TCREUR_Public/050929.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, September 29, 2005, Vol. 6, No. 193

                            Headlines

B E L G I U M

TELENET COMMUNICATIONS: Fitch Considers IPO Positive Development
TELENET GROUP: Moody's Reviews Ratings for Upgrade


C Z E C H   R E P U B L I C

PLZENSKA BANKA: Court Names New Receiver


G E R M A N Y

AUTOHAUS ROCHLITZ: Creditors Meeting Set December
AUTOHAUS ROTHE: Succumbs to Bankruptcy
BONDZIO BEDACHUNGEN: Court Calls in Administrator from HWW
CONSIAL AG: Proofs of Claim Due November
DAIMLERCHRYSLER AG: To Sack 8,000 Mercedes Workers, Says Paper

DAIMLERCHRYSLER AG: MTU Sale Talks On
GESELLSCHAFT BUERGERLICHEN: Court to Verify Claims January
HEIDELBERGCEMENT AG: Ratings Affirmed at 'Ba1'
HKB GASTRO: Under Bankruptcy Administration
OPUS SERVICE: Court Appoints Tiefenbacher Administrator

PREUSSISCHE SPIRITUOSEN: Creditors' Claims Due December
SAMSUNG SDI: Shuts down Display Manufacturing Plant
SKS RESTAURANT: Hamburg Business Goes Bust
SOLIDWEAR STRICKWAREN: Falls into Bankruptcy
UNITY MEDIA: Reports EUR16.3 Million Second-quarter EBITDA


I R E L A N D

ELAN CORPORATION: Launches US$850 Million Exchange Offer


I T A L Y

PARMALAT FINANZIARIA: Capitalia Chair Calls Accusation Fantastic
PARMALAT FINANZIARIA: Gets Rave Review from Lehman Brothers


N E T H E R L A N D S

ROYAL SHELL: Cancels 950,000 'A' Shares
VERSATEL TELECOM: Court Rejects Centaurus' Appeal on Tele2 Bid


P O L A N D

SWARZEDZ MEBLE: To Declare Bankruptcy if Share Offering Fails


R O M A N I A

BANCA TIRIAC: Wraps up Merger with HVB Bank Romania


R U S S I A

AEROFLOT: Leases 'Problematic' Ilyushin Planes
AGRO-SIB: Bankruptcy Supervision Procedure Begins
ENERGO-GAS-COMPLECT: Insolvency Manager Takes over Business
EVRAZ GROUP: Unit to Pay Interim Dividend of RUR2.29 Per Share
FACTORY OF REINFORCED CONCRETE: Succumbs to Bankruptcy

GUKOVSKOYE: Bankruptcy Hearing Set Next Month
IDA-WOOD: Court Brings in Insolvency Manager
KUPINSKIY: Claims Filing Period Ends Next Month
ROZOVSKOYE: Bankruptcy Hearing Set December
SHELTER-INVEST-AGRO: Declared Insolvent
TALITSKIY TIMBER: Hires M. Marvin Insolvency Manager
VOLGOGRAD-MONTAGE: Bankruptcy Supervision Procedure Begins


T U R K E Y

TURKIYE IS BANKASI: Sells Share in Izmir Demir to Sahin-Koc
VESTEL ELEKTRONIK: Outlook Negative on Weakened Performance


U K R A I N E

BANK FINANCE: Moody's Rates Currency Deposits 'B2'
TAS-INVESTBANK: Moody's Assigns B2/NP/E+ Ratings
TAS-KOMMERZBANK: Foreign Currency Deposit Rated 'B2'


U N I T E D   K I N G D O M

A.C.R. SERVICES: Members Decide to Wind up Business
ALEXON GROUP: Declares Dividend Despite First-half Slump
ALPHASTAR LIMITED: Names Tenon Recovery Liquidator
ASA COMMUNICATIONS: Files for Liquidation
BRANDED SUIT: In Liquidation

CAMBERMAIN LIMITED: Liquidators from F A Simms Move in
CAPANAC LIMITED: Names Harrisons Administrator
C D A ENTERTAINMENT: Calls in Liquidator
CLEARGOLD CONTRACTORS: Hires Taylor Rowlands Administrator
COMEC VOICE: Calls in Administrators from Harrisons

CORPORATE P.INC.: Telemarketer Liquidates
CRADLECRAFT ENGINEERING: Creditors Meeting Set October 10
DANKA BUSINESS: Divests Six Units for US$10 Million
DAVILL RECRUITMENT: Monahans Administrator Enters Firm
EXCEL PLANT: Files for Winding-up

EXPORTSPAS LIMITED: Creditors Meeting Set Friday
GAIM (UK): Creditors to Meet Later this Month
GATE GOURMET: Shakes up Corporate Structure
GRAYSTONE PAVING: Appoints Begbies Traynor Liquidator
HARVEY F. SMITH: In Liquidation

HOLLYWOOD DVD: Hires Administrators from Unity Corporate
ICELITE LIMITED: Appoints DTE Leonard Curtis Administrator
IRVINE MARTIN: Names Administrators from Larking Gowen
JESSOP PLANT: Names Poppleton & Appleby Liquidator
METAL BULLETIN: Sells Troubled U.S. Business for US$1

MG ROVER: Nanjing Promises Longbridge Revival in 2007
MOWLEM PLC: Wins GBP28.5 Mln Deal to Build Sports Complex
PARTNERS PROPERTY: Hires P&A Partnership Administrator
PAUL GASCOIGNE: PR Firm Winds up with GBP100,000 Debt
PURE AIR: Calls in Administrators from Mitchell Charlesworth

RANK GROUP: 'BB+' Rating Affirmed; Outlook Negative
REGAL PETROLEUM: To Pursue Plans to Develop Ukrainian Assets
ROBERT WISEMAN: Volumes, Turnover in Line with Expectations
SPENCE CONSTRUCTION: In Administrative Receivership
TORVER SITE: Creditors Meeting Set Next Week

TURNER & NEWALL: U.S. Parent Promises GBP250 Mln to Pension Fund
UNIQ PLC: U.K. Division Incurs GBP6.5 Million Loss
WM MORRISON: Safeway Disposes of 30 Sites to Tesco


                            *********


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


TELENET COMMUNICATIONS: Fitch Considers IPO Positive Development
----------------------------------------------------------------
Fitch Ratings has placed the ratings of Belgium-based Telenet
Communications N.V. on Rating Watch Positive (RWP) following the
launch of its proposed initial public offering (IPO).

Ratings On Rating Watch Positive:

-- Telenet Communications N.V. EUR500 million senior notes: 'B-'

-- Telenet Group Holding N.V. US$558 million senior discount
   notes: 'CCC+'

-- Telenet Bidco N.V. Senior Unsecured: 'B'

-- Telenet Bidco N.V.'s senior secured debt: 'BB-'

The RWP on Telenet will be resolved once the proposed IPO has
been completed and the proceeds have been applied.  Telenet
announced on September 25 that the company hopes to raise up to
EUR298 million in new funds from the IPO, which will be used to
pay down debt.  Telenet may redeem up to 35% of its senior notes
and 35% of its senior discount notes with the IPO proceeds.

Earlier this year, Telenet prepaid an amount of EUR105 million
under its senior secured facilities, which reduced total
debt/EBITDA to 4.9x at end-June 2005.  Fitch estimates that debt
prepayment from IPO proceeds could reduce leverage to around
4.0x.

Telenet's ratings reflect the company's strong market positions
in cable television, Internet and telephony services and, in
particular, the stability of the cable television business.

Roger Coyle, Director in Fitch's Leveraged Finance Group, said:
"Notwithstanding strong operating and financial results in 2004
and H1 2005, Telenet's rating has thus far been constrained by
the group's high financial leverage, the potential for increased
price competition in the Belgian Internet and telephony markets,
and the anticipated costs of Digital TV rollout.

"Using the proceeds of the IPO to reduce debt could bring
Telenet's leverage down to around 4.0x, which is likely to result
in a rating upgrade."

The proposed IPO also comprises a secondary offering of
approximately EUR800 million to EUR960 million, which would
reduce the stakes of several of Telenet's existing shareholders
and result in Telenet having a free float of up to 49.6%.  Fitch
notes that Liberty Global is not selling any shares in the
offering and is expected to maintain its 21.4% stake in Telenet.

Telenet is a cable operator in Belgium providing cable
television, broadband Internet and telephony services to 2.6
million subscribers in the Flanders region.  In H1 2005, Telenet
generated revenues of EUR359 million and EBITDA of EUR170
million.

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

          Media Relations
          Julian Dennison, London
          Phone: +44 20 7862 4080


TELENET GROUP: Moody's Reviews Ratings for Upgrade
--------------------------------------------------
Moody's Investors Service has initiated a review for possible
upgrade on the ratings of Telenet Group Holding N.V. and Telenet
Communications N.V. following Telenet's recent announcement to
proceed with an initial public offering.

Affected ratings are:

-- Telenet Group Holding N.V.:

(a) Corporate Family rating at B2; and

(b) US$558 million senior unsecured notes due 2014 at Caa2

-- Telenet Communications N.V.: EUR500 million senior notes due
2013 at B3

Moody's notes that it is market expectations that Telenet is
likely to raise approx. EUR1.3 billion in primary and secondary
proceeds from its IPO.  Primary proceeds are expected to be
approx. EUR280 million (excluding an employee offering of c.
EUR18.5 million).

Moody's understands that Telenet will use the net primary
proceeds to reduce its outstanding bond debt through claw-back
provisions in their indentures.  In its ratings review Moody's
will focus on the company's capital structure following its IPO
and its financial and dividend policy going forward.

Additionally, Moody's notes Telenet's robust operating and
financial performance over the past six months.  The company has
continued to increase its broadband Internet and telephony
subscriber base, which resulted in revenue and EBITDA growth when
compared with the same period last year.  In its review Moody's
will also focus on the competitive market dynamics and its
potential impact on Telenet's future operating performance.

Headquartered in Belgium, Telenet is the largest provider of
broadband cable services in Belgium, operating through its
network in Flanders.  For the six months ending June 30, 2005,
the company reported revenues and EBITDA of approximately
EUR358.8 million and EUR169.9 million respectively.

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

          David G. Staples, Managing Director
          Moody's Investors Service Ltd.
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


PLZENSKA BANKA: Court Names New Receiver
----------------------------------------
The Regional Court of Plzen has appointed a new receiver for
bankrupt Plzenska Banka (PB) to replace Luda Sabatova, Czech News
Agency says.

Ms. Sabatova had asked the court for leave after accusations of
tax evasion surfaced against her.  The court granted her request
and named Zdenek Vlcek as her replacement.

PB filed for bankruptcy in March 2003 following the closure of
its one and only branch in Plzen.  The district court of Plzen
admitted in November CZK2.158 billion in claims against PB, which
only has CZK1.26 billion in assets.  Some 1,300 creditors are now
wondering how the bank will settle their claims.

CONTACT:  PLZENSKA BANKA a.s.
          Nam. Republiky 130/16
          P.O. BOX 322
          306 22 Plzen
          Phone: +420 377 235 354-359
          Fax: +420 377 235 330
          E-mail: plzenska.banka@plba.cz
          Web site: http://www.plba.cz


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


AUTOHAUS ROCHLITZ: Creditors Meeting Set December
-------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Autohaus Rochlitz am Markt GmbH on September 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 20, 2005
to register their claims with court-appointed provisional
administrator Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting on December 1, 2005, 10:15 a.m. at the district court
of Chemnitz Saal 28, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  AUTOHAUS ROCHLITZ AM MARKT GmbH
          Bismarckstrasse 3, 09306 Rochlitz
          Contact:
          Ulrich Nolte, Manager

          Markus M. Merbecks, Administrator
          Dr. Handschumacher & Merbecks
          Ludwigstrasse 58, 09113 Chemnitz
          Web site: http://www.handschumacher.de


AUTOHAUS ROTHE: Succumbs to Bankruptcy
--------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Autohaus Rothe GmbH on August 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 12, 2005 to register their
claims with court-appointed provisional administrator Irmgard
Niemeyer-Uhlmann.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2005, 10:30 a.m. at the district
court of Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse
21, in Chemnitz, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AUTOHAUS ROTHE GmbH
          Gewerbepark 5, 08258 Markneukirchen
          Contact:
          Stefan Rothe, Manager

          Irmgard Niemeyer-Uhlmann, Administrator
          Theodor-Korner-Platz 12, 09130 Chemnitz


BONDZIO BEDACHUNGEN: Court Calls in Administrator from HWW
----------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Bondzio Bedachungen GmbH on September 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 5, 2005 to
register their claims with court-appointed provisional
administrator Carsten Morgenstern.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2005, 10:15 a.m. at the district
court of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse
21, Chemnitz, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BONDZIO BEDACHUNGEN GmbH
          Lichtensteiner Strasse 43, 09394 Hohndorf
          Contact:
          Peter Bondzio, Manager

          Carsten Morgenstern, Administrator
          HWW Wienberg Wilhelm
          Michaelstrasse 71, 09116 Chemnitz
          Web site: http://www.hww-kanzlei.de


CONSIAL AG: Proofs of Claim Due November
----------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Consial AG on August 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 24, 2005 to register their
claims with court-appointed provisional administrator Stephan
Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 9:05 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on January 19,
2006, 9:05 a.m. at the same venue.

CONTACT:  CONSIAL AG
          Kronberger Str. 12,14193 Berlin

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


DAIMLERCHRYSLER AG: To Sack 8,000 Mercedes Workers, Says Paper
--------------------------------------------------------------
DaimlerChrysler AG's Mercedes division is reportedly axing more
than 8,000 workers in Germany, instead of 5,000 as earlier
speculated, said Stuttgarter Nachrichten.

