TCREUR_Public/050930.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 30, 2005, Vol. 6, No. 194

                            Headlines

C Z E C H   R E P U B L I C

UNION BANKA: Lawsuit Threatens to Hold up Bankruptcy Proceedings


F R A N C E

EUROTUNNEL SA: Delays Conversion of Advances, Notes
LIBERATION SA: Issues Profit Warning


G E R M A N Y

AAP IMPLANTATE: Raises EUR1.46 Million from Rights Issue
ANCA HANDELSGESELLSCHAFT: Court Names White & Case Administrator
CARLORDS EUROPEAN: Dresden Court Calls in Administrator from HWW
DAIMLERCHRYSLER AG: Job cuts to Cost EUR1 Billion
DENEG GMBH: Proofs of Claim Due Later this Month

DILGE ELEKTRONIK: Bielefeld Company Goes Bust
GITTEL GMBH: Creditors Meeting Set Thursday
GRUNA UND LANGER: Under Bankruptcy Administration
ID MEDIEN: Bremen Court to Verify Claims November
JHV GMBH: Creditors' Claims Due Next Week

KARSTADTQUELLE AG: Appoints New Management Board Member
MAXDATA AG: Operating Profit last year Turning out to be a Fluke
PFLEIDERER AG: Acquisition of Kunz Engineered Wood Biz Delayed
PRIES UND PARTNER: Court to Verify Claims February
SEAG ENGINEERING: Claims Filing Period Ends November 2


I R E L A N D

EUROFOOD IFSC: Jurisdictional Issue Remains Unresolved


I T A L Y

TISCALI SPA: Plans to Reduce Second-half Cash Burn


M A L T A

FIMBANK: Fitch Affirms Short-term 'B' Rating; Outlook Stable


N E T H E R L A N D S

ROYAL SHELL: Buyback Program Resumes this Month


P O L A N D

BANK BPH: Moody's Upgrades Financial Strength to 'C-'


R U S S I A

AIRPORT-SERVICE: Claims Filing Period Ends October 20
AMURSKIY: Declared Insolvent
BOGORODITSKOYE: Bankruptcy Hearing Set November
EAST ROAD: Amur Court Opens Bankruptcy Proceedings
KALININSKOYE: Undergoes Bankruptcy Supervision Procedure

OAO SIBNEFT: Moody's Reviews Ba2, Ba3 Ratings
RYLSK-MEAT: Hires A. Grezin Insolvency Manager
SOSNOVSKAYA MOVABLE: Succumbs to Bankruptcy
TOMSK-OIL-GAS-SERVICE: Bankruptcy Supervision Procedure Begins
TRANS-SIB-OIL: Court Brings in Insolvency Manager

VOROBYEVSKOYE: Creditors Have Until October 20 to File Claims
YUKOS OIL: Yuganskneftegaz Case Gains Footing
YUKOS OIL: Moscow Court Sides with Banks on US$475 Mln Loan


S W I T Z E R L A N D

CONVERIUM AG: Sees no Material Effect from Hurricane Katrina


U N I T E D   K I N G D O M

ALPHA COOKERS: Hires Administrator from Hurst Morrison
CDG (REALISATIONS): Calls in Ernst & Young Administrator
CHADWICK PROPERTY: Hires Arkin & Co. to Wind up Business
CHARACTER GROUP: Chief Executive Officer Resigns
COMPASS GROUP: CEO Steps down After 40 Years

EASTERN LGV: Hires P&A Partnership Liquidator
ELIZA TINSLEY: New Acquisition Drives up Turnover by 18%
EQUITABLE LIFE: Mulls Settlement with Former Directors
EVERON ENGINEERING: Creditors Meeting Set Next Week
FIRST CALL: Falls into Liquidation

FLOE TELECOM: Hearing on OFCOM's Appeal Set December 1
HAMILTON LITHO: Hires Liquidator from E W Sheppard & Co.
HYBRAND LIMITED: Appoints MBI Equity Liquidator
JAEBAN (U.K.): US$4 Mln Claim Against BRAC Remains Unpaid
JIPE UK: Hires Liquidators from BRI Business Recovery

MEPC LTD.: Secures 7-year GBP370 Million Credit Facility
MORADA INTERNATIONAL: In Administrative Receivership
MOWLEM PLC: First-half Result in Red
ONSLOW DITCHLING: Administrators from Deloitte & Touche Move in
PROFILE MEDIA: Seeks Shareholders' Help in Solving Crisis

Q.P.C. HOMES: Creditors Meeting Set Next Week
REDTEN COMPUTERS: Hires Administrators from PKF
REGAL PETROLEUM: Half-year Losses Reach US$21.7 Million
ROADEYE LIMITED: Appoints Liquidator from P&A Partnership
S B CLOTHING: Files for Liquidation

SEMTECH COMPONENTS: Calls in Liquidator
SHARP BROS.: Kroll Administrators Enter Company
SHIPMANS ELECTRICAL: Creditors Meeting Set Next Week
SKYEPHARMA PLC: Plans to Raise GBP35 Million via Rights Issue
SLEEP CITY: Furniture Retailer Winds up

STRATFORD PARK: Names Begbies Traynor Liquidator
TECTONICS BRISTOL: Administrators Take over Firm
TRILOGY LIMITED: Management Consultancy Firm Liquidates
ULTIMATE RESPONSE: Marketing Services Provider Winds up
UK ACCESS: Appoints Administrators from Tenon Recovery
VIDEO LINK: Calls in Liquidator


                            *********


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


UNION BANKA: Lawsuit Threatens to Hold up Bankruptcy Proceedings
----------------------------------------------------------------
The bankruptcy proceedings of Union Banka (UB) may drag for years
after a company challenged the auction conducted by the previous
receiver.

UB receiver Lukas Raida identified the company as G.E.N., which
has filed a petition questioning the sale of 24 immovable
properties to Aspana Holding.  The sale was done via public
tender by Michaela Huserova, the former receiver who was sacked
for selling properties not on UB's list of bankruptcy assets.

The bank has been divesting assets to repay around CZK15 billion
in claims.  The bank has already released CZK3.02 billion (EUR107
million) as partial payment.  Creditors, numbering 74,946, are
expected to recover only 35% of their money.

Union Banka's trouble started when it took over struggling
financial houses in the mid-1990s.  Forced to close branches in
February 2003 by a cash crunch, it declared bankruptcy shortly
after.  It is part of the North Moravian financial group, Union
Group, and controlled by Italian financier Invesmart.  At the
time of its collapse, the bank had 130,000 clients and its
liquidation value was estimated at between CZK8 billion and CZK11
billion.

CONTACT:  UNION BANKA a.s.
          Ul. 30 Dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          E-mail: union@union.cz
          Web site: http://www.union.cz


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


EUROTUNNEL SA: Delays Conversion of Advances, Notes
---------------------------------------------------
The Joint Board of Eurotunnel plc, at its meeting on 28 September
2005, decided not to use the option, which is available under the
1998 restructuring agreement, to convert the Stabilization
Advances and Notes into shares before 31 December 2005.

The joint Board considered that, having regard to the current
status of the negotiations, it would not be in the Group's best
interests to proceed with this conversion in the present
circumstances.  The Joint Board considered that it is in the
Group's interests for these Stabilization Advances and Notes,
which represent approximately 9% of the debt, to be included in
the overall debt renegotiations.  However, in order to keep all
options open within the framework of the negotiations, the Board
has mandated its Chairman to propose to creditors an extension to
the deadline for conversion.

The Group also indicated that under current operating conditions
it would be able to pay the total interest on the Stabilization
Advances and Notes in 2006.

Based on the GBP526 million Stabilization Advances and Notes that
were outstanding on 30 June 2005 and the current Credit
Agreements, an additional financial charge of approximately GBP24
million a year would be incurred by the Group from 1 January 2006
on the basis of current interest rates in the event that the
Stabilization Advances and Notes are not converted into Units.

                        About the Company

Eurotunnel is quoted on the London, Paris and Brussels Stock
Exchanges.  Trading in the U.K. as Eurotunnel plc and in France
as Eurotunnel S.A., the Eurotunnel Group has been transporting
people and goods through the Channel Tunnel between the U.K. and
France since 1994.  The British and French governments have
granted Eurotunnel a concession to operate the Channel Tunnel
until 2086.  Eurotunnel's operating revenue in 2004 was GBP538
million.  It employs 3,205 people split between the U.K. (1,278)
and France (1,927).

Operations at the Channel Tunnel fell into turmoil when costs to
build the tunnels that connect U.K. and France started to overrun
before it opened in 1994.  Worsening the problem is an
over-optimistic traffic forecasts that crashed when tourist
traffic fell following the Iraq war.  Eurotunnel is currently
struggling with a GBP6.4 billion debt that has accrued interest
of GBP298 million in 2004.  It said in April it has presented
initial reflections on debt restructuring to the Ad Hoc Committee
that represents the majority of Eurotunnel's junior creditors.
Negotiations are ongoing.

In July 2004 auditor KPMG Audit Plc said the company faces
uncertainty over its going concern assumption after 2005.  The
firm's survival is dependent upon the Group's ability to put in
place a refinancing plan or, if not, to obtain an agreement with
the Lenders under the existing Credit Agreement within the next
two years.  In January Fitch mentioned that the real crunch for
the company looms by 2007 when junior debt amortizations become
burdensome.

The Committee representing holders of a majority of Eurotunnel's
co-financier debt comprises the European Investment Bank,
Franklin Mutual Advisers LLC, MBIA and Oaktree Capital
Management.

In May 2004, Eurotunnel appointed Lazard (global coordinator) and
Lehman Brothers as bank advisors.  Dresdner Kleinwort Wasserstein
remained its restructuring adviser.

CONTACT:  EUROTUNNEL S.A.
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk

          Press Office
          Phone: + 44 (0) 1303 288728
                 or + 44 (0) 1303 288737
          E-mail: press.uk@eurotunnel.com

          Investor Inquiries
          Xavier Clement
          Phone: + 331 55 27 36 27
          E-mail: xavier.clement@eurotunnel.com


LIBERATION SA: Issues Profit Warning
------------------------------------
Daily newspaper Liberation expects a larger deficit this year,
according to Les Echos.

The paper, which previously forecasted EUR2 million in operating
loss, now projects between EUR6 million and EUR7 million, the
same amount it also expects for 2006.  The paper said a huge drop
in advertising revenue is the main reason for the loss.

The paper plans to address the problem by increasing Internet ad
sales and launching a weekend edition next year.  Director Serge
July also announced a reorganization of the editorial department
beginning November.  He said journalists in the future will also
have to work on the paper's Web site to cut cost.

Although the paper did not mention any redundancies at the
general meeting last week, employees fear as much 50 of them may
lose their jobs.

CONTACT:  LIBERATION S.A.
          11, Rue Beranger
          75154 Paris Cedex 03
          Phone: 01 42 76 17 89
          Fax: 01 42 72 94 93
          Telex: 217 656 F
          Web site: http://www.liberation.fr


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


AAP IMPLANTATE: Raises EUR1.46 Million from Rights Issue
--------------------------------------------------------
Aap Implantate AG successfully completed a capital increase with
subscription rights.  The capital increase was placed in full by
an issue of 1,460,857 registered shares.  The shares that were
not taken up as rights were strongly oversubscribed.

Subject to the recording of the capital increase in the companies
' register of Charlottenburg district court, Berlin, the company'
s capital stock will increase by EUR1,460,857 from the present
EUR15,058,300 to EUR16,519,157, divided into the same number of
registered shares.  The new shares are likely to be included in
the existing Frankfurt stock exchange listing from the beginning
of October 2005.

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

Aap Implantate AG is a German medical technology company
specialized in healing bone fractures, joint replacement, bone
cements and biomaterials segments.

                            *   *   *

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

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

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


ANCA HANDELSGESELLSCHAFT: Court Names White & Case Administrator
----------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against ANCA Handelsgesellschaft mbH on August 31.  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 Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2005, 11:00 a.m. at the district
court of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, 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:  ANCA HANDELSGESELLSCHAFT mbH
          Walter-Vetter-Strasse 2 in 02708 Lobau

          Bettina Schmudde, Administrator
          White & Case Insolvenz GbR
          Konigstrasse 1, 01097 Dresden
          Web site: http://www.whitecaseinso.de


CARLORDS EUROPEAN: Dresden Court Calls in Administrator from HWW
----------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against carlords European rent a Service GmbH i.L. on September
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until October 6,
2005 to register their claims with court-appointed provisional
administrator Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 10:00 a.m. at the district
court of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, 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:  CARLORDS EUROPEAN RENT A SERVICE GmbH i.L.
          Gewerbepark Niedergurig, Haus 14, in 02694 Malschwitz

          Ulrich Kraft, Administrator
          HWW Wienberg Wilhelm
          Wasastrasse 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


DAIMLERCHRYSLER AG: Job cuts to Cost EUR1 Billion
-------------------------------------------------
DaimlerChrysler AG will spend almost EUR1 billion to axe 8,500
jobs at its Mercedes division in Germany, said The Financial
Times.

The job reductions, which will be carried out in 12 months, will
affect about 9% of Mercedes' 94,000-strong German workforce.  It
is one of the first steps new Mercedes head Dieter Zetsche plans
to take and is believed to be part of DaimlerChrysler's plan to
improve the division's profitability.

The Canadian Press, in another report, revealed the cuts will be
implemented through voluntary termination agreements.  The
charges, which will be booked in DaimlerChrysler's fourth quarter
results, are not expected to influence the company's goals that
include beating last year's operating profit of EUR5.8 billion.

Mercedes has been described as a "tarnished" brand in the wake of
slipups in design and engineering, which resulted to car recalls.
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


DENEG GMBH: Proofs of Claim Due Later this Month
------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against deneg 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 Detlef-Helmut
Stuermann.

