TCREUR_Public/051004.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, October 4, 2005, Vol. 6, No. 196

                            Headlines

C Z E C H   R E P U B L I C

POLYDEKOR SPOL: Shuts down Weaving Mill


F R A N C E

EURO DISNEY: Delisting from London Stock Exchange November 1


G E R M A N Y

ATREMA VERMOGENSVERWALTUNGS: Succumbs to Bankruptcy
AUTOGLAS X-PERT: Muenster Court Calls in Administrator
BAUFIRMA GERHARD: Proofs of Claim Due Later this Month
CORDULA NOLTENSMEIER: Claims Filing Period Ends Next Week
ELEKTROTECHNIK FRIEDSAM: Koln Company Goes Bust

FRAUKE VOGT: Files for Bankruptcy
MB QUART: Maxxsonics Takes over Brand, Obrigheim Facility
NK MEDIZINTECHNIK: Court to Verify Claims Next Month
REISEMARKT BIRGIT: Claims Filing Period Ends October 17

* Growing Revenue Remains a Challenge for German Banks -- Fitch


H U N G A R Y

HERTA KFT: Fierce Competition Short-circuits Appliance Group
MALEV HUNGARIAN: Cutting Fleet, Workforce to Meet Profit Target


I T A L Y

CIRIO FINANZIARIA: Authorities Wrap up Bankruptcy Probe
IMPREGILO SPA: Sets Aside EUR345 Million to Offset Losses
RENO DE MEDICI: First-Half Losses Down to EUR315,000


L U X E M B O U R G

OR-ICB S.A.: Fitch Rates Loan Participation Notes 'B'


N E T H E R L A N D S

GETRONICS N.V.: Sets Conversion Price for Bonds at EUR13.04
GETRONICS N.V.: Board Re-nominates Chairman Klaas Wagenaar
ROYAL SHELL: Remaining 'A' Shares Total 4,017,665,000


R O M A N I A

PROCREDIT BANK: Gets 'BB+' Long-term Currency Rating


R U S S I A

AK BARS: Moody's Rates Currency Deposit Ba3
ALEKSANDROVSKAYA: Claims Filing Period Ends October 20
IMPORT HOLDING: Hires N. Pisarenkova Insolvency Manager
KRASNOYARSKIY: Bankruptcy Supervision Procedure Begins
KURKACHINSKIY: Succumbs to Bankruptcy

OAO LUKOIL: Unit Offers to Buy Nelson Resources for US$2 Bln
RHYTHM: Court Brings in Insolvency Manager
SURGUT-WOOD: Deadline for Proofs of Claim Set Next Week
UCHALINSKIY FACTORY: Declared Insolvent
VEYDELEVKA-SEL-KHOZ-KHIMIYA: Under Bankruptcy Supervision
VOSKRESENSKIY FOOD: Insolvency Manager Takes over Business
VOSTOK: Bankruptcy Hearing Set Next Year

* Several Problems Plague Russian Insurance Industry


S P A I N

IZAR: Sale of Civilian Yards Begins


U K R A I N E

AGROPROMINVEST: Declared Insolvent
ANDRIYASHIVSKA: Bankruptcy Supervision Starts
OJSC AZOVSTAL: Denies Bankruptcy Allegation
PLESO: Volinska Court Opens Bankruptcy Proceedings
STARPAK 2000: Court Appoints Insolvency Manager
SUMIRESTAVRATSIYA: Liquidator Takes over Operations


U N I T E D   K I N G D O M

A-109 COMPANY: Appoints Smith & Williamson Administrator
ALPINE RENAULT: Files for Liquidation
BRITISH ENERGY: Reports First-quarter EBITDA of GBP121 Million
BUKO LIMITED: In Administrative Receivership
CATERSERVE UK: Calls in Liquidator

CENTER PARCS: To Report Results Under IFRS Wednesday
COMPASS GROUP: To Dispose of Travel Concessions Businesses
COMPASS GROUP: 'BBB+' Rating, Stable Outlook Affirmed
CONTROLLED IMAGE: Administrators Take over Company
CORPORATE SYSTEMS: Hires Grant Thornton Administrator

DAVTEX (UK): Appoints Liquidator
EAST NORTHANTS: Files for Liquidation
ELECTRONIC TECHNICAL: Calls in Liquidator
EMS MAINTENANCE: Administrators from DTE Leonard Curtis Move in
EQUITABLE LIFE: Bares Interim Results, Going Concern Status

FARMORE LIMITED: Members Opt for Liquidation
FILTRONIC PLC: Repays GBP44 Million Long-term Debt
FLASHBACK VENTURES: Meeting of Creditors Set Next Week
FLOWER BROS.: Hires Liquidator from JWD Associates
FOCUS DIY: Sharp Sales Drop Triggers Fitch Downgrade

GREAT HARWOOD: Falls into Receivership
GW 267: Members Pass Winding up Resolutions
H & H CONTRACTING: Goes into Liquidation
HLC (NEATH PORT TALBOT): Names Ernst & Young Administrator
H.R. OWEN: Posts GBP6.1 Million Half-year Loss

IDEAL OFFICES: Names Baker Tilly Liquidator
IN-SPEED PRINTERS: Calls in Administrator from HJS Recovery
LOWESTOFT COLD: Administrators from Grant Thornton Enter Firm
LUPFAW 70: Calls in Liquidator from Gibson Booth
MICROTECHS LIMITED: Names Rothman Pantall & Co. Administrator

NETWORK RAIL: Continues to Improve Performance
NEW YOU: Calls in Administrator from hjs Recovery
NUNEATON DUCTING: Goes into Liquidation
PANACHE DIAMOND: Jeweler Winds up
PATIENTLINE PLC: Holidays, Low Activity Affect Recent Trading

RAMCO ENERGY: H1 Result Shows Turnaround Progress
REGUS GROUP: Reveals Further Early Repayment of US$37.25 Million
RISHWORTH CHASE: Calls in Liquidator
ROBERT LEE: Company Calls in Administrator from Walletts
ROSS EDWARDS: Goes into Liquidation

SCI ENTERTAINMENT: Confident of Turnaround After 9-month Result
SET SELECTION: Recruitment Company Calls in Administrator
SKYEPHARMA PLC: Half-year Profit Down 9% to GBP21.4 Million
THUS GROUP: Expects EBITDA to Stay Flat Despite Improvements
TIME AND TINY: Makes Watford U.K.'s Leading PC Maker

UNIQ PLC: U.K. Restructuring May Leave 90 People Jobless
VEGEM INTERNATIONAL: Names Mazars Administrator
WHITEHEAD MANN: Has New Corporate Broker

* Large Companies with Insolvent Balance Sheets


                            *********


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


POLYDEKOR SPOL: Shuts down Weaving Mill
---------------------------------------
Furniture fabrics maker Polydekor closed Friday its weaving mill
in Sumperk due to falling demand for its product in Western
Europe, Czech News Agency says.  The company will transfer part
of its production to Dekora Jenicek, its East Bohemian parent and
majority owner.  Spokesman Petr Srsen says the company has
already notified employees of the closure.  They will get two
months pay severance.

CONTACT:  POLYDEKOR SPOL. S.R.O.
          Pivovarska 670
          470 11 Ceska Lipa
          Czech Republic
          Phone: +420 777 567 099
          Fax: +420 487 853 557
          E-mail: srsen@polydekor.cz
          Web site: http://www.polydekor.cz


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


EURO DISNEY: Delisting from London Stock Exchange November 1
------------------------------------------------------------
Further to the announcement on July 21, 2005, Euro Disney S.C.A.
re-confirms the intended cancellation of its secondary listings
of both ordinary shares and U.K. Depository Receipts evidencing
these shares on the Official List of the U.K. Listing Authority
and from trading on the London Stock Exchange's market for listed
securities at the opening of business on 1 November 2005.

Holders of Euro Disney's U.K. Depositary Receipts are reminded
that they have until 3:00 p.m. on October 15, 2005 to exchange
their U.K. Depositary Receipts for Euro Disney underlying shares.
Where any U.K. Depositary Receipt has not been exchanged for Euro
Disney underlying shares, the U.K. Depositary Receipt will be
cancelled and the Euro Disney ordinary shares referable to such
U.K. Depositary Receipt will be sold on the holder's behalf and
the net proceeds, less commission and expenses, sent to the
holder.

If you have any queries in relation to this cancellation of
listing, contact the dedicated enquiry line on 00 800 1510 2005*
between 9:00 a.m. and 5:00 p.m. (U.K. time) on any business day
or write to dlp.hotline.delisting@disney.com

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Free line from France, U.K., Ireland, Belgium, Germany and
the Netherlands.  If calling from outside these countries, please
ring + 33 1 64 74 50 31.  The Enquiry Line will not provide
advice on the merits of the options given to shareholders or give
any financial or taxation advice.

                            *   *   *

Market trends and changes in the regulatory environment, combined
with the high cost of maintaining separate listings relative to
historical trading volumes, have led to the
Company's decision to cancel its share listings on the London
Stock Exchange and Euronext Brussels.  Following the cancellation
of the listings, investors will still be able to trade in the
Company's shares on Euronext Paris.

Euro Disney S.C.A. and its subsidiaries operate the Disneyland
Resort Paris, which includes Disneyland Park, Walt Disney Studios
Park, seven themed hotels with approximately 5,800 rooms
(excluding 2,074 additional third-party rooms located on the
site), two convention centers, Disney Village, a dining, shopping
and entertainment center, and a 27-hole golf facility.  The
Group's operating activities also include the management and
development of the 2,000-hectare site, which currently includes
approximately 1,000 hectares of undeveloped land.

CONTACT:  EURO DISNEY S.C.A.
          Corporate Communication
          Pieter Boterman
          Phone: +331 64 74 59 50
          Fax: +331 64 74 59 69
          E-mail: pieter.boterman@disney.com

          Investor Relations
          Fiona Lord Duarte
          Phone: +331 64 74 58 55
          Fax: +331 64 74 56 36
          E-mail: fiona.lord.duarte@disney.com


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


ATREMA VERMOGENSVERWALTUNGS: Succumbs to Bankruptcy
---------------------------------------------------
The district court of Saarbruecken opened bankruptcy proceedings
against ATREMA Vermogensverwaltungs- und Beteiligungsgesellschaft
mbH on September 13.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until November 18, 2005 to register their claims with
court-appointed provisional administrator Thomas Heimes.

Creditors and other interested parties are encouraged to attend
the meeting on November 11, 2005, 8:04 a.m. at the district court
of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2, 66280
Sulzbach, 2. Etage, Saal 24, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report on December 9, 2005, 8:40 a.m. at the same venue.

CONTACT:  ATREMA VERMOGENSVERWALTUNGS- UND
          BETEILIGUNGSGESELLSCHAFT mbH
          Im Waldchen 16, 66663 Merzig
          Contact:
          Egon Maull, Manager

          Thomas Heimes, Administrator
          Faktoreistrasse 4, 66111 Saarbruecken
          Phone: (0681) 41010
          Fax: (0681) 4101 279


AUTOGLAS X-PERT: Muenster Court Calls in Administrator
------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Autoglas X-pert GmbH on September 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 8, 2005 to register their
claims with court-appointed provisional administrator Hubertus
Bange.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2005, 8:30 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B, 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:  AUTOGLAS X-PERT GmbH
          Het Nieland 40, 48268 Greven
          Contact:
          Michael Volmer, Manager

          Hubertus Bange, Administrator
          Kardinal-von-Galen-Str. 5, 48268 Greven
          Phone: 02571/865-0
          Fax: +4925718645


BAUFIRMA GERHARD: Proofs of Claim Due Later this Month
------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Baufirma Gerhard Theilig GmbH on September 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 26, 2005
to register their claims with court-appointed provisional
administrator Tatjana Gotsch.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2005, 10:00 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21,
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  BAUFIRMA GERHARD THEILIG GmbH (HRB 10911)
          Hartmannsdorfer Strasse 19, 08459 Neukirchen
          Contact:
          Andrea Theilig, Manager

          Tatjana Gotsch, Administrator
          Buettenstrasse 4, 08058 Zwickau


CORDULA NOLTENSMEIER: Claims Filing Period Ends Next Week
---------------------------------------------------------
The district court of Paderborn opened bankruptcy proceedings
against Cordula Noltensmeier ambulanter Pflegedienst GmbH on
September 13.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 14, 2005 to register their claims with court-appointed
provisional administrator Sandra Bitter.

Creditors and other interested parties are encouraged to attend
the meeting on November 4, 2005, 10:30 a.m. at the district court
of Paderborn, Hauptstelle, Am Bogen 2-4, 33098 Paderborn, II.
Etage, Saal 230a, 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:  CORDULA NOLTENSMEIER AMBULANTER PFLEGEDIENST GmbH
          Hanekamp 9, 33034 Brakel
          Contact:
          Ursula Rochell, Manager
          Hilgensaat 1, 33034 Brakel

          Sandra Bitter, Administrator
          Liboriberg 21, 33098 Paderborn
          Phone: 05251-180660
          Fax: 1806666


ELEKTROTECHNIK FRIEDSAM: Koln Company Goes Bust
-----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Elektrotechnik Friedsam GmbH on August 31.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 26, 2005 to register their
claims with court-appointed provisional administrator Klaus W.
Gerling.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2005, 10:00 a.m. at the district
court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln,
Erdgeschoss, Saal 14, 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:  ELEKTROTECHNIK FRIEDSAM GmbH
          Gennerstr. 100, 50354 Huerth
          Contact:
          Hans-Werner Friedsam, Manager

          Klaus W. Gerling, Administrator
          Im Mediapark 6 B, 50670 Koln
          Phone: 57 43 - 71 42
          Fax: +4922157437149


FRAUKE VOGT: Files for Bankruptcy
---------------------------------
The district court of Niebuell opened bankruptcy proceedings
against Frauke Vogt und Hermann Vogt GbR on September 2.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 26, 2005
to register their claims with court-appointed provisional
administrator Christian Jensen.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 1:35 p.m. at the district court
of Niebuell, Saal 1 im Gerichtsgebaude Sylter Bogen 1 A, 25899
Niebuell, 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:  FRAUKE VOGT UND HERMANN VOGT GbR
          Contact:
          Frauke and Hermann Otto Vogt, Managers
          Tweng 12, 25917 Achtrup

          Christian Jensen, Administrator
          Flensburger Strasse 5-7, 25917 Leck


MB QUART: Maxxsonics Takes over Brand, Obrigheim Facility
---------------------------------------------------------
Maxxsonics USA, the parent and manufacturer of Hifonics, Crunch,
and Autotek mobile audio sound systems, has acquired the MB Quart
brand and its speaker manufacturing facility in Obrigheim,
Germany.