Without citing sources, the paper said DaimlerChrysler was
expected to reveal plans of job reductions Wednesday.  On Sunday,
Agence France-Presse reported that Mercedes will start axing jobs
as early as this year through attrition.  Under the scheme, also
called "natural wastage," workers leaving the company will not be
replaced.

Mercedes will also implement voluntary redundancies, since it has
agreed with unions not to carryout forced redundancies until
2012.  The agreement covers about 160,000 staff on the German
payroll.

While the group's Chrysler unit is slowly turning around,
Mercedes' market share continues to dwindle.  The brand has been
described as "tarnished" in the wake of a series of slipups in
design and engineering.  Mercedes has also seen falling profits
due to model changeovers, the strong euro, and losses at its
Smart venture, which has already cost the company EUR512 million.

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


DAIMLERCHRYSLER AG: MTU Sale Talks On
-------------------------------------
DaimlerChrysler AG started talks to sell MTU Friedrichshafen
shortly after buying the remaining shares of the diesel engine
maker.  If everything goes smoothly, DaimlerChrysler is expected
to conclude the sale by the end of the year.

The sale, however, risked being turned into a political issue
because most of the interested buyers are foreign companies, The
Business says.  DaimlerChrysler has refused to identify any of
the possible buyers, but a person privy to the deal said more
than 10 firms are involved.  Aside from German truck maker MAN,
which is ready to re-launch its bid for the unit, U.S. group
Carlyle is also involved.  MTU is estimated to fetch more than
EUR1.2 billion.

MTU's role as supplier of engines for Germany's main battle tank,
Leopard II, could also pose a problem, as sale of all companies
earning from the defense industry requires approval from the
state.  Berlin is expected to interfere in any deal that may
involve job reductions.  MTU, which employs more than 6,000
people, also builds engines for trains, ships and construction
machinery.  It had turnover of EUR1.75 billion in 2004.

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


GESELLSCHAFT BUERGERLICHEN: Court to Verify Claims January
----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Gesellschaft buergerlichen Rechts
Schopenhauerstrasse 54 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 Dr. Dirk
Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on October 19, 2005, 11:05 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, 10:35 a.m. at the same venue.

CONTACT:  GESELLSCHAFT BUERGERLICHEN RECHTS
          SCHOPENHAUERSTRASSE 54
          Contact:
          Dieter-Martin and Juliane Hartwig, Managers
          Schopenhauerstr. 54, 14129 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


HEIDELBERGCEMENT AG: Ratings Affirmed at 'Ba1'
----------------------------------------------
Moody's Investors Service confirmed the Ba1 ratings of
HeidelbergCement AG and supported subsidiaries.  The outlook is
positive.  This concludes the review initiated on 15 June 2005.

The confirmation reflects:

(a) The strength of HeidelbergCement's underlying business
    positions, with their inherently cash generative features;

(b) Moody's expectation that HeidelbergCement's underlying
    retained cash flow and profitability will strengthen over
    the forthcoming years due to an improving business
    environment and cost cutting measures;

(c) An improved balance sheet profile following the March 2005
    rights issue, providing greater flexibility to accommodate
    increased dividends if required;

(d) Moody's understanding that the recently completed
    acquisition of HeidelbergCement by Spohn Cement, a company
    related to the Merckle family, will at most have limited
    negative impact on HeidelbergCement's current capital
    structure;

(e) The expectation that HeidelbergCement will be able to
    comfortably meet its immediate dividend requirements to
    service a portion of the sizeable acquisition debt at Spohn
    Cement; and

(f) Moody's expectation that HeidelbergCement has sufficient
    capacity to pay an increased dividend should other sources
    of Spohn debt repayment not materialize as expected. That
    noted, should the company have to make additional
    contributions, Moody's would initially revisit the positive
    outlook.

The rating also takes into account:

(a) The loss of flexibility to minimize dividends should the
    company need to conserve cash;

(b) The emphasis placed on management to deliver on the group's
    restructuring measures;

(c) The ongoing weakness in some of the European building
    materials markets, particularly Germany;

(d) continued reliance on the currently strong performing North
    American market; and

(e) German cartel office fines (EUR253 million) for alleged
    price fixing pending since 2003 which could result in a
    sizeable one-off cash outflow although it is unclear if and
    when legal proceedings will commence in respect thereof.

The acquisition by Spohn Cement has been primarily funded by a
EUR2.6 billion amortizing term loan.  Debt service is expected to
come primarily from cash funds from other sources of the Merckle
group but also from HeidelbergCement dividends.

HeidelbergCement currently has dividend restrictions imposed by
the 2010 high yield bond indenture.  However, the level of
dividends expected to be paid by HeidelbergCement to contribute
to the Spohn debt service are well below the threshold.  Moody's
notes that the high yield bond could be redeemed as from July
2007 at management's option.  HeidelbergCement also has
additional indirect dividend restricting covenants in other
documentations but the thresholds currently provide more headroom
than the bond indenture.  The company also has statutory
limitations on dividends but these are currently not restrictive
given HeidelbergCement's capitalization.

In line with public statements from HeidelbergCement's and Spohn
Cement's management, Moody's assumes that there will be no merger
between HeidelbergCement and Spohn, no profit and loss transfer
agreement and no other measures to push the debt from Spohn down
to HeidelbergCement.

An upgrade of HeidelbergCement could be justified depending upon:

(a) The ability to strengthen the retained cash flow/net
    adjusted debt ratio sustainably above 20%; and

(b) the implementation of restructuring measures as expected.

Should HeidelbergCement need to increase its dividends the impact
will hit the retained cash flow measure but will in addition
depart from Moody's initial expectations and as a result this may
slow the company's progress towards achieving an investment grade
rating.

With committed credit lines of about EUR 1.2 billion at its
disposal, substantial cash balances and only limited maturities
coming due within the next 12 months, Moody's considers that
HeidelbergCement's liquidity comfortably meets the liquidity
needs.  Moody's believes that in due course management will
address the maturity of one of its major bonds coming due in
2007.

Rating confirmed for the following ratings:

(a) HeidelbergCement AG:

    (i) Issuer rating: Ba1

   (ii) Corporate Family rating: Ba1

  (iii) Senior unsecured debt: Ba1

   (iv) Bank Credit Facility: Ba1

(b) HeidelbergCement Finance B.V.: Senior unsecured debt
    guaranteed by HeidelbergCement: Ba1

(c) HeidelbergCement Financial Services AB: Senior unsecured
    debt guaranteed by HeidelbergCement: Ba1

Headquartered in Heidelberg, Germany, HeidelbergCement AG was
founded in 1873 and is publicly traded.  The company produces
cement as well as building materials and building chemicals.  The
group's fiscal 2004 revenue amounted to EUR6.9 billion.

CONTACT:  MOODY'S DEUTSCHLAND GmbH (FRANKFURT)
          Matthias Hellstern, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Michael West, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


HKB GASTRO: Under Bankruptcy Administration
-------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against HKB Gastro GmbH on September 1.
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 Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2005, 10:45 a.m. at the district
court of Halle-Saalkreis, Saal 1.044, Justizzentrum, Thueringer
Str. 16, 06112 Halle, 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:  HKB GASTRO GmbH
          Franckestrasse 1, 06110 Halle
          Contact:
          Andreas Brandt, Manager

          Dr. Lucas F. Flother, Administrator
          Hansering 1, D-06108 Halle
          Phone: 0345/212220
          Fax: 0345/2122222


OPUS SERVICE: Court Appoints Tiefenbacher Administrator
-------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against OPUS Service GmbH Sicherheit -- Reinigung --
Landschaftspflege on September 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 11, 2005 to register their claims
with court-appointed provisional administrator Frank Ruediger
Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2005, 10:00 a.m. at the district
court of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse
21, in Chemnitz, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  OPUS SERVICE GmbH SICHERHEIT --
          REINIGUNG -- LANDSCHAFTSPFLEGE
          Kaufmannstrasse 18, 09117 Chemnitz
          Contact:
          Peter Mueller, Manager

          Frank Ruediger Scheffler, Administrator
          Tiefenbacher
          Ulmenstrasse 14, 09112 Chemnitz
          Web site: http://www.tiefenbacher.de


PREUSSISCHE SPIRITUOSEN: Creditors' Claims Due December
-------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Preussische Spirituosen Manufaktur GmbH on
September 2.  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 Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2005, 10:20 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 2,
2006, 10:00 a.m. at the same venue.

CONTACT:  PREUSSISCHE SPIRITUOSEN MANUFAKTUR GmbH
          Seestrasse 13,13353 Berlin

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


SAMSUNG SDI: Shuts down Display Manufacturing Plant
---------------------------------------------------
South Korea's Samsung SDI Co. closed its cathode ray tube (CRT)
plant in Berlin, Germany on Sept. 22, according to Asia Pulse.
The factory has incurred large losses as flat panels and cheap
display products from China and India overwhelmed the local
industry.

The German plant was established in 1993 with Samsung's purchase
of a local CRT producer.  It has production capacity of 250,000
glass tubes, and employs 700 employees.  Workers are protesting
the closure, and are calling for the reversal of the decision,
which they claim was "unilateral."

Samsung SDI Co. is a display-making unit of Samsung Group.  It
has six overseas CRT factories in Brazil, Hungary, Mexico,
Malaysia, and China.

CONTACT:  SAMSUNG SDI CO.
          Web site: http://www.samsungsdi.com/


SKS RESTAURANT: Hamburg Business Goes Bust
------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against SKS Restaurant GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 17, 2005 to register their
claims with court-appointed provisional administrator Michael W.
Kuleisa.

Creditors and other interested parties are encouraged to attend
the meeting on November 14, 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:  SKS RESTAURANT GmbH
          Alsterdorfer Strasse 262-264, 22297 Hamburg
          Contact:
          Savvas Sovaros, Manager

          Michael W. Kuleisa, Administrator
          Speersort 4-6, 20095 Hamburg
          Phone: (040) 303010


SOLIDWEAR STRICKWAREN: Falls into Bankruptcy
--------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against solidwear Strickwaren GmbH on September 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 13, 2005 to
register their claims with court-appointed provisional
administrator Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 9:30 a.m. at the district court
of Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  SOLIDWEAR STRICKWAREN GmbH
          Am Eisenberg 18 a, 08107 Kirchberg
          Contact:
          Thomas and Tino Dorfel, Managers

          Wolfgang Hauser, Administrator
          Poetenweg 36, 08056 Zwickau


UNITY MEDIA: Reports EUR16.3 Million Second-quarter 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

Corrected copy of the report is available free of charge at
http://bankrupt.com/misc/UnityMedia(Q22005)2.pdf

- - - - - - - - - - -
[1] Financial highlights and statistics on the following page
exclude the ish Acquisition 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


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


ELAN CORPORATION: Launches US$850 Million Exchange Offer
--------------------------------------------------------
Elan Corporation, plc on Tuesday announced that its wholly owned
subsidiaries, Elan Finance public limited company and Elan
Finance Corp. have commenced an offer to exchange up to US$850
million aggregate principal amount of the Issuers' 7-3/4% Senior
Fixed Rate Notes due 2011, registered under the United States
Securities Act of 1933, as amended, for their outstanding 7-3/4 %
Senior Fixed Rate Notes due 2011; and up to US$300 million
aggregate principal amount of the Issuers' Senior Floating Rate
Notes due 2011, registered under the Securities Act, for their
outstanding Senior Floating Rate Notes due 2011.  The exchange
Notes will be guaranteed by Elan and certain of Elan's
subsidiaries.

The outstanding Notes were issued in a private placement in
November 2004, at which time the Issuers agreed to file a
registration statement for the Exchange Offer.

The Exchange Offer is not conditioned upon any minimum principal
amount of outstanding Notes being tendered for exchange.  The
Exchange Offer will expire at 5:00 p.m., New York City time, on
October 27, 2005, unless extended. Tenders of outstanding Notes
may be withdrawn at any time prior to the expiration of the
Exchange Offer.  The terms of the exchange Notes (and related
guarantees) are substantially identical to the outstanding Notes
(and related guarantees), except for certain transfer
restrictions and registration rights relating to the outstanding
Notes.  Any outstanding Notes not tendered will remain subject to
existing transfer restrictions.

The Bank of New York is serving as the Exchange Agent in
connection with the Exchange Offer.  Requests for information,
the prospectus and other documents relating to the Exchange Offer
should be directed to the Exchange Agent at The Bank of New York,
Corporate Trust Operations, Reorganization Unit, 101 Barclay
Street, 7 East, New York, New York 10286; Tel. (212) 815-5788;
Attention: William Buckley.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.  Visit http://www.elan.comfor more information.

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
=========


PARMALAT FINANZIARIA: Capitalia Chair Calls Accusation Fantastic
----------------------------------------------------------------
Cesare Geronzi, chairman of local banking group Capitalia, denies
any role in the collapse of Parmalat Finanziaria, La Stampa says.

Invited for questioning by prosecutors last week, the banker
called the accusation against him a fantasy and unverifiable.
Parmalat founder Calisto Tanzi and finance director Fausto Tonna
had told investigators he forced Parmalat to buy an ailing Cirio
subsidiary so that Cirio can pay its debt to the bank.  The two
alleged the subsidiary was grossly overpriced.  They added Mr.
Geronzi threatened to call Capitalia's loan to Parmalat if it did
not buy the Cirio unit.