Creditors and other interested parties are encouraged to attend
the meeting on September 22, 2005, 2:00 p.m. at the district
court of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr.
25-31, 28195 Bremen, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
November 10, 2005, 9:15 a.m. at the same venue.

CONTACT:  DENEG GmbH
          Kurfuerstenallee 130, 28211 Bremen
          Contact:
          Burkhard Klaus Bleilevens, Manager
          Ernst-Kohlrautz-Str. 26, 30827 Garbsen

          Detlef-Helmut Stuermann, Administrator
          Domshof 18-20, 28195 Bremen
          Phone: 0421/3686-0
          Fax: 0421/3686-100


DILGE ELEKTRONIK: Bielefeld Company Goes Bust
---------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Dilge Elektronik GmbH on September 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 1, 2005 to register their
claims with court-appointed provisional administrator Hans-Achim
Ernst.

Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2005, 9:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  DILGE ELEKTRONIK GmbH
          Lachtropweg 4, 32130 Enger
          Contact:
          Michael Dilge, Manager

          Hans-Achim Ernst, Administrator
          Bunsenstr. 3, 32052 Herford


GITTEL GMBH: Creditors Meeting Set Thursday
-------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against Gittel GmbH on September 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 8, 2005 to register their claims
with court-appointed provisional administrator Frank-Michael
Rhode.

Creditors and other interested parties are encouraged to attend
the meeting on October 6, 2005, 9:05 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
December 1, 2005, 9:00 a.m. at the same venue.

CONTACT:  GITTEL GmbH
          Leerkampe 1, 28259 Bremen
          Contact:
          Ralf Hermann Alfred Koster, Manager
          Rehsprung 16, 28355 Bremen

          Frank-Michael Rhode, Administrator
          Graf-Moltke-Str. 62, 28211 Bremen
          Phone: 0421/3485212/213
          Fax: 0421/341078


GRUNA UND LANGER: Under Bankruptcy Administration
-------------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Gruna und Langer Graphischer Betrieb GmbH on September 7.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 7, 2005
to register their claims with court-appointed provisional
administrator Ursula Hedwig Maria Langer.

Creditors and other interested parties are encouraged to attend
the meeting on November 11, 2005, 9:25 a.m. at the district court
of Bonn, Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22, 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:  GRUNA UND LANGER GRAPHISCHER BETRIEB GmbH
          Siemensstrasse 10, 53121 Bonn
          Contact:
          Ursula Hedwig Maria Langer, Manager
          Bornheimer Strasse 69, 53111 Bonn

          Dr. Andreas Schulte-Beckhausen, Administrator
          Oxfordstr. 2, 53111 Bonn
          Phone: 0228 / 98 52 10
          Fax: 0228 / 98 52 122


ID MEDIEN: Bremen Court to Verify Claims November
-------------------------------------------------
The district court of Bremen opened bankruptcy proceedings
against id Medien und Druck GmbH on September 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 25, 2005 to
register their claims with court-appointed provisional
administrator Dr. Karl Gobel.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 10:00 a.m. at the district court
of Bremen, Saal 115, Gerichtshaus (Neubau), Ostertorstr. 25-31,
28195 Bremen, 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
November 17, 2005, 11:15 a.m. at the same venue.

CONTACT:  ID MEDIEN UND DRUCK GmbH
          Bayernstrasse 151, 28219 Bremen
          Contact:
          Manfred Meyer, Manager
          Langenfeld 33A, 28779 Bremen

          Dr. Karl Gobel, Administrator
          Wachtstr. 17, 28195 Bremen
          Phone: 0421/366060
          Fax: 0421/3660630


JHV GMBH: Creditors' Claims Due Next Week
-----------------------------------------
The district court of Aachen opened bankruptcy proceedings
against JHV GmbH on September 8.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 14, 2005 to register their claims
with court-appointed provisional administrator Caroline Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on October 31, 2005, 8:40 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  JHV GmbH
          Roermonder Strasse 24, 52353 Dueren
          Contact:
          Jakob Heister, Manager

          Caroline Schmitz, Administrator
          Waisenhausstr. 3, 52349 Dueren
          Phone: 02421/20908-0
          Fax: 02421/20908-18


KARSTADTQUELLE AG: Appoints New Management Board Member
-------------------------------------------------------
Marc Oliver Sommer (43), a member of the Management Board of
DirectGroup Bertelsmann, Managing Director of the France Loisirs
Group (Paris) and Club Bertelsmann (Berlin/Rheda), is to become a
new member of the Management Board at KarstadtQuelle AG.

He will be taking over the management of company's mail order
business as of January 1, 2006.  Until then, Harald Pinger,
member of the Management Board responsible for Finance, will
continue to be in charge of this area.

"In Marc Sommer, the Company has gained a manager with
international experience in mail order and expertise in
e-commerce, who is also a proven restructuring specialist.  I
particularly value his hands-on approach and his ability to
motivate and get the very best from employees," said Chairman of
the Management Board Thomas Middelhoff.

"I would like to take this opportunity to thank Harald Pinger for
his contribution to the fundamental restructuring and realignment
of the mail order business which has started in the past weeks."

From 1988-1992, Sommer studied economics at the Institut d'Etudes
Politiques in Paris, where he specialized in marketing and
finance. He then worked for BMG International in Munich and New
York.  In 1995, he became marketing manager and a member of the
Management Board of Bertelsmann Club in Rheda, before being
appointed Managing Director of the France Loisirs Group in Paris
in 1998.  In 2000, he joined the Management Board of DirectGroup
Bertelsmann, where he was responsible for the Club's operations
in Southern and Western Europe (Belgium, Netherlands, France,
Spain, Portugal, Switzerland, Austria), and in Canada. In 2005,
he was also appointed Managing Director of Club Bertelsmann,
Rheda-Wiedenbrueck.

KarstadtQuelle AG's mail order business covers the complete
spectrum of universal and special mail order in Europe through
its two core brands of Quelle and Neckermann.  The Group includes
around 130 operating companies in 25 European countries.  With a
market share of more than 30 percent, the Company is market
leader in Germany.  In the 2004 financial year, the share of
foreign mail order sales increased to 26.5 percent.

In the face of increasing online demand, the mail order company's
Internet-based shops have been particularly successful,
generating order volumes of EUR2 billion, a figure four times as
high as in 2000.  An extensive restructuring program designed to
restructure universal mail order operations in Germany began in
May 2005.  The main aims of the program are to raise the profile
of the Quelle and Neckermann brands, change the structure of the
catalogues and establish strategic partnerships in special mail
order.

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

          Media Contact
          Corporate Communications
          Joerg Howe
          Phone: + 49 (0)201/727-25 38
          E-mail: joerg.howe@karstadtquelle.com


MAXDATA AG: Operating Profit last year Turning out to be a Fluke
----------------------------------------------------------------
PC manufacturer Maxdata will end the year in the red despite a
third-quarter rally, Borsen Zeitung says.

Maxdata, whose operating result returned to black last year,
forecasts a single-digit loss at the end of the year.  It blames
the drop in average PC prices for its failure to achieve its
earlier EBIT target of EUR5 million.  It still maintains its
EUR700 million turnover forecast for the year, 6% higher than
last year.

CONTACT:  MAXDATA AG
          Elbestrasse 12-16
          45768 Marl, Germany
          Phone: +49 (0) 2365 952-2122
          Fax: +49 (0) 2365 952-2125
          E-mail: ir@maxdata.com
          Web site: http://www.maxdata.com


PFLEIDERER AG: Acquisition of Kunz Engineered Wood Biz Delayed
--------------------------------------------------------------
Pfleiderer AG signed an agreement to acquire major parts of the
Kunz Group, Unterensingen.  The contract has not yet been
finalized, as not all the necessary conditions precedents have
been met so far.  While Pfleiderer AG still wishes to finalize
the agreement promptly, it sees the need for an adjustment of the
agreement due to the economic position of the panel activities of
the North American Kunz Group companies, which has since
deteriorated, and the resulting restructuring.  The board of
management of Pfleiderer AG is currently holding talks with the
Kunz Group in this regard.

                            *   *   *

As reported by TCR-Europe in July, Fitch Ratings affirmed
Germany-based Pfleiderer AG's (ISIN DE0006764749) Senior
Unsecured 'BB' rating and removed it from Rating Watch Negative
(RWN).  A Stable Outlook has been assigned.  The Short-term 'B'
rating is also affirmed.

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

CONTACT:  PFLEIDERER AG
          Ingolstadter Strasse 51
          93218 Neumarkt
          Deutschland

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


PRIES UND PARTNER: Court to Verify Claims February
--------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Pries und Partner Immobiliengesellschaft mbH
on September 5.  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. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on October 20, 2005, 10:30 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, 10:10 a.m. at the same venue.

CONTACT:  PRIES UND PARTNER IMMOBILIENGESELLSCHAFT mbH
          Kurfuerstendamm 16,10719 Berlin

          Dr. Petra Hilgers, Administrator
          Goethestr. 85, 10623 Berlin


SEAG ENGINEERING: Claims Filing Period Ends November 2
------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against SEAG Engineering AG on September 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 2, 2005 to register their
claims with court-appointed provisional administrator Dr. Martin
Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting on December 13, 2005, 9:00 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, II. Etage, Zimmer 21, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  SEAG ENGINEERING AG
          Lohergraben 26, 52064 Aachen
          Contact:
          Peter Groberg, Manager
          Teichstr. 51, 99086 Erfurt
          Christian Schneider, Manager

          Dr. Martin Dreschers, Administrator
          Juelicher Strasse 116, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


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


EUROFOOD IFSC: Jurisdictional Issue Remains Unresolved
------------------------------------------------------
A senior adviser to the European Union's highest court is against
the transfer of the hearing on a petition to wind up the Irish
arm of Parmalat Finanziaria to Italy.  Parmalat wants to bring
the case to Italy.  But Advocate General Francis Jacobs said that
could not be because Eurofood IFSC's main activities are in
Ireland, making the Irish court the proper authority to decide
over the case.

According to Associated Press, Mr. Jacob's opinion is not
binding, but final rulings follow the advocate general's
recommendations in about 80% of cases.

Bank of America, which is being sued for US$10 billion in damages
by Parmalat, requested the liquidation of Eurofood in January
2004, saying the unit owes it US$3.5 million.

In 1998 Eurofood issued US$180 million worth of securities in
private placements.  The instruments were later used as
collateral for a loan from Bank of America to fund Parmalat's
subsidiaries in Brazil and Venezuela.  A report from Dow Jones
says Parma investigators plan to ask Irish judges to share
documents crucial to Parmalat's lawsuit against BofA.

Parmalat went into administration after the discovery of a
non-existent EUR3.95 billion (US$4.75 billion) account it claims
it had in BofA.  It subsequently defaulted on more than EUR14
billion in bonds.

CONTACT:  EUROFOOD IFSC
          Via Privata Tacito, 12
          20094 Corsico (Mi)
          Phone: 02-44.876
          Fax: 02-44.91.007


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


TISCALI SPA: Plans to Reduce Second-half Cash Burn
--------------------------------------------------
Tiscali S.p.A. is looking at expenses of EUR100 million for the
full year, said AFX.

This would mean a decrease in cash burn in the second half, as
the company has spent EUR65 million so far.  The figure involves
EUR45 million in the first quarter, which fell more than half to
EUR20 million in the second.

Chief Financial Officer Massimo Cristofori has noted the
continued growth in the group's sale of broadband ADSL services.
He also stressed that Tiscali is positive about its fourth
quarter performance.

Tiscali's disposal program is almost finished with only its
Spanish venture left for sale.  The company has already opened
its doors for possible buyers.

                        About the Company

Headquartered in Cagliari, Italy, Internet provider Tiscali
counts more than 7 million subscribers, of which more than 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.

As of March 31, the group had financial resources of EUR180.2
million, and net debt of EUR381.7 million.  Pre-tax loss in the
first-quarter is EUR17.9 million.  Its senior unsecured debt is
rated 'CCC+' by Fitch.  Its short-term rating is at 'B'.

Tiscali Finance S.A.'s EUR250 million guaranteed floating-rate
notes due in July 2005 and its EUR209.5 million guaranteed
equity-linked bonds due in September 2006 are rated 'CCC+'.

CONTACT:  TISCALI S.p.A.
          Sa Illetta
          09122 Cagliari
          Phone: +39 02 309011
          E-mail: ir@tiscali.com
          Web site: http://www.tiscali.com


=========
M A L T A
=========


FIMBANK: Fitch Affirms Short-term 'B' Rating; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Malta-based Fimbank's (FIM) at Long
term 'BB', Short-term 'B', Individual 'D' and Support '5'.  The
Long-term Outlook is Stable.

FIM's Long-term, Short-term and Individual ratings reflect the
bank's good management, focus on its core trade finance business,
adequate asset quality and comfortable capital ratios.  They also
take into account its small size as well as its exposure to
operational and credit risk in emerging markets.

FIM benefits from a very clear strategy backed up by the
expertise of its personnel.  To diversify risks, in 2003 FIM
entered the forfaiting business through the acquisition of the
London Forfaiting Company (LFC) and, later in 2004, in
international factoring through joint ventures with local
operators in emerging markets and with the International Finance
Corporation (IFC), a member of the World Bank Group.

After a 2004 affected by LFC's restructuring costs, the bank
reported encouraging H105 results, with LFC now completely
restructured and back to generating profits.  Both net commission
and net trading income from its forfaiting business posted
healthy growth rates in H105, and Fitch expects full-year results
to confirm this growth.  Although decreasing as a proportion of
revenues, costs at FIM are still high, reflecting the heavy
investments made in personnel and systems to provide the bank
with the necessary structure to manage both risks and increasing
volumes.  FIM should be in a good position to improve its
profitability and increase returns.