President and CEO Alden Stiefel said, "The acquisition of MB
Quart is a strategic purchase that enables Maxxsonics to extend
its mobile auto-sound offerings to a wider distribution and
consumer base, facilitates our distribution and sales plan
globally of Maxxsonics product, and provides us a launch pad into
the home, multi-media, and personal audio segments of the
consumer electronics industry."

The acquisition ensures that MB Quart GmbH is now a wholly owned
subsidiary of Maxxsonics Europe.  Under a new Maxxsonics Europe,
Maxxsonics will work with the MB Quart Germany division and
increase its manufacturing prowess, enrich the product
development and technology team, and utilize the Obrigheim
facility to its greatest potential.

"Maxxsonics will capitalize on the MB Quart philosophy and
utilize its unique position in the marketplace.  We will maintain
MBQ's German manufacturing facility, and cross-pollinate it with
other Maxxsonics' speaker product.  The world appreciates a truly
German design and hand built craftsmanship. Yes, the product
costs more, but so does a BMW, MB Quart is a testament to quality
and superior sound," Mr. Stiefel said.

Maxxsonics will also capitalize on the MB Quart brand name by
enhancing an already strong headphone and headset category,
rejuvenating the MB Quart home audio segment and entering the
competitive multi-media speaker sector.

"Our first priority is to stabilize MBQ's mobile audio efforts.
MB Quart will recapture its market leading position with the car
audio enthusiast through superior product design and excellent
service, globally," he said.

"We attribute Maxxsonics USA's growth and success to team
management.  MB Quart will be no different.  There is no plan to
micro manage the Obrigheim facility.  Instead, we anticipate a
cross flow of information and a global approach that enhances all
our brands."

"In the U.S.A. Maxxsonics will maintain the MB Quart distribution
model.  We will continue to service the mobile audio specialty
retailer in the domestic market," he said. "Maxxsonics will
maintain separate sales forces for each brand, separate marketing
strategies and distribution schemes, and capitalize on
Maxxsonics' operations and customer service infra-structure
located in Lake Zurich, Illinois."

Maxxsonics is a leader in mobile audio manufacturing and
distribution of Hifonics, Crunch, Autotek, and MB Quart sound
component systems.

                            *   *   *

MB Quart, which declared bankruptcy in September 2004,
manufactures speakers and headphones.  U.S.-based Rockford used
to own the company.

CONTACT:  MB QUART
          Web site: http://www.mbquart.com/

          Maxxsonics
          Web site: http://www.maxxsonics.com/


NK MEDIZINTECHNIK: Court to Verify Claims Next Month
----------------------------------------------------
The district court of Bueckeburg opened bankruptcy proceedings
against NK Medizintechnik Vertrieb Schaumburg GmbH on September
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until October 18,
2005 to register their claims with court-appointed provisional
administrator Matthias Lehmann.

Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2005, 10:00 a.m. at the district
court of Bueckeburg, Saal 504, Schulstr. 2, 31675 Bueckeburg, 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:  NK MEDIZINTECHNIK VERTRIEB SCHAUMBURG GmbH
          Heinrich-Kohlmeier-Str. 1, 31737 Rinteln
          Contact:
          Willi Klawitter, Manager
          Kleinenwieden 50, 31840 Hessisch Oldendorf

          Matthias Lehmann, Administrator
          Mindener Str. 6, 31675 Bueckeburg
          Phone: 05722/1016
          Fax: 05722/1018


REISEMARKT BIRGIT: Claims Filing Period Ends October 17
-------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Reisemarkt Birgit Zimmermann GmbH on September 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 17, 2005
to register their claims with court-appointed provisional
administrator Michael W. Scholz.

Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 10:20 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2. Ebene (Zi. 2.18), at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  REISEMARKT BIRGIT ZIMMERMANN GmbH
          Mundsburger Damm 53, 22087 Hamburg
          Contact:
          Birgit Zimmermann, Manager
          Kuhdyk 73a, 47495 Rheinberg,
          Detlev Schonfelder, Manager
          Glashuettendamm 146a, 22851 Norderstedt

          Michael W. Scholz, Administrator
          Welckerstrasse 8, 20354 Hamburg
          Phone: 228190


* Growing Revenue Remains a Challenge for German Banks -- Fitch
---------------------------------------------------------------
Fitch Ratings said Friday major German banks have improved their
efficiency as a result of restructuring and cost cutting,
although revenue generation remains their biggest challenge.

"It is work-in-progress for the German banks.  The leaner German
banks are now waiting for the economy to pick up to stimulate
loan demand and much-needed revenue growth," says Britta
Graf-Tiedtke from Fitch's Financial Institutions team.

In a Special Report, Fitch says revenue generation is dependent
on the German economic recovery and the pace of structural change
in the German banking industry.  While Deutsche Bank (Deutsche
'AA-/Stable/F1+/B/1') and Bayerische Hypo- und Vereinsbank (HVB
'A-/F2/D/1'/Watch Positive) have the benefit of growth in their
international operations, achieving revenue growth will remain an
even bigger challenge for Dresdner Bank (Dresdner
'A/Stable/F1/C/1') and Commerzbank (Commerz
'A-/Positive/F2/C/1'), as their performance is more closely
related to developments in the German economy.

Adjusted for extraordinary items, such as restructuring
expenditure and capital gains, the banks' H105 return on equity
ranged from 4.6% at Commerz to 13.0% at Deutsche.  Recovery at
these banks continued in the first half of 2005, with all four
banks reporting higher results compared to H104, driven mainly by
significantly reduced loan loss provisions.  All banks have
either re-launched or launched restructuring programs, with the
primary focus now on revenue enhancing, but with further
efficiency targets attached.

Asset quality has improved steadily on the back of a stable
operating environment, improved risk management practices and
generally lower balance sheet risk.  However, a further slowdown
in national economic growth or a fall in real estate collateral
values could lead to additional loan loss provisioning.

While Deutsche could take a leading role in the consolidation of
the European banking sector, Fitch believes that Commerz and
Dresdner would have the option to strengthen selected core
business areas through smaller-scale acquisitions.  Larger scale
takeovers, as in the case of HVB, will be driven by foreign
banks.

The report, "Major German Banks: Semi-Annual Review and Outlook",
is available at http://www.fitchratings.com

CONTACT:  FITCH RATINGS
          Sabine Bauer, Frankfurt
          Phone: +49 69 7680 76245

          Britta Graf-Tiedtke
          Phone: +49 69 7680 76160

          Thomas V. Luepke
          Phone: +49 69 7680 76150

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


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


HERTA KFT: Fierce Competition Short-circuits Appliance Group
------------------------------------------------------------
Insolvent consumer electronics group Herta Kft has opted to file
for liquidation, believing it can no longer compete in the local
appliance market, Budapest Business Journal says.

Herta's troubles began in 1997 after the market opened the door
to newcomers Media Markt and Electro World.  Herta started as an
appliance wholesaler 17 years ago and shifted into retail
operations in 1993, opening its first mall stores to cater to
growing demand for electronic products.  At its peak, Herta
operated ten outlets and generated HUF10.5 billion in revenues.
The group shut down the last of it shops in spring.

CONTACT:  HERTA KFT.
          1075, Budapest
          Dohany u. 37.
          PC Kozpont
          Phone: 322-2232
          Fax: 343-4208
          E-mail: tibor@herta.hu
          Web site: http://www.herta.hu


MALEV HUNGARIAN: Cutting Fleet, Workforce to Meet Profit Target
---------------------------------------------------------------
Troubled national carrier Malev Hungarian Airlines will sell
planes and cut jobs to turn a profit by 2007, Reuters says.

In an interview with daily Napi Gazdasag recently, Malev Chief
Executive Janos Gonci revealed plans to sell four CRJ planes and
two Boeing 767s.  The move will cut maintenance cost as it leaves
the airline with only Boeing 737 and Fokker 70 planes.  It will
also terminate around HUF13 billion (US$63 million) in
state-backed loans, cutting total debt to HUF18.5 billion.

"This is a more manageable amount and we have to start repayments
to [the state development bank MFB] only after 2013," Napi
Gazdasag quoted him saying.

The chief executive added some 600 employees or 20% of the
current workforce will lose their jobs between now and the end of
2006.  Malev also announced recently the sale of its fuel sales
business to Budapest Airport.

Last month, the government scrapped Malev's sale after state
privatization agency Allami Privatizacios Es Vagyonkezelo
Rt. (APV), which evaluated the final two bidders, declared their
offers insufficient.  The sale was the government's fifth attempt
to dispose of the airline.

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

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


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


CIRIO FINANZIARIA: Authorities Wrap up Bankruptcy Probe
-------------------------------------------------------
The probe into the circumstances surrounding Cirio Finanziaria's
bankruptcy is nearly complete, with possibly 45 people facing
trial, Il Sole 24 Ore says.

After an extensive preliminary investigation, prosecutors are now
ready to charge them with false communication and fraudulent
bankruptcy between 1998 and 2003.

According to TCR-Europe on May 16, 2005, the indictees were led
by the Cragnotti family -- Sergio, his wife Flora Pizzichemi; and
children Andrea, Massimo, Elisabetta, her husband Filippo Fucile.
Also indicted were bank managers Angelo Brizi, Michele Casella,
Alberto Giovannini, Cesare Geronzi, Angelo Fanti, Pietro
Celestino Locati; Remo Martinelli and Antonio Nottola for their
role in Banca di Roma; Rainer Masera, Luigi Maranzana e Massimo
Mattera (San Paolo Imi); Gianpiero Fiorani and Giovanni Benevento
(Banca Popolare di Lodi);

Cirio group consultants Emma Benedetti, Riccardo Riccardi
Bianchini, Vittorio Bottazzi, Ernesto Chiacchierini, Tomaso
Farini, Riccardo Ferrero, Livio Ferruzzi, Alfredo Gaetani,
Roberto Michetti, Paolo Micolini, Mauro Luis Silva E Pontes
Pinto, Ettore Quadrani, Vittorio Romano, Grazia Scartaccini,
Ambrogio Sfondrini, Lucio Velo, Giuseppe Vitali;

Mayors Antonio Petrucci, Raffaele Riva, Rossano Ruggeri,
Francesco Scornajenchi, Gianluca Marini, Annunziato Scordo,
Francesco Matrone and Francesco Sommaruga; Sebastiano Baudo,
executive of Deloitte & Touche.

Roman magistrates will decide before yearend whether they should
stand trial for the charges.

CONTACT:  CIRIO FINANZIARIA
          Administrative Address:
          Strada Provinciale per Podenzano,
          10 - 29010 San Polo di Podenzano
          Phone: 0523 536123
          Fax: 0523 379257
          Web site: http://www.cirio.it


IMPREGILO SPA: Sets Aside EUR345 Million to Offset Losses
---------------------------------------------------------
Troubled construction group Impregilo S.p.A. is optimistic it can
hit 2007 financial targets, Agenzia Giornalistica Italia says.

Speaking after an EGM approved the company's 2005 half-year
accounts, managing editor Alfredo Lina said Impregilo can achieve
its profit forecast and debt-to-equity ratio of 0.5 in 2007.
"This is our objective and we will do all we can to reach it," he
said.

At the recent meeting, the board approved a EUR345 million
provision to meet consolidated loss of EUR328.5 million.
President Carlo Gatto, meanwhile, denies reports of an ongoing
rift between Mr. Lina and former managing director Piergiorgio
Romiti, who is still a board member.

                            *   *   *

Headquartered in Viale Italia 1, Sesto S. Giovanni, 20099 Milan,
Impregilo S.p.A. -- http://www.impregilo.it-- is a leading
engineering group in Italy that has existed since 1906.  It
generates more than EUR2.96 billion in annual revenue and employs
more than 11,703 people.  As of December 2004, group net result
and net financial position stood at -EUR1.76 billion and -EUR499
million respectively.

In June, Impregilo reached agreements with banks on:

(a) the re-scheduling of short-term borrowings totaling EUR200.3
    million (the banks include Banca Intesa Group, the
    Unicredito Group, the SanPaolo IMI Group, the Capitalia
    Group);

(b) restructuring of Fisia Italimpianti debt.  Fisia
    Italimpianti, a company under the group, agreed with a pool
    of banks led by Banca di Roma S.p.A. for the restructuring
    of a residual amount of EUR76 million on a medium-term loan
    granted at the time of Fisia's acquisition by Hiatus S.p.A.
    As of Dec. 31, 2004, Fisia had EBITDA of EUR28.8 million,
    net indebtedness of EUR123 million, and shareholders equity
    of EUR87 million.  It has employees of 588; and

(c) conversion of EUR680 Million Bridging Loan used to cover
    the company's short-term requirement, mainly bonds that
    matured May and June

The contract also provided a facility whereby Impregilo may
convert up to EUR500 million of the bridging loan into a
seven-year financing.  Impregilo intends to repay the remaining
EUR180 million using a portion of the proceeds raised by its
EUR650 million share capital increase launched in June.

Corporate restructuring specialist Lazard Freres & Co. LLC is
advising Impregilo.

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

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


RENO DE MEDICI: First-Half Losses Down to EUR315,000
----------------------------------------------------
Paper products group Reno de Medici cut first-half net loss to
EUR315,000 this year from EUR1.5 million in 2004, Il Sole 24 Ore
says.

The disposal of its Europoligrafico unit offset a sales drop
during the period.  Reno saw sales slide from EUR217 million in
2004 to EUR200.4 million this year, affecting severely its
pre-tax loss, which soared to EUR30.9 million from EUR1.6
million.  With first-half net turnover down by 7.9% to EUR200
million, the group's gross operating margin fell from EUR21.8
million to EUR18.1 million.  Reno was able to cut its debt from
EUR248 million at the end of December 2004 to EUR190 million at
the end of June.

The group said in a statement, "In the first half there has been
a gradual pick-up in sales volumes, particularly in Italy at the
end of the period, bringing back the level to that reported in
June 2004."

It added: "The full year should see a slight improvement in
EBITDA on a like-for-like basis.  Efficiency measures will
significantly improve operating profits, and this will be seen
fully in 2006."

Reno said it will further cut debt by selling non-core assets.
The results were prepared using IAS/IFRS accounting norms.  Reno
is Europe's second largest manufacturer of cardboard using
recycled materials.

CONTACT:  RENO DE MEDICI S.p.A.
          Via G. de Medici, 17
          20013 Pontenuovo di Magenta,
          Milano, Italy
          Phone: +39-029-7960-1
          Fax: +39-029-7960-245
          Web site: http://www.renodemedici.it


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


OR-ICB S.A.: Fitch Rates Loan Participation Notes 'B'
-----------------------------------------------------
Fitch Ratings has assigned Or-ICB S.A.'s US$400 million 6.20%
loan participation notes due 2015 with interest rate step-up in
2010 a final Long-term 'B' rating.  The notes are to be used
solely for financing a subordinated loan to Russia's OJSC
Industry & Construction Bank ("ICB", rated Long-term 'B+'/Rating
Watch Positive, Short-term 'B', Support '4', Individual 'D').
Or-ICB S.A., a Luxembourg-domiciled special purpose vehicle
(SPV), will only pay noteholders principal and interest received
from ICB.  Further details on the structure of the issue can be
found in Fitch's announcement dated 19 September 2005 on
http://www.fitchresearch.com

ICB is the leading privately owned bank in the North-west of
Russia, with an extensive branch network, and also one of the top
10 banks in the country with total assets of US$3.6 billion, net
loans of US$1.9 billion and shareholders equity of US$0.3 billion
at end-2004.  The bank is ultimately controlled by the founders
of a financial industrial group known as the Bankers' House St.
Petersburg.  In March 2005, Vneshtorgbank (rated Long-term 'BBB')
acquired a 25% plus 1 share in the bank and an option to purchase
a further 51% minus 1 share.  Further details on this transaction
can be found in Fitch's announcement dated 30 March 2005 on
http://www.fitchresearch.com

CONTACT:  FITCH RATINGS
          Dmitriy Piskulov
          James Watson, Moscow
          Phone: +7 095 956 9901

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


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


GETRONICS N.V.: Sets Conversion Price for Bonds at EUR13.04
-----------------------------------------------------------
Getronics N.V. announced on Sept. 29, 2005 the successful pricing
of its EUR150 million senior unsecured convertible bonds due
2010.  The maturity of the Bonds is 5 years.  The Bonds have a
coupon of 2.75% per annum payable semi-annually in arrear.   The
conversion price has been set at EUR13.04, which represents a
premium of approximately 30 percent above the reference price of
Getronics' ordinary shares at the time of pricing.

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
co-ordinators and joint bookrunners of the Offering.  For the
purpose of this transaction, KBC Financial Products UK Ltd. has
acted 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 UK
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.  Visit http://www.getronics.comfor more information.

CONTACT:  GETRONICS N.V.
          Media Relations
          Phone: +31 6 22196721
          Fax: +31 30 274 7650
          E-mail: media@getronics.com

          Investor Relations
          Phone: +31 20 586 1982
          Fax: +31 20 586 1455
          E-mail: investor.relations@getronics.com


GETRONICS N.V.: Board Re-nominates Chairman Klaas Wagenaar
----------------------------------------------------------
The Supervisory Board of Getronics N.V. said that Klaas Wagenaar
(46) is willing to remain as the chairman of the board of
directors of Getronics N.V. for a new period of four years, on
condition that his appointment is approved by the shareholders
during the next shareholders' meeting.  This new period of four
years will commence from the date of the shareholders' meeting.

The Supervisory Board finds it extremely important that the
continuity of leadership of the company will be guaranteed in
this crucial period for the company and for the ICT industry in
general.

Because the appointment period of the current board of directors
will expire in the beginning of 2007, the Supervisory Board has
requested Mr. Klaas Wagenaar to accept an appointment to the
board for the complete period of four years, which will put him
in a position to continue to lead the transformation process that
was initiated in 2003 and to develop the chosen strategy further.

Subject to the approval of the shareholders' meeting, the terms
and conditions of appointment of Mr. Klaas Wagenaar have been
brought in line with the current size and position of the
company.  The main changes are the enhancement of the fixed
salary from EUR600,000 to EUR650,000 and the related effect of
this on the variable salary.  In accordance with the remuneration
policy of Getronics, the terms and conditions are based on those
currently existing in the market.

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

CONTACT:  GETRONICS N.V.
          Media Relations
          Phone: +31 6 22196721
          Fax: +31 30 274 7650
          E-mail: media@getronics.com

          Investor Relations
          Phone: +31 20 586 1982
          Fax: +31 20 586 1455
          E-mail: investor.relations@getronics.com


ROYAL SHELL: Remaining 'A' Shares Total 4,017,665,000
-----------------------------------------------------
On 30 September 2005, Royal Dutch Shell plc purchased for
cancellation 750,000 'A' Shares at a price of EUR27.40 per share.
It further purchased for cancellation 250,000 'A' Shares at a
price of 1,870.20 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,017,665,000.

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

On 29 September 2005, Royal Dutch Shell plc purchased for
cancellation 800,000 'A' Shares at a price of EUR27.35 per share.
It further purchased for cancellation 400,000 'A' Shares at a
price of 1,866.39 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,018,665,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


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


PROCREDIT BANK: Gets 'BB+' Long-term Currency Rating
----------------------------------------------------
Fitch Ratings has assigned Romania-based ProCredit Bank S.A.
Long-term foreign and local currency ratings of 'BB+', Short-term
foreign and local currency 'B', Individual 'D/E' and Support '3'.
The Outlook on the Long-term ratings is Stable.

The Long-term, Short-term and Support ratings reflect the support
ProCredit Romania can expect to receive from its shareholder
ProCredit Holding AG (formerly IMI Internationale Micro
Investitionen AG) in case of need.  The bank's Individual rating
reflects its small size, low profitability, potential asset
quality problems resulting from rapid loan growth and a high,
albeit declining, level of shareholder funding.  These concerns
are moderated by the bank being part of a global network and
benefiting from advanced risk management systems as well as group
supervision.

"ProCredit Romania is a young bank and is expanding rapidly.
Its small size and lack of scale mean it has only recently
managed to report operating profitability," says Gulcin Orgun of
Fitch's Financial Institutions group.  "Profitability should be
improved as the bank continues to expand at a high pace, though
there are risks to this, both operational and credit.  The
involvement of the parent, with its experience with other
subsidiaries in the region, should help mitigate these concerns."

ProCredit Romania is a development-oriented bank focusing on
micro, small and medium-sized enterprises.  ProCredit Holding has
19 subsidiary banks in Central and Eastern Europe, Latin America
and Africa.  Strategic decisions, risk management policies and
human resources are fairly centralized at the ProCredit Holding
level.  ProCredit Holding is the largest shareholder in ProCredit
Romania with 25.62%. Other shareholders of ProCredit Romania,
such as DEG (a member of KfW, 16.53%), IFC (15.08%), and IPC
(6.21%), are also shareholders in ProCredit Holding, except for
EBRD (16.53%) and Commerzbank (20.03%). Fitch expects ProCredit
Holding to gain a majority stake in ProCredit Romania by 2007.

CONTACT:  FITCH RATINGS
          Gulcin Orgun, Istanbul
          Phone: +90 (0) 212 279 10 65

          Tim Beck, London
          Phone: +44 (0) 7748 928 376

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


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


AK BARS: Moody's Rates Currency Deposit Ba3
-------------------------------------------
Moody's Investors Service has assigned Ba3 long-term and
Not-Prime short-term foreign currency deposit ratings and an E+
(E plus) Financial Strength Rating (FSR) to Ak Bars Bank (ABB).
The outlook for all the ratings is stable.  At the same time,
Moody's Interfax Rating Agency, which is majority owned by
Moody's, has assigned Aa3.ru long-term national scale credit
rating (NSR).

According to Moody's, the Ba3 (stable) foreign currency deposit
rating assigned to ABB relies on a high likelihood of support
from the Republic of Tatarstan's government (rated by Moody's Ba1
with stable outlook) in case of need.  This assumption is based
on the bank's high importance to the republic's economy, the
bank's ownership by the companies controlled by the government
estimated at 93% of the share capital, the bank's role as "banker
of the Republic's Treasury," the important role played by the
bank in the execution of government's policies through financing
regional development projects, the noticeable presence of highly
ranked government officials in the supervisory board of the bank
and the public's perception of the bank as a quasi-government
entity.

The bank's E+(stable) financial strength rating (FSR) assigned to
ABB is underpinned by its dominant position in Tatarstan, its
growing presence in other regions of Russia, hence reducing
regional concentration and possibly turning it in the future into
a countrywide bank and its high level of capitalization.

The FSR is constrained by:

(a) Its business dependence on RT's government ownership and
    close relationships with its top officials;

(b) Corporate governance concerns;

(c) Possibility of politically motivated decisions;

(d) Low level of profitability;

(e) Extensive growth of the branch network implies management
    challenges and may exert additional pressure on profits; and

(f) High concentrations on both sides of the balance sheet and
    high level of related party exposures.

Headquartered in Kazan, Republic of Tatarstan, Russian
Federation, ABB was founded in 1993 by the government of
Tatarstan in order to provide financial services to the local
administration.  Since then, the nominal structure of ownership
has changed but the Government remained the controlling
beneficial owner of the bank, and there are no plans of
privatization.  ABB is the largest bank of the RT by assets and
equity and enjoys leading market positions in all of its business
activities with the republic.  ABB is only second in the republic
in terms of deposits from individuals after Sberbank.

ABB reported a shareholders' equity of US$325 million and total
assets of US$1,425 million in accordance with IFRS as of December
31, 2004.  According to Interfax, the bank ranked 14th in terms
of capital and 20th in terms of total assets amongst Russian
banks as at July 1, 2005.

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

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


ALEKSANDROVSKAYA: Claims Filing Period Ends October 20
------------------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Aleksandrovskaya after finding the poultry
farm insolvent.  The case is docketed as A50-4103/2005-B.  Mr. O.
Chakrov has been appointed insolvency manager.  Creditors have
until October 20, 2005 to submit their proofs of claim to 618400,
Russia, Perm region, Berezniki, Post User Box 1686.

CONTACT:  ALEKSANDROVSKAYA
          Russia, Perm region, Aleksandrovsk, Yayva

          Mr. O. Chakrov
          Insolvency Manager
          618400, Russia, Perm region,
          Berezniki, Post User Box 1686


IMPORT HOLDING: Hires N. Pisarenkova Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Smolensk region has commenced bankruptcy
supervision procedure on limited liability company Import
Holding.  The case is docketed as A62-672-N/05.  Ms. N.
Pisarenkova has been appointed temporary insolvency manager.
Creditors have until October 10, 2005 to submit their proofs of
claim to 214000, Russia, Smolensk region, Post User Box 309.

CONTACT:  IMPORT HOLDING
          Russia, Smolensk region, Pechersk,
          Smolenskaya Str. 9A

          Ms. N. Pisarenkova
          Insolvency Manager
          214000, Russia, Smolensk region,
          Post User Box 309


KRASNOYARSKIY: Bankruptcy Supervision Procedure Begins
------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on metallurgical works
Krasnoyarskiy.  The case is docketed as #A33-15577/2005.  Mr. A.
Gafarov has been appointed temporary insolvency manager.

Creditors have until October 10, 2005 to submit their proofs of
claim to 660017, Russia, Krasnoyarsk, Post User Box 20647.  A
hearing will take place on December 20, 2005, 10:00 a.m. at the
Arbitration Court of Krasnoyarsk region at Russia, Krasnoyarsk,
Lenina Str. 143, Room 22.

CONTACT:  KRASNOYARSKIY
          660111, Russia, Krasnoyarsk region,
          Pogracichnikov Str. 42

          Mr. A. Gafarov
          Temporary Insolvency Manager
          660017, Russia, Krasnoyarsk region,
          Post User Box 20647


KURKACHINSKIY: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
proceedings against Kurkachinskiy after finding the industrial
building combine insolvent.  The case is docketed as
A65-13764/2005-SG4-26.  Mr. Sh. Valeev has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 422730, Russia, Tatarstan republic, Vysokogorskiy region,
Kurkachi.

CONTACT:  KURKACHINSKIY
          422730, Russia, Tatarstan republic,
          Vysokogorskiy region, Kurkachi

          Mr. Sh. Valeev
          Insolvency Manager
          422730, Russia, Tatarstan republic,
          Vysokogorskiy region, Kurkachi


OAO LUKOIL: Unit Offers to Buy Nelson Resources for US$2 Bln
------------------------------------------------------------
LUKOIL Overseas Holding Ltd., a 100% subsidiary of OAO LUKOIL,
has made an offer to acquire 100% of the share capital of Nelson
Resources Limited for US$2 billion.

In addition, LUKOIL now reached an agreement with the
shareholders of Nelson Resources Limited, holding in aggregate
approximately 65% of the outstanding shares of Nelson Resources
Limited, to purchase their shares at the offer price.

This price represents a premium of 27.5% to the six-month average
trading price of Nelson Resources Limited.  In order to treat all
shareholders equally, LUKOIL has entered into negotiations with
Nelson with a view to extending the offer to minority
shareholders at the same price.  LUKOIL intends to immediately
start to work closely with the Kazakh authorities to secure all
necessary approvals to consummate this transaction.

Nelson Resources Limited takes part in the hydrocarbon production
projects in the western part of the Republic of Kazakhstan.  The
proven and probable reserves of Nelson Resources Limited amount
to 269.6 mmbbl.

                        About the Company

LUKOIL is into oil & gas exploration and production, and
production and sale of petroleum products, with projects covering
Azerbaijan, Kazakhstan, Egypt, North Africa and
Columbia.

It is the second largest private oil company worldwide by proven
reserves, holding around 1.5% of global oil reserves and 2.1% of
global oil production.  In Russia, the company owns four large
refineries at Perm, Volgograd, Ukhta and Nizhny Novgorod.  By the
end of 2003 LUKOIL's sales network covered 17 countries of the
world, including Russia, the CIS (Azerbaijan, Belarus, Georgia,
Moldova, Ukraine), Europe (Bulgaria, Hungary, Cyprus, Latvia,
Lithuania, Poland, Serbia, Romania, Czech Republic, Estonia) and
the U.S.A.

In August, Standard & Poor's Ratings Services recently revised
its outlook to positive from stable on LUKOIL, following a review
of the company's 2004 operating and financial performance.
Credit analyst Karl Nietvelt said: "The positive outlook . . . is
supported by strongly improved financial and operating
performance in 2004."

The rating is also said to be influenced by LUKOIL's vast crude
oil reserves, massive production, and vertical integration into
refining (including outside Russia).  However, analysts are
concerned of the general risks surrounding the Russian oil
industry, particularly the heavy and often changing tax burden
placed on companies.

CONTACT:  OAO LUKOIL
          11, Sretensky Boulevard
          Moscow, Russia, 101000
          Phone: (+7 095) 928 9841
          Fax: (+7 095) 916 0020
          E-mail: investor@lukoil.com
          Web site: http://www.lukoil.com


RHYTHM: Court Brings in Insolvency Manager
------------------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Rhythm after finding the open joint stock
company insolvent.  The case is docketed as A08-1737/05-2 "B".
Mr. K. Savchenko has been appointed insolvency manager.
Creditors have until October 20, 2005 to submit their proofs of
claim to 309296, Russia, Belgorod region, Shebekino, Moskovskaya
Str. 4.

CONTACT:  RHYTHM
          Russia, Belgorod region,
          Alekseevka, Sverdlova Str. 2

          Mr. K. Savchenko
          Insolvency Manager
          309296, Russia, Belgorod region,
          Shebekino, Moskovskaya Str. 4


SURGUT-WOOD: Deadline for Proofs of Claim Set Next Week
-------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on open joint stock
company Surgut-Wood.  The case is docketed as A75-6306/2005.  Mr.
G. Klimkovich has been appointed temporary insolvency manager.
Creditors have until October 10, 2005 to submit their proofs of
claim to 628400, Russia, Surgut, Energetikov Str. 6-2.

CONTACT:  SURGUT-WOOD
          Russia, Khanty-Mansiyskiy autonomous region,
          Krasnyj Pr. 184

          Mr. G. Klimkovich
          Temporary Insolvency Manager
          628400, Russia, Surgut,
          Energetikov Str. 6-2


UCHALINSKIY FACTORY: Declared Insolvent
---------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Uchalinskiy Factory Of Reinforced
Concrete Goods after finding the state unitary enterprise
insolvent.  The case is docketed as A07-5491/03-G-FLE.  Mr. I.
Irmikimov has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 453700, Russia, Bashkortostan
republic, Uchaly, Leninskogo Komsomola Str. 16.

CONTACT:  UCHALINSKIY FACTORY OF REINFORCED CONCRETE GOODS
          Russia, Bashkortostan republic, Uchaly

          Mr. I. Irmikimov
          Insolvency Manager
          453700, Russia, Bashkortostan republic, Uchaly,
          Leninskogo Komsomola Str. 16
          Phone: (34791) 6-00-63


VEYDELEVKA-SEL-KHOZ-KHIMIYA: Under Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on open joint stock company
Veydelevka-Sel-Khoz-Khimiya.  The case is docketed as
A08-6761/05-24B.  Mr. K. Zlobin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 308033, Russia,
Belgorod-33, Post User Box 674.  A hearing will take place on
December 22, 2005.

CONTACT:  VEYDELEVKA-SEL-KHOZ-KHIMIYA
          309720, Russia, Belgorod region,
          Veydelevka, Stroiteley Str. 50A

          Mr. K. Zlobin
          Temporary Insolvency Manager
          308033, Russia, Belgorod-33,
          Post User Box 674


VOSKRESENSKIY FOOD: Insolvency Manager Takes over Business
----------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on close joint stock company Voskresenskiy
Food Combine.  The case is docketed as A41-K2-13960/05.  Mr. A.
Koryakin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 121309, Russia,
Moscow, Post User Box 88.  A hearing will take place on November
15, 2005.

CONTACT:  Mr. A. Koryakin
          Temporary Insolvency Manager
          121309, Russia, Moscow region,
          Post User Box 88


VOSTOK: Bankruptcy Hearing Set Next Year
----------------------------------------
The Arbitration Court of Stavropol region has commenced
bankruptcy supervision procedure on close joint stock company
VOSTOK (TIN 2632021760).  The case is docketed as A63-231/05-S5.
Mr. I. Sova has been appointed temporary insolvency manager.

Creditors have until October 10, 2005 to submit their proofs of
claim to 357600, Russia, Stavropol region, Essentuki, Ermolova
Str. 123.  A hearing will take place on January 19, 2006, 10:00
a.m.

CONTACT:  VOSTOK
          357500, Russia, Stavropol region,
          Kalinina Pr. 2, 2

          Mr. I. Sova
          Temporary Insolvency Manager
          357600, Russia, Stavropol region,
          Essentuki, Ermolova Str. 123
          Phone: (87934) 2-99-76
          Fax: 2-99-74


* Several Problems Plague Russian Insurance Industry
----------------------------------------------------
Fitch Ratings says the Russian insurance sector continues to be
challenged by low market capitalization, inability to meet
solvency requirements, and variable level of consistency in the
statutory financial reporting.  The sector also suffers from a
lack of statistics for tariff and reserve calculations,
widespread use of financial schemes, high cost base of many
insurers, and low quality of their investment portfolios.

Fitch estimates the size of insurance sector equity is at
approximately US$1.5 billion, net of capital that is inflated by
various financial schemes.  This shows that the current
capitalization of the Russian insurance industry is very low.
Applying EU "Solvency I" requirements for insurance companies,
Fitch believes that only about 40 Russian insurers meet these
requirements at present.  In response to the problem, the
regulator has introduced minimum capital and solvency
requirements, which are similar to those required by the EU and
should help to improve the financial stability of the sector.

The quantitative assessment techniques used in the U.K., Germany,
France and a number of other developed insurance markets to
analyze the credit position of an insurance company are hard to
implement in Russia.  Fitch notes that form still dominates over
substance, both when insurers prepare their financial statements
and when the regulator assesses them.

Many Russian insurers still lack historical data to calculate the
reserves, including the reserve for "incurred but not reported"
(IBNR) claims.  Fitch expects the problem to remain in the medium
term.

Russian insurers continue to use financial schemes in their
operations, although the volume of such schemes is gradually
decreasing.  Fitch estimates the level of scheme (non-insurance
risk) premiums in the life insurance at approximately 96% of life
premiums written for 2004, and at around 22% for the non-life
segment.  The volume of schemes is constantly declining, partly
as a result of measures taken by the regulator against the
companies that heavily use such schemes.

The share of administrative expenses as a percentage of the total
combined ratio in Russia is relatively high compared with Western
markets.  As loss ratios are likely to increase further, local
insurers will have to make significant efforts to reduce their
cost bases to maintain the total combined ratio below 100%.

The Russian stock and bond markets offer limited investment
opportunities.  The stock market is underdeveloped, and the
alternative investment solutions such as mortgage-backed
securities or investments into real estate are limited, if not
unavailable.  As a result, companies face a choice between
investing in low-yield Russian state bonds and trying to enhance
returns by investing into the higher-margin and higher-risk
corporate sector.  Fitch also notes that many insurers have yet
to raise the standards of their asset management capability to
international standards.  Further information can be found in
Fitch's comment 'Russian Insurance Sector: Key Challenges' on
http://www.fitchresearch.com

CONTACT:  FITCH RATINGS
          Dmitriy Piskulov, Moscow
          Phone: +7 095 956 2408

          Geoff Mayne, London
          Phone: +44 20 7417 4378

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


=========
S P A I N
=========


IZAR: Sale of Civilian Yards Begins
-----------------------------------
The sale of Izar's remaining civilian shipyards has begun, but is
expected to meet opposition from trade unions, El Pais says.

Izar's liquidation committee opened the sale process Friday,
hoping to locate buyers for the shipbuilder's Sestao, Manises,
Seville and Gijon yards.  According to a deal signed in December
2004 between state holding group Sociedad Estatal de
Participaciones Industriales (SEPI) and trade unions, the
remaining shipyards must be sold as a single unit.  SEPI,
however, doubts it would be able to sell the yards as one.
Unions want the original plan followed.

The sale spells hope for employees as the Seville and Gijon yards
only have work until the end of the year and March 2006,
respectively.  A declaration of insolvency in Spain prevents a
firm from entering into any new contracts.

Izar became technically bankrupt on May 12, 2004 when the
European Union ordered the ailing shipbuilder to repay around
EUR1.2 billion in illegal state aid, plus interest.  The E.U.
gave Izar until December 31, 2004 to complete the reimbursement,
but the state-owned group failed to do so.  Adding to Izar's woes
was the growing competition from Asian shipbuilders, particularly
from Japan, South Korea and China.  This saw Izar end 2004 with
EUR30 million in losses, after receiving no orders for civilian
ships.  Liabilities also ballooned to EUR2.242 billion.

The government in March launched Navantia, the new shipbuilding
group formed out of the military shipyards of Izar.  SEPI retains
ownership of Navantia, which is comprised of Ferrol, Fene,
Cartagena, Cadiz, Puerto Real and San Fernando yards.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


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


AGROPROMINVEST: Declared Insolvent
----------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Agroprominvest (code EDRPOU 30887064) on
August 17, 2005 after finding the limited liability company
insolvent.  The case is docketed as 25/238.  Mr. Igor Buryak
(License Number AA 783131) has been appointed
liquidator/insolvency manager.  The company holds account number
26006301058 at JSCB MT-Bank, Zaporizhya branch, MFO 303816.

CONTACT:  AGROPROMINVEST
          71000, Ukraine, Zaporizhya region,
          Kujbishevo, Illich Str. 127

          Mr. Igor Buryak
          Liquidator/Insolvency Manager
          69039, Ukraine, Zaporizhya region,
          Kujbishev Str. 71

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


ANDRIYASHIVSKA: Bankruptcy Supervision Starts
---------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on LLC Agrofirm Andriyashivska (code EDRPOU
30902459).  The case is docketed as 7/61-05.  Mr. Birulin Valerij
(License Number AA 719786) has been appointed temporary
insolvency manager.  The company holds account number
26000301640330 at Prominvestbank, Romni branch, MFO 337256.

CONTACT:  ANDRIYASHIVSKA
          42087, Ukraine, Sumi region,
          Romni district, Andriyashivka

          Mr. Birulin Valerij
          Temporary Insolvency Manager
          Ukraine, Sumi region,
          Romni, Shevchenko Boulevard 7,
          3rd floor, office 31

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


OJSC AZOVSTAL: Denies Bankruptcy Allegation
-------------------------------------------
OJSC Azovstal has reportedly filed a lawsuit against the
chairperson of the State Property Fund for allegedly spreading
false information about the steel mill.

SPF Chairwoman Valentyna Semeniuk, who revealed the case filed
against her during a press conference Wednesday, said Azovstal
demands she withdraw her statement that the company was facing
bankruptcy.

Ms. Semeniuk earlier claimed Azovstal was on the brink of
bankruptcy; this after contributing UAH4 billion to The
Investment and Metallurgical Union, a consortium of nine
companies, to acquire OJSC Kryvorizhstal.  Ms. Semeniuk plans to
invite journalists to attend the hearing of the case at the
district court of Kyiv Pechersk.

                        About the Company

Based in the Ukrainian region of Donetsk, Azovstal is a high-tech
modern facility manufacturing a wide range of metal products.  It
is one of the top three leaders among Ukrainian companies
producing iron, steel and rolled products.

In 2004, Azovstal made a net profit of UAH9,279 million from
product sales, up 69.6% from UAH3,808.7 million a year earlier.
The financial result of the operating activity in 2004 increased
by UAH750.9 million to UAH1,270.6 million (UAH519.7 million in
2003).

About 44.87% of Azovstal stocks belong to CJSC "Azovstal Trade
House", 25.72% to CJSC "System Capital Management", 15.53% to
Leman Commodities (metal trader, Switzerland), and 11.57% to SCM
Limited (Cyprus).

CONTACT:  OJSC AZOVSTAL
          1, Leporsky str., 87500, Mariupol
          Donetsk Region, Ukraine
          Phone/Fax: +380(629)52-70-00
          E-mail: oao@azovstal.com.ua
          Web site: http://www.azovstal.com.ua


PLESO: Volinska Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Pleso (code EDRPOU 05531995) on August 1,
2005 after finding the limited liability company insolvent.  The
case is docketed as 7/83-B.  Kovel' United State Tax Inspection
has been appointed liquidator/insolvency manager.  The company
holds account number 26004300187 at Oshadbank, Lutsk branch 6306,
MFO 303882.

CONTACT:  PLESO
          44341, Ukraine, Voinska region,
          Lubomilskij district, Pochapi

          KOVEL' UNITED STATE TAX INSPECTION
          Liquidator/Insolvency Manager
          45000, Ukraine, Volinska region,
          Kovel, Stepan Bandera Str. 5
          Phone: (03352) 3-07-56

          ECONOMIC COURT OF VOLINSKA REGION
          43010, Ukraine, Volinska region,
          Lutsk, Voli Avenue 54-a


STARPAK 2000: Court Appoints Insolvency Manager
-----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Starpak 2000 (code EDRPOU 31158398) on August
9, 2005 after finding the limited liability company insolvent.
The case is docketed as B 24/45/05.  Ms. Viktoriya Androsova
(License Number AA 719835) has been appointed
liquidator/insolvency manager.  The company holds account number
2600622226901 at CB Nadra, Dnipropetrovsk regional branch, MFO
306016.

CONTACT:  STARPAK 2000
          Ukraine, Dnipropetrovsk region,
          Filosofska Str. 84

          Ms. Viktoriya Androsova
          Liquidator/Insolvency Manager
          Ukraine, Dnipropetrovsk region,
          Pushkin Avenue 57/1

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


SUMIRESTAVRATSIYA: Liquidator Takes over Operations
---------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against CJSC Sumirestavratsiya (code EDRPOU 05509582)
on August 15, 2005 after finding the limited liability company
insolvent.  The case is docketed as 6/40-05.  Mr. Udovenko Roman
(License Number AA 719777) has been appointed
liquidator/insolvency manager.  The company holds account number
26004301701125 at Prominvestbank, Sumi Central branch, MFO
337278.

CONTACT:  SUMIRESTAVRATSIYA
          40007, Ukraine, Sumi region,
          Cherkaska Str. 7

          Mr. Udovenko Roman
          Liquidator/Insolvency Manager
          40000, Ukraine, Sumi region,
          Harkivska Str. 122
          Phone: 34-51-71
          Fax: 34-51-67

          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
===========================


A-109 COMPANY: Appoints Smith & Williamson Administrator
--------------------------------------------------------
Gregory Andrew Palfrey and Kevin James Wilson Weir (IP Nos 9060
and 9332) of Smith & Williamson Limited were appointed
administrators of A-109 Company Limited (Company No 02842844) on
Sept. 16.  The company manufactures electrical equipment.

CONTACT:  A-109 COMPANY LTD.
          Television House,
          Tanners Lane,
          East Wellow
          Phone: 01794 521155

          SMITH & WILLIAMSON LIMITED
          Notebeme House
          84 High Street
          Southampton
          Hampshire SO14 2NT
          Phone: 02380 831 050
          Fax: 02380 831 051
          E-mail: KW2@smith.williamson.co.uk


ALPINE RENAULT: Files for Liquidation
-------------------------------------
C. Sage, Director of Alpine Renault Restoration Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 20 at Langley House, Park Road, London N2 8EX.

Alpine Renault is U.K.'s leading specialist in Renault Alpine &
Gordini motorcars.  Visit
http://www.alpinerenaultrestoration.co.uk/restoration.htmfor
more information.

CONTACT:  ALPINE RENAULT RESTORATION LTD.
          101 Woodland Road
          Upper Norwood
          London SE19 1PA
          Phone: 020 8766 6480
          Fax: 020 8766 6480
          E-mail: csage@lineone.net


BRITISH ENERGY: Reports First-quarter EBITDA of GBP121 Million
--------------------------------------------------------------
In the following discussion, the "three-month period" or the
"quarter" refers to the quarter ended 3 July 2005 unless
otherwise stated.  References to "British Energy," the "Company"
or the "Group" are to British Energy Group plc.

This set of quarterly results has been prepared to 3 July 2005
and reflects the four:four:five week quarterly reporting cycle.

This is the first time since completion of the restructuring on
14 January 2005 that British Energy has published results for its
first quarter.  Therefore this report does not contain any
comparative quarterly financial information but, where
appropriate, does contain comparative quarterly non-financial
information.

Items marked * represent the results of operations adjusted to
reflect the result before exceptional charges and other movements
arising from re-measurement.

During the quarter there were no exceptional charges.  For the
first quarter the re-measurement adjustments relate solely to the
re-measurement impact of IAS 39 on the results for the quarter.
British Energy believes that the results before re-measurement
provide a better indication of the underlying business
performance.

Highlights

(a) EBITDA for the quarter was GBP121 million* before re-
    measurement impact, GBP89 million after re-measurement
    impact;

(b) Results reflect a return to profitability and the benefit of
    higher electricity prices with an operating margin of
    GBP4.1/MWh at contracted summer prices;

(c) Realized price was GBP24.7/MWh for the quarter up 37%
    compared to the first quarter 2004/05;

(d) Operating cash inflow from operations was GBP59 million for
    the quarter.  Net debt decreased in the quarter by GBP54
    million to GBP166 million;

(e) Total output for the quarter was 17.4 TWh in line with plan
    (Nuclear 15.7 TWh, Coal 1.7 TWh) compared to 16.4 TWh
    (Nuclear 15.0 TWh, Coal 1.4 TWh) in the first quarter of
    2004/05;

(f) Second quarter output as of 25 September 2005 was 14.8 TWh
    (Nuclear 14.0 TWh, Coal 0.8 TWh);

(g) As at 25 September 2005, approximately 85% of planned output
    for the year ending 31 March 2006 fixed at an average
    contracted price of GBP31.8/MWh.  This includes the impact
    of capped price arrangements and higher prices for
    Eggborough taking advantage of the differential between peak
    and base load prices;

(h) Net additional losses from Heysham 1 and Hartlepool expected
    to increase by 0.5 TWh to around 1.5 TWh;

(i) The Nuclear Liabilities Fund (NLF) Cash Sweep percentage was
    64.80% at 3 July 2005, down from 64.99% at 31 March 2005 as
    a result of the exercise of a number of the Company's
    warrants;

(j) No accrual for any potential NLF Cash Sweep payment has been
    made in these quarterly financial statements in line with
    the Group's accounting policy; and

(k) In accordance with the dividend policy set out within the
    accounts for the period ended 31 March 2005, no dividend has
    been declared for the quarter.

        Report of Chief Executive Officer Mr. Bill Coley

The results reflect underlying improvement in our performance as
a result of the changes we are making.  We remain tightly focused
on improving the operational reliability of our plant - and
resolving the current issues at Hartlepool and Heysham 1 is
another step toward that objective.  The Company's improved
profitability and positive cash contribution in the first quarter
reflects higher realized prices for summer power contracts and
underlines our confidence in British Energy's prospects.

Review and Outlook

Total output for the quarter was 17.4 TWh of which nuclear output
was 15.7 TWh, and output from Eggborough was 1.7 TWh.  Second
quarter output as of 25 September 2005 was 14.8 TWh of which
nuclear output was 14.0 TWh in line with plan.  During the
quarter, statutory outages were completed at Sizewell B and
outages commenced at Heysham 1 and Hunterston B.  During the
planned outages the Group completed various plant improvements,
which were scheduled as part of the Performance Improvement
Programme (PiP).  Unplanned losses for the quarter were
1.8 TWh leading to reduced Unplanned Capability Loss Factor
(UCLF) at most stations, partially offset by an overrun of the
Sizewell B statutory outage.  Statutory outages at Heysham 1 and
Hunterston B were completed during the second quarter and the
statutory outage at Dungeness B commenced.  The statutory outage
of one unit at Dungeness B is progressing and the other unit at
Dungeness B is shut down for an unplanned outage and may require
further work before their return to service.

On 12 September 2005, the Company announced it had elected to
maintain the shutdown of two reactors at Hartlepool and to
shutdown two reactors at Heysham 1 as a result of inspections to
boiler closure units.  The return to service of all four units is
dependent on the successful outcome of further inspections and a
program of work at each unit.  As a consequence, the return to
service of the four units is expected during mid to end October
2005.  As a result, the net additional unplanned losses are
currently expected to increase by 0.5 TWh to around 1.5 TWh.
While more challenging, the Company reconfirms it expects the
average annual nuclear output over the next two years to be 63
TWh.

Operating profit before depreciation and amortization (EBITDA)
for the quarter was GBP121 million before the IAS 39
re-measurement impact reflecting the benefit of increased
electricity prices.  Operating costs were in line with plan and
reflect increased revenue spend associated with investment in
plant during 2005/06.  As at 3 July 2005 the Group had cash and
cash equivalents and restricted cash balances amounting to GBP510
million, of which GBP250 million was deposited as collateral in
support of trading and operating activities.

Forward market prices for electricity for winter 2005/06 delivery
have increased during the quarter, however they continue to show
considerable volatility.  As at 25 September 2005, the Company
had fixed price contracts in place for approximately 85% of
planned output for the financial year 2005/06 at an average
contract price of approximately GBP31.8/MWh.  This price includes
the impact of capped price arrangements of approximately 5 TWh at
around GBP30/MWh and the benefit of higher prices achieved as a
result of Eggborough taking advantage of the differential between
peak and baseload prices.  This price excludes Balancing Services
Use of System and other electricity market participation charges
of around GBP0.7/MWh, market costs incurred through output
variation and unreliability expected to be around GBP1.0/MWh.
The level of output at fixed prices has been impacted by
unplanned losses at Heysham 1 and Hartlepool and the requirement
to manage collateral.  The Company intends to progressively close
out its exposure to market prices for the financial year 2005/06
subject to limits on trading collateral which are easing and has
made satisfactory progress in fixing prices for the financial
year 2006/07.

On 15 September 2005, the Group announced the completion of the
necessary technical and economic evaluation regarding the
potential accounting life extension at Dungeness B. This has
resulted in the accounting life of Dungeness B being extended by
ten years to 2018, five years beyond the accounting life
extension assumed as part of the fair value exercise related to
the restructuring on 14 January 2005.

During the quarter, investment expenditure across the whole Group
on plant projects, major repairs and strategic spares, including
costs associated with PiP, totaled GBP41 million, of which GBP18
million has been capitalized.  In addition, GBP24m of overhaul
costs were capitalized in the quarter.  Based on its current
expectations of future electricity prices and output, and
therefore financial resources, the Company reconfirms that
investment in plant projects, major repairs and strategic spares
including costs associated with PiP across the whole Group is
expected to be in the range of GBP230 million to GBP250 million
for the year ending 31 March 2006.

On 21 September 2005, the Department for Environment Food and
Rural Affairs issued an update regarding the implementation of
the Large Combustion Plant Directive.  The update indicated that
the Government will apply emission limit values to control
emissions from power stations in the UK from January 2008.  The
update gave no further clarification as to whether Eggborough
would be treated as having separate plants for the purposes of
LCPD.  If the final decision is to consider the four units at
Eggborough as a single plant for LCPD purposes then there could
be a requirement to materially restrict the operations of the two
non-FGD units from 2008 in order to comply with the proposed
emission limit values.

These results for British Energy have been prepared under
International Financial Reporting Standards (IFRS) for the
quarter ended 3 July 2005.  This is the first set of quarterly
results prepared under IFRS.  As part of the transition from
United Kingdom Generally Accepted Accounting Principles (U.K.
GAAP) to IFRS, a Restatement of Results for Transition to
International Financial Reporting Standards was published on 21
September 2005.

Electricity demand in the U.K. is seasonal, in that demand and
prices are generally lower in summer than in winter. As a result,
British Energy (and other generators) schedule a significant
proportion of planned outages for the summer months. This
seasonality in both prices and output has a direct effect on
financial performance and cash flows.

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/BritishEnergy(Q12005).pdf

                        About the Company

Headquartered in South Lanarkshire, British Energy is U.K.'s
largest electricity generator, producing 20% of the country's
power through its eight nuclear facilities in Scotland and
England (total capacity is 9,600 MW).  British Energy also owns
the 2,000-MW coal-fired plant (Eggborough) in England; it has
sold its North American power generation operations.

The company emerged as British Energy Limited with a new holding
company, British Energy group plc, after the court approved its
scheme of arrangement in January.  Under the program, existing
creditors of the group received 97.5% of equity in the new group.

CONTACT:  BRITISH ENERGY GROUP PLC
          Systems House
          Alba Campus
          Livingston
          EH54 7EG
          Phone: +44 (0)1506 408700
          Fax: +44 (0)1506 408888
          Web site: http://www.british-energy.com


BUKO LIMITED: In Administrative Receivership
--------------------------------------------
Wordsworth Holdings Plc appointed Chris Farrington (IP No 008751)
and John Reid (IP No 008556) of Grant Thornton administrative
receivers of Buko Limited (Reg No 04284821) on Sept. 13.  The
company's registered office is at 2 Greet Park Close, Southwell,
Nottinghamshire NG25 0EE.

The company is previously named DMWSL 355 Limited.  Buko's
world-leading portfolio of products includes shopping trolleys
and wire storage solutions, designed and manufactured for Clients
worldwide.  Visit http://www.buko.co.uk/for more information.

CONTACT:  BUKO LTD.
          Phone: +44 (0) 1592 773977
          Fax: +44 (0) 1592 772420
          E-mail: sales@buko.co.uk


CATERSERVE UK: Calls in Liquidator
----------------------------------
C. P. L. Gore, Chairman of Caterserve UK Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 16 at the offices of Valentine & Co., 4 Dancastle Court, 14
Arcadia Avenue, London N3 2HS.

Robert Valentine and Mark Reynolds of Valentine & Co, 4 Dancastle
Court, 14 Arcadia Avenue, London N3 2HS was appointed liquidator.

Caterserve UK Ltd. designs catering equipment.  It is more than
20 years in the business.

Visit http://www.caterserveukltd.co.ukfor more information.

CONTACT:  CATERSERVE UK LTD.
          Unit 25 Seax Court
          Southfields Bus Pk
          Seax Way
          Laindon, Basildon
          Essex SS15 6SL
          Phone: 0870 3500448
          Fax: 0870 3500449
          E-mail: caterserveuk@aol.com

          VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


CENTER PARCS: To Report Results Under IFRS Wednesday
----------------------------------------------------
Center Parcs (U.K.) Group plc will report its 2004/05 financial
information, restated for IFRS, on Wednesday, 5 October 2005,
10:00 a.m. at the office of Brunswick Group LLP, 16 Lincoln's Inn
Fields, London WC2A 3ED.

There will also be an analyst presentation of the restatement
hosted by management on Wednesday, 5 October.

                        About the Company

Based in the United Kingdom, Center Parcs operates short break
holiday villages in Sherwood Forest (Nottinghamshire), Longleat
Forest (Wiltshire), Elveden Forest (Suffolk) and Whinfell Forest
(Cumbria).  It has more than 5,000 employees, and an annual
turnover of GBP229.64 million.

In July, the company revealed underlying trading for the year was
robust, but was impacted by a number of specific factors
including a weaker than expected first quarter; Christmas
scheduling issues; and higher than expected energy cost
inflation.

Action has been taken to minimize these impacts in the future.
For example, energy costs have been locked in for the next 18
months and a new program is in place for peak period scheduling
and marketing.  For only the second time in its history, one of
the villages had to be closed following power losses caused by
exceptionally severe weather conditions.  However, risk
management procedures and power backup arrangements allowed it to
reopen the site within two days.

Work was also underway on two key aspects of funding for the
Group:

(a) GBP52.5 million loan notes: these have a fixed coupon of
    6.5% until January 2007 and an amortization payment schedule
    beginning in FY07 with a sum of GBP7.5 million.  The Board
    has been reviewing the refinancing options for this part
    of the funding structure; and

(b) funding for the 5th site: a range of funding models were
    under review.  The preferred funding route will be developed
    in due course to meet the likely timetable for the planning
    process and further updates will be provided as appropriate.

CONTACT:  CENTER PARCS (U.K.) GROUP PLC
          One Edison Rise
          New Ollerton
          Newark, Nottinghamshire
          NG22 9DP
          United Kingdom
          Phone: 0870 067 3000
          Fax: 0870 067 3099
          E-mail: shareholderservices@centerparcs.co.uk


COMPASS GROUP: To Dispose of Travel Concessions Businesses
----------------------------------------------------------
Prior to the close period and ahead of the announcement of its
preliminary results for the year to 30 September 2005 on 29
November 2005, Compass Group plc has issued the following trading
update.  Following the business review initiated earlier this
year, the Group intends to sell its U.K. and Continental European
travel concessions operations (SSP).

Highlights

(a) Trading:

    (i) On track for around GBP350 million free cash flow (at
        2004 exchange rates);

   (ii) Turnover growth (on a like-for-like basis) and operating
        profit (before goodwill and exceptional items) expected
        to be around 6% and GBP710 million respectively;

  (iii) Earnings Per Share (before goodwill and exceptional
        items) expected to be around 19.0 pence;

   (iv) Strong trading in North America and Rest of the World
        regions;

    (v) Continental Europe in line with expectations; and

   (vi) Actions in place to improve performance in the U.K.

(b) Key decisions arising from the business review:

    (i) Focus on core contract catering operations and continue
        to build on growth in the support services business;

   (ii) Sell the U.K. and Continental European travel
        concessions operations;

  (iii) Simplified management structure (8 divisions to 4);

   (iv) New U.K. management team; and

    (v) Accelerated overhead savings, on track for GBP50 million
        in 2006.

Trading across the Group in the second half has continued the
trends seen in the first half and has been strong in North
America and the Rest of the World regions, particularly
Australasia and Japan.  Continental Europe has traded in line
with expectations.  In the U.K. trading has remained subdued and
management has in place actions to improve performance.
Full year operating profit (before goodwill and exceptional
items) is expected to be approximately GBP710 million.

U.K.

In the contract business, like-for-like turnover growth is
expected to be around 5% and the operating profit margin is
expected to be around 6%.  As indicated in May, and in common
with many other consumer-facing businesses, the challenge has
been to pass on all the labor and food cost increases incurred by
the business.  This is particularly the case in the Business &
Industry sector.  Margin has also been impacted by a number of
strategic initiatives, including:

(a) Focus on winning and retaining contracts with a lower level
    of capital investment;

(b) Program of action to create a more robust and sustainable
    contract base; and

(c) Acceleration of the U.K. reorganization by the new
    management team, with an GBP8 million cost in 2005 against
    operating profit.

In concessions, like-for-like turnover growth is also expected to
be around 5% and the operating profit margin is expected to be
around 10%.  We have seen a good performance in the air business
in particular, but with similar pressures in terms of labor and
food costs as in the contracts business. In the second half,
profits have been impacted by the London bombings (GBP6-8
million) and the disposal of the Gatwick Meridien hotel (GBP4
million).

Overall, like-for-like turnover growth in the U.K. is expected to
be around 5% with full-year operating profit of approximately
GBP200 million (excluding fuel).  Properly executed, the actions
we are taking should enable us to deliver a similar level of
profit and margin in 2006 as for 2005, before adjusting for the
impact of the sale of SSP.  Thereafter, as a result of actions
taken, we expect the U.K. to return to profit growth, on a
sustainable basis.

Continental Europe & Rest of the World

Full year like-for-like turnover growth is expected to be around
3% with a good performance in Rest of the World driven by strong
new business wins in Japan and Australasia, partly off-set by
more challenging conditions in France, Germany,
Holland and Italy.  Excluding turnover from our military
operations in the Middle East, like-for-like turnover growth is
expected to be around 5%.

Operating profit margins for Continental Europe and Rest of the
World should be broadly in line with last year.

As communicated in March, the Group is seeing a decline in the
scale of its military business in the Middle East with turnover
expected to fall from around GBP250 million in 2004 to around
GBP170 million in 2005, and operating profit (before exceptional
items) in 2005 expected to be around GBP35 million.  There are
still opportunities for military business in the Middle East but
increasingly the Group is choosing not to participate in this
work because the margin is becoming less attractive relative to
the complexity of the operations and the associated risk.  We
therefore expect to significantly scale back these operations in
the Middle East and for operating profits in 2006 to reduce to no
more than GBP5 million.  In the light of this reduction in
activity, we estimate asset write-downs of around GBP40 million
will be required and these will be reported as an exceptional
item.

Excluding the military operations in the Middle East (referred to
above), early indications suggest that we will see similar trends
in 2006 as seen in 2005.

North America

As indicated in May, like-for-like turnover growth is expected to
be approximately 11% for the full year with strong performances
across all sectors.  In Healthcare, Morrison's and Crothall's
like-for-like turnover growth will be around 15% ahead of last
year.  This strong growth reflects our ability to offer bundled
catering and support services.  Sports & Leisure will also see
like-for-like turnover growth of around 15%.  Full year margins
are expected to be broadly in line with last year.

Looking forward, early indicators for 2006 are encouraging.

Profit Before Tax

Group profit before tax (before goodwill and exceptional items)
for the full year is expected to be approximately GBP580 million.

Tax

For the full year, tax on profit on ordinary activities (before
goodwill and exceptional items) is expected to be 23% - 24%.

Free Cash Flow

Free Cash Flow for the full year is expected to be in line with
our previous guidance at around GBP350 million at 2004 exchange
rates.

Earnings Per Share

For the full year, basic earnings per share (before goodwill and
exceptional items) are expected to be approximately 19.0 pence.

Business Review Update

The Group intends to:

(a) Focus on its core contract catering operations and continue
    to build on the growth in support services in order to
    maximize shareholder value;

(b) Sell the U.K. and Continental European travel concessions
    operations (SSP);

(c) Reorganize and simplify the Group's management structure,
    rationalizing the number of operating divisions from 8 to 4,
    namely: U.K., Middle East & Africa; Americas; Continental
    Europe; and Rest of the World; and

(d) The program of overhead savings announced in May has been
    accelerated with the full GBP50 million target being
    achieved in 2006.

In July, Peter Harris was appointed CEO of the newly merged U.K.,
Middle East & Africa division.  Under his leadership, the new
management team has put in place a program of action to create a
more robust and sustainable contract base.

On 15 September, the Group announced that Sir Roy Gardner, CEO of
Centrica Plc, will be joining the Board as Senior Independent
Director on 1 October 2005 and that he would succeed Sir Francis
Mackay as Chairman during 2006.

Sale of SSP

SSP represents one of the market leaders in travel concessions.
It has market-leading positions in many of the 25 countries in
which it operates and provides catering for roadside, railway and
airport concessions, principally in the U.K. and Continental
Europe.  In the year ended 30 September 2005, SSP's revenues
(including fuel) are expected to be approximately GBP1.9 billion
(GBP1.4 billion excluding fuel), EBITDA (including fuel) of
approximately GBP160 million, and EBIT (including fuel) of
approximately GBP115 million.  We will retain a small part of the
Concessions business, mainly in Japan, Portugal and the U.S.
where the operations are very closely integrated with the rest of
the business.

While the travel concessions market offers considerable further
growth opportunities, the sale of SSP will allow management to
focus solely on the Group's core contract catering operations and
the growth of its support services business.  The Board believes
that in the longer term this focus will improve the Group's
financial performance and drive greater value for shareholders.

The Group expects to launch a formal sale process for SSP before
the end of the calendar year and is being advised by Citigroup.
The Group will retain exclusive use of the SSP brand portfolio in
its core contract catering markets (as it has in other business
disposals such as Little Chef and Au Bon Pain) and will seek to
ensure that it retains economies of scale through a purchasing
supply contract with SSP.  Proceeds from the sale will be used
principally to reduce debt and strengthen the Group's balance
sheet position, with the balance being returned to shareholders.

This sale should deliver a one-time step up in Return on Capital
Employed (ROCE) of around 30 basis points, which is in addition
to our three-year target of a 100 basis point improvement in ROCE
between 2006 and 2008.  As a consequence of the sale, the Group's
free cash flow target will be revised to GBP800-850 million,
subject to final terms and use of proceeds.

Andrew Lynch, CEO of SSP, has stepped down from the Compass Group
board, after nine years, to focus fully on the management of the
SSP business.

           Report of Chief Executive Michael J. Bailey

The business review has led us to make significant decisions,
which, I believe, will improve financial performance and deliver
value for shareholders.  Simplifying our structure, focusing on
contract catering and building our support services business will
enable us to maximize the opportunities which our global platform
and scale give us.

I am pleased with how our businesses in North America and Rest of
the World regions are performing.  In the U.K., actions are
underway to improve financial performance and I believe this will
result in a turnaround over the next 24 months.

For the Group as a whole, quality of service and entrepreneurial
spirit remain key to our success.  This, coupled with the
increased financial rigor we have introduced, will deliver strong
free cash flow generation and improving returns on capital
employed over the medium term.

                        About the Company

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

SSP operates at over 400 sites at airports, railway stations and
motorway service areas principally in the U.K. and Continental
Europe.  It has operations in some 25 countries, the most
material being the U.K., France, Spain, Germany and the Nordic
region.  It operates more than 1,400 separate units, including
outlets with Compass brands (e.g. Ritazza, Upper Crust, Harry
Ramsdens, Millie's Cookies, Moto, WhistleStop) and franchised
brands (e.g. M&S Simply Food, Burger King).

CONTACT:  COMPASS GROUP PLC
          Investors/Analysts:
          Sarah Ellis
          Phone: +44 (0) 1932 573 000

          Media:
          Paul Kelly
          Phone: +44 (0) 1932 573 000

          Brunswick
          Simon Sporborg / Pamela Small
          Phone: +44 (0) 20 7404 5959


COMPASS GROUP: 'BBB+' Rating, Stable Outlook Affirmed
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB+' corporate
credit rating on U.K.-based catering services leader Compass
Group PLC.  The outlook is stable.

The affirmation follows the group's announcement of plans to sell
its travel concession business.

"Despite the planned disposal's material size, it will have a
broadly neutral impact on Compass' business profile," said
Standard & Poor's credit analyst Melvyn Cooke.

Standard & Poor's expects the group to use the proceeds to reduce
financial debt materially, thereby compensating at least for the
loss of both related cash flow and of a degree of business
diversification--the balance would be returned to shareholders.

The rating reflects Compass' leading global position in the food
services market, and its stable and predictable cash flow. These
positive characteristics are partially offset by the group's
operating underperformance over the past 18 months, and by
increasing pressure for higher shareholder returns.

"Given a somewhat weaker business profile--exacerbated by the
group's disappointing operating performance--we now expect
Compass to aim to rapidly achieve debt protection measures fully
in line with the 'BBB+' rating," Mr. Cooke said.

Those measures would include lease-adjusted ratios of EBITDA to
net interest expense and FFO to net debt at sustainable levels of
above 5x and 30%, respectively.  This should be a possible thanks
to the proceeds from the disposal.

The group is also expected to make significant headway in
stopping the declining operating-margin performance in fiscal
2006, especially in the U.K., and to continue focusing on organic
growth and free cash flow over the next few years.

The outlook would be revised to negative if, following the
planned sale, the company failed to sufficiently reduce debt, in
order to improve its lease-adjusted credit measures, or if there
were continuous and significant operating underperformance.

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


CONTROLLED IMAGE: Administrators Take over Company
--------------------------------------------------
Gregory Andrew Palfrey and Kevin James Wilson Weir (IP Nos 9060
and 9332) of Smith & Williamson Limited were appointed
administrators of Controlled Image Limited (Company No 04220331)
on Sept. 16.  The company is engaged in agents/ public security.

CONTACT:  CONTROLLED IMAGE LTD.
          Unit 4, The Factory
          Lymington SO41 8HA
          Phone: 01590 689109

          SMITH & WILLIAMSON LIMITED
          Notebeme House
          84 High Street
          Southampton
          Hampshire SO14 2NT
          Phone: 02380 831 050
          Fax: 02380 831 051
          E-mail: KW2@smith.williamson.co.uk


CORPORATE SYSTEMS: Hires Grant Thornton Administrator
-----------------------------------------------------
Company Names: Corporate Systems Limited
               General Computers Limited
               Granville Computers Limited
               Granville Computer Systems Limited
               Granville Distribution Limited
               Granville Technology Group Limited
               VMT Limited

Andrew Lawrence Hoskings, Martin Gilbert Ellis and Leslie Ross of
Grant Thornton were appointed joint administrators of these
companies by a qualifying floating charge holder on 27 July 2005,
and 5 August 2005 in respect of VMT Limited.

Notice is hereby given, in accordance with paragraph 49(6) of
Schedule B1 to the Insolvency Act 1986, that a copy of the
Administrator's statement of proposals is available, free of
charge, to members of these companies by writing to the joint
administrators at the offices of Grant Thornton UK LLP, Grant
Thornton House, Melton Street, Euston Square, London NW1 2EP.

A Hosking, Joint Administrator

CONTACT:  CORPORATE SYSTEMS LIMITED
          GENERAL COMPUTERS LIMITED
          GRANVILLE COMPUTERS LIMITED
          GRANVILLE COMPUTER SYSTEMS LIMITED
          GRANVILLE DISTRIBUTION LIMITED
          GRANVILLE TECHNOLOGY GROUP LIMITED
          General enquiries: 0870 830 3288
          Technical Support: 0906 558 0234
          E-mail: enquiries-time@gtuk.com

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


DAVTEX (UK): Appoints Liquidator
--------------------------------
D. Hill, Chairman of Davtex (UK) Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 13 at the offices of Walletts Insolvency Services,
Adventure Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF.

Michael Francis McCarthy of Walletts Insolvency Services, 2-6
Adventure Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF
was appointed liquidator.

Davtex hires and sells storage equipment.

CONTACT:  DAVTEX (UK) LIMITED
          Link House
          Bute Street
          Fenton
          Stoke-On-Trent
          ST4 3PR
          United Kingdom
          Phone: (01782) 318000
          Fax: (01782) 319000
          Web site: http://www.davtexuk.co.uk

          WALLETTS INSOLVENCY SERVICES
          Adventure Place
          Hanley
          Stoke On Trent
          Staffordshire ST1 3AF
          Phone: 01782 212326
          Fax: 01782 683904
          E-mail: mike@walletts.co.uk


EAST NORTHANTS: Files for Liquidation
-------------------------------------
J. Saddington, Chairman of East Northants Commercials Ltd.,
informs that resolutions to wind up the companies were passed at
an EGM held on Sept. 7 at 65 Broad Green, Wellingborough,
Northamptonshire.

Alan R. Price of Price & Co., PO Box 5895, Wellingborough,
Northamptonshire NN8 5ZD was appointed liquidator.

The company repairs commercial vehicles.

CONTACT:  EAST NORTHANTS COMMERCIALS LTD.
          Higham Rd
          Little Irchester
          Wellingborough
          NN8 2DU
          Phone: 01933 225511

          PRICE AND CO.
          65 Broad Green,
          Wellingborough
          Northamptonshire NN8 5ZD.
          E-mail: arprice@rescueco.co.uk


ELECTRONIC TECHNICAL: Calls in Liquidator
-----------------------------------------
E. G. Love, Chairman of Electronic Technical Services Limited,
informs that a resolution to wind up the company was passed at an
EGM held on Sept. 14 at the offices of J M Marriott & Co, 12 Sun
Street, Lancaster LA1 1EW.

Jonathan M Timmis of J M Marriott & Co, 12 Sun Street, Lancaster
LA1 1EW was appointed liquidator.

CONTACT:  ELECTRONIC TECHNICAL SERVICES LTD.
          22 Edenvale Crescent
          Lancaster
          LA1 2NW Lancashire
          Phone: 01524 64468


EMS MAINTENANCE: Administrators from DTE Leonard Curtis Move in
---------------------------------------------------------------
A. Poxon and N. A. Bennett (IP Nos 8620 and 9083) of DTE Leonard
Curtis were appointed administrators of EMS Maintenance Services
Limited (Company No 05049844) on Sept. 20.  The company's
registered office is at 78 Birmingham Street, Oldbury, West
Midlands B69 4EB.  EMS Maintenance offers other business
services.

CONTACT:  E M S MAINTENANCE SERVICES LTD.
          Unit 2-3 Watery Lane Industrial Est.,
          Watery Lane, Willenhall,
          West Midlands WV13 3SU
          Wolverhampton
          Phone: 1902633330

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


EQUITABLE LIFE: Bares Interim Results, Going Concern Status
-----------------------------------------------------------
Business Highlights

(a) Finances: Directors report that the Society's financial
    position is substantially stronger,

(b) Solvency: Key measure of solvency -- Fund for Future
    Appropriations, strengthened by 30% from GBP547 million to
    GBP713 million in the period, an increase of GBP166 million;

(c) Bonuses: Non-guaranteed Interim Bonus increased to 3.5% p.a.
    (2.5% p.a.) for U.K. with-profits pension policies and 2.8%
    p.a. (2% p.a.) for U.K. with-profits life policies,
    effective from 1 October 2005; and

(d) Financial adjustment for non-contractual surrenders: reduced
    to 8% (11.1%), effective from 1 October 2005.

      Statement of Vanni Treves, Equitable Life's Chairman

Solid headway has been made to improve the overall corporate
health of the Society and prospects for policyholders.  We have
made sustained progress in favorable market conditions to resolve
the issues this Board inherited in 2001 and the business now has
greater stability and its financial position has substantially
strengthened.

Our review of the Society's long-term strategy is continuing well
and our improving finances are enabling us to consider several
potential options.  We will of course inform policyholders fully
once the Board has considered the outcome of our detailed review.

    Report of Charles Thomson, the Society's Chief Executive

Our provisions, operating expenses and claims are all reducing
and we have made excellent progress.  It is pleasing that we have
substantially completed the outstanding policyholder reviews and,
where appropriate, paid compensation.  We continue to cooperate
with the Parliamentary Ombudsman's investigation and look forward
to publication of her report next year.

                 Corporate and Financial Review

Dear Members,

Over the past 18 months, we have informed you of the solid
headway that has been made to improve the overall corporate
health of your Society and prospects for policyholders.

It is once again pleasing to report that your Society continues
to make steady progress.  The business is stable and meets the
financial requirements of the Financial Services Authority.

Your Society's financial position has strengthened substantially
during the past six months with the Fund for Future
Appropriations -- the key measure of our solvency -- now standing
at GBP713 million, an increase of GBP166 million since December
2004 and GBP181m higher than at June 2004.  Moreover, surrenders
in the first half of the year again reduced substantially from
GBP251 million in 2004 to GBP137 million.

Your Board has reviewed the Society's financial position and,
taking into account the stronger solvency position arising during
the period, considers that future prospects for policy value
increases have improved sufficiently for the level of
non-guaranteed interim bonus to be added to policy values to be
increased.  Accordingly, from 1 October 2005 and until further
notice, the non-guaranteed interim bonus added to policy values
will be increased by 1% to 3.5% per annum for U.K. with-profits
pension policies and by 0.8% to 2.8% per annum for U.K.
with-profits life policies.

Moreover, as explained in greater detail in the financial section
below, we have reviewed the financial adjustment applied to the
surrender proceeds of with-profits policies.  This adjustment can
be varied at any time and any change would reflect the financial
position of the Society at that time.  Accordingly, after
consideration of the Society's current financial circumstances,
your Board has decided that it is appropriate to reduce the
adjustment from 11.1% to 8%, with effect from 1 October 2005.

Policyholder reviews

We have now substantially completed both the Rectification Scheme
for individual policyholders and the Managed Pensions reviews.
Taken together, over 80,000 individual and group-administered
policies have been reviewed and, where appropriate, compensation
offered and paid.  We have made significant progress with the
group rectification review and, where appropriate, have made
offers to trustees.  In largely finishing these reviews and
making appropriate payments, a significant financial uncertainty
relating to the Society's past has been substantially reduced and
the provisions attached to these reviews have been reduced by
GBP90 million.

In March 2005, the Financial Ombudsman Service (FOS) announced a
different compensation approach from the Society's in relation to
non-GAR policyholder complaints lodged with FOS.  Having reviewed
FOS's decision -- and though we have challenged its methodology
on redress -- we have concluded it is in the best interests of
the Society and continuing policyholders that we are pragmatic
and accept FOS's ruling and direction and, if and where
appropriate after reviewing the basis of particular claims, pay
compensation to eligible claimants on the basis proposed by FOS.

Parliamentary Ombudsman and Other Investigations

The Parliamentary Ombudsman's (PO) second investigation into the
regulation of the Society is continuing.  The PO has chosen lead
policyholder cases to review and your Society's Board is offering
her inquiry team as much co-operation as we are able.  If the PO
finds maladministration on the part of the regulators, she has
the power to recommend compensation to be paid by the government.
We must wait and see if this is the case.  However, we believe
that this independent inquiry's report should bring finality to
the matter.  We look forward to the publication of her report,
expected to be in spring next year.

Two submissions have been made (by a policyholder and an action
group) to the European Parliament in relation to the standards of
regulation by the U.K. Government (these are not claims against
the Society).  The E.U. Parliament's Petitions Committee in
Brussels met on 13 September 2005 and agreed that action should
be taken to try to establish an E.U. Parliamentary Committee of
Inquiry to carry out a formal investigation.  We shall continue
to monitor developments.

The Serious Fraud Office continues to consider certain issues in
the Penrose Report.  We do not expect the SFO to make any
announcement until completion of the Society's litigation against
certain former directors and its previous auditors, referred to
below.

Litigation Matters

We wrote to policyholders on 22 September 2005 to let you know
that we had settled the Society's legal claims against Ernst &
Young, the Society's former auditors.  Settlement was on the
basis that the Society discontinued its claims and each side paid
its own costs.  As a consequence of that agreement, the
Society is to refund to E&Y a payment of GBP795,616 that they had
previously paid to the Society in relation to our costs
associated with a part of the claim, which was withdrawn.

After having taken expert audit and actuarial guidance and after
receiving legal advice, we believed that the Society had credible
and cost effective claims against the defendants and a duty to
pursue those claims.  The Board, accordingly, commenced legal
action against E&Y.  Following the evidence of the former
directors and following further legal advice, the Board concluded
with great sadness and frustration that it must end the E&Y
litigation.  Claims against former directors continue and as the
trial is in progress, it is inappropriate to make any further
comment at this stage.

Last year, we reported that a group of 873 with-profits
annuitants had commenced proceedings against the Society.  As a
result of approximately half of the original number dropping out
of the action, an amount of GBP75,000 in recoverable costs was
paid to the Society by certain of those annuitants.  In a
pre-trial hearing in June, the representatives of the claimants
were directed by the judge to provide a witness statement or
affidavit by 18 November 2005 that the claimants all have
suitable funds to continue the action through to its conclusion
and meet the Society's likely costs, if the Society successfully
defends the claim.  The Society has estimated these costs at over
GBP5 million.

We have now served the Society's master defense to this claim by
the remaining 415 litigants.  There is likely to be another
pre-trial hearing later this year and the trial itself will
probably be heard in late 2006 or early 2007.

Corporate Governance for Mutual Insurers

On 13 July 2005, and with the backing of the Treasury and the
FSA, the annotated Combined Code for mutual life offices was
published by the Association of Mutual Insurers (AMI), of which
your Society is a member.  Publication of the Code by the AMI
followed recommendations by Paul Myners who was commissioned by
the Government, following the publication of the Penrose Report,
to review the corporate governance of mutuals.  We welcome and
support the AMI's proposals.  The Society already largely
complies with the Code, as followed by public companies, or makes
relevant disclosures where it does not.

New Pensions Legislation

On 6 April 2006, new rules in relation to pensions come into
force.  The new rules will affect anyone who is making provision
for their retirement.  We will write to relevant policyholders
later this year setting out the major changes and any likely
actions to be considered by policyholders.

Simplified Financial Statements

As stated in the Society's 2004 Report and Accounts, we are aware
that many members would prefer a simplified presentation of the
financial statements.

This would enable significant cost savings to be made and a
simpler presentation of the Society's annual performance to be
presented to members.  The current format for our Annual Report
and Accounts will continue to be available to those who would
like it and, of course, we shall also continue to publish those
on our Web site.  To assess policyholders' interest in receiving
simplified accounts, we enclose a letter to give policyholders
the opportunity to state their wishes.

Looking Ahead

Further good progress has been made in the first half of 2005 and
we have achieved yet greater stability.   There remain issues to
be resolved and these will be addressed in the coming months.  In
particular, as noted later in the financial section of this
Review, the publication of the Society's 2005 Annual
Report next spring will see the adoption of new financial
reporting standards.

These new proposals will change the way we report the Society's
results; however, we are pleased to report that, under the
updated measures to be introduced, the Society's finances remain
stable and secure.

Our review of the Society's long-term strategy and prospects for
policyholders is continuing well.  We recognize that this is a
matter of major concern for policyholders and we will keep you
informed of our progress in considering what is a detailed review
of various options.

Review of the Society's Financial Position

The Society's net resources, after allowing for its liabilities,
are represented by the Fund for Future Appropriations (FFA).
This amount is available to meet its non-guaranteed bonuses in
the future and any unforeseen liabilities or liabilities in
excess of those provided for at the balance sheet date.

At 30 June 2005, the FFA balance was GBP713 million, an increase
of GBP166 million since the year-end.  The FFA balance represents
a further strengthening of the Society's position from 6.2% to
7.7% of with-profits reserves.

The key movements in the FFA in the period are shown in this
table:

                                     January to       January to
                                        June           December
                                        2005            2004
                                        GBPm            GBPm

Opening balance                          547            542
Change in provisions and expenses         42            (59)
Contractual cost of HBOS past
  service pension funding                (16)           (20)
Changes in net asset values,
  valuation assumptions
  and valuation rates of                 149            116
interest
The effect on FFA
of policy maturities and surrenders     (8)            (5)
Interest on subordinated debt            (7)           (28)
Other movements                           6              1
Closing balance                         713              547

When assessing solvency under accounting standards currently
applicable to the Society, it is the Society's ability to pay its
guaranteed obligations to policyholders that is most significant.
The guaranteed obligations include reversionary bonuses on
with-profits policies that have already been declared in respect
of previous years.  The guaranteed obligations do not include any
allowance for non-guaranteed bonuses.

The policy value attributable to with--profits policies often
includes an element of non-guaranteed final bonus accumulated to
date.  Estimated final bonus, sometimes referred to as terminal
bonus, included in the policy value, is not guaranteed and is
therefore not included in the valuation of the long-term business
technical provision in these financial statements, which are
prepared under accounting standards currently applicable to the
Society.  Accordingly, only guaranteed obligations are included
in the valuation of the long-term business technical provisions
shown in the balance sheet.  Under accounting standards currently
applicable to the Society, any such final bonus has to be met
from the FFA.

As noted below, the Financial Services Authority (FSA) has
introduced new requirements in respect of 'realistic balance
sheet' reporting for the measurement of financial strength in the
annual regulatory returns.  These changes took effect from the
2004 FSA returns.  The statutory reporting changes, which mirror
the regulatory changes, will be introduced for the Society's 2005
year-end financial statements.  Under this reporting basis,
unlike the present statutory basis, non-guaranteed final bonuses
are included as liabilities.

The excess capital over that required for regulatory purposes has
increased over the period.  The following table for the Society
details the principal reconciling items between the FFA and the
excess of net assets over the Long Term Insurance Capital
Requirement (LTICR), which represents a minimum level of required
regulatory capital:

                                       30 June       31 December
                                          2005             2004
                                          GBPm             GBPm
FFA                                        713              547
Subordinated debt [1]                      167              167
Reserving adjustments
  and disallowed assets [2]                (2)              (11)
Regulatory net assets                     878               703
Long Term Insurance Capital Requirement  (593)             (599)
Net assets in excess of LTICR [3]          285               104

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] For the purposes of regulatory reporting, the carrying value
of the subordinated debt can be treated as capital.

[2] Certain balances are required to be held at values that are
measured on bases different from those adopted for the financial
statements or otherwise are treated differently between the FSA
returns and financial statements.

[3] The figures at 30 June 2005 for LTICR and the excess of net
assets over LTICR are estimated, as there is no requirement to
prepare full regulatory returns at that date.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Transactions with HBOS

Under the terms of the 2001 transactions with HBOS, when the
administrative and sales operations, systems and certain
subsidiary undertakings were sold by the Society, the final and
contingent tranche of consideration, of up to GBP250 million, was
receivable on 31 March 2005 if certain thresholds of new business
and profitability were achieved by the Society's former sales
force up to 31 December 2004.  HBOS has confirmed that neither
threshold, relevant for calculation of this consideration, was
achieved.  Accordingly, no further consideration is due to the
Society from HBOS in this regard.

Investment Performance and Capacity to Pay Bonuses

During the period, the Society continued to operate a cautious
investment strategy of retaining a low proportion of the
with-profits fund in equities and property, in order that its
assets match closely its liabilities.  The weighting in favor of
fixed-interest securities and bonds within the investment
portfolio results in there being limited scope for growth of the
fund, as any changes to values resulting from movements in yields
are mirrored in equivalent and largely offsetting changes in the
value of liabilities under the current accounting standards
applicable to the Society.

Although not necessarily a meaningful indicator of the expected
annual investment return, the with-profits assets produced a
gross return of 5.3% during the period.

As noted above, in the light of the Society's stronger financial
position, the level of non-guaranteed interim bonus to be added
to policy values has been increased.

Expenses and Provisions

Expenses, other than exceptional expenses, for the six-month
period shown in the Profit and Loss Account, incorporating
administration, claims, and investment costs, have reduced to
GBP35 million in 2005 from GBP37 million in 2004 and reflect
reduced levels of activity as the with-profits fund reduces in
size, set against the backdrop of an increase in costs resulting
from preparation for the introduction of new pensions legislation
in 2006.  Exceptional expenses are marginally lower at GBP26
million and relate principally to the timing of the incurrence of
costs relating to provisions.  Interest costs halved, compared
with last year, following the partial repurchase of the
subordinated guaranteed bonds.

As shown in note 7.2 (v) to the financial statements, balance
sheet provisions, included as part of the technical provisions,
have reduced over the period.  The rectification and managed
pension provision has reduced by GBP90 million, principally as a
result of payments made and the lower number of eligible
claimants.  Other provisions continue to decline gradually, as
matters are settled by payment of redress or otherwise resolved.

The above FFA reconciliation table shows a reduction in
provisions and expenses, taken together, of GBP42 million.
Reference has been made above to the reduction in the
rectification and managed pension provision.  Partially
offsetting the reduction in provisions is an increase in expense
provisions, partly due to the cost of implementing changes
resulting from the introduction of new pensions legislation and
other projects, in addition to the increasing cost of providing
for future pension contributions as well as funding past service
entitlements for those former employees of the Society who
transferred to HBOS in 2001.

Although the Society, in undertaking its responsibility to be
fair to all policyholders, adopts a robust procedure for dealing
with mis-selling claims, there remains the risk of exposure to
other claims and the possibility that provisions prove
insufficient.  There also remains the possibility of a return in
the future to a situation of volatility in the number of policy
exits, with related increases in costs.

Actuarial Assumptions and Asset Values

The FFA reconciliation table shows a net figure of GBP149 million
for changes in net asset values, valuation assumptions and
valuation rates of interest.  Gains of GBP126 million, both
realized and unrealized, were recorded in equities, unit trusts
and properties.  The valuation rates of interest, applied to
calculate technical provisions, have been updated to reflect
yields and technical provision requirements at the balance sheet
date and the strength of the basis has been maintained.

No provision is made for future discretionary guaranteed bonuses.
As noted previously, it is the Society's intention that any
future bonuses will be in a non-guaranteed form.  Allowance is
made for continuing contractual commitments, such as the
Guaranteed Investment Return (GIR) of 3.5% per annum that is
applicable to many policies.

In valuing the liabilities in respect of those policies, it is
assumed that the relevant duration is to the first contractual
retirement date.  If the Society's investment return falls below
a rate, which covers the guarantees and its expenses, and this
assumption ceased to be appropriate as a result, substantially
higher technical provisions may be required.  In conditions where
market returns fall below 3.5% per annum, policies may remain in
force for a longer period of time.

In addition, further provisions would be required, were greater
premium income to be received in such circumstances.  For this
reason, a letter is to be sent to policyholders advising that
premiums will no longer be accepted in situations where
policyholders cease to comply with their policy conditions that
require further premiums to be invested on a regular basis.

The CMI published, on 28 September 2005, updated industry
experience on mortality rates.  The impact of this information on
the Society's reserves will be assessed in the coming months and
will be explained in the year-end results.

Maturities and Surrenders

During the period, the Society experienced further reductions in
the level of both maturities and surrenders and, in particular,
non-contractual surrenders were almost half of last year's
figure.

Protection of the Fund and Policy Surrenders

When a policyholder surrenders his policy (or switches to a
unit-linked fund) before maturity, contractual obligations in
respect of payouts under the policy generally do not apply.  The
Society takes account of the interests of all policyholders in
these circumstances by paying the policy value (or equivalent),
less a financial adjustment.  The financial adjustment can be
changed at any time without advance notice to policyholders.  In
setting the financial adjustment, the aim is for the amounts paid
to surrendering policies to be fair, but not to disadvantage
continuing policyholders.  In particular, the amounts paid to
surrendering policyholders should not reduce the payout prospects
of the continuing policyholders.

There has been no change to the effective level of the financial
adjustment for some time, being 11.1 % for most products.
However, as a result of the improved financial position and
reduced financial uncertainty, the financial adjustment will be
reduced to 8% with effect from 1 October 2005.

This adjustment can be varied at any time and any such change
would reflect the financial position of the Society at that time.
In particular, any reduction in values of property or assets
other than fixed-interest securities is not offset by a reduction
in guaranteed liabilities, so that any future adverse change in
the Society's financial circumstances resulting from a
significant fall in net asset values or increase in provisions or
non-matched liabilities would necessitate policy value
reductions.  Where the Society is forced to sell fixed-interest
securities to its disadvantage before their relevant maturity
dates, in order to make payments to surrendering policyholders,
the position of assets and liabilities ceases to be matched. In
such circumstances, those policyholders would be expected to bear
the related costs incurred, by way of a higher financial
adjustment.

Equitable Life Finance plc (ELF) (Risks Defaulting on Bonds)

The payment of principal and interest and all other monies
payable by ELF, a wholly owned subsidiary of the Society, in
respect of the 8% undated subordinated guaranteed bonds, issued
in 1997, has been irrevocably and unconditionally guaranteed on a
subordinated basis by the Society.

In December 2004, the Society made an offer to Bondholders to
repurchase bonds at GBP920 per GBP1,000 of principal,
subsequently increased to GBP980.  Acceptances were received for
GBP179 million of bonds and settlement was made on 4 January
2005.  As a result, there are now subordinated bonds with a
principal value of GBP171 million outstanding. The transaction
resulted in an increase, net of expenses, in FFA of GBP3 million,
which is included in the investment return.

If, when payment of interest in relation to the Bonds becomes
due, the Society does not meet Required Minimum Margin (RMM), as
defined under the issue terms, as of the date of its latest
actuarial valuation, then the payment will be deferred by ELF
unless FSA consent to such payment is obtained.  As at 31
December 2004, the Society's net assets are in excess of RMM, as
defined under the issue terms.  This continues to be the
position, based on estimated data, at 30 June 2005.  However,
there exists the possibility that the Society may not meet RMM,
as so defined, at all times in the future.  There is, therefore,
uncertainty in respect of the payment of the interest on and
principal of the Bonds, because Bondholders' interests are
subordinated to those of the Society's policyholders and other
creditors in the event of a winding up of the Society.

Realistic Reporting

As noted above, the introduction of a new accounting standard,
FRS 27, will change the way the Society's financial position is
reported in the 2005 year-end financial statements.  FRS 27 will
introduce 'realistic' reporting, already required for regulatory
reporting, in the principal financial statements.

Although not a requirement for the Society, relevant information
relating to the Society's realistic position as at 31 December
2004 was incorporated in the year-end Financial Review.  A
description of the methodology and an explanation of the key
assumptions were also provided.

Realistic reporting requires accounting for liabilities
(including options and guarantees) to be 'realistic'.  Unlike
current statutory reporting, realistic liabilities include an
estimate of non-guaranteed benefits, including future
discretionary increases to policy values.  The effect of possible
changes in market conditions and recognition of the further
impact of guarantees in adverse conditions are taken into account
in realistic reporting by provision for any shortfall in policy
values.

The absence of comparable data at June 2004 causes difficulties
for the provision of meaningful disclosures.  However,
preliminary analysis of the data shows that the growth of the
balance of the FFA in the half-year to June 2005 is expected to
be broadly reflected in the growth in the working ca ital figure,
which is the equivalent measure under realistic reporting.  The
FFA has increased by GBP166 million over that period.  The
principal elements of that growth, being the
gains in value of equity and property investments, combined with
the reduction in provisions, are applicable on a realistic basis
also.

The Society is permitted to include as capital the economic value
of its subordinated debt, calculated at GBP181 million, by the
addition, to the principal outstanding, of the present value of
the future interest payable to August 2007, at which time the
Society has the option to repurchase the outstanding bonds.

The Society will consider the requirements of FRS 27 and emerging
best practice disclosures, as evidenced by the publication of
listed companies' results on the realistic basis, when the
Society is required to adopt this accounting standard for its
year-end reporting.

The Board's Conclusions on Provisions and Going Concern

The Board is responsible for making a formal assessment as to
whether the 'going concern' basis is appropriate for preparing
these financial statements.  The going concern basis presumes
that the Society will continue to be able to meet its guaranteed
obligations to policyholders and other creditors as they fall
due.  To do this, the Society must have sufficient assets not
only to meet the payments associated with its business but also
to withstand the impact of other events that might reasonably be
expected to happen.

The Board has examined the issues relevant to the going concern
basis which, in summary, are mainly the exposure to: increases in
provisions, investment losses, impact of discretionary bonus
payments, effect of lower interest rates on the behavior of
policyholders with GIRs, future expense levels (including the
costs of the continuing pension obligations to former staff),
persistency risks (the age or duration at which benefits are
taken) and mortality risks.

The financial position of the Society has been projected under a
very wide range of economic scenarios.  The Board has also
considered the level of contingent liabilities (that is,
liabilities not recorded in the financial statements but which
could conceivably arise) in its analysis of the Society's
financial position.  The results of this work show that the
probability, over the foreseeable future, of the Society being
unable to meet its guaranteed obligations to policyholders is not
significant.  The Board is confident of its ability to manage
adverse scenarios that may arise, but there cannot be absolute
assurance.  In such circumstances, as with any other long-term
with-profits fund, actions could be necessary to adjust maturity
values, with-profits annuity payments and surrender values.

In addition, the Board has considered the potential additional
claims referred to in note 10 to the financial statements,
entitled 'Contingent liabilities and uncertainties'.  The Board
has assessed the probability of these uncertainties arising and
on the basis of current information and, having taken legal and
actuarial advice, has concluded that it is highly unlikely they
will result in any material adverse financial consequences.
Certain of those risks, in extremely adverse scenarios, could
prejudice the continuing solvency of the Society.

The Board has given due consideration to all the potential risks
and possible actions set out above and has concluded that it
remains appropriate to prepare these financial statements on a
going concern basis.

Because of volatility in investment and property markets, the
uncertain nature of provisions and the other potential strains on
the Society's finances, and even though all these issues are
subject to close management scrutiny, the Board recognizes the
possibility that the Society may not meet LTICR at all times in
the future.  As noted above, any failure to satisfy LTICR does
not, of itself, cause the Society to become insolvent.

The Board will not hesitate to take appropriate action in any
circumstances, which jeopardize the fund's ability to meet
guaranteed obligations to policyholders.

Vanni Treves
Chairman

Charles Thomson
Chief Executive

Financial statements are available free of charge at
http://bankrupt.com/misc/EquitableLife(H12005).mht

CONTAC:  EQUITABLE LIFE
         Media Enquiries:
         Tony McGarahan
         Phone: 020 7489 6400
                 07966 386145

         Alistair Dunbar
         Phone: 020 7489 6400
                 07967 564039
         Web site: http://www.equitable.co.uk

         LOVELLS
         Legal Adviser
         Atlantic House
         Holborn Viaduct
         London
         EC1A 2FG

         PRICEWATERHOUSECOOPERS LLP
         Auditor
         Southwark Towers
         32 London Bridge Street
         London
         SE1 9SY


FARMORE LIMITED: Members Opt for Liquidation
--------------------------------------------
K. Landsborough, the Director of Farmore Limited, informs that
special resolution to wind up the company was passed at the EGM
held on Sept. 18 at 99 Victoria Park Road, London E9 7JJ.  Andrew
John Whelan of Marks Bloom, 60-62 Old London Road,
Kingston-upon-Thames KT2 6QZ was appointed liquidator.

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


FILTRONIC PLC: Repays GBP44 Million Long-term Debt
--------------------------------------------------
    Report of Professor David Rhodes, Filtronic plc Chairman

At last year's AGM, I announced the Board's intention to dispose
of the Handset Products business with the primary objective of
repaying long-term debt, which has been a burden to Filtronic in
a period of market recovery.  I am pleased to advise that the
disposal was completed on 8 September for an initial
consideration of EUR67 million (approximately GBP46.6 million, or
approximately US$82.8 million) and, in consequence, we have
repaid the long term debt of GBP44 million.

Since the end of the last financial year we have decided to
discontinue a loss-making Wireless Infrastructure operation in
Australia and to restructure our sales approach in merchant
semiconductors, closing a sales office in the U.S.  These
decisions were implemented in the first quarter and the costs
will be borne in the current half-year.  Underlying trading
performance is in line with expectations and the results for this
half-year will include the full impact of closure and
restructuring costs of around GBP1 million.

The anticipated performance for the full financial year to 31 May
2006 remains in line with expectations including absorbing the
closure and restructuring costs borne in the first half-year.

In the preliminary announcement of 1 August 2005, I also
indicated the importance to Filtronic of achieving an aggressive
ramp-up in semiconductor output from the Newton Aycliffe foundry
in Integrated Products to service demand for handset switches
from our major customer, RF Micro Devices. I am pleased to report
that we are in line with our plan, with a greater than six-fold
increase in wafer output (to over 230 wafers a week) over the
last six months."

Filtronic plc is a leading global designer and manufacturer of
customized microwave electronic subsystems for the wireless
telecommunications and defense industries.

CONTACT:  FILTRONIC PLC
          Professor David Rhodes, Chairman
          Phone: 01274 530622
          Mobile: 07850 827 280

          Professor John Roulston, Chief Executive Officer
          Phone: 01274 530622
          Mobile: 07800 706 318

          Charles Hindson, Group Finance Director
          Phone: 01274 530622
          Mobile: 07800 706 319

          BINNS & CO. PR LTD.
          Peter Binns/Ben Knowles
          Phone: 020 7786 9600
          Mobile: 07768 392 582


FLASHBACK VENTURES: Meeting of Creditors Set Next Week
------------------------------------------------------
Notice is hereby given, pursuant