Capitalia was one of Parmalat's creditor banks that recently
voted in favor of the debt-for-equity swap proposed by
administrator Enrico Bondi.  TCR Europe reported on Sept. 8 that
Capitalia intends to become a Parmalat shareholder when the food
group returns to the stock market sometime this month or October
after being out of it since 2003, when it collapsed under EUR14
billion of debt.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


PARMALAT FINANZIARIA: Gets Rave Review from Lehman Brothers
-----------------------------------------------------------
A U.S. investment bank thinks the new Parmalat is an attractive
investment, Il Sole 24 Ore says.

Lehman Brothers believes the new company offers tremendous
prospects from among others, possible gains from pending lawsuits
against creditor banks and advisors and potential future dividend
yields.  It also noted that unlisted Parmalat shares have been
trading well on the unofficial "grey" market at EUR2.20 to
EUR2.30 apiece.

Creditors recently voted in favor of a debt-for-equity swap that
will hand them control of the new company.  The group will be
renamed to Parmalat S.p.A. upon re-listing sometime this month or
the next.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net

          LEHMAN BROTHERS HOLDINGS INC.
          745 7th Ave.
          New York, NY 10019
          Phone: 212-526-7000
          Fax: 212-526-8766
          Toll Free: 800-666-2388
          Web site: http://www.lehman.com


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


ROYAL SHELL: Cancels 950,000 'A' Shares
---------------------------------------
On 26 September 2005, Royal Dutch Shell plc purchased for
cancellation 950,000 'A' Shares at a price of EUR26.85 per share.
It further purchased for cancellation 350,000 'A' Shares at a
price of 1,819.62 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,022,065,000.

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

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


VERSATEL TELECOM: Court Rejects Centaurus' Appeal on Tele2 Bid
--------------------------------------------------------------
The Enterprise Chamber of the Court of Appeal of Amsterdam
(Ondernemingskamer) has denied the request from Centaurus Capital
Limited and others to order provisional measures in relation to
the recommended cash offers made by Tele2 Finance B.V. for all
issued and outstanding ordinary shares in the capital of Versatel
Telecom International N.V. and for all the issued and outstanding
3.875% convertible senior notes due 2011 convertible into
ordinary shares in the capital of Versatel.

The Enterprise Chamber of the Court of Appeal has rejected all
arguments brought forward by Centaurus c.s. underlying their
request.  Versatel will continue as planned with its role in the
offer process and will now concentrate on the extraordinary
general shareholders meeting of Thursday 29 September 2005.

This press release is among others a public announcement as meant
in article 9b paragraph 1 of the Dutch Securities Markets
Supervision Act Decree 1995 (Besluit Toezicht Effectenverkeer
1995).

                            *   *   *

This is a press release of Versatel Telecom International N.V.
Not for release, publication or distribution in whole or in part,
in or into Australia, Canada, Italy or Japan

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Wouter van de Putte, Investor Relations
          Phone: +31 20 750 2362

          Cilesta van Doorn, Corporate Communications
          Phone: +31 20 750 1318


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


SWARZEDZ MEBLE: To Declare Bankruptcy if Share Offering Fails
-------------------------------------------------------------
Swarzedz Meble S.A. may file for bankruptcy unless it gets at
least PLN10 million (EUR2.6 million) from its share offering,
said Puls Biznesu.

Chief Executive Jaroslaw Krol said it doesn't make sense to run
the business if it doesn't earn enough from selling newly issued
shares.  The furniture producer is expected to collect PLN35
million if all 53 million shares worth PLN0.65 each will be sold.

Revenues will be used to fund restructuring measures, which would
involve covering debt of PLN24.6 million and raising capital by
PLN10 million.  Swarzedz booked a net loss of PLN12 million in
the first half of the year.

Meanwhile, deputy chief executive Wlodzimierz Ehrenhalt is
counting on the company's popular and valuable brand as it mulls
increasing its range of products and opening more outlets.  He
also disclosed plans of outsourcing 70% of operations, while
retaining one production plant.  The management is also confident
of achieving sales of PLN55 million to PLN8 million, gross margin
at 40% and EBITDA margin at 15% to 20% in two years starting
2006.

CONTACT:  SWARZEDZ MEBLE S.A.
          ul. Poznanska 14
          62-020 Swarzedz
          Phone: +48 (61) 817 23 60
          Fax: 817 25 60
          Web site: http://www.swarzedz-sa.com.pl


=============
R O M A N I A
=============


BANCA TIRIAC: Wraps up Merger with HVB Bank Romania
---------------------------------------------------
Bank Austria Creditanstalt (BA-CA) and Banca Tiriac have
finalized the transaction, which shall result in a merger of HVB
Bank Romania and Banca Tiriac.  BA-CA and two entities ultimately
controlled by Mr. Ion Tiriac had signed an agreement in June,
which entered into effect Sept. 1.

Thereby BA-CA acquired 50% plus one share in Banca Tiriac, while
the entities controlled by Mr. Ion Tiriac in turn acquired 50%
less one share in HVB Bank Romania.  This was achieved through a
sale and an exchange of shares.  Following the merger of the two
banks, BA-CA shall continue to hold the majority at 50% plus one
share in the new bank and will have responsibility for managing
the business.  The other main shareholders in the new bank will
be the entities controlled by Mr. Ion Tiriac.  Additionally, the
minority shareholders of Banca Tiriac will automatically become
shareholders in the new bank.

The preparations for the merger of HVB Bank Romania and Banca
Tiriac started Sept. 1.  During the integration process, both
banks will operate in parallel.  The merger is planned to be
completed in the first half of next year and is subject to
approval by all relevant authorities.  It will create the fourth
largest Romanian bank with total assets of EUR2.1 billion, 7.5%
market share and 720,000 customers.

In preparation for the merger, some changes in the management of
the two banks will take place.

The management of HVB Bank Romania will consist of:

-- Dan Pascariu, 55, Chief Executive Officer (CEO) and
   responsible for International Markets,

-- Manuela Plapcianu, 42, currently Head of the Retail Banking
   Division at HVB Bank Romania, will join the management of HVB
   Bank Romania and become responsible for Retail and Corporate.
   Wolfgang Schoiswohl, currently responsible for Corporate,
   will join the management of Banca Tiriac,

-- Andreas Gschwenter, 36, currently Chief Operations Officer
   (COO) at HVB Bank Serbia and Montenegro, will join the
   management of HVB Bank Romania.  He will assume the functions
   of COO and Integration Manager,

-- Florian Kubinschi, 45, currently Chief Financial Officer \
   (CFO) at Banca Tiriac, will join the management of HVB Bank
   Romania to assume the position of CFO

The management of Banca Tiriac will consist of:

-- Selcuk Saldirak, 49, Chief Executive Officer (CEO),
   responsible for International Markets,

-- Haluk Kurcer, 49, Chief Operations Officer (COO),

-- Catalin Parvu, 48, responsible for Retail and SME Business,

-- Wolfgang Schoiswohl, 43, currently member of the management
   of HVB Bank Romania and responsible for Corporate, will join
   the management of Banca Tiriac and assume the function of
   CFO,

The management changes are subject to the approval by the
Romanian National Bank and by the general shareholders' meeting
of the banks and will become effective following registration
with the Trade Register.

BA-CA, a member of HVB Group, is operating the largest banking
network in Central and Eastern Europe, with EUR36 billion total
assets, more than 1,000 offices and 4.7 million customers.
During the past years, BA-CA has received more than 250 awards in
recognition of its achievements in Central and Eastern Europe.
In 2004, BA-CA was named "Best Bank in Austria and CEE" by
Euromoney and "Bank of the Year in Austria and CEE" by The
Banker.  In 2005, HVB Bank Romania was awarded as "Best Debt
House" by Euromoney.

                            *   *   *

In May, Fitch Ratings placed Banca Comerciala Ion Tiriac S.A.'s
Long-term 'B+' and Short-term 'B' ratings on Rating Watch
Positive, following the announcement of the its planned merger
with HVB Romania to form HVB Tiriac.  Its other ratings are
affirmed at Individual 'D' and Support '5'.

The Rating Watch will be resolved on the completion of the
merger, which is expected before end-2005, subject to regulatory
approval.  This rating action reflects the increased support
Banca Tiriac could receive from Bank Austria Creditanstalt -- the
100% owner of HVB Bank Romania -- on completion of the merger.
BACA will own over 50% of the merged entity, HVB Tiriac, and have
full control of its business.  The impact on the ratings will be
dependent on, among other things, the level of integration
between HVB Tiriac and its parent.

BACA is 75%-owned by Germany's Bayerische Hypo- und Vereinsbank
(HVB, rated 'A-').

Banca Tiriac is 73.6%-owned indirectly and directly by Mr. Ion
Tiriac.  At end-2004, Banca Tiriac represented 2.9% of total
system assets.  HVB Bank Romania represented 4.6%, and together
the banks would be the fourth largest in the market.

CONTACT:  BANCA TIRIAC
          Phone: +40 21 3025 600
          E-mail: bancatiriac@cbit.ro
          Web site: http://www.bancatiriac.ro/


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


AEROFLOT: Leases 'Problematic' Ilyushin Planes
----------------------------------------------
Shareholders of Aeroflot have approved the lease of six Ilyushin
96-300 aircraft despite last month's grounding of said planes due
to safety reasons, says Reuters.

The state-controlled airline has been working on a deal to
acquire the locally made Ilyushin planes, at US$50 million each,
in exchange for customs rebates on imports of foreign-assembled
aircraft.  "The deal has been approved according to the federal
law... and Aeroflot's charter," the airline said in a statement.

At the balloting to approve the deal, the government, which
controls 51% of Aeroflot, was not allowed to vote.  "A
preliminary count showed that more than half of shareholders who
took part in the vote, that is shareholders owning a total of
29.256% of the company, had submitted a 'yes' vote."

The order to ground all operating Ilyushin 96-300 planes in
Russia was triggered by a brake problem that disrupted President
Vladimir Putin's trip in August.  This forced Aeroflot to suspend
flights of six aircraft to the United States, Canada, Vietnam,
China and South Korea to comply with the order.  The aircraft
constitute 40% of the carrier's long-haul fleet.

                            *   *   *

Based in Moscow's Sheremetyevo Airport, Aeroflot controls 11% of
domestic and 39% of international markets for air carriage.  For
the first quarter of the year, Aeroflot's net loss doubled to
RUB875 million, despite 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


AGRO-SIB: Bankruptcy Supervision Procedure Begins
-------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on Sibirskaya agro-industrial
company Agro- Sib.  The case is docketed as A45-7455/05-4/72.
Mr. A. Rusanov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 630077, Russia,
Novosibirsk, Kostycheva Str. 40/2, Post User Box 210.

CONTACT:  AGRO- SIB
          Russia, Novosibirsk region,
          Krasnyj Pr. 184

          Mr. A. Rusanov
          Temporary Insolvency Manager
          630077, Russia, Novosibirsk region,
          Kostycheva Str. 40/2, Post User Box 210


ENERGO-GAS-COMPLECT: Insolvency Manager Takes over Business
-----------------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Energo-Gas-Complect after finding the close
joint stock company insolvent.  The case is docketed as
A45-1506/01-SB/102.  Mr. S. Lebedev has been appointed insolvency
manager.  Creditors have until October 20, 2005 to submit their
proofs of claim to 630091, Russia, Novosibirsk, Kamenskaya Str.
64a, Office 6.

CONTACT:  ENERGO-GAS-COMPLECT
          Russia, Novosibirsk region,
          Verkh-Tula, Sovetskaya Str. 3

          Mr. S. Lebedev
          Insolvency Manager
          630091, Russia, Novosibirsk region,
          Kamenskaya Str. 64a, Office 6


EVRAZ GROUP: Unit to Pay Interim Dividend of RUR2.29 Per Share
--------------------------------------------------------------
Evraz Group S.A. disclosed Monday that shareholders of OAO Nizhny
Tagil Iron and Steel Plant (NTMK) has adopted a resolution to pay
an interim dividend.

According to the resolution, NTMK will pay an interim dividend of
RUR2.29 per share based on its results for the first half of
2005.  The total amount of the dividend payment will be
RUR2,999,906,792, representing approximately 33% of NTMK's net
profit for the first half of 2005.

Dividends are payable within 60 days (and no later than November
24, 2005) to shareholders of record on August 11, 2005.

                     About Evraz Group S.A.

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

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

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

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

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

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


FACTORY OF REINFORCED CONCRETE: Succumbs to Bankruptcy
------------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Factory of Reinforced Concrete Goods-7 after
finding the open joint stock company insolvent.  The case is
docketed as A45-7362/03-SB/186.  Mr. G. Taran has been appointed
insolvency manager.  Creditors have until October 20, 2005 to
submit their proofs of claim to 630099, Russia, Novosibirsk,
Oktyabrskaya Str. 84, Room 10.

CONTACT:  Mr. G. Taran
          Insolvency Manager
          630099, Russia, Novosibirsk region,
          Oktyabrskaya Str. 84, Room 10


GUKOVSKOYE: Bankruptcy Hearing Set Next Month
---------------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Gukovskoye (TIN 6144003780) after finding the
mine building enterprise #1 insolvent.  The case is docketed as
A53-2116/2005-S2-7.  Mr. V. Rondar has been appointed insolvency
manager.

Creditors may submit their proofs of claim to 344019, Russia,
Rostov-na-Donu, Sholokhova Pr. 8A.  A hearing will take place on
October 21, 2005, 4:30 p.m.

CONTACT:  GUKOVSKOYE
          347879, Russia, Rostov region,
          Gukovo, Militseyskaya Str. 4

          Mr. V. Rondar
          Insolvency Manager
          344019, Russia, Rostov-na-Donu,
          Sholokhova Pr. 8A


IDA-WOOD: Court Brings in Insolvency Manager
--------------------------------------------
The Arbitration Court of Vologda region commenced bankruptcy
proceedings against Ida-Wood after finding the limited liability
company insolvent.  The case is docketed as A13-3861/2005-25.
Mr. A. Prokofyev has been appointed insolvency manager.
Creditors may submit their proofs of claim to 160000, Russia,
Vologda region, Post User Box 163.

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

          Mr. A. Prokofyev
          Insolvency Manager
          160000, Russia, Vologda region,
          Post User Box 163


KUPINSKIY: Claims Filing Period Ends Next Month
-----------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Kupinskiy after finding the mechanical plant
insolvent.  The case is docketed as A45-714/05-25/4.  Ms. N.
Lapchuk has been appointed insolvency manager.  Creditors have
until October 20, 2005 to submit their proofs of claim to 630049,
Russia, Novosibirsk, Galushaka Str. 3-1.

CONTACT:  KUPINSKIY
          630740, Russia, Novosibirsk region,
          Kupino, Rabochaya Str. 104

          Ms. N. Lapchuk
          Insolvency Manager
          630049, Russia, Novosibirsk region,
          Galushaka Str. 3-1


ROZOVSKOYE: Bankruptcy Hearing Set December
-------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on close joint stock company Rozovskoye
(TIN 5531002492).  The case is docketed as K/E-144/05.  Mr. A.
Vaysberg has been appointed temporary insolvency manager.  A
hearing will take place on December 13, 2005, 2:00 p.m. at the
Arbitration Court of Omsk region.

CONTACT:  ROZOVSKOYE
          646783, Russia, Omsk region, Russko-Polyanskiy region,
          Bologoye, Komsomolskaya Str. 22

          Mr. A. Vaysberg
          Temporary Insolvency Manager
          644082, Russia, Omsk region,
          Sibirskaya Str. 47


SHELTER-INVEST-AGRO: Declared Insolvent
---------------------------------------
The Arbitration Court of Rostov region commenced bankruptcy
proceedings against Shelter-Invest-Agro (TIN 6165085649) after
finding the limited liability company insolvent.  The case is
docketed as A53-12700/05-S2-30.  Mr. N. Lyadnov has been
appointed insolvency manager.

Creditors may submit their proofs of claim to Arbitration Court
of Rostov region.  A hearing will take place on October 12, 2005,
2:30 p.m.

CONTACT:  SHELTER-INVEST-AGRO
          Russia, Rostov-na-Donu,
          Vavilova Str. 62/1


TALITSKIY TIMBER: Hires M. Marvin Insolvency Manager
----------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Talitskiy Timber Industry Combine.  The case is docketed as
A60-9844/05-S2.  Mr. M. Marvin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 620149, Russia,
Ekaterinburg, Zoologicheskaya Str. 9.  A hearing will take place
on November 9, 2005.

CONTACT:  TALITSKIY TIMBER INDUSTRY COMBINE
          623640, Russia, Sverdlovsk region,
          Talitsa, Lunacharskogo Str. 75

          Mr. M. Marvin
          Temporary Insolvency Manager
          620149, Russia, Ekaterinburg,
          Zoologicheskaya Str. 9


VOLGOGRAD-MONTAGE: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Volgograd-Montage.  The case is docketed as A12-10136/05-s58.
Mr. M. Sorokin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 129110, Russia,
Moscow, M. Ekaterininskaya Str. 17/21.  A hearing will take place
on October 24, 2005.

CONTACT:  VOLGOGRAD-MONTAGE
          Russia, Volgograd region,
          Orekhovo-Zuevskaya, 16

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


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


TURKIYE IS BANKASI: Sells Share in Izmir Demir to Sahin-Koc
-----------------------------------------------------------
As per the resolution of Board of Directors of Turkiye Is Bankasi
A.S. (Isbank) dated 23 September 2005, the Head Office is
authorized to sign the sales agreement and related documents, and
execute the transactions for the sale of Isbank's 54.68% share in
Izmir Demir Celik Sanayi A.S.'s (metal manufacturing and
machinery) NTL62,250,000 capital with a nominal value of
NTL34,037,960 to Sahin-Koc Celik Sanayi A.S. in return for
US$79,050,000 which will be paid in cash.  The sales agreement
was signed on 23 September 2005.

The sale price is determined according to the valuation report
prepared by a professional company.  "Discounted Cash Flow
Method" was used in the valuation process.

The transfer of shares will materialize after obtaining the
permissions required by the Turkish Competition Authority.

The profit arising from the sale will be certain after the
collection of sales revenue.

After the sale the bank will have no direct shares in Izmir Demir
Celik Sanayi A.S.

                        About the Company

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


VESTEL ELEKTRONIK: Outlook Negative on Weakened Performance
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to
negative from stable on Turkish integrated, low-cost
consumer-electronics manufacturer Vestel Elektronik Sanayi Ve
Ticaret A.S., reflecting the company's sudden deterioration in
operating performance in the first half of 2005.  At the same
time, the 'B+' long-term corporate credit rating was affirmed.

"The rating remains primarily constrained by Vestel's high
exposure to foreign currency-denominated debt, which is nearly
100% of total debt, and costs," said Standard & Poor's credit
analyst Benedetta Rospigliosi.  "Expected significant business
expansion investments also constrain the rating."

These weaknesses are partially mitigated by Vestel's good
position in the EU TV market and its high proportion of hard
currency-denominated revenues.

These revenues did decrease, however, to 63% of the total in the
first half of 2005 from 78% a year earlier.

In the first half of 2005, the company faced heightened
competition in the European market and severe price declines,
particularly in flat TVs and digital products.

Total debt at June 30, 2005, was New Turkish lira (TRY) 1.1
billion (about $815 million), including TRY386 million of vendor
financing.

The negative outlook reflects the deterioration in the company's
financial profile and possible liquidity challenges owing to the
financial covenants of its public bond indenture.

"Although the recent poor operating performance was influenced,
to some extent, by unfavorable currency fluctuations and is
viewed only as a temporary setback, the rating could be lowered
if a sufficient recovery in profitability fails to materialize in
the second half of 2005," said Ms. Rospigliosi.

To revert to a stable outlook and to sustain the rating, we also
expect the company to maintain its solid business positions as a
contract manufacturer for the European consumer electronics
market, moderate its negative free cash flow generation following
a heavy investment phase in 2003-2005, and back any further
expansion by a controlled financial policy.

The rating will continue to be affected, either positively or
negatively, by risks relating to Turkey's economic environment
and currency evolution.

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


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


BANK FINANCE: Moody's Rates Currency Deposits 'B2'
--------------------------------------------------
Moody's Investors Service has assigned B2 long-term and Not-Prime
short-term foreign currency deposit ratings and an E+ Financial
Strength Rating (FSR) to Bank Finance and Credit (Ukraine).  All
ratings carry stable outlooks.

Bank Finance and Credit's foreign currency deposit ratings
reflect its fundamental credit strength and are not currently
constrained by Ukraine's B2 (stable outlook) country ceiling for
such ratings.

The bank's ratings take into account:

(a) Its fast growing franchise and wide branch network;

(b) A loyal customer base that helped the bank to emerge from
    last year's turmoil relatively unscathed;

(c) Experienced management; and

(d) Promising business prospects from the expansion into retail
    lending.

However, the bank's ratings are at the same time constrained by:

(a) Ukraine's volatile economic and political environment;

(b) Mounting competitive pressures;

(c) Ambitious growth plans, which could pressure the bank's
    nascent risk management, with the temptation to liberalize
    loan underwriting standards, especially in rapidly growing
    retail;

(d) Corporate governance concerns stemming from the presence of
    a dominant shareholder with equity interests in a number of
    Ukrainian industrial companies and somewhat blurred
    boundaries (through financial transactions) between the bank
    and the companies under the same beneficial control.

(e) The bank's quite concentrated loan book and potentially
    understated level of related-party exposure;

(f) A historically very weak financial performance and unclear
    prospects for recovery due to a recent precipitate fall in
    interest margins;

(g) Reliance on expensive domestic funding sources; and

(h) Dependence on external capital injections to sustain future
    growth.  The bank's unconstrained ratings presently factor
    in a limited degree of support from its ultimate owner and
    from the Ukrainian financial authorities in case of need.

Although such support cannot be ruled out, its predictability is
relatively low.  Moody's could change its view regarding the
level of support from the authorities if the bank were to gain
greater systemic importance with a material growth in its market
shares.

Relatively small by international standards, Bank Finance and
Credit as of July 1, 2005 shared with another two banks 10th-12th
ranking in Ukraine in terms of total assets and operated a
commercial network of nearly 170 branches and outlets covering 22
Ukrainian regions.  It is beneficially controlled by a local
businessman and politician, whose other interests include a broad
spectrum of mining, manufacturing, chemical, pharmaceutical and
other businesses.  In the past, the bank played a purely captive
role to a wider group of companies, but for several years has
managed to diversify to acquire more third-party business.

Bank Finance and Credit is headquartered in Kyiv, Ukraine and
reported total assets of US$641.5 million under IFRS at June 30,
2005.

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

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


TAS-INVESTBANK: Moody's Assigns B2/NP/E+ Ratings
------------------------------------------------
Moody's Investors Service has assigned B2 long-term and Not-Prime
short-term foreign currency deposit ratings and an E+ Financial
Strength Rating (FSR) to TAS-InvestBank (TIB) of Ukraine.  The
outlook for the ratings is stable.

According to Moody's, TIB's ratings reflect:

(a) A limited degree of support from the related TAS-
    Kommerzbank;

(b) Its entrenched position as provider of a higher-risk/higher-
    return tailor-made financing to Ukrainian companies as well
    as private banking services;

(c) A proficient management team; and

(d) its higher-than-average profitability, which is, however, in
    part driven by the higher risk profile of the bank's
    business.

At the same time, TIB's ratings are constrained by:

(a) Its small size, short track record and weak, although
    rapidly growing, franchise;

(b) Concerns over the longer-term viability of the bank's
    business model and associated challenges to maintain
    currently robust asset quality and profitability in the
    future;

(c) Exceptionally high concentrations on both sides of the
    balance sheet that expose the bank to the risk of extreme
    losses and liquidity strain under adverse scenarios;

(d) Marginal capitalization and liquidity given such embedded
    vulnerability;

(e) A high degree of reliance on related-party funding; and

(f) Potential difficulties associated with the bank's operating
    environment.

TIB's foreign currency deposit ratings reflect its fundamental
credit strength and are not currently constrained by Ukraine's B2
(stable outlook) country ceiling for such ratings.  Hence any
short-term upward movements in the ceiling are thus unlikely to
trigger an automatic change in the foreign currency deposit
rating of TIB.  The bank's ratings also factor in a limited
degree of support from TAS-Kommerzbank (TKB) (rated by Moody's
B2/NP/E+) -- a larger and marginally financially stronger bank
controlled by the same beneficial owner, which will become a
majority shareholder of TIB in the near future, in line with a
recently unveiled plan to create a banking holding on the basis
of these two financial institutions.  Moody's also notes that the
banks are perceived by market participants as being strongly
linked with each other in view of market awareness of the common
beneficial ownership as well as some common elements of the brand
name.  Therefore, Moody's believes that this creates a strong
propensity for mutual support between the banks.

TAS-Investbank is headquartered in Kyiv, Ukraine, and reported
total assets of US$83 million in accordance with IFRS as of
December 31, 2004.  According to the National Bank of Ukraine,
the bank ranked 37th in terms of total assets and 45th in terms
of capital (reported under local accounting standards) among
Ukrainian banks as of July 1, 2005.

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

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


TAS-KOMMERZBANK: Foreign Currency Deposit Rated 'B2'
----------------------------------------------------
Moody's Investors Service has assigned B2 long-term and Not-Prime
short-term foreign currency deposit ratings and an E+ Financial
Strength Rating (FSR) to TAS-Kommerzbank (TKB) of Ukraine.  The
outlook for the ratings is stable.

According to Moody's, TKB's ratings reflect:

(a) A reasonable strategy executed by an experienced management
    team;

(b) A positive track record of profitability; and

(c) A solid capital base which supports future growth.

At the same time, TKB's ratings are constrained by:

(a) Its small size and short track record as well as a
    relatively less recognised name and less developed
    distribution channels compared with its stronger peers;

(b) Implementation risks associated with the bank's ambitious
    expansion strategy, which could initially lead to a
    substantial surge in capital expenditure and incremental
    operating costs, thus straining the bank's financial
    flexibility;

(c) Challenges to sustain the currently high level of
    profitability, which is in part driven by high margins over
    the cost of funds charged by the bank, while its fees and
    commissions stream is relatively frail;

(d) High concentrations on both sides of the balance sheet that
    expose the bank to the risk of extreme losses and liquidity
    drain under adverse scenarios;

(e) Substantial credit exposure to companies controlled by the
    bank's beneficial shareholder, though currently some of
    these loans are cash-covered and overall the bank is a net
    borrower from its related parties;

(f) A high degree of reliance on related-party and relatively
    expensive retail funding; and

(g) Potential difficulties associated with the bank's volatile
    operating environment.

TKB's foreign currency deposit ratings reflect its fundamental
credit strength and are not currently constrained by Ukraine's B2
(stable outlook) country ceiling for such ratings.  Hence any
short-term upward movements in the ceiling are thus unlikely to
trigger an automatic change in the bank's foreign currency
deposit rating.  The bank's ratings factor in risks including
potential contagion effects associated with the prospective
consolidation of TAS-Investbank (TIB) (rated by Moody's
B2/NP/E+) -- a smaller and financially less flexible bank
controlled by the same beneficial owner, which will become a
majority-owned subsidiary of TKB in the near future, in line with
a recently unveiled plan to create a more aligned bank holding on
the basis of these two financial institutions.  Moody's also
notes that the banks are perceived by market participants as
being strongly linked with each other, in view of market
awareness of the common beneficial ownership as well as some
common elements of the brand name.  Therefore, Moody's believes
that this creates a strong propensity for mutual support between
the banks and increases the interdependence of their ratings.

TAS-Kommerzbank is headquartered in Kyiv, Ukraine, and reported
total assets of US$182 million in accordance with IFRS as of
December 31, 2004.  The bank ranked 27th in terms of total assets
(reported under local accounting standards) among Ukrainian banks
as of July 1, 2005.

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

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


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


A.C.R. SERVICES: Members Decide to Wind up Business
---------------------------------------------------
M. F. Brown, Chairman of A.C.R. Services (Air Conditioning &
Refrigeration) Limited, informs that resolutions to wind up the
company were passed at an EGM held on Sept. 15 at 25 Moorgate
London EC2R 6AY.  Stephen John Tancock of Smith & Williamson
Limited, The Meeting House, Little Mount Sion, Tunbridge Wells,
Kent TN1 1YS was appointed liquidator.

ACR Services Ltd. specializes in the supply and installation of
the latest in air conditioning technology.  The company was
established in 1979 and have successfully installed thousands of
systems and regularly carry out contracts to the value range
GBP1,000 to GBP100,000.  Visit
http://www.airconditioningnorth.co.uk/for more information.

CONTACT:  AIR CONDITIONING & REFRIGERATION SERVICES (NEWCASTLE)
          LTD.
          16 Brunel Street
          Newcastle upon Tyne NE4 7AH
          UK
          Phone: 44 - (0)191 273 7700


ALEXON GROUP: Declares Dividend Despite First-half Slump
--------------------------------------------------------
Alexon Group plc has reported Interim Results for the 26 weeks
ended 30 July 2005.

These results have been prepared in accordance with International
Financial Reporting Standards (IFRS) that are expected to be
applicable to the 2005/06 full-year financial statements.
Comparative figures have been restated accordingly.  As
permitted, the interim financial statements have been prepared in
accordance with the U.K. listing rules and not in accordance with
IAS 34 "Interim Financial Reporting."

Highlights

(a) overall sales of GBP197.7 million (2004: GBP197.9 million)
    and like-for-like sales down 1%;

(b) operating profit of GBP7.8 million (2004: GBP10.9 million);

(c) basic earnings per share of 9.45 pence  (2004: 13.74 pence);

(d) interim dividend declared of 3.00 pence per Ordinary Share
    (2004: 2.83 pence); and

(e) share buyback program continued with 980,000 shares
    purchased for cancellation for an aggregate sum of GBP2.7
    million.

              Report of Chief Executive John Osborn

Although 2005 is proving to be a challenging year, we believe
that our diversified portfolio of brands will stand us in good
stead in the difficult retail environment, which currently
prevails.

Overall sales were level with the prior year, with like-for-like
sales down 1%, a reflection of the challenging trading
environment faced by all four Divisions in the first half of the
year.  Gross margins were slightly higher than the prior year.

Weak performances from Dolcis and Menswear, the loss of business
arising from the demise of Allders, and significant increases in
host store commission rates contributed to an IFRS group
operating profit of GBP7.8 million (U.K. GAAP GBP8.2 million
before goodwill amortization) compared with IFRS GBP10.9 million
(U.K. GAAP GBP11.2 million) last year.

Alexon Brands

Alexon Brands put in a sound performance on its continuing
business, with like-for-like sales growth of 2.8%, coupled with a
modest increase in gross margins.  The operating profit for the
half was GBP9.2 million (U.K. GAAP GBP9.5 million) compared to
GBP10.1 million (U.K. GAAP 10.3m) in the prior year.

The Division was hit by the loss of 73 Allders concessions, which
impacted at the beginning of the second quarter, and increased
concession commission rates.  Profits were also affected by
increased host store commission rates.  The strongest
performances by brand came from Eastex, which is geared to the
older customer and is particularly resilient in a tougher retail
climate, and Alex & Co., which has successfully replaced the
eponymous Alexon brand.

Dolcis

Dolcis had a difficult half recording an operating loss of GBP0.9
million (U.K. GAAP GBP0.8 million), compared with a profit of
GBP0.8 million (U.K. GAAP GBP0.9 million) in the prior year.
Like-for-like sales were down 9% and lower margins resulted from
the need to clear surplus stocks.  There were a number of
contributory factors; reduced demand for shoes as a fashion item
and increased competition from garment retailers strengthening
their shoe offer.  Our response has been to strengthen our buying
team and to increase the fashion content and appeal of our
ranges, the effects of which should be felt in Spring 2006.

Menswear

Menswear recorded an operating loss of GBP1.5 million (U.K. GAAP
loss of GBP1.5 million) against a loss of GBP0.3 million (U.K.
GAAP loss of GBP0.3 million) for the prior year.  Like-for-like
sales were down 6%.  Gross margins were slightly higher.  While
concession sales were strong, Envy suffered from weak
performances from third party brands and a significant growth in
the number of competitors in its sector.  Going forward, we
intend to increase the proportion of own brands (already
performing well in our concession business) and thereby enhance
margins.

Bay Trading

Bay Trading increased its operating profit to GBP1 million (U.K.
GAPP GBP1 million) compared with GBP0.4 million (U.K. GAAP GBP0.4
million) in the prior year.  While like-for-like sales were 1%
down, gross margins were significantly ahead, the result of
improvements in range acceptability.  Much work has been done to
strengthen the design content and appeal of the ranges, resulting
in higher average prices and lower levels of markdown.  The
Division also benefited from a number of strong trends in the
younger fashion market.

Current Trading

Group like-for-like sales for the first seven weeks of the half
are 2.7% down on last year.  While August sales were boosted by
the successful clearance of residual stocks, sales in the last
three weeks have been disappointing, reflecting tougher trading
conditions and weak consumer demand.  How long this will continue
is impossible to predict at this stage.

Shareholder Returns

During the course of the half, 980,000 shares were purchased for
cancellation for an aggregate sum of GBP2.7 million.  The Board
is declaring an interim dividend of 3.00 pence per Ordinary Share
(2004 equals 2.83 pence) payable on 30 November 2005 to
shareholders on the register at 4 November 2005.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/AlexonGroup(H12005).pdf

CONTACT:  ALEXON GROUP PLC
          40-48 Guildford Street
          Luton
          Bedfordshire
          England
          LU1 2PB
          Phone: +44 1582 723131
          Fax: +44 1582 399864


ALPHASTAR LIMITED: Names Tenon Recovery Liquidator
--------------------------------------------------
G. Nardelli, Chairman of Alphastar Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 16 at Great Fosters Hotel, Stroude Road, Egham, Surrey TW20
9UR.  Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery,
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ were appointed liquidators.

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


ASA COMMUNICATIONS: Files for Liquidation
-----------------------------------------
S. Willock, Director of ASA Communications Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 15 at Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG.  Darren Brookes of Milner Boardman
& Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG
was appointed liquidator.

CONTACT:  ASA COMMUNICATIONS LIMITED
          Ashbourne House
          334 Wellington Road North
          Stockport
          Cheshire
          SK4 5DA
          United Kingdom
          Phone: 0161-282 8000
          Fax: 0161-282 8001
          Web site: http://www.mailbuilder.co.uk

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


BRANDED SUIT: In Liquidation
----------------------------
D. I. Mendoza, Chairman of The Branded Suit Company Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 15 at 24 Conduit Place, London W2 1EP.  Ian
Franses of Ian Franses Associates, 24 Conduit Place, London W2
1EP was appointed liquidator.

CONTACT:  THE BRANDED SUIT COMPANY LIMITED
          128, Cannon St.,
          London
          England
          Phone: 02076237627
          Fax: 02076266570
          Web site: http://brandedsuitco.co.uk/about.htm

          IAN FRANSES ASSOCIATES
          24 Conduit Place
          London W2 1EP
          Phone: 020 7262 1199
          Fax: 020 7262 2662
          E-mail: if@ianfranses.co.uk


CAMBERMAIN LIMITED: Liquidators from F A Simms Move in
------------------------------------------------------
K. A. Duguid, Chairman of Cambermain Limited informs that
extraordinary resolution to wind up the company was passed at an
EGM held on Sept. 5 at Insol House, 39 Station Road, Lutterworth,
Leicestershire LE17 4AP.  Richard Frank Simms and Martin Richard
Buttriss of F A Simms & Partners, Insol House, 39 Station Road,
Lutterworth, Leicestershire LE17 4AP were appointed liquidators.

CONTACT:  CAMBERMAIN LTD.
          Granite Close, Mill Hill,
          Leicester, Leicestershire LE19 4AL
          Phone: 01162867122

          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


CAPANAC LIMITED: Names Harrisons Administrator
----------------------------------------------
John Neil Harrison and Kenneth Webster Marland (Office Holder Nos
005474, 008917) of Harrisons were appointed administrators of
Capanac Limited (Registered No 01542234) on Sept. 8.  The
company's registered office is at Kempton House, Kempton Way,
Grantham NG31 7LE.

CONTACT:  CAPANAC LTD.
          Longscar Hall, The Front,
          Hartlepool, Cleveland TS25 1BU
          Phone: 01429234829

          HARRISONS
          23 Yarm Road,
          Stockton-on-Tees TS18 3NJ


C D A ENTERTAINMENT: Calls in Liquidator
----------------------------------------
Baron Israel, founder of C D A Entertainment Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 16 at the offices of S G Banister & Co., 40 Great James
Street, London WC1N 3HB. D. M. Patel of 40 Great James Street,
London WC1N 3HB was appointed liquidator.

CDA is a full-service entertainment company specializing in
entertainment design.  It has more than 15 years of marketing
experience.  Visit http://www.cdaentertainment.comfor more
information.

CONTACT:  C D A ENTERTAINMENT LTD.
          112-114 Wardour Street London, W1F 0TS
          Phone: 020 72877474


CLEARGOLD CONTRACTORS: Hires Taylor Rowlands Administrator
----------------------------------------------------------
J. Harvey Madden (IP No 007858) of Taylor Rowlands was appointed
administrator of Cleargold Contractors Ltd. (Company No 4183552)
on Sept. 15.  The company's registered office is at 16 The Vale,
Grove Hill, Middlesbrough TS4 2UR.

CONTACT:  CLEARGOLD CONTRACTORS
          Dormor Way, South Bank
          Middlesbrough
          Cleveland TS6 6XH
          United Kingdom
          Phone: (01642) 464074

          TAYLOR ROWLANDS
          8 High Street
          Yarm
          Cleveland TS15 9AE
          Phone: 01642 790790
          Fax: 01642 785588
          E-mail: harvey@taylorrowlands.co.uk


COMEC VOICE: Calls in Administrators from Harrisons
---------------------------------------------------
P. R. Boyle and J. C. Sallabank (IP Nos 008897 and 008099) of
Harrisons were appointed joint administrators of Comec Voice &
Data (Birmingham) Ltd. (Company No 04141738) on Sept. 19.  The
company's registered office is at Archway House, Bath Road,
Padworth, Reading RG7 5HR.

CONTACT:  COMEC VOICE & DATA LTD.
          Archway House/Bath Rd
          Reading RG7 5HR
          Phone: 0118-971 1600

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


CORPORATE P.INC.: Telemarketer Liquidates
-----------------------------------------
At a Meeting of Creditors held on 16 September 2005 the Creditors
confirmed the appointment of A Graham as Liquidator and that
anything required or authorised to be done by the Liquidator be
done.  L. D. Gregory, Chairman of Corporate P.Inc Limited, also
informs that resolutions to wind up the company were passed at an
EGM held at the offices of Hawson Jefferies on the same day.

The company was previously named Moneypenni Limited.  Visit
http://www.pinc.co.ukfor more information.

CONTACT:  CORPORATE P.INC.
          Unit 1
          Meadowhall riverside
          Meadowhall road
          Sheffield
          S9 1BW
          Phone: 08707 550 466
          Fax: 0114 244 6881
          E-mail: info@pinc.co.uk

          HAMILTON INSOLVENCY PRACTITIONERS LIMITED
          Omega Court, 368 Cemetery Road,
          Sheffield S11 8FT


CRADLECRAFT ENGINEERING: Creditors Meeting Set October 10
---------------------------------------------------------
Notice is hereby given by Carl Stuart Jackson and Nigel Ian Fox,
both of Tenon Recovery, Highfield Court, Tollgate, Chandlers
Ford, Eastleigh, Hampshire SO53 3TZ, that a Meeting of Creditors
of Cradlecraft Engineering Limited (Company No 1728496),
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ, is to be held at Highfield Court, Tollgate, Chandlers
Ford, Eastleigh SO53 3TZ, on 10 October 2005, at 3:30 p.m.  The
Meeting is an initial Creditors' Meeting under paragraph 50 of
Schedule B1 to the Insolvency Act 1986.  I 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.