Fitch notes that the most important risk to which FIM is exposed
is credit and operational risk, which is quite high in relation
to the bank's limited equity base.  The strengthening of controls
and procedures and the introduction of a legal department should
partially mitigate the bank's operational risk.  FIM's asset
quality appears adequate.  Impaired loans are 87% covered by
specific and general reserves.

At end-June 2005 FIM had a Tier 1 ratio of 23.2% and a total
capital ratio of 23.3%.  Aware that its growth strategy needs
additional resources, the bank is planning to increase its
capital base, which is expected to reach US$100 million by
end-2007.  In July 2005 FIM issued a US$10 million subordinated
convertible loan, fully subscribed by the IFC in support of its
strategy, which accounts for Tier 2 capital under Maltese
regulations.

CONTACT:  FITCH RATINGS
          Francesca Vasciminno, Milan
          Phone: +39 02 87 90 87 225
          Paolo Fioretti
          Phone: +39 02 87 90 87 202
          Web site: http://www.fitchratings.com

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


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


ROYAL SHELL: Buyback Program Resumes this Month
-----------------------------------------------
Royal Dutch Shell plc will commence an irrevocable,
non-discretionary program to purchase `A' Shares, for
cancellation, during its third quarter results close period,
which starts on 1 October 2005 and ends on 27 October 2005.

Any purchases will be effected within certain pre-set parameters
and in accordance with the Company's general authority to
repurchase shares and Chapter 12 of the U.K. Listing Rules.  The
maximum price paid per share will be limited to 5% above the
average market value of the Company's equity shares for the 5
business days prior to the day the purchase is made.

On 27 September 2005, the company purchased for cancellation
800,000 'A' Shares at a price of EUR27.23 per share.  It further
purchased for cancellation 400,000 'A' Shares at a price of
1,849.94 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,020,865,000.  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


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


BANK BPH: Moody's Upgrades Financial Strength to 'C-'
-----------------------------------------------------
Moody's upgraded to C- with a stable outlook from D+ with a
positive outlook the financial strength rating (FSR) of Polish
Bank BPH S.A.   Bank BPH's A3/P-2 deposit ratings, currently on
review for possible upgrade, remain on review.

Bank BPH is 71.21% directly owned by Bank Austria Creditanstalt
(rated A2 on review for possible upgrade / P-1 / B- on review for
possible downgrade) and is ultimately 71.24% owned by the HVB
Group (rated A3 on review for possible upgrade / P-1 / D+
negative outlook).  Bank BPH's deposit ratings were placed on
review for possible upgrade following the announced take-over bid
by UniCredito Italiano (rated Aa2 on review for possible
downgrade / P-1 / B+ on review for possible downgrade) of HVB.

Moody's said that the upgrade of Bank BPH's FSR to C- with a
stable outlook from D+ with a positive outlook reflects the
Polish bank's improving financial fundamentals on a stand-alone
basis as well as its strengthening retail franchise.  The rating
agency commented that Bank BPH's risk-weighted recurring earnings
power and efficiency indicators have continued to improve over
the last 12 months and that the bank's capital base remains
strong.

While highlighting the Polish bank's improving revenue generation
and overall risk profile, thanks largely to its continued retail
and mortgage lending expansion, Moody's remarked, however, that
Bank BPH was growing at a more aggressive pace than the market,
notably in foreign currency mortgage loans, and that its revenue
mix exhibited a greater reliance than most peers on more volatile
trading income.  Moody's also remarked that there was scope for
Bank BPH to reduce its still high level of non-performing loans.

Going forward, Moody's stated that any improvement in Bank BPH's
FSR on a stand-alone basis would be predicated by the continued
successful realization of its most recent strategic plan, by
continued evidence of its control of operating costs and risks,
and by further improvements in the bank's underlying asset
quality.

Headquartered in Cracow, Bank BPH capital group's 2004
consolidated (PAS) pre-tax profit rose by 68.9% to a record PLN1
billion (EUR226 million) while total assets rose by 11.3% to
PLN53.9 billion (EUR13.2 billion).  At H1-05, the group's
consolidated IFRS pre-tax profit rose by 17.5% vs. H1-04 to
PLN455 million (EUR112.8 million) and its total assets were up by
25% to PLN59 billion (EUR14.6 billion).

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (London)
          Lynn Exton, Senior Vice President
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Patricia Dambrine
          VP - Senior Credit Officer
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


AIRPORT-SERVICE: Claims Filing Period Ends October 20
-----------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Airport-Service after finding the state
unitary enterprise insolvent.  The case is docketed as
A33-5466/2005.  Mr. A. Stepanov has been appointed insolvency
manager.  Creditors have until October 20, 2005 to submit their
proofs of claim to 660077, Russia, Krasnoyarsk-77, Post User Box
27290.

CONTACT:  AIRPORT-SERVICE
          660022, Russia, Krasnoyarsk region,
          Aerovokzalnaya Str. 19, Office 302

          Mr. A. Stepanov
          Insolvency Manager
          660077, Russia, Krasnoyarsk-77,
          Post User Box 27290


AMURSKIY: Declared Insolvent
----------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Amurskiy after finding the building complex
insolvent.  The case is docketed as A04-5520/05-10/29 "b".  Mr.
V. Dmitrov has been appointed insolvency manager.

Creditors may submit their proofs of claim to 676450, Russia,
Amur region, Svobodnyj, 50 Let Oktyabrya Str. 33, Section 308,
Room 2.  A hearing will take place on February 6, 2006, 8:30 a.m.

CONTACT:  AMURSKIY
          Russia, Amur region,
          Blagoveshensk, Vaselenko Str. 5

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


BOGORODITSKOYE: Bankruptcy Hearing Set November
-----------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company Bogoroditskoye.
The case is docketed as A53-15213/2005-S2-33.  Mr. V. Lobanov has
been appointed temporary insolvency manager.  A hearing will take
place on November 15, 2005, 11:00 a.m. at the Arbitration Court
of Rostov region at Russia, Rostov-na-Donu, Stanislavskogo Str.
8a.

CONTACT:  BOGORODITSKOYE
          Russia, Rostov region,
          Peschanokopskiy region, Bogoroditskoye

          Mr. V. Lobanov
          Insolvency Manager
          394018, Russia, Voronezh region,
          Kirova Str. 9, Office 30


EAST ROAD: Amur Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against East Road Building Company after finding the
close joint stock company insolvent.  The case is docketed as
A04-5519/05-12/35 b.  Mr. V. Dmitrov has been appointed
insolvency manager.

Creditors may submit their proofs of claim to 676450, Russia,
Amur region, Svobodnyj, 50 Let Oktyabrya Str. 33, section 308,
Room 2.  A hearing will take place on February 6, 2006, 8:15 a.m.

CONTACT:  EAST ROAD BUILDING COMPANY
          Russia, Amur region, Blagoveshensk,
          Nagornaya Str. 1a

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


KALININSKOYE: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on close joint stock company Kalininskoye.
The case is docketed as A14-9113-2005/96/20b.  Ms. T. Atanazevich
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 394018, Russia,
Voronezh region, Anna, Pionerskaya Str. 23a.  A hearing will take
place on November 17, 2005, 11:20 a.m. at the Arbitration Court
of Voronezh region at Russia, Voronezh region, Srednemoskovskaya
Str. 77.

CONTACT:  KALININSKOYE
          396181, Russia, Voronezh region,
          Paninskiy region, Dmitrievka

          Ms. T. Atanazevich
          Temporary Insolvency Manager
          394018, Russia, Voronezh region,
          Anna, Pionerskaya Str. 23a


OAO SIBNEFT: Moody's Reviews Ba2, Ba3 Ratings
---------------------------------------------
Moody's Investors Service placed the Ba2 corporate family rating
and Ba3 senior unsecured ratings of OAO Sibneft on review for
possible upgrade following an earlier announcement that its main
shareholder, Millhouse Capital, signed legally binding documents
for the sale of a 72.7% stake in the company to OJSC Gazprom for
a consideration of US$13.1 billion.

Moody's review of Sibneft's ratings will assess whether creditors
are likely to benefit from any support mechanisms within the new
group, as well as plans for any restructuring of debt at the
Sibneft level.  Moody's will also undertake to assess Gazprom's
strategy as a majority shareholder and how this may benefit
Sibneft, as well as Sibneft's enhanced position within a
significantly larger and more powerful organization.  The review
will also consider any rating impact of indirect ownership by the
Russian Federation and the possible application of the GRI
methodology to the company.

Headquartered in Moscow, OAO Siberian Oil Company is one of the
leading vertically integrated oil companies in Russia.  In 2004,
the company produced 250 million barrels of oil and generated
total revenues of around US$8.9 billion.

CONTACT:  MOODY'S FRANCE S.A. (PARIS)
          Eric de Bodard, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S INVESTORS SERVICE LTD. (London)
          Edward Palmer, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


RYLSK-MEAT: Hires A. Grezin Insolvency Manager
----------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on open joint stock company Rylsk-Meat.
The case is docketed as A35-4354/05 "g".  Mr. A. Grezin has been
appointed temporary insolvency manager.  A hearing will take
place on January 11, 2006, 10:20 a.m. at the Arbitration Court of
Kursk region at 305004, Russia, Kursk region, K. Marksa Str. 25,
Hall #1.

CONTACT:  RYLSK-MEAT
          Russia, Kursk region, Rylsk region,
          Rylsk, Novaya Str. 2

          Mr. A. Grezin
          Temporary Insolvency Manager
          398020, Russia, Lipetsk,
          Studenovskaya Str. 4, Office 118
          Phone/Fax: (0742) 42-24-78


SOSNOVSKAYA MOVABLE: Succumbs to Bankruptcy
-------------------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Sosnovskaya Movable Mechanized Column #2
after finding the open joint stock company insolvent.  The case
is docketed as A64-3042/05-18.  Mr. D. Kozlov has been appointed
insolvency manager.

CONTACT:  SOSNOVSKAYA MOVABLE MECHANIZED COLUMN #2
          Russia, Tambov region,
          Sosnovka, Michurina Str. 57

          Mr. D. Kozlov
          Insolvency Manager
          Russia, Tambov region,
          Studenetskaya Nab. 20


TOMSK-OIL-GAS-SERVICE: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on limited liability company
Tomsk-Oil-Gas-Service.  The case is docketed as A67-4490/05.  Mr.
I. Gorn has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 634045, Russia,
Tomsk-45, Post User Box 2513.  Schedule of hearing is still
tentative but venue will be held at 634050, Russia, Tomsk region,
Kirova Str. 10.

CONTACT:  TOMSK-OIL-GAS-SERVICE
          634027, Russia, Tomsk region,
          Mira Str. 68

          Mr. I. Gorn
          Temporary Insolvency Manager
          634045, Russia, Tomsk-45,
          Post User Box 2513


TRANS-SIB-OIL: Court Brings in Insolvency Manager
-------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on limited liability company
Trans-Sib-Oil.  The case is docketed as A45-16442/05-29/236.  Mr.
E. Bolonskiy has been appointed temporary insolvency manager.

CONTACT:  TRANS-SIB-OIL
          Russia, Novosibirsk region,
          Kubovaya Str. 60

          Mr. E. Bolonskiy
          Temporary Insolvency Manager
          630007, Russia, Novosibirsk region,
          Spartaka Str. 8/4, Office 12&13


VOROBYEVSKOYE: Creditors Have Until October 20 to File Claims
-------------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Vorobyevskoye after finding the grain
receiving enterprise insolvent.  The case is docketed as
A14-2274/2005/10/7b.  Mr. V. Dyachkov has been appointed
insolvency manager.  Creditors have until October 20, 2005 to
submit their proofs of claim to Russia, Voronezh region, Post
User Box 28.

CONTACT:  Mr. V. Dyachkov
          Insolvency Manager
          Russia, Voronezh region,
          Post User Box 28
          Phone: 20-50-99


YUKOS OIL: Yuganskneftegaz Case Gains Footing
---------------------------------------------
The Arbitrage Court of Moscow on Tuesday granted the request of
Yuganskneftegaz to make Cyprus' Hulley Enterprises Ltd.
co-defendant in its claim for compensation against former parent
Yukos Oil, Kommersant reports.

The Cyprus court still needs to confirm the ruling.  A resolution
is not expected within six months -- the period given to a
foreign company to respond according to international law.  A
hearing the case is set April 18, 2006.

Yugansk is asking RUB226.1 billion (US$8 billion) in
reimbursement for losses on claims it was made to sell oil for
less than market prices between 1999 and 2003.

The report said Yugansk might get four defendants in its case:
Yukos, managing company YUKOS-Moscow, drilling and refining
company YUKOS EP, and Hulley Enterprises.

Representatives of Yugansk cited Yukos' report for the second
quarter of 2005 to establish the connection of Hulley to Yukos.
The report said that on May 6, 2005 Hulley Enterprises owned
48.73% of Yukos shares.  Menatep Group, the main shareholder in
Yukos, gets its main control of the company through the Cyprus
offshore company.

The report said that should Cyprus confirm the ruling, Hulley
Enterprises might have to give up the Yukos' stocks, and Yugansk
can get the controlling share for US$8 billion.  Yugansk could
also sue Hulley further to bring its case to US$16.5 billion.

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

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

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

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


YUKOS OIL: Moscow Court Sides with Banks on US$475 Mln Loan
-----------------------------------------------------------
Moscow's arbitration court on Wednesday upheld a decision made by
a High Court in London that requires Yukos Oil to repay an
outstanding US$475 million loan to a syndicate of Western banks,
reports say.

The amount is what remains of a US$1.0 billion loan granted in
2003 by a pool of 14 banks led by France's Societe Generale.  The
lenders include Citigroup Inc., Deutsche Bank AG, Commerzbank AG,
BNP Paribas S.A. and ING Bank N.V.  The case is HC05CO1219 BNP
Paribas and ors v. Yukos Oil Co.

