RUSSOCHART SHIPPING: Under Bankruptcy Administration
----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Russochart Shipping GmbH on August 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 17, 2005 to register their
claims with court-appointed provisional administrator Dr. Hans-U.
Hildebrandt.

Creditors and other interested parties are encouraged to attend
the meeting on November 14, 2005, 10:40 a.m. at the district
court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083
Hamburg, Saal 1, 2. Ebene (Zi. 2.18), at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  RUSSOCHART SHIPPING GmbH
          Speersort 4, 20095 Hamburg
          Contact:
          Manfred Weier, Manager

          Dr. Hans-U. Hildebrandt, Administrator
          Raboisen 38, 20095 Hamburg
          Phone: 33446-0
          Fax: 33446-111


SGL CARBON: Redeems Convertible Bond; Reduces Credit Facility
-------------------------------------------------------------
SGL Carbon repaid investors the outstanding 37% of the
convertible bond that matured on Sept. 19.  The bond was
originally issued in September 2000.  Between the end of February
and early April 2004, SGL Carbon redeemed 63% of the convertible
bond on the basis of a voluntary redemption offer.  Within the
framework of the refinancing measures at the beginning of 2004,
the Company had deposited the funds required to redeem the
convertible bond in a cash escrow account.

SGL Carbon was additionally able to reduce its U.S. credit
facility from US$112 million to US$80 million in early September.
The Company's main banks acquired this credit from the over 70
U.S. financial investors with whom it had previously been placed.
This step further underscores the progress the Company has been
making in the reduction of its debt.

Both measures serve to strengthen the equity ratio of SGL Carbon
in the third quarter (assuming unchanged exchange rates from the
date for the first half-year's financial figures - June 30,
2005).

                            *   *   *

In August, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on SGL Carbon AG to 'B+' from
'B'.  The outlook is stable.

At the same time, the rating on the subordinated bonds issued by
SGL Carbon Luxembourg S.A. and guaranteed by SGL was raised to
'B-' from 'CCC+'.  The rating on the senior secured bank loan
issued by SGL Carbon LLC and guaranteed by SGL was also raised,
to 'B+' from 'B'.

"The rating actions follow improvements in the company's earnings
in the first half of 2005, and reflect our expectation that
earnings will remain strong for the rest of the year," said
Standard & Poor's credit analyst Tommy Trask.

Other factors contributing to the upgrade are SGL's announcement
earlier this year of a cooperation agreement on carbon ceramic
disc brakes with Volkswagen AG's (A-/Negative/A-2) Audi
cooperation, and the European Court's decision to reduce European
Commission antitrust fines.

SGL's operating profit for the second quarter of 2005 showed a
marked improvement on the prior year, helped by the disposal of
the loss-making surface protection business and strong demand or
the company's products.  Provided there are no sudden changes in
volumes, earnings should remain strong for the full year.

Although cash flows remained weak in the second quarter due to
further buildup in working capital, they are expected to
strengthen in the second half of 2005, allowing the company to
achieve meaningful debt reduction by the end of the year.  An
initial payment of EUR10 million-EUR15 million from Audi in
connection with the cooperation agreement should also help toward
debt reduction.

The prospects for graphite electrodes are encouraging, with
little spare capacity in the industry.  With 85% of needle coke
supply secured for 2006, the key remaining risk factor is whether
SGL will be able to contract next year's carbon electrode sales
at the higher prices announced in May this year. The other key
risk factor is whether SGL Technologies can replicate the
progress it has achieved in carbon ceramic disc brakes for other
products and applications.

Standard & Poor's notes the company's progress in improving
earnings and its continued focus on debt reduction.

"To maintain the ratings, the company will need to demonstrate
the ability to convert stronger earnings into cash generation and
debt reduction in the second half of 2005," added Mr. Trask.

While a drop in volumes could trigger a downward rating action,
the ratings could be raised if SGL maintains its focus on
established cash-generating products and achieves success in
converting new product opportunities at SGL Technologies into
cash-generative operations.

CONTACT:  SGL CARBON AG
          Rheingaustr. 182
          65203 Wiesbaden
          Phone: 0049-611 6029-100
          Fax: 0049-611 6029-101
          E-mail: cpc@sglcarbon.de
          Web site: http://www.sglcarbon.com/


VOLKSWAGEN AG: Okays Strategic Review of Two Subsidiaries
---------------------------------------------------------
At its meeting Friday, the Supervisory Board of Volkswagen AG
authorized the company's Board of Management to review all
options, ranging from strategic expansion to an initial public
offering (IPO) or sale, with regard to the 100% subsidiaries
gedas AG, Berlin, and Europcar International S.A., Paris.

This decision was taken in the context of the plans by the Group
Board of Management to review all company activities.  The
decision has no effect on the 2005 profit outlook already issued
by the Group Board of Management.  The Board of Management
continues to expect a year-on-year improvement in both operating
profit after special items and profit before tax.

                            *   *   *

Headquartered in Wolfsburg, the Volkswagen Group is one of the
world's leading automobile manufacturers and the largest carmaker
in Europe.  In 2004, the group increased the number of vehicles
delivered to customers to 5.079 million (2003: 5.015 million),
corresponding to an 11.5% share of the world passenger car
market.  Group sales rose to EUR88.9 billion (2003: EUR84.8
billion).  Profit after tax in the 2004 financial year amounted
to EUR0.716 billion (2003: EUR1.003 billion).

With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

Earlier this month, the Financial Times reported non-performing
parts factories of Volkswagen AG could be shut down, disposed of
or fused to other ventures.

The review is understood to be part of Volkswagen's effort to cut
costs and raise profits, which could affect up to 30,000 jobs.
The potential job cuts represent about a third of the carmaker's
workforce and three times higher than initial estimates made by
Chief Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

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


VOLKSWAGEN AG: Predicts Better Results from Bentley this Year
-------------------------------------------------------------
Volkswagen AG's Bentley brand is expected to exceed its "slightly
positive" performance last year, said Automobilewoche Weekly.

The unit's chief, Franz-Josef Paefgen, said Bentley is likely to
produce about 8,000 vehicles in 2005, up from last year's output
of 6,576.  He added Volkswagen's Dresden site will use extra
capacity to manufacture around 400 units of the new four-door
Flying Spurs model.  Volkswagen reportedly intends to use the
factory as overspill of its main site in England to avoid
"unacceptable delivery times."  This is also in coordination with
Bentley's aim to focus more on the German market.

Mr. Paefgen said: "The number of well-off customers there
promises considerable potential in sales volume."

With the recent oil price increases, Bentley is not presently
considering offering hybrid models or those fuelled partly by
electricity.  Mr. Paefgen stressed it would take two or three
years before such model would be released in the market.

"If the demands of the market or of lawmakers change
fundamentally, we could immediately access the necessary
technology from Volkswagen," he added.

Meanwhile, Volkswagen is expecting zero profit in its China
operations this year.  The carmaker is said to be more concerned
about its market share in China, which fell from 29% to 11% at
the start of the year due to decreasing volumes and pricing with
fixed losses.

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


VOLKSWAGEN AG: Porsche Eyes Raising Stake to 20%
------------------------------------------------
Volkswagen AG has reportedly welcomed Porsche's intention to
raise its stake in the company to 20%.  According the Reuters,
the plan is understood to be geared towards preserving the
carmakers' business relations, while Volkswagen is said to be
steering away from any hostile takeover.

Chief Executive Bernd Pischetsrieder has reportedly said the
carmaker needs a steady shareholder structure to fulfill its
long-term goals.  The increase in Porsche's shareholding in the
company could strengthen their working ties, he added.

The two companies are working together to build Porsche's Cayenne
offroader, and in developing fuel-saving hybrid technology.
Earlier, Porsche, which currently controls under 5% of
Volkswagen, revealed its plan to buy additional Volkswagen shares
in the open market.

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


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


MALEV HUNGARIAN: Signs Code-sharing Deal with Japan Airlines
------------------------------------------------------------
Loss-making national carrier Malev Hungarian Airlines has struck
a code-sharing deal with Japan Airlines (JAL), Budapest Business
Journal says.

The agreement, which will take effect October 30, 2005, would
allow JAL to purchase seats, depending on its needs, on Malev's
Frankfurt-Budapest flights that are assigned with a JAL flight
number.  JAL currently operates 23 routes to Europe, with direct
flights to the Czech Republic and Poland.  The deal would also
facilitate the transfer of around 100,000 Japanese tourists
traveling to Hungary every year.

The government recently scrapped the latest attempt to sell
Malev, saying the offers were unsatisfactory.  It will instead
revive its search for a strategic partner to save the troubled
carrier.  The carrier managed to halve its net loss to EUR2.11
billion, down from EUR4.3 billion a year ago.  This despite
losing the battle with budget airlines, which have trimmed its
traffic share in Budapest from 56.5% in 2003 to 49% in 2004.
Ticket sales continued to rise, however, by 4% to HUF75.8
billion.

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

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

          JAPAN AIRLINES CORPORATION
          2-4-11, Higashi-shinagawa,
          Shinagawa-ku
          Tokyo, 140-8605, Japan
          Phone: +81-0120-25-5931
          Web site: http://www.jal.co.jp


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


AN POST: ComReg Solicits Public Opinion on Postal Price Hike
------------------------------------------------------------
An Post is pleased that ComReg is considering, through public
consultation, the company's price increase application.  We note
the preliminary views expressed by ComReg and we will be making a
full response in due course.

This price increase was always an essential element of An Post's
Strategic Recovery Plan, as presented to the Minister for
Communications in September 2003, and ComReg's consultation paper
recognizes this fact.

ComReg's final decision regarding this price increase will have a
significant bearing on the future of An Post.

                            *   *   *

The company closed last year with an after-tax profit of EUR6.5
million, ending three successive years of escalating losses that
threatened its future.

In April, An Post revealed an operating profit of EUR1.8 million,
with exceptional income of EUR5.3 million from property disposals
and other items reflecting the success of its crisis control
measures.

Turnover in the year at EUR750.2 million was up by EUR41 million
-- an increase of 5.8% on 2003.  Staff and postmasters' costs at
EUR502.4 million were marginally up on the previous year while
other costs decreased.

The financial turnaround was reportedly achieved by carrying out
a recovery strategy that involved cutting non-pay costs,
curtailing pay costs through stringent control of overtime and
recruitment, and the non-payment of Sustaining Progress.

However, future prospects for the Company remain uncertain as
mail volumes declined by 1.3% since 2003 - the second successive
year -- despite national economic growth of 5% a year and an
additional 80,000 new delivery points.

CONTACT:  AN POST
          E-mail: pressoffice@anpost.ie
          Web site: http://www.anpost.ie


DELPHI SPA: Main Shareholder Teams up with Private Equity Firm
--------------------------------------------------------------
The majority shareholder of Delphi Spa and Adventure Center has
fortified plans to maintain control of the multi-million-euro
business, according to The Post.

Seventy-percent owner Frank Noone has teamed up with British
property company Espalier Private Equity in Manchester, headed by
British businessman Andrew Colin, the report said.  It is
understood they are now in talks with receiver Pearse Farrell
regarding an acquisition.  Pearse Farrell is also in talks with
three other potential buyers.  It hopes to close a deal in the
coming weeks.

Delphi went into receivership last month at the request of
creditor Bank of Scotland, which is owed EUR2.5 million.  It
continues to trade while in receivership.  Dublin businessman Pat
O'Shaughnessy is Delphi's minority shareholder.  The Delphi
center was established more than 20 years ago.  Its Delphi
Mountain Resort & Spa was built for more than EUR4 million.

CONTACT:  PEARSE FARRELL
          Molyneux House
          Bride Street,
          Dublin 8
          Phone: +353 1 4182000
          Fax: +353 1 4182044
          E-mail: fgs@fgs.ie
          Web site: http://www.fgs.ie/


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


ALITALIA SPA: Tribunal Junks SULT Complaint
-------------------------------------------
Sindicato Unitario Lavoratori Transporti (SULT) union's quest to
rejoin labor talks with carrier Alitalia suffered a major blow
Wednesday, La Stampa says.

SULT filed before an industrial tribunal in Rome a complaint
questioning the legitimacy of Alitalia's suspension of the
union's negotiation rights.  The tribunal, however, dismissed the
complaint.  SULT, which represents Alitalia's attendants, said it
will appeal the ruling and confirmed it would stage an industrial
action in the coming days.

Alitalia had cited SULT's failure to abide with labor agreements
as one of the reasons why it suspended its negotiation rights,
saying the union has not been acting in good faith during
contract renewal talks.

SULT, however, pointed to its hostility with the carrier's
restructuring plan as the main reason why Alitalia has been harsh
against it.  The union added its opposition to the plan was not a
"sufficient motive" for Alitalia to suspend its rights.  SULT
noted it was not the only one lobbying against the plan, saying
the government, the European Commission and Alitalia's banks also
want the plan to be modified.

Alitalia struck in 2004 a vital deal with the country's biggest
unions over a massive restructuring, which entails splitting its
flight and ground operations and cutting around 3,700 jobs.
SULT, however, refused to sign the accord.

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


IMPREGILO SPA: Sells Leonardo Stake to Gemina
---------------------------------------------
Impregilo S.p.A. has closed a contract for the sale to Gemina
S.p.A. of its 11% equity investment in Leonardo S.r.l., the
company that holds 51.08% of Aeroporti di Roma S.p.A.

The investment was sold for approximately EUR62 million, the
price agreed under the terms of the put and call option signed
and announced by Gemina and Impregilo on May 24, 2005
(approximately EUR63.7 million), less the amounts received by
Impregilo for its investment in Leonardo since the call option
date, as specified under the option contract.

As agreed, Impregilo settled the outstanding amount in full as a
deduction against borrowings due to Gemina.  Also, Impregilo
reimbursed Gemina for the residual payable on its borrowings, for
an amount of approximately EUR8.9 million.

CONTACT:  IMPREGILO S.p.A.
          Viale Italia 1,
          Sesto S. Giovanni
          20099 Milan
          Phone: +39-02-244-22111
          Fax: +39-02-244-22293
          Web site: http://www.impregilo.it

          GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A.
          Via Turati n. 16/18
          Milan
          Phone: +39-02-444-23121
          Fax: +39-02-444-23120
          E-mail: investor.relator@gemina.it
          Web site: http://www.gemina.it


===========
L A T V I A
===========


LATVIJAS KRAJBANKA: Short-term 'B' Rating Affirmed
--------------------------------------------------
Fitch Ratings has upgraded Latvia-based Latvijas Krajbanka's
(Krajbanka) Support rating to '4' from '5'.  Its other ratings
are affirmed at Long-term 'B+', Short-term 'B' and Individual
'D'.  The Outlook is Stable.

The rating action follows the announcement on 21 September 2005
that Lithuania-based Bankas Snoras has acquired 83.01% of
Krajbanka.  The change in the Support rating for Krajbanka
reflects the potential support it could receive from Snoras in
case of need.

This acquisition reflects the strategy of Snoras' controlling
shareholder, Russia-based Konversbank, to expand into EU
countries.

Banu Cartmell, Director in Financial Institutions at Fitch, said:
"Although the Russian exposure is low for the time being, we will
be monitoring the level of Russian business in the two banks both
in relation to the ultimate controlling shareholder, Konversbank,
and to other parties.  A significant increase in higher-risk
business may lead to negative rating actions."

This is a sizeable transaction for Snoras with Krajbanka
representing approximately 30% of Snoras' total equity at end
2004.  Fitch has been informed that Snoras will issue
subordinated debt (to be provided by the main shareholder
Konversbank, who is the beneficial owner of the group) to finance
the acquisition.  Core capital ratios of the consolidated group
will have been weakened.  However, Fitch expects Snoras'
capitalization to remain adequate with a total capital ratio of
around 14% post-transaction.

Fitch expects Snoras to bring its experience in retail banking,
which proved successful in Lithuania, to help Krajbanka increase
the efficiency of its branch network.  While Krajbanka has the
largest branch network in Latvia, the level of activities in
these branches is low.

Snoras will make an offer to the remaining minority shareholders
of Krajbanka within the next 10 days.  The management and the
name of Krajbanka will remain.

Krajbanka is a small bank, ranking as Latvia's 11th largest by
assets at end-H105. It is a universal bank serving mainly small-
to medium-sized enterprises and individuals.

Snoras was the fourth largest bank in Lithuania by assets at
end-2004, with a 7% market share.  It has been 49.9%-owned by the
Russian Konversbank since March 2003.

CONTACT:  FITCH RATINGS
          Banu Cartmell
          Tim Beck, London
          Phone: +44 (0)20 7417 4222
          Web site: http://www.fitchratings.com

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


=================
L I T H U A N I A
=================


BANKAS SNORAS: Ratings Affirmed After Krajbanka Acquisition
-----------------------------------------------------------
Fitch Ratings has affirmed Lithuania-based Bankas Snoras'
(Snoras) ratings at Long-term 'BB-' (BB minus), Short-term 'B',
Individual 'D' and Support '4'.  The Outlook is Stable.

The rating action follows the announcement on 21 September 2005
that Snoras has acquired 83.01% of Latvia-based Latvijas
Krajbanka (Krajbanka).

This acquisition reflects the strategy of Snoras' controlling
shareholder, Russia-based Konversbank, to expand into EU
countries.

Banu Cartmell, Director in Financial Institutions at Fitch, said:
"Although the Russian exposure is low for the time being, we will
be monitoring the level of Russian business in the two banks both
in relation to the ultimate controlling shareholder, Konversbank,
and to other parties.  A significant increase in higher-risk
business may lead to negative rating actions."

This is a sizeable transaction for Snoras with Krajbanka
representing approximately 30% of Snoras' total equity at
end-2004.  Fitch has been informed that Snoras will issue
subordinated debt (to be provided by the main shareholder
Konversbank, who is the beneficial owner of the group) to finance
the acquisition.  Core capital ratios of the consolidated group
will have been weakened.  However, Fitch expects Snoras'
capitalization to remain adequate with a total capital ratio of
around 14% post-transaction.

Fitch expects Snoras to bring its experience in retail banking,
which proved successful in Lithuania, to help Krajbanka increase
the efficiency of its branch network.  While Krajbanka has the
largest branch network in Latvia, the level of activities in
these branches is low.

Snoras will make an offer to the remaining minority shareholders
of Krajbanka within the next 10 days.  The management and the
name of Krajbanka will remain.

Snoras was the fourth largest bank in Lithuania by assets at
end-2004, with a 7% market share.  It has been 49.9%-owned by the
Russian Konversbank since March 2003.

Krajbanka is a small bank, ranking as Latvia's 11th largest by
assets at end-H105.  It is a universal bank serving mainly small-
to medium-sized enterprises and individuals.

CONTACT:  FITCH RATINGS
          Banu Cartmell
          Tim Beck, London
          Phone: +44 (0)20 7417 4222
          Web site: http://www.fitchratings.com

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


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


KONINKLIJKE AHOLD: Appoints New Chief Financial Officer
-------------------------------------------------------
Royal Ahold on Monday announced it has appointed Mr. John Rishton
as Chief Financial Officer, effective January 1, 2006.

A British national, Mr. John Rishton (47) has been Chief
Financial Officer at British Airways PLC since 2001.  He joined
the airline in 1994 as Financial Controller in the United States,
was appointed Sales Controller in 1996, Operations Controller in
1998 and Commercial Controller in 1999.  Prior to BA, Mr. Rishton
worked for Ford of Europe in various international executive
positions between 1979 and 1994.  Mr. Rishton plans to relocate
to The Netherlands.

Mr. Joost Sliepenbeek, currently Ahold's Chief Accounting
Officer, has been appointed Interim CFO effective September 1,
2005, when Mr. Hannu Ryopponen left the company.  Mr. Sliepenbeek
reports to Mr. Peter Wakkie, Chief Corporate Governance Counsel
and member of the Corporate Executive Board, until Mr. Rishton
starts at Ahold.

The Supervisory Board will nominate Mr. Rishton for appointment
to the Corporate Executive Board at the Annual General Meeting of
Shareholders on May 18, 2006.  Until the general meeting of
shareholders has adopted the resolution to appoint him to the
Corporate Executive Board, Mr. Rishton will assume the position
of Acting CFO.

"We are delighted that such an accomplished professional as John
will be joining Ahold," said Mr. Anders Moberg, Ahold's President
and Chief Executive Officer.  "John's reputation, experience and
proven track record will help drive our company to the next
level.  John has lived and worked in the United Kingdom and the
United States and is highly regarded by the financial community
on both sides of the Atlantic.  Like me, he believes that
simplification is the best way to achieve the balance of cutting
costs while improving customer service.  We welcome John to the
Ahold family."

The terms and conditions of Mr. Rishton's contract is available
at http://www.ahold.com


                        About the Company

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

                           The Trouble

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

                         Status to date

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

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

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

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

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

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


ROYAL SHELL: Has 4,024,465,000 'A' Shares Remaining
---------------------------------------------------
On 22 September 2005, Royal Dutch Shell plc purchased for
cancellation 750,000 'A' Shares at a price of EUR27.25 per share.
It further purchased for cancellation 350,000 'A' Shares at a
price of 1,848.90 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,024,465,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


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


AGRO-TEKH: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on limited liability company
Agro-Tekh.  The case is docketed as A79-4367/2005.  Mr. L.
Tanklevskiy has been appointed temporary insolvency manager.  A
hearing will take place on October 21, 2005, 10:00 a.m.

CONTACT:  AGRO-TEKH
          Russia, Chuvashiya republic,
          Cheboksary, Skladskoy Pr. 6


ARDATOV-SEL-KHOZ-TEKHNIKA: Court Brings in Insolvency Manager
------------------------------------------------------------- The
Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Ardatov-Sel-Khoz-Tekhnika (TIN 5201000176).  The case is docketed
as A43-17335/2005-24-316.  Mr. A. Shegrov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 603109, Russia, N.
Novgorod, Ilyinskaya Str. 33, Office 1.  A hearing will take
place on November 29, 2005, 11:15 a.m. at the Arbitration Court
of Nizhniy Novgorod region.

CONTACT:  ARDATOV-SEL-KHOZ-TEKHNIKA
          Russia, Nizhniy Novgorod region,
          Ardatov, Turgeneva Str. 46a

          Mr. A. Shegrov
          Insolvency Manager
          603109, Russia, N. Novgorod region,
          Ilyinskaya Str. 33, Office 1
          Phone: (8312) 34-14-18


BOGORDOSKIY COMBINE: Bankruptcy Supervision Procedure Begins
------------------------------------------------------------
The Arbitration Court of Tula region has commenced bankruptcy
supervision procedure on open joint stock company Bogordoskiy
Combine Of Building Materials.  The case is docketed as
A68-99/B-05.  Mr. R. Kutlin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 300002, Russia,
Tula, Arsenalnaya Str. 1D.  A hearing will take place on November
28, 2005, 3:30 p.m.

CONTACT:  BOGORDOSKIY COMBINE OF BUILDING MATERIALS
          301832, Russia, Tula region,
          Bogoroditsk, Vyazovskiy Pr. 2

          Mr. R. Kutlin
          Temporary Insolvency Manager
          300002, Russia, Tula region,
          Arsenalnaya Str. 1D


CHEREMUSHINSKAYA NIVA: Succumbs to Bankruptcy
---------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Cheremushinskaya Niva after finding the open
joint stock company insolvent.  The case is docketed as
A64-4095/05-21.  Ms. T. Elesina has been appointed insolvency
manager.

CONTACT:  CHEREMUSHINSKAYA NIVA
          393707, Russia, Tambov region,
          Pervomayskiy region, Parizhskaya Kommuna

          Ms. T. Elesina
          Insolvency Manager
          390027, Russia, Ryazan,
          Post Office 27, Post User Box 62


KOLOS ASH: Declared Insolvent
-----------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Kolos Ash after finding the breeding factory
insolvent.  The case is docketed as A-32-9653/2004-27/69-B.  Mr.
V. Golovnya has been appointed insolvency manager.

Creditors may submit their proofs of claim to 350063, Russia,
Krasnodar, Gimnazicheskaya Str. 14, Office 16.  A hearing will
take place on November 14, 2005.

CONTACT:  KOLOS ASH
          353740, Russia, Krasnodar region,
          Leningradskaya St. Shkolnaya Str. 70a

          Mr. V. Golovnya
          Insolvency Manager
          350063, Russia, Krasnodar region,
          Gimnazicheskaya Str. 14, Office 16


NEPRIKSKIY ELEVATOR: Claims Filing Period Ends October 20
---------------------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Neprikskiy Elevator after finding the open
joint stock company insolvent.  The case is docketed as
A55-200/98-6.  Mr. A. Chernik has been appointed insolvency
manager.
Creditors have until October 20, 2005 to submit their proofs of
claim to 167000, Russia, Komi republic, Syktyvkar, Post User Box
901.

CONTACT:  NEPRIKSKIY ELEVATOR
          446662, Russia, Samara region,
          Borskoye, Shosseynaya Str. 1

          Mr. A. Chernik
          Insolvency Manager
          603005, Russia, Nizhniy Novgorod,
          Nesterova Str. 9, Office 805

          The Arbitration Court of Samara region
          443045, Russia, Samara region,
          Avrory Str. 148
          Phone: (846-2) 26-55-25


OKSKIY: Court Brings in Insolvency Manager
------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Okskiy after finding the
cold-store combine insolvent.  The case is docketed as
A43-14168/2005-24-255.  Mr. Y. Shishkov has been appointed
insolvency manager.

Creditors may submit their proofs of claim to 606403, Russia,
Nizhniy Novgorod region, Balakhinskiy region, B-Kozino, 8 Marta
Str. 42.  A hearing will take place on December 20, 2005, 9:00
a.m. at the Arbitration Court of Nizhniy Novgorod region.

CONTACT:  OKSKIY
          603950, Russia, Nizhniy Novgorod region,
          Vorotynskaya Str. 1

          Mr. Y. Shishkov
          Insolvency Manager
          606403, Russia, Nizhniy Novgorod region,
          Balakhinskiy region, B-Kozino, 8 Marta Str. 42


ORGRESBANK: Low-B Ratings, Stable Outlook Affirmed
--------------------------------------------------
Fitch Ratings has affirmed Orgresbank's (Orgres) ratings at
Long-term 'B-' (B minus), Short-term 'B', Individual 'D', Support
'5' and National Long-term 'BB+(rus)'.  The Outlooks on the
Long-term and National Long-term ratings remain Stable.

The Long-term, Short-term and Individual ratings reflect Orgres'
small size by international standards, limited franchise, modest
profitability, concentrated business and related-party lending.
They also take into account certain weaknesses in the Russian
operating environment.  However, the ratings also consider the
bank's currently reasonable capital and liquidity and
satisfactory asset quality to date.

Fitch notes that any upward movement in Orgres' ratings would
likely depend, among other things, on a substantial increase in
the bank's size and franchise.  On the other hand, Fitch notes
that a marked deterioration in asset quality, a rise in
related-party business and a further deterioration in performance
would be negative rating factors.

Orgres was established in 1994 but its current shareholder
structure and business model began to take shape only in 1999.
Orgres' shareholders include the Chairman of the Management Board
and another member of senior management (stakes of approximately
20% and 6%, respectively) and six corporates (stakes of 12%-12.5%
each), mainly in IT-related sectors.  Orgres ranks among the top
50 domestic banks by capital.  Its main activities include
customer lending and interbank operations, and its customer base
consists primarily of SMEs.

CONTACT:  FITCH RATINGS
          Lindsey Liddell, London
          Phone: +44 (0) 20 7417 3495
          Dmitriy Piskulov, Moscow
          Phone: +7 095 956 2408
          Web site: http://www.fitchratings.com

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


PROBUSINESSBANK: Ratings Affirmed at 'B-/B'
-------------------------------------------
Fitch Ratings has affirmed Russia-based Probusinessbank's (PBB)
ratings at Long-term 'B-' (B minus), Short-term 'B', Individual
'D', Support '5' and National Long-term 'BB+(rus)'.  The Outlooks
on the Long-term and National Long-term ratings remain Stable.

The Long-term, Short-term, National Long-term and Individual
ratings reflect PBB's small size (by international standards),
low core profitability and the significant costs and operational
risks arising from its ambitious strategy for expansion into new
regions (through acquisitions) and business areas.  They also
take into account its currently adequate, albeit declining,
capitalization.  At end-2004 PBB introduced simplified risk
management procedures to accelerate the expected growth of
lending; however, they are yet to be tested for a material
increase in the client base.

Upward pressure on PBB's ratings could result from a substantial
increase in the bank's size and franchise without asset quality
deterioration, a reversal of downward capitalization trends and a
significant improvement in core profitability.  Downward pressure
could be caused by a significant deterioration in asset quality,
further deterioration of capital ratios or a substantial increase
in operational risk in case of new acquisitions.

PBB was established in 1993 and is one of the top 100 Russian
banks by assets and equity.  PBB serves medium-sized corporates
and individuals in Moscow, the Volga region and Ekaterinburg (the
latter two regions covered by acquired banks), and aims to
further develop its retail and SME lending, in particular in
Russian regions.  PBB is majority-owned by its management.

CONTACT:  FITCH RATINGS
          Olga Budovnits
          Alexei Kechko
          James Watson, Moscow
          Phone: +7 095 956 99 01
          Web site: http://www.fitchratings.com

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


SEL-KHOZ-KHIMIYA: Insolvency Manager Takes over Business
--------------------------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Sel-Khoz-Khimiya after finding the open joint
stock company insolvent.  The case is docketed as
A-28-74/03-202/24.  Mr. Y. Shishkov has been appointed insolvency
manager.  A hearing will take place on November 24, 2005, 2:00
p.m.

CONTACT:  SEL-KHOZ-KHIMIYA
          165210, Russia, Arkhangelsk region,
          Ustyanskiy region, Agrokhimikov Str. 1a

          Mr. Y. Shishkov
          Insolvency Manager
          160004, Russia, Vologda,
          Post User Box 18


SPETS-TRANS-STROY: Bankruptcy Hearing Set December
--------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on limited liability
company Spets-Trans-Stroy.  The case is docketed as
A-75-6833/2005.  Ms. N. Furman has been appointed temporary
insolvency manager.  A hearing will take place on December 26,
2005, 10:15 a.m.

CONTACT:  SPETS-TRANS-STROY
          628404, Russia, Khanty-Mansiyskiy autonomous region -
          Yugra, Tyumen region, Surgut, Gubkina Str. 18, 1

          Ms. N. Furman
          Temporary Insolvency Manager
          628414, Russia, Tyumen region, Surgut,
          Griboedova Str. 1, Apartment 77

          The Arbitration Court of Khanty-Mansiyskiy autonomous
          region:
          Russia, Khanty-Mansiyskiy autonomous region,
          Tyumen region, Khanty-Masiysk, Lenina Str. 54/1


TERMINAL-CENTRE: Names I. Gridneva Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Terminal-Centre.  The case is docketed as A12-12309/05-s58.  Ms.
I. Gridneva has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 400001, Russia,
Volgograd, Balakhninskaya Str. 4.  A hearing will take place on
October 27, 2005.

CONTACT:  TERMINAL-CENTRE
          400131, Russia, Volgograd region,
          Naberezhnaya 62y Armii, cafe Old Castle

          Ms. I. Gridneva
          Temporary Insolvency Manager
          400001, Russia, Volgograd region,
          Balakhninskaya Str. 4


YUKOS OIL: May Sell Certain Units
---------------------------------
Yukos Oil said it's willing to sell some of its oil production
units if Russian authorities approve, but that is excluding its
Tomskneft and Samaraneftegaz subsidiaries, Platts reports.  Yukos
targets a combined output for both units at 20 to 30 million
metric tons per year over the next five years.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  A few days after, its main production
unit Yugansk was sold by the government to a little-known firm
OOO Baikalfinansgroup for US$9.35 billion.  The sale was aimed at
paying for a US$27.5 billion tax bill for 2000-2003.  Its
bankruptcy case was dismissed in February.

Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery,
Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew
Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $12,276,000,000 in total assets and
$30,790,000,000 in total debt.

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

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


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


SKANDIA INSURANCE: Old Mutual Bid Unappealing to Investors
----------------------------------------------------------
With respect to the public offer by Old Mutual plc, the board of
Skandia Insurance Co. Ltd. has considered the Offer not
attractive for Skandia's shareholders.  The Board therefore
advises the shareholders of Skandia against accepting the Offer.

A minority within the Board has a dissenting opinion and
recommends that the shareholders accept Old Mutual's offer.  All
of the directors on Skandia's board have expressed their view of
the Offer.

However, Skandia's board will confirm in writing to Old Mutual
that Skandia will not take any action to frustrate the Offer,
that Skandia will not seek alternative bidders, that Skandia will
cooperate in general with Old Mutual in the preparation of the
prospectus and filings for regulatory approvals, and that
Skandia in other respects will continue to comply with applicable
laws and regulations.

Taking into account the business plan for the years 2005-2007 and
the Turbo plan, Skandia has, for the shareholders, employees and
customers, such a promising future as a stand-alone company.

Old Mutual's Offer is not attractive from a financial perspective
since it, in its structure, undervalues Skandia's market
position, underlying strategic value and attractive growth
opportunities.

A combination of Old Mutual and Skandia also lacks industrial
logic in many respects.  The operational synergies are limited,
since the companies have marginal overlapping activities.  The
synergies anticipated by Old Mutual can largely be carried out by
Skandia on its own.  This applies especially to the reduction of
costs at the head office and in the U.K., as well as savings
through outsourcing of certain functions.

In recent years, Skandia has been forced to focus on the wrong
things, and much energy has been spent on dealing with previous
years' affairs and prolonged structural discussions.  As a
result, the normal business operations have suffered.  Further,
the work on the fundamental strategic overhaul has taken up much
of management's resources.  Now that management can once again
channel its energy into developing Skandia's business, Skandia is
in the midst of an interesting phase of development, with rising
sales figures, market shares and customer satisfaction.

The present value of new business (VNB) for unit linked assurance
and funds under management rose substantially in 2004 and the
first half of 2005, with a significant recovery in the Swedish
market, stronger market positions in the U.K., Asia Pacific &
Offshore division, and rapidly rising profitability and growth in
Continental Europe.

Moreover, through the Turbo plan, Skandia can achieve substantial
efficiencies in, among other things, IT, fund selection and
administration, and reduce joint group expenses and find new
forms of working to achieve greater sharing of knowledge and
better resource utilization.

Skandia's favorable growth is now balanced, with good control
over cash flows in the company's main markets in Sweden and the
U.K.  As shown in the business plan, this trend can be expected
to continue.  In combination with the measures identified in the
Turbo plan, this creates a strong foundation for increasing the
company's profitability and growth in the years immediately
ahead.

Skandia is active in the market for savings products, where
demand is expected to continue growing strongly.  This applies
especially in the product areas in which Skandia has a presence.
Consolidation in the industry in these areas is therefore not
expected to be imminent, which is why a niche player like Skandia
has very good prospects to continue growing organically.

Skandia has a good financial position.  Through continued,
balanced growth and the announced efficiency-improvement
measures, Skandia's cash flow from operating activities is
expected to be positive starting in 2007.  The balance sheet is
judged to be sufficiently strong to finance the growth
projections in the business plan and to meet changes in
legislation and rules regarding capital adequacy and solvency,
which may be adopted and enacted in the immediate future.

Old Mutual has indicated an open position to SkandiaBanken's
future strategic potential and, in view of the prospective new
group's balance sheet, has indicated that SkandiaBanken may be
divested.  SkandiaBanken, with its large customer base and
attractive offering, plays a key role in Skandia's strategy for
Sweden, which Skandia's management has formulated over a couple
of years and which entails an integration of the group's
operations with a broad and uniform customer offering.  Hence,
SkandiaBanken is of major significance for Skandia's growth
opportunities in the Nordic region.  A sale of SkandiaBanken
would tangibly worsen the prospects for the new group's future
development in the Nordic market.

Currently, Skandia has approximately 1.8 million customers in
Sweden.  The group as a whole (including Skandia Liv) manages
approximately SEK800 billion of assets on behalf of its
customers.  Nearly 50% of this relates to customers' savings in
Sweden within unit linked assurance, traditional life assurance
and banking.  A negative reaction from these customers, which has
already been noticed since Old Mutual's ambition to acquire
Skandia became known, could lead to decreased profitability,
particularly in the Nordic operations.  Nor can it be disregarded
in this context that by virtue of its assets under management,
Skandia Liv is a significant player in the Nordic capital market.

The value of the Offer is too low.  This applies especially
considering the fact that the life assurance industry in the
Western world has just recovered from an all-time-low with
respect to valuation levels and is now at the average of the last
ten years' valuation multiples.  Added to this are the
substantial internal problems that have existed in recent years
and which have affected Skandia's valuation.

The Offer contains a relatively high proportion of shares as
consideration, which means that its value is directly affected by
changes in Old Mutual's share price.  It is therefore important
to evaluate Old Mutual and Old Mutual's stock.  An overwhelming
proportion of Old Mutual's profit, cash flow and embedded value
are attributable to the company's South African business. The
stock's valuation is thereby exposed to the development of South
Africa's currency, the brand, and ultimately it is strongly
dependent on political and economic developments in South Africa.
The risks of Old Mutual's strong dependence on the South African
market are further elevated by the fact that South Africa still
has foreign exchange controls that can restrict major transfers
from South Africa, such as financing a possible capital
contribution to Skandia.

Additionally, it can be noted that Old Mutual, like Skandia, has
a broadly based ownership structure and lacks a distinct
principal owner.

Following an acquisition of Skandia, Old Mutual's financial
position would be weakened.  The new group's debt-equity ratio
would be higher than what Skandia's debt-equity ratio currently
is, and its fixed charge cover would be lower than what Skandia's
is.  For Old Mutual, a maintained credit rating is important in
view of its US life business, which moreover, is still capital
intensive.

Taken together, this entails a risk that Old Mutual would not
have the capacity to invest more capital and resources in Skandia
compared with what Skandia independently would have the
opportunity to do.  It can also be noted that cash flow from Old
Mutual's South African business may be adversely affected by the
dividend tax of 12.5% that is payable on net dividends paid out
by companies in South Africa.

In the Board's view, the fairness opinion issued by ABN AMRO
takes insufficient account of Skandia's potential and future
business opportunities.

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


SKANDIA INSURANCE: Old Mutual to Pursue Bid Despite Initial Snub
----------------------------------------------------------------
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 noted the recent announcement by the Board of
Skandia regarding its offer.  Old Mutual remains of the view that
in a consolidating financial services market, the industrial
logic of combining these two groups is compelling, providing
prospects of enhanced growth with reduced risk for all
shareholders.

Old Mutual welcomes the publication of the independent fairness
opinion by ABN Amro, commissioned by Skandia's Board in relation
to the Offer, which concludes that Old Mutual's Offer is fair
from a financial point of view.

Old Mutual is pleased that the Board of Skandia has undertaken to
cooperate in the preparation of the regulatory filings and the
prospectus, which will contain full details of the Offer and is
expected to be published in mid October.

Jim Sutcliffe, Chief Executive of Old Mutual says: "We have met
with holders of more than 60% of Skandia's shares in recent weeks
and received positive indications on the merits of our proposal
from a vast majority of them."

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

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

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

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


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


AZURE INTEGRATION: Hires Administrators from Menzies
----------------------------------------------------
Paul David Williams and Andrew Gordon Stoneman (IP Nos 9294,
8728) of Menzies Corporate Restructuring were appointed
administrators of Azure Integration Limited (Company No 05118201)
on Sept. 12.  The company's registered office is at 29-30 Fitzroy
Square, London W1T 6LQ.

Based in the United Kingdom and operating from offices in Chester
and London, Azure Integration is entirely focused on addressing t
he complete needs of ICT lifecycle requirements.  Visit
http://www.azureintegration.com/for more information.

CONTACT:  AZURE INTEGRATION LIMITED
          Glyn House
          City Road
          London EC1Y 2AA
          Phone: + 44 (0) 8700 850 860
          Fax: +44 (0) 207 689 8427

          MENZIES CORPORATE RESTRUCTURING
          43/45 Portman Square
          London W1H 6LY
          Phone: 020 7487 7240


BEAVERS RECRUITMENT: Administrators from Tenon Recovery Move in
---------------------------------------------------------------
Carl Stuart Jackson and Tina Yearsley (IP Nos 8860 and 9298) of
Tenon Recovery were appointed joint administrators of Beavers
Recruitment Limited (Company No 2702238) on Sept. 12.  The
company's registered office is at 29 Devizes Road, Swindon,
Wiltshire SN1 4BG.

CONTACT:  BEAVERS RECRUITMENT LTD.
          140 Victoria Road,
          Swindon, Wiltshire SN1 3BU
          Phone: 01793430007

          TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


BLACKAMBER BOOKS: Names Baker Tilly Liquidator
----------------------------------------------
R. Hudson, Chairman of Blackamber Books Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 9 at Baker Tilly, 1st Floor, 5 Old Bailey, London EC4M 7AF.
Karl Christopher Holmes and Peter John Robertson Souster of Baker
Tilly, 1st Floor, 5 Old Bailey, London EC4M 7AF were appointed
liquidators.

The company was launched in 1998.  It is home for fresh talent,
and in particular, unpublished second and third generation
British and European writers.  Visit http://www.blackamber.com/
for more information.

CONTACT:  BLACKAMBER BOOKS LTD.
          3 Queen Square
          London
          WC1N 3AU
          United Kingdom
          E-mail: information@blackamber.com
          Phone: +00-44-0207-278-2488
                 +00 44 0207 278 8864

          BAKER TILLY
          Web site: http://www.bakertilly.co.uk


BOXSTAR LIMITED: Business for Sale
----------------------------------
The Joint Administrators, Michael Horrocks, Russell Cash, Stuart
Maddison and Colin Haig offer for sale the business and assets of
this manufacturer of print, packaging and label products.  The
business has a blue chip customer base and operates four
independent leasehold factories:

(a) a wet glue label manufacturing operation in Accrington with
    around GBP3 million in turnover, and 41 employees;

(b) FMCG packaging operation in Leeds with around GBP9 million
    in turnover, and 73 employees;

(c) Self adhesive label manufacturing operation in Leicester
    with around GBP7 million in turnover, and 62 employees; and

(d) premium packaging manufacturing operation in Maidenhead with
    around GBP12 million in turnover, and 149 employees.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          101 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3PW
          Phone: [44] (161) 236 9191
          Fax: [44] (161) 247 4000 (ABAS)
                          245 2902/3/6/7 (TLS)
                          245 2910(MCS)
                          245 2905 (FAS)
          Web site: http://www.pwcglobal.com

          Elliot Sprotson
          Phone: 0161 245 2391
          Fax: 0161 245 2828
          E-mail: elliot.sprotson@uk.pwc.com


CAXTON SHOE: Calls in Liquidators from Hawdon Bell & Co.
--------------------------------------------------------
P. R. A. Winfield, Chairman of The Caxton Shoe Company Limited,
informs that extraordinary resolution to wind up the company was
passed at an EGM held on Sept. 7 at 4 Northumberland Place, North
Shields NE30 1QP.  John Bell and Simon John Lundy of Hawdon Bell
& Co, 4 Northumberland Place, North Shields NE30 1QP were
appointed liquidators.

CONTACT:  CAXTON SHOES
          30 King Street, South Shields,
          Tyne And Wear NE33 1HU
          Phone: 01914563771

          HAWDON BELL & CO.
          4 Northumberland Place
          North Shields
          Tyne And Wear NE30 1QP
          Phone: 0191 257 7113
          Fax: 0191 296 2034
          E-mail: jbell@hawdonbell.co.uk


COLDSEAL LIMITED: Collapse Inevitable
-------------------------------------
The winding-up of Coldseal Limited will no longer surprise the
industry, said ICC Credit.  With 92 County Court Judgments
totaling more than GBP199,000 against the firm, its liquidation
will not also shock disgruntled clients left with defective
windows and doors.

Matthew Debbage, Head of Product and Marketing of ICC Credit,
said: "This is a sorry tale of an unscrupulous company that
carried on trading when all indications, such as the 92 CCJs, and
the lack of customer satisfaction, suggested they should have
stopped."

The company, which has boasted to be one of U.K.'s leading
replacement windows, doors and conservatories manufacturers,
started in 1990.  It claims to have installed over 1 million
windows, doors, patio doors and conservatories for more than a
quarter of a million delighted customers.

Mr. Debbage's message to customers: "We suggest consumers wanting
to make large purchases, such as new windows for the house, check
on the credit status of the company initially and if uncertain -
switch suppliers."

CONTACT:  COLDSEAL LIMITED
          Mansfield Road, Alfreton
          Derbyshire DE55 7JQ
          Phone: 01773833000


COLLINS & AIKMAN: C&A Europe's Schedules of Assets, Debt
--------------------------------------------------------

A.     Real Property                                         $0

B.     Personal Property
B.9    Insurance Policy Interests                       unknown
B.12   Stock Interests
          Investment in C&A Gibraltar Limited       120,915,758
          Others                                        unknown
B.15   Accounts Receivable
          C&A Gibraltar Limited, Intercompany        41,558,380
          C&A Products Co., Intercompany                 64,160

       TOTAL SCHEDULED ASSETS                      $162,538,298
                                                  =============

C.     Property Claimed as Exempt                Not applicable

D.     Secured Claims
          JPMorgan Chase Bank NA                   $473,000,000
          JPMorgan Chase Bank NA                    108,800,000
          JPMorgan Chase Bank NA                    105,000,000
          JPMorgan Chase Bank NA                      3,378,337
          JPMorgan Chase Bank NA                        927,801
          JPMorgan Chase Bank NA                        575,828

E.     Unsecured Priority Claims                              0

F.     Unsecured Non-Priority Claims
          BNY Midwest Trust Company                 500,000,000
          BNY Midwest Trust Company                 400,900,000
          BNY Midwest Trust Company                  20,739,764
          BNY Midwest Trust Company                  13,429,629
          C&A International Corp.                    42,758,276
          JPMorgan Chase Bank NA                        unknown

       TOTAL SCHEDULED LIABILITIES               $1,669,509,635
                                                ===============

Headquartered in Troy, Michigan, Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company has
a workforce of approximately 23,000 and a network of more than
100 technical centers, sales offices and manufacturing sites in
17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17, 2005
(Bankr. E.D. Mich. Case No. 05-55927).  When the Debtors filed
for protection from their creditors, they listed $3,196,700,000
in total assets and $2,856,600,000 in total debt.  (Collins &
Aikman Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

Collins & Aikman Corporation's (OTC: CKCRQ) European companies
have obtained a "group wide" Administration order pursuant to the
jurisdiction of the English High Court in London in July 2005.
Simon Appell and Alastair Beveridge, amongst others, of Kroll
U.K. have been appointed joint administrators of each of the
companies.  The companies included in the filing are located in
the U.K., Austria, Belgium, Czech Republic, Italy, Germany,
Luxembourg, Netherlands, Spain and Sweden and have approximately
4,000 employees in 24 facilities.  Collins & Aikman's European
operations are expected to continue in the normal course of
business without interruption while the Administrators assess
appropriate options.

The U.K. companies in Administration and the named Kroll Joint
Administrators are:

(a) Collins & Aikman Holdings Ltd. - Simon Appell, Alastair
    Beveridge, Gary Squires;

(b) Collins & Aikman Automotive Ltd. - Simon Appell, Alastair
    Beveridge, Gary Squires;

(c) Collins & Aikman Automotive Fabrics Ltd. - Simon Appell,
    Alastair Beveridge, Anne O'Keefe;

(d) Collins & Aikman Automotive Trim Ltd. - Simon Appell,
    Alastair Beveridge, Andrew Pepper;

(e) AS Collins & Aikman UK Ltd. - Simon Appell, Alastair
    Beveridge, Andrew Pepper; and

(f) Collins & Aikman Automotive UK Ltd. - Simon Appell, Alastair
    Beveridge, Andrew Pepper.

The rest of the European units in administration and the named
Kroll Joint Administrators are:

(a) [Spain] Collins & Aikman Automotive Systems SL - Simon
    Appell, Alastair Beveridge, Gary Squires;

(b) [Austria] Collins & Aikman Products GmbH - Simon Appell,
    Alastair Beveridge, Gary Squires;

(c) [Sweden] Collins & Aikman Holding AB - Simon Appell,
    Alastair Beveridge, Gary Squires; and Collins & Aikman
    Automotive Systems AB - Simon Appell, Alastair Beveridge,
    Gary Squires;

(d) [Germany] Collins & Aikman Automotive Holding GmbH - Simon
    Appell, Alastair Beveridge, Gary Squires; Collins & Aikman
    Automotive Systems GmbH - Simon Appell, Alastair Beveridge,
    Gary Squires; Collins & Aikman Automotive Trim GmbH - Simon
    Appell, Alastair Beveridge, Gary Squires; and Dura
    Convertible Systems GmbH - Simon Appell, Alastair Beveridge,
    Gary Squires;

(e) [Belgium] Collins & Aikman Automotive Trim B.V.B.A . - Simon
    Appell, Alastair Beveridge, Gary Squires;

(f) [Italy] Collins & Aikman Automotive Systems (Italy) S.r.l. -
    Simon Appell, Alastair Beveridge, Gary Squires; Collins &
    Aikman Automotive Holdings (Italy) S.r.l. - Simon Appell,
    Alastair Beveridge, Gary Squires; and Collins & Aikman
    Automotive Company Italia S.r.l. - Simon Appell, Alastair
    Beveridge, Gary Squires;

(g) [Netherlands] Collins & Aikman Holdings B.V. - Simon Appell,
    Alastair Beveridge, Gary Squires; Collins & Aikman
    Automotive Trim B.V. - Simon Appell, Alastair Beveridge,
    Gary Squires; Collins & Aikman Europe B.V. - Simon Appell,
    Alastair Beveridge, Gary Squires; and Collins & Aikman
    Automotive Floormats Europe B.V. - Simon Appell, Alastair
    Beveridge, Gary Squires;

(h) [Czech Republic] Collins & Aikman Automotive s.r.o - Simon
    Appell, Alastair Beveridge, Gary Squires; and

(i) [Luxembourg] Collins & Aikman Europe S.A. - Simon Appell,
    Alastair Beveridge, Gary Squires, Phillip Sykes.

Additional information regarding the European group wide
Administration is available at
http://www.collinsaikmaneurope.com/and information regarding the
Chapter 11 reorganization at http://www.collinsaikman.com For
more information, call the Company's toll-free Reorganization
Information Line at 1-866-795-7641 or for international callers
+1 310-432-4170.

CONTACT:  COLLINS & AIKMAN EUROPE
          Web site: http://www.collinsaikmaneurope.com

          Financial Dynamics
          Phone: +44 (0)20 7269 7167
          Lucy Thom
          Phone: +44 (0)7712 174690
          Nigel O'Connor
          Phone: +44 (0)7968 095770
          E-mail: collinsandaikman@fd.com

          KROLL EUROPE, MIDDLE EAST & AFRICA
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


CUSTOM NETWORK: Hires Liquidator from Alexander Lawson & Co.
------------------------------------------------------------
The Custom Network Cabling Company Limited informs that
extraordinary resolution to wind up the company was passed at an
EGM held on Sept. 8 at 641 Green Lanes, London N8 0RE.  Ninos
Koumettou of Alexander Lawson & Co, 641 Green Lanes, London N8
0RE was appointed liquidator.

CONTACT:  THE CUSTOM NETWORK CABLING CO LTD.
          97 Middleton Avenue,
          London E4 8EF
          Phone: 02085237796

          ALEXANDER LAWSON & CO.
          641 Green Lanes
          London N8 0RE
          Phone: 020 8348 0183
          Fax: 020 8340 9115


DOUBLEDRIVE ENGINEERING: In Administrative Receivership
-------------------------------------------------------
M. D. Charlton appoints Peter Kubik and Ladislav Hornan (Office
Holder Nos 9220 and 2059) of UHY Hacker Young were appointed
joint administrative receivers of Doubledrive Engineering Limited
(Reg No 03041286) on Sept.12.  The company maintains and repairs
motors.  Its trading name is Doubledrive Engineering Limited.

CONTACT:  DOUBLE DRIVE ENGINEERING LTD.
          1-5 Johnsons Way,
          London NW10 7PF
          Phone: 02084530409

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


ELAN SYSTEMS: Industrial Washing Machine Maker Winds up
-------------------------------------------------------
J. E. Nanson, Chairman of Elan Systems [Coventry] Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 9 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.

Elan Systems has been in existence for 30 years, starting as Elan
Pressure Clean, later renamed to Reiss Elan, and afterwards to
Valiant Elan.  It now specializes in Wash and Deburr technology,
supplying dynamic solutions for the ultimate in component
washing, superwashing and deburring.  It also provides service,
spares and technical support to all machines supplied.

Elan Systems' European headquarters are still based at Coventry,
England.  Visit http://www.elansystems.co.ukfor more
information.

CONTACT:  ELAN SYSTEMS (COVENTRY) LTD.
          21a Bayton Road
          Exhall
          Coventry
          Warwickshire
          CV7 9EJ
          United Kingdom
          Phone: +44 (24) 7636 6299

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


ESNA LIMITED: Software Consultancy Firm Liquidates
--------------------------------------------------
Eric Stewart, Chairman of ESNA Limited, informs that resolutions
to wind up the company were passed at an EGM held on Sept. 14 at
Regus, Lakeside House, 1 Furzeground Way, Stockley Park East,
Uxbridge, Middlesex UB11 1BD.  Robert Day of Robert Day and
Company Limited, Garfield, Church Lane, Oving, Aylesbury,
Buckinghamshire HP22 4HL was appointed liquidator.

ESNA Limited was founded in 1998.  It provides application
development, consultancy and managed services specifically within
the IBM Community.  Its core expertise lies within Lotus Domino,
IBM DB2, and Websphere technologies.  Its customers included St.
Helens Metropolitan Council, Envirowise, Autotype, Agfa, Contact
Music, Contact Phones, RMC.  Visit http://www.esna.co.uk/for
more information.

CONTACT:  ESNA LIMITED
          2nd Floor, 145-157 St John Street
          London, EC1V 4PY
          Phone: +44 (0) 845 4 900 161
          Fax: +44 (0) 870 762 3212
          Mobile: +44 (0) 7710 511 054
          Contact:
          Eric Stewart, Chairman
          Mark Kenworth


FURNITURELAND LIMITED: Founder as Consumer Demand Falls
-------------------------------------------------------
Administrators from Ernst & Young LLP were appointed to
Furnitureland Limited and Furnitureland Holdings Limited on 22
September 2005.  Furnitureland Holdings Limited is a holding
company, trading through Furnitureland Limited.

Furnitureland Limited has for some time struggled in the face of
increasing competition and, more recently, weaker retail trading,
as U.K. consumer demand has fallen.  Furnitureland Limited
operates from 28 stores and employs around 500 people.

One of the joint administrators, Alan Hudson, said: "It is very
important that customer orders are fulfilled and we are working
with the companies' supplier base, which is being supportive, to
achieve this.

"For customers who have paid for their goods in full or in part
and where the goods have been already delivered to a
Furnitureland store or warehouse, these will be delivered to
customers as soon as any outstanding balance has been paid and a
delivery date has been arranged.  Customers should contact the
Furnitureland store where they made their original purchase to
arrange a delivery.

"For customers whose goods are not available for delivery, every
effort will be made to try and secure the goods ordered from the
manufacturers involved.  If this is not possible, customers will
be offered similar goods at a 10% discount.  In those
circumstances, the customer deposit will be honored.  Customers
should contact the Furnitureland store where they made their
original purchase to arrange a delivery."

The Administrators wish to minimize the disappointment and
financial loss of any customers by dealing individually with each
customer's situation.  Customers should contact the Furnitureland
store where they made their original purchase by Wednesday, 5
October 2005.  The stores have re-opened Saturday for customers
with outstanding orders to meet with Furnitureland staff to
discuss their individual situation.  The stores will not be open
for general trade.

CONTACT:  FURNITURELAND LIMITED
          9th Floor, Yeoman House
          57-63 Croydon Road
          London SE20 7TP
          Phone: 44 20 8768 7100
          Fax: 44 20 8768 7130
          Web site: http://www.furnitureland.co.uk

          Vicky Conybeer, Media Relations
          Ernst & Young
          Phone: 020 7951 0868
                 or 07870 635196

          Anna White, Media Relations
          Ernst & Young
          Phone: 020 7951 0813
                 or 0777 960 1134


GRAHAM PRECISION: Names KPMG Liquidator
---------------------------------------
J. G. R. Bowmaker, Chairman of Graham Precision Pumps Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 13 at KPMG LLP St James' Square, Manchester M2
6DS.  Francis Graham Newton and Brian Green of KPMG were
appointed liquidator.

Graham is an international supplier of Vacuum Pumps and Systems.
It has thousands of installations in over 65 countries.  Graham
employs 400 people in five locations: Graham Corporation,
Balavia, U.S.A.; Graham Precision Pumps Ltd., Congleton, U.K.;
Graham Houston, U.S.A.; Graham California, U.S.A.; Graham Vakuum
Technik GmbH, Cologne Germany.

CONTACT:  GRAHAM PRECISION PUMPS LTD.
          The Forge, Forge Lane
          Congleton
          CW12 4HG
          Cheshire
          Phone: 01260 274721
          Fax: 01260 276965
          Web site: http://www.grahamvt.com

          KPMG LLP
          1 The Embankment
          Neville Street
          Leeds
          West Yorkshire LS1 4DW
          Phone: 0113 231 3332
          Fax: 0113 231 3183
          E-mail: richard.fleming@kpmg.co.uk


IN-MOTION PICTURES: Calls in Administrators from Tenon Recovery
---------------------------------------------------------------
Simon Robert Thomas and Steven John Parker (IP Nos 8920 and 8989)
of Tenon Recovery were appointed joint administrators of
In-Motion Pictures Limited (Company No 01338616) on Sept. 13.
The company's registered office is at 5 Percy Street, London W1T
1DG.  The company produces and distributes motion pictures.

CONTACT:  IN-MOTION PICTURES LTD.
          5 Percy Street
          London W1T 1DG
          Phone: (020) 7467 6880
          Fax: (020) 7467 6890

          TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


I S NETWORKING: In Liquidation
------------------------------
A. Bird, Chairman of I S Networking Solutions Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 9 at Gladstone House, 77-79 High Street, Egham,
Surrey TW20 9HY.  Keith Aleric Stevens of Wilkins Kennedy,
Gladstone House, 77-79 High Street, Egham, Surrey TW20 9HY was
appointed liquidator.

I S Networking is a one-stop-shop for I.T., hardware supplies and
technical support requirements.  Visit http://www.isns.co.ukfor
more information.

CONTACT:  I S NETWORKING SOLUTIONS LIMITED
          Unit 3, Thorpe Court, Thorpe Park Industrial Estate,
          Egham, Surrey
          TW20 8RX
          Phone: 01784 220010
          Fax: 01784 436224
          E-mail: info@isns.co.uk

          WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


KINGSTON INTERNATIONAL: Hires Kroll Limited as Administrator
------------------------------------------------------------
David Whitehouse and Simon Wilson (IP Nos 008699 and 008963) of
Kroll Limited were appointed joint administrators of Kingston
International Construction Limited (Company No 4717556) on Sept.
14.  The company's registered office is at 6-8 Humber Street,
Hull, East Yorkshire HU1 1TG.  Kingston International is into
general construction and civil engineering.

CONTACT:  KINGSTON INTERNATIONAL CONSTRUCTION LTD.
          Humber St.
          Hull HU1 1TG
          Phone: 01482 322133

          KROLL LIMITED
          The Observatory
          Chapels Walk
          Manchester
          Greater Manchester M2 1HL
          Phone: 0161 838 4500
          Fax: 0161 838 4501


MARCONI CORPORATION: Takeover Talks Plain Speculation
-----------------------------------------------------
An industry source has dismissed recent market speculation of a
325-pence-a-share offer for Marconi Corp. plc.  According to
Reuters, the source believes that Marconi shares, which rose
almost 7% Friday amid the rumor, were simply recovering losses
incurred the day before.

While Marconi refused to comment on the matter, dealers believed
the approach could have come from Chinese partner Huawei
Technologies.  In August, discussions between the two companies
were widely speculated to result in a takeover, valuing Marconi
at more than GBP600 million (EUR864 million).  In September,
Marconi confirmed it was still in talks with possible buyers, but
did not name names or provide details.  Aside from Huawei,
another Chinese firm ZTE Corp, and European telecoms groups
Ericsson, Siemens and Alcatel are also said to be interested in
Marconi.

Headquartered in Warwickshire, Marconi is a former broad-based
industrial concern, which transformed itself into a telecoms
equipment maker hoping to benefit from the dotcom boom.  When the
technology bubble collapsed four years ago, Marconi shocked the
market with a profits warning that cut much of its share value.
In an effort to avoid collapse, the company entered into a scheme
of arrangement that made the Corp. part of the business of the
new holding company.  The scheme of arrangement took effect May
2003.  Its efforts to recover from the crisis was dealt a blow in
April when it failed to win work in BT's GBP10 billion upgrade of
U.K. infrastructure.

CONTACT:  MARCONI CORPORATION PLC
          4th Floor Regents Place
          338 Euston Rd
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com

          Press Enquiries
          David Beck
          Phone: 0207 306 1490
          E-mail: david.beck@marconi.com

          Investor Enquiries
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com

          Karen Keyes
          Phone: 0207 306 1345
          E-mail: karen.keyes@marconi.com


MARKET SQUARE: Files for Liquidation
------------------------------------
D. Campbell, Director of Market Square (Warminster) Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 15 at 40 George Street, Warminster, Wiltshire BA12
7DD.  Alison M Byrne was appointed liquidator.

Market Square (Warminster) Ltd. is a rural based manufacturer of
wooden products -- from whole room wall paneling systems to small
pine boxes.  Visit http://www.net2000.co.uk/hp/market-square/for
more information.

CONTACT:  MARKET SQUARE (WARMINSTER) LTD.
          Wing Farm
          Longbridge Deverill
          Warminster
          BA12 7DD
          Wiltshire
          Phone: 01985 841041
          Fax: 01985 841042


MEGCOM SOLUTIONS: Calls in Liquidator
-------------------------------------
R. Ngun, Chairman of Megcom Solutions Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 7 at Novotel, Wilsons Lane, Longford, Coventry,
Warwickshire CV2 6HL.  T. Papanicola was appointed liquidator.
Visit http://www.megcom.co.uk/for more information.

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: tp@bondpartners.co.uk


PREMIER ASPECTS: Administrators from Baker Tilly Move in
--------------------------------------------------------
Adrian David Allen and Philip Edward Pierce (IP Nos 8740 and
9364) of Baker Tilly were appointed administrators of Premier
Aspects Limited (Company No 02432335) on Sept. 9.  The company is
into plastic printing.

CONTACT:  PREMIER ASPECTS LTD.
          53 East Moors Road,
          Cardiff, Mid Glamorgan CF24 5PA
          Phone: 02920442400

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


REDTEN COMPUTERS: Falls into Administration
-------------------------------------------
Redten Computers has called in administrator from PKF, according
to Daily Post.  The Wirral-based company is famous for its
touch-screen Howie computers.  In February, it announced a
team-up with Tesco to install state-of-the-art photo developing
kiosks in their stores that allow people to print images stored
in digital cameras.  The service is hoped to double the company's
turnover this year.  Last year's turnover reached GBP2 million.
Nick Ikin, senior manager at PKF, said they do not know yet the
reason for the firm's demise.

PKF is already in talks with a potential buyer for the firm,
which it revealed only as a South East-based company operating in
the electronics industry.  Mr. Ikin doubts there would be enough
left to pay unsecured creditors -- about 400 trade suppliers --
from the sale of the business.  Howard Matthews is the company's
managing director.

CONTACT:  PKF
          Farringdon Place,
          20 Farringdon Road, London EC1M 3AP
          Phone: 020 7065 0000
          Fax:   020 7065 0650
          E-mail: info.london@uk.pkf.com
          Web site: http://www.pkf.co.uk


ROBERT BAILEY: Administrators from Elwell Watchorn Enter Firm
-------------------------------------------------------------
Ronald Stanley Harding and David John Watchorn (IP Nos 2123 and
8686) of Elwell Watchorn & Saxton LLP were appointed joint
administrators of Robert Bailey Healthcare Limited (Company No
04529131) on Sept. 6.  The company's registered office is at Unit
6, Heapham Road Industrial Estate, Sanders Way, Gainsborough,
Lincolnshire DN21 1PZ.  Robert Bailey manufactures and retails
medical products.

CONTACT:  ROBERT BAILEY HEALTHCARE LTD.
          Unit 6, Heapham Road Industrial Estate,
          Gainsborough, DN21 1RZ
          Phone: +44 (0) 1427 677559
          Fax: +44 (0) 1427 677654
          Web site: http://www.millpledge.com/

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


ROY HOLLINGWORTH: Names Poppleton & Appleby Liquidator
------------------------------------------------------
S. Godsman, Director of Roy Hollingworth Furniture Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Sept. 14 at 32 High Street, Manchester M4 1QD.

Stephen Lord and Stephen James Wainwright of Poppleton & Appleby,
32 High Street, Manchester M4 1QD were appointed Joint
Liquidators.  Roy Hollingworth Ltd. is a family-run business that
manufactures hand-built quality leather sofas and chairs.   Visit
http://www.royhollingworth.co.uk/for more information.

CONTACT:  ROY HOLLINGWORTH LTD.
          The Old Firestation
          Rochdale Road
          Todmorden
          West Yorkshire
          OL14 7NA
          Phone/Fax: 01706 815014

          POPPLETON & APPLEBY
          32 High Street
          Manchester
          Greater Manchester M4 1QD
          Phone: 0161 834 7025
          Fax: 0161 833 1548
          E-mail: insol@pandamanchester.co.uk


SECURITY CONSCIOUS: Calls in Liquidator from Milner Boardman
------------------------------------------------------------
K. Rainford, Director of Security Conscious Limited, informs that
extraordinary and ordinary resolutions were passed at an EGM held
on Sept. 6 at Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG.  Colin Burke of Milner Boardman &
Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG was
appointed liquidator.

CONTACT:  SECURITY CONSCIOUS LTD.
          61 Blythswood Street, Aigburth,
          Liverpool, Merseyside L17 7DE
          Phone: 0151-707-2112

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


SOL GAS: Hamiltons Liquidator Takes over Firm
---------------------------------------------
B. McGuinness, Chairman of Sol Gas Installations Limited, informs
that extraordinary and ordinary resolutions to wind up the
company were passed at an EGM held on Sept. 5 at Berkley Hotel,
Doncaster Road, Scunthorpe, South Humberside DN15 7DS.  A. Graham
of Hamiltons Insolvency Practitioners Limited, Omega Court, 368
Cemetery Road, Sheffield S11 8FT was appointed liquidator.

CONTACT:  SOL GAS INSTALLATIONS LTD.
          10 Market Place, Crowle,
          Scunthorpe, South Humberside DN17 4LA
          Phone: 08000283816

          HAMILTONS INSOLVENCY PRACTITIONERS LTD.
          Omega Court
          368 Cemetery Road
          Sheffield
          South Yorkshire S11 8FT
          Phone: 0114 268 3336
          Fax: 0114 268 0611
          E-mail: adrian@hamiltonsuk.com


SPARKLE GIFTWARE: Files for Liquidation
---------------------------------------
S. Foster, Chairman of Sparkle Giftware Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 13 at The Georgian House Hotel, 34 Ashbourne Road, Derby
DE22 3AD.  A. Graham of Hamilton Insolvency Practitioners
Limited, Omega Court, 368 Cemetery Road, Sheffield S11 8FT was
appointed liquidator.  The appointment was confirmed at a Meeting
of Creditors held on the same day.

CONTACT:  HAMILTONS INSOLVENCY PRACTITIONERS LIMITED
          Omega Court, 368 Cemetery Road
          Sheffield S11 8FT


SPICE HQ: Appoints Saud & Company Liquidator
--------------------------------------------
M. Razzaq, Chairman of Spice Hq Slough Limited, informs that
extraordinary resolution to wind up the company was passed at an
EGM held on Sept. 2 at 105-111 Euston Street, London NW1 2EW.
Salman Saud of Saud & Company, 105-111 Euston Street, London NW1
2EW was appointed liquidator.

CONTACT:  SPICE HQ (SLOUGH)
          110 Stoke Road,
          Slough, Berkshire SL2 5AP
          Phone: 01753553455

          SAUD & COMPANY
          105-111 Euston Road
          London NW1 2EW
          Phone: 020 7387 7761
          Fax: 020 7387 8009


TECHNICAL PRODUCT: Appoints P&A Partnership Administrator
---------------------------------------------------------
Robert Michael Young and Ian Michael Rose (IP Nos 7875 and 9144)
of Poppleton & Appleby were appointed joint administrators of
Technical Product Solutions Limited (Company No 04039653) on Feb.
21.  The company manufactures metal products.  Its registered
office is at Poppleton & Appleby, The Old Barn, Caverswall Park,
Caverswall Lane, Stoke-on-Trent, Staffordshire ST3 6HP.  The
company is a manufacturing business based in South Wales, UK.
Visit http://www.tps-ltd.com/for more information.

CONTACT:  TECHNICAL PRODUCT SOLUTIONS LIMITED
          Merthyr Tydfil
          United Kingdom
          Phone: +44 (0) 1685 377000
          Fax: +44 (0) 1685 388377
          E-mail: info@tps-ltd.com

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


VICTORIA FORGE: Calls in Liquidator from PwC
--------------------------------------------
Victoria Forge (Nelson) Limited informs that resolutions to wind
up the company were passed at an EGM held on Sept. 2.  David
Thornhill and Michael Horrocks of PricewaterhouseCoopers LLP were
appointed Joint Liquidators.  The appointment was confirmed at a
Creditors Meeting held on the same day.

VFN engineering is a metal fabrication manufacturing outlet,
providing sub-contracting service to the aerospace, automotive
and other industries.  It was established in Nelson Lancashire in
1972.  Visit http://www.vfnengineering.co.ukfor more
information.

CONTACT:  VICTORIA FORGE (NELSON) LTD.
          Black Carr Works, Skipton Road
          Trawden
          Colne
          BB8 8QU Lancashire
          Phone: 01282 869659
          Fax: 01282 865292

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


WALSH BUILDERS: Hires Liquidator from K. B. Stout
-------------------------------------------------
The Walsh Builders Limited informs that extraordinary resolution
to wind up the company was passed at an EGM held on Sept. 6 at
228 Shoreditch High Street, London E1 6PJ.  K. B. Stout was been
appointed liquidator

CONTACT:  WALSH BUILDERS
          204 Stoke Newington High Street,
          London N16 7HU
          Phone: 02079233303


WHITFIELD STREET: Appoints Chantrey Vellacott Administrator
-----------------------------------------------------------
William John Turner and Kevin Anthony Murphy (IP Nos 9049 and
8349) of Chantrey Vellacott DFK LLP were appointed administrators
of Whitfield Street Studios Limited (Company No 03217983) on
Sept. 8.  The company's registered office is at Chantrey
Vellacott DFK, Russell Square House, 10-12 Russell Square, London
WC1B 5LF.

Built in 1972 by CBS, Whitfield Street Studios is one of the
world's most prominent recordings, mixing and mastering
facilities in the United Kingdom.  Visit
http://www.whitfield-street.com/for more information.

CONTACT:  WHITFIELD STREET STUDIOS
          31-37 Whitfield Street,
          London W1T 2SF
          Phone: +44 (0) 20 7636 3434
          Fax: +44 (0) 20 7580 2219
          E-mail: info@whitfield-street.com

          CHANTREY VELLACOTT DFK
          Russell Square House,
          10-12 Russell Square,
          London WC1B 5LF
          Phone: 020 7509 9000
          Fax: 020 7436 8884
          Web site: http://www.cvdfk.com


WM MORRISON: Reveals Closure Plans Amid Labor Talks
---------------------------------------------------
Wm Morrison Supermarkets plc has reportedly unveiled plans to
shut down three distribution depots, confirming fears of job
cuts.

The decision, which would affect sites in Aylesford, Bristol and
Warrington, could leave 2,500 workers jobless.  It came even amid
talks with GMB and the Transport & General Workers unions
regarding job security for the chain's distribution employees and
just days after Morrison averted a three-day workers strike by
agreeing to initiate national wage bargaining.

The unions, which have threatened to stretch the industrial
action for six days starting September 29, called Morrison's move
amateurish, according to Financial Times.

Reuters, in another report, quoted the company as saying: "The
2,500 people likely to be affected would be encouraged to apply
for available alternative employment elsewhere within the
Morrisons group, with the aim of minimizing redundancies."

It confirmed that it had overcapacity in its depot operations
following the sale of around 200 stores, mostly smaller Safeway
outlets.

Meanwhile, T&G national organizer Brian Revell, said: "With three
depots and over 2,500 jobs now at risk, it would have been better
had Morrisons let the talks process continue."

The unions, which earlier urged the chain to bring them "some
positive proposals", have accused Morrison of avoiding
discussions with them over future employment levels.

Morrison has been having difficulties integrating Safeway, the
US$3 billion business it acquired last year, marked by five
profits warning in just over a year.  Since the acquisition,
Morrison stocks have fallen from its lofty peak of 256 pence in
April 2004 to the opening price of 180 pence in June, a whopping
GBP2 billion drop in market capitalization.

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *