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

                           E U R O P E

         Wednesday, September 28, 2005, Vol. 6, No. 192

                            Headlines

B U L G A R I A

CHIMCO AD: Gazexport Offers to Supply Natural Gas


F R A N C E

BULL SA: NEC Cuts Shareholding by 7%; Plans EUR20 Mln Investment
EUTELSAT SA: Planned IPO Triggers Review


G E R M A N Y

AGFAPHOTO GMBH: Needs 'Eight-digit' Investment to Remain Viable
BACKEREI PROHASSEK: Court to Verify Claims February
GASTSTATTEN GMBH: Potsdam Business Goes Bust
HERLITZ PBS: To Resume Expansion After Exit from Bankruptcy
INNER CIRCLE: Creditors to Meet Next Month

MED REHA: Frankfurt Court Appoints Administrator
NORDEX AG: Focuses on Growth in Volume Markets
NORDEX AG: Ventures into Wind Farm Financing
OESTERGAARD GMBH: Hamburg Firm Succumbs to Bankruptcy
PARFUM ART: Proofs of Claim Due October

UNICOMPUTER SOFTWARE: Under Bankruptcy Administration
UNITY MEDIA: Reports EUR16.3 Mln Q2 EBITDA
VOLKSWAGEN AG: Larger Porsche Stake May Protect Bondholders
WOHN- PARADIES: Creditors Meeting Set November


H U N G A R Y

ZSOLNAY RT: Local Govt to Take over Business


I R E L A N D

ARDAGH GLASS: Ratings Cut to 'B+' on Weakened Credit Shield
ELAN CORPORATION: Applies for TYSABRI License in U.S.


I T A L Y

ALGOL SPA: First-half Bottom line Negative


K A Z A K H S T A N

ZYRYANOVSK LEAD: Assets Up for Auction Next Month


L U X E M B O U R G

SBS BROADCASTING: EGM Proxies Due Wednesday


N E T H E R L A N D S

ROYAL SHELL: Buys Back Additional 750,000 'A' Shares


N O R W A Y

FINANCE CREDIT: KPMG to Pay NOK347.3 Million in Damages


R U S S I A

AEROFLOT: Sabre System to Increase Annual Income by US$15 Mln
DON-ENERGO-CHER-MET: Claims Filing Period Ends October
ENGELSSKIY: Car Repair Factory Calls in Insolvency Manager
GREMYACHIY-WOOD: Succumbs to Bankruptcy
KUBER-BREAD-PRODUCT: Insolvency Manager Takes over Business

MAKARYEV-AGRO-PROM-SNAB-TEKHNIKA: Under Bankruptcy Supervision
MANN-TRADE: Court Brings in Insolvency Manager
MECHETINSKIY BRICKWORKS: Names P. Kutelev Insolvency Manager
POLYMER: Insolvency Manager Moves in
SLOBOSKAYA BREWERY: Undergoes Bankruptcy Supervision Procedure
SOUTHERN TELECOMS: Outlook Stable on Improved Performance
TOPKINSKIY: Bankruptcy Hearing Set December


S W I T Z E R L A N D

GENERAL MOTORS: Fitch Downgrades GMAC & ResCap; Outlook Negative
GENERAL MOTORS: Fitch Lowers Ratings; Outlook Remains Negative
SWISSAIR: Concludes Memorabilia Auction; Follow-up Sale Ongoing


T U R K E Y

TURKIYE IS BANKASI: Sells 7.5% Stake in Is Finansal Kiralama


U K R A I N E

AKVA-TUR: Declared Insolvent
DNIPROPETROVSK: Court Brings in Insolvency Manager
DNIPROVSKA MOK: Declared Insolvent
DONKAVAMET: Public Auction Set Friday
LATRA: Proofs of Claim Due Next Month

MEHBUDSERVICE: Dnipropetrovsk Court Opens Bankruptcy Proceedings
PARIS-DAKAR: Deadline for Proofs of Claim Set Saturday
STANDART: Bankruptcy Supervision Procedure Begins
VINTS: Insolvency Manager Takes over Firm
ZLAGODA: Succumbs to Bankruptcy


U N I T E D   K I N G D O M

ANDORA BUILDERS: Names David Rubin Liquidator
ANTENNA & MICROWAVE: Files for Liquidation
ASCIOM SOLUTIONS: Hires Grant Thornton Administrator
BARRIE JEWSBURY: Calls in Liquidator from Poppleton & Appleby
BMP INNS: Liquidator from Lake Bushells Enters Firm

BROWN & FENWICK: Administrators from Grant Thornton Move in
C C M RESTAURANTS: Calls in Liquidator from Walletts Insolvency
CO-OPERATIVE INSURANCE: 2,000 Salesmen Stage Strike
CORONET INSULATION: Creditors Meeting Set Next Week
CRAFT COUNTY: Calls in Administrator from Antony Batty

CURTIS FINE: May Remain in the Red this Year
DORNEY COURT: Hires F A Simms & Partners as Administrator
FRL (CLEANING SERVICES): Appoints Pattinsons Administrator
GROVECHART ANALYSIS: Appoints Joint Liquidators
INTREPID GROUNDWORK: Leeds Court Orders Liquidation

JARVIS PLC: Open Offer Gets 94.7% Uptake
KENMAR PRODUCTS: Meeting of Creditors Set Next Week
M. A. LITHO: Goes into Liquidation
PAINT-N-PAPER: Barringtons Administrator Enters Firm
PETER COOK: Creditors to Meet Next Week

PLANESTATION GROUP: Creditors Meeting Set October
PLANET (HERTS): Fisher Partners Administrators Enter Company
PREMIER BUILDING: EGM Passes Winding-up Resolution
RAMSDALE WINDOWS: Hires BWC Business Solutions Administrator
RUFF TRADING: Court Orders Liquidation

SANCTUARY GROUP: Ends Takeover Talks
STEEL HORSE: Retailer Calls in Administrator
STREAMLINE LEISURE: Names Begbies Traynor Liquidator
TELEWEST GLOBAL: Turns down BskyB Offer for Flextech
THAI BAMBOO: Court Orders Winding-up

TIPTOP CONSTRUCTION: Calls in Liquidator
T. & T. REPRODUCTIONS: In Liquidation
TURNER & NEWALL: Parent Reports Breakthrough in Negotiations
T.W. MCKEEGAN: Members Approve Winding-up Petition
WITCH ELECTRONICS: Appoints Tenon Recovery Liquidator


                            *********


===============
B U L G A R I A
===============


CHIMCO AD: Gazexport Offers to Supply Natural Gas
-------------------------------------------------
Russian company Gazexport plans to deliver natural gas directly
to Chimco AD, sparking hopes for the revival of the insolvent
fertilizer plant, said Sofia Echo.

Natural gas, which is vital in the operations of Chimco
facilities, will be supplied by Gazexport's Centrix Energy unit.
However, according to Novo Chimco AD executive director Leonid
Berenbaum, the plan would only materialize if the rehabilitation
scheme filed by Novo Chimco is approved by Chimco creditors.

On September 30, Chimco creditors, which include state-owned gas
supplier Bulgargaz and the National Electric Company (NEK), will
choose between the rehabilitation programs submitted by Novo
Chimco and Inter RAO-Bulgaria, a subsidiary of RAO United Energy
Systems.

Under Novo's plan, Chimco will be able to repay BGN10 million in
state debt upon termination of its bankruptcy procedure.
Chimco's debt to Bulgargaz and NEK, totaling BGN151 million, will
be reset for 18 years.  In return, Novo Chimco will become sole
owner, while shares of 7,000 small investors will be cancelled.

Inter RAO, on the other hand, plans to pay all of Chimco's debt
plus interest to the state within three days after cancellation
of its bankruptcy proceedings, while payment of the liabilities
to Bulgargaz and NEK will be extended for 10 years.

The general meeting of Chimco shareholders has been postponed to
October 1 due to lack of quorum.  Shareholders are expected to
approve the company's reports for 2004 and the changes in the
managing bodies and the statute of the company.

CONTACT:  CHIMCO AD
          3037 Vratza, Bulgaria
          Tel: +359-92-61071
          Fax: +359-92-61118
          E-mail: info@chimco.bg


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


BULL SA: NEC Cuts Shareholding by 7%; Plans EUR20 Mln Investment
----------------------------------------------------------------
Bull S.A. reveals a redefinition of its long-standing equity and
industrial partnership with NEC.

The relationship between Bull and NEC has been in place for many
years.  Significant milestones in the relationship included:

(a) A presence of NEC as a Bull shareholder since the early
    90's, with NEC being an active supporter of Bull's
    successful recapitalization plan in 2004;

(b) Two-way exchanges of technologies in the 80's and 90's for
    mainframe systems; and

(c) An OEM and collaboration agreement for the Express5800TM
    product line, a full range of servers leveraging x86
    processors, put in place in 1997.

NEC, previously a shareholder of Bull with 10.1% equity, has
lowered its stake in Bull to 3.0%.  The sale of Bull shares held
by NEC took place Sept. 26 off the regulated market.  At the time
of issuance of this release all Bull shares eligible for sale
have been successfully tendered into the market, demonstrating
the renewed confidence of investors in the medium-term potential
of the company.

At the same time, Bull and NEC, extending on their relationship
over the long years, have decided to strengthen their industrial
partnership, expanding their collaboration into new solutions
business opportunities in high-growth market segments.

The two companies have entered into joint discussions to
elaborate plans.  As of now, the two companies are actively
considering arrangements such as forming joint ventures or
developing affiliates.  For this purpose, NEC is considering an
investment of up to EUR20 million.

A first target, security and identity management has been
identified.  Both companies will be working on mutual enrichment
of product/solutions portfolio and will initiate a technology
co-operation.  Bull Evidian will be central to this co-operation,
and an investment of EUR10 million is being considered by NEC for
this initiative.

NEC and Bull will also be expanding already-existing
collaborations through strong sales and marketing promotion
activities.  NEC and Bull will launch a joint initiative in the
area of IT systems infrastructure, notably through marketing
programs and the creation of a European Technology Center
demonstrating joint technologies.

Commenting upon the announcement, Mr. Didier Lamouche, Chairman
and CEO of Bull said:  "Bull and NEC have been strong partners
for many years.  While NEC remains a Bull shareholder I am
pleased to see NEC's involvement in Bull shift from a financial
partnership to a more industrial one, into domains that represent
strong growth potential."

                        About the Company

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

                          Restructuring

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

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

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

                         Status to date

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

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

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

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

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

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


EUTELSAT SA: Planned IPO Triggers Review
----------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term and
'B' short-term corporate credit ratings on France-based leading
satellite capacity provider Eutelsat S.A. and related entities on
CreditWatch with positive implications, based on an anticipated
significant reduction in financial leverage after the forthcoming
IPO of the holding company, Eutelsat Communications S.A.

Standard & Poor's took the same action on all its outstanding
debt ratings on Eutelsat and its ratings on related entities
SatBirds Finance Sarl and SatBirds Capital Participations SCA,
along with its '3' recovery rating on SatBirds Finance Sarl's
EUR1.78 ($2.14) billion senior secured facilities.
Standard & Poor's affirmed its '1' recovery rating on Eutelsat's
EUR1.3 billion senior unsecured bank loan.

"Eutelsat's forthcoming IPO will likely lead to a material
decrease in leverage, potentially commensurate with higher
ratings, depending on the magnitude of the related proceeds
dedicated to debt prepayment," said Standard & Poor's credit
analyst Melvyn Cooke.  The degree of the possible upgrade will
likely hinge upon the amount of debt reduction beyond the
mandatory prepayment level of senior debt required by the
indentures, as well as the company's post-IPO financial
policy--specifically in terms of target capital structure and
dividend policy--and operating performance.  In the event of an
IPO,
Eutelsat is required to prepay part of its outstanding senior
debt--which stood at EUR1.5 billion at June 30, 2005, excluding
about EUR950 million outstanding under the EUR1.3 billion senior
term and revolving facilities located at the Eutelsat S.A.
level--in order to ensure that net consolidated cash-pay debt to
EBITDA reaches no more than 5x post-IPO.  As at June 30, 2005,
Eutelsat's net consolidated cash-pay debt to EBITDA stood at
about 5.2x.

While the expected material debt reduction is likely to be credit
enhancing, the group's leverage post-IPO will have to be assessed
in the light of any potential dividend payments made to
shareholders and/or acquisitions, as well as future free cash
flow generation.

The CreditWatch placement will likely be resolved upon the
completion of the IPO, which is expected before the end of the
fourth quarter.

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


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


AGFAPHOTO GMBH: Needs 'Eight-digit' Investment to Remain Viable
---------------------------------------------------------------
Bids for AgfaPhoto GmbH are thought to come at around EUR10
million, according to Financial Times Deutschland.  There are
currently two interested parties in the photographic equipment
manufacturer: manager Jork Hebenstreit, which has already formed
a consortium with U.S. investment company Silverpoint Partners;
and Photo-Me International, the U.K. operator of automatic photo
booths.

Mr. Hebenstreit hopes to focus on the group's business with
laboratory equipment, which he manages now; while Photo-Me is
interested in the production of photographic paper and in the
photographic chemicals division.  The winning bidder would in
addition has to invest a medium eight-figure sum to provide
advance financing for claims on customers and to build up stocks
of materials, according to the report.

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


BACKEREI PROHASSEK: Court to Verify Claims February
---------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Backerei Prohassek GmbH & Co KG on September
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December 1,
2005 to register their claims with court-appointed provisional
administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 18, 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 February 21,
2006, 9:35 a.m. at the same venue.

CONTACT:  BACKEREI PROHASSEK GmbH & Co KG
          Alt-Mariendorf 51,12107 Berlin

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


GASTSTATTEN GMBH: Potsdam Business Goes Bust
--------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Gaststatten GmbH Potsdam on September 6.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 31, 2005 to
register their claims with court-appointed provisional
administrator Dr. Olaf Kreissl.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2005, 1:20 p.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004,
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this meeting,
while creditors may constitute a creditors committee and or opt
to appoint a new insolvency manager.

CONTACT:  GASTSTATTEN GMBH Potsdam
          Grossbeerenstrasse 75, 14482 Potsdam
          Contact:
          Bernd Hirschauer, Manager

          Dr. Olaf Kreissl, Administrator
          Kurfuerstendamm 220, 10719 Berlin


HERLITZ PBS: To Resume Expansion After Exit from Bankruptcy
-----------------------------------------------------------
Herlitz PBS AG is on the rebound with plans to embark on a first
acquisition since the completion of its restructuring.  The
company's supervisory board has approved the takeover of an
eastern European manufacturer of files and cabinets, according to
Handelsblatt.  The move is aimed at bringing Herlitz's product
nearer to retail customers such as Metro, Rewe and Kaufland in
eastern Europe.  Details of the transaction are to be revealed
this month, the report said.

Herlitz manufactures office equipment.  It went into insolvency
at the beginning of 2002 after an international acquisition
spree.  It bought a large number of companies in Russia, U.s. and
Germany during its heyday.  But under restructuring, it has to
part with several subsidiaries and cut almost half of 5,000
employees.

In mid-August, a Luxembourg subsidiary of Advent took over the
64.7% stake held by a group of German banks in Herlitz for an
undisclosed sum.  Advent is expected to support the expansion
plan.

Herlitz has been looking for a partner since emerging from
bankruptcy.  It ended last year with a post-tax profit of EUR3.7
million, a twofold increase despite a shrinking market.  Still,
the company needs a partner to help finance expansion.

CONTACT:  HERLITZ PBS AG
          Am Borsigturm 100
          13507 Berlin
          Phone: +49 (0) 30 43 93-0
          Web site: http://www.herlitz.de/


INNER CIRCLE: Creditors to Meet Next Month
------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Inner Circle Pictures GmbH on August 31.
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 Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 10:50 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on January 25,
2006, 10:25 a.m. at the same venue.

CONTACT:  INNER CIRCLE PICTURES GmbH
          Schlesische Str. 38, 10997 Berlin

          Hartwig Albers, Administrator
          Luetzowstr. 100, 10785 Berlin


MED REHA: Frankfurt Court Appoints Administrator
------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Med Reha GmbH on September 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 20, 2006 to
register their claims with court-appointed provisional
administrator Dirk Pfeil.

Creditors and other interested parties are encouraged to attend
the meeting on February 14, 2006, 8:20 a.m. at the district court
of Frankfurt am Main, Saal 2, Geb. F, Klingerstr. 20, 60313
Frankfurt, 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:  MED REHA GmbH
          Hochstrasse 53, 60313 Frankfurt am Main

          Dirk Pfeil, Administrator
          Eschersheimer Landstrasse 60, 60322 Frankfurt am Main
          Phone: 069/1530960
          Fax: 069/15309666


NORDEX AG: Focuses on Growth in Volume Markets
----------------------------------------------
After completing its recapitalization, Nordex AG is now focusing
on sustained international growth.  "In this we are helped by the
market itself, which is set to grow by around 17% per annum until
2009.  Today, demand is already outstripping capacity," says
Thomas Richterich, CEO of Nordex AG.  The company plans to grow
above all in the "volume markets."  Some 84% of the expected
demand will be concentrated on the ten largest markets until the
year 2009.

Thanks to numerous reference projects and close contacts to
customers, Nordex is well positioned, above all in Great Britain
and Portugal; in France the Norderstedt company numbers among the
most successful project developers and in Germany the
manufacturer almost doubled its market share in the first half of
2005.  The construction of a 5,000 sq. m. rotor blade production
plant in Baoding, China, has provided an important base for
supplying large turbines in this growth market.  In addition to
this, the company is negotiating a joint venture for the local
assembly of the megawatt turbine Nordex S70 in the People's
Republic.

Following some technical adaptations to the requirements of the
market, Nordex intends to market its current top model, the N90,
in the U.S.A., where there is a considerable demand for large
projects with capacities of up to 100 MW with this series.  In
India too, Nordex is engaged in negotiations with potential
partners regarding a local partnership.  Since the deregulation
of the electricity sector in 2003, India has been the largest
market for wind energy in Asia.

Nordex Product Strategy

In terms of product development, in the medium term Nordex is
focusing on machines in the 2 to 3 MW class.  The manufacturer
has many years of experience in this power range, acquired from
installing around 200 turbines of the N80/N90 series.  For
HusumWind this series has been updated in the form of a new
generation: the so-called N90/2500.  This offers customers a
capacity increased to 2500 kW.  In the low speed version it is
suitable for inland locations while the high speed version is
designed for high-wind locations and offshore use.

Nordex has succeeded in reducing the mechanical strains on the
machine by further developing some of the sub-systems.  One
example of this is the active drive-train damping system, which
reduces vibrations by implementing a counter-torque.  In
addition, the N90/2500 has larger safety reserves, for example,
due to the integration of new battery-charging management in the
pitch system.

Nordex takes a relaxed view of the trend towards gigantic
turbines in the development of prototypes.  Say Richterich: "At
present there is practically no commercial demand for 5 MW
turbines.  To date we have not lost one project in competition
with these machines."  This is also due to the high specific
top-head weight of 5 MW turbines, which is around twice as high
as for standard machines.

Nordex intends to take its time developing this power class and
move forward step by step.  Say Richterich: "Past experience
shows that taking large steps in development also involves large
risks."  Only when we have fully occupied the 90-metre class
Nordex does intend to tackle the 100-metre class, followed by the
110-metre class from around 2008/09.  Here it is above all the
further development of sub-systems that is important in order to
limit the disproportionate increase in loads on multi-megawatt
turbines.

                        About the Company

The Nordex Group is one of the world's leading suppliers of wind
turbines.  It has 689 employees and assets of EUR186.382 million
as of Dec. 31, 2004.  It has bank debt of EUR37.566 million (as
of 2004) and tax liabilities of EUR3.356 million as of 2004.
The company had consolidated cumulative loss of EUR33.457 million
for the period Oct. 1, 2003 to Sept. 30, 2004.

Due to favorable capacity utilization, the company expects to
post operating profit in the second half of 2005.  Management
reaffirms its target of a further reduction in operating loss to
around EUR2 million in fiscal 2005 as a whole.

To reinforce its equity and debt capital situation on a sustained
basis, Nordex is implementing a comprehensive recapitalization
plan.  New Nordex shares were admitted to trading in Frankfurter
Wertpapierborse June 22.  The company projects return to profit
by 2006.

Visit http://bankrupt.com/misc/Nordex(StubFY2004).pdffor the
latest annual report and http://bankrupt.com/misc/Nordex.htm
For company profile.

CONTACT:  Bornbarch 2
          22848 Norderstedt
          Phone: ++49 - 40 - 500 98 100
          Fax: ++49 - 40 - 500 98 101
          E-mail: info@nordex-online.com
          Web site: http://www.nordex-online.com/
          Contact:
          Jens-Peter Schmitt, Chairman of the Supervisory Board
          Thomas Richterich, Spokesman of the board and CFO


NORDEX AG: Ventures into Wind Farm Financing
--------------------------------------------
Over the past few years, it has become increasingly difficult to
finance German wind farms.  This is partially due to the
instruments applied. "New methods of finance, such as leasing
models, are still not the norm in Germany," explains Frank
Trauboth, chairman of the International Project Realization
committee at the German Federal Wind Power Association.

One example of the new routes being taken is the Roth wind farm,
which Nordex AG constructed in the North Eifel region in Germany
with funding supplied by a leasing bank.  A leasing company
provided the capital for the turnkey completion of the wind farm,
which comprises a total of 15 turbines with a nominal output of
22.5 megawatts.  The equity component was financed by Babcock &
Brown, Nordex AG's final customer.  The overall project had a
value of around EUR25 million.

"Following the favorable experience gained with lease financing
for smallish projects outside Germany, the Roth wind farm is a
model for future project financing in Germany for us," explains
Thomas Richterich, CEO of Nordex AG.  The leasing bank also wants
to extend this business, particularly in Eastern Europe.
However, what is important is that the pilot project proves to be
economically viable.  After all, the Roth wind farm is to achieve
an annual yield of 45,600 MWh, equivalent to the energy
consumption of 11,400 four-person households.  Babcock & Brown
has entered into a full-service maintenance contract with Nordex
to ensure high machine availability during the 14-year term of
the lease and thus optimum yields.

Says Richterich: "Our customer attached importance to receiving a
wind farm with well-known and proven technology."  Babcock &
Brown had previously acquired from Nordex a wind farm comprising
13 S70 and S77 turbines with a nominal output of 1,500 kW each.
Talks are already taking place concerning extensions to the Roth
wind farm, with Nordex to build a further three turbines in the
next phase.

                        About the Company

The Nordex Group is one of the world's leading suppliers of wind
turbines.  It has 689 employees and assets of EUR186.382 million
as of Dec. 31, 2004.  It has bank debt of EUR37.566 million (as
of 2004) and tax liabilities of EUR3.356 million as of 2004.
The company had consolidated cumulative loss of EUR33.457 million
for the period Oct. 1, 2003 to Sept. 30, 2004.

Due to favorable capacity utilization, the company expects to
post operating profit in the second half of 2005.  Management
reaffirms its target of a further reduction in operating loss to
around EUR2 million in fiscal 2005 as a whole.

To reinforce its equity and debt capital situation on a sustained
basis, Nordex is implementing a comprehensive recapitalization
plan.  New Nordex shares were admitted to trading in Frankfurter
Wertpapierborse June 22.  The company projects return to profit
by 2006.

Visit http://bankrupt.com/misc/Nordex(StubFY2004).pdffor the
latest annual report and http://bankrupt.com/misc/Nordex.htmfor
company profile.

CONTACT:  Bornbarch 2
          22848 Norderstedt
          Phone: ++49 - 40 - 500 98 100
          Fax: ++49 - 40 - 500 98 101
          E-mail: info@nordex-online.com
          Web site: http://www.nordex-online.com/
          Contact:
          Jens-Peter Schmitt, Chairman of the Supervisory Board
          Thomas Richterich, Spokesman of the board and CFO


OESTERGAARD GMBH: Hamburg Firm Succumbs to Bankruptcy
-----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Oestergaard GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 7, 2005 to register their
claims with court-appointed provisional administrator Dr. Jorn-H.
Meyn.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 9:30 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122 d, 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:  OESTERGAARD GmbH
          Wendenstrasse 130, 20537 Hamburg
          Contact:
          Dirk Dobrodt, Manager

          Dr. Jorn-H. Meyn, Administrator
          Herrengraben 31, 20459 Hamburg
          Phone: 36805600
          Fax: 36805368


PARFUM ART: Proofs of Claim Due October
---------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Parfum art Parfuem- und Kosmetik-Handels-GmbH
on August 30.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 18, 2005 to register their claims with court-appointed
provisional administrator Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 10:00 a.m. at the district
court of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20,
60313 Frankfurt am Main, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  PARFUM ART PARFUEM- UND KOSMETIK-HANDELS-GmbH
          Robert-Bosch-Str. 20a, 65719 Hofheim am Taunus
          Contact:
          Ghiat Tatari, Manager

          Michael C. Frege, Administrator
          Barckhausstrasse 12-16, 60325 Frankfurt/Main
          Phone: 069/71701-300
          Fax: 069/71701-40-410


UNICOMPUTER SOFTWARE: Under Bankruptcy Administration
-----------------------------------------------------
The district court of Stuttgart opened bankruptcy proceedings
against unicomputer Software-Entwicklungsgesellschaft mbH 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. Helmut Hemmerling.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 10:00 a.m. at the district court
of Stuttgart, Hauffstr. 5, EG, Zimmer 20, 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 November 17, 2005, 10:00 a.m. at the
same venue.

CONTACT:  UNICOMPUTER SOFTWARE-ENTWICKLUNGSGESELLSCHAFT mbH,
          Schockenriedstr. 17, 70565 Stuttgart
          Contact:
          Ralf Wassermann and Stefan Bantle, Managers

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


UNITY MEDIA: Reports EUR16.3 Mln Q2 EBITDA
------------------------------------------
Unity Media (registration of name change from iesy
Repository GmbH pending), unveils consolidated results for the
quarter ended June 30, 2005.

Financial & Corporate Highlights[1]:

-- Basic cable ARPU[2] increased from EUR8.16 in Q1 2004 to
   EUR8.25 in Q2 2005,

-- Q2 2005 EBITDA stable at EUR16.3 million (EUR15.9 million in
   Q2 2004) with margin of 48.0%,

-- ish Acquisition and related Financing completed

Operational Highlights:

-- Basic Cable Subscribers of 1.197 million at 30 June 2005
   (3.996 million in NRW),

-- Strong growth in digital subscribers to 13,821 as of 30 June
   2005 up from 5,873 in the previous year in Hesse (up from
   29,834 to 74,629 in NRW),

-- Significant growth in High Speed Internet subscribers with
   6,137 as of 30 June 2005 from 446 in the previous year (from
   11,190 to 21,376 in NRW),

-- Telephony RGUs in NRW up from 2,768 in the previous year to
   8,934 as of 30 June,

-- Total of 350,000 homes upgraded to bi-directional capability
   as of 30 June 2005 (1.3 million in NRW),

-- Frankfurt upgrade completed in Q2 2005

           Report of Parm Sandhu, CEO of Unity Media

We have made significant progress on all fronts.  During the
second quarter we created Unity Media through a combination of
iesy and ish.  The integration of the businesses is advanced and
in line with our original plans.

The combined platform has been organized to focus on the needs of
our customers.  We will pursue growth through innovative new
offers, in particular utilizing our 1.66 million homes already
upgraded to bi-directional capability.  We completed the upgrade
of Frankfurt in the second quarter and now have 20% of our entire
network upgraded.  We will shortly connect Hesse to our
state-of-the art Network Operating Centre in Kerpen and create
Europe's largest interconnected cable network.  New digital
television offers played out from Kerpen will be launched to our
customers in Q4.

Operationally, despite a competitive environment, we maintained
stability in our basic cable subscriber base while significantly
growing our digital television, high-speed Internet and telephony
subscribers.  Our focus on cost control and strict capital
discipline continues with a pro forma EBITDA margin for the
quarter in excess of 45%.  In August we announced the combination
of Unity Media and Tele Columbus for which we expect a final
regulatory decision from the Federal Cartel Office later this
year.  This combination will bring together the strength of Unity
Media's network and product portfolio with the unparalleled sales
capability of Tele Columbus.

About Unity Media

Unity Media is headquartered in Cologne and is the proprietor of
the Hessian cable network operator iesy and the North
Rhine-Westphalia cable network operator ish.  The two companies
are the largest providers of cable television in their respective
states.  In addition to analogue cable services, ish and iesy
also offer digital television, high speed Internet and telephony.
On 30 June 2005 iesy and ish had approximately 5.2 million basic
cable customers, 88,450 digital TV customers, 27,500 high-speed
Internet customers, and 9,800 telephone connections.  More
information on iesy and ish can be found at http://www.iesy.de
and http://www.ish.de

Copy of the report is available free of charge at
http://bankrupt.com/misc/UnityMedia(Q22005).pdf

- - - - - - - - - - -
[1] Financial highlights and statistics on the following page
exclude the ish Acquisition which was closed on 24 June

[2] Calculated by dividing basic cable subscription revenues
(including basic cable installation fees but excluding basic
cable carriage fees) for a period by the average number of total
basic cable subscribers for that period and the number of months
for that period.

                            *   *   *

In conjunction with its merger with iesy, the company closed
EUR920 million of new senior secured credit facilities (EUR850
million funded term loans, with an incremental EUR70 million
revolving credit facility) and drew from a EUR360 million bridge
loan facility.  Pro forma for the transaction, the Company has
EUR1,625 million total debt and approximately EUR15 million of
cash on hand, representing approximately EUR1,610 million net
debt.  AlixPartners LLC is helping the company in its
restructuring efforts.