The debt was made to pre-finance sale of oil and for general
corporate purposes.  It includes a three-year US$500 million loan
facility and a five-year US$500 million loan facility, according
to court documents accessed by Bloomberg News.

The lenders said Yukos missed interest payments due in March and
April 2005.  In July, Yukos indicated it received notification of
default of payment on this loan.

The loan was secured against Yukos' production subsidiaries,
including Yugansk, which is now owned by state-owned company
Rosneft.

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

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

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

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


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


CONVERIUM AG: Sees no Material Effect from Hurricane Katrina
------------------------------------------------------------
Based on an expected insured industry loss of US$50 billion,
Converium AG now estimates gross losses from hurricane Katrina to
be in the range of US$20 million to US$40 million.  This estimate
compares with a range of US$10 million to US$20 million given
early September based on an expected industry loss of US$25
billion.

The revised loss amount represents about 1 to 2% of Converium's
shareholders' funds as of June 30, 2005 and is reflective of the
Company's reduced exposure in North America as a result of having
placed Converium Reinsurance (North America) Inc. into run-off as
well as the decision to write North American business from Zurich
on a selective basis only.

Given the structure of Converium's exposure any ultimate industry
loss in excess of US$50 billion would have a disproportionately
low impact on the Company's loss estimate.

About Converium

Converium is an independent international multi-line reinsurer
known for its innovation, professionalism and service.  Today
Converium employs about 600 people in 20 offices around the globe
and is organized into four business segments: Standard Property &
Casualty Reinsurance, Specialty Lines and Life & Health
Reinsurance, which are based principally on ongoing global lines
of business, as well as the Run-Off segment, which primarily
comprises the business from Converium Reinsurance (North America)
Inc., excluding the US originated Aviation business portfolio.
Converium has a "BBB+" rating (outlook stable) from Standard &
Poor's and a "B++" rating (outlook stable) from A.M. Best
Company.

CONTACT:  CONVERIUM AG
          Dr. Kai-Uwe Schanz
          Chief Communication & Corporate Development Officer
          Phone: +41 (0) 44 639 90 35
          Fax: +41 (0) 44 639 70 35

          Zuzana Drozd, Head of Investor Relations
          Phone: +41 (0) 44 639 91 20
          Fax: +41 (0) 44 639 71 20
          Web site: http://www.converium.com


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


ALPHA COOKERS: Hires Administrator from Hurst Morrison
------------------------------------------------------
Paul William Ellison and Gareth Wyn Roberts (IP Nos 7254 and
1162) of Hurst Morrison Thomson Corporate Recovery LLP were
appointed joint administrators of Alpha Cookers (UK) Limited
(Company No 03076907) on Sept. 14.

CONTACT:  ALPHA COOKERS U.K. LTD.
          Unit 5 Station Road Industrial Estate,
          Station Road,
          Thatcham RG19 4QY
          Berkshire
          Phone: 01635 876266
          Fax: 01635 876441
          E-mail: info@alpha-cookers.co.uk
          Web site: http://www.alpha-cookers.co.uk

          HURST MORRISON THOMSON CORPORATE RECOVERY LLP
          5 Fairmile, Henley on Thames,
          Oxfordshire RG9 2JR
          Phone: +44 (0) 1491 579866
          Fax:   +44 (0) 1491 573397
          E-mail: hmt@hmtgroup.co.uk


CDG (REALISATIONS): Calls in Ernst & Young Administrator
--------------------------------------------------------
Company Names: CDG (REALISATIONS) LIMITED
               (Company No 01654145)

               CONTROLLED GROUP HOLDINGS LIMITED
               (Company No 4265260)

S. Allport and G. Wilson (IP Nos 8763, 9062) of Ernst & Young LLP
were appointed joint administrators of these companies on Sept.
19.  The companies' registered office is at Unit 7, Silkwood
House, Fryers Way, Osset, Wakefield, West Yorkshire WF5 9AD.

CDG (Realisations) Limited was formerly called Controlled
Demolition Group Limited.  For over 20 years, it has provided
asbestos removal, traditional demolition, emergency demolition,
explosive demolition and decommissioning services across a wide
variety of public and private sector clients, including housing,
city centre, industrial, petrochemical and nuclear.  Visit
http://www.demolitiongroup.com/for more information.

CONTACT:  CONTROLLED DEMOLITION GROUP LIMITED
          Silkwood House
          Fryers Way
          Ossett
          Wakefield WF5 9AD
          Phone: +44 (0) 1924 232600
          Fax: +44 (0) 1924 232606
          E-mail: marketing@demolitiongroup.com

          ERNST & YOUNG LLP
          100 Barbirolli Square,
          Manchester M2 3EY
          Phone: +44 [0] 161 333 3000
          Fax:   +44 [0] 161 333 3001
          Web site: http://www.ey.com


CHADWICK PROPERTY: Hires Arkin & Co. to Wind up Business
--------------------------------------------------------
C. Devonport, Chairman of Chadwick Property Services Limited,
informs that the extraordinary and ordinary resolutions to wind
up the company were passed at an EGM held on Sept. 7 at Maple
House, High Street, Potters Bar, Hertfordshire EN6 5BS.  Mr. M.
Arkin of Arkin & Co., Maple House, High Street, Potters Bar,
Hertfordshire EN6 5BS was appointed liquidator.

CONTACT:  CHADWICK PROPERTY SERVICES PTY LTD.
          1st Floor 34D Fitzroy St.
          Marrickville NSW 2204
          Phone:(02) 95652099
          Fax:(02) 95652065

          ARKIN & CO.
          Maple House
          High Street
          Potters Bar
          Hertfordshire EN6 5BS
          Phone: 01707 828 683
          Fax: 01707 828 022
          E-mail: mehmet.arkin@arkinco.co.uk


CHARACTER GROUP: Chief Executive Officer Resigns
------------------------------------------------
Following the Character Group plc's announcement on 22 September
2005 relating to Enrico Preziosi stepping aside from his roles as
Managing Director and Chief Executive Officer of the Company, Mr.
Preziosi has informed the Board he had intended to resign as a
Director of the Company at the same time in order to concentrate
on his other interests.

The Board of Character Group has received and accepted Mr.
Preziosi's written formal resignation, which is effective
immediately.  The Directors are grateful to Mr. Preziosi for his
service to the Company since assuming his Board position in
August 2000 and would like to acknowledge and thank him for his
considerable contribution to the Group.

Giochi Preziosi S.p.A. remains a 22.5% shareholder in the
Character Group.  The Directors remain unaware of any intention
by Giochi Preziosi to reduce its shareholding in the Group.  Any
developments will be communicated to shareholders, as
appropriate.

Chairman Richard King said: "Enrico Preziosi played a pivotal
role in developing the close working relationship between Giochi
Preziosi and the Group which will manifest itself in a
substantially increased level of inter-company business in this
new financial year.

"I look forward to working with him in the future and wish him
well with his other interests."

                            *   *   *

In April, the company behind last Christmas' best-selling toy
Robosapien dipped into the red in the first half.  Executive
chairman Richard King said: "Business just dropped off a
precipice in January.  It just turned into a disaster area."

Mr. King attributed the figure to tough market conditions and
price cuts from rival high street retailers like Argos, which
have prevented the group from carrying out any price increases.
The fall of The Gadget Shop, which distributes the robots and the
company's wide range of talking key rings, didn't help either.

CONTACT:  CHARACTER GROUP PLC
          2nd Floor
          86-88 Coombe Road
          New Malden
          Surrey, KT3 4QS
          Registered No: 3033333
          Phone: 44 (0) 20 8949 5898
          Fax: 44 (0) 20 8336 2585
          Web site: http://www.charactergroup.plc.uk


COMPASS GROUP: CEO Steps down After 40 Years
--------------------------------------------
Compass Group plc disclosed Wednesday that Michael J. Bailey is
stepping down as Chief Executive Officer, after 40 years of
service in the Catering Industry.  He will continue in his
current position at least until Sir Roy Gardner takes on the role
of the new Chairman of Compass Group, some time during 2006.

Michael J. Bailey said: "In my time at Compass, we have built a
truly international business with scale and market leadership.
While in the short term the Company has been through a
challenging period, particularly in the U.K., I am satisfied that
we have taken the necessary action and that a platform has been
established from where the Company can move forward again.  I
remain fully committed to implementing our plan through this
period of turnaround."

Sir Francis Mackay, Chairman of Compass, said: "On behalf of the
Compass Group Board of Directors, I would like to thank Mike for
his huge contribution over the last 12 years.  The particular
success of our U.S. business, which was established by Mike, is a
testament to his enthusiasm, energy and entrepreneurial skill."

Sir Roy Gardner said: "We are fortunate that Mike will stay on at
Compass at least until I have taken on the role of Chairman next
year.  Following that, Mike and I are both committed to ensuring
a smooth period of transition."

                        About the Company

Compass Group plc provides food, vending and related services to
clients and customers in the workplace, at school and colleges,
hospitals, on the move, at leisure and in defense, offshore and
remote locations.  It has annual revenues of GBP12 billion and
employs 400,000 people in over 90 countries.

In May, Michael J. Bailey said: "I am not happy with our recent
performance.  We need to respond more rapidly than we have to the
changes taking place in our market."

Half-year turnover was GBP6,191 million (2004: GBP5,844 million)
with like-for-like growth of 6%, in line with expectations.
However, net debt at 31 March 2005 rose to GBP2,494 million (30
September 2004: GBP2,373 million), while profit before taxation
and goodwill amortization decreased by 8% from GBP283 million to
GBP260 million.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com


EASTERN LGV: Hires P&A Partnership Liquidator
---------------------------------------------
K. Eastern, Chairman of Eastern LGV Training & Services Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Sept. 16 at Holiday Inn, Birmingham Airport, Coventry
Road, Birmingham, West Midlands B26 3QW.  Allan Cooper and John
Russell of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF
were appointed Joint Liquidators.  The appointment was affirmed
at a subsequent meeting of creditors.

CONTACT:  EASTERN L.G.V TRAINING & SERVICES
          84-106, Speedwell Rd.
          Birmingham
          West Midlands
          B25 8HH
          Phone: 0121 773 4557
          Fax: 0121 771 2290
          Web site:
          http://www.easternlgvtraining.co.uk/index1.htm

          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


ELIZA TINSLEY: New Acquisition Drives up Turnover by 18%
--------------------------------------------------------
  Report of Eliza Tinsley Group plc Chairman Michael Borlenghi

I am pleased to report a substantially improved trading result
for the Eliza Tinsley Group in the year to 31 March 2005.  This
is due, in no small way, to our strategy that we have been
following for a number of years of building on the success of our
U.S. and Italian engineering activities, whilst re-balancing our
U.K. capacity in the face of a difficult manufacturing
environment.  In addition, the Consumer Products Division
continued to benefit from its new product development and the
acquisition of MH Berlyn Limited (Berlyn).

Turnover of the Group increased by 18% to GBP78 million from
GBP66 million, partly due to a first contribution from Berlyn,
acquired during the year, of GBP3.5 million and the combination
of the impact of higher prices arising from steel price movements
together with a generally more buoyant market.

Operating profit benefited from margin improvements generated by
re-pricing low margin business at the same time as recovering the
unprecedented increase in raw material prices during the course
of the year.  The anticipated cost reductions that arose from the
restructuring in earlier years came through with a like-for-like
reduction in selling and administrative expenses in excess of
10%.

These actions, combined with the contribution from Berlyn of
GBP0.4 million, produced a pre-exceptional, post-goodwill
amortization operating profit of GBP1.6 million compared with
GBP0.6 million in the prior year.

In addition to the significantly improved operating profit, the
Group benefited from an exceptional profit of GBP0.2 million,
compared to an exceptional cost of GBP2.6 million in the prior
year.  This arose from the profit on the disposal of the Group's
freehold Cradley Heath site for residential development, which
resulted in the relocation of Eliza Tinsley & Company Limited to
a site more suited to a distribution business, offset by the cost
of the final phase of the Group's U.K. reorganization.

The improved trading position of the Group allowed net debt at
the end of the year to be reduced by GBP3.6 million to GBP16.7
million.  Despite the reduction in year-end borrowings, the
previously reported increase in bank margin rates that took place
at the time of the Berlyn acquisition led interest charges to
increase to GBP1.64 million from GBP1.25 million in the prior
year.

Acquisition

In August 2004, the Group completed the acquisition of Berlyn,
which now forms part of the enlarged Consumer Products Division
of the Group.  It manufactures, sells and distributes a range of
heating, weed control and maintenance products into the garden
sector and has, under the Group's ownership, commenced the
process of transferring significant elements of its production
and sourcing into the Group's low-cost economy supply lines.  The
anticipated synergy benefits from this exercise have been secured
for the current season.  In the eight-month period from its
acquisition, Berlyn contributed turnover of GBP3.5 million and
operating profit of GBP0.4 million to the Group's results for the
year.  The Board remains pleased with this acquisition, which was
fully funded by the issue of new equity increasing the capital
base of the Group by GBP3.3 million after expenses.

Pensions

The Group has adopted the Accounting Standard FRS 17 for pensions
in its accounts for the year ending 31 March 2005 to coincide
with the Group's plans to restructure its banking arrangements.
The Group's Final Salary Pension Plan ceased providing new
service benefits some years ago, with all new benefits being
provided through the Group's Money Purchase Scheme.  Accordingly,
the profit and loss account charge within administrative expenses
consists mainly of the costs of providing life assurance (current
year GBP38,000, prior year
GBP120,000).  The interest charge element effectively represents
the notional interest on the Plan's deficit, amounting to
GBP163,000 in the current year and GBP160,000 in the prior year.

The balance sheet impact is to reflect the net deficit in the
Plan's funding (net of an associated deferred tax asset) which at
31 March 2005 was GBP2.9 million, this compares with a deficit of
GBP4.1 million at 31 March 2004.  The Group is currently making
cash payments into the Final Salary Plan of GBP26,500 per month.