C. S. Jackson, Joint Administrator

CONTACT:  CRADLECRAFT ENGINEERING LTD.
          Unit 3 Lyndean Industrial Estate
          133 Felixstowe Road
          London SE2 9SG
          Phone: 020 8312 1636
          Fax: 020 8312 1118
          Web site: http://www.cradlecraft.co.uk/

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


DANKA BUSINESS: Divests Six Units for US$10 Million
---------------------------------------------------
Danka Business Systems plc has revealed the sale of its
subsidiaries operating in Central and South America to Toshiba
America Business Solutions, Inc., for US$10 million in cash.  The
purchase price is subject to a US$1 million holdback for a period
of up to one year for potential contingencies.  The transaction
encompasses Danka's operations in Puerto Rico, Mexico, Panama,
Brazil, Venezuela, and Chile.

Danka Chief Executive Officer Todd Mavis said: "The sale of these
businesses builds on earlier dispositions and culminates our
efforts to narrow the scope of the Americas Group to our largest
and, historically, most profitable entity, the United States.

"This development will simplify our management and compliance
requirements, enabling us to further streamline operations and
focus our time and resources on the significant opportunities
related to our high-value Managed Print Services (MPS) strategy.
We plan to continue exploring additional ways around the world to
concentrate our efforts on MPS in high-opportunity areas."

The six subsidiaries sold to Toshiba provide, within their
respective territories, imaging systems (including copiers and
multi-functional peripheral devices) as well as related services
and supplies.  Combined, the subsidiaries employ about 500 people
and contributed revenue of US$30.4 million and operating profit
of US$1.6 million in Danka's fiscal year ended on March 31, 2005.

The Central and South American Units' cumulative balance sheets
assets were US$21.6 million as of March 31, 2005.  Danka expects
to record an estimated non-cash loss on the sale of approximately
US$31million in the quarter ended September 30, 2005 in its U.S.
GAAP financial statements, approximately two-thirds of which is
attributed to the write-off of non-cash foreign currency
cumulative translation adjustments for the Central and South
American business units.  Net proceeds from the sale will be used
for working capital and reinvestment purposes.

TABS incoming President and Chief Executive Rick Taylor said:
"This transaction gives us a stronger direct presence in Latin
America, which we believe provides tremendous market
opportunities.  We are pleased to have concluded this transaction
with Danka, which remains one of our premier business partners."

As part of its comprehensive reengineering and restructuring
initiative, Danka has exited non-strategic or underperforming
operations in several parts of the world over the past few years,
including Canada earlier in the prior quarter and Portugal and
Russia during the fiscal year ended March 31, 2005.

                        About the Company

Headquartered in London and St. Petersburg, Florida, Danka
Business Systems plc is an independent provider of enterprise
imaging systems and services.  With a worldwide workforce of
9,500, the company delivers value to clients worldwide by using
its expert technical and professional services to implement
effective document information solutions.

In July, Danka Business Systems plc reported first-quarter
revenue of GBP166.8 million, gross margins of 33.7% and a loss
from continuing operations before tax and finance costs of GBP2.3
million, including a cost restructuring charge of GBP3.0 million.

For the full year, Danka reported turnover of GBP668.2 million
and operating losses of GBP22.8 million excluding exceptional
items.  Danka's fourth quarter turnover was GBP158.6 million and
operating losses were GBP27.1 million excluding exceptional
items.  The results include a GBP9.4 million provision for U.S.
trade debtors in the fourth quarter.  Including the exceptional
restructuring charges of GBP5.1 million and GBP4.0 million, the
Group reported operating losses of GBP27.9 million for the full
year and GBP31.0 million for the fourth quarter respectively.

CONTACT:  DANKA BUSINESS SYSTEMS PLC
          1230 Arlington Business Park
          Theale
          West Berkshire RG7 4TX, United Kingdom
          Phone: +44-118-903-2163
          Web site: http://www.danka.com


DAVILL RECRUITMENT: Monahans Administrator Enters Firm
------------------------------------------------------
Paul Michael McConnell (IP No 7802) of Monahans was appointed
administrator of Davill Recruitment Limited (Company No 04265925)
on Sept. 15.  The company's registered office is at McGills,
Oakley House, Tetbury Street, Cirencester GL7 1US.

Davill Recruitment Limited is an international recruitment
consultancy.  It specializes in international recruitment across
a variety of professions with agents who specializes in the
recruitment of healthcare professionals -- nurses, care
assistants, radiographers, physiotherapists, occupational
therapists, social workers, doctors etc for the international
market place.  Visit http://www.davill.co.uk/for more
information.

CONTACT:  DAVILL RECRUITMENT LTD.
          3 Pullman Court, Great Western Road,
          Gloucester, Gloucestershire GL1 3ND
          Phone: 01452412111
     Fax: +44(0) 1452 412777
       E-mail: recruitment@davill.co.uk

          MONAHANS
          38-42 Newport Street
          Swindon
          Wiltshire SN1 3DR
          Phone: 01793 521231
          Fax: 01793 512188
          E-mail: paulm@monahans.co.uk


EXCEL PLANT: Files for Winding-up
---------------------------------
J. S. Khaira, Chairman of Excel Plant (Southern) Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. at Rifsons House, 63-64 Charles Lane, St John's
Wood, London NW8 7SB.  Arif Anwar of Rifsons, Rifsons House,
63-64 Charles Lane, St John's Wood, London NW8 7SB was appointed
liquidator.

The company supplies trommels, slow-speed & high-speed shredders,
complete turnkey plants, starscreens, and balers to the recycling
and associated industries.  Visit http://www.excelplantuk.comfor
more information.

CONTACT:  RIFSONS
          Rifsons House
          63-64 Charles Lane
          St Johns Wood
          London NW8 7SB
          Phone: 020 7586 9831
          Fax: 020 7586 9834
          E-mail: arif@rifsons.com


EXPORTSPAS LIMITED: Creditors Meeting Set Friday
------------------------------------------------
Notice is hereby given by Kevin Murphy and William John Turner of
Chantrey Vellacott DFK LLP, Russell Square House, 10-12 Russell
Square, London WC1B 5LF, that a Meeting of the Creditors of
Exportspas Limited (Company No 5117818), Russell Square House,
10-12 Russell Square, London WC1B 5LF, is to be held at Chantrey
Vellacott DFK LLP, Russell Square House, 10-12 Russell Square,
London WC1B 5LF, on Friday 30 September 2005, at 11:00 a.m.  The
Meeting is an initial Creditors' Meeting under paragraph 51 of
Schedule B1 to the Insolvency Act 1986.  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.

K Murphy and W J Turner, Joint Administrators

CONTACT:  CHANTREY VELLACOTT DFK LLP
          Russell Square House
          10-12 Russell Square
          London WC1B 5EH
          Phone: 020 7307 8200
          Fax: 020 7307 8222
          E-mails: kmurphy@cvdfk.com
                   wturner@cvdfk.com


GAIM (UK): Creditors to Meet Later this Month
---------------------------------------------
Notice is hereby given, pursuant to paragraph 51 of Schedule B1
of the Insolvency Act 1986, that a Meeting of the Creditors of
GAIM (UK) LIMITED (t/a The Enfield Hotel & The Burwood House
Hotel- Company No 04673099) will be held at 8 Baker Street,
London W1U 3LL, on 30 September 2005, at 12:30 p.m., for the
purposes of considering and, if thought fit, approving the
proposals of the Administrators for achieving the aim of the
Administration Order, and also to consider establishing and, if
thought fit, to appoint a Creditors' Committee.  A person
authorised under section 375 of the Companies Act 1985 to
represent a corporation must produce to the Chairman of the
Meeting a copy of the resolution from which their authority is
derived.  The copy resolution must be under seal of the
corporation, or certified by the Secretary or Director of the
corporation as a true copy.  Please note that a Creditor is
entitled to vote only if he has delivered to the Administrators
not later than 12:00 noon on 29 September 2005, details in
writing of the debt claimed to be due from the Company, and the
claim has been duly admitted under the provisions of the
Insolvency Rules 1986, and there has been lodged with the
Administrators any proxy which the Creditor intends to be used on
his behalf.  Notice is hereby given, for the purposes of
paragraph 49(6) of Schedule B1 of the Insolvency Act 1986, that
Members of the Company should write to Shay Bannon, at BDO Stoy
Hayward LLP, 8 Baker Street, London W1U 3LL, for copies of the
Administrators' statement of proposals.  Copies of the Proposals
will be sent, free of charge.

S. Bannon, Joint Administrator

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


GATE GOURMET: Shakes up Corporate Structure
-------------------------------------------
Gate Gourmet, a global airline catering and logistics company, on
Tuesday announced a realignment of its organizational and
management structure by consolidating sales and service functions
in its operating divisions.

David Siegel, Chairman and Chief Executive Officer, said the new
structure addresses several strategic objectives.  "Overall, we
are striving to be even more market oriented and customer focused
with our sales and service functions integrated within the
geographic divisions.  We will be more responsive as business
conditions change by region or within market sectors, and be more
attuned to opportunities both within and outside of our
traditional catering role," Siegel said.

Sales and customer service will now be fully integrated within
the geographic divisions, under the direction of three division
presidents, Paul Lilley in Europe, Pete Pappas in the Americas
and Odd Engebretsen in Asia/Pacific, who will continue to report
to Executive Vice President and Chief Financial Officer Guy
Dubois.

Support and infrastructure for the sales function will be
provided by a new corporate department of Marketing and Business
Development, headed by John Whisnant.  In this role, Whisnant is
responsible for identifying new or emerging market opportunities
worldwide and developing related tools and processes for the
newly formed divisional sales teams.

Because of these changes, Niels Smedegaard, Executive Vice
President, Global Sales Solutions, will be leaving the company
following a transition period.  With Smedegaard's departure,
e-gatematrix Chief Operating Officer and Chief Financial Officer
Torben Carlsen has been elevated to the role of President of that
unit and will report directly to Siegel.

Also, Jay Jenkins is appointed Vice President Business
Development and interim President of Global Aviation Services, a
newly formed subsidiary that will focus on providing
transportation companies with a broad range of above- and
below-the-wing airport services.  Jenkins will report to Siegel
in this new role.

"We are fortunate to have an extraordinarily energetic and
talented management team, and I look forward to their continuing
contributions as we reposition Gate Gourmet for future success,"
Siegel said.  "I am also very appreciative of the significant
contributions Niels Smedegaard has made to this organization
during his career.  His deep understanding of, and passion for,
the business helped guide Gate Gourmet during his long tenure."

Siegel noted that since all the changes involve internal
positions, the transition of duties and continuity of operations
will be smooth and seamless.

Gate Gourmet, with dual headquarters in Reston, Va., and Zurich,
Switzerland, employs 22,000 people in 29 countries and is a
global provider of in-flight catering and logistics services for
more than 200 airlines worldwide.

CONTACT:  GATE GOURMET INTERNATIONAL
          Corporate Communications
          1170 Plaza America Drive, Suite 800
          Reston, VA 20190
          U.S.A.
          Phone: +1 703 964 2300
          Fax: +1 703 964 2399
          E-mail: jbronson@gategourmet.com


GRAYSTONE PAVING: Appoints Begbies Traynor Liquidator
-----------------------------------------------------
Graystone Paving Limited informs that a resolution to wind up the
company was passed at an EGM held on Sept. 14 at The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG.

Jamie Taylor of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG was appointed
liquidator.

CONTACT:  GRAYSTONE PAVING LTD.
          4 Sheldon Avenue, Clayhall
          Ilford, Essex, IG5 0UD
          Phone: 020 8550 7510
                 020 8550 2822
          E-mail: graystone.paving@lineone.net
          Web site: http://www.graystonepaving.co.uk/

          BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


HARVEY F. SMITH: In Liquidation
-------------------------------
T. F. Smith, Chairman of Harvey F. Smith (Printers) Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 7 at Novotel, Wilsons Lane, Longford, Coventry,
Warwickshire CV2 6HL.

T. Papanicola was appointed liquidator.

Harvey F. Smith offers comprehensive design and print service for
office stationery, leaflets, catalogues, brochures, posters,
banners and flyers.  Its list of clients includes British
Bakeries, Lowe Group, AAA and Aston Villa FC.  Visit
http://www.Harveyfsmith.comfor more information.

CONTACT:  HARVEY F. SMITH (PRINTERS) LTD.
          Challenge Park
          161-163 Hospital Street
          Birmingham
          B19 3XA
          West Midlands
          Phone: 0121 359 4405
          Fax: 0121 359 4406
          Contact:
          Trinters Smith, Managing Director


HOLLYWOOD DVD: Hires Administrators from Unity Corporate
--------------------------------------------------------
Matthew Colin Bowker and Suzanne Payne (IP Nos 8106 and 9225) of
mail order company Hollywood DVD Limited (Company No 1700872) on
Sept. 9.  The company's registered office is at Clive House,
Clive Street, Bolton BL1 1ET.

CONTACT:  UNITY CORPORATE RECOVERY AND INSOLVENCY
          Clive House
          Clive Street
          Bolton
          Lancashire BL1 1ET
          Phone: 01204 395000
          Fax: 01204 383999
          E-mail: matthewbowker@ubsg.co.uk


ICELITE LIMITED: Appoints DTE Leonard Curtis Administrator
----------------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617, 8620) of DTE Leonard
Curtis were appointed administrators of Icelite Limited (Company
No 02894419) on Sept. 16.  The company's registered office is at
Pendle House, Mead Way, Shuttleworth Mead, Padiham, Lancashire
BB12 7NG.

