TCREUR_Public/051003.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

            Monday, October 3, 2005, Vol. 6, No. 195

                            Headlines

B U L G A R I A

MOBILTEL AD: S&P Heeds Company Request, Withdraws Ratings


C Z E C H   R E P U B L I C

CZECH AIRLINES: Cutting Cost to Contain Industry Crisis


G E R M A N Y

B & B AUSBAU: Court Appoints Interim Administrator
DIREKTMARKETING MBH: Claims Verification Set Next Month
HARTENSTEIN INTERIEUR: Creditors' Claims Due Later this Month
LPW-BLASBERG: Administrator's Report Out December
SALESDESIGN GMBH: Creditors Meeting Set Mid-November
WCM AG: Rebel Shareholders Demand Reorganization


I R E L A N D

ELAN CORPORATION: H1 Net Loss a Profit Under IFRS
GLENCAR MINING: Sinks into Red in First Half


K Y R G Y Z S T A N

AKSELERATOR: Proofs of Claim Deadline Set
BASHARAN: Creditors' Claims Due November
GEB CO.: Last Day for Filing Claims November 12


N E T H E R L A N D S

DAP HOLDING: Hermanus Touw Files Sec. 304 Petition in New York
GETRONICS N.V.: Selling EUR150 Million Convertible Bonds
KONINKLIJKE AHOLD: Board Member Benno Hoogendoorn Steps down
VERSATEL TELECOM: Shareholders Back Sale of Versatel Deutschland


N O R W A Y

OCEAN RIG: Holders of 2004/2007 Convertible Bonds Take up Shares


P O L A N D

QXL RICARDO: Bar Association Sanction Against Ex-manager Upheld


R U S S I A

BASH-STROY: Names V. Petlin Insolvency Manager
CHEBOKSARSKAYA MILL: Under Bankruptcy Supervision
CHELYABINSKOYE BUILDING: Calls in Insolvency Manager
ENMAS: Insolvency Manager Enters Firm
KRASNYJ KLYUCH: Declared Insolvent

KURSK-VOD-STROY: Hires N. Silakov Insolvency Manager
LETSKIY WOOD-PROM-KHOZ: Bankruptcy Supervision Procedure Begins
OAO SIBNEFT: S&P Welcomes Gazprom Offer
RODINA-AGRO-INVEST: Bankruptcy Hearing Set November
STARODUBSKIY HEMP: Court Brings in Insolvency Manager
TYUMENSKIY TURBO-MECHANICAL: Under Bankruptcy Supervision


S W I T Z E R L A N D

CABLECOM HOLDING: IPO to Break Four-year Record


T U R K E Y

DOGAN YAYIN: On Watch Evolving After Winning Star TV Tender


U K R A I N E

AGROENERGOPOSTACH: Declared Insolvent
DIMITRIVSKA: Under Bankruptcy Supervision
GARANT: Bankruptcy Supervision Starts
GORIZONT: Court Appoints Insolvency Manager
GRAD: Court Appoints Insolvency Manager

IMPEKS-MEDIA: Under Bankruptcy Supervision
INTERUKR: Kyiv Court Opens Bankruptcy Proceedings
KONAN-PLUS: Declared Insolvent
KOZATSKE: Temporary Insolvency Manager Steps in
LENINSKIJ RAJAGROHIM: Succumbs to Insolvency

MERIDIAN: Falls into Bankruptcy
NIVA: Liquidator Takes over Operations
PEREMOGA: Applies for Bankruptcy Proceedings
SIMFEROPOL' PERFUME: Creditors' Claims Due this Week
STRUM: Kyiv Court Opens Bankruptcy Proceedings
UKRAINA: Liquidator Takes over Operations


U N I T E D   K I N G D O M

ABTEC INTERNATIONAL: Hires Administrators from Ensors
ALLIANCE TELECOM: In Liquidation
BOXSTAR LIMITED: Administrators from PwC Move in
BROWNS TRANSPORT: Hires Liquidator from Baker Tilly
CITY CARS: Goes into Liquidation

COMPASS GROUP: Fitch Sees Benefit from Planned Sale of SSP
CVL ACCIDENT: Goes into Liquidation
FAST FRAME: Creditors Meeting Next Week
FEDERAL-MOGUL: Court Amends US$9.4 Billion Liability Estimate
FKI PLC: Reiterates Trading Outlook

FOCUS DIY: Long-term Ratings Cut to 'B'; Underperformance Cited
GOSHAWK INSURANCE: Calls off EGM After Recent Negative Events
HALLCO 907: In Administrative Receivership
HEAT-SEAL (LEICS): Creditors Meeting Set Friday
INTERSHOP COMMUNICATIONS: Launches Up to EUR4.3 Mln Rights Issue

JACOB'S WELL: Names Begbies Traynor Liquidator
JARVIS PLC: Completes Financial Restructuring
JBG BUILDING: Bank of Scotland Appoints Receiver
KIMBERLEY INVESTMENTS: Calls in Liquidator from BWC
LAB FURNISHINGS: Administrators Take over Company

LINDSAY WELBECK: Files for Liquidation
MAIN SQUARE: Members Opt for Liquidation
OPEN WORLD: Boat Builder Goes Belly up
REGAL PETROLEUM: Faces Lawsuit in Ukraine
RENTOKIL INITIAL: To Close Sale of Initial Style End-November

RICHARDSONS MOSS: Hires Administrators from BDO Stoy Hayward
ROBERT EDWARD: Appoints Bridgestones Administrator
SCRUTTON ENGINEERING: Calls in Administrators from Bridgestones
SMART APPROACH: Shares Suspended; Searches for Investor
SOVEREIGN SALES: Names SPW Poppleton & Appleby Liquidator

STMS REALISATION: Calls in Administrators from Fanshawe Lofts
UK FOODS: Names Maidment Judd Administrator
WALKER MANUFACTURING: Hires Bond Partners as Administrator
WHAT 4 LIMITED: Files for Liquidation
WOODEN WORLD: Names BRI Business Liquidator


                            *********


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


MOBILTEL AD: S&P Heeds Company Request, Withdraws Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' long-term
corporate credit rating on Bulgaria-based mobile
telecommunications operator Mobiltel AD and 'BB+' senior secured
debt rating on related entity Mobiltel Finance B.V. at the
company's request.  This follows completion of Mobiltel's
purchase by Austria-based integrated telecoms operator Telekom
Austria AG (BBB+/Stable/A-2) and the early redemption of Mobiltel
Finance's EUR200 million ($241 million) notes due
2009, which have been refinanced by an intercompany loan from
Telekom Austria.

Mobiltel continues to benefit from a market-leading position in
Bulgarian mobile telephony in terms of subscribers, revenues, and
EBITDA (with a 62.4% subscriber market share at June 30, 2005).
The Bulgarian mobile telephony market offers opportunities for
growth in subscribers and traffic given the moderate penetration
level (about 70% at June 30, 2005).

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

CONTACT:  MOBILTEL AD
          2, Kukush Street
          Sofia - 1309
          Bulgaria
          Phone: +359 88 500 041, 2, 3
          Fax: +359 88 500 045
          E-mail: custcare@mobiltel.bg
          Web site: http://www.mobiltel.bg


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


CZECH AIRLINES: Cutting Cost to Contain Industry Crisis
-------------------------------------------------------
At its meeting on Sept. 21, the board of trustees of Czech
Airlines discussed the company's response to the overall negative
developments facing the global airline industry, primarily
resulting from the continuing high and rising fuel prices.

With the recent losses related both to the latest terrorism
activities and the ongoing military conflicts taking place
throughout the world (Sept. 11, Iraq, Egypt, London) as well as
the natural disasters in Southeast Asia and in the U.S., the
current oil prices and the resultant prices for jet fuel pose yet
another negative factor.  Together, these have lead to the
prediction that the industry will once again incur losses of
roughly US$7.4 billion.  This is the level of losses predicted by
the IATA, with an average price for oil of US$57 per barrel in
2005.  Each extra dollar added to the price of oil is expected to
create an additional loss of roughly US$1 billion.

These developments reaffirm the warning raised by IATA Director
General G. Bisignani, who referred to the current oil prices as
the "fifth horse of the apocalypse," which are once again posing
a threat to the profitability of the airline industry.

CSA's strategies for responding to these dramatic developments
within the industry, which have caused the airline's costs to
soar in 2005 by more than CZK1 billion just for the cost of jet
fuel, are focused around its attempt to accelerate the company's
transformation.  CSA is doing this by speeding up its strategic
reorganization projects.  These combine increased earnings with
aggressive cost cutting.

The expediting of the airline's conversion to more modern
electronic forms of doing business and pursuing sales is focused
not only on its traditional clientele but, in particular, on
corporate clients and small and medium-sized businesses.  These
efforts include the radical expansion of its direct sales
options -- especially over the Internet and are supported by
changes in revenues and management and investments in new IT
technologies.  Altogether, these represent the set of key
measures that make up the CSA business and sales transformation
project.

"The board of trustees looks extremely positively on the fact
that the airline has been able to meet the critical milestones of
its strategic projects.  These projects are expected to bring in
hundreds of millions of crowns -- in particular through the
introduction of the latest generation of business and sales
tools, starting September 1, 2005," says Eduard Janota, Chairman
of the CSA Board of Trustees.  He also added: "The only way to
successfully face the increasing pressures of rising fuel costs
and competition is to aggressively cut the airline's own costs
and to introduce effective, modern technological tools at the
same time."

The restructuring of its foreign branches, of its businesses in
the Czech Republic and Slovakia and the operations of its
long-distance fleet are among the other things that are seen by
CSA as ways to add an additional boost to its profitability.

The company's cost-cutting projects focus on all areas of CSA's
costs, including both its external suppliers as well as its own
internal operations.  CSA is in the process of actively reviewing
almost all of its contracts, including those with major partners
such as the Prague Airport, Air Traffic Control, fuel suppliers
and distribution agencies.  CSA is cutting its own internal costs
at the same time.  CSA plans to reduce its current number of
suppliers from 3,500 to below 2,000.

"The results from the existing projects has not only allowed us
to work with the certainty of being able to surpass the projected
earnings goals for 2006, as they were outlined in CSA's 2005-1015
Strategic Plan, but also, these results are having a positive
impact on the current year of 2005," said CSA's Chairman of the
Board and President, Jaroslav Tvrdik.  He added: "If we are able
to fully implement these projects, the results will allow us to
eliminate the impact of the current oil price increases on our
next year's financial results and they will restore CSA's
profitability."

The company's investment outlays were also the subject of a
separate analysis, which showed that the airline will be able to
save over CZK300 million more than originally forecast in its
approved financial plan -- an amount representing more than 20%
of CSA's total investment outlays for 2005.

CSA plans to continue with additional development projects,
particularly those aimed at the airline's attempt to take
advantage of the growing market for charter flights, commercial
activities in the area of aviation equipment servicing and
maintenance and the training of crews, where the company wants to
maximize the potential represented by its highly successful
solicitation for medium-distance aircraft.  The exceeding of the
projected profitability from these business activities will also
help to effectively eliminate the negative external pressures
experienced by the airline during 2005.

After the project aimed at the replacement of the existing
turboprop aircraft, the airline's transition into modern types of
aircraft in its medium-distance fleet is the next project leading
to a major modernization and therefore greater cost-efficiencies
for CSA's operation.

CONTACT:  CESKE AEROLINIE A.S.
          Prague Ruzyni Airport
          160 08 Prague, 6, Czech Republic
          Phone: +42 220 104 310
          Fax:   +42 224 81 04 26
          Web site: http://www.csa.cz


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


B & B AUSBAU: Court Appoints Interim Administrator
--------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against B & B Ausbau GmbH on Sept. 12, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Oct. 25 to
register their claims with court-appointed provisional
administrator Dr. Karsten Forster.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 29, 11:40 a.m. at the district court of
Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt (Oder),
Saal 401, 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:  B & B AUSBAU GmbH
          Platanenstrasse 10
          15526 Bad Saarow

          Dr. Karsten Forster, Insolvency Administrator
          Herbert-Jensch-Str. 111
          15234 Frankfurt (Oder)


DIREKTMARKETING MBH: Claims Verification Set Next Month
-------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Direktmarketing mbH on Sept. 8, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Oct. 21 to register their claims
with court-appointed provisional administrator Thorsten Snyders.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 22, 12:00 noon at the district court of
Leipzig 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:  DIREKTMARKETING mbH
          Abtnaundorfer Str. 40
          04347 Leipzig

          Thorsten Snyders, Insolvency Manager
          Paulinerweg 27
          04299 Leipzig


HARTENSTEIN INTERIEUR: Creditors' Claims Due Later this Month
-------------------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Hartenstein Interieur Atelier Gesellschaft mit
beschrankter Haftung on Sept. 12, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Oct. 24 to register their claims
with court-appointed provisional administrator Thomas Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 15, 11:00 a.m. at the district court of
Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, IV. Etage, Saal 407 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:  HARTENSTEIN INTERIEUR ATELIER GESELLSCHAFT MIT
          BESCHRANKTER HAFTUNG
          Im Lipperfeld 12
          46047 Oberhausen
          Contact:
          Barbara Hartenstein-Berson, Manager
          Niederstr. 5c, 46459 Rees

          Thomas Schmitz, Insolvency Administrator
          Am Flohbusch 1
          47802 Krefeld


LPW-BLASBERG: Administrator's Report Out December
-------------------------------------------------
The district court of Cologne opened bankruptcy proceedings
against LPW-Blasberg Anlagen GmbH on Sept. 8, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Oct. 31 to
register their claims with court-appointed provisional
administrator Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on Dec. 8, 9:00 a.m. at the district court of
Cologne, Hauptstelle, Luxemburger Strasse 101, 50939 Cologne, 1.
Etage, Saal 142, 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:  LPW-BLASBERG ANLAGEN GmbH
          Heerdter Buschstr. 1-3
          41460 Neuss
          Contact:
          Dr. Hans Peter Doehmen, Manager

          Dr. Joerg Nerlich
          Aachener Str. 563-565
          50933 Cologne
          Phone: 0221/ 940 80 30
          Fax: +492219408039


SALESDESIGN GMBH: Creditors Meeting Set Mid-November
----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against SalesDesign GmbH on Sept. 1, 2005.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Oct. 17 to register their claims
with court-appointed provisional administrator Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting on Nov. 14, 9:50 a.m. at the district court of
Hamburg, Insolvenzgericht, Weidestrasse 122 d, 22083 Hamburg,
Saal 1, 2. Ebene, 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:  SALESDESIGN GmbH
          Stadtdeich 27
          20097 Hamburg
          Contact:
          Wolfgang von Deuten, Manager

          Hendrik Rogge, Insolvency Administrator
          Albert-Einstein-Ring 15
          22761 Hamburg
          Phone: 897186-0
          Fax 897186-11


WCM AG: Rebel Shareholders Demand Reorganization
------------------------------------------------
On September 28, 2005, as a result of telephone calls from press
agencies, we were informed that allegedly a "group of WCM
shareholders" which were said to hold just under 5% of the shares
in our Company were to make a public proposal for a comprehensive
reorganization of the Group for leveraging the hidden reserves in
the interests of shareholders.

Towards 1 p.m., we received a letter from the named Dr. Walter
Hess, in which he referred to a pending press conference on the
subject and to which a press text was attached.  Subsequently, a
further press text was made available to us in which we
essentially understand that this group:

(a) claims to have a shareholding of almost 5% in WCM,

(b) does not agree with the Management Board's program of
    merging WCM and Klockner,

(c) wishes instead to transfer the shares, e.g. in Klockner-
    Werke AG to another AG as part of a spin-off, and to make
    the proceeds directly available to WCM shareholders

Whether this group has a holding in WCM and, if so, its size we
cannot say.  No notification of voting rights has been submitted.

Regarding the statements in the press release of the "Group"
relating to assets of our Company, we must state that it has
obviously been overlooked that there are considerable liabilities
in the Group, which must be taken into account.  Thus it is not
possible to simply transfer Klockner shares to a new company or
to WCM shareholders.

Furthermore, we state that in addition to a merger, options on
streamlining and simplifying the group structure are being
examined on an ongoing basis.

The Management Board will continue to take advantage of all
realistic options to reduce liabilities, eliminate interconnected
companies within the Group and concentrate on the highly
promising Klockner-Werke AG.

The Management Board

CONTACT:  WCM GROUP
          Ralph Wintermantel
          Phone: +49 (0) 69 90026-510
          Fax: +49 (0) 69 90026-110
          Hotline: 0800 7801000
          E-mail: ir@wcm.de or info@wcm.de


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


ELAN CORPORATION: H1 Net Loss a Profit Under IFRS
-------------------------------------------------
Elan Corporation plc on Thursday said that as required under the
rules of the Irish Stock Exchange and U.K. Listing Authority, it
will file its interim results for the six months ended June 30,
2005, prepared for the first time under International Financial
Reporting Standards (IFRS), with the Irish and London Stock
Exchanges this week.  The Company will also provide a
reconciliation between its IFRS results and its results prepared
under accounting principles generally accepted in Ireland (Irish
GAAP) and the United States (U.S. GAAP).

On July 28, 2005, Elan reported its unaudited financial results
for the second quarter and half year ended June 30, 2005,
prepared under U.S. GAAP.  Elan will report net income of
US$789.8 million for the 6 months ended June 30, 2005 under IFRS
compared to a net loss of US$258.2 million for the same period
under U.S. GAAP.  At June 30, 2005, shareholders' equity as
recorded under IFRS was US$381.2 million compared to US$147.8
million under U.S. GAAP.

Included in the net income reported under IFRS is a fair value
non-cash gain of $1,092.1 million which arises from the
mark-to-market of the conversion option component of 6.5%
Convertible Notes which were issued by Elan in 2003 to raise
US$460 million. No such gain arises under U.S. GAAP or Irish
GAAP.

Under IFRS, because the Notes include a cash settlement option
for Elan, the conversion option is accounted for as an equity
derivative and its fair value is periodically marked-to-market
through the income statement.  The fair value gain under IFRS
arises because the fair value of the equity derivative component
of the Notes declined by US$1,092.1 million during the six months
ended 30 June 2005 with a consequent reduction in the liability
recorded under IFRS.  The decline in the fair value of the equity
derivative arises from the decline in Elan's share price over
this period.

Copies of the above document will be submitted to the Document
Viewing Facilities of the Irish Stock Exchange (the Exchange) and
the Financial Services Authority (FSA) and will be available for
inspection shortly at the addresses below.

(a) Document Viewing Facility,
    Irish Stock Exchange,
    28 Anglesea Street,
    Dublin 2

(b) Document Viewing Facility,
    Financial Services Authority,
    25 The North Colonnade,
    Canary Wharf,
    London E14 5HS

Once the interim results are filed this week with the Exchange
and the FSA, the filing will be furnished to the United States
Securities and Exchange Commission (SEC) on Form 6-K and can then
be accessed by visiting Elan's Web site at http://www.elan.com
and clicking on the Investor Relations section.

About Elan

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

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


GLENCAR MINING: Sinks into Red in First Half
--------------------------------------------
           Report of Hugh McCullough, Chief Executive

I am pleased to be able to report good progress on our
exploration programs in Mali and Ghana, and in particular, the
signing of a non-binding letter of offer from Gold Fields Limited
("Gold Fields") relating to some of our exploration licenses at
Sankarani in Mali.  On 23 September, we also gained admission to
the AIM market of the London Stock Exchange.

Mali

The Sankarani project, in southern Mali, comprises four
exploration concessions, covering a total area of some 1,000
square kilometers in the prospective Birimian system geological
environment.  Following completion of a regolith study of the
entire project area last year, further geochemical sampling,
trenching, geophysical interpretation and a structural/geological
mapping program were carried out.  Three of the initial targets
defined by these programs have been brought to drill ready status
and a drill rig is now being sought to commence the drill program
in mid November.  Further targets will be explored in detail in
2006.  The area is highly prospective but only very limited
advanced exploration had been carried out by the previous
licensees.

Following the signing by Glencar on 31 August of a non-binding
letter of offer from Gold Fields, Gold Fields is in the process
of completing due diligence for an agreement which will lead to
it having the right to acquire up to a 65% interest in three of
the four Sankarani licenses, through exploration expenditures of
up to US$12 million, US$4 million of which must be spent before
December 2008.  Assuming satisfactory completion of due diligence
and the satisfaction of the other conditions precedent, a joint
venture agreement will be drawn up which will relate to the
Bokoro, Sanioumale and Farasaba licenses, while Glencar will
retain its existing interest in the Komana license, where
drilling is scheduled to commence in November.  Glencar will have
management of the exploration program, at least until completion
of US$2.5 million of exploration expenditures.  Upon conclusion
of a definitive joint venture agreement, we confidently expect an
aggressive and exciting exploration program over the next twelve
months or so, and, assuming positive results during that program,
we are also confident that we will have one of the strongest
possible partners for the ongoing development of any gold
deposits which might be found through such exploration programs.

Gold Fields is the world's fourth largest gold producer, with
annual attributable production of more than 4.3 million ounces of
gold and attributable mineral reserves of 81.5 million ounces.
The company employs 48,000 people, including contractors, across
its operations.  We are delighted that Gold Fields has selected
the Sankarani project as their first project in Mali, a country
ranking fourth in Africa in terms of annual gold production, and
one which is as yet, relatively under explored. The execution of
this agreement with Gold Fields would represent a major step
forward for Glencar.

Ghana

We have recently completed a helicopter-borne aeromagnetic survey
over our Asheba Project in Ghana. The results of this survey have
highlighted a number of targets where structural conditions
suggest the potential for extensions to the mineralisation
already established at Atinasi North.  Field work is currently
underway over several of the targets proximal to the Atinasi
North Prospect and it is planned that a drilling program to
include the testing of some of these targets will be commenced in
late October. The picture presented by the aero magnetic results
reflects the complex structural setting of the Atinasi area where
there is clear potential for the discovery of a gold deposit,
especially in the context of the attractive intersections already
drilled there and given the very significant amount of gold seen
in the area, in surface and underground artisanal workings and
old colonial underground mines. Other targets generated by the
aero magnetic survey will be systematically explored over the
coming months.

Uganda

In recent months, our focus in Uganda has turned to the
exploration license held by Glencar in the Tira area. The
operator of the Tira Mine, which is adjacent to our EL 4705, has
recently succeeded in significant expansions to the operation
there, in particular the opening of an open pit to extract near
surface gold reserves.  Glencar has carried out geophysical
surveys over the area and plans to follow up the results of that
survey with some further sampling work which will be followed by
drilling if warranted by the results of that program.  Work on
the nearby Buinja license has not yet led to the delineation of
drillable targets and no further work is planned there in the
short term.

AIM Admission

Shares in Glencar were admitted to trading on the AIM market of
the London Stock Exchange on 23 September. The AIM market has in
recent years become the foremost market for financing the global
exploration activities of the junior to mid size exploration
company. There is a strong, London based, institutional interest
in the sector, which is reflected in Glencar's share register,
which shows that U.K. based institutions hold almost 35% of the
issued share capital of the Company. The AIM quotation will
facilitate the dissemination of information and results to that
London forum and will improve the marketability of, and liquidity
in the Company's shares.

Financial

The Company's unaudited profit and loss account appended below,
for the six months ended 30 June 2005 shows a loss of US$
339,198.

The Balance Sheet and Cash flow Statement appended below show
figures for the six months ended 30 June 2005 but do not show
comparable figures for the previous period.  It is not possible
to reconstruct the comparable figures for the Balance Sheet and
Cash flow Statement with the required degree of accuracy.  The
comparable figures were not prepared at the time as they were not
required under the ESM rules. We do undertake, however, to
publish such comparable information for all periods henceforth in
accordance with Rule 18 of the AIM Rules and Rule 18 of the IEX
Rules.

In July 2005, we completed a private placing of shares, which
raised a total of US$1.5 million before costs, through the issue
of 33,295,500 new shares at Stg2.5 pence per share.  The Company
has sufficient cash resources to complete planned drilling
programs at Sankarani in Mali and Asheba in Ghana.  Should the
Gold Fields negotiations be completed in accordance with the
letter of offer referred to above, there will be significant
escalation in the scope and pace of the exploration work program,
commensurate with the enlarged budget to be allocated to the
project under the terms of the joint venture.

OUTLOOK

The gold price is currently close to an 18 year high and there
are no signs that it will decline significantly in the short to
medium term.  Glencar has some very exciting gold exploration
acreage at Sankarani in Mali and also at Asheba in Ghana.  The
proposed joint venture with Gold Fields on some of the licenses
in the Sankarani project will involve significant expenditures on
exploration within a relatively tight timeframe. We have great
confidence in our joint ability, assuming completion of the
agreement with Gold Fields, to fully determine the potential of
this exciting area.

        Consolidated Profit and Loss Account (Unaudited)
For the Period Ended 30 June 2005

                         Unaudited              Unaudited
                         6 months               6 months
                          ended                  ended
                        30-Jun-05               30-Jun-04
                           US$                    US$

Administrative Expenses    (347,253)               (330,279)

Bank Interest Receivable     16,055                  17,740

Interest payable and
Similar charges              (8,000)                    -

Loss on ordinary
Activities before taxation (339,198)               (312,539)

Taxation                        -                       -

Loss on ordinary
Activities after taxation  (339,198)               (312,539)

Minority Interest               -                       -

Loss for the financial
Period                     (339,198)               (312,539)

Loss Per Share (Cents)         (0.20)                  (0.18)

Diluted Loss Per Share (Cents) (0.19)                  (0.17)


             Consolidated Balance Sheet (Unaudited)
                      as at 30 June 2005

                              US$
FIXED ASSETS

Intangible assets             2,783,639
Tangible assets                  34,421
Financial assets              2,818,060

CURRENT ASSETS

Debtors                          12,553
Cash at bank                    435,841
                                448,394
CREDITORS
(Amounts falling due
within one year)              (311,881)

NET CURRENT ASSETS             136,513

TOTAL ASSETS LESS
CURRENT LIABILITIES           2,954,573

CREDITORS
(Amounts falling due
after more than one year)      (436,156)

Total net assets              2,518,417

Capital and reserves

Called up share capital       6,167,555
Capital conversion
reserve fund                     82,092
Share premium account        36,136,693
Profit and loss account
(deficit)                   (39,755,013)

Total capital employed        2,631,327

Minority interest in
Subsidiary undertaking        (112,910)

                              2,518,417


                 Group Cash Flow for the Period
                       Ended 30 June 2005

                                 US$

Net cash outflow
From operating activities     (387,228)

Returns on Investments
And servicing of finance        16,055

Capital Expenditure and
Financial Investment           (194,731)

Taxation Paid                     -

Financing - External              -

Decrease In Cash In Period     (565,904)

Reconciliation Of Net Cash Flow
to Movement In Net Debt

Decrease In Cash In Period      (565,904)

Net Funds At Beginning
Of Period                      1,001,745

Net Funds At End Of Period       435,841

These results will be posted on the company's Web site. Copies of
this interim report will be available from the Company's
registered office at 71 Lower Baggot Street, Dublin 2.

CONTACT:  GLENCAR MINING PLC
          Hugh McCullough
          Phone: +353 1 661 9974
          E-mail: info@glencarmining.ie

          HENEGHAN PR
          Rachel Watchorn
          Phone: +353 1 6607395
          E-mail: rachel@hpr.ie


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


AKSELERATOR: Proofs of Claim Deadline Set
-----------------------------------------
LLC Publishing House Akselerator, which recently became
insolvent, will accept proofs of claim until November 15, 2005.
Call (0-312) 66-04-24 or 66-04-19 for more information.


BASHARAN: Creditors' Claims Due November
----------------------------------------
LLC Basharan, which recently became insolvent, will accept proofs
of claim until November 12, 2005.  Call (0-312) 66-70-46 for more
information.


GEB CO.: Last Day for Filing Claims November 12
-----------------------------------------------
LLC Geb Co. Ltd., which recently became insolvent, will accept
proofs of claim at Bishkek, Sovetskaya Str. 152-18 until November
12, 2005.  Call (0-312) 29-47-61 for more information.


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


DAP HOLDING: Hermanus Touw Files Sec. 304 Petition in New York
--------------------------------------------------------------
Hermanus Johannes Touw, the Scheme Manager appointed in DAP
Holding, N.V., and its debtor-affiliates restructuring pursuant
to a Scheme of Arrangement, filed a Section 304 petition in the
U.S. Bankruptcy Court for the Southern District of New York on
Sept. 27, 2005.  Mr. Touw filed the petition to enjoin U.S.
creditors from commencing or continuing any action or proceeding
against the Debtors' estates, or otherwise disrupting the
Debtors' restructuring proceedings in the United Kingdom.

DAP and its affiliates are incorporated in The Netherlands and
operating as a pool of insurers known as the Dutch Aviation Pool.

DAP conducted business in the United Kingdom through the London
insurance market.  DAP has assets in the United Kingdom, in the
form of reinsurance recoveries due from London market
participants, and in the United States, in the form of
substantial reinsurance receivables as well as securities and
other financial assets.

                  Subordinated Loan Agreement

On Jan. 13, 1997, a consortium of lenders led by Fortis Bank
Nederland N.V. committed to DAP a ten-year loan of NLG 24,850,000
and US$6,000,000 due in January 2007.  Under the terms of the
loan agreement, the principal amount of the loan is subordinated
to all of DAP's other present and future unsubordinated debt.  As
of Dec. 31, 2004, DAP owed US$6 million to Fortis Bank.

                    Scheme of Arrangement

The Debtors ceased writing new insurance business and went into
run-off as of Jan. 1, 1997.  Mr. Touw says the Debtors became
technically insolvent at 2001 year-end, partly as a result of
liabilities arising from the Sept. 11 attacks in the United
States and DAP's shareholders were unwilling to commit further
capital to the Company.  In May 2003, the Dutch insurance
regulator, De Nederlandsche Bank, was appointed a "Stille
Curator", or a silent administrator, pursuant to Sec. 54(4) of
the Dutch Act on the Supervision of the Insurance Industry of
1993.  The Stille Curator's role was to monitor and assist in the
preparation of a plan of reconstruction or refinancing for DAP.

In order to conduct a shorter run-off of their insurance
liabilities, the Debtors proposed a scheme of arrangement in the
High Court of Justice of England and Wales on Aug. 5, 2005.

A Scheme is a compromise or arrangement under English law
(Section 425 Companies Act 1985) between a company and its
creditors or any of its classes.  It is similar to a United
States plan of reorganization.

Creditors representing between 88.88% and 99.35% in value and
between 75% and 94.37% in number overwhelmingly voted in favor of
the schemes at a Court-approved meeting of creditors on Sept. 15,
2005.  As a result, the English High Court sanctioned the scheme
on Sept. 26, 2005.

Mr. Touw tells the Court that the purpose of the Sec. 304
petition is to effect a restructuring of the Debtors' insurance
business in accordance with the Scheme.

Section 304 of the U.S. Bankruptcy Code was specifically designed
to assist foreign representatives in the performance of its
duties.  It provides that a U.S. bankruptcy court, upon the
filing of a petition by a foreign representative, may enjoin the
commencement or continuation of any action against the debtor in
a foreign proceeding or its property, and may order the turnover
of the foreign debtor's property to a foreign representative.

Headquartered in The Netherlands, DAP Holding, N.V., and its
affiliates operated direct insurance and reinsurance businesses
including all aviation and aviation-related product liability
insurance and reinsurance for airlines (hull and liability), for
manufacturers and suppliers, airport liability, hangar keepers
and personal accident.

Hermanus Johannes Touw, in his capacity as the foreign
representative appointed in the Debtors' restructuring
proceedings in United Kingdom, filed a Sec. 304 petition on Sept.
27, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-18816).  Gregory M.
Petrick, Esq., Ingrid Bagby, Esq., and David Neiman, Esq., at
Cadwalader, Wickersham & Taft LLP, represent the Foreign
Representative.  When Mr. Touw filed the U.S. ancillary
proceeding, he estimated the Debtors' assets and debt at more
than US$100 million.

CONTACT:  DAP HOLDING N.V.
          Hoogoorddreef 54E
          P.O. Box 23320, 1100 DV Amsterdam Z.O.,
          The Netherlands
          Phone: +31 (0)20 312 83 93
          E-mail: dapschemes@assurpools.nl


GETRONICS N.V.: Selling EUR150 Million Convertible Bonds
--------------------------------------------------------
Getronics N.V. said on Sept. 29 that it has launched an offering
of up to EUR150 million senior unsecured convertible bonds due
2010.  The shares to be issued upon conversion of the Bonds will
represent a maximum of 10% of Getronics' currently issued share
capital.

The maturity of the Bonds is 5 years.  The Bonds will be issued
at 1005 of their principal amount and will have a coupon of
between 2.75% and 3.25% per annum payable semi-annually in
arrear.  The conversion price is expected to be set at a premium
of between 27% and 32% above a reference price of Getronics'
ordinary shares.  The final terms of the Bonds are expected to be
announced later through a separate press release.

The net proceeds of the Offering will be used to repay Getronics'
existing indebtedness and for general corporate purposes.
Issuance of the Bonds will allow Getronics to reduce its interest
expense, improves its funding maturity profile and creates
financial flexibility for Getronics' future growth and
development.  Getronics is taking advantage of favorable market
conditions.

The current performance of Getronics' business is in line with
previous guidance and on track to achieve the communicated
targets for 2005.  Recent successes in winning large
international contracts continue to strengthen expected
operational performance medium term.

The Bonds will be offered to institutional investors only.
Neither the Bonds nor the Shares have been or will be registered
under the U.S. Securities Act 1933, as amended and will be
offered and sold only outside the United States in compliance
with Regulation S under the Securities Act.  Neither the Bonds
nor the Shares will be offered to investors in the United States,
Australia, Canada, Italy or Japan.

Application will be made for the admission of the Bonds to the
official list of the Luxembourg Stock Exchange and application
will be made for the admission of the Bonds to trading on the
Luxembourg Stock Exchange's Euro MTF Market.

Deutsche Bank AG and Rabo Securities are acting as joint global
coordinators and joint bookrunners of the Offering.  For the
purpose of this transaction, KBC Financial Products U.K. Ltd.
will act as selling agent for Rabo Securities.  Linklaters is
acting as legal adviser on behalf of Getronics and Clifford
Chance LLP is acting as legal adviser on behalf of the Joint
Global Coordinators and Joint Bookrunners and KBC Financial
Products U.K. Ltd.

In connection with the offering of the Bonds, Deutsche Bank AG,
as stabilizing manager, may undertake stabilizing transactions
with a view to supporting the stock exchange or market price of
the Bonds from the date of pricing for up to 30 days after the
closing date.  This may result in a higher price for the Bonds
than if the stabilization had not been undertaken.  Deutsche Bank
AG is under no obligation to engage in any stabilization and if
commenced stabilization may be discontinued at any time.

About Getronics

With some 27,000 employees in over 30 countries and approximate
revenues of EUR3 billion, Getronics is one of the world's leading
providers of vendor independent Information and Communication
Technology (ICT) solutions and services.

Getronics designs, integrates and manages ICT infrastructures and
business solutions for many of the world's largest global and
local companies and organizations, helping them maximize the
value of their information technology investments.  Getronics'
headquarters are in Amsterdam, with regional offices in Boston,
Madrid and Singapore.  Getronics' shares are traded on Euronext
Amsterdam (GTN).  For further information about Getronics, visit
http://www.getronics.com

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY INTO OR IN THE UNITED STATES (OR TO US PERSONS),
AUSTRALIA, CANADA, ITALY OR JAPAN OR IN ANY OTHER JURISDICTION IN
WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW

This press release is for information purposes only and is not an
offer to sell, or the solicitation of an offer to buy, any
securities.  The distribution of this press release and the offer
and sale of the securities in certain jurisdictions may be
restricted by law.  Any persons reading this press release should
inform themselves of and observe any such restrictions.

This press release is not an offer of securities for sale in the
United States.  The offer and sale of the securities has not
been, and will not be, registered under the U.S. Securities Act
of 1933, as amended.  The securities may not be offered or sold
in the United States absent such registration or an applicable
exemption from registration. There will be no public offering of
the securities in the United States.

                            *   *   *

In May, Standard & Poor's Ratings Services revised its outlook on
Getronics to stable from positive.  At the same time, Standard &
Poor's affirmed its 'B+' long-term corporate credit and 'B-'
senior unsecured debt ratings on the group, as well as assigning
its 'B+' rating and '3' recovery rating to Getronics' EUR300
million (US$388 million) senior secured bank loan, indicating
Standard & Poor's expectation of meaningful (50%-80%) recovery of
principal in the event of a default.

CONTACT:  GETRONICS N.V.
          Rembrandttoren, Amstelphlein 1
          1096 HA Amsterdam, The Netherlands
          Phone: +31-20-586-1412
          Fax: +31-20-586-1568


KONINKLIJKE AHOLD: Board Member Benno Hoogendoorn Steps down
------------------------------------------------------------
Royal Ahold on Thursday said that Supervisory Board member Benno
Hoogendoorn has resigned from the Board on medical advice.  Mr.
Hoogendoorn, 60, joined the Ahold Supervisory Board on May 18,
2005 and is stepping down with immediate effect.

"Although Benno was a member of our Supervisory Board for only
four months, he made a solid contribution to the decision-making
processes within the Selection and Appointment Committee and as
chairman of the Remuneration Committee," said Anders Moberg,
President & CEO. "We are grateful to Benno for his commitment to
our company and wish him a speedy recovery."

                        About the Company

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

                           The Trouble

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

                         Status to date

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

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

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

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

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

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


VERSATEL TELECOM: Shareholders Back Sale of Versatel Deutschland
----------------------------------------------------------------
During the Extraordinary General Meeting of Shareholders held in
Amsterdam Sept. 29, 2005, Versatel and its shareholders discussed
the recommended Offers by Tele2 for all the issued and
outstanding ordinary shares and for all the issued and
outstanding 3.875% convertible senior notes due 2011 convertible
into ordinary shares in the capital of Versatel as described in
the Offer Memorandum.

During the Extraordinary General Meeting of Shareholders held in
Amsterdam on Sept. 29, 2005, Versatel requested its shareholders
to approve of:

(a) the sale of Versatel Deutschland Holding GmbH to Ganymed
    345.VV GmbH, a wholly owned subsidiary of Apax Europe VI-A,
    L.P.;

(b) the distribution out of the freely distributable reserves in
    relation to item 3 on the agenda to Versatel Shareholders;

(c) the appointment of Mr. P.G. Borgklint as Managing Director;

(d) the decrease of the number of members on the Board of
    Supervisory Directors;

(e) the acceptance of resignation and granting of discharge to
    Mr. L.W.A.M. van Doorne, Mr. J. Huber, Mr. L.M.L.H.A.
    Hermans, Mr. B.L.J.M. Beerkens and Mr. J.G. Drechsel as
    Supervisory Directors;

(f) the appointment of Mr. J.I. Svedberg, Mr. B.L-J. Jarnheimer,
    Mr. S.H. Zadler and Mr. M.F. Berglund as Supervisory
    Directors;

(g) and the amendment to the articles of association, all of the
    above subject to the Offers being declared unconditional.

Versatel's shareholders adopted all resolutions proposed to the
extraordinary general meeting.

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

Versatel Telecom International N.V. (Euronext: VRSA) based in
Amsterdam, is a competitive communications network operator and a
leading alternative to the former monopoly telecommunications
carriers in its target market of the Benelux and Germany. Founded
in October 1995, the Company holds full telecommunication
licenses in The Netherlands, Belgium and Germany and has over 1
million customers and approximately 2,000 employees.  Versatel
operates a facilities-based local access broadband network that
uses the latest network technologies to provide business
customers with high bandwidth voice, data and
Internet services.  Versatel is a publicly traded company on
Euronext Amsterdam under the symbol "VRSA".  Visit
http://www.versatel.comfor more information about the company.

CONTACT:  VERSATEL N.V.
          Wouter van de Putte, Head of Investor Relations
          Phone: +31-20-750-2362
          E-mail: wouter.vandeputte@versatel.com
          Cilesta van Doorn, Manager Corporate Communications
          Phone: +31-20-750-1318
          E-mail: cilesta.vandoorn@versatel.com


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


OCEAN RIG: Holders of 2004/2007 Convertible Bonds Take up Shares
----------------------------------------------------------------
Ocean Rig said that investors have converted a further 16,700
bonds with a nominal value of NOK16,700,000 in the 7% Convertible
Bond Issue 2004/2007 (ISIN NO 0010229537) into 878,947 ordinary
shares at NOK19 per share.

These conversions have reduced the outstanding amount under the
7% Convertible Bond Issue from NOK16,700,000 to NOK0, and
increased the number of ordinary shares outstanding in Ocean Rig
A.S.A. from 88,436,293 to 89,315,240.

Certificate of registration is sent to Oslo Stock Exchange. New
share capital is NOK 893,152,400 and the capital is registered
fully paid in the Register of Business Enterprises.

Following these conversions the company's debt consists of the
new 2005/2011 US$430 million bank facilities and the 2005/2013
US$150 million bond issue.

Ocean Rig owns and operates two of the world's largest and most
modern drilling rigs, built for ultra deep waters and extreme
weather conditions. The units are currently operating offshore
Angola and Norway.

                            *   *   *

In June, Standard & Poor's Ratings Services raised its corporate
credit rating on Ocean Rig Norway A.S. (wholly owned subsidiary
of Ocean Rig A.S.A.) to 'B-' from 'CCC' and removed the rating
from CreditWatch with positive implications.

Standard & Poor's also assigned its 'B-' rating to the company's
US$150 million senior secured second-lien notes.

The outlook is stable.  Pro forma for the refinancing, Stavanger,
Norway-based Ocean Rig has about US$596.6 million in long-term
debt outstanding.

CONTACT:  OCEAN RIG NORWAY A.S.
          Per-Hermod Rasmussen, Finance Manager
          Phone: +47 5196 9000


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


QXL RICARDO: Bar Association Sanction Against Ex-manager Upheld
---------------------------------------------------------------
QXL Ricardo recently received further information regarding the
financial position of QXL Poland Sp z o.o., the ownership of
which is currently the subject of a number of legal claims in
Poland.  This information was provided by the court-appointed
administrator of QXL Poland and has not been reviewed or audited
by or on behalf of the Company's directors.

However it states that for the year ended 31 March 2005, QXL
Poland's revenues were approximately GBP8.8 million (2004: GBP3.8
million) and its pre-tax profits approximately GBP3.7 million
(2004: GBP0.9 million).  From the limited information available
to the Company, the Company believes that QXL Poland has
continued to grow rapidly since 31 March 2005 -- it currently has
over 1 million items listed on its site and has recently launched
a major brand-building campaign.

The development of QXL Poland is consistent with the Company's
plans and forecasts for the business in the autumn of 2002 when
the Company (without receiving any consideration) allegedly
consented to the transfer of 92% of QXL Poland to a company
connected with former country manager, Arjan Bakker, and his
common-law wife, Magdalena Jezierska.  It therefore provides
further substantiation for the Company's case and reinforces the
Company's belief that the Polish courts will ultimately decide
that the transaction was fraudulent and should be declared void.

No dates have yet been fixed either for the resumption of
hearings in the main civil case or the commencement of hearings
in the criminal case against Arjan Bakker and Przemyslaw
Rogowski, although the Company still anticipates that these will
take place this autumn.

In a separate development, the Higher Disciplinary Tribunal at
the Polish National Bar Association on Sept. 28 considered the
appeals of the Company and Mr. Rogowski against last year's
decision of the Disciplinary Tribunal of the Poznan Bar
Association.  The Poznan Tribunal had decided that Mr. Rogowski
should be barred from practicing as a lawyer for 5 years for a
number of breaches of his professional obligations relating to
QXL Poland.

The Higher Tribunal accepted the Company's arguments that the
breaches in question warranted a more severe penalty than the
Poznan Tribunal had determined.  It also decided that the Poznan
Tribunal should have heard evidence from a number of additional
parties on behalf of Mr. Rogowski (in particular Arjan Bakker and
Magdalena Jezierska) before coming to its decision.  It has
therefore sent the case back to the Poznan Tribunal so that this
evidence can be heard and a new decision taken in the light of
the Higher Tribunal's directions and any new information
provided.  The Company believes that no material new evidence
will result from the hearing of the additional witnesses.  It
therefore considers that the process will ultimately lead to a
similar decision, but with a more severe penalty against Mr.
Rogowski.

Further information regarding these issues will be announced in
due course.

CONTACT:  QXL RICARDO PLC
          Tom Parkinson/Robert Dighero
          Phone: +44 (0)20 7384 6310


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


BASH-STROY: Names V. Petlin Insolvency Manager
----------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Bash-Stroy.  The case is docketed as A07-12384/05-G-ADM.  Mr. V.
Petlin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420066, Russia,
Bashkortostan republic, Kazan, Post User Box 89.  A hearing will
take place on November 28, 2005.

CONTACT:  BASH-STROY
          Russia, Bashkortostan republic,
          Ufa, Oktyabrya Str. 151

          Mr. V. Petlin
          Temporary Insolvency Manager
          420066, Russia, Bashkortostan republic,
          Kazan, Post User Box 89


CHEBOKSARSKAYA MILL: Under Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on close joint Cheboksarskaya
Mill.  The case is docketed as A79-3838/2005.  Mr. Y. Stepanov
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 428022, Russia,
Chuvashiya republic, Cheboksary, Gremyachevskiy Proezd, 7.  A
hearing will take place on November 29, 2005, 2:50 p.m.

CONTACT:  CHEBOKSARSKAYA MILL
          Russia, Chuvashiya republic, Cheboksary

          Mr. Y. Stepanov
          Temporary Insolvency Manager
          428022, Russia, Chuvashiya republic, Cheboksary,
          Gremyachevskiy Proezd, 7


CHELYABINSKOYE BUILDING: Calls in Insolvency Manager
----------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on close joint stock company
Chelyabinskoye Building Assembly Enterprise #9 (TIN 7449013720).
The case is docketed as A76-18337/05-34-99.  Mr. I. Nigmatullin
has been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 454046, Russia, Chelyabinsk,
Gagarina Str. 51.

CONTACT:  CHELYABINSKOYE BUILDING ASSEMBLY ENTERPRISE #9
          454046, Russia, Chelyabinsk region,
          Gagarina Str. 51

          Mr. I. Nigmatullin
          Temporary Insolvency Manager
          454046, Russia, Chelyabinsk region,
          Gagarina Str. 51


ENMAS: Insolvency Manager Enters Firm
-------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on close joint stock company
Enmas (TIN 1834022187).  The case is docketed as A71-22/2005-G2.
Mr. A. Danilov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to Russia, Udmurtiya
republic, Izhevsk region, Smirnovo.

CONTACT:  ENMAS
          Russia, Udmurtiya republic,
          Izhevsk region, Smirnovo

          Mr. A. Danilov
          Insolvency Manager:
          Russia, Udmurtiya republic,
          Izhevsk region, Smirnovo


KRASNYJ KLYUCH: Declared Insolvent
----------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Krasnyj Klyuch (TIN 1651034869) after finding
the poultry farm insolvent.  The case is docketed as
A65-13983/2005-SG4-16.  Mr. S. Kondratyev has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 420126, Russia, Tatarstan republic, Kazan, Post User Box 188.

CONTACT:  KRASNYJ KLYUCH
          420014, Russia, Tatarstan republic,
          Nishnekamsk, Krasnyj Klyuch

          Mr. S. Kondratyev
          Insolvency Manager
          420126, Russia, Tatarstan republic,
          Kazan, Post User Box 188

          The Arbitration Court of Tatarstan republic
          420014, Russia, Kazan, Kremlin


KURSK-VOD-STROY: Hires N. Silakov Insolvency Manager
----------------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on Movable Mechanized Column-5
Kursk-Vod-Stroy.  The case is docketed as A35-7135/05G.  Mr. N.
Silakov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 307410, Russia,
Kursk region, Korenevo, Ostrovskogo Str. 8.  A hearing will take
place on December 14, 2005, 2:30 p.m.

CONTACT:  KURSK-VOD-STROY
          307410, Russia, Kursk region,
          Korenevo, Ostrovskogo Str. 8

          Mr. N. Silakov
          Temporary Insolvency Manager
          307410, Russia, Kursk region,
          Korenevo, Ostrovskogo Str. 8


LETSKIY WOOD-PROM-KHOZ: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------------
The Arbitration Court of Komi republic has commenced bankruptcy
supervision procedure on limited liability company Letskiy
Wood-Prom-Khoz (TIN 1112004005).  The case is docketed as
A29-5039/05-3B.  Ms. N. Doronina has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to Russia, Komi
republic, Syktyvkar, Pervomayskaya Str. 149, 1st entrance, 3rd
floor.  A hearing will take place on December 1, 2005, 10:00 a.m.

CONTACT:  LETSKIY WOOD-PROM-KHOZ
          Russia, Komi republic, Priluzskiy region,
          Letka, Naberezhnaya Str. 6

          Ms. N. Doronina
          Temporary Insolvency Manager
          Russia, Komi republic, Syktyvkar,
          Pervomayskaya Str. 149, 1st Entrance, 3rd floor


OAO SIBNEFT: S&P Welcomes Gazprom Offer
---------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia-based OAO Siberian Oil Co. to positive from stable, after
the announcement that a 75% stake in Sibneft is being acquired by
the Russian gas giant OAO Gazprom for US$13.1 billion.  In
addition, the 'BB-' corporate credit and the 'ruAA-' Russia
national scale ratings on Sibneft were affirmed.

At the same time, the 'BB-' corporate credit rating on Gazprom
was affirmed.  The outlook on Gazprom remains positive.

"The outlook revision on Sibneft reflects Standard & Poor's
expectation that when the acquisition is completed, Sibneft's
credit quality will benefit from its ownership by Gazprom," said
Standard & Poor's credit analyst Elena Anankina.

The future rating on Sibneft will depend on the relative status
of Sibneft's creditors versus those of Gazprom and Sibneft's
strategic importance to and integration within the Gazprom group.

The affirmation on Gazprom reflects Standard & Poor's opinion
that the acquisition will not impair the company's potential for
a ratings upgrade, credit quality, and coverage ratios, but that
it will enable Gazprom to further diversify into the oil
industry, significantly enhance free operating cash flow, and
improve its resilience to a lower hydrocarbon price scenario.
We assume that Gazprom will refinance a significant part of the
$12 billion bridge loan by the end of 2005, when a $7 billion
payment is due from the government-owned vehicle Rosneftegas for
its 10.7% treasury stake.  After the acquisition, Standard &
Poor's expects net debt-to-EBITDA (adjusted for guarantees and
including Sibneft's EBITDA) to be about 1.70x, compared with the
1.55x reported by Gazprom in 2004.

The outlook on Gazprom remains positive, reflecting potential
benefits of strengthening links between Gazprom and the Russian
government, its 50.01% majority shareholder since July 2005, as
well as increased gas price expectations on both domestic and
export markets during 2005 and in the longer term.

"Gazprom's acquisition of Sibneft will further strengthen the
company's standing as Russia's largest corporate and the key
government-linked entity in the country's core oil and gas
sector," added Ms. Anankina.  Gazprom is expected to enjoy a
strong negotiating position in gaining access to oil and gas
projects undertaken with Russian and international companies,
which would help to share risks and investments.

Standard & Poor's will evaluate to what extent these benefits
would offset the risk that the government will pressure Gazprom
for large debt-financed uneconomical investments and
uncertainties arising from the lack of predictability in the
Russian government's economic policy.  Depending on these
factors, the rating on Gazprom may be raised by one or two
notches.

RATINGS LIST
                                To                From
OAO Siberian Oil Co.
Outlook Revised To Positive
And Ratings Affirmed
Corporate credit rating
                            BB-/Positive/--   BB-/Stable/--
Ratings Affirmed
Russia national scale rating
                               ruAA-

OAO Gazprom
Corporate credit rating
                            BB-/Positive/--

NB: This list does not include all ratings affected.

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


RODINA-AGRO-INVEST: Bankruptcy Hearing Set November
---------------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on close joint stock company
Rodina-Agro-Invest.  The case is docketed as A14-8961-2005
/94/20b.  Mr. V. Zhurikhin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 394000, Russia,
Voronezh, Main Post Office, Post User Box 195.  A hearing will
take place on November 17, 2005, 10:40 a.m. at the Arbitration
Court of Voronezh region located at Russia, Voronezh region,
Srednemoskovskaya Str. 77, Room 501.

CONTACT:  RODINA-AGRO-INVEST
          Russia, Voronezh region,
          Repyevskiy region, Osadchee

          Mr. V. Zhurikhin
          Temporary Insolvency Manager
          394000, Russia, Voronezh region,
          Main Post Office, Post User Box 195


STARODUBSKIY HEMP: Court Brings in Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Bryansk region has commenced bankruptcy
supervision procedure on federal state unitary enterprise
Starodubskiy Hemp Factory (TIN 3227001036).  The case is docketed
as A09-3360/05-26.  Mr. S. Chernobrovenko has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 308501, Russia,
Belgorod region, Dubovoye, Zelenaya Str. 2v, Office 14.  A
hearing will take place on November 23, 2005.

CONTACT:  STARODUBSKIY HEMP FACTORY
          Russia, Bryansk region, Starodub

          Mr. S. Chernobrovenko
          Temporary Insolvency Manager
          308501, Russia, Belgorod region,
          Dubovoye, Zelenaya Str. 2v, Office 14


TYUMENSKIY TURBO-MECHANICAL: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on open joint stock company Tyumenskiy
Turbo-Mechanical Factory.  The case is docketed as
A70-5275/3-2005.  Mr. V. Materov has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to:

(a) TYUMENSKIY TURBO-MECHANICAL FACTORY
    Russia, Tyumen region, 50 Oktyabrya Str.

(b) Mr. V. Materov
    Temporary Insolvency Manager
    625062, Russia, Tyumen region,
    Chaplina Str. 126, Apartment 210

(c) The Arbitration Court of Tyumen region
    625000, Russia, Tyumen region,
    Khokhryakova Str. 77

A hearing will take place on October 25, 2005, 10:00 a.m. at the
Arbitration Court of Tyumen region at 625000, Russia, Tyumen,
Khokhryakova Str. 77.


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


CABLECOM HOLDING: IPO to Break Four-year Record
-----------------------------------------------
Cablecom Holding AG's IPO, which the company estimated to give it
a value of up to CHF3.5 billion, stands to become the largest in
Switzerland since 2001, according to MarketWatch.  The record
holder is reinsurer Converium Holding AG.

The offering is priced at between CHF57 and CHF70, with 35.2
million shares on sale, and an additional 5.3 million
over-allotment option.  The exercise of the option will result to
81% of Cablecom being freely traded.

If the IPO is priced at the top end, Cablecom would be valued at
more than ten times expected 2005 EBITDA, the report said.

Credit Suisse First Boston Corp. and Morgan Stanley is acting as
joint global coordinators and joint bookrunners for the IPO.

Cablecom had first-half 2005 sales of CHF406.2 million.  This
year, it expects to post sales of CHF800 million to CHF850
million, and EBITDA of around CHF345 million, according to chief
executive Bruno Claude.  Net result is seen to be a loss due to
interest payments and depreciation charges. It expects to reach
break-even in 2007 or 2008.  The company has net debt of around
CHF1.6 billion.

The company is 53% owned by Apollo Management LP, Goldman Sachs
Group Inc.'s unit Capital Partners, and TowerBrook Capital
Partners, formerly part of Soros Private Equity Partners.  Its
remaining stake is held by various banks.

In March, Standard & Poor's Ratings Services revised its outlook
on Cablecom Holdings  and its financing subsidiary Cablecom
Luxembourg SCA to stable from positive, following the group's
announcement that it is to refinance its existing CHF1,350
million (US$1,147 million) credit facility.

At the same time, Standard & Poor's assigned its 'B' long-term
rating, with a recovery rating of '3', to Cablecom Luxembourg's
proposed new SFR1,275 million issue of senior secured notes.  It
affirmed the 'B' long-term corporate credit rating on Cablecom
and Cablecom Luxembourg, and affirmed its 'CCC+' senior unsecured
debt rating on Cablecom Luxembourg's existing EUR290 million
(US$382 million) senior notes.

CONTACT:  CABLECOM HOLDINGS AG
          Web site: http://www.cablecom.ch/en/


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


DOGAN YAYIN: On Watch Evolving After Winning Star TV Tender
-----------------------------------------------------------
Fitch Ratings placed Turkey's leading diversified Turkish media
and entertainment conglomerate Dogan Yayin Holding's Senior
Unsecured local and foreign currency 'B+' ratings on Rating Watch
Evolving.

This rating action follows DYH's winning bid in a tender process
to acquire Star TV for around US$306.5 million in cash.  The
acquisition is subject to various regulatory approvals.

The Rating Watch will be resolved upon completion of the
acquisition by end-2005.  Fitch intends to meet with management
in the coming weeks to understand the business and its earnings
profile, as well as the potential benefits of integration into
DYH's existing portfolio of television assets.  Fitch also plans
to discuss with management on how the company intends to fund the
investment.

Fitch appreciates the potential strategic benefits that such an
acquisition might afford to the DYH group, with possible
meaningful cash flow contribution from Star TV.  Star TV will
strengthen DYH's market position in the Turkish broadcasting
market by providing it with content diversification and a wider
advertising reach.  This would in turn benefit DYH's business and
credit profiles, leading to a possible rating upgrade.

On the other hand, although DYH has reduced its leverage
considerably in the last 12 to 18 months, Fitch is concerned that
the acquisition may lead to a significant increase in debt. Any
detrimental financial effects stemming from new strategies for
the company, such as targeted capital expenditure, leverage and
dividends could affect the ratings adversely.

DYH is currently owned by Dogan Sirketler Grubu A.S (66.57%
equity and 69.00% voting interests), which is the holding company
of Mr. Aydin Dogan and his family.  About 30% of DYH shares are
floated.

CONTACT:  FITCH RATINGS
          Guzin Durmus, Istanbul
          Phone: +90 (212) 279 10 65

          Raymond Hill
          Phone: +44 (0) 20 7417 4314

          Michael Dunning
          Phone: +44 (0) 20 7417 4363

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

          Web site: http://www.fitchratings.com


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


AGROENERGOPOSTACH: Declared Insolvent
-------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against Agroenergopostach (code EDRPOU 24940897) on
August 12, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 5/228 B.  Chernigiv State Tax
Inspection has been appointed liquidator/insolvency manager.  The
company holds account number 26003003735 at CJSC Polikombank, MFO
353100.

Creditors had until September 30, 2005 to submit their proofs of
claim to:

(a) AGROENERGOPOSTACH
    14000, Ukraine, Chernigiv region,
    Magistratska Str. 4/19

(b) Liquidator/Insolvency Manager
   14000, Ukraine, Chernigiv region,
    Kriponos Str. 28

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


DIMITRIVSKA: Under Bankruptcy Supervision
-----------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Bird Factory Dimitrivska (code
EDRPOU 30648201) on August 15, 2005.  The case is docketed as
19/172 (05).  Mr. Y. Arhipov (License Number AA 419211) has been
appointed temporary insolvency manager.

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

(a) DIMITRIVSKA
    70534, Ukraine, Zaporizhya region,
    Orihiv district, Dimitrove, Centralna Str. 1

(b) Mr. Y. Arhipov
    Temporary Insolvency Manager
    69013, Ukraine, Zaporizhya region,
    Radishev Str. 85
    Phone: (0612) 17-98-59

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


GARANT: Bankruptcy Supervision Starts
-------------------------------------
The Economic Court of Poltava region has commenced bankruptcy
supervision procedure on Agricultural LLC Agrofirm Garant (code
EDRPOU 05283356).  Mr. Andrij Dulenko (License Number AA 668335)
has been appointed temporary insolvency manager.  The company
holds account number 26000120196525 at JSPPB Aval, MFO 331605.

Creditors had until September 30, 2005 to submit their proofs of
claim to:

(a) GARANT
    38020, Ukraine, Poltava region,
    Shishatskij district, Velikij Pereviz

(b) Mr. Andrij Dulenko
    Temporary Insolvency Manager
    39500, Ukraine, Poltava region,
    Karlivka, Lenin Str. 70/2
    Phone: 8 (0534) 62-34-69

(c) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


GORIZONT: Court Appoints Insolvency Manager
-------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Gorizont (code EDRPOU 32099852) on August 4,
2005 after finding the limited liability company insolvent.  The
case is docketed as 113/14 b-05.  Ms. Ludmila Zayikina has been
appointed liquidator/insolvency manager.  The company holds
account number 26002046220032 at JSCIB Ukrsibbank, MFO 300733.

Creditors had until September 30, 2005 to submit their proofs of
claim to:

(a) GORIZONT
    07443, Ukraine, Kyiv region,
    Brovari district, Travnevij Lane, 2

(b) Ms. Ludmila Zayikina
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Melnikov Str. 2/10

(c) ECONOMIC COURT OF KYIV REGION
    01032, Ukraine, Kyiv region,
    Komintern Str. 165


GRAD: Court Appoints Insolvency Manager
---------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against LLC Commercial Centre Grad (code EDRPOU
30479098) on August 3, 2005 after finding the limited liability
company insolvent.  The case is docketed as 32/98-B.  Mr.
Laskavij Kostyantin (License Number AA 484236) has been appointed
liquidator/insolvency manager.  The company holds account number
260019802270 at Ukrsocbank, Donetsk branch, MFO 334011.

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

(a) GRAD
    83048, Ukraine, Donetsk region,
    Zvilnennya Donbasu Avenue 8 B

(b) Mr. Laskavij Kostyantin
    Liquidator/Insolvency Manager
    83069, Ukraine, Donetsk region,
    Starobeshevska Str. 12 a

(c) ECONOMIC COURT OF DONETSK REGION
    83048, Ukraine, Donetsk region,
    Artema Str. 157


IMPEKS-MEDIA: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Impeks-Media (code EDRPOU 32206410)
on August 16, 2005.  The case is docketed as 15/527 b.  Mr. Olena
Zorina (License Number AB 176098) has been appointed temporary
insolvency manager.

Creditors had until September 30, 2005 to submit their proofs of
claim to:

(a) IMPEKS-MEDIA
    04210, Ukraine, Kyiv region,
    Geroiv Stalingradu Str. 26/236

(b) Mr. Olena Zorina
    Temporary Insolvency Manager
    04214, Ukraine, Kyiv region,
    Geroiv Dnipra Str. 34-A/239

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


INTERUKR: Kyiv Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Interukr (code EDRPOU 31928085) on June 8,
2005 after finding the limited liability company insolvent.  The
case is docketed as 43/338.  Mr. L. Kitsula  (License Number AA
487782) has been appointed liquidator/insolvency manager.

Creditors had until September 30, 2005 to submit their proofs of
claim to:

(a) INTERUKR
    04107, Ukraine, Kyiv region,
    Nagirna Str. 24/1

(b) Mr. L. Kitsula
    Liquidator/Insolvency Manager
    Ukraine, Kyiv region,
    Lomonosov Str. 111
    Phone: 8 (067) 295-08-03

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


KONAN-PLUS: Declared Insolvent
------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Konan-Plus (code EDRPOU 1139616) on June 9,
2005 after finding the limited liability company insolvent.  The
case is docketed as 20/75 b.  Mr. Rustam Nabiyev has been
appointed liquidator/insolvency manager.  The company holds
account number 260095716 at JSPPB Aval, MFO 304007.

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

(a) KONAN-PLUS
    91000, Ukraine, Lugansk region,
    Stepna Str. 54

(b) Mr. Rustam Nabiyev
    Liquidator/Insolvency Manager
    Ukraine, Lugansk region,
    Stepna Str. 54

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square 3a


KOZATSKE: Temporary Insolvency Manager Steps in
-----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Kozatske (code EDRPOU 32433888) on
August 10, 2005.  The case is docketed as B 24/204/05.  Mr. Igor
Morozov (License Number AA 419481) has been appointed temporary
insolvency manager.

Creditors had until September 30, 2005 to submit their proofs of
claim to:

(a) KOZATSKE
    52900, Ukraine, Dnipropetrovsk region,
    Mezhivskij district
    Novogrigorivske, Centralna Str. 34

(b) Mr. Igor Morozov
    Temporary Insolvency Manager
    49000, Ukraine, Dnipropetrovsk region, a/b 158

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


LENINSKIJ RAJAGROHIM: Succumbs to Insolvency
--------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Leninskij Rajagrohim on August 8, 2005 after
finding the open joint stock company insolvent.  The case is
docketed as 6/19431-2005.  Ms. Tetyana Korotayeva (License Number
AA 779349) has been appointed liquidator/insolvency manager.  The
company holds account number 260014119 at JSPPB Aval, Krym
regional branch, MFO 324021.

Creditors had until September 30, 2005 to submit their proofs of
claim to:

(a) LENINSKIJ RAJAGROHIM
    98200, Ukraine, AR Krym region,
    Lenino, Frunze Str. 5

(b) Ms. Tetyana Korotayeva
    Liquidator/Insolvency Manager
    95047, Ukraine, AR Krym region,
    Simferopol, Geroiv Stalingradu Str. 25/49
    Phone: (0652) 51-57-43

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


MERIDIAN: Falls into Bankruptcy
-------------------------------
The Economic Court of Mikolaiv region has commenced bankruptcy
supervision procedure on OJSC Shipbuilding Shipyard Meridian
(code EDRPOU 24788990).  The case is docketed as 10/119.  Mr.
Dmitro Luchko (License Number AB 176131) has been appointed
temporary insolvency manager.

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

(a) MERIDIAN
    54011, Ukraine, Mikolaiv region,
    Industrialna Str. 1

(b) Mr. Dmitro Luchko
    Temporary Insolvency Manager
    73016, Ukraine, Herson region,
    M. Fortus Str. 107-A
    Phone: (0552) 27-12-64

(c) ECONOMIC COURT OF MIKOLAIV REGION
    54009, Ukraine, Mikolaiv region,
    Admiralska Str. 22


NIVA: Liquidator Takes over Operations
--------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Niva (code EDRPOU 03729262) after finding the
limited liability company insolvent.  The case is docketed as
5/421-03.  Mr. Zavalnuk Volodimir (License Number AA 668291) has
been appointed liquidator/insolvency manager.

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

(a) NIVA
    24824, Ukraine, Vinnitsya region,
    Chechelnitskij district, Chervona Greblya

(b) Mr. Zavalnuk Volodimir
    Liquidator/Insolvency Manager
    21050, Ukraine, Vinnitsya region,
    Kozitskij Str. 15

(c) ECONOMIC COURT OF VINNITSYA REGION
    21036, Ukraine, Vinnitsya region,
    Hmelnitske Shose 7


PEREMOGA: Applies for Bankruptcy Proceedings
--------------------------------------------
The Economic Court of Poltava region has commenced bankruptcy
supervision procedure on CJSC Agrofirm Peremoga (code EDRPOU
30811079).  Mr. Andrij Dulenko (License Number AA 668335) has
been appointed temporary insolvency manager.

Creditors had until September 30, 2005 to submit their proofs of
claim to:

(a) AGROFIRM PEREMOGA
    38020, Ukraine, Poltava region,
    Shishatskij district, Prishib

(b) Mr. Andrij Dulenko
    Temporary Insolvency Manager
    39500, Ukraine, Poltava region,
    Karlivka, Lenin Str. 70/2
    Phone: 8 (0534) 62-34-69

(c) ECONOMIC COURT OF POLTAVA REGION
    36000, Ukraine, Poltava region,
    Zigina Str. 1


SIMFEROPOL' PERFUME: Creditors' Claims Due this Week
----------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on Simferopol' Perfume Factory (code EDRPOU
31009396) on August 11, 2005.  The case is docketed as
2-8/10087-2005.  Mr. Volodimir Yablonskij (License Number AB
216940) has been appointed temporary insolvency manager.

Creditors had until September 30, 2005 to submit their proofs of
claim to:

(a) SIMFEROPOL' PERFUME FACTORY
    97513, Ukraine, AR Krym region,
    Simferopol district, Gvardijske,
    Ostryakov Str. 15/68

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

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


STRUM: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Strum (code EDRPOU 31759222) on August 11,
2005 after finding the limited liability company insolvent.  Mr.
Petrenko Yurij (License Number AB 116227) has been appointed
liquidator/insolvency manager.  The company holds account number
2600630160 at JSCB Zoloti Vorota, Kyiv region branch, MFO 300238.

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

(a) STRUM
    Ukraine, Kyiv region,
    Gnat Yura Str. 9/414

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


UKRAINA: Liquidator Takes over Operations
-----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Ukraina (code EDRPOU 30822049) on August 15,
2005 after finding the limited liability company insolvent.  The
case is docketed as 6/45-05.  Mr. Yevgen Chuprun (License Number
AA 779228) has been appointed liquidator/insolvency manager.  The
company holds account number 260029276 at JSPPB Aval, Sumi
regional branch, MFO 337483.

Creditors had until September 30, 2005 to submit their proofs of
claim to:

(a) UKRAINA
    41455, Ukraine, Sumi region,
    Gluhiv district, Svarkove, Lenin Str. 1a

(b) Mr. Yevgen Chuprun
    Liquidator/Insolvency Manager
    Ukraine, Sumi region,
    Petropavlovska Str. 74/49A

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Shevchenko Avenue 18/1


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


ABTEC INTERNATIONAL: Hires Administrators from Ensors
-----------------------------------------------------
Stephen Law (IP No 008727) of Ensors was appointed administrator
of Abtec International Limited (Company No 03061029) on Sept. 15.
The company retails computer hard drives.

CONTACT:  ABTEC INTERNATIONAL LTD.
          18 Boulton Road
          Pin Green Industrial Area
          Stevenage SG1 4QX
          Hertfordshire
          Phone: 01438 741700
          Fax: 01438 741121
          Web site: http://www.abtec.co.uk

          ENSORS
          Cardinal House
          46 St Nicholas Street
          Ipswich, Suffolk IP1 1TT
          Phone: 01473 220022
          Fax: 01473 220033
          Web site: http://www.ensors.co.uk


ALLIANCE TELECOM: In Liquidation
--------------------------------
R. Day, Chairman of Alliance Telecom Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 12 at Regus, Lakeside House, 1 Furzeground Way, Stockley
Park East, Uxbridge, Middlesex UB11 1BD.

Robert Day of Robert Day and Company Limited, Garfield, Church
Lane, Oving, Aylesbury, Buckinghamshire HP22 4HL was appointed
liquidator.

CONTACT:  ALLIANCE TELECOM UK LIMITED
          112c High Street, Hadleigh, Ipswich, Suffolk IP7 5EL
          Phone: 01473828292


BOXSTAR LIMITED: Administrators from PwC Move in
------------------------------------------------
Michael Horrocks, Russell Cash (IP Nos 1238, 8783), Stuart
Maddison (IP No 1338) and Colin Haig (IP No 7965) of
PricewaterhouseCoopers LLP were appointed joint administrators of
Boxstar Limited (Company No 05164297) on Sept. 20.  The company's
registered office is at Broadley Works, Hill Street, Clayton le
Moors, Accrington, Lancashire BB5 5EA.

Boxstar Limited is U.K.'s newest print & packaging group, formed
in September 2004 from companies with over 100 years of
experience in the industry.  Comprising four sites within the
U.K., Boxstar focuses on manufacturing folding cartons,
self-adhesive labels, foil laminate sachets, wet glue labels, the
unique T-tube(R) and Concept Boxes as well as digital imaging for
many leading blue-chip groups.  Visit http://www.boxstarltd.com/
for more information.

CONTACT:  BOXSTAR LTD.
          Clayton works, Clayton-le-Moors,
          Accrington, Lancashire BB5 5EA
          Phone: +44 (0) 1254 395631
          Fax: +44 (0) 1254 391573
          E-mail: info@boxstarltd.com

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

          PRICEWATERHOUSECOOPERS LLP
          Donington Court
          Pegasus Business Park,
          Castle Donington, East Midlands DE74 2UZ
          Phone: [44] (1509) 604 000
          Fax:   [44] (1509) 604 010
          Web site: http://www.pwc.com

          PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


BROWNS TRANSPORT: Hires Liquidator from Baker Tilly
---------------------------------------------------
Mr. Eastwood, the Chairman of Browns Transport Limited, informs
that extraordinary and ordinary resolutions to wind up the
company were passed at an EGM held on Sept. 12 at Baker Tilly,
Lancaster House, 7 Elmfield Road, Bromley, Kent BR1 1LT.

Karl Christopher Holmes and Ross David Connock of Baker Tilly,
1st Floor, 5 Old Bailey, London EC4M 7AF were appointed joint
liquidators.

CONTACT:  BROWNS TRANSPORT LTD.
          Malden, Ash Road,
          Sevenoaks, Kent TN15 7HL
          Phone: 01474872244

          BAKER TILLY
          1st Floor,
          5 Old Bailey,
          London EC4M 7AF


CITY CARS: Goes into Liquidation
--------------------------------
D. Murphy, Director of City Cars R Us (Bristol) Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 9 at Unit 6, Wynford Industrial Park, Belbins,
Romsey, Hampshire SO51 0PW.

Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co, Clareville House, 26-27 Oxendon Street, London SW1Y
4EP were appointed Joint Liquidators.

CONTCT:  CITY CARS R US
         Unit 6/7/Wynford Farm Industrial Estate, Belbins,
         Romsey, Hampshire, SO51 0PW
         Phone: 01794 367878

         ROTHMAN PANTALL & CO
         Clareville House,
         26-27 Oxendon Street,
         London SW1Y 4EP
         Phone: +44 (0) 20 7930 7272
         Fax: +44 (0) 20 7930 9849
         E-mail: london@rothman-pantall.co.uk
         Web site: http://www.rothman-pantall.co.uk


COMPASS GROUP: Fitch Sees Benefit from Planned Sale of SSP
----------------------------------------------------------
Fitch Ratings says U.K.-based Compass' decision to sell SSP, its
European travel concessions business, would reduce business
volatility.

"By selling its concession business, Compass is moving towards a
more cash-focused business model akin to its main competitor
Sodexho.  Combined with the ongoing switch in business mix
towards more healthcare and education contracts, Compass should
end up with a smaller but more stable business than is currently
the case," says Frederic Gits, Director in Fitch's Corporate
team.

Although concessions are normally higher-margin and have negative
working capital requirements (GBP100 million turnover growth
generates GBP3-5 million working capital cash inflow), they are
also more volatile and are twice as capital intensive as the
traditional contract catering business. Notwithstanding the
potential use of the sale proceeds for debt reduction, the
significant lease exposure required by the concession operations
will also be removed.  Although leases are mostly
turnover-contingent, Compass has usually been committed to paying
minimum rentals (GBP106 million out of total concession rental
paid of GBP123 million in FY04), which are included in the
leverage computation using an 8x multiple.  Given that about 60%
of the concession business' operating profit is generated in the
U.K., the sale of the division will also reduce Compass'
concentration in the U.K. (38% of EBIT for FY04).  However, the
sale of the motorway operations "Moto", which is part of the
concession division, will further reduce Compass' asset base
(reported by some as GBP550 million).

Compass' recent trading statement confirms the pressure on
margins in the U.K.  With the exception of the GBP40 million
assets write-down, a reduction in profits from the military
business in the Middle East could be expected due to the
exceptional nature of the operations.  Compass seems to be
suffering from the switch of contracts from the traditional 'cost
plus fee' model to a 'P&L' basis, which requires more accurate
forecasts of both costs and revenues.  This is consequently more
difficult to manage and was largely behind Sodexho's difficulties
in the U.K. in 2002.

Fitch notes Compass' plan to focus more on support service
contracts, which are generally more labor-intensive than catering
and potentially more sensitive to rising minimum wages. Fitch
reiterates that the foodservice business is likely to become more
complex (see press release dated 25 February 2005). "Entering
into new segments may consequently put some strain on the
internal control procedures of such large organizations as
Compass or Sodexho," says Mr. Gits.  "Reducing the size of the
group and simplifying the management structure may be a way to
tackle this issue."

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

          Olivier de Combarieu
          Phone: +33 (1) 44 29 91 26

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


CVL ACCIDENT: Goes into Liquidation
-----------------------------------
D. Tudor, Director of CVL Accident Management Limited, informs
that resolutions to wind up the companies were passed at an EGM
held on Sept. 14 at West Lancashire Investment Centre, Maple
View, Skelmersdale, Lancashire WN8 9TG.

Gordon Craig and Daniel P Hennessy of Cresswall Associates
Limited, of West Lancashire Investment Centre, White Moss
Business Park, Skelmersdale, Lancashire WN8 9TG were appointed
liquidators.  The appointment was confirmed at a Meeting of
Creditors held on the same day.

CVL Accident Management Ltd. is an independently owned accident
management specialist based in Lancashire.  It has a network of
accident repair centers.

Visit http://www.cvlassist.co.uk/cvlprocess.aspfor more
information.

CONTACT:  CVL ACCIDENT MANAGEMENT LTD.
          Sunset Business Centre
          Manchester Road
          Kearsley
          Bolton
          Lancs
          BL4 8RL
          Phone: 0800 0277816
          Fax: 01204 864744
          E-mail: accident@cvlassist.co.uk


FAST FRAME: Creditors Meeting Next Week
---------------------------------------
Notice is hereby given, by Edward T. Kerr and Ian Gould of PKF
(UK) LLP, Pannell House, 159 Charles Street, Leicester LE1 1LD,
that a Meeting of the Creditors of Fast Frame (UK) Limited,
Regent House, Clinton Avenue, Nottingham NG5 1AZ, is to be held
at PKF (UK) LLP, Regent House, Clinton Avenue, Nottingham NG5
1AZ, on 10 October 2005 at 3:30 p.m.  The Meeting is an initial
Creditors' Meeting under paragraph 51 of Schedule B1, to the
Insolvency Act 1986.  A proxy form should be completed and
returned to me by the date of the Meeting if you cannot attend
and wish to be represented.  In Order to be entitled to vote
under Rule 2.38 at the Meeting you must give to me, not later
than 12:00 noon on the business day before the day fixed for the
Meeting, details in writing of your claim.

E T Kerr, Joint Administrator

CONTACT:  FAST FRAME UK LIMITED
          Amber Valley
          Bailey Brook Industrial Estate
          Nottingham NG16 4BE
          United Kingdom
          Phone: 01773 714710
          Fax: 01773 765951

          PKF
          Regent House
          Clinton Avenue
          Nottingham
          Nottinghamshire NG5 1AZ
          Phone: 0115 960 8171
          Fax: 0115 960 3665


FEDERAL-MOGUL: Court Amends US$9.4 Billion Liability Estimate
-------------------------------------------------------------
To correct clerical mistakes, Judge Rodriguez of the U.S.
District Court for the District of Delaware amended his opinion
estimating Turner & Newall Limited's asbestos liability, entered
on Aug. 19, 2005.  A full-text copy of the Amended Opinion is
available for free at http://ResearchArchives.com/t/s?1f0

Judge Rodriguez previously estimated the total amount of
contingent and unliquidated claims against Turner and Newall
Limited for personal injury or death caused by exposure to
asbestos at US$9 billion in the United States and GBP229 million
(about US$411 million) in the United Kingdom, including pending
and future claims.

As previously reported, the Official Committee of Asbestos
Claimants and the Legal Representative For Future Asbestos
Claimants' expert, Dr. Mark Peterson, estimated T&N's United
States liability at US$11.1 billion and T&N's liability for
present and future claims in the United Kingdom at GBP226 million
or about US$405.6 million.

In contrast, Dr. Robin Cantor, the Asbestos Property Damage
Committee's expert, placed the net present value of all pending
and future United States claims at US$2.5 billion.  Neither the
PD Committee nor Dr. Cantor estimated the aggregate liability in
the United Kingdom because the claims "are only a small fraction
of the United States claims, and will not significantly affect
recoveries for property damage claimants."

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some US$6
billion.  The Company filed for chapter 11 protection on Oct. 1,
2001 (Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed US$10.15 billion in
assets and US$8.86 billion in liabilities.  At Dec. 31, 2004,
Federal-Mogul's balance sheet showed a US$1.925 billion
stockholders' deficit.  At Mar. 31, 2005, Federal-Mogul's balance
sheet showed a US$2.048 billion stockholders' deficit, compared
to a US$1.926 billion deficit at Dec. 31, 2004.  Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford. (Federal-Mogul Bankruptcy News, Issue No. 93;
Bankruptcy Creditors' Service, Inc., 215/945-7000)

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


FKI PLC: Reiterates Trading Outlook
-----------------------------------
FKI plc will announce interim results for the half year ending 30
September 2005 on 1 December 2005.  On Sept. 29 the company said
trading in the first six months of the year is expected to be
broadly in line with the guidance issued at the time of the
preliminary results announcement in June.

In FKI Logistex, order intake is running at last year's
annualized rate with some recovery in European post and parcel
markets.  As expected, turnover in the first half is
approximately 10% ahead of the comparable period last year and
margin performance is slightly improved.

Within Lifting Products and Services, Crosby continues to benefit
from the buoyant global energy markets and has returned a strong
first half.  Bridon has been impacted by distributors destocking
and an inability to pass on fully the cost increases for
specialized steels, although order intake for larger ropes was
above expectations.

Performance in the Hardware group reflects both relatively stable
demand and the revised general hardware business model.
Consequently, overall the group has operated at levels consistent
with last year's full year performance.

In Energy Technology, results are expected to be in line with the
comparable period last year.  Margins have continued to be
impacted by the anticipated rise in raw material prices and the
higher than expected increase in energy costs.

Order intake in the first half in the Turbogenerators, Switchgear
and Bristol Babcock businesses is approximately 20% ahead of the
comparable period last year.

Foreign exchange rates for the first half were similar to the
comparable period last year and total finance costs have risen,
as expected, to GBP14 million as a result of rising short-term
interest rates.

The outlook for the full year remains in line with previous
guidance.

FKI will announce the restatement of 2004/05 financial
information on an IFRS basis on 18 October 2005.

                            *   *   *

In June, the company reported that full-year loss after tax
amounted to GBP79.9 million (2004 restated: loss of GBP20.9
million) and basic loss per share was 13.7 pence (2004 restated:
basic loss per share 3.6 pence).  Adjusted earnings per share,
calculated by excluding exceptional items and goodwill
amortization, were 9.0 pence (2004 restated: 8.6 pence).

Net debt at 31 March 2005 of GBP350.7 million represented a
decrease of GBP26.4 million from 30 September 2004 but a marginal
increase of GBP1.6 million from 31 March 2004.

Cash flow was negatively impacted by approximately GBP15.0
million due to the effect of higher steel prices resulting in an
increase in working capital, the cash outflow of the wind turbine
business of GBP25.0 million and GBP12.2 million spent on closure
costs previously identified in the 2004 Strategic
Review.

CONTACT:  FKI PLC
          Falcon Works
          P.O. Box 7713
          Meadow Lane
          Loughborough
          Leicestershire LE11 1ZF
          Phone: +44 (0) 20 7832 0000
          Fax: +44 (0) 20 7832 0001
          Web site: http://www.fki.co.uk

          Simon Webber
          Business Development Director
          Phone: 020 7832 0000

          James Olley
          Brunswick
          Phone: 020 7404 5959


FOCUS DIY: Long-term Ratings Cut to 'B'; Underperformance Cited
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Focus DIY (Finance) PLC and Focus DIY
(Investments) Ltd. (collectively referred to as Focus), the
parent companies of U.K.-based home-improvement retailer Focus,
to 'B' from 'B+'.  The ratings remain on CreditWatch with
negative implications, where they were placed on Sept. 16, 2005.

At the same time, the long-term debt rating on Focus DIY
(Investments) Ltd.'s GBP285 million (US$503 million) senior
secured credit facilities was lowered to 'B+' from 'BB-', still
one notch above the corporate credit rating.  The recovery rating
is unchanged at '1', indicating Standard & Poor's expectation of
full recovery of principal for senior lenders in the event of a
payment default.  However, both the recovery rating and secured
debt rating are under pressure.

In addition, the long-term debt rating on Focus DIY (Finance)
PLC's GBP100 million second secured mezzanine notes has been
lowered to 'CCC+' from 'B', now two notches below the corporate
credit rating, reflecting a deterioration in recovery prospects.

"The downgrade reflects significant underperformance and
deterioration in sales and earnings over the crucial third
quarter (May to July) of fiscal 2005, which has resulted in a
substantial increase in leverage," said Standard & Poor's credit
analyst Sunita Kara.

"The continued CreditWatch status reflects Standard & Poor's
concern regarding compliance with financial covenants under the
senior secured facilities," she added.

"Due to the deterioration in debt protection measures and
subsequent pressure on financial covenants, Focus' liquidity
position is considerably weaker," said Ms. Kara.  The group is in
discussion with senior lenders regarding changes to certain
covenants. The ratings will remain on CreditWatch until an
outcome has been reached. The ratings could be affirmed at their
current level if the result of the discussion leads to a
restoration of an adequate liquidity position.

Conversely, the ratings could be lowered -- at current assessment
by a maximum one notch -- if Standard & Poor's estimates that
headroom under the renegotiated covenants is not adequate for at
least the next four quarters.

"In any case, the outlook on the group is likely to be negative
following the resolution of the CreditWatch status, to reflect
the negative trends prevalent in the U.K. home-improvement
market," added Ms. Kara.

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

CONTACT:  FOCUS (DIY) LIMITED
          Gawsworth House
          Westmere Drive
          Crewe
          Cheshire CW1 6XB
          Phone: 01270 501555
          Web site: http://www.focusdiy.co.uk


GOSHAWK INSURANCE: Calls off EGM After Recent Negative Events
-------------------------------------------------------------
Phoenix Asset Management Partners said on Sept. 29 it will no
longer be seeking to appoint Sir Peter Thompson and Gary Channon
to the GoshawK Insurance Holdings plc board and will therefore
not be requisitioning an EGM for that purpose.

Recent events (the company's announcements of Aug. 19, Sept. 6
and Sept. 15 of this year and AM Best's announcement of Sept. 9)
have made the capital and business position of GoshawK uncertain
and in addition we have been unable to persuade the executive
management of Rosemont Re to work with us.  Taken together this
leaves us in a position where we are now unable to present a
proposal to shareholders along the lines we outlined in our
letter on 1 July 2005.

We will now focus our efforts on ensuring that GoshawK acts in
the best interests of shareholders.

Phoenix Asset Management Partners, which is regulated by the
Financial Services Authority, is acting exclusively for its
clients in connection with GoshawK Insurance Holdings plc and
will not be responsible to anyone other than its clients for
providing the protections afforded to clients of Phoenix Asset
Management Partners or for giving advice in relation to the
Company.

In a separate press release, GoshawK said: "The Board of GoshawK
notes the announcement made Phoenix Asset Management Partners.
As previously announced, GoshawK is looking at capital raising
initiatives to allow maximization of opportunities in the future
hardening market, to secure its capital position and to reaffirm
its rating.  This work is ongoing and once finalized, will be
subject to shareholder approval.  The Board continues to act in
the interests of all shareholders."

                        A.M. Best Rating

On September 8, A.M. Best Co. placed the financial strength
ratings of A- (Excellent) and the issuer credit ratings (ICR) of
"a-" of Rosemont Reinsurance Ltd. under review with negative
implications.  These rating actions follow the recent
announcements by Rosemont that net losses attributable to
Hurricane Katrina are projected to be in the US$25 million to
US$30 million range and that marine energy losses for Hurricane
Ivan had deteriorated during the second quarter of 2005.  A.M
Best is concerned that the combination of these events, in
addition to negatively affecting Rosemont's operating profit
projections for 2005, will also negatively affect Rosemont's
prospective risk-based capital in light of its property
catastrophe business profile.

The ratings will remain under review pending discussions with
Rosemont's management and re-evaluation of the capital
requirements necessary to support the company's current rating.
A.M. Best expects to commence discussions with Rosemont's
management and conclude its analysis in the short term.

         Losses on Property and Marine Books of Business

On September 9 GoshawK said that as a result of Hurricane
Katrina, GoshawK will incur losses on its Property and Marine
books of business.  Mitigating the financial impact of the event
is the fact that the Company had significantly increased the
scope and quantum of its 2005 reinsurance programs compared to
the prior year.  The current expectation is that these programs
should be sufficient and the company's net loss attributable to
Hurricane Katrina is projected to be in the range of US$25
million to US$30 million.  The impact of Hurricane Katrina is
therefore not expected to reduce GoshawK's year-end capital.

Once more information is available, further updates will be
provided (if required).  The hurricane season typically runs
until the end of October, so the Company, as with the rest of the
reinsurance industry, remains exposed to further possible
catastrophe activity.

Given the severe and wide ranging impact that Hurricane Katrina
will have on the reinsurance and retrocession markets the company
expects to benefit from substantially improved rates, terms and
conditions in 2006.

             Financial and Operational Summary

On Sept. 15 GoshawK outlined its financial and operational
results, showing:

(a) Increase in gross premiums written of 30% over 2004, mainly
    driven by growth in the U.S.;

(b) Operating profit of US$4.7 million (2004: US$8.0 million);

(c) Group loss after tax of US$0.5 million (2004: profit of
    US$9.2 million) representing nil cents per share (2004:
    earnings per share of 5 cents);

(d) Net assets per share unchanged at US$0.99 (55p) compared to
    US$0.99 (51p) at 31 December 2004;

(e) Group results presented under International Financial
    Reporting Standards  ('IFRS') for the first time.  Impact of
    IFRS not material on results or financial position;
    comparatives restated;

(f) Catastrophe activity low for first half; but increases on
    2004 catastrophe estimates;

(g) Hurricane Katrina net losses initially estimated in range of
    US$25 million to US$30 million;

(h) US$1.6 million (1% share) added to net asset value in August
    2005 resulting from sale of former corporate member at
    Lloyd's.

                     August 15 Loss Advices

GoshawK has been advised of certain offshore energy catastrophe
losses affecting its marine account, which will negatively impact
the result for the six months ended 30 June 2005.  The Company
has also incurred losses, to a limited extent, on winter cyclone
Erwin and the Suncor plant loss in Canada during the first half
of 2005.  The cumulative effect of these items means that the
Company now expects to report a marginal dollar loss before tax
for the period.

The marine loss advices received are for hurricane Ivan which
occurred in late 2004 and on which the Company had set aside a
reserve in excess of loss advices previously received.  The total
of the loss advices received exceeds the amount reserved.  Since
the losses previously reported on hurricane Ivan had already
fully utilized the Company's retrocessional protections, the new
loss development negatively impacts net profitability.  Assuming
catastrophe activity in the second half of 2005 is within normal
provisions, GoshawK expects to achieve an acceptable, if reduced,
outcome for the full year.

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          Paul Spencer, Chairman
          Phone: 020 7499 2355
          Russell Brooke, Chief Executive
          Phone: +1 441 295 5485
          Jonathan Beck, Finance Director

          COLLEGE HILL ASSOCIATES
          Phone: 020 7457 2020
          Tony Friend
          Richard Pearson/Roddy Watt


HALLCO 907: In Administrative Receivership
------------------------------------------
Neon Properties Limited appointed Leslie Ross and Ian Carr (IP
Nos 7244 and 8741) of Grant Thornton UK LLP joint administrative
receivers of Hallco 907 Limited (Reg No 04784491) on Sept. 19.
The company's registered office is at Grant Thornton UK LLP,
Heron House, Albert Square, Manchester M60 8GT.  Hallco 907
develop properties.

CONTACT:  GRANT THORNTON
          Heron House, Albert Square
          MANCHESTER M60 8GT
          Phone: 0161 834 5414
          Fax: 0161 832 6042
          Web site: http://www.grant-thornton.co.uk


HEAT-SEAL (LEICS): Creditors Meeting Set Friday
-----------------------------------------------
Notice is hereby given, by Edward T Kerr and Ian Gould of PKF
(UK) LLP, Pannell House, 159 Charles Street, Leicester LE1 1LD,
that a Meeting of the Creditors of Heat-Seal (Leics) Limited,
Pannell House, 159 Charles Street, Leicester LE1 1LD, is to be
held at PKF (UK) LLP, Pannell House, 159 Charles Street,
Leicester LE1 1LD, on 7 October 2005, at 11:00 a.m.  The Meeting
is an initial Creditors' Meeting under paragraph 51 of Schedule
B1, to the Insolvency Act 1986.  A proxy form should be completed
and returned to me by the date of the Meeting if you cannot
attend and wish to be represented.  In order to be entitled to
vote under Rule 2.38 at the Meeting you must give to me, not
later than 12:00 noon on the business day before the day fixed
for the Meeting, details in writing of your claim.

Since 1970, Heat-Seal has grown to become the area's specialist
in quality double-glazing, with the widest choice in modern to
traditional designs.  Visit http://www.heat-seal.co.uk/for more
information.

CONTACT:  HEAT-SEAL LEICS LTD.
          1 Snow Hill
          Melton Mowbray
          Leicestershire
          LE13 1PD
          Phone: 01664 569341
          Fax: 01664 500058

          PKF
          Pannell House,
          159 Charles Street,
          Leicester LE1 1LD
          Phone: 0117 906 4000
          Fax: 0117 974 1238
          E-mail: info.bristol@uk.pkf.com
          Web site: http://www.pkf.co.uk


INTERSHOP COMMUNICATIONS: Launches Up to EUR4.3 Mln Rights Issue
----------------------------------------------------------------
Intershop Communications AG said on Sept. 28 its Executive Board
(Vorstand) and Supervisory Board (Aufsichtsrat) have decided to
implement a public rights issue from authorized capital in order
to raise cash and strengthen the Company's balance sheet.

As part of the subscription offer, the Company will offer all
current Intershop shareholders the opportunity to subscribe for
one new Intershop common bearer share per two existing Intershop
common bearer shares held at a price of EUR1.00 per share
(indirect pre-emptive right) during the period from September 28,
2005 to October 13, 2005.  For this offer, Intershop will issue
up to 4,258,550 new common bearer shares from authorized capital.

Any shares not subscribed by shareholders will be placed with
investors by Munich, Germany-based VEM Aktienbank AG, the
investment bank handling the transaction.  Through this
additional private placement by VEM Aktienbank AG, Intershop
expects to raise approximately EUR4.3 million.

The new shares are expected to increase the total number of
Intershop issued and outstanding shares by 50 percent, from
8,517,100 to 12,775,650.  The shareholders will be informed
shortly about the details of the rights issue.

About Intershop

Intershop Communications AG (Prime Standard: ISH2) is a leading
provider of software solutions that help organizations evolve
their trading relationships with consumers and business partners
online.  Founded in 1992, Intershop has a long tradition of
driving innovation in e-commerce by automating and simplifying
sales and buying processes.  Intershop Solutions enable
organizations to consolidate and manage unlimited online commerce
channels on a single platform.  As a result, Intershop customers
benefit from reduced operating expenses and competitive
advantages in their online sales activities.

More than 300 enterprise customers worldwide, including HP, and
BMW, run Intershop Solutions.  Four of the five largest ecommerce
sites in Germany rely on Intershop Solutions: Otto, Tchibo,
Deutsche Telekom, and Quelle.  Intershop is headquartered in
Jena, Germany, and has branch offices in the United States, and
Europe.  More information about Intershop can be found on the Web
at http://www.intershop.com

                            *   *   *

Intershop did not fare well in the second quarter of the year,
posting EUR1.1 million in losses, a million-euro higher from a
year ago.

CONTACT:  INTERSHOP COMMUNICATIONS
          Intershop Tower
          D-07740 Jena
          Phone: +49-3641-50-0
          Fax: +49-3641-50-1111
          Web site: http://www.intershop.com


JACOB'S WELL: Names Begbies Traynor Liquidator
----------------------------------------------
D. W. Fox, Chairman of Jacob's Well Travel Services Ltd.
(formerly Matthew Gerard Travel Insurance Services Ltd.) informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 9 at Stewarts, 63 Lincoln's Inn Fields, London WC2A
3LW.

Vivian Murray Bairstow and Nicholas Roy Hood of Begbies Traynor
(South) LLP, 32 Cornhill, London EC3V 3BT was appointed
liquidator.

CONTACT:  MATTHEW GERARD TRAVEL INSURANCE LTD.
          10b Robin Hood Road, St. Johns, Woking, Surrey GU21
          8SP
          Phone: 01483730900

          BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


JARVIS PLC: Completes Financial Restructuring
---------------------------------------------
The Board of Jarvis plc said that with the Admission of the
Placing Shares at 8.00 a.m. on Sept. 29, it has completed the
financial restructuring plan that was announced on 27 May 2005
and approved by Shareholders on 4 August 2005.

In summary, the financial restructuring plan comprised:

(a) GBP378 million of the Company's liabilities exchanged for
    new equity,

(b) GBP50 million of new equity capital raised through a Placing
    and Open Offer,

(c) GBP38.5 million of Additional Funding Facilities secured

Alan Lovell, Chief Executive, said: "I am delighted that this
completes our financial restructuring which positions the Group
well for the future development of the business."

CREST stock accounts have been credited on Sept. 29 in respect of
the Open Offer Shares to be held in uncertificated form.
Definitive share certificates in respect of the Open Offer Shares
to be held in certificated form and cash-out alternative cheques
are expected to be posted, where applicable, by 6 October 2005.
In accordance with the approach approved by Shareholders on 4
August 2005, the Company is now proceeding with the process of
canceling the non-voting Deferred Shares arising from the Share
Reorganisation, which took place to facilitate the Debt for
Equity Exchange.  Capitalized terms used but not defined in this
announcement have the meanings given to them in the prospectus
dated 25 August 2005.

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

          Bridget Fury, Merlin
          Paul Downes
          Phone: 020 7653 6620


JBG BUILDING: Bank of Scotland Appoints Receiver
------------------------------------------------
The Bank of Scotland appointed David Hill and James Patrick
Nicholas Martin (Office Holder Nos 6904, 8316) of Begbies Traynor
joint administrative receivers of JBG Building Services Limited
(Reg No 04526254) on Sept. 19.  The company specializes in
refurbishment of PRC, BISF and traditional housing as well as
general contracting.

CONTACT:  JBG BUILDING SERVICES LIMITED
          Ogwy House, Main Road,
          Llantwit Fardre, Pontypridd,
          Rhondda Cynon Taff CF38 2HE
          Phone: 01443 207622
          Fax: 01443 217077

          BEGBIES TRAYNOR
          5th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


KIMBERLEY INVESTMENTS: Calls in Liquidator from BWC
---------------------------------------------------
P. Glover, Chairman of Kimberley Investments (UK) Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 9 at BWC Business Solutions, 8 Park Place,
Leeds LS1 2RU.

Gary Edgar Blackburn and Paul Andrew Whitwam of BWC Business
Solutions, 8 Park Place, Leeds LS1 2RU were appointed Joint
Liquidators.

CONTACT:  KIMBERLEY PLC
          33 St. James's Street, London SW1A 1HD
          Phone: 02078395550

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


LAB FURNISHINGS: Administrators Take over Company
-------------------------------------------------
C. P. Holder and S. C. E. Mackellar (IP Nos 9093 and 6883) of
Kroll Limited were appointed joint administrators of Lab
Furnishings Limited (Company No 3851169) on Sept. 20.  The
company's registered office is at 124-130 Seymour Place, London
W1H 1BG.

Lab Furnishings (UK) Ltd. has rapidly established itself as one
of the leading specialists in the design, manufacture and
installation of laboratory furniture and fume cupboards.  Visit
http://www.labfurnishings.co.uk/for more information.

CONTACT:  LAB FURNISHINGS (NORTHERN OFFICE)
          Unit 2, Malmo Park
          Stockholm Road
          Sutton Fields Industrial Estate
          Kingston-Upon-Hull HU7 0XW
          Sales Enquiry: 0800 9150 341
          Main Office: 01482 827999
          Fax: 01482 827995
          E-mail: sales@lfplc.co.uk

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


LINDSAY WELBECK: Files for Liquidation
--------------------------------------
Lindsay Wellbeck Limited informs that resolutions to wind up the
company were passed at an EGM held on Sept. 6 at the offices of
BN Jackson Norton, 14 Orchard Street, Bristol.  Graham Lindsay
Down of BN Jackson Norton, 14 Orchard Street, Bristol was
appointed liquidator.

CONTACT:  LINDSAY WELBECK LIMITED
          1664a High Street, Knowle, Solihull, West Midlands B93
          0LY
          Phone: 01564775990


MAIN SQUARE: Members Opt for Liquidation
----------------------------------------
J. Sanders, the Chairman of Main Square Limited, informs that
extraordinary resolution to wind up the company was passed at an
EGM held on Sept. 8 at the offices of David Rubin & Partners,
Pearl Assurance House, 319 Ballards Lane, London N12 8LY.  Lane
Bednash of David Rubin & Partners, Pearl Assurance House, 319
Ballards Lane, London N12 8LY was appointed liquidator.

CONTACT:  MAIN SQUARE LTD.
          Suite 2, 36 Marylebone
          High Street, London W1U 4QD
          Phone: 020 7706 1934
          E-mail: frontdesk@mainsquareproductions.com

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


OPEN WORLD: Boat Builder Goes Belly up
--------------------------------------
S. Patterson, Chairman of Open World Yachts Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 7 at CLB Coopers, Fleet House, New Road, Lancaster LA1 1EZ.

Diane Hill and Mark Getliffe of CLB Coopers, Century House, 11 St
Peter's Square, Manchester M2 3DN were appointed Joint
Liquidators.

CONTACT:  OPEN WORLD YACHTS LTD.
          Keymoss, Witherslack
          Grange-Over-Sands, Cumbria LA11 6RX
          Phone: 01946-599522

          CLB
          Century House,
          11 St Peters Square,
          Manchester M2 3DN
          Phone: 0161-245-1000
          Fax: 0161-245-1001
          E-mail: manchester@clb.co.uk
          Web site: http://www.clb.co.uk


REGAL PETROLEUM: Faces Lawsuit in Ukraine
-----------------------------------------
Regal Petroleum plc said it received on Sept. 29 a communication
from its legal representatives in the Ukraine that Nadra
Ukrayiny, the parent organization for Chernigivnaftogasgeologia
(CNGG), is intending to issue a legal challenge to Regal's
licenses in the Ukraine.  The Company is presently unaware of the
basis of this challenge and will vigorously defend its position.

The Company continues to believe and as such is being so advised
by its legal representatives that its licenses were properly
awarded and are legally sound.  The Company is urgently seeking
further information and will keep the market informed as and when
such information becomes available.

Chief Executive Officer Rex Gaisford said: We don't believe there
is any substance in the potential claim and we will be fighting
any such case vigorously.  We will continue to meet this
challenge with the same degree of openness and professionalism
with which we have attempted to meet the other challenges over
the past three months'.

                        About the Company

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

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

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

CONTACT:  REGAL PETROLEUM PLC
          4th Floor
          11 Berkeley Street
          London, England W1J 8DS
          Phone: +44 20 7647 6622
          Fax: +44 20 7629 4297
          Web site: http://www.regalpetroleum.com
          Contact:
          Roger Phillips, Finance Director
          Phone: 020 7408 9500

          Buchanan Communications
          Phone: 020 7466 5000
          Bobby Morse


RENTOKIL INITIAL: To Close Sale of Initial Style End-November
-------------------------------------------------------------
Rentokil Initial plc updates investors that the process to
dispose of Initial Style Conferences Limited announced on August
25 is continuing on track, and that the asset has attracted a
significant amount of initial interest from potential acquirers.

After receiving more than 20 indicative bids based on
confidential information distributed to a variety of qualified
parties, the Company has significantly narrowed the number of
parties progressing to the next phase of the process.

This will involve dissemination of further detailed information
prior to potential acquirers submitting firm and binding offers
for Style Conferences.  No party indicating a bid at or below
GBP300 million is being taken through to the next phase.

Rentokil now expects to announce the conclusion of the process
and the sale of Style Conferences by the end of November.  The
Company clarifies that there can be no certainty as to the final
outcome of any potential sale of Style Conferences.

Further details will be provided in due course if appropriate.

Greenhill & Co. International LLP, which is regulated by the
Financial Services Authority, is acting for Rentokil Initial plc
in connection with its potential divestiture of Initial Style
Conferences Limited and for no one else and will not be
responsible to anyone other than Rentokil Initial for providing
the protections afforded to customers of Greenhill & Co. nor for
providing advice in relation to this potential transaction.

                        About the Company

Rentokil Initial is one of the largest business services
companies in the world, operating in the major economies of
Europe, North America, Asia Pacific and Africa.  The company has
some 90,000 employees providing a range of support services in
over 40 countries.

Rentokil's restructuring took effect in June and the new New
Rentokil Initial shares were admitted to the Official List and to
trading on the London Stock Exchange's market for listed
securities at that time.

In August, the company reported that turnover in the first half
of 2005 was up 3.2% to GBP1,167.2 million, while operating income
was down 33.0% to GBP119.2 million.  Profit before tax plunged
40.3% to GBP93.2 million.

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com
          Contact:
          Mark Boyle, Group Acquisitions Director

          GREENHILL & CO. INTERNATIONAL LLP
          Phone: +44 (0) 20 7440 0400

          Simon Borrows

          Edward Wakefield

          BRUNSWICK GROUP LLP
          Phone: +44 (0) 20 7404 5959
          John Sunnucks
          Gill Ackers


RICHARDSONS MOSS: Hires Administrators from BDO Stoy Hayward
------------------------------------------------------------
Toby Underwood and Charles Macmillan (IP Nos 9271 and 6000) of
BDO Stoy Hayward LLP were appointed joint administrators of
Richardsons Moss Litter Company Ltd. (Company No 00057031) on
Sept. 5.  The company manufactures and sells horticultural
growing media products.

CONTACT:  RICHARDSONS MOSS LITTER CO. LTD.
          Richardson House,
          Gretna Loaning, Gretna,
          Dumfriesshire DG16 5HU
          Phone: 0146140271

          BDO STOY HAYWARD LLP
          1 City Square
          Leeds
          West Yorkshire LS1 2DP
          Phone: 0113 244 3839
          Fax: 0113 204 1200


ROBERT EDWARD: Appoints Bridgestones Administrator
--------------------------------------------------
Jonathan Lord and Robert Cooksey (IP Nos 9041 and 9040) of
Bridgestones were appointed joint administrators of Robert Edward
Foods Ltd. (Company No 03779903) on Sept. 14.  The company
wholesales meat and meat products.

CONTACT:  ROBERT EDWARD FOODS LTD.
          24-26,Riverpark Trading Estate, Newton Heath,
          Manchester, Lancashire M40 2XP
          Phone: 0161 231 8448

          BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


SCRUTTON ENGINEERING: Calls in Administrators from Bridgestones
---------------------------------------------------------------
J. G. Lord and R. L. Cooksey (IP Nos 9041 and 9040) of
Bridgestones were appointed joint administrators of Scrutton
Engineering Ltd. (Company No 01014978) on Sept. 12.

Scrutton Engineering Ltd. was established in 1971, and has gained
a reputation for high quality workmanship, build quality and
finish in all aspects of metal fabrication.  Visit
http://www.selfab.com/for more information.

CONTACT:  SCRUTTON ENGINEERING (UK) LTD.
          73 East Duck Lees Lane
          Ponders End
          Enfield EN3 7SR
          Middlesex
          Phone: 020 8443 4010
          Fax: 020 8804 2046

          BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


SMART APPROACH: Shares Suspended; Searches for Investor
-------------------------------------------------------
The Directors of Smart Approach announces the suspension of
trading in its shares on AIM.

Since the Company announced on 2 July 2005 that it had raised
additional equity funds of GBP680,000, net of expenses, the rate
of sales closure has remained disappointing.  This is despite the
fact that over the past six months the number and scale of bid
opportunities for the Company's products has grown significantly.

As at 30 September 2005 it is estimated that the Group will have
a net cash position of approximately GBP230,000, which the
Directors believe is adequate for the Company to continue to
trade on a solvent basis for the present.  However, the Company's
auditors are not able to issue an audit report on the basis that
the Company is a going concern given the Director's lack of
confidence in the Company's ability to meet its sales forecasts
and in the absence of confirmation that Smart Approach is able to
raise further additional funds in the short term.

The Company is therefore unable to issue audited accounts
pursuant to its obligations under the AIM Rules and is required
to seek the suspension of its shares.

As a result of these circumstances the Board has concluded it is
in the best interests of shareholders to seek to identify a
strategic investor in the Group who can provide the financial
certainty that is required to take the business forward.

Shareholders will be kept informed of further developments in due
course.

CONTACT:  SMART APPROACH
          Mike Ormesher
          Phone: (01472) 250 300


SOVEREIGN SALES: Names SPW Poppleton & Appleby Liquidator
---------------------------------------------------------
M. O'Brien, Director of Sovereign Sales Recruitment Ltd. informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 19 at the Holiday Inn Chester South, Wrexham Road,
Chester CH4 9DL.

M. S. E. Solomons was appointed liquidator.

Sovereign Sales Recruitment Ltd. is a permanent sales and
marketing recruitment specialist in the Northwest.  It was
established in 1992.  In 2001 Sovereign saw a huge injection of
capital.  It now trades as a Limited company with Debra Williams
continuing as Managing Director.

Visit http://www.sovereignrecruitment.com/about.phpfor more
information.

CONTACT:  SOVEREIGN SALES RECRUITMENT LTD.
          Parkside, Herons Way, Chester Business Park
          Chester, Cheshire, CH4 9QR
          Contact:
          Cambrian House, Railway Road, Brymbo
          Phone: 01978 752751

          SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: mike@spwca.com


STMS REALISATION: Calls in Administrators from Fanshawe Lofts
-------------------------------------------------------------
Antony Robert Fanshawe and Stephen John Adshead (IP Nos 005944,
008574) of Fanshawe Lofts were appointed joint administrators of
STMS Realisation Limited (Company No 01209333) on Aug. 12.  The
company's registered office is at Hannah Way, Gordleton
Industrial Park, Sway Road, Lymington, Hampshire SO41 8JD.

STMS Realisation is previously named Setmasters Limited.  It
manufactures collating machines.  Setmaster collators are used in
over 50 countries and are well known for their ease of operation,
productive output and reliable performance.  Visit
http://www.setmasters.co.uk/for more information.

CONTACT:  SETMASTERS LTD.
          Gordleton Industrial Park, Sway Road
          Pennington, Lymington SO41 8JD
          Hampshire
          Phone: 01590 683011
          Fax: 01590 682659

          FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: sa@fanshawe-lofts.co.uk
                  arf@fanshawe-lofts.co.uk


UK FOODS: Names Maidment Judd Administrator
-------------------------------------------
Anthony David Kent (IP No 8764) of Maidment Judd was appointed
administrator of UK Foods & Catering Limited (Company No
04737398) on Sept. 20.  The company's registered office is at 66
Vallance Road, London E1 5WB.

CONTACT:  UK FOODS & CATERING LTD.
          Arch 66, Vallance Rd
          London E1 5BW
          Phone: 2072472228

          MAIDMENT JUDD
          60/62 High Street
          Harpenden
          Hertfordshire AL5 2SP
          Phone: 01582 469700
          Fax: 01582 460674
          E-mail: akent@maidmentjudd.co.uk


WALKER MANUFACTURING: Hires Bond Partners as Administrator
----------------------------------------------------------
T. Papanicola (IP No 005496) of Bond Partners LLP was appointed
administrator of Walker Manufacturing (Sheffield) Limited
(Company No 01364679) on Sept. 14.  The company's registered
office is at The Grange, 100 High Street, London N14 6TG.  It
manufactures tools.

CONTACT:  WALKER MANUFACTURING (SHEFFIELD) LTD.
          51 Athol Road
          Sheffield S8 0PA
          South Yorkshire
          Phone: 0114 255 4443
          Fax: 0114 258 3819

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


WHAT 4 LIMITED: Files for Liquidation
-------------------------------------
M. Dribble, Chairman of What 4 Limited, informs that resolutions
two wind up the company was passed at an EGM held on Sept. 19 at
25 Moorgate, London EC2R 6AY.

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

What 4 sells fruits, salads and vegetables to retail, wholesale
and catering businesses from stands in The New Covent Garden
Market in London.  It is supplied by most of the top importers,
growers, agents and co-ops in U.K. and abroad.

Visit http://www.wholesale-fruit-vegetables.com/for more
information about the company.

The new What 4 Ltd. company was Registered on 11 July 2003, and
started trading from 15/23 The Pavilion, New Covent Garden
Market, London SW8 5DZ on Saturday 27 September 2003.

The Heaton-Harris family, as main shareholders, have loaned
(interest free) GBP100,000 so the firm can continue to trade with
the same resources as the original company.  The Directors are
Martin Dribble (Chairman & Managing Director) Belinda Dribble
(Company Secretary) and Jason Ashby.

CONTACT:  WHAT 4 LIMITED
          15/23 The Pavilion
          New covent garden market
          London SW8 5DZ
          England
          Phone: +44(0)20 7622 8866
          Fax:+44(0)20 7720 6797
              +44(0)20 7720 8296

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


WOODEN WORLD: Names BRI Business Liquidator
-------------------------------------------
P. Watts, Director/Shareholder of Wooden World Ltd. informs that
a resolution to wind up the company was passed at an EGM held on
Sept. 15 at 100-102 St James Road, Northampton NN5 5LF.

Gary Steven Pettit and Peter John Windatt, of BRI Business
Recovery and Insolvency, 100-102 St James Road, Northampton NN5
5LF were appointed Joint Liquidators.

Wooden World Ltd. manufactures quality wooden garden furniture.
Other services include fencing, decking, Pagoda's, Arbours --
supply and fit.

Visit http://www.webspawner.com/users/woodenworld/for more
information.

CONTACT:  WOODEN WORLD LTD.
          1b Lawton Road
          Rushden
          Northants
          NN10 0DX
          Phone/Fax: 01933 317744
          E-mail: terry@woodenworldltd.co.uk

          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


                            *********


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

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

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

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

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

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


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