Re-financing

As previously advised to shareholders, the Board determined it
appropriate to seek to restructure the Group's financing
reflecting both its improved trading position and the strong
growth being experienced and foreseen in the American and Italian
markets.

To this end a structure has now been put in place, signed on 23
September 2005 and with effect from 30 September 2005.  This will
see the doubling of the Group's facility in the U.S.A. and the
creation of a mechanism to allow the same in Italy.  In the U.K.,
the Group will continue with its existing bankers but with a
different structure.  Given the strength of the Group's customer
base and debt collection performance, an GBP8.5 million Invoice
Discounting Facility will combine with Term Loans of GBP8.8
million (of which initially GBP2 million will be Mezzanine
Finance) and a Revolving Credit Facility of GBP1.5 million.

Dividend

The Board's immediate priority remains to strengthen the Group's
cash position and to reduce gearing.  The Board is accordingly
not proposing to recommend the payment of a final dividend but
remains conscious of shareholders' income expectations.

Offer Talks

On 12 September 2005, the Company announced that it had received
an approach from a party, which may or may not lead to an offer
for the Company.  Early stage discussions with this party
continue.

The Board will make further announcements to keep shareholders
advised of any material developments in relation to this approach
as and when they occur.

Outlook

The process of change, development and improvement has continued
during recent months with the resultant benefit to the Group's
fortunes.

The new financial year started, however, with a slow-down in
general consumer spending, but thankfully the 'need' purchase
nature of the Group's Consumer Product's range limited the impact
of this to an initial volume loss as stores attempted to make
general reductions in inventory levels.  In recent months the
anticipated return to more normal volumes of activity occurred
with like-for-like sales in the mainstream multiples showing an
increase of 21% compared with the previous year to the end of
August, whilst, in the more general consumer area, sales were
down by 22% over the same period.

The recently acquired Berlyn business is now approaching its peak
selling season.  It does so against the background of having
achieved the anticipated product cost reduction resulting from
access to the Group's low-cost economy supply lines in India and
China.  This process will allow products that historically had
unacceptably low margins to deliver the returns achieved
elsewhere in the Consumer Products Division.

Furthermore, with the relocation of Eliza Tinsley & Company
Limited successfully completed, the process of combining the two
businesses can now begin with vigor.

The Group has, in its past announcements, highlighted to
shareholders the growth being achieved in its Off-Highway
Division in Italy and North America.  It is now appropriate to
quantify this.

In Italy, the re-positioning of the customer base towards the
growth end of the market resulted in a reduction in volumes in
2003/04 with the expectation of real growth in the current year.
This has transpired with sales to August this year running at 72%
ahead of the prior year, with every indication of continued
out-performance.  This volume growth, which has accelerated
during the course of the year, is even more encouraging given the
successful use of low-cost economy supply line support and the
resulting margin improvement.

In North America, the exceptional quality performance, good
customer service and a first class system for new product
introduction, together with the market leading initiation of
capacity in Mexico, have led to significant new business wins.

Commercial sensitivity limits the disclosure of new contracts.
However, in the current year, business amounting to more than
$12.3m, on an annualized basis, has been awarded to the Group's
North American plant.  This has come not only from the Group's
existing customer base in the USA, but also from JLG, Volvo and
Caterpillar Forestry Division. This represents real progress in
the stated objective of diversifying the Group's US customer
base.

Unsurprisingly, the Group's U.K. Off-Highway Division remains
challenging and was not helped in June and July 2005 by a major
customer suspending production on the volume line due to an
external quality problem not associated with Eliza Tinsley.  It
is estimated that this led to an under-recovery of overhead in
the period in the order of approximately GBP0.3 million.

However, the creation of a central commercial and marketing team
last year has enabled the Group to seek out new opportunities in
the developing public transport and leisure market building upon
the business enjoyed with the London Underground Consortia and
bus chassis manufacturers.  The potential of this market is
reflected in the Group's trading in the London Underground
business which is currently at six times the prior year level and
has record order books.

The Group's Evenwood Plant currently operates on three shifts.
In doing so it struggles to attract sufficient skilled labor and
consequently has high churn levels which impact on profitability.
This, combined with a recognition of unacceptable margins with a
particular customer due to market pricing and the requirement for
uneconomic service levels, had led to the decision to increase
prices to an economic level whilst accepting that this work is
likely to be resourced. In the absence of profitable new work it
may well be that the consequent reduction in volume will return
the plant to more cost effective two-shift working.  The
commercial aspects of this process have been agreed with the
customer.

In line with the Group's policy of realizing surplus freehold
property, some 10 acres of unused land adjacent to the Evenwood
Plant have been earmarked for disposal subject to suitable
planning consent being available.  This would enable appropriate
investment to be made at this site in modern technology as well
as further reducing debt.

In summary, whilst by their nature the actions taken will weight
the profitability of the Group towards the second half of the
year, a number of features mean that the Group is in far better
shape for the future:

-- The successful completion of a long term financing structure;

-- The new business already won in North America that is about
   to come on-stream;

-- The strength of demand and profitability growth being
   experienced in Italy;

-- The successful completion of the relocation of Eliza Tinsley
   & Company Limited to its new site, combined with the already
   delivered sourcing synergies arising in the Berlyn unit; and

-- The volume growth available (and secured) in the public
   transport sector in the U.K.

            Statement by Chief Executive Andrew Hall

The Group is split into two Divisions, a Consumer Products
Division servicing the trade contractor and consumer DIY markets
and an Off-Highway Engineering Division servicing the
construction equipment and public transport OEM markets.

Consumer Products Division

The Consumer Products Division saw more change and development
than for many a year.  The decision was taken to relocate the
business away from its historic base, which had become
increasingly inefficient and inappropriate for its needs.  To
this end planning permission was obtained to convert the Cradley
Heath site to residential use and the site sold at a significant
premium to book value to a developer.  At the same time a long
lease was taken for a 100,000 sq. ft. warehouse and distribution
centre in the same area and the process of relocation commenced.
This relocation has been completed since the year under review
and without any meaningful disruption, the result being that
operational efficiencies should now begin to flow through.

To complement the existing Tinsley business, which is focused
around the supply and distribution of chain, rope, gate hardware
and related products, the Division was expanded by the
acquisition in August 2004 of MH Berlyn Limited.  Berlyn, which
is located within two miles of the new Tinsley site, was not far
advanced in sourcing its products from the lower cost economies
at the time of acquisition and has, and will, increasingly
benefit from access to Tinsley's supply lines in those areas.

Whilst the sales and marketing efforts of the two businesses have
thus far remained independent, the process of cross-selling the
product lines has commenced and, with the relocation of the
Tinsley business now complete, the two businesses can be
increasingly brought closer together on the back of the
successful management integration already achieved.

During the course of the year under review the retail markets,
without doubt, slowed down as consumer confidence in the U.K.
eroded.  Despite this, the market leadership position of the
enlarged business enabled margins to be maximized in the face of
rising input prices.

Off-Highway Division

The Off-Highway Division operates out of three plants in the UK,
two related plants in Northern Italy and a plant in the United
States, which is supported by a developing satellite facility in
Mexico.  The primary activities of the Division are the supply of
complex fabricated metal sub-assemblies to the construction
equipment OEM's and to the broader public transport industry.

Having re-focused its customer base in Italy in previous years,
the Group achieved a 44% increase in its Italian subsidiary's
turnover despite no real growth in the Italian economy.  This has
been achieved through targeting niche areas of development both
in terms of manufacturing technology and also in terms of
customers' new product development.

In North America, the Group benefited from a buoyant North
American economy and made significant strides in the objective of
broadening its customer base within its chosen sphere of
activity.  Capital investment was made to support this growth on
the back of attractive long-term supply agreements negotiated
with key customers.

Furthermore, as shareholders are already aware, the Group opened
a facility in Mexico where labor and property costs are
significantly lower than in North America.  The growth of this
operation, with the key pre-requisites of product quality and
operational efficiency having been provided, will only be limited
by the lack of an appropriate funding structure for this country,
which is not naturally served from existing sources.

In Italy, North America and the U.K. the major raw material
utilized by the Group is steel, which increased in price by in
excess of 70% during the year in three major steps.  In addition
to the increased working capital need this created, the Group had
to recover these cost increases from its customers.  This it did
successfully with the first two increases (which were the most
significant).

However, some difficulty was experienced in recovering the third
increase in the U.K. market, which eroded margins slightly in the
first quarter of the year.

The U.K. market remained strong for the majority of the year with
some interesting market share changes being seen for the Group's
customers.  In the public transport sector, the Dennis Transbus
business, which went into administration, was purchased by new
owners and volumes recovered during the course of the year but
not to a level to cover the shortfall during the administration
period.

Conversely, volumes in the London Underground sector grew
year-on-year with the various Underground maintenance programmes
from which the Group benefits becoming increasingly effective.

In the construction equipment sector customer demand remained, in
total, relatively stable.  However, short-term schedule
volatility increased.  This, compounded by skill shortages in the
Group's North Eastern facility, negatively impacted performance,
albeit re-pricing of unprofitable business mitigated against
this.

In response to these labor/skill shortages, the Group recruited a
number of welders via its supply lines in Poland for its UK
plants and accelerated its utilization of sourcing of components
from lower cost economies.

Capital expenditure in the U.K. was limited to that required for
Health & Safety reasons or replacement of key plant, with every
opportunity being sought for cost effective out-sourcing.

With all the progress the Group has made in the last 12 months,
everyone should look forward to the future with confidence.

A copy of this financial report is available free of charge at
http://bankrupt.com/misc/ElizaTinsley(Prelim2005).mht

CONTACT:  ELIZA TINSLEY GROUP PLC
          Andrew Hall, Chief Executive
          Paul Hill, Group Finance Director
          Phone: 01384 263123
          Mobile: 07831 255511

          Fiona Tooley
          Citigate Dewe Rogerson
          Phone: 0121 455 8370
          Mobile: 07785 703523


EQUITABLE LIFE: Mulls Settlement with Former Directors
------------------------------------------------------
Equitable Life has put its GBP1.7 billion claim against 15 former
directors on hold, said the Evening Standard.

The society accordingly postponed its legal action for negligence
and breach of fiduciary duty against the directors to pave the
way for possible settlement.  It is believed the insurer is
walking away from the suit to avoid further costs.  The highly
technical trial started in April, involving a number of witnesses
and lawyers.

A few days ago, the insurer also called off its GBP700 million
lawsuit against former auditor Ernst & Young, which left it
facing angry policyholder groups, and legal costs of GBP30
million.

Meanwhile, policyholders are calling for the resignation of
Equitable Life Chairman Vanni Treves after he withdrew the case
against E&Y.  In July, the insurer cancelled its GBP1.3 billion
"lost sale" claim against E&Y from the original GBP2 billion
claim, the biggest ever against an auditing firm in the U.K.  The
company had claimed that had it been made aware of its true
financial position in 1998, the board would have sold the
company, earning over GBP1 billion in the process.  Former
directors say, however, they still would not have opted for the
sale.

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


EVERON ENGINEERING: Creditors Meeting Set Next Week
---------------------------------------------------
Notice is hereby given by Stephen M. Quinn and Guy E. B. Mander,
that a Meeting of the Creditors of Everon Engineering Limited
(Company No 2489923), c/o Baker Tilly, Brazennose House, Lincoln
Square, Manchester M2 5BL, is to be held at Baker Tilly, City
Plaza, Temple Row, Birmingham B2 5AF, on 3 October 2005, at 12:00
noon.   The Meeting is an initial Creditors' Meeting under
paragraph 51 of Schedule B1 to the Insolvency Act 1986.  I invite
you to attend the above Meeting.  A proxy form should be
completed and returned to me by the date of the Meeting if you
cannot attend and wish to be represented.  In order to be
entitled to vote under Rule 2.38 at the Meeting you must give to
me, not later than 12:00 noon on the business day fixed for the
Meeting, details in writing of your claim.

Joint Administrator

CONTACT:  BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


FIRST CALL: Falls into Liquidation
----------------------------------
N. Harrison, Chairman of First Call Mortgage Services Limited,
informs that resolutions to wind up the company was passed at an
EGM held on Sept. 16 at The Best Western Russell Hotel, 136
Boxley Road, Maidstone, Kent ME14 2AE.

Stephen John Tancock of Smith & Williamson Ltd., First Floor,
Holbrook House, 72 Bank Street, Maidstone, Kent ME14 1SN was
appointed liquidator.

CONTACT:  FIRST CALL MORTGAGE SERVICES LIMITED
          First Call House
          15-17 King Street Maidstone
          Kent ME14 1BA
          Web site: http://www.fcgl.co.uk/

          SMITH & WILLIAMSON LTD.
          First Floor,
          Holbrook House, 72 Bank Street,
          Maidstone, Kent ME14 1SN
          Web site: http://www.smith.williamson.co.uk

          SMITH & WILLIAMSON LTD.
          First Floor,
          Holbrook House, 72 Bank Street,
          Maidstone, Kent ME14 1SN
          Web site: http://www.smith.williamson.co.uk


FLOE TELECOM: Hearing on OFCOM's Appeal Set December 1
------------------------------------------------------
The Competition Appeal Tribunal will review on Dec. 1, 2005
OFCOM's appeal on the Tribunal's ruling in relation to a dispute
between Floe Telecom and Vodafone.  The process is expected to
last two days.

A case management conference has been set for Nov. 2, 2005.  This
follows a similar conference on Sept. 20 after OFCOM lodged on
Aug. 19 an updated statement of case, setting out its grounds to
challenge a refusal of the court to an earlier request.

As reported by TCR-Europe in July, the Tribunal denied the
request of OFCOM and the Office of Fair Trading to appeal its May
5 order to complete an investigation into the complaint by Floe
Telecom against Vodafone.

Floe Telecom went into administration last year following OFCOM's
rejection of its complaint against Vodafone.  The complaint
concerned the disconnection by Vodafone of Floe's "GSM gateways",
devices allowing calls to mobile networks to be made at the rate
for calls within the same mobile network, rather than the much
higher rate for calls from fixed to mobile phones, Floe's
representative, Taylor Wessing, said on its Web site.

Floe appealed OFCOM's ruling.  The Tribunal granted the appeal
and in December ordered OFCOM to complete its investigation
within five months.  OFCOM disputed the order, arguing that the
Tribunal had no power to set the timetable for its
investigations.  The Tribunal on May 5 rejected OFCOM's
arguments.  In a landmark ruling, the Tribunal confirmed that it
has the power to set a timetable for competition authorities and
regulators to re-investigate cases sent back to them, and the
power to make other directions about the conduct of their
investigation, according to Taylor Wessing.

The case -- Floe Telecom Limited (in administration) v. Office of
Communications (No. 1024/2/3/04) -- was brought before tribunals
Marion Simmons QC, Michael Davey, Sheila Hewitt.   Edward Mercer
of Taylor Wessing represents the Appellant.  Peter Roth QC and
Gerry Facenna (instructed by Polly Weitzman (Director of
Competition Law and Head of Legal) Office of
Communications) represent the Respondent.  Stephen Wisking (of
Herbert Smith) represents the First Intervener, Vodafone
Limited.  Jon Turner (instructed by the Solicitor to the Office
of Fair Trading) represents the potential appellant, the Office
of Fair Trading.

CONTACT:  TAYLOR WESSING
          Web site: http://www.taylorwessing.com
          Contact:
          Dina Shoukry
          Phone: 020 7300 4930
          E-mail d.shoukry@taylorwessing.com


HAMILTON LITHO: Hires Liquidator from E W Sheppard & Co.
--------------------------------------------------------
K. P. Kelleher, Director of Hamilton Litho Plates Limited informs
that extraordinary and ordinary resolutions to wind up the
company were passed at the EGM held on Sept. 9 at The Marino
Suite, Croydon Park Hotel, 7 Altyre Road, Croydon CR9 5AA.  Eric
William Sheppard of 1 Harlands Close, Haywards Heath, West Sussex
RH16 1PS was appointed liquidator.

CONTACT:  HAMILTON LITHO PLATES
          Unit 4, 160 Hamilton Road,
          London SE27 9SF
          Phone: 02086701960

          E W SHEPPARD & CO.
          1 Harlands Close
          Haywards Heath
          Sussex RH16 1PS
          Phone: 01444 410213


HYBRAND LIMITED: Appoints MBI Equity Liquidator
-----------------------------------------------
P. Brenikov, Chairman of Hybrand Limited informs that
extraordinary and ordinary resolutions to wind up the company
were passed at an EGM held on Sept. 9 at Tunsgate Square, 98-110
High Street, Guildford GU1 3HE.  Michael Bowell of MBI Equity
Ltd, of Second Floor, Suite 2, Tunsgate Square, 98-110 High
Street, Guildford, Surrey GU1 3HE was appointed liquidator.

Hybrand, based in the United Kingdom, has been manufacturing
healthcare products for over thirty years.  The company markets a
comprehensive range of personal absorbent and related products to
meet all the important requirements of the incontinence market.
It also manufactures Kylie & Kanga the most popular, and trusted
brands in the continence care market.

CONTACT:  HYBRAND
          9 Faraday Close
          Eastbourne BN22 9AE
          East Sussex
          Phone: 01323 509194

          MBI EQUITY LTD.
          First Floor
          Suite 5
          Tunsgate Square
          98-110 High Street
          Guildford, Surrey GU1 3HE
          Phone: 0845 310 2776
          Fax: 0845 450 4464
          E-mail: info@mbiequity.co.uk


JAEBAN (U.K.): US$4 Mln Claim Against BRAC Remains Unpaid
---------------------------------------------------------
Walker, Truesdell & Associates, the Plan Administrator for BRAC
Group, Inc., asks the U.S. Bankruptcy Court for the District of
Delaware to enter a final decree closing the Reorganized Debtor's
chapter 11 case.

BRAC Group is the reorganized entity created pursuant to the
merger of Budget Group, Inc., and its debtor-affiliates following
the confirmation of their Second Amended Joint Liquidating Plan
of Reorganization.

The Plan Administrator reports that it has distributed
approximately US$81 million since the effective date of the Plan
and holds approximately US$1.1 million in reserves.

The Plan Administrator adds that all claims asserted against the
Reorganized Debtor have either been adjudicated by the Court or
resolved by the parties involved, except for:

   (a) Jaeban (U.K.) Limited's US$4 million asserted cure claim.
       The claim is subject to a cure reserve maintained by the
       U.K. Administrator with Harris Bank having a balance of
       approximately $4.5 million.  The U.K. Administrator is
       prosecuting defenses to the cure claims and certain
       counter-claims; and

   (b) four cure claims, covered by a cure reserve with a
       balance of US$927,000 at Sept. 12, 2005, subject to
       negotiations between the claim holders and Cendant
       Corporation, the buyer of the Reorganized Debtor's North
       American assets.

          (1) $70,000 cure claim of Cintas Corp.
          (2) $15,000 cure claim of IBM
          (3) $22,693 cure claim of Jani King
          (4) $299,000 cure claim of PeopleSoft

The Plan Administrator tells the Bankruptcy Court that the Plan
has been substantially consummated and that it does not
anticipate filing any further motions, applications or pleadings
except to the extent necessary to resolve the remaining claims
and effect a turnover of the cure reserve to Cendant Corporation.

A summary of professional fees paid and distributions made by the
Plan Administrator is available for free at:

              http://researcharchives.com/t/s?1e0

A list of outstanding adversary proceedings commenced by the Plan
Administrator and handled by Brown Rudnick Berlack Israels LLP
and Ashby & Geddes, PA, is available for free at:

              http://researcharchives.com/t/s?1e1

A list of outstanding adversary proceedings commenced by the Plan
Administrator and handled by Gazes LLC and Young Conaway Stargatt
& Taylor, LLP, is available for free at:

              http://researcharchives.com/t/s?1e4

Headquartered in Daytona Beach, Florida, Budget Group, Inc.,
operates under the Budget Rent a Car and Ryder names -- is the
world's third largest car and truck rental company.  The Company
filed for chapter 11 protection on July 29, 2002 (Bankr. Del.
Case No. 02-12152). Lawrence J. Nyhan, Esq., and James F. Conlan,
Esq., at Sidley Austin Brown & Wood and Robert S. Brady, Esq.,
and Edward J. Kosmowski, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$4,047,207,133 in assets and
US$4,333,611,997 in liabilities.

On April 20, 2004, the Court confirmed the Debtors' Joint
Liquidation Plan, as modified, in accordance with Sections
1129(a) and (b) of the Bankruptcy Code.


JIPE UK: Hires Liquidators from BRI Business Recovery
-----------------------------------------------------
I. Dworniczek, Director of Jipe UK Limited informs that
extraordinary resolution to wind up the company was passed at an
EGM held on Sept. 8 at 100-102 St James Road, Northampton NN5
5LF.  Peter John Windatt and Gary Steven Pettit of BRI Business
Recovery and Insolvency, 100-102 St James Road, Northampton NN5
5LF were appointed liquidator.

CONTACT:  JIPE UK LTD.
          27 Causeway Road
          Earlstrees Industrial Estate
          Corby
          Northamptonshire
          Phone: 01536 446350

          BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road,
          Northampton NN5 5LF
          Phone: 01604 754352
          Fax: 01604 751660
          E-mail: pwindatt@briuk.co.uk


MEPC LTD.: Secures 7-year GBP370 Million Credit Facility
--------------------------------------------------------
MEPC Ltd. has entered into a 7-year GBP370 million credit
facility with Eurohypo AG (London branch), secured on a GBP580
million portfolio of three business parks -- Milton Park, Oxford;
Birchwood Park, Warrington and Hillington Park, Glasgow.

It is the intention of both Eurohypo and MEPC that the loan will
in due course be securitized through Eurohypo's "Opera" CMBS
Conduit program.  The facility, when drawn, will be used to
repurchase the MEPC Debenture Stock due 2017 and 2024, which have
been previously notified, and to repay shareholder loans.

                        About the Company

MEPC Ltd. is a leading U.K. company in the ownership, development
and operation of quality commercial property.  MEPC is wholly
owned by Leconport Estates, a company owned by clients of Hermes
Investment Management Limited, primarily the BT
Pension Scheme.

Specializing in business parks, MEPC has the skills, strength and
prominent profile in the commercial property market required to
provide property solutions that work for current and prospective
occupiers.

MEPC had GBP906.1 million of property assets at March 2005 and an
annualized rent roll of GBP61 million.  The business park
portfolio at FY04 was geographically split on a gross rental
basis: South East England 82%, Rest of U.K. 18%.

On September 4, Fitch Ratings affirmed MEPC's Senior Unsecured
and Short-term ratings at 'B' and 'B', respectively.  The Outlook
remains Negative.  This affirmation follows the announcement that
MEPC will repay the outstanding QUIPS (Quarterly Income Preferred
Security) preference shares and other debt liabilities with a
prospective new GBP370 million secured debt financing of a
portfolio of MEPC's properties and with a new GBP85 million
secured facility.

The Negative Outlook reflects the possibility that further funds
could be repatriated from MEPC to the holding company Leconport
Estates as additional inter-company loans.  If additional funds
are channeled upstream, this could further reduce MEPC's
financial flexibility.  MEPC's financial parameters are tight:
although marginally improving (gross interest cover of around
1.0x at FY04) they are still dependent on interest receivable on
the Leconport loan (itself aided by dividend receipts from MEPC)
to cover MEPC's expensive cost of funds.

CONTACT:  MEPC LTD.
          4th Floor
          Lloyds Chambers
          1 Portsoken Street
          London
          E1 8LW
          Phone: 020 7702 6100
          Fax: 020 7702 6123
          Web site: http://www.mepc.co.uk


MORADA INTERNATIONAL: In Administrative Receivership
----------------------------------------------------
Enterprise Finance Europe (UK) Limited appointed Stephen Andrew
Ellis and Ian David Stokoe (Office Holder Nos 8843, 6587) of
PricewaterhouseCoopers LLP joint administrative receivers of
Morada International Limited (Reg No 03416618) on Sept. 19.
The company sells textiles.  It is previously named Morada
Limited and Morada Plc.

CONTACT:  MORADA INTERNATIONAL LTD.
          Duttons Way,
          Shadsworth Business Park,
          Blackburn, BB1 2QP
          Phone: +44 (0) 1254 669300
          Fax: +44 (0) 1254 669444
          E-mail: info@morada.co.uk
          Web site: http://www.morada.co.uk/


MOWLEM PLC: First-half Result in Red
------------------------------------
(a) Reported loss before tax of GBP73.4 million (2004: GBP6.8
    million profit)[1];

(b) Profit before tax and exceptional items of GBP4.3 million
    (2004: GBP18.9 million)[1];

(c) No interim dividend (2004: 2.9p);

(d) Stable order book at GBP2.3 billion;

(e) U.K. construction operations reorganized;

(f) Financial controls and risk management substantially
    improved; and

(g) Further success in PFI;

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] A reconciliation of profit figures quoted is shown in the
Financial Review available on the Investor News at
http://www.mowlem.com
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Report of Mowlem Chairman, Joe Darby

"The first half of 2005 has been a difficult period of great
change for Mowlem.  The transition to the new executive
management team, which began when Simon Vivian became Group Chief
Executive in January, was completed when Paul Mainwaring took
over as Finance Director in May.  Since then substantial progress
has been made.  While it is disappointing to report such a
significant loss, we now have improved operating structures, new
risk management processes and a new contract valuation policy."

Report of Mowlem Chief Executive, Simon Vivian

"We have made significant progress in the first half in reshaping
the business and improving management controls and processes and
this will continue in the second half.  With new management teams
in place and favorable market conditions, we anticipate
progressive improvement in underlying performance as we strive to
increase margins and reduce risk.  Our expectations for the full
year remain unchanged."

                    Chief Executive's Review

Overview

It has been a difficult period for Mowlem, but one in which
significant progress has been made.  While profit before tax and
exceptional items of GBP4.3 million on turnover of GBP1,055
million is below our aspirations, it reflects the period of
significant change the Group has undergone during the first half
and our more prudent approach to profit recognition.

Business activity and order intake has continued to be good in
the markets that we operate in.  Our order book is stable at
GBP2.3bn and its quality is improving.  Further improvements to
internal controls, management reporting and cash flow forecasting
are required and these will receive continued attention in the
second half of 2005.

At the beginning of the year we announced our intention to move
to more prudent and consistent accounting rules for recognizing
income on contracts.  In early July we announced a comprehensive
review of the Group's approach to profit recognition and contract
valuation, which has now been completed.  This review has
confirmed the preliminary assessment, made at that time, of the
impact of this revised approach on profits in the current year.
It has also resulted in an adjustment of GBP71.5 million to the
carrying value of contracts in the balance sheet as at 31
December 2004 to bring them onto a consistent basis that reflects
anticipated cash flows more closely.  Details of this
adjustment -- which is reported as a separate item in the results
for the first half and was disclosed to the market on September
20 -- and the new rules on profit recognition are discussed in
the Financial Review.

This more prudent approach to profit recognition complements our
previously announced moves to strengthen financial and commercial
controls and introduce new risk management processes, which in
combination are continuing to improve the quality of work being
secured and the cash flows that accrue from it.

Strategy Update

My initial review of strategy at the beginning of the year
concluded that Mowlem's vision of being a leading provider of
solutions to users of facilities and infrastructure was
essentially sound, but that delivery of the strategy was being
inhibited by overly complicated management structures and weak
internal processes.

We have taken steps to address these issues and the
reorganization of our construction services operation is now
complete and the anticipated cost savings are being delivered.
The benefits of our new structure in allowing us to offer
integrated solutions on a national basis are starting to come
through.

The management of risk within the business has been improved
significantly with the newly created Risk Management Board having
responsibility for setting policy, major tender reviews and
process compliance.  Divisional risk committees have been
strengthened and improved.  All contracts over GBP3 million are
subject to risk review.

The creation of Mowlem Projects, which brought together all our
PFI activities, has been a success and allows us to pursue
opportunities in this market sector on an integrated basis.
Three new PFI projects reached financial close in the first half
and we have recently been named preferred bidder on the GBP1bn
Northwood Project for the Ministry of Defense.  We continue to
make good progress towards financial close on our major Allenby
Connaught project.

In Australia we have reorganized the business to focus more on
integrated rail and infrastructure projects and less on
traditional building.  An early success resulting from this
strategic move is the award of the GBP65 million Chatswood rail
interchange project for the New South Wales government.

In Support Services our FM and asset management business has had
a strong first half and we see increasing opportunities to
combine our expertise in this area with more technical solutions
offered by other parts of the business.  We are currently
considering how best to exploit the considerable growth
opportunities this sector offers and will have made significant
progress on this by the end of the year.

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

Pensions

Actuarial valuations of the Group's two main defined benefit
pension schemes are under way and are anticipated to complete by
the end of the year.  It is expected that the funding deficit
will be similar to the figure from the previous valuation as at
31 December 2002.  The Group is likely to increase significantly
its cash contributions to make good the deficit on the schemes.
Further details are set out in the Financial Review.

Dividend and Distributable Reserves

The adoption of IFRS, particularly the recognition of the
pensions deficit on the balance sheet, together with the
adjustment to contract carrying values, has had a negative impact
on Mowlem plc's distributable reserves.  We are investigating the
options available to address this situation, but the Board has
decided not to pay an interim dividend.  It is the Board's
intention to resume dividend payments as soon as practicable.

Outlook

We have made significant progress in the first half in reshaping
the business and improving management controls and processes and
this will continue in the second half.  With new management teams
in place and favorable market conditions, we anticipate
progressive improvement in underlying performance as we strive to
increase margins and reduce risk.

Our expectations for the full year remain unchanged.
Operational Review

U.K. and Ireland Construction

The major restructuring of our construction services business,
which resulted in over 200 redundancies, was completed in May.
The GBP6 million restructuring costs are reflected in our first
half results.  New senior management teams have bedded down
effectively and are starting to deliver improved performances.

We are continuing to pursue our successful policy of focusing
increasingly on repeat and negotiated business and longer-term
frameworks.  Our contracts for Hampshire County Council (GBP52m)
and South Lanarkshire Council (GBP54 million) are excellent
examples of our success in securing framework type agreements, as
is our key role in helping Wm Morrison to roll-out one of the
U.K.'s largest and most exciting rebranding and refurbishment
programs for many years.  Our securing of nearly 15% of all NHS
LIFT work so far awarded further underlines our success on
innovative procurement models.

In Infrastructure, we have continued to concentrate our efforts
on growing our core civil business, with national teams now
focusing on the highways, rail and utilities sectors.  Amongst
the notable successes achieved in these areas have been: the
recently awarded GBP397 million M1 widening Early Contractor
Involvement (ECI) scheme (in joint venture); our five-year GBP70
million Northumbrian Water framework agreement (an integrated
solution which also involves our Engineering Division); and a
five-year GBP125 million framework agreement with Network Rail in
Scotland.

We intend to exit a number of smaller under-performing
infrastructure businesses, leaving us with a focused regional
civil business to complement the national team initiative.

Our new Engineering Division is coming together well.  It made a
small loss in the first half but improved on the performance of
the same businesses in 2004.  We anticipate further integration
of the business and a commensurate improvement in performance.
We intend targeting the significant opportunities in the nuclear
and power sectors and will continue to pursue large mechanical &
electrical (M&E) frameworks.  We intend to exit some loss making
parts of this Division.

International

During the first half of the year, legacy issues in our
Australian business, Barclay Mowlem, were substantially
addressed.  We have reduced significantly our exposure to
building work in Australia and will concentrate more on the rail
and infrastructure sectors, which have lower risk profiles.  We
are also looking at further rail work in Taiwan following our
successful AU$450 million involvement on the Taiwan High Speed
Rail project.  With world demand for minerals and materials
remaining high, our materials handling operation is performing
strongly.  We expect an improved performance from our Australian
business in the second half.

In the U.S.A., Charter Builders turned in another good
performance.  Charter continued to focus on its core education
markets and business wins included four new school projects with
a combined value of US$165 million.

Mowlem Projects

We saw clear benefits in the first half of integrating our PFI,
public sector services and larger building activities into a
single Division.  In joint venture, we reached financial close on
three PFI schemes with a total value of GBP565 million.  We have,
in joint venture with HSBC Infrastructure Fund Management, also
been named Preferred Bidder by the Ministry of Defense (MoD) on a
GBP1 billion PPP project to rationalize and upgrade its Northwood
Headquarters site near Watford.

Significant resources are being directed towards achieving
financial close on our joint ventured GBP7 billion Allenby
Connaught project for the Ministry of Defense (MoD), which all
parties are working closely to secure.  We have achieved a
considerable milestone on this project by agreeing all
significant contract terms with the MoD and submitting the deal
to the bond rating agencies prior to the GBP1.5bn financing of
the project.

The agreements have taken a long time to finalize because of the
complexity of the project, the range of services being provided
and the difficulty of embodying the commercial arrangements in
over 2000 pages of contract and schedules for a 35-year project.

Mowlem Projects also secured a GBP59 million contract from the
Rugby Football Union for a new stand complex at Twickenham
Stadium.

Support Services

The performance of our Support Services operations was adversely
affected by continued pricing pressure in the 'blue collar'
direct delivery sector, which overshadowed excellent results in
our facilities and asset management business.

The situation at Mowlem Technical Services (MTS), our mechanical
and electrical (M&E) business, has stabilized following the
difficulties reported at the end of last year.  In future, MTS
will concentrate entirely on M&E maintenance work where a number
of high quality opportunities are being pursued.  The M&E
installation activities will be transferred to other Group
businesses or closed down.

Mowlem Pall Mall (MPM), our cleaning services and security
business, continues to compete in a very mature and competitive
market.  Difficulty in sustaining margins on food retail
contracts has prompted us to focus more on opportunities where we
can leverage our regional network, which is seen as a key
differentiator.  Targets include non-food retailers, shopping
centers and financial/corporate headquarters facilities.  MPM
took the decision to exit from the hotels sector in the first
half, but is seeking to achieve further organic growth in
security and has already committed to a number of key
investments.

Mowlem Asset Services (MAS), our higher-value facilities and
asset management business, performed well and is developing a
growing reputation as the quality service provider in this
sector.  National contracts with AXA, the Health & Safety
Executive and our GBP60 million contract with Centrica were
successfully mobilized in the first half and we are now seeing
some growth as the relationships develop.  The bid pipeline is
healthy, giving confidence of further growth in the U.K..  The
new Corporate Real Estate business which we launched as part of
MAS in February is outperforming business plan projections and
pursuing some excellent opportunities focused on adding value
through the integration of FM and estates management.

Using our successful ArcadisAqumen FM joint venture as a
platform, we are looking to develop pan-European FM solutions for
new and existing customers.  We have recently secured a Euro 45
million contract to provide FM services to DSM in the Netherlands
and are seeing substantial growth in our Philips account.

During the second half of the year we will be looking to further
strengthen our MAS management team in order to convert and
mobilize the significant opportunities available to us.  We see a
number of interesting growth opportunities for this business,
particularly in combination with the technical expertise
available in other Group companies.

Our Environmental Sciences Group continues to focus on delivering
services to the built and personal environments where legislation
and compliance are the primary drivers.  Future prospects remain
good driven by increasing legislation in all sectors, wider
enforcement and a trend for longer-term frameworks.

A copy of Mowlem's first-half results can be viewed at
http://bankrupt.com/misc/Mowlem(1h2005).pdf

                        About the Company

Headquartered in Middlesex, Mowlem Plc --
tp://www.mowlem.com   -- 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.

Mowlem registered losses of GBP7.4 million (retained loss of
GBP19.6 million) in 2004, compared to earnings of GBP49.8 million
a year earlier.  Its profitability was severely affected by a
number of contract valuation write-downs and one-off charges.

                           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.

See http://bankrupt.com/misc/Mowlem_Profile.htmfor company
profile.

CONTACT:  MOWLEM PLC
          White Lion Court, Swan Street
          Isleworth
          Middlesex TW7 6RN
          Phone: 020 8568 9111
          Fax: 020 8847 4802
          Web site: http://www.mowlem.com


ONSLOW DITCHLING: Administrators from Deloitte & Touche Move in
---------------------------------------------------------------
Lee Antony Manning and Nicholas Guy Edwards (IP Nos 006477,
008811) of Deloitte & Touche LLP were appointed joint
administrators of Onslow Ditchling Limited (Company No 04673094)
on Sept. 19.  The company's registered office is at Westbury, 2nd
Floor, 145-157 St John Street, London EC1V 4PY.  Onslow Dicthling
develops real estate properties.

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


PROFILE MEDIA: Seeks Shareholders' Help in Solving Crisis
---------------------------------------------------------
Ahead of the Extraordinary General Meeting to be held at 10:00
a.m. on 3 October 2005, Profile Media Group plc has asked
shareholders to consider what steps, if any, should be taken to
deal with the Company's current financial situation.

In a letter to shareholders, the Board said it is continuing
discussions about the possibility of a fundraising for the Group
although there is currently no certainty that this will be
successful and the Board does not anticipate being in a position
to have a detailed discussion regarding these proposals at the
meeting.  The Company intends to keep shareholders fully informed
of any progress in this regard.

                        About the Company

Headquartered in London, Profile Media Group is made up of a
number of different companies specializing in a range of products
and services from custom publishing and distribution to
multi-channel customer contact and integrated fulfillment.  It
formed Profile Pursuit in 1993 to offer a range of innovative
publishing solutions in the U.S. and U.K.  The U.S. subsidiary,
Profile Pursuit Inc., was recently sold to Healthspring
Communications LLC.

Profile Media is predicting losses of at least GBP4 million this
year.  In March, Barclays Bank Plc agreed to extend the date for
the repayment of its GBP3 million term loan facility to 7 March
2005.  In June, the due date was extended to 31 October 2005.
The company also has unsecured loans of GBP100,000 each to
Chairman John Webber and Chief Executive David Ellingham.  It is
looking at options to raise debt and equity finance to inject
additional funding to the group.

CONTACT:  PROFILE MEDIA GROUP PLC
          5th Floor, Mermaid House
          2 Puddle Dock
          London
          EC4V 3DS
          PMG
          Phone: +44 (020) 7332 2000
          Fax: +44 (020) 7332 2001
          E-mail: info@profilemediagroup.co.uk

          Press Inquiries
          Martin Chard, Finance Director
          Phone: 020 7332 2000


Q.P.C. HOMES: Creditors Meeting Set Next Week
---------------------------------------------
Notice is hereby given, pursuant to paragraph 51 of Schedule B1
of the Insolvency Act 1986, that a Meeting of the Creditors of
Q.P.C. Homes Limited (Registered No 01659483) will be held at The
Reading Town Hall, Blagrave Street, Reading, Berkshire RG1 1QH,
on 7 October 2005, at 10:00 a.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 6 October 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.

M H Thompson, Joint Administrator


REDTEN COMPUTERS: Hires Administrators from PKF
-----------------------------------------------
Jonathan D. Newell and Kerry Bailey (IP Nos 6419 and 8780) of PKF
were appointed joint administrators of Redten Computers Limited
(Company No 3953469) on Sept. 14.  The company's registered
office is at Unit 6 Millbrook Road, West Float Industrial Estate,
Birkenhead CH41 1FL.

CONTACT:  REDTEN COMPUTERS LTD.
          4 Sovereign Way
          Dock Road
          Birkenhead CH41 1DL
          Merseyside
          Phone: 0151 651 1010
          Web site: http://www.redten.com/

          PKF
          52 Mount Pleasant,
          Phone: 0151 7088232
          Fax: 0151 7088169
          E-mail: info.liverpool@uk.pkf.com
          Web site: http://www.pkf.co.uk


REGAL PETROLEUM: Half-year Losses Reach US$21.7 Million
-------------------------------------------------------
Regal Petroleum plc has reported results for the six months ended
30 June 2005.

Financial Highlights

(a) turnover increased to US$16.7 million (30 June 04:
    US$13.4 million);

(b) loss for the period of US$21.7 million (30 June 04: loss of
    US$2.5 million), with loss per share of 19.0 cents (30 June
    04: loss per share of 2.3 cents);

(c) the loss includes write-downs of US$9.5 million resulting
    principally from the King Alexander Rig and foreign exchange
    losses of US$7.8 million;

(d) average production of 3,800 boepd during the period (30 June
    04: 4,800 boepd);

(e) placing of shares which raised GBP42.6 (US$80.6) million net
    of expenses during the period; and

(f) net cash of US$54.0 million (30 June 04: US$65.7 million) at
    period end and net assets of US$181.0 million (30 June 04:
    US$131.5 million).  At the date of this announcement the
    Company had net cash of approximately US$42.0 million.

Operational Highlights

Greece

(a) A period of industrial unrest has led to changed operational
    management arrangements being put in place.  No further
    Regal cash injections to Greece are envisaged in the
    immediate term;

(b) independent reserves auditors McDaniel's confirms Greece
    proved and probable reserves for Prinos, Prinos North and
    Epsilon of 22MMbbls;

(c) completion of drilling of Kallirachi 2 well; discovery of
    hydrocarbons, yet poor permeability made the well
    uncommercial;

(d) average production of 2,294 bopd during the period; and

(e) increased economic interest in Kavala Oil to 95%.

Ukraine

(a) average production was 501 barrels of condensate and 5,648
    thousand cubic feet of gas per day (total equivalent of
    1,507 boepd) with 4 wells in production: MEX102, MEX3, GOL1
    and GOL2;

(b) operations remain cash flow positive and profitable during
    the period;

(c) conclusion of independent audit of reserves by Ryder Scott
    is imminent;

(d) Peak Resources - discussions with Peak Resources are still
    "open," however, the Board  believes any likely outcome of
    these negotiations would not be in the best interest of
    shareholders; and

(e) There is an on-going appeal process in Ukraine surrounding
    the distribution of the rights to property, which were
    developed in the Joint Venture between the Company and
    Chernihivnaftogasgeology (CNGG).  A value has been
    determined for these property rights by the Court, but this
    is currently being appealed by CNGG and the hearing is
    scheduled for Wednesday 5 October 2005.  This legal process
    is not connected in any way to the Company's license rights
    in Ukraine, which are not in question.

Romania

(a) Suceava Block: successful completion of exploration well SE-
    1 in April 2005, which produced dry gas (99.4% methane) on a
    stable flow rate of 1.2 million standard cubic feet per day
    at a depth of approximately 550 meters; and

(b) Barlad Block: 200-kilometer new infill seismic shot in
    second quarter and license ratified in the first quarter.

Egypt

Proposal for initial exploration well accepted by the Government
and the Company is currently pursuing potential farm-out
opportunities.

Board appointments

Dr. Rex Gaisford CBE was appointed Chief Executive Officer on 9
June 2005.  Richard Hardman CBE was appointed Exploration
Director on 15 June 2005.  Sir Peter Heap was appointed
Non-Executive Chairman on 15 June 2005.  Frank Timis has resigned
as Chairman, Bill Humphries as Non-Executive Director and
Christopher Green as Director of Exploration.

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

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


ROADEYE LIMITED: Appoints Liquidator from P&A Partnership
---------------------------------------------------------
P. Fretwell, Chairman of Roadeye Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 19 at 93 Queen Street, Sheffield S1 1WF.  Andrew Philip
Wood and Derek Leslie Woolley of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF was appointed liquidator.  The
appointment was confirmed at a subsequent creditors meeting.

Roadeye Ltd. is a stand-alone vehicle tracking company.  Its new
intelligent vehicle security system alerts people when their cars
have been moved by sending text messages to mobile phones.  Visit
http://www.roadeye.co.ukfor more information.

CONTACT:  ROADEYE LTD.
          Barnsley
          S75 1JL
          Phone: 01226 321455
          Fax: 01226 321466

          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


S B CLOTHING: Files for Liquidation
-----------------------------------
S. Bargit, Director of S B Clothing Co. Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 15 at 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY.

Robert W Keating of R W Keating & Co, 20 Winmarleigh Street,
Warrington, Cheshire WA1 1JY was appointed liquidator.

S B Clothing manufactures ladies leisurewear, clubwear, and
partywear.  It was established more than 13 years ago in the
heart of the Midlands.  It operates from a 40,000 sq. ft.
facility, and produces over 50,000 garments per week.   It is a
supplier to high street retailers, wholesalers and boutiques.
Visit http://www.sb-clothing.co.ukfor more information.

CONTACT:  S B CLOTHING CO. LIMITED
          S&B House 92-94 Gipsy Lane
          Leicester, LE4 6 RE England
          Phone: (00)+44 116 2664747
          Fax: (00) +44 116 2664748

          R. W. KEATING & CO.
          2nd Floor
          20 Winmarleigh Street
          Warrington
          Cheshire WA1 1JY
          Phone: 01925 245004
          Fax: 01925 245357
          E-mail: robert@rwkeating.fsnet.co.uk


SEMTECH COMPONENTS: Calls in Liquidator
---------------------------------------
Terry Cook, Chairman of Semtech Components Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 19 at Wilder Coe, 12th Floor, Southgate House, St George's
Way, Stevenage, Hertfordshire SG1 1HG.

Norman Cowan and Mark Riley of Wilder Coe, 12th Floor, Southgate
House, St George's Way, Stevenage, Hertfordshire SG1 1HG were
appointed Joint Liquidators.

Semtech Components supplies semiconductors, flyback transformers
(LOPTS) and computer spares.  It has over 15,500 stocks available
from two warehouses.

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

CONTACT:  SEMTECH COMPONENTS
          7-8 Icknield Way
          Shaftesbury Industrial Centre
          Letchworth
          SG6 1HE Hertfordshire
          Phone: 01462 486888
          Fax: 01462 686853

          WILDER COE
          12th Floor
          Southgate House
          St. George's Way
          Stevenage
          Hertfordshire SG1 1HG
          Phone: 01438 847 200
          Fax: 01438 847 150
          E-mail: insol@wildercoe.co.uk


SHARP BROS.: Kroll Administrators Enter Company
-----------------------------------------------
Charles Peter Holder and Stuart Charles Edward Mackellar (IP Nos
9093 and 6883) of Kroll Limited were appointed joint
administrators of Sharp Bros. Limited (Company No 03405705) on
Sept. 16.  The company's registered office is at The Sawmill,
Kidd Lane, Melbourne, York, North Yorkshire YO42 4QF.  Sharp
Bros. manufactures pallets.

CONTACT:  SHARP BROS
          The Sawmill, Kidd Lane,
          York, South Yorkshire YO42 4QF
          Phone: 08000340370

          KROLL LIMITED
          Wellington Plaza,
          31 Wellington Street,
          Leeds LS1 4DL
          Web site: http://www.krollworldwide.com


SHIPMANS ELECTRICAL: Creditors Meeting Set Next Week
----------------------------------------------------
Notice is hereby given by James Douglas Emle Money and Allan
Watson Graham, both of KPMG LLP, St Nicholas House, Park Row,
Nottingham NG1 6FQ, that a Meeting of Creditors of Shipmans
Electrical Services Limited (Company No 03117879), 1 The City,
Beeston, Nottingham NG9 2ED, is to be held at St Nicholas House,
Park Row, Nottingham NG1 6FQ, on 5 October 2005, at 10:00 a.m.
The Meeting is an initial Creditors' Meeting under paragraph 51
of Schedule B1 to the Insolvency Act 1986.  A proxy form should
be completed and returned to me by the date of the Meeting if you
cannot attend and wish to be represented.  In order to be
entitled to vote under Rule 2.38 at the Meeting you must give to
me, not later than 12:00 noon on the business day before the
Meeting, details in writing of your claim.

J D E Money, Joint Administrator

CONTACT:  SHIPMANS ELECTRICAL SERVICES LTD.
          1 The City, Beeston,
          Nottingham, Nottinghamshire NG9 2ED
          Phone: 01159256629

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


SKYEPHARMA PLC: Plans to Raise GBP35 Million via Rights Issue
-------------------------------------------------------------
Not for release, publication or distribution in whole or in part,
directly or indirectly in or into the United States of America,
Canada, Australia, Japan, the Netherlands, France, the Republic
of Ireland or New Zealand.

The Board of SkyePharma plc proposes to raise approximately GBP35
million (net of expenses) by means of a 1 for 5 Rights Issue of
125,627,357 New Ordinary Shares at 30 pence per share to
Qualifying Shareholders.

The Rights Issue has been underwritten in full by Credit Suisse
First Boston (Europe) Limited (CSFB).  The Directors (other than
one Director resident in the United States) intend to take up
their rights under the Rights Issue in respect of all of their
beneficial interests in Existing Ordinary Shares over which they
have control, representing less than 1 per cent of the issued
share capital.

The net proceeds of the Rights Issue will be used primarily to
provide the Company with additional working capital to fund the
Phase III clinical development of Flutiform(TM), a key pipeline
product.  The proposed issue of 125,627,357 New Ordinary Shares
represents approximately 16.7% of the enlarged issued share
capital.

Michael Ashton, Chief Executive of the Company, said: "The
proceeds of the Rights Issue will allow the Company the
flexibility to proceed by itself with the clinical development of
Flutiform(TM) thereby helping to ensure its time to market.  This
will help to secure its competitive position and should in turn
enhance its licensing terms.

"The Board of Directors firmly believes it is in shareholders'
interests to proceed with the clinical development of
Flutiform(TM) ourselves."

                        About the Company

SkyePharma plc, headquartered in London, develops pharmaceutical
products benefiting from world leading drug delivery technologies
that provide easier-to-use and more effective drug formulations.
In May, it reported net loss of GBP24.3 million for 2004, a
decrease of 44% compared with GBP43.2 million in 2003.

CONTACT:  SKYEPHARMA PLC
          105 Piccadilly
          London
          United Kingdom
          W1J 7NJ
          Phone: +44 20 7491 1777
          Fax: +44 20 7491 3338


SLEEP CITY: Furniture Retailer Winds up
---------------------------------------
W. Law, Chairman of Sleep City Limited, informs that resolutions
to wind up the company were passed at an EGM held on Sept. 15 at
15 Highfield Road, Hall Green, Birmingham B28 0EL.

P. Nottingham of Nottingham Watson Ltd., 15 Highfield Road, Hall
Green, Birmingham B28 0EL was appointed liquidator.

CONTACT:  SLEEP CITY LTD.
          93 Dudley Road
          Halesowen
          West Midlands
          B63 3NS
          Phone: 01215850676
          Fax: 01215855025


STRATFORD PARK: Names Begbies Traynor Liquidator
------------------------------------------------
Stratford Park Hotel Limited informs that a resolution to wind up
the company was passed at an EGM held on Sept. 13 at the offices
of Taylor Fry, 70 Conduit Street, London W1G 2GF.

Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG

CONTACT:  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


TECTONICS BRISTOL: Administrators Take over Firm
------------------------------------------------
Geoffrey Paul Rowley and Simon Peter Bower (IP Nos 8919 and 8338)
of RSM Robson Rhodes LLP were appointed joint administrators of
Tectonics Bristol Limited (Company No 04190742) on Sept. 15.  The
company's registered office is at Boyces Building, Regent Street,
Clifton, Bristol BS8 4HU.

CONTACT:  TECTONICS BRISTOL LTD.
          The Chicken Shack,
          Chestnut Farm,
          Hewish BS24 6RU
          United Kingdom
          Phone: 01934 876872
          E-mail: sales@tectonicsbristol.co.uk

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


TRILOGY LIMITED: Management Consultancy Firm Liquidates
-------------------------------------------------------
Steve Maloney, Director of Trilogy Solutions Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 12 at the offices of Parkin S. Booth & Co, 44 Old Hall
Street, Liverpool L3 9EB.

Paul J. Fleming of Parkin S Booth & Co, 44 Old Hall Street,
Liverpool L3 9EB was appointed liquidator.

Trilogy Solutions offers IT project management, business
consultancy recruitment, and training.  It is an independent
company formed in 1999.  Visit http://www.trilogy.ltd.uk/for
more information.

CONTACT:  TRILOGY SOLUTIONS LTD.
          Wilson Henry Building
          145 Edge Lane
          Liverpool
          L7 2PG
          Phone: +44 (0) 870 241 8724
          Fax: +44 (0) 870 241 8726
          E-mail:  steve.maloney@trilogysolutions.co.uk

          PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


ULTIMATE RESPONSE: Marketing Services Provider Winds up
-------------------------------------------------------
E. I. Baskind, Director of Ultimate Response Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 19 at the offices of Parkin S. Booth & Co, 44 Old
Hall Street, Liverpool L3 9EB.

R. M. Rutherford of Parkin S Booth & Co, 44 Old Hall Street,
Liverpool L3 9EB was appointed liquidator.

Ultimate Response was established in 1987 as a marketing services
and business support company.  Once part of Sir John
Harvey-Jones's Burns-Anderson Group plc, Ultimate Response has
matured into a full-service IT-based business providing a whole
range of innovative services for a wide range of organizations.

CONTACT:  ULTIMATE RESPONSE LTD.
          Custom House, Merseyton Road
          Ellesmere Port
          CH65 3AD
          Cheshire
          Phone: 0151 356 1000
          Fax: 0151 356 1055
          Web site: http://www.ultimateresponse.co.uk

          PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


UK ACCESS: Appoints Administrators from Tenon Recovery
------------------------------------------------------
Patrick Ellward (IP No 008702) and Ian William Kings (IP No
007232) of Tenon Recovery were appointed joint administrators of
UK Access Marketing Limited (Company No 04638717) on Sept. 19.
The company's registered office is at Martin Close, Blenheim
Industrial Estate, Bulwell, Nottingham NG6 8UW.

CONTACT:  TENON RECOVERY
          Charnwood House,
          Gregory Boulevard,
          Nottingham NG7 6NX
          Phone: 0115 955 2000
          Fax: 0115 918 4500
          Web site: http://www.tenongroup.com

          TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


VIDEO LINK: Calls in Liquidator
-------------------------------
L. Sadarangani, Director of Video Link Consultants Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Sept. 12 at 47-49 Green Lane, Northwood, Middlesex
HA6 3AE.

Ashok K. Bhardwaj of 47-49 Green Lane, Northwood, Middlesex HA6
3AE was appointed liquidator.

CONTACT:  VIDEO LINK CONSULTANTS LTD.
          Unit 28, Sheriton Business Centre
          Wadsworth Road, Perrivale
          Greenford
          UB6 7JB Middlesex
          Phone: 020 8997 1975
          Fax: 020 8997 6295
          Web site: http://www.videolink.co.uk.com


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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Information contained herein is obtained from sources believed to
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