CONTACT:  ICELITE LTD.
          Unit 10a & 10b Mead Way,
          Shuttleworth Mead, Burnley,
          Lancashire BB12 7NG
          Phone: 08707 707 458
          Fax: 08707 707 459

          DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


IRVINE MARTIN: Names Administrators from Larking Gowen
------------------------------------------------------
Matthew Robert Howard and David Nigel Whitehead (IP Nos 009219
and 008334) of Larking Gowen were appointed joint administrators
of Irvine Martin (Plastics) Limited (Company No 0445860) on Sept.
12.  The company's registered office is at King Street House, 15
Upper King Street, Norwich, Norfolk NR3 1RB.

Irvine Martin manufactures and designs of industrial & decorative
thermo vacuum formed products.  Visit
http://www.irvine-martin.co.ukfor more information.

CONTACT:  IRVINE MARTIN PLASTICS
          Kenton Road
          Debenham
          Stowmarket IP14 6LA
          Suffolk
          Phone: 01728 860909
          Fax: 01728 861056

          LARKING GOWEN
          King Street House
          15 Upper King Street
          Norwich, Norfolk NR3 1RB
          Phone: 01603 624181
          Fax: 01603 667800
          E-mail: matt.howard@larking-gowen.co.uk


JESSOP PLANT: Names Poppleton & Appleby Liquidator
--------------------------------------------------
Jessop Plant Hire Limited informs that a resolution to wind up
the company was passed at an EGM held on Sept. 14 at Best Western
Forest Pines Hotel, Ermine Street, Broughton, Scunthorpe BN20
0AQ.

Robert Michael Young and Ian Michael Rose of Poppleton & Appleby,
The Old Barn, Caverswall Park, Caverswall Lane, Stoke-on-Trent
ST3 6HP were appointed Joint Liquidators.

Visit http://www.jeremyhaydn.com/websites/SiteJessop/for
information about the company.

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


METAL BULLETIN: Sells Troubled U.S. Business for US$1
-----------------------------------------------------
Metal Bulletin plc on Monday disclosed the disposal of Avalon
Research Group, Inc. and provided an update on current trading.

In the interim statement issued on 30 August the company referred
to challenging trading at our independent research provider
Avalon, which made an operating loss of GBP0.5 million in the
first half.  Since then, it negotiated with the former
shareholders, who include current senior management, of Avalon
Research about restructuring the business to reduce operating
losses and position Avalon for future growth.  Despite extensive
discussions, it has been unable to reach a satisfactory outcome
and the Board of Metal Bulletin has therefore concluded that a
complete exit from the business, which is exposed to continued
income volatility, is in the best interests of shareholders.

The former shareholders of Avalon Research had sought immediate
payment of the US$12.5 million maximum available under an earnout
arrangement.  Metal Bulletin does not recognize this demand but
does acknowledge that the relationship with Avalon management has
broken down irretrievably.  Rather than face an uncertain,
protracted and highly costly litigation process in Florida,
whilst being unable to stem trading losses at Avalon through
taking full management control, the firm negotiated an immediate
clean break settlement with the former shareholders and agreed on
Sept. 26 via a binding Letter of Intent to sell the business back
to them for US$1 (one dollar).

In addition, at closing of legal documentation on or before 31
October 2005, Metal Bulletin will make a payment of US$6 million
to settle all claims, and a further US$2 million capital
injection to cover the costs of winding up the business.  Both
payments will be made by an extension to our existing borrowing
arrangements.  The deferred payment of US$3 million scheduled to
be paid in 2011 falls away.  The carrying value of GBP5.5 million
will be written down to zero in Metal Bulletin Holdings
Corporation's (a subsidiary of Metal Bulletin plc) balance sheet.

Trading in the rest of the Group continues to be strong,
particularly subscription income within BCA and the MMM division.
The 2005 MARHedge Conference, which took place last week in
Bermuda, exceeded its budget, and bookings for autumn events
across the Group remain strong.  The Group's operating
performance in the second half has started well.

Commenting on the disposal, Tom Hempenstall, Chief Executive of
Metal Bulletin said: "Once it became clear that the Group faced
the delay and uncertainty of litigation in the Florida State
courts whilst being unable to stem losses at Avalon through
taking full management control, the board took this decisive
action which it believes to be in the best long term interests of
shareholders."

CONTACT:  METAL BULLETIN PLC
          Tom Hempenstall, Chief Executive
         Leslie-Ann Reed, Finance Director
         Phone: 020 7827 9977

         Tim Spratt/Charles Palmer
         Financial Dynamics
         Phone: 020 7831 3113


MG ROVER: Nanjing Promises Longbridge Revival in 2007
-----------------------------------------------------
MG Rover's new owner reportedly eyes restarting production at
Longbridge by 2007, creating up to 1,200 jobs in the process.

According to The Telegraph, Nanjing Automobile (Group)
Corporation, which plans to build 100,000 cars annually within
five years, will keep two of the site's final assembly production
facilities as well as the paint shop.

Nanjing vice president Wang Qiu Jing noted that the revival of
Longbridge operations could even be earlier if the development of
engines in China proved successful.  He said: "The viability of
the U.K. business is dependent upon the success of our new
operation in China because it allows us to take advantage of a
competitive global supply chain and shared new product
development."

Nanjing's plans for the plant were reportedly rooted on its
review of the market situation in the U.K. and Europe.  The
company is said to be considering manufacturing four or five new
models at the factory.

Meanwhile, Tony Woodley, general secretary of the Transport and
General Workers Union, has expressed support for Nanjing's plans,
which he considered as genuine.

MG Rover Group Limited produces automobiles under the Rover and
MG brands, together with engine maker Powertrain Ltd.  The
company has been facing huge losses in recent years, reaching
GBP64.1 million in 2004, which were blamed on reduced sales.

Previously owned by Phoenix Venture Holdings, the company
collapsed on April 8 after a tie-up with China's largest
carmaker, Shanghai Automotive Industry Corporation (SAIC), failed
to materialize.  Days later, eight European subsidiaries followed
suit.

In July 2005, Nanjing bought the assets of both MG Rover and
Powertrain Ltd. for GBP53 million.

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

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


MOWLEM PLC: Wins GBP28.5 Mln Deal to Build Sports Complex
---------------------------------------------------------
Mowlem plc has signed a GBP28.5 million contract with Doncaster
Borough Council to build the Lakeside Sports Complex, a
15,000-seat community stadium to be used for football, rugby and
athletics.

The stadium will incorporate a 500-seat mini-stand, a series of
synthetic turf pitches and track and field athletics facilities
to be used by Doncaster Rovers football club and the Doncaster
Dragons rugby team.

Work will begin on site in October 2005, with completion expected
in December 2006.

Mowlem Chief Executive, Simon Vivian, said: "We look forward to
providing Doncaster with a 21st century sports facility, which we
know will make a major contribution to the local community.
Following our recent success at Twickenham Stadium, this award
further underlines our sports infrastructure credentials in the
run up to the 2012 London Olympics."

                        About the Company

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

                           The Trouble

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

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

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


PARTNERS PROPERTY: Hires P&A Partnership Administrator
------------------------------------------------------
Brendan Ambrose Guilfoyle and Andrew Philip Wood (IP Nos 2563 and
9148) of The P&A Partnership were appointed joint administrators
of Partners Property Management Investments Limited (Company No
05174259) on Sept. 2.  It offers other property services.  The
company's registered office is at 93 Queen Street, Sheffield S1
1WF.

CONTACT:  PARTNERS PROPERTY MANAGEMENT
          25 Lowtown Pudsey
          West Yorkshire LS28 7BQ
          Phone: (0113) 255 6635
          Fax: (0113) 255 2398
          Web site: http://www.ppmleeds.co.uk

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


PAUL GASCOIGNE: PR Firm Winds up with GBP100,000 Debt
-----------------------------------------------------
Paul Gascoigne Promotions Ltd. has been placed in liquidation
with debt of around GBP100,000, said The Telegraph.

The public relations firm, which owes the Inland Revenue and a
private financial adviser, is owned by former England football
player Paul Gascoigne.  Grant Thornton has been appointed as its
liquidator.

Mr. Gascoigne, who attended the insolvency hearing Tuesday,
established the company in the late 1980s.  The company's income
mostly came from Mr. Gascoigne's commercial and promotional
endeavors, which include sponsorship deals and guest appearances.
Profit reached around GBP500,000 a year at one point.

Rob Caven, of Grant Thornton, said: "There had recently been a
significant reduction in promotional activities, resulting in
losses.  Paul, as the sole director, realized PGPL had been
unable to continue to trade.  There are no employees."

Meanwhile, Jane Morgan, Gascoigne's agent, said his financial
advisers were "on top of it all."

CONTACT:  GRANT THORNTON U.K. LLP
          95 Bothwell Street
          Glasgow G2 7JZ
          Phone: 0141 223 0000
          Fax: 0141 223 0001
          Web site: http://www.grant-thornton.co.uk


PURE AIR: Calls in Administrators from Mitchell Charlesworth
------------------------------------------------------------
Jeremy Paul Oddie and Geoffrey Michael Weisgard (IP Nos 008918
and 002781) of Mitchell Charlesworth were appointed joint
administrators of Pure Air & Health Limited on May 25.  The
company's registered office is at Mitchell Charlesworth, 6th
Floor, Brazennose House West, Brazennose Street, Manchester M2
5FE.  Pure Air was previously named Best Presentations Limited.
It was engaged in corporate presentation.

CONTACT:  BEST PRESENTATIONS LTD.
          Manchester
          Phone: 0161 736 1007

          MITCHELL CHARLESWORTH
          6th Floor
          Brazennose House West
          Brazennose Street
          Manchester
          Greater Manchester M2 5FE
          Phone: 0161 817 6100
          Fax: 0161 817 6102
          E-mails: Jeremy.Oddie@mitchellcharlesworth.co.uk
                   geoff.weisgard@mitchellcharlesworth.co.uk


RANK GROUP: 'BB+' Rating Affirmed; Outlook Negative
---------------------------------------------------
Fitch Ratings has affirmed U.K.-based Rank Group plc's ratings at
Senior Unsecured 'BB+' and Short-term 'B'.  The rating Outlook
remains Negative.  Rank's activities include gaming (Mecca Bingo,
Grosvenor Casinos and Blue Square, Hard Rock Casinos), film
processing and digital post-production services through Deluxe
Film, and the Hard Rock cafe outlets.  Hard Rock Hotels are
operated through a joint venture with Sol Melia.  Two Hard Rock
hotels and casinos are located in Seminole Indian territories in
Florida.

Olivier de Combarieu, Director within Fitch's European corporates
team, said: "Most of Rank's operations are highly mature, and the
U.K. gaming deregulation is unlikely to markedly enhance the
group's cash flow generation as it will only affect the Grosvenor
Casino activities."

Grosvenor Casino activities accounted for 14% of Rank's H105
operating profit.

Rank's end-H105 net debt increased to GBP737 million due to the
GBP51 million cash outflows from its Deluxe Film contract
advances to studios.  Unadjusted net debt-to-annualized EBITDA
(under IFRS) stood at 2.9x at H105, compared to 2.4x at YE04.
Although the increase in leverage partly reflects incremental
Deluxe Film advances, there is little assurance that cash inflows
from the amortization of those advances will be used to
materially de-leverage the group over the two next years.

Management has indicated that it may increase its payout to
shareholders over the medium term.  If this is the case, cash
inflows from maturing advances may be paid out to shareholders.
Yet Deluxe Film is also expected to provide additional advances
to renew contracts with studios from 2007 onwards, thereby
increasing its debt levels.

Rank's ability to increase leverage is constrained by covenants
such as a maximum leverage ratio included in bank financing
arrangements.  This affords these creditors some protection
should Rank exceed the ratio threshold. However, the holders of
the convertible and Yankee bonds issued by Rank do not benefit
from such protection.

Although a plan to "separate" Deluxe Film from the rest of the
group was announced in September 2004, Fitch notes that the film
processing operations may remain within Rank.  Management admits
than a de-merger followed by a listing of Deluxe Film as an
independent entity will be difficult.  It continues to look at
selling Deluxe Film to a third-party, but such a transaction is
less than ideal as contracts between Deluxe and studios include
changes of control clauses.  They have to be renegotiated,
potentially reducing the value of Deluxe.  As a result Deluxe
Film may remain within Rank providing some diversification to a
group that otherwise relies heavily on gaming and the Hard Rock
cafes.  Fitch notes that digital cinema remains a major threat
looming over Deluxe Film.

CONTACT:  FITCH RATINGS
          Olivier de Combarieu, Paris
          Phone: +33 1 44 29 91 26
          Frederic Gits
          Phone: +33 1 44 29 91 34
          Web site: http://www.fitchratings.com

          Media Relations
          Julian Dennison, London
          Phone: +44 20 7862 4080


REGAL PETROLEUM: To Pursue Plans to Develop Ukrainian Assets
------------------------------------------------------------
Responding to the volatility in Regal Petroleum plc's share price
over the last few trading days, the Board of Regal would like to
inform shareholders that it does not and never has regarded a
complete "sell out" of its 100% assets in the Ukraine to be the
right course for the Company.

The Board remains keen to pursue its original and preferred
course of carrying out the full field development and production
of its Ukraine assets for the benefit of the shareholders, the
Government and the people of Ukraine.

Although channels of communication with Peak Resources Ltd. of
Hong Kong could still be described as "open," the Board believes
these negotiations, which were foisted upon the Company after the
discovery of an unknown apparent "option," would not be in the
best interests of shareholders.

While it is public knowledge that there is an ongoing appeal
process in Ukraine the Board would like to clarify that this
legal process is not connected in any way to the Company's
license rights in Ukraine, which are not in question.

The original case was initiated by the Company surrounding the
distribution of the rights to property (wells, pipeline and pilot
production plant) which were developed in the Joint Venture (JV)
between the Company and Chernihivnaftogasgeology (CNGG) up to the
date when that JV was dissolved in June 2004.

At the Company's request, a value to be associated with those
property rights was determined by the Court and its appointed
auditor.  The Company paid the appropriate sum into Court in
August 2005.  CNGG is currently appealing that valuation.

Prior to the dissolution of the JV, the JV operated an
"Exploration & Pilot Production License" from the Government.
That license was subsequently replaced by the current
"Development & Production License," which was awarded 100% to
Regal.

Dr. Rex Gaisford, Chief Executive of Regal, said: "Ukraine
remains an exciting country in which Regal intends to develop a
long-term presence.  As the new political landscape becomes
established, the Company will seek to build a strong relationship
with the Ukraine Government based on mutual trust and
transparency.  The Company's present established position gives
it a great opportunity to seek additional licenses and joint
ventures in Ukraine and if this endeavor is successful, it will
reinforce the Company's intention to have a growing long-term
presence there.  On conclusion of the Court appeal the Board will
make a further announcement."

                        About the Company

Regal Petroleum plc is a London-based independent oil and gas
producer listed on the Alternative Investment Market of the
London Stock Exchange.  It focuses on the exploration,
development and production of oil and gas assets in Ukraine,
Greece, Romania, Egypt and Liberia.

Frank Timis, who also served as executive chairman, established
the company in 1996.  However, Mr. Timis stepped down in June as
the company's annual losses quadrupled.  For the year ending
December 31, losses of US$2.9 million a year earlier ballooned to
US$13.7 million (GBP7.55 million).

Since March, the company has lost 83% of its value, with shares
plunging significantly at the end of April when Regal raised
GBP45 million at 390 pence a share following its discovery of a
gas prospect in Romania.  It sank further when a well at its
prospect in Greece was found to be not commercially viable for
exploration.

CONTACT:  REGAL PETROLEUM PLC
          4th Floor
          11 Berkeley Street
          London, England W1J 8DS
          Phone: +44 20 7647 6622
          Fax: +44 20 7629 4297
          Web site: http://www.regalpetroleum.com


ROBERT WISEMAN: Volumes, Turnover in Line with Expectations
-----------------------------------------------------------
         Trading Report of Finance Director Billy Keane

The company's sales volumes and turnover for the six months to 1
October 2005 are in line with forecast and the company is
confident it will deliver results that are in line with current
market expectations.

The six-month period has seen us commence a significant new store
allocation with Tesco, which has boosted volumes for our existing
depots at Droitwich, Bristol and Taunton, as well as our
temporary depot at Peterborough.  This depot will, as planned, be
replaced in November by our new GBP7.5 million depot at
Northampton, which will assist efficiencies in servicing our
customer base in the South-East of England.

As previously announced, we will cease own label supplies to
Morrisons from late October.  As a result, we propose to cut back
on production volumes at our Glasgow and Aberdeen dairies.  We
have tried to minimize the number of job losses arising from
these measures through natural wastage, but unfortunately there
may be some redundancies, giving rise to a provision of GBP0.3
million in the first half-year.

Despite the loss of Morrisons, we still anticipate the full year
will be a record one for the Company in terms of volume and
turnover.  We are pleased to have secured long-term volume growth
for the business and look forward to developing our position as a
key supplier to all our major customers including Tesco,
Sainsbury's, and Somerfield.

Our strategy of investing in state-of-the-art facilities to
supply the multiple retailers has proved successful and we will
continue with this approach.  We are currently finalising a legal
agreement to purchase a site for a new South-West dairy.  Our
chosen location is near Taunton, which will enable us to transfer
our current workforce from our leased depot site in that area.
The total cost of this project is estimated to be GBP30 million,
with the dairy expected to be operational in spring 2007 with an
initial capacity of 200 million liters.

We reduced the price we paid to our direct suppliers for raw milk
from 1 September in an attempt to bring our position closer to
that of our major competitors, and guaranteed that price until
January 2006.  We will review our position again towards the end
of the year.  We note the recent report on Raw Milk Contracts by
MDC and the NFU's recent document "a Vision for the Future,"
which we are studying closely and will give our views on in due
course.

Inflation in oil related costs is a concern.  Although this was
to some degree recovered through the achievement of higher milk
selling prices in March, the recent continued rise in derv and
plastic, together with anticipated higher energy costs, has
eroded the effect of this increase.  Similarly, competition in
all sectors of the market is intense and makes recovery of these
increased costs uncertain.

We remain optimistic that with our new depot opening soon, and
plans for the new dairy well advanced, we are in excellent shape
going forward.

The Group's Interim results will be announced on Wednesday, 9
November 2005.

CONTACT:  ROBERT WISEMAN DAIRIES PLC
          Cairn Place
          Nerston Industrial Estate
          East Kilbride, G74 4NQ
          Strathclyde
          Phone: 01355 247777
          Fax: 01355 228181
          Web site: http://www.wiseman-dairies.co.uk


SPENCE CONSTRUCTION: In Administrative Receivership
---------------------------------------------------
HSBC Bank Plc appoints Michael Edward George Saville and Rob
Sadler (Office Holder Nos 7250 and 9172) of Begbies Traynor joint
administrative receivers of Spence Construction Limited
(Registered No. 01133479) on Sept. 16.  The company handles civil
construction contractors.

CONTACT:  SPENCE CONSTRUCTION LTD.
          The Justices, Kildwick,
          Keighley, West Yorkshire BD20 9AE
          Phone: 01535639639

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


TORVER SITE: Creditors Meeting Set Next Week
--------------------------------------------
Notice is hereby given that a Meeting of the unsecured Creditors
of Torver Site Services Limited will be held, pursuant to section
48(2) of the Insolvency Act 1986legx, at KPMG LLP, St Nicholas
House, Park Row, Nottingham NG1 6FQ, on 4 October 2005, at 10:30
a.m., for the purpose of receiving the report of the
Administrative Receivers, and, if thought fit, appointing a
Creditors' Committee.  A Creditor will be entitled to vote only
if a written statement of claim is submitted to me at the above
address by 12:00 noon on 3 October 2005, and if the claim is
admitted for voting purposes.  Any proxies that are intended to
be used must be submitted to me before the Meeting.  A Creditor
whose claim is wholly secured is not entitled to attend or be
represented at the Meeting.

A W Graham, Joint Administrative Receiver

CONTACT:  KPMG LLP
          St Nicholas House
          Park Row
          Nottingham
          Nottinghamshire NG1 6FQ
          Phone: 0115 935 3535
          Fax: 0115 935 3500


TURNER & NEWALL: U.S. Parent Promises GBP250 Mln to Pension Fund
----------------------------------------------------------------
Turner & Newall's parent company Federal Mogul and T&N
administrators Kroll have reached a deal in principle regarding
the funding of the firm's pension fund.  Federal Mogul agreed to
pay GBP250 million in to the T&N pension scheme with a further
GBP125 million going to the asbestos victims.  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


UNIQ PLC: U.K. Division Incurs GBP6.5 Million Loss
--------------------------------------------------
Uniq plc has released a trading update ahead of its half-year
results for the 26 weeks to 1 October 2005.

Due to a disappointing 2nd quarter in the U.K. and Northern
Europe, the Group operating profit for the 1st half will be close
to breakeven.  The outlook for the year is therefore
substantially below expectation.

Against this background, Geoff Eaton, who became Chief Executive
on 1 August, is taking firm and swift action to achieve an
increased pace of change to position the business for sustained
recovery and profitable growth in the future.

Southern Europe

Year to date sales in Convenience ("Chilled/frozen") have been
flat.  The overall chilled market growth was slower than expected
and against this backdrop the Marie brand grew its market share.
The decline in Marie frozen sales continued, although there is
early evidence that new product launches in the autumn could slow
this trend.  Margin erosion will leave Convenience profit lower
in the first half.  Restructuring of the sales force for chilled
and frozen products, together with autumn product launches,
backed by 2nd quarter media spend, will create a good momentum
going into the 2nd half.  Sales in Health ("spreads"), adjusting
for the withdrawal from the healthy yogurts market, grew by 1.7%
in a slowing market and margins have been maintained.  As
expected, sales in Spain have been adversely affected by the
fire, however, management has responded quickly to put the
Spanish business on a recovery path.

Northern Europe

In Northern Europe sales are down by 5% year to date and have
been below management expectations due to poor summer weather and
competitive activity.  While cost-saving plans have eroded some
of the impact, margin performance remains below last year.
Initiatives are in place to improve performance into the second
half including both volume gains and cost reductions.  However,
the outcome for the year is likely to be below last year.  There
is an increasing focus on sales and marketing in each market
served while maintaining the high level of activity on cost
reduction.  In the first half of 2004/5 there was a one-off
pension credit of GBP1.6 million.

U.K.

The U.K. is where the position is most challenging, where there
are the greatest opportunities for recovery, and where
significant new actions to improve future performance are being
implemented.  Although sales in the first five months were down
by just 0.3%, the division overall incurred losses of GBP6.5
million (2004: GBP1.1 million loss).  The most significant factor
s behind this deterioration were the ongoing labor, waste and
supply chain problems in desserts at Minsterley and the loss of
salad business in the prior year at Spalding.  There is
considerable activity focused on the recovery in performance at
Minsterley and some progress has been made in improving service
to customers.  However, it is a large and complex site and it is
likely to take 12 to 18 months to get to acceptable performance.
At Spalding the recovery is ahead of schedule.

The remaining U.K. businesses have, overall, performed ahead of
management expectations.

Geoff Eaton, Uniq's Chief Executive, said: "After two months in
the role I have identified significant opportunities and
initiatives for improvement in each of our divisions.  Clearly we
face a challenging trading environment, a significant program of
change and it will take time to deliver.  However, the agenda for
change is dynamic and exciting as we focus on optimizing the
value in each business we operate."

The Company will be meeting with City analysts as planned on
Friday 30 September.  Interim results for the 26 weeks to 1
October 2005 are due to be published on 14 November 2005.

Except where specifically stated, figures are for the 21 weeks to
27 August 2005.

CONTACT:  UNIQ PLC
          1 Chalfont Park
          Gerrards Cross
          Buckinghamshire SL9 0UN
          Phone: +44-1753-276-000
          Fax: +44-1753-276-071
          Web site: http://www.uniq.com


WM MORRISON: Safeway Disposes of 30 Sites to Tesco
--------------------------------------------------
Wm Morrison Supermarkets plc has confirmed that its subsidiary
Safeway Stores Limited had exchanged contracts with Tesco Stores
Limited to sell the 30 forecourt sites that were inherited
following the dissolution of the BP and Safeway partnership.

The sale of 12 of the sites was subject to a pre-emption right in
favor of BP Oil U.K. Limited who could acquire them on the same
terms and conditions as agreed with Tesco.

BP has triggered its pre-emption rights in respect of 9 of the
sites.  BP intends to retain 4 of the sites with the other 5
sites to be transferred to BP's nominee, Somerfield Stores
Limited.  The remaining 3 sites will transfer to Tesco, subject
to the approval of the Office of Fair Trading.

The 4 sites that will transfer to BP are in Guildford Merrow
Epsom Road, Harlow Southern Way, Hitchin Oakfield, and
Southampton Sholing.

The 5 sites that will transfer to Somerfield are in Wolverhampton
Bilston, Worthing Durrington, Wolverhampton Fallings Park,
Bournemouth Westway, and Birmingham Harborne High Street

The 21 sites that will transfer to Tesco, subject to OFT
approval, are in Blackpool Whitegate Drive, Bolton Wigan Road,
Bristol Winterbourne High Street, Cardiff Whitchurch, Chippenham
Hungerdown Lane, Eastleigh Twyford Road, Exmouth Churchill Road,
Gloucester Eastern Avenue, Kings Lynn Wooton Road, Middlesbrough
Acklam Road, Middlesbrough Marton Stokesley, Newcastle UT Kenton,
Norwich Earlham Road, Nottingham Nuthall Road, Plymouth Compton
Eggbuckland Road, Rothwell Leeds Road, Sale Manor Avenue, St
Helens Windle, Walsall Willenhall Pool Hayes, Warrington Winwick
Road, and West Bromwich Stone Cross

All staff will transfer to the relevant purchaser on completion.

The value of the gross assets attributable to the 4 sites to be
transferred to BP was GBP7.6 million at 30 January 2005.

The value of the gross assets attributable to the 5 sites to be
transferred to Somerfield was GBP8.6 million at 30 January 2005.

The value of the gross assets attributable to the 21 sites to be
transferred to Tesco was GBP39.1 million at 30 January 2005.

                        About the Company

Founded in 1899 by William Morrison, the company has grown from a
single egg and butter stall in Bradford market to become the U.K.
's fourth largest, and rapidly growing supermarket chain.  With
over 150,000 people working in stores, factories, distribution
centers and its head office, the company serves more than 10
million customers weekly.

In May, Wm Morrison stated clearly that it was not in a position
to provide reliable guidance on the level of profitability for
the year as a whole.  Since that time, the market has produced a
wide range of profit estimates for the year 2005/6.  While
detailed forecasting work was underway, the Board believed the
guidance for profit before tax, exceptionals and goodwill for the
current year will fall within the range GBP50 million to GBP150
million.

The Board reiterated that in 2006/7 there remains every
indication that financial performance will improve significantly
following completion of the conversion process and as the
benefits of the actions taken to normalize the cost structure of
the business are reflected in improving margins.

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


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