CONTACT:  ISH
          Stefan Lennardt
          Corporate Communication
          Phone: +49 221 37792 197
          E-mail: presse@ish.com

          IESY GMBH
          Gary Ferrera
          Chief Financial Officer
          Phone: +49 69 973 24 600
          E-mail: investor.relations@iesy.de


VOLKSWAGEN AG: Larger Porsche Stake May Protect Bondholders
-----------------------------------------------------------
Fitch Ratings has disclosed that Porsche AG's (Porsche) plan to
raise its shareholding in Volkswagen AG (VW) to 20% may improve
bondholders' long-term protection despite corporate governance
issues.  However, the agency considers the immediate impact on
VW's creditworthiness to be neutral.  Fitch rates VW at Senior
Unsecured 'A-' (A minus) and Short-term 'F2'.  The Outlook is
Negative.

Markus Leitner, Director in Fitch's European Industrials team,
said: "With the increased Porsche ownership, VW has increased its
protection from takeover, reducing the risk of a lower-rated
company gaining control."

While the VW Act restricts any individual shareholder voting
rights to a maximum 20%, abrogation of this act by the European
Court of Justice is anticipated by spring 2007.  With the
intended 20% stake, Porsche plans to safeguard its long-term
cooperation with VW, which is an important development partner
with and significant supplier for Porsche.  The two companies
already cooperate on building sport utility vehicles and
developing hybrid engines.  This step would prevent any hostile
takeover of VW that could undermine the company's long-term
partnership with one of the most successful global carmakers.

However, the strengthened partnership between VW and Porsche may
not be entirely positive for the company's overall performance.
For many institutional investors who have been demanding an
improved performance in VW through a corporate restructuring,
Porsche's greater dominance could reduce their influence.  From a
bondholder's perspective, a reduction in such shareholder
activity may eliminate the threat of a more shareholder-biased
financial policy. However, it may also remove meaningful
shareholder pressure on management to address cost structure
issues that would improve VW's long-term profitability.

In addition, Fitch is concerned that Porsche's increased role
could give rise to corporate governance issues by way of
benefiting select shareholders.  It notes that VW's chairman of
the supervisory board, Ferdinand Piech, is at the same time a
major shareholder of Porsche and member of its supervisory board.

At present Lower Saxony is VW's largest owner with around 18% of
the common shares, followed by VW itself with approximately 13%.
Currently Porsche has less than 5% of VW's stock.  The
acquisition of the planned share in VW will be financed by
Porsche's strong liquidity.

Fitch will continue to closely monitor the development of VW's
credit profile and corporate governance in Germany.

Contact:  FITCH RATINGS
          Markus Leitner, Frankfurt
          Phone: +49 (0)69 7680 76 241
          Monica Klingberg Insoll, London
          Phone: +44 (0)20 7417 4281
          Web site: http://www.fitchratings.com

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


WOHN- PARADIES: Creditors Meeting Set November
----------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against Wohn- Paradies GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 28, 2005 to register their
claims with court-appointed provisional administrator Dr. Petra
Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2005, 10:10 a.m. at the district
court of Potsdam, Nebenstelle Lindenstrasse 6, Saal 004, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  WOHN- PARADIES GmbH
          Einrichtungshaus Potsdam, Domlinden 12, 14770
          Brandenburg/Havel
          Contact:
          Said Mahmood Rasie, Manager

          Dr. Petra Hilgers, Administrator
          Goethestrasse 85, 10623 Berlin


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


ZSOLNAY RT: Local Govt to Take over Business
--------------------------------------------
The municipality of Pecs is buying porcelain maker Zsolnay RT
from privatization agency APV Rt, according to Budapest Business
Journal.  The local council has already given the go signal to
start talks on Zsolnay's debt management and losses.  It will
have to pay HUF366 million in loans to the APV.

The takeover will preserve the company and its brand for at least
10 years.  It will also save up to 95% of the jobs at the company
within the next three years.

Zsolnay faces a deficit this year, though it has receivable
amounting to HUF520 million from its bankrupt tenant Cerind Kft.

CONTACT:  ZSOLNAY RT
          7630 PECS, Zsolnay Vilmos ut 37.
          Phone: 72/507-600, 72/313-636
          Fax: 72/313-645, 72/325-536
          E-mail: porcelain@zsolnay.hu


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


ARDAGH GLASS: Ratings Cut to 'B+' on Weakened Credit Shield
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Ireland-based glass-bottle
manufacturer Ardagh Glass Group PLC, and related entity
Ardagh Glass Ltd., to 'B+' from 'BB-' due to an expected
deterioration in the group's credit protection measures.  The
outlook is stable.

At the same time, Standard & Poor's lowered its subordinated debt
ratings on Ardagh's pay-in-kind (PIK) notes and related entity
Ardagh Glass B.V.'s EUR175 million ($211 million) subordinated
notes to 'B-' from 'B'. At June 30, 2005, Ardagh had net debt of
EUR420 million pro forma for the full proceeds of the PIK notes.

"The downgrade reflects Standard & Poor's expectation that Ardagh
will be unable to maintain adequate credit protection measures
for the 'BB' rating in the current difficult and deteriorating
market conditions," said Standard & Poor's credit analyst Vanessa
Brathwaite. "Ardagh has been suffering from high cost inflation,
especially from higher natural gas prices.  With no significant
hedging in place, the group remains vulnerable to gas prices that
have been very volatile in the last 12 months."

In addition, volumes and prices in the U.K. are expected to come
under further pressure from capacity additions later this year.
Capacity is expected to increase significantly in the next 12
months. Despite Ardagh's recent acquisition of the U.K. business
of Rexam PLC (BBB/Stable/A-2), this increase is expected to make
achieving price increases difficult for Ardagh in the previously
well-protected U.K. market, where the group had been generating
superior margins.  In this environment it is unlikely that Ardagh
will be able to recover much of the natural gas cost inflation
and the group's margins and cash flows are likely to decrease.

The stable outlook reflects Standard & Poor's expectation that
Ardagh's credit protection measures should remain adequate for a
'B+' rating.  The ratings could be lowered or the outlook revised
to negative if market conditions deteriorate further, or if
further debt-financed bolt-on acquisitions (which should be
funded using the remaining proceeds of the PIK) result in the
inability of Ardagh to maintain adequate credit ratios.

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


ELAN CORPORATION: Applies for TYSABRI License in U.S.
-----------------------------------------------------
Biogen Idec (NASDAQ: BIIB) and Elan Corporation, plc. (NYSE: ELN)
said Monday that they have submitted a supplemental Biologics
License Application (sBLA) for TYSABRI(R) (natalizumab) to the
U.S. Food and Drug Administration (FDA) for the treatment of
multiple sclerosis (MS).

The sBLA includes:

(a) Final two-year data from the Phase III AFFIRM monotherapy
    trial and SENTINEL add-on trial with AVONEX(R) (Interferon
    beta-1a) in MS;

(b) Integrated safety assessment of patients treated with
    TYSABRI in clinical trials; and revised label and risk
    management plan.

The companies have requested Priority Review status for the sBLA
which, if granted, would result in action by the FDA
approximately six months from the submission date, rather than 10
months for a standard review.

Biogen Idec and Elan will submit a similar data package to the
European Medicines Agency (EMEA).  This information will be
supplied as part of the ongoing review process, which was
initiated in the summer 2004 with the filing for approval of
TYSABRI as a treatment for MS.

"We are grateful to the MS community for their patience and
support over the last several months while we've conducted an
extensive safety evaluation of TYSABRI in collaboration with
leading experts.  We look forward to working with regulatory
authorities during the review process, and ultimately, we hope to
provide TYSABRI to people living with MS, a disease with
significant unmet need," said Burt Adelman, MD, executive vice
president, Development, Biogen Idec.

"We are very encouraged by this filing.  We strongly believe in
the therapeutic benefit of TYSABRI and the difference it could
make in the lives of patients with MS.  We are committed to
working closely with regulatory authorities to define a path
forward for TYSABRI as a treatment choice for patients who
struggle with the debilitating effects of the disease," said Lars
Ekman, MD, executive vice president and president, Research and
Development, Elan.

On February 28, 2005, Biogen Idec and Elan announced that they
voluntarily suspended TYSABRI from the U.S. market and all
ongoing clinical trials based on reports of progressive
multifocal leukoencephalopathy (PML), a rare and potentially
fatal, demyelinating disease of the central nervous system.
Biogen Idec and Elan subsequently launched a comprehensive safety
evaluation in collaboration with leading experts in PML and MS.

About Biogen Idec

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

About Elan

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

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


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


ALGOL SPA: First-half Bottom line Negative
------------------------------------------
The Board of Directors of Algol S.p.A. under the chairmanship of
Maurizio Liverani has approved the interim financial report for
the first half of 2005 and examined the Group's consolidated
results.

Revenues in the first six months of 2005 amount to EUR17.8
million, compared with the pro-forma figure of EUR12.9 million at
June 30, 2004, adjusted to reflect the effect of selling
Epsilan France S.a.s. on November 16, 2004 and AlgolProducts
S.p.A. on March 3, 2005.

Consolidated six-month EBITDA is a negative EUR2.3 million
compared with a negative pro forma figure of EUR940 thousand in
the first half of 2004.

EBIT is a negative EUR3.7 million at June 30, 2005 compared with
a negative pro-forma figure of EUR1.3 million.

As a result of selling AlgolProducts S.p.A. the half year closes
with net income of EUR4.5 million, compared with a pro-forma loss
of EUR1.6 million in the first six months of 2004.

The net financial position is a negative EUR3.3 million at the
end of June 2005, compared with a pro-forma figure of a negative
EUR6.3 million a year earlier.

For the sake of completeness the results of the second quarter of
2005 will now be reported.  During this period the Group (at the
time consisting of Algol S.p.A., AlgolNet S.p.A., Algol
France S.a.s. and Algol Deutschland GmbH, which was subsequently
sold on July 26, 2005) earned EUR6.2 million in revenues (EUR11.6
million in the first quarter of 2005).  EBITDA for the quarter
was a negative EUR272,000 (-EUR2 million in the first quarter of
2005) and EBIT was a positive EUR583,000 (-EUR4.4 million in the
first quarter of 2005).

The main events taking place after June 30, 2005 are:

(a) On July 11, 2005 the Chairman of the Board of Directors
    received notice of the order by the Milan Courts to perform
    an administrative inspection of the company, adopted as part
    of the complaint brought under article 2409 of the Italian
    Civil Code (for more details, refer to the press release
    dated July 12, 2005);

(b) On July 26, 2005 Algol S.p.A. sold Algol Deutschland GmbH, a
    wholly owned subsidiary of Algol S.p.A. operating in Germany
    in the sector of value-added IT distribution, to the Dutch
    company 2Hold4 BV; by way of purchase consideration, 2Hold4
    B.V. repaid Algol S.p.A the loan of EUR1.7 million and
    released the latter from the letters of patronage worth
    EUR2.0 million given to Unicredit Banca and Dresdner Bank
    (for more details, refer to the press release dated July 26,
    2005);
(c) On August 4, 2005 AlgolNet S.p.A. signed an agreement with
    Elitel S.p.A., a leading company in the broadband
    telecommunications market using Ip Centrex solutions, for
    the sale of national and international telephony services,
    combined with network-computing solutions developed by
    AlgolTech, the Algol Group's business unit specializing in
    backup, e-mail and monitoring systems;

(d) On August 8, 2005, the company received a request for
    indemnity from a firm of lawyers on behalf of Quarry
    Services (UK) Limited in relation to alleged liabilities of
    over EUR7.5 million emerging after the acquisition of
    AlgolProducts S.p.A. Algol S.p.A. has taken immediate steps
    to investigate the origin and legitimacy of the alleged
    differences and has requested in a letter dated August 23,
    2005 that this firm of lawyers provide documentary evidence
    of the mandate received.  No response to this request has
    been received to date (for more details, refer to the press
    release dated August 31, 2005);

(e) On August 24, 2005 the company's shareholders appointed Paul
    Vianney Dionne as an independent director having been co-
    opted to the Board on July 7, 2005 to replace Malcolm Elvey,
    who resigned.  The shareholders also added to the Board's
    numbers by appointing Alessandro Malacart as an independent
    director (for more details, refer to the press
    release dated August 24, 2005); and

(f) On September 6, 2005 the audit began under the order for the
    company's administrative inspection issued by the Milan
    Courts following the complaint lodged pursuant to article
    2409 of the Italian Civil Code, mentioned above.

The company's interim consolidated financial report at June 30,
2005 is available at its registered offices and from Borsa
Italiana S.p.A.

It is also announced that a meeting of Algol S.p.A.'s Board of
Directors voted to call the shareholders meeting pursuant to
article 2446 of the Italian Civil Code in order to adopt suitable
measures after confirming that the company currently finds itself
in the situation envisaged by article 2446 of the Italian Civil
Code.  The meeting will be called in first, second and third
calls for October 26, 27 and 28, 2005 respectively.

Lastly, following the shareholders' appointment on August 24,
2005 of the independent directors, Paul Dionne and Alessandro
Malacart, the company's Board of Directors has voted to alter the
composition of the Remuneration Committee and Internal Control
Committee, by appointing Marco Podini, Paul Dionne and Alessandro
Malacart as the members of the former and Paul Dionne and
Alessandro Malacart as members of the latter.  These appointments
have taken place in accordance with guidelines contained in the
Code of Conduct for Listed Companies.

CONTACT:  ALGOL GROUP
          Elena Murador
          Investor relations
          Phone: +39 02 21569 576
          E-mail: emurador@algol.com


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


ZYRYANOVSK LEAD: Assets Up for Auction Next Month
-------------------------------------------------
Properties of Zyryanovsk Lead Complex OJSC will be put up for
auction on October 5 in Ust-Kamenogorsk, said Kazakhstan Today.

The bankrupt venture specializes in the extraction and processing
of complex ores.  Its assets will be sold in three lots using the
English auction process.  A second auction will be held two days
after if the October 5 sale will be declared as unfulfilled.

The first lot includes Grekhovskiy mine, a small pit producing
400,000 tons of lead and zinc ore, with a starting price of
KZT77,976,160.

The second lot features the Alexander section -- gallery and
excavation -- which is initially valued at KZT14,518,400, while
the third lot (payable area) is pegged at KZT1,580,120.

The Zyryanovsk complex also includes Maleyevsky Mine, the
company's biggest pit, which was opened in June 2002 with initial
production of 1.5 million tons of ore a year.

The company's zinc, lead, and gold concentrate are shipped by
rail to zinc and lead plants in Ust-Kamenogorsk, while copper
concentrate is distributed to outside copper smelters.

CONTACT:  ZYRYANOVSK LEAD COMPLEX OJSC
          Zyrganovsk Rayon
          Shyghys Qazaqstan Oblysy
          Kazakhstan


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


SBS BROADCASTING: EGM Proxies Due Wednesday
-------------------------------------------
SBS Broadcasting S.A. (NASDAQ: SBTV ; Euronext Amsterdam N.V.:
SBS) reminds shareholders that, as explained in the shareholders'
circular distributed on September 1, 2005, all proxies must be
received by September 28, 2005 in order for votes to be counted
at the October 3, 2005 extraordinary general meeting to consider
the proposed acquisition of SBS's business by funds advised by
Permira Beteiligungsberatung GmbH and funds advised by Kohlberg
Kravis Roberts & Co. L.P.

Shareholders of record at the close of business on August 24,
2005 will be entitled to vote at the meeting.  Shareholders who
have questions about the extraordinary general meeting, voting
arrangements or who require a proxy card should contact the
soliciting agent, Georgeson Shareholder, at these numbers:

    Georgeson Shareholder
    Toll free in the United States: +1-866-328-5441
    Banks and Brokers: +1-212-440-9800
    Callers in Europe: 00-800-5555-6666

About SBS Broadcasting S.A.

SBS is a European commercial television and radio broadcasting
company with operations in Western and Central Europe.  Countries
where SBS currently has broadcasting assets include: Belgium
(Flanders), Denmark, Finland, Greece, Hungary, The Netherlands,
Norway, Romania and Sweden.

Visit http://www.sbsbroadcasting.comfor more information.

                            *   *   *

As reported by TCR-Europe on Aug. 25, Moody's Investors Service
placed the Ba2 Corporate Family Rating of SBS Broadcasting on
review for possible downgrade following an announcement that the
company has entered into a definitive agreement to be acquired by
funds advised by Permira and Kohlberg Kravis Roberts (KKR).

Whilst the acquisition is subject to competition clearance and
must be approved prior to closing by two-thirds of the votes cast
by SBS shareholders, Moody's notes that the transaction has
received unanimous board approval and that SBS shareholders
representing a minimum of 21.9% of the total outstanding common
shares of SBS have entered into agreements to vote in favor of
the transaction.  Furthermore, SBS has agreed to pay Permira and
KKR liquidated damages of EUR50 million if another purchaser
prior to May 21, 2006 acquires SBS.

Moody's expects that a successful completion of the acquisition
by Permira and KKR would increase SBS' leverage above the current
level of c. 3x such that SBS's financial profile would no longer
be consistent with the Ba2 rating level.  Moody's rating review
will focus primarily on SBS' financial position, capital
structure and future operational strategy.

CONTACT:   SBS BROADCASTING S.A.
           Web site: http://www.sbsbroadcasting.com
           Investors:
           Michael Smargiassi/Jon Lesko

           BRAINERD COMMUNICATORS
           Phone: +1 212 986 6667

           PRYOR ASSOCIATES
           Jeff Pryor
           Phone: +1 818 338 3555

           CITIGATE DEWE ROGERSON
           Catriona Cockburn
           Phone: +44 207 282 2924


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


ROYAL SHELL: Buys Back Additional 750,000 'A' Shares
----------------------------------------------------
On 23 September 2005, Royal Dutch Shell plc purchased for
cancellation 750,000 'A' Shares at a price of EUR27.02 per share.
It further purchased for cancellation 350,000 'A' Shares at a
price of 1,833.23 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,023,365,000.

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


===========
N O R W A Y
===========


FINANCE CREDIT: KPMG to Pay NOK347.3 Million in Damages
-------------------------------------------------------
KPMG's Norwegian branch said it will pay NOK347.3 million
(US$53.6 million) as out of court settlement in relation to its
role as auditor of bankrupt Finance Credit Norge A.S.A., AP
WorldStream reports.  KPMG appealed a ruling by Oslo District
court in June ordering it to pay NOK656 million (US$101 million)
to eight banks affected by Finance Credit's collapse.

As reported by TCR-Europe in July, the court declared the firm
negligent in auditing the books of Finance Credit, which went
bankrupt in 2003 with debt of NOK1.3 billion to eight banks.

The court said that as the auditor, KPMG was obliged to make sure
that Finance Credit's books accurately represented its financial
position.

It also ordered the firm to pay the amount to creditors through
Finance Credit's administrator, with additional NOK6.5 million in
legal costs.

KPMG then said it found it strange to be held responsible when
the accounts it was reviewing were falsified with criminal
intent, said The Associated Press.

Finance credit served as a collection agency, buying unpaid debt
from other firms, then collecting the funds plus fees.  Its
collapse, which was one of Norway's biggest financial scandal,
led to a nine-year jail sentence for one of its founders, Trond
Kristoffersen.  Mr. Kristoffersen was also ordered to repay
NOK1.2 billion in illegally acquired debt to banks.

The court ruled that Finance Credit overstated its assets, which
portrayed it as an acceptable loan risk for creditors.  In truth,
according to the June ruling, the group was already insolvent by
the end of 2000.  KMPG should have been aware of this in its
review of the company's accounts, it added.

CONTACT:  FINANCE CREDIT NORGE A.S.A.
          Sjolyst Pl 4 0270
          Oslo, Norway
          Phone: +47 22 54 26 20
          Fax: +47 22 54 26 21

          KPMG NORWAY
          Sorkedalsveien 6
          Box 7000 Majorstuen
          N-0306
          Oslo, Norway
          Phone: +47 21 09 21 09
          Fax: +47 22 60 96 01
          E-mail: contact@kpmg.no
          Web site: http://www.kpmg.no


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


AEROFLOT: Sabre System to Increase Annual Income by US$15 Mln
-------------------------------------------------------------
Aeroflot together with its authorized agencies summarizes first
six months results of transformation to Sabre system

Russian tourist agencies admitted successful introduction of one
of the largest technological projects in the country.  It
happened six months after Aeroflot transferred from the outdated
technology to the modern system by converting all the data in a
night.  The large agencies and representative offices have been
awaiting introduction of the project.

Aeroflot has successfully completed the process of transformation
from outdated to the progressive system, which includes
reservation, operational programs; solutions support software and
hardware, supplied by different branches of the Sabre Holdings.
A complete revision of IT issues together with equipment
modernization and software updating as well as revision of
Aeroflot's politics on its market positioning allow the airline
successfully compete on the international air carriages' market
and lay the foundation for the entrance in the international Sky
Team alliance.

Technological project represented mutual deal between Aeroflot
and two branches of the Sabre Holdings, providing transformation
to software and hardware solutions and products, supplied by
Sabre Airline Solutions for solving internal operational issues.
The project was closely connected with signing the Agreement on
marketing and distribution between Aeroflot and Sabre Travel
Network -- the company, which has the largest global distribution
system (GDS).  GDS is a technology, used by the tourist agencies
and airlines personnel for reservations.

The project has involved not only transformation to a new
reservation system in the framework of Aeroflot, but a
transformation to a new system, used by 6000 authorized airlines'
tourist agencies in more than 3000 locations in Russia and
abroad.  The project attracted specialists' attention in the
aviation and technological spheres all over the world.  It made
Sabre system the most extensively used system by the tourist
agencies in Russia.  The company assumes that 53.5% of all
reservations in Russia were made via Sabre system in July.

In order to start transformation to Sabre system, approximately
7000 new computer terminals were installed in the tourist
agencies and Aeroflot offices.  More than 5000 of installed
computer terminals had software written in Russian.  More than
3000 Aeroflot employees and tourist agencies' representatives
were trained to work with a new system before transformation
began.  The trainings were held in Russia as well as in Hamburg,
Rome, Los-Angeles and London.

According to Aeroflot, the transformation to Sabre system did not
significantly influence the sales and well established
interaction between different Aeroflot branches, some of that are
located thousands kilometers from each other.

"It was a huge project not only by the Russian standards, but by
the global standards as well.  It was, undoubtedly, the largest
and the most complicated project on data transformation out of
all the projects, ever implemented by our company in Europe and
surely one of the most significant projects, fulfilled by Sabre
on a global scale," Tom Klein, president of Sabre Airline
Solutions and Sabre Travel Network groups, said.

In Russia not everyone believed that the transformation of
Aeroflot to Sabre system would be fulfilled.  The night before
transformation, 48 telephone calls were registered in the company
's IT department, out of them 48 contained the question whether
Aeroflot was really transferring to Sabre system.

"We used all possible ways to deliver the essence of the project
to the Russian tourist agencies during the data transformation.
We also trained agencies' representatives to work with the system
MYSabre Aeroflot.  Nevertheless, a lot of issues were put aside
to the last moment, i.e. proposed training or necessary
operational changes in the documentation processing," says Klein.

According to the Regional Aeroflot Sales department manager for
Russia, Sergey Obryvalin, in spite of all the prejudice and
expectation of sales drop, it did not happen, and problems,
connected with migration, were minimal.

"I would especially like to remark on the positive attitude and
support of the agents on the current stage of the transition
period," Mr. Obryvalin pointed out.

The major Russian tourist agencies and structures, engaged in the
air carriages segment, positively reacted on the Aeroflot
initiative to update outdated reservation system.

"It is worth mentioning that in the beginning we were somewhat
worried by the Aeroflot decision to install Sabre system as an
inventory and reservation systems management solution.  Our
agency felt some tension since reservation of Aeroflot flights
amounts to more than one third out of our total sales volume.
However, during the preparation process and during the
transformation itself Sabre engineers and technical specialists
put all possible efforts, and literally stayed at work day and
night, providing installation and debugging.  It is necessary to
pay tribute to them for solving problems in the shortest possible
time.  Our united efforts brought results.  The system is
installed and working, and all complications, connected with the
system startup, had been solved a long time ago," Valery Rogach,
"Infinity Travel" Managing Director reported.

The company "Infinity Travel" decided to enter pilot agencies'
association, selected by the Sabre Travel Network as test
platforms, where a new system would be tested.  Ms. Rogach says:
"Such decision meant long-term perspectives.  We had to initiate
further training for 25 agents, engaged in direct tickets
processing, however, since we were a test platform, Sabre company
held on the spot trainings for all our consultants.  It meant
that people did not have to leave the office to attend training
seminars, conducted by Sabre.

Alexander Spirin, director of the Moscow agency VIP Service,
states that transformation to MySabre Aeroflot system was
conducted precisely in accordance with the targeted plan.

"We have been thinking a lot how to make the transformation, and
we prepared and planned it in advance.  As a result, currently we
can offer our clients the same service spectrum as before the
transformation at any DAVS office.  Moreover, MySabre Aeroflot
system offers wider capabilities for clients' service.  I would
like to thank Sabre Travel Network team, working in Russia, for
their help and professionalism, showed during successful system's
presentation and transformation," says Maltsev.

Igor Gorelov, ITC sales director said: "It is a pity that
transformation to Sabre system did not come several years ago. It
is like a toothache.  As the time goes by you are getting used to
it, but as soon as you have to visit a dentist, you ask yourself
why you did not go earlier."

Aeroflot expects new reservation system, operational system and
software solutions increase the company's income by US$10-15
million during the first year.  Further, a new system will
increase annual income by US$20-30 million per year.

Partially, expenses' optimization will happen due to
telecommunication payments' reduction.  When using the Sabre
system, the communications between tourist agencies and Aeroflot
will be less costly due to Internet connection.

Sergey Obryvalin said: "Aeroflot should use the most recent and
efficient technologies in the air carriages segment.  Thus, we
chose a complex of services, provided by Sabre company.  Sabre
company's products are the most efficient when used in the
tourist agencies and in the Aeroflot own sales offices.  New
technology offers us a whole spectrum of leading functional
possibilities, which would increase the level of service for our
clients. With transition to a new efficient system Aeroflot
"booked" its ticket to the future!"

New system also provides a better protection level from
"hackers" -- unauthorized or illegal access in the system.

About "Aeroflot - Russian Airlines"

OJSC "Aeroflot-Russian Airlines" (RTS: AFTL) is the largest
Russian airline and the major national carrier with 51% of the
shares belonging to the state.  It was established in 1923.  It
controls about 11% of domestic and 39% of international Russia's
air carriages market.  Net income for 2004 amounted to US$172.1
million (under IAS).  It is included in the list of the 25
leading world airlines based on the financial performance
(according to ATW magazine).  In 2004 Aeroflot carried 6.8
million passengers.  The aircraft fleet consists of 91 airplanes.
The company is based in Moscow, Sheremetyevo airport.  The
company projects to finish construction of its own terminal
Sheremetyevo-3 by the end of 2007.  Visit http://www.aeroflot.ru
or http://www.aeroflotbonus.rufor more information.

About Sabre Airline Solutions and Sabre Travel Network

Sabre Airline Solutions company belongs to Sabre Holdings and is
the world largest provider of software products, reservation
systems, departure control and other passenger traffic management
systems as well as of consulting services, which help airlines to
simplify their operations and reduce the prices.  The increasing
number of the airlines, which value its technologies and
services, confirms the proved leadership of the Sabre Airline
Solutions.

More than 200 airlines all over the world use products, provided
by Sabre Airline Solutions as technological support to increase
profit and improve operations.  Sabre Airline Solutions signed
more than 500 agreements with other airlines in 2004 on the
supply of its leading technologies.  More than 100 airlines all
over the world rely on Sabre Airline Solutions, regarding
passengers' traffic management.  At the same time in 2004 eight
new carriers chose SabreSonic system, the first new generation
system, provided on the market, and six carriers received updated
versions.

Moreover, more than 100 clients turn to consulting group of Sabre
Airline Solutions for strategic, commercial and operational
consultations all over the world.

Sabre Travel Network belongs to Sabre Holdings and provides
access to the leading world distribution system (GDS), which
allows agents in more than 53000 places all over the world
achieve the highest level of professional service. The GDS Sabre
system is the first system, uniting air carriages sellers and
buyers.  Currently it includes 400 companies, approx. 60000
hotels and 37 car rental companies, 9 liners, 25 railway
companies and 220 tourist operators.  The major Sabre Travel
Network brands are GetThere, the leading reservation technology
for corporate trips via Web site, and Jurni Network, unique
tourist agencies consortium, allowing its members to sell large
number of services for the selected participant using modern
marketing means.

Sabre Holdings Corporation (NYSE:TSG) is a world leader in the
air carriages segment.  It sells products for this segment and
provides distribution and technological solutions.  Visit
http://www.sabre-holdings.comfor more information.

                            *   *   *

For the first quarter of the year, Aeroflot saw its net loss
double from RUB422 million to RUB875 million, despite posting a
hike in revenues from RUB9.986 billion to RUB11.085 billion.  The
carrier recently named Ivanov Victor Petrovich chairman.

CONTACT:  AEROFLOT - RUSSIAN AIRLINES JSC
          Leningradsky Prospect 37, Bldg. 9
          125167 Moscow, Russia
          Phone: +7-095-155-6643
          Fax: +7-095-155-6647
          Web site: http://www.aeroflot.ru


DON-ENERGO-CHER-MET: Claims Filing Period Ends October
------------------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Don-Energo-Cher-Met after finding the open
joint stock company insolvent.  The case is docketed as
A53-4055/03-S2-7.  Mr. V. Krotov has been appointed insolvency
manager.  Creditors have until October 20, 2005 to submit their
proofs of claim to 344093, Russia, Rostov-na-Donu, Tupoleva Str.
14-12.

CONTACT:  DON-ENERGO-CHER-MET
          346350, Russia, Rostov region,
          Krasnyj Sulin, Zavodskaya Str. 1

          Mr. V. Krotov
          Insolvency Manager
          344093, Russia, Rostov-na-Donu,
          Tupoleva Str. 14-12


ENGELSSKIY: Car Repair Factory Calls in Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on car repair factory Engelsskiy.  The case
is docketed as A-57-311B/05-12.  Mr. A. Khromov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 410049, Russia,
Saratov, Barnaulskaya Str. 34.  A hearing will take place on
October 26, 2005, 10:40 a.m. (Moscow time) at Russia, Saratov,
Babushkin Vvoz Str. 1, Department 12.

CONTACT:  ENGELSSKIY
          413112, Russia, Saratov region,
          Engels, Krasnoznamennaya Str. 45

          Mr. A. Khromov
          Temporary Insolvency Manager
          410049, Russia, Saratov region,
          Barnaulskaya Str. 34


GREMYACHIY-WOOD: Succumbs to Bankruptcy
---------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Gremyachiy-Wood after finding the limited
liability company insolvent.  The case is docketed as
A13-3905/2005-17.  Mr. A. Frolov has been appointed insolvency
manager.

CONTACT:  GREMYACHIY-WOOD
          Russia, Vologda region, Gryazovetskiy region,
          Vokhtoga, Kolkhoznaya Str. 30

          Mr. A. Frolov
          Insolvency Manager
          160009, Russia, Vologda region,
          Chekhova Str. 4, Office 18a


KUBER-BREAD-PRODUCT: Insolvency Manager Takes over Business
-----------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company
Kuber-Bread-Product (TIN 6126002367).  The case is docketed as
A53-4221/2005-S2-33.  Mr. I. Ananyev has been appointed temporary
insolvency manager.

CONTACT:  KUBER-BREAD-PRODUCT
          Russia, Rostov region,
          Orlovskiy region, Krasnoarmeyskiy

          Mr. I. Ananyev
          Insolvency Manager
          344016, Russia, Rostov-na-Donu,
          Post User Box 5633


MAKARYEV-AGRO-PROM-SNAB-TEKHNIKA: Under Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Kostroma region has commenced bankruptcy
supervision procedure on municipal enterprise
Makaryev-Agro-Prom-Snab-Tekhnika.  The case is docketed as
A31-5629/2005-18.  Mr. V. Markov has been appointed temporary
insolvency manager.  A hearing will take place on October 27,
2005.

CONTACT:  MAKARYEV-AGRO-PROM-SNAB-TEKHNIKA:
          157460, Russia, Kostroma region,
          Makaryev, Dorozhnaya Str. 24


MANN-TRADE: Court Brings in Insolvency Manager
----------------------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Mann-Trade (TIN 5052011644, OGRN
1025007070571) after finding the limited liability company
insolvent.  The case is docketed as A41-K2-10530/053.  Mr. B.
Kantor has been appointed insolvency manager.

CONTACT:  MANN-TRADE
          141120, Russia, Moscow region,
          Fryazino, Institutskaya Str. 19

          Mr. B. Kantor
          Insolvency Manager
          125009, Russia, Moscow region


MECHETINSKIY BRICKWORKS: Names P. Kutelev Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on close joint stock company Mechetinskiy
Brickworks.  The case is docketed as A53-4519/2005-S2-33.  Mr. P.
Kutelev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 344092, Russia,
Rostov-na-Donu, Post User Box 3392.  A hearing will take place on
October 4, 2005, 2:00 p.m.

CONTACT:  MECHETINSKIY BRICKWORKS
          Russia, Rostov region, Zernogradskiy region,
          Mechetinskaya St. Kirpichnaya Str. 1

          Mr. P. Kutelev
          Temporary Insolvency Manager
          344092, Russia, Rostov-na-Donu,
          Post User Box 3392


POLYMER: Insolvency Manager Moves in
------------------------------------
The Arbitration Court of Perm region has commenced bankruptcy
supervision procedure on factory of building materials Polymer.
The case is docketed as A-50-21931/2005-B.  Mr. A. Kotelnikov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 614036, Russia,
Perm, Leonova Str. 23-1.  A hearing will take place on December
29, 2005, 10:00 a.m.

CONTACT:  POLYMER
          614521, Russia, Perm region,
          Nizhniye Mully, Traktovaya Str. 11

          Mr. A. Kotelnikov
          Temporary Insolvency Manager
          614036, Russia, Perm region,
          Leonova Str. 23-1


SLOBOSKAYA BREWERY: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on open joint stock company Sloboskaya
Brewery.  The case is docketed as A28-123/05-186/6.  Mr. M.
Sorokin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 129110, Russia,
Moscow, M. Ekateriniskaya Str. 17/21.  A hearing will take place
on November 9, 2005.

CONTACT:  SLOBOSKAYA BREWERY
          Russia, Kirov region,
          Slobodskoy, Sovetskaya Str. 104

          Mr. M. Sorokin
          Temporary Insolvency Manager
          129110, Russia, Moscow region,
          M. Ekateriniskaya Str. 17/21


SOUTHERN TELECOMS: Outlook Stable on Improved Performance
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Southern Telecommunications Co. (OJSC) (STC) to stable from
negative due to the company's ability to limit the deterioration
of its financial profile.  At the same time, Standard & Poor's
affirmed its 'CCC+' long-term corporate credit rating and 'ruBB'
Russia national scale and senior unsecured debt ratings on the
company.

"The outlook revision reflects the noticeable improvements of
STC's operating and financial performance during 2005," said
Standard & Poor's credit analyst Lorenzo Sliusarev.  "The company
has successfully maintained its promised focus on cost control,
much reduced capital spending, and profitability enhancements."

EBITDA margins improved to 30% in the first half of 2005,
compared with 23% during the same period last year. Improvements
stemmed from local tariff increases, subscriber growth, expansion
of value-added services, and increased long-distance traffic.  In
addition, STC's profitability could improve further, following
another recent 20% average tariff increase and continuing cost
control.

The ratings remain constrained, however, by the company's
continuing weak liquidity position, significant debt levels,
limited business diversification, and uncertainties associated
with industry restructuring.  These risks are somewhat moderated
by STC's solid market position, its improving operations,
progress in the regulation of local tariffs, and growth
potential.

The stable outlook reflects Standard & Poor's expectation that
STC's continuing focus on a stringent cost policy and cautious
approach to capital investments, combined with increasing EBITDA
and cash flow generation, will help the company to stabilize its
financial profile and prevent it further deteriorating.  In the
near term, liquidity management remains a key concern for the
company as it works through the refinancing of its significant
upcoming financial obligations.

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


TOPKINSKIY: Bankruptcy Hearing Set December
-------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on butter making plant Topkinskiy.  The
case is docketed as A27-19767/2005-4.  Ms. S. Besschetnova has
been appointed temporary insolvency manager.  A hearing will take
place on December 12, 2005.

CONTACT:  TOPKINSKIY
          625301, Russia, Kemerovo region,
          Topki, Kosmodemyanovskoy Str. 1

          Ms. S. Besschetnova
          Temporary Insolvency Manager
          625301, Russia, Kemerovo region,
          Topki, Kosmodemyanovskoy Str. 1


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


GENERAL MOTORS: Fitch Downgrades GMAC & ResCap; Outlook Negative
----------------------------------------------------------------
Concurrent with Fitch Ratings' downgrade of General Motors Corp.
(GM), Fitch has downgraded General Motors Acceptance
Corporation's senior unsecured debt rating to 'BB' from 'BB+'.
In addition, Fitch has downgraded Residential Capital Corp.'s
(ResCap) senior unsecured rating to 'BBB-' from 'BBB'.  Fitch has
affirmed the short-term 'B' ratings of GMAC and lowered the
short-term ratings of ResCap to 'F3' from 'F2'.

Lastly, Fitch has revised the Rating Watch status on GMAC
Commercial Mortgage Bank to Positive from Evolving.  The Rating
Outlook for GMAC, ResCap and related entities remains Negative.
Approximately US$104 billion of senior unsecured debt is affected
by this action.

The action on GMAC solely reflects its linkages with GM.  Despite
competitive and structural issues at GM, GMAC's own operating
performance has fared much better, reflecting in part, the
benefits of diversification from its mortgage and insurance
businesses.  In addition, Fitch recognizes GMAC's relatively
sound liquidity profile over the near term, augmented by GMAC's
recent whole-loan agreement with Bank of America.

The rating action on ResCap solely reflects its ownership by
GMAC.  While Fitch continues to believe that ResCap maintains
investment grade fundamentals, its ownership by GMAC is a
limiting factor in terms of rating notching.  At present, Fitch
would allow for up to two notches between the ratings of ResCap
and GMAC.  Although Fitch does not differentiate the ratings of
GM and GMAC currently, Fitch would consider a ratings distinction
similar to ResCap in accordance with Fitch's criteria for parent
and financial subsidiary relationships.

The Rating Watch status on GMAC Commercial Mortgage Bank was
revised to Positive from Evolving reflecting the expected partial
spin-off from GMAC and Fitch's view of the resulting financial
profile of GMAC Commercial Holding Corp., the parent company of
GMAC Commercial Mortgage Bank.  Fitch anticipates resolving the
Rating Watch on GMAC Commercial Mortgage Bank at the time the
spin-off closes, expected later this year.

Ratings lowered with a Negative Rating Outlook:

General Motors Acceptance Corp.
GMAC International Finance B.V.
General Motors Acceptance Corp., Australia
General Motors Acceptance Corp. of Canada Ltd.
GMAC Bank GmbH
General Motors Acceptance Corp. (N.Z.) Ltd.
GMAC Commercial Funding Asia K.K. (formerly GMAC Commercial
Mortgage Japan K.K.)
--Senior debt to 'BB' from 'BB+'.

Residential Capital Corp.
GMAC Bank
--Senior debt to 'BBB-' from 'BBB'.

S-T ratings lowered:

Residential Capital Corp.
GMAC Bank
--Short-term to 'F3' from 'F2'.

Ratings affirmed:

General Motors Acceptance Corp.
GMAC International Finance B.V.
General Motors Acceptance Corp., Australia
General Motors Acceptance Corp. of Canada Ltd.
GMAC Bank GmbH
General Motors Acceptance Corp. (N.Z.) Ltd.
GMAC Commercial Funding Asia K.K. (formerly GMAC Commercial
Mortgage Japan K.K.)
General Motors Acceptance Corp. (U.K.) Plc
GMAC Australia Finance
--Short-term 'B'.

GMAC Bank
--Individual 'B/C'.

Rating Watch revised to Positive from Evolving:

GMAC Commercial Mortgage Bank
--Long-term deposits 'BB+';
--Senior debt 'BB+';
--Short-term deposits 'B';
--Short-term 'B';
--Individual 'B/C';
--Support '3'.

GMAC Commercial Mortgage Bank Europe, plc
--short-term ratings 'F3'.

GMAC Commercial Mortgage Funding, plc
--Long-term ratings 'BB+'.

New rating assigned:

GMAC Bank
--Long-term deposits 'BBB';

CONTACT:  FITCH RATINGS
          Christopher D. Wolfe
          Phone: +1-212-908-0771
          Philip S. Walker Jr., New York
          Phone: +1-212-908-0624
          James Moss
          Phone: +1-312-368-3213
          Mark Oline (GM)
          Phone: +1-312-368-2073
          Web site: http://www.fitchratings.com

          Media Relations
          Kenneth Reed
          Phone: +1-212-908-0540


GENERAL MOTORS: Fitch Lowers Ratings; Outlook Remains Negative
--------------------------------------------------------------
Fitch Ratings has downgraded the ratings of General Motors,
General Motors Acceptance Corporation and related subsidiaries to
'BB' from 'BB+' due to a lack of tangible progress in reducing
its fixed cost structure (including escalating health care costs
and liabilities), the incrementally negative effect on GM's core
large vehicles resulting from persistently high gas prices and
heightened financial risks to GM associated with resolution of
the Delphi restructuring.

In addition, recent incentive programs have established lower
market pricing that makes GM increasingly vulnerable to volume
declines which could occur as a result of a decline in economic
conditions or simply a sustained falloff following recent
industry sales spikes.  Given continued top-line pressures,
financial stresses in the supplier base and numerous impediments
to achieving significant structural cost reductions (legacy cost
and labor contract restrictions), opportunities for cost
reductions have continued to narrow.

Persistently high gas prices are also expected to incrementally
reduce demand for GM's large vehicles, where GM is
disproportionately exposed in terms of volumes and profitability,
and where its new product introductions are concentrated.
Industry sale volumes in this segment saw a sharp decline in
early 2005, which is likely to mute the volume impact and pricing
potential of GM's new GMT-900 product series. In the absence of
significant structural cost reductions, Fitch expects that
negative operating cash flow (ex-working capital adjustments) is
likely to deteriorate further in 2006, heightening the risks of a
more fundamental restructuring and reduced liquidity (including
long-term VEBA holdings) from currently healthy levels.

Fitch has become increasingly concerned with the near-term
financial costs that could fall on GM as part of Delphi's
restructuring.  Although the restructuring, in or out of court,
is not currently expected to result in any interruption of
supplies to GM, the risks of disruption during the adjustment
process cannot be ruled out.  The risk of a work stoppage could
arise, however, in the event that GM does not, in the UAW's view,
fully meet the obligations that GM may have to Delphi workers.
The bulk of the restructuring costs, within or outside of
bankruptcy, are expected to fall on the UAW through headcount
reductions, facility closures and wage and benefit reductions.

Although GM will benefit over the longer term by Delphi's
expected lower cost structure and the ability to re-source
product away from Delphi, Fitch is concerned about the short-term
costs or other forms of financial support necessary to restore
Delphi's financial position to viability.  Of concern to Fitch is
a revision of existing pricing wherein GM is forced to absorb
meaningfully higher costs on a significant portion of its supply
chain.  Restructuring benefits would largely accrue to Delphi in
the near term, with GM benefiting only over an extended time
period.  Fitch believes that GM could utilize a portion of its
liquidity to accelerate workforce reductions at Delphi.

In the event of a Delphi bankruptcy, Fitch expects that GM would
also be absorbing substantial Delphi legacy costs in the form of
pension and OPEB obligations.  OPEB-related cash outflows are
relatively modest (projected at US$216 million in 2005) but
accelerate sharply over the next four years. The ultimate cost
and timing of Delphi's pension obligations that would be absorbed
by GM is unknown.  Due to the fact that GM is behind the PBGC, it
is Fitch's assumption that GM will not absorb the plans (or the
required contributions) but would be contingently liable for
meeting certain benefit levels.

Fitch expects that cash outflows associated with these
obligations would be very long-term in nature.  Pension benefits
paid out by Delphi are projected at US$556 million in 2006,
growing rapidly through 2009.  OPEB and pension benefit outflows
at Delphi and GM will be further increased as headcount
reductions are accelerated at both entities.  Reducing the OPEB
liability is clearly a top priority for GM in the short term and
in the 2007 UAW contract negotiations.  Because the pension and
OPEB obligations are long-term in nature (and because the OPEB
obligations are likely to me modified during this time), Fitch
believes that GM could allow a Delphi bankruptcy and absorb these
longer-term liabilities if GM is able to benefit on the cost side
in exchange.

Although GM is currently well-funded in its U.S. pension plans,
several years of low asset returns could result in an underfunded
position due to high level of benefits outflows.  In addition,
pending pension legislation could result in a re-measurement of
liabilities and higher required contributions.

Regarding GM's negotiations with the UAW regarding health care,
Fitch believes that there may be progress in working toward a
negotiated solution.  Fitch expects that modest progress will be
made in the short term, but that the more significant event will
be the 2007 contract negotiations, at which point event risk
could be high.  Given Fitch's expectation of negative cash flows
through 2006, even significant progress in reducing the cash
outflows related to health care liabilities will be unlikely to
restore GM to cashflow breakeven levels.

GM retained liquidity of approximately US$20.2 billion in cash
and short-term VEBA at June 30, 2005, plus US$16.2 billion
currently held in long-term VEBA.  GM's liquidity profile also
benefits from substantial cash holdings at GMAC, and the ability
to shrink GMAC's balance sheet or monetize assets.  Although
liquidity currently remains healthy, Fitch expects that negative
operating cash flows (ex working capital) will deteriorate
further in 2006 due to reduced unit sales, continuing price
erosion and adverse mix.  Coupled with any cash applied to
resolve the Delphi and health care issues, long-term VEBA could
be reduced meaningfully as GM applies these funds to permitted
expenditures.

Fitch is also concerned with the potential reduction in credit
available to the automotive sector.  Extended payment terms have
long been an industry practice, and trade credit has become a
critical part of the liability structure of the OEMs and their
suppliers.  Suppliers have also traditionally relied on the
ability to finance OEM receivables.  As the automotive supply
chain comes under increasing financial stress and financial
intermediaries limit credit exposures throughout the industry,
restrictions on access to external financing and trade credit
could have significant repercussions on GM and throughout the
industry.

Ratings lowered with a Negative Rating Outlook:

General Motors Corp.
General Motors Acceptance Corp.
GMAC International Finance B.V.
General Motors Acceptance Corp., Australia
General Motors Acceptance Corp. of Canada Ltd.
GMAC Bank GmbH
General Motors of Canada Limited
General Motors Acceptance Corp. (N.Z.) Ltd.
GMAC Commercial Funding Asia K.K. (formerly GMAC Commercial
Mortgage Japan K.K.)
--Senior debt to 'BB' from 'BB+'.

Residential Capital Corp.
GMAC Bank
--Senior debt to 'BBB-' from 'BBB'.

S-T ratings lowered:

Residential Capital Corp.
GMAC Bank
--Short-term to 'F3' from 'F2'.

Ratings affirmed:

General Motors Corp.
General Motors Acceptance Corp.
GMAC International Finance B.V.
General Motors Acceptance Corp., Australia
General Motors Acceptance Corp. of Canada Ltd.
GMAC Bank GmbH
General Motors of Canada Limited
General Motors Acceptance Corp. (N.Z.) Ltd.
GMAC Commercial Funding Asia K.K. (formerly GMAC Commercial
Mortgage Japan K.K.)
General Motors Acceptance Corp. (U.K.) Plc
GMAC Australia Finance
--Short-term 'B'.

GMAC Bank
--Individual 'B/C'.

Rating Watch revised to Positive from Evolving:

GMAC Commercial Mortgage Bank
--Long-term deposits 'BB+';
--Senior debt 'BB+' ;
--Short-term deposits 'B';
--Short-term 'B';
--Individual 'B/C';
--Support '3'.

GMAC Commercial Mortgage Bank Europe, plc
--short-term ratings 'F3'.

GMAC Commercial Mortgage Funding, plc
--Long-term ratings 'BB+'.

New rating assigned:

GMAC Bank
--Long-term deposits 'BBB';

CONTACT:  FITCH RATINGS
          Mark Oline (GM)
          Phone: +1-312-368-2073
          James Moss, Chicago
          Phone: 1-312-368-3213
          Christopher D. Wolfe
          Phone: +1-212-908-0771
          Philip S. Walker Jr., New York
          Phone: +1-212-908-0624 (GMAC)
          Web site: http://www.fitchratings.com

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


SWISSAIR: Concludes Memorabilia Auction; Follow-up Sale Ongoing
---------------------------------------------------------------
Organized by Troostwijk AG on behalf of the liquidator of
Swissair Swiss Air Transport Company Ltd. in debt restructuring
liquidation, Karl Wuetrich of Wenger Plattner, the auction of
Swissair memorabilia held on 24 and 25 September 2005 was a
resounding success.  The great majority of the lots on offer were
sold, raising several hundred thousand Swiss francs.

The auctioned items can be collected by their new owners from the
Eventdock at Zurich airport between 10:00 a.m. and 9:00 p.m.
daily up to 30 September 2005.

A few items of memorabilia, such as posters, books, checklists,
etc. are still available at low prices in the follow-up sale.
This is being held from 10:00 a.m. to 9:00 p.m. daily from 26
September 2005 to 2 October 2005, again at Zurich airport's
Eventdock.

The telephone enquiries hotline - 043 222 38 66 (German), 043 222
38 67 (French) and 043 222 38 68 (English) will continue to
operate from 9:00 a.m. to 12:00 p.m. and from 2:00 p.m. until 30
September 2005.

                            *   *   *

Swissair collapsed in 2001 after accumulating debt in relation to
a number of significant investments in a number of European
airlines including Sabena, Air Liberte of France and Turkish
Airlines.  It defaulted on the debt after the slump of the
airline industry following the U.S. terrorist attacks.

CONTACT:  WENGER PLATTNER
          Web site: http://www.liquidator-swissair.ch
          Filippo Th. Beck, Liquidator
          Phone: 043 222 38 00
          Fax: 043 222 38 01


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


TURKIYE IS BANKASI: Sells 7.5% Stake in Is Finansal Kiralama
------------------------------------------------------------
Turkiye Is Bankasi A.S.'s (Isbank) 7.5% share in Is Finansal
Kiralama A.S., with a nominal value of NTL3,750,000 has been sold
to institutional investors at a price of NTL5 each in the ISE
Wholesale Market in return for NTL18,750,000.

After the sales process, Isbank has 27.79% share left in the
company with a nominal value of NTL13,897,060.82.

                            *   *   *

Isbank is the largest private sector bank in Turkey with a 13%
market share in both loans and deposits.  It is 41.5%-owned by
the bank's pension fund and 28% by the Republican People's Party.
Historically a corporate bank, Isbank has concentrated on
building its loans to the small business and retail sectors,
which tend to be more diverse and profitable.

On September 9, Fitch Ratings upgraded Isbank's Long-term local
currency rating to 'BB' from 'BB-' driven by the company's
stronger and consistent profitability, continued solid funding
structure, improved asset quality measures and good
capitalization.  This is balanced by relatively low, albeit
improved, free capital and a sizeable proportion of government
securities at 38% of assets.

CONTACT: TURKIYE IS BANKASI A.S.
         Contact:
         Sirri Erkan
         Deputy Chief Executive & Chief Financial Officer
         Phone: 00 90 212 316 30 55
         Fax: 00 90 212 316 09 95
         E-mail: sirri.erkan@isbank.com.tr
         Web site: http://www.isbank.com.tr


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


AKVA-TUR: Declared Insolvent
----------------------------
The Economic Court of Ar Krym declared Akva-Tur (code EDRPOU
22294999) the limited liability company insolvent on Aug. 25,
2005.  The case is docketed as 2-20/4124-2005.  Mr. G. Vudud
(License Number AB216916) has been appointed
liquidator/insolvency manager.

Creditors have until October 1, 2005 to submit their proofs of
claim to:

(a) AKVA-TUR
    98100, Ukraine, AR Krym,
    Feodosiya, V. Korobkov Str. 3

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

(c) The Economic Court Of Ar Krym
    95000, Ukraine, AR Krym,
    Simferopol, Karl Marks Str. 18


DNIPROPETROVSK: Court Brings in Insolvency Manager
--------------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on exhibition center Dnipropetrovsk (code
EDRPOU 24437486) on Aug. 10, 2005.  The case is docketed as
B24/206/05.  Mr. Vadim Koloshin (License Number AA779332) has
been appointed temporary insolvency manager.  The company holds
account number 26001300873 at CJSC Financial Union Bank, MFO
305987.

Creditors have until October 1, 2005 to submit their proofs of
claim to:

(a) DNIPROPETROVSK
    Ukraine, Dnipropetrovsk region,
    Artema Str. 94

(b) Mr. Vadim Koloshin
    Temporary Insolvency Manager:
    49000, Ukraine, Dnipropetrovsk region,
    Robocha Str. 152/47

(c) Economic Court Of Dnipropetrovsk region
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


DNIPROVSKA MOK: Declared Insolvent
----------------------------------
The Economic Court of Dnipropetrovsk region declared Dniprovska
Mok (code EDRPOU 32406079) the limited liability company
insolvent on Aug. 25, 2005.  The case is docketed as B15/86/05.
Mr. I. Yasnogor (License Number AA630052) has been appointed
liquidator/insolvency manager.  The company holds account number
26007050300132 at CB Privatbank, MFO 305299.

Creditors have until October 1, 2005 to submit their proofs of
claim to:

(a) DNIPROVSKA MOK
    49049, Ukraine, Dnipropetrovsk region,
    Mandrikivska Str. 64a/5

(b) Mr. I. Yasnogor
    Liquidator/Insolvency Manager
    49040, Ukraine, Dnipropetrovsk region, a/b 2350
    Phone/Fax: (0562) 31-82-12

(c) Economic Court Of Dnipropetrovsk region:
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


DONKAVAMET: Public Auction Set Friday
-------------------------------------
The liquidator of joint enterprise Donkavamet will sell its
property on September 30, 2005, 11:00 a.m.  The public auction
will take place at Ukraine, Donetsk, Hodakovskij Str. 5.  Up for
sale is a technological complex for conversion of color metals
breakage made by ABB, Germany for a starting price of
UAH69,817,600.10 inclusive of VAT.

For more information, please call the auction committee at 8
(062) 304-77-83, 304-37-21.


LATRA: Proofs of Claim Due Next Month
-------------------------------------
The Economic Court of Kyiv commenced bankruptcy supervision
procedure on limited liability company Latra (code EDRPOU
31724548).  The case is docketed as 15/599-b.  Mr. V. Letskan
(License Number AA419239) has been appointed temporary insolvency
manager.  The company holds account number 260000276400 at JSB
Brokbiznesbank, MFO 300249.

Creditors have until October 1, 2005 to submit their proofs of
claim to:

(a) LATRA
    Ukraine, Kyiv region,
    Lugova Str. 20

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

(c) Economic Court Of Kyiv region
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard, 44-B


MEHBUDSERVICE: Dnipropetrovsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk region declared
Mehbudservice (code EDRPOU 13457480) the close joint stock
company insolvent on Aug. 19, 2005.  The case is docketed as
B-24/127/05.  Mr. Shafagat Nabiyev (License Number AA783208) has
been appointed liquidator/insolvency manager.  The company holds
account number 26006010009850 at OJSC CB Pivdenkombank, Krivij
Rig branch, MFO 306889.

CONTACT:  MEHBUDSERVICE
          50015, Ukraine, Dnipropetrovsk region,
          Krivij Rig, Konstitutsijna Str. 5

          Mr. Nabiyev Shafagat
          Liquidator/Insolvency Manager
          50031, Ukraine, Dnipropetrovsk region,
          Krivij Rig, Galan Str. 8

          Mail address: 50031, Ukraine,
          Dnipropetrovsk region, Krivij Rig, a/b 1430

          Economic Court Of Dnipropetrovsk region
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


PARIS-DAKAR: Deadline for Proofs of Claim Set Saturday
------------------------------------------------------
The Economic Court of Dnipropetrovsk region declared Paris-Dakar
(code EDRPOU 23941065) the limited liability company insolvent on
Aug. 19, 2005.  The case is docketed as B40/126/05.  Ms. Ludmila
Zaikina (License Number AA719775) has been appointed
liquidator/insolvency manager.  The company holds account number
26005112531001 at CB Privatbank, Dnipropetrovsk branch, MFO
305299.

Creditors have until October 1, 2005 to submit their proofs of
claim to:

(a) PARIS-DAKAR
    Ukraine, Dnipropetrovsk region,
    B. Hmelnitskij Str. 14a

(b) Ms. Ludmila Zaikina
    Liquidator/Insolvency Manager
    Mail address: 04050, Ukraine,
    Kyiv, Melnikov Str. 2/10

(c) Economic Court Of Dnipropetrovsk region:
    49600, Ukraine, Dnipropetrovsk region,
    Kujbishev Str. 1a


STANDART: Bankruptcy Supervision Procedure Begins
-------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on open joint stock company Standart (code
EDRPOU 03327718) on Aug. 15, 2005.  The case is docketed as
25/146.  Mr. Sergij Bagmet (License number AA #779159) has been
appointed temporary insolvency manager.  Creditors have until
October 1, 2005 to submit their proofs of claim at 69104,
Ukraine, Zaporizhya, a/b 1064.

CONTACT:  STANDART
          Ukraine, Zaporizhya region, Yakimivka

          Economic Court Of Zaporizhya region:
          69001, Ukraine, Zaporizhya, Shaumyana Str. 4
          Phone: 8 (0612) 17-66-17, 17-33-40


VINTS: Insolvency Manager Takes over Firm
-----------------------------------------
The Economic Court of Vinnitsya region declared Vints (code
EDRPOU 32603731) the limited liability company insolvent on June
2, 2005.  The case is docketed as 5/94-05.  Vinnitsya Department
has been appointed liquidator/insolvency manager.  The company
holds account number 26001301268 at Oshadbank MFO 302076.

Creditors have until October 1, 2005 to submit their proofs of
claim to:

(a) VINTS
    23820, Ukraine, Vinnitsya region, Teplitskij district,
    Sobolivka, Zhovtbevoyi revolutsiyi Str. 1

(b) Vinnitsya Department
    Liquidator/Insolvency Manager:
    Ukraine, Vinnitsya region,
    Hmelnitske shose, 7, 730

(c) Economic Court Of Vinnitsya region:
    21036, Ukraine, Vinnitsya region,
    Hmelnitske shose, 7


ZLAGODA: Succumbs to Bankruptcy
-------------------------------
The Economic Court of Kyiv region declared Zlagoda (code EDRPOU
30117229) the limited liability company insolvent on Aug. 11,
2005.  The case is docketed as 75/14 b-05.  Mr. Bilik Yurij
(License Number AA783144) has been appointed
liquidator/insolvency manager.  The company holds account number
260011540 at JSPPB Aval, Vasilkivske branch, MFO 321994.

Creditors have until October 1, 2005 to submit their proofs of
claim to:

(a) ZLAGODA
    Ukraine, Kyiv region, Fastiv district,
    Dmitrivka, Shevchenko Str. 1

(b) Mr. Bilik Yurij
    Liquidator/Insolvency Manager
    Phone: (044) 469-05-32

(c) Economic Court Of Kyiv region
    01032, Ukraine, Kyiv region,
    Komintern Str. 165


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


ANDORA BUILDERS: Names David Rubin Liquidator
---------------------------------------------
M. Eckstein, Chairman of Andora Builders Merchants Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 5 at the offices of David Rubin & Partners,
Pearl Assurance House, 319 Ballards Lane, London N12 8LY.

Asher Miller of David Rubin & Partners, Pearl Assurance House,
319 Ballards Lane, London N12 8LY was appointed liquidator.  The
appointment was confirmed at a Meeting of Creditors held on the
same day.

CONTACT:  ANDORA BUILDERS MERCHANTS LIMITED
          16 Manor Road, London N16 5SA
          Phone: 02088027218

          DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


ANTENNA & MICROWAVE: Files for Liquidation
------------------------------------------
N. Howland, Director of Antenna & Microwave Circuit Services
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Sept. 9 at60-62 Old London Road,
Kingston upon Thames, Surrey KT2 6QZ.   Andrew John Whelan of
Marks Bloom, 60-62 Old London Road, Kingston upon Thames, Surrey
KT2 6QZ was appointed liquidator.

CONTACT:  ANTENNA & MICROWAVE CIRCUIT SERVICES LIMITED
          Unit 2,Medway City Estate, Enterprise Close,
          Medway City Estate, Rochester, Kent, ME2 4JW
          Phone: 01634 711134

          MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


ASCIOM SOLUTIONS: Hires Grant Thornton Administrator
----------------------------------------------------
Nicholas Wood and James Earp (IP Nos 9064 and 8554) of Grant
Thornton UK LLP were appointed joint administrators of Asciom
Solutions Limited (Company No 04292500) on Sept. 14.  The
company's registered office is at Imperial House, 18 Lower
Teddington Road, Hampton Wick KT1 4EU.

CONTACT:  SAFE SOLUTIONS ACCOUNTING LIMITED
          Imperial House,
          18 Lower Teddington Road, Hampton Wick,
          Kingston-Upon-Thames, Surrey KT1 4EU, England
          Phone: +44 (0) 20 8742 6000
          Fax: +44 (0) 20 8742 6001/2
          Web site: http://www.safesolutions.co.uk

          GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


BARRIE JEWSBURY: Calls in Liquidator from Poppleton & Appleby
-------------------------------------------------------------
Barrie Jewsbury (Toolmaking) Ltd. informs that a resolution to
wind up the company was passed at an EGM held on Sept. 7 at 35
Ludgate Hill, Birmingham B3 1EH.   M. T. Coyne of Poppleton &
Appleby, 35 Ludgate Hill, Birmingham B3 1EH was appointed
liquidator.

CONTACT:  BARRIE JEWSBURY (TOOLMAKING) LTD.
          7-9 St Andrews Industrial Estate
          Sydney Road
          Birmingham
          B9 4QB
          West Midlands
          Phone: 0121 772 7757
          Fax: 0121 772 7757

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


BMP INNS: Liquidator from Lake Bushells Enters Firm
---------------------------------------------------
M. Harborne, Chairman of BMP Inns Limited (t/a Base One) informs
that extraordinary resolutions to wind up the company were passed
at an EGM held on Sept. 2 at the Holiday Inn - Regent's Park,
Carburton Street, London W1W 5EE.  Peter George Byatt of Lake
Bushells, 129 New London Road, Chelmsford, Essex CM2 0QT was
appointed liquidator.

CONTACT:  BMP INNS LIMITED
          1 Abbey Orchard Street,
          (Off Victoria Street)
          London, SW1P 2LU
          Phone: 020 7222 4707
          Fax: 020 7222 4709
          E-mail: Office@base1.fslife.co.uk

          LAKE BUSHELLS
          129 New London Road
          Chelmsford
          Essex CM2 0QT
          Phone: 01245 254 780
          Fax: 01245 254 799
          E-mail: info@lakebushells.co.uk


BROWN & FENWICK: Administrators from Grant Thornton Move in
-----------------------------------------------------------
Company Names: Brown & Fenwick Limited
               (Company No 2133725)

               Brown & Fenwick Holdings Limited
               (Company No 3767442)

               Brown & Fenwick (Middlesbrough) Limited
               (Company No 3766951)

               Brown & Fenwick (Newcastle) Limited
               (Company No 3766948)

               Brown & Fenwick (Sunderland) Limited
               (Company No 3780577)

David John Crawshaw (IP No 8814) and Richard Dixon Fleming (IP No
8370) of KPMG were appointed joint administrators of these
electrical retailers on Sept. 13.  The companies' registered
office is at KPMG Quayside House, 110 Quayside, Newcastle upon
Tyne NE1 3DX.

CONTACT:  BROWN & FENWICK LTD.
          13-14 Eldon Gardens,
          Newcastle Upon Tyne,
          Tyne And Wear NE1 7RA
          Phone:  01912300343

          BROWN & FENWICK HOLDINGS LTD.
          25 Melmerby Close Whitebridge Park Gosforth
          Newcastle-Upon-Tyne,
          Tyne & Wear NE3 5JA
          England
          Phone: 0191 284 7654
          Fax: 0191 284 4404

          KPMG LLP
          Quayside House
          110 Quayside
          Newcastle upon Tyne NE1 3DX
          Phone: (0191) 401 3700
          Fax: (0191) 401 3750
          Web site: http://www.kpmg.co.uk


C C M RESTAURANTS: Calls in Liquidator from Walletts Insolvency
---------------------------------------------------------------
B. Carter, Chairman of C C M Restaurants Limited, informs that
extraordinary resolutions to wind up the company were passed at
an EGM held on Aug. 31 at Walletts Insolvency Services, Adventure
Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF.  Michael
Francis McCarthy of Walletts Insolvency Services, 2-6 Adventure
Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF was
appointed liquidator.

CONTACT:  C C M RESTAURANTS LTD.
          54 High Street,
          Biddulph, Stoke-On-Trent,
          Staffordshire ST8 6AR
          Phone: 01782823796

          WALLETTS INSOLVENCY SERVICES
          Adventure Place, Hanley,
          Stoke on Trent, Staffordshire ST1 3AF
          Phone: (01782) 212326
          Fax: (01782) 212326


CO-OPERATIVE INSURANCE: 2,000 Salesmen Stage Strike
---------------------------------------------------
About 2,000 salesmen of the Co-operative Insurance Society (CIS)
Ltd. started Tuesday their two-day strike over new contracts they
believe will leave them worse off, said BBC News.

The company was said to be "very disappointed" about the
industrial action, the first by CIS workers in 35 years.  The new
deal, according to chief operating officer Stephan Pater, would
help secure the future of the sales force and augment the
company's expansion plans.  It will also transfer the task of
collecting premiums and payment deliveries to a central
administrative staff.  As a result, financial advisors will spend
more time selling policies.

The Union of Shop, Distributive and Allied Workers (Usdaw) claims
the new contracts would worsen workers' conditions, with
dismissal as option.  Last year, the company unveiled plans to
drop 2,000 jobs in two years as part of its restructuring scheme,
following a review of its businesses.  Thus far, 130 workers have
been axed.

The new deal is in response to the increasingly competitive
market.  CIS rivals are now offering services via the Internet or
phone.  Established in 1867, CIS prides itself as the only
co-operative insurance company in the United Kingdom.  With a
workforce of 9,000 people, it currently administers more than
GBP20 million of money from 5.4 million customers.

CONTACT:  CO-OPERATIVE INSURANCE SOCIETY LTD.
          Miller Street
          Manchester
          M60 0AL
          Phone: 08457 46 46 46
          E-mail cis@cis.co.uk
          Web site: http://www.cis.co.uk


CORONET INSULATION: Creditors Meeting Set Next Week
---------------------------------------------------
The creditors of Coronet Insulation Services Limited will meet on
October 4, 2005 at 2:30 p.m.  It will be held at Baker Tilly, 5th
Floor, Exchange House, 446 Midsummer Boulevard, Central Milton
Keynes MK9 2EA.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Baker Tilly, 5th Floor, Exchange House, 446
Midsummer Boulevard, Central Milton Keynes MK9 2EA not later than
October 3, 2005 on or before 12:00 noon.

Coronet was founded in 1983 and is the longest established
insulation company.  Visit http://www.coroserve.com/for more
information.

CONTACT:  CORONET INSULATION SERVICES LIMITED
          1st Floor
          9 High Street
          Baldock, Herts SG7 6AZ
          Phone: 01462 896900
          Fax: 01462 896963
          E-mail: info@coroserve.com

          BAKER TILLY
          5th Floor, Exchange House,
          446 Midsummer Boulevard,
          Central Milton Keynes MK9 2EA
          Phone: 01908 687 800
          Fax:   01908 687 801
          Web site: http://www.bakertilly.co.uk


CRAFT COUNTY: Calls in Administrator from Antony Batty
------------------------------------------------------
William Antony Batty (IP No 1049) of Antony Batty & Co. was
appointed administrator of joinery installation company Craft
County Kitchens Limited (Company No 04704796) on Sept. 12.  The
firm's registered office is at New House, Suite 24, 67-68 Hatton
Garden, London EC1N 8JY.

CONTACT:  CRAFT COUNTY KITCHENS LTD.
          1 Heathfield
          Stacy Bushes
          Milton Keynes
          Buckinghamshire MK12 6HP
          Phone: 01908 579333
          Fax: 01908 579350

          ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


CURTIS FINE: May Remain in the Red this Year
--------------------------------------------
Curtis Fine Papers, Inc. is expected to stay in the red this
year, as trading conditions remain challenging, said The Herald.

Losses of the paper maker swelled in 2004 to GBP2.2 million from
GBP540,000 a year earlier, following the exit of managing
director Alban Denton and the combination of surging wood pulp
and energy costs.  Turnover was GBP35 million, down from GBP39
million in 2003.

While current managing director Keith Chapman stays optimistic
that the company would return to profitability next year, Curtis
reportedly continues to waste money at the operating level.  This
came despite the closure of its Dalmore mill last year that left
more than 100 people jobless.

Mr. Chapman insists Curtis is more than halfway through a
turnaround program, which outlines price increases and gives
priority on higher value-added products like security paper.  The
program also has a cost-cutting component.  To date, 15 workers
at the Guardbridge site have been axed.

CONTACT:  CURTIS FINE PAPERS, INC.
          Guardbridge
          St. Andrews
          Fife
          Scotland
          KY16 OUU
          Phone: +44 (0) 1334 839 551
          Fax: +44 (0) 1334 834 223
          E-mail: curtis@curtisfinepapers.com
          Web site: http://www.curtisfinepapers.com


DORNEY COURT: Hires F A Simms & Partners as Administrator
---------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss (IP Nos 9252 and
9291) of F A Simms & Partners Plc were appointed administrators
of Dorney Court Garden Centre Limited (Company No 3708783) on
Sept. 9.  The company's registered office is at 8 Watling Street,
Potterspury, Towcester NN12 7QN.

Dorney Court has been the home of the Palmer family for more than
450 years, passing from father to son through thirteen
generations.  It is a Grade 1 listed building and designated as
being of outstanding architectural and historical interest.
Dorney Court has always been the manor house of Dorney village,
which was first recorded in the Doomsday Book.  Visit
http://www.dorneycourt.co.uk/for more information.

CONTACT:  DORNEY COURT
          Windsor, Berkshire SL4 6QP
          Phone: 01628 604638
          E-mail: palmer@dorneycourt.co.uk

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


FRL (CLEANING SERVICES): Appoints Pattinsons Administrator
----------------------------------------------------------
Ian Pattinson (IP No 004422) of Pattinsons was appointed
administrator of FRL (Cleaning Services) Limited (Company No
05122524) on Sept. 8.  The company's registered office is at
Mitre House, School Road, Bulkington, Bedworth, Warwickshire CV12
9JB.

CONTACT:  F.R.L. (CLEANING SERVICES) LIMITED
          Mitre House, School Road,
          Bulkington, Bedworth,
          Warwickshire CV12 9JB

          PATTINSONS
          Kings Business Centre
          90-92 King Edward Road
          Nuneaton
          Warwickshire CV11 4BB
          Phone: 024 7637 5777
          Fax: 024 7638 7587
          E-mail: insol@pattinsons.co.uk


GROVECHART ANALYSIS: Appoints Joint Liquidators
-----------------------------------------------
J M Goldring, Director, of Grovechart Analysis Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 6 at Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP.  Richard Frank Simms and Martin Richard
Buttriss of Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP were appointed Joint Liquidators.

CONTACT:  GROVECHART ANALYSIS LIMITED
          Orchard House/The Fosse
          Eathorpe
          Leamington Spa
          CV33 9DF
          Phone: 01926 633231

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


INTREPID GROUNDWORK: Leeds Court Orders Liquidation
---------------------------------------------------
The Leeds District Registry issued a winding-up order against
Intrepid Groundwork Solutions Limited on Sept. 13.  The
winding-up petition was filed July 4.

CONTACT:  INTREPID GROUNDWORK SOLUTIONS LIMITED
          Unit 17 Carrwood Road
          Grange Lane Industrial Estate,
          Stairfoot, Barnsley, S71 5AS
          Phone: 01226771171

          Official Receiver
          5th Floor, South Block, City Plaza
          Pinfold Street,
          Sheffield, S1 2GU


JARVIS PLC: Open Offer Gets 94.7% Uptake
----------------------------------------
These materials are not an offer for sale of securities in the
United States, Australia, Canada or Japan.  The securities have
not been registered under the U.S. Securities Act of 1933, as
amended and may not be sold in the United States absent
registration or an exemption from registration under the
Securities Act or in any other Excluded Territory.  No public
offering of securities will be made in the United States or in
any other Excluded Territory in connection with the restructuring
referred to herein.

As part of the financial restructuring of Jarvis plc approved by
Shareholders on 4 August 2005, the Company launched on 1
September a Placing and Open Offer for a total of 143,512,396 New
Ordinary Shares at 35 pence each to raise gross funds of
approximately GBP50 million.  Of these New Ordinary Shares,
84,676,065 were placed firm with, and approximately GBP30 million
cash was received from, Placees on 31 August 2005 by reference to
their post Debt for Equity Exchange shareholdings. A further
58,836,331 New Ordinary Shares are being issued in connection
with the Open Offer principally to Qualifying Shareholders on the
basis of 19 Open Offer Shares for every 1 New Ordinary Share held
at the Record Time.

The Board is pleased to announce that under the Open Offer, which
closed at 3:00 p.m. on 22 September 2005, valid applications have
been received in respect of 55,689,619 Open Offer Shares,
representing approximately 94.7% of the Open Offer Shares
available under the Open Offer.  The remaining 3,146,712
Open Offer Shares will be subscribed by Deutsche Bank and the
Placees, on 29 September 2005, subject to certain conditions
including the Admission of the Placing Shares.

It is expected that Admission of the 143,512,396 Firm Placed
Shares and Open Offer Shares will occur at 8:00 a.m. on 29
September 2005 and that trading in the Open Offer Shares and the
Firm Placed Shares will commence at that time.  CREST stock
accounts are expected to be credited on 29 September 2005 in
respect of the New Ordinary shares to be held in uncertificated
form.  Definitive share certificates in respect of the New
Ordinary Shares to be held in certificated form and cash-out
alternative cheques are expected to be posted, where
applicable, by 6 October 2005.

Capitalized terms used but not defined in this announcement have
the meanings given to them in the prospectus dated 25 August
2005.

CONTACT:  JARVIS PLC
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com

          Bridget Fury, Merlin
          Phone: 020 7653 6620


KENMAR PRODUCTS: Meeting of Creditors Set Next Week
---------------------------------------------------
Notice is hereby given by Neil Henry and Michael Simister of
Lines Henry, 27 The Downs, Altrincham, Cheshire WA14 2QD, that a
Meeting of Creditors of Kenmar Products Limited (Company No
01391248), 27 The Downs, Altrincham, Cheshire WA14 2QD, is to be
held at 27 The Downs, Altrincham, Cheshire WA14 2QD, on 5 October
2005, at 11:00 a.m.  The Meeting is an initial Creditors' Meeting
under paragraph 51 of Schedule B1 to the Insolvency Act 1986.  We
invite you to attend the above Meeting. A proxy form is available
which should be completed and returned to me by the date of the
Meeting if you cannot attend and wish to be represented.  In
order to be entitled to vote under Rule 2.38 at the Meeting you
must give to me, not later than 12:00 noon on the business day
before the day fixed for the Meeting, details in writing of your
claim.

N. Henry, Joint Administrator

CONTACT:  KENMAR PRODUCTS LTD.
          Nortex Business Centre
          105 Chorley Old Road
          Bolton BL1 3AS
          Lancashire
          Phone: 01204 497739

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


M. A. LITHO: Goes into Liquidation
----------------------------------
D. T. Anderson, Director of M. A. Litho Limited, informs that
resolutions to wind up the company were passed at an EGM held on
at Sept. 8 at 18 Sapcote Trading Centre, Dudden Hill Lane, London
NW10 2DH.  David Wald of D. Wald & Co, 18 Sapcote Trading Centre,
Dudden Hill Lane, London NW10 2DH was appointed liquidator.

CONTACT:  M. A. LITHO LIMITED
          273a Abbeydale Road, Wembley
          Middlesex HA0 1TW
          Phone: 02089989937

          D. WALD & CO.
          18 Sapcote Trading Centre
          Dudden Hill Lane
          London NW10 2DH
          Phone: 020 8451 3939
          Fax: 020 8830 2929


PAINT-N-PAPER: Barringtons Administrator Enters Firm
----------------------------------------------------
Philip B. Wood (IP No 005396) of Barringtons Limited was
appointed administrator of Paint-n-Paper (UK) Limited (Company No
04040199) on Sept. 13.

CONTACT:  PAINT-N-PAPER (UK) LIMITED,
          Clough Street,
          Stoke On Trent,
          Staffordshire ST1 4BA

          BARRINGTONS
          Richmond House
          570-572 Etruria Road
          Basford
          Newcastle Under Lyme
          Staffordshire ST5 0SU
          Phone: 01782 713700
          Fax: 01782 713379
          E-mail: pbw@barraccount.co.uk


PETER COOK: Creditors to Meet Next Week
---------------------------------------
Notice is hereby given by Gordon S Goldie and Allan David Kelly,
both of Tait Walker, Bulman House, Regent Centre, Gosforth,
Newcastle upon Tyne NE3 3LS, that a Meeting of Creditors of Peter
Cook Transport Limited (Company No 1725912), Bulman House, Regent
Centre, Gosforth, Newcastle upon Tyne NE3 3LS, is to be held at
Newcastle Marriott Gosforth Park Hotel, Gosforth Park, High
Gosforth, Newcastle upon Tyne NE3 5HN, on 5 October 2005, at 2:30
p.m.  The Meeting is an initial Creditors' Meeting under
paragraph 51 of Schedule B1 to the Insolvency Act 1986.  A proxy
form should be completed and returned to me by the date of the
Meeting if you cannot attend and wish to be represented.  In
order to be entitled to vote under Rule 2.38 at the Meeting you
must give to me, not later than 12:00 noon on the business day
before the day fixed for the Meeting, details in writing of your
claim.

G. S. Goldie, Joint Administrator

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


PLANESTATION GROUP: Creditors Meeting Set October
-------------------------------------------------
In accordance with paragraph 51 of Schedule B1 to the Insolvency
Act 1986, notice is hereby given that a Meeting of Creditors of
Planestation Group Plc is to be held at The Thistle Hotel,
Cardington Street, Euston, London NW1 2LP, on 3 October 2005, at
10.30 am, to consider our statement of proposals and to consider
establishing a Committee of Creditors.  In order for Creditors to
be able to vote details of their claims must be lodged at Grant
Thornton House, Melton Street, Euston Square, London NW1 2EP, not
later than 12:00 noon on 30 September 2005.  Under Rule 2.38(1)
of the Insolvency Act 1986, proxies may be lodged at any time
prior to the commencement of the Meeting.

A. Conquest, Joint Administrator

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


PLANET (HERTS): Fisher Partners Administrators Enter Company
------------------------------------------------------------
David Birne and Stephen M. Katz (IP Nos 9034, 8681) of Fisher
Partners were appointed administrators of Planet (Herts) Limited
(Company No 04260435) on Sept. 9.  The company's registered
office is at Birchwood, 154 Great North Road, Hatfield,
Hertfordshire AL7 5JN.

Planet supplies PVCu for homes including conservatories, windows,
residential doors, patio doors, porches, cladding and roofline
products.  Visit http://www.planetpvc.co.uk/for more
information.

CONTACT:  PLANET HERTS
          Birchwood
          154 Great North Rd, Hatfield
          Hertfordshire AL9 5JN
          Fax: 01707 277701
          E-mail:  sales@planet-herts.com

          FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


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

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


RAMSDALE WINDOWS: Hires BWC Business Solutions Administrator
------------------------------------------------------------
David Leighton Cockshott and Paul Andrew Whitwam (IP Nos 8974,
8346) of BWC Business Solutions were appointed joint
administrators of Ramsdale Windows Limited (Company No 03649259)
on Sept. 13.  The company's registered office is at BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU.

Ramsdale Windows is a family business established in 1981.  For
24 years, they have been recognized as one of the leading window
and conservatory specialists in the northeast of the United
Kingdom.  Visit http://www.ramsdalewindows.co.uk/for more
information.

CONTACT:  RAMSDALE WINDOWS LTD.
          Middlesbrough
          Cleveland TS6 6DU
          Phone: 01642 453838

          BWC BUSINESS SOLUTIONS
          8 Park Place
          Leeds
          West Yorkshire LS1 2RU
          Phone: 0113 243 3434
          Fax: 0113 243 5049
          E-mail: bwc@bwc-solutions.com


RUFF TRADING: Court Orders Liquidation
--------------------------------------
The High Court of Justice issued a winding-up order against Ruff
Trading Ltd. on Sept. 7.  The winding-up petition was filed July
1.

CONTACT:  RUFF TRADING LTD.
          Enterprise House
          113-115 George Lane
          London, Essex, E18 1AB

          Official Receiver
          21 Bloomsbury Street
          London, WC1B 3SS


SANCTUARY GROUP: Ends Takeover Talks
------------------------------------
The Board of The Sanctuary Group plc said Tuesday that following
a review of the discussions to date regarding a possible offer
for the Company, it has decided to withdraw from all remaining
discussions with third parties who had previously expressed an
interest.

As announced on 21 September 2005, the Board is finalizing a
fundamental review of the business.  This review addresses, inter
alia, worldwide cost structures, the performance of revenue
generating assets, premises and accounting policies.

Without compromising our high level of service and commitment to
our artists and customers, the Company intends to make further
additional and substantial annualized costs savings that will be
implemented by the financial year-end.

The Board continues to enjoy the support of its bankers.

Executive Chairman, Andy Taylor, said: "As I stated last week, I
am totally focused on repairing the short-term damage to what is
fundamentally a robust business.  We will be restructuring our
business and supporting our artists throughout.

The Board is are determined to steer the Company, which has an
extremely strong roster of artists, and a strong 30-year track
record, back to a profitable trading position and back to
sustainable long term growth."

                        About the Company

The Sanctuary Group plc is one of the world's leading developers
of music intellectual property rights (IPR), with offices in
London, New York, Berlin, Houston and Los Angeles.  In 2004,
Sanctuary recorded a turnover of GBP221 million and a group
profit of GBP16.1 million.

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

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

On September 21, due to a number of operational and trading
problems, the company said it is likely to generate a loss at
EBITDA level before exceptional items such as restructuring costs
and provisions.  The Group has also suffered from recent negative
commentary as a result of poor trading in 2005 and this has had
an adverse impact in particular in the Records division.

It would be looking at disposals of a number of non-core
businesses, following the completion of the sale of its Book
Publishing division to Music Sales.

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


STEEL HORSE: Retailer Calls in Administrator
--------------------------------------------
William Antony Batty (IP No 1049) of Antony Batty & Co. was
appointed administrator of Steel Horse Motorcycles Limited
(Company No 04838391) on Sept. 12.  The company's registered
office is at New House, Suite 24, 67-68 Hatton Garden, London
EC1N 8JY.

Steel Horse sells and repairs motorcycles, accessories and
clothing.  It is also a premier dealer of Yamaha motorcycles.
Visit http://www.steelhorsemotorcycles.com/for more information.

CONTACT:  STEEL HORSE MOTORCYCLES LTD.
          48 Tanners Drive
          Blakelands
          Milton Keynes MK14 5BW
          Phone: 01908 589 550

          ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


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

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

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


TELEWEST GLOBAL: Turns down BskyB Offer for Flextech
----------------------------------------------------
Telewest Global, Inc. is reportedly rejecting BSkyB's GBP1.2
billion offer for Flextech, said The Scotsman.

Telewest allegedly sees BSkyB as a rival in the market, and has
decided against the sale, following opposition from the British
Broadcasting Corporation, which controls 50% of Flextech channel
UKTV.  Telewest is expected to make a formal announcement shortly
as well as confirm that merger talks with rival NTL, Inc. have
started.

The sale of Flextech was earlier understood to be a key step
towards a tie-up with NTL that could create a GBP6 billion
company.  The content provider, which was valued between GBP500
million to GBP1 billion, has been predicted not likely to fetch
GBP1 billion.

Along with BSkyB, Five owner RTL and Discovery Communications
have also reportedly offered over GBP1 billion for Flextech.
Reuters, in another report, has revealed U.S.-based media groups
like Viacom Inc., Walt Disney Co., General Electric's NBC
Universal venture and Time Warner were also planning to bid for
Flextech in their aim to expand digital operations.

CONTACT:  TELEWEST GLOBAL, INC.
          160 Great Portland St.
          London
          W1W 5QA, United Kingdom
          Phone: +44-20-7299-5000
          Fax: +44-20-7299-5495
          Web site: http://www.telewest.co.uk


THAI BAMBOO: Court Orders Winding-up
------------------------------------
The High Court issued a winding-up order against Thai Bamboo
Restaurant Ltd. on Sept. 7.  The winding-up petition was filed
July 22.  Visit http://www.thaibamboorestaurant.com/index.htmfor
information about the company.

CONTACT:  THAI BAMBOO RESTAURANT LTD.
          Cambridge House, 27 Cambridge Park
          Wanstead, London, E11 2PU

          Official Receiver
          21 Bloomsbury Street
          London, WC1B 3SS


TIPTOP CONSTRUCTION: Calls in Liquidator
----------------------------------------
Tiptop Construction Limited informs that a resolution to wind up
the company was passed at an EGM held on Sept. 9 at 601 High
Road, Leytonstone, London E11 4PA.   George Michael of Ashcrofts,
601 High Road, Leytonstone, London E11 4PA was appointed
liquidator.

CONTACT:  TIPTOP CONSTRUCTION LIMITED
          27b High Road, London E18 2PB
          Phone: 02085057711


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

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


TURNER & NEWALL: Parent Reports Breakthrough in Negotiations
------------------------------------------------------------
The American parent of Turner & Newall has reached a key
agreement with administrators of its assets in Great Britain,
according to Crain's Detroit.com.

Federal-Mogul Corporation did not disclose financial details, but
said the deal will allow it to retain it U.K. business and pay
cash to local creditors.  A sticking point to negotiations with
T&N administrator Kroll is the company's funding pension plans.
The pension fund has a deficit of GBP775 million.

The agreement, which is still subject to approval from U.S. and
British courts, will help the company exit Chapter 11.
Federal-Mogul has been in bankruptcy since October 2001 due to
asbestos liabilities, a considerable part of which comes from its
1998 purchase of T&N.

As reported by TCR-Europe in August, a Memorandum Opinion and
Order released Friday, August 19, 2005, Judge Rodriguez estimated
the total amount of contingent and unliquidated claims against
Turner and Newall Limited for personal injury or death caused by
exposure to asbestos at US$9 billion in the United States and
GBP229 million (about US$411 million) in the United Kingdom,
including pending and future claims.

Turner & Newall is based at Dudley Hill, Bradford.

CONTACT:  TURNER & NEWALL LIMITED
          Manchester International Office
          Centre Styal road
          Manchester M22 5TN

          FEDERAL-MOGUL CORPORATION
          26555 Northwestern Hwy.
          Southfield, MI 48034
          Phone: 248-354-7700
          Fax: 248-354-8950
          Web site: http://www.Federal-Mogul.com


T.W. MCKEEGAN: Members Approve Winding-up Petition
--------------------------------------------------
T. W. McKeegan, Chairman of T.W. Mckeegan Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 9 at The Express by Holiday Inn Hotel, Wilstead Road,
Elstow, Bedford MK42 9BB.  Robert Day of Robert Day and Company
Limited, Garfield, Church Lane, Oving, Aylesbury, Buckinghamshire
HP22 4HL was appointed liquidator.

CONTACT:  T.W. MCKEEGAN LIMITED
          2a Howard Street, Kempston, Bedford
          Bedfordshire MK42 8EA
          Phone: 01234854047


WITCH ELECTRONICS: Appoints Tenon Recovery Liquidator
-----------------------------------------------------
D Long, Chairman of Witch Electronics Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 6 at Sherlock House, 73 Baker Street, London W1U 6RD.

S R Thomas and S J Parker of Tenon Recovery, Sherlock House, 73
Baker Street, London W1U 6RD was appointed liquidator.  The
appointment was confirmed at a subsequent Meeting of Creditors
held on the same day.

CONTACT:  WITCH ELECTRONICS LTD.
          Unit 11-12, Springfield Industrial Estate
          Cranbrook Road, Hawkhurst
          Cranbrook
          TN18 5EE Kent
          Phone: 01580 752999
          Fax: 01580 752415

          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


                            *********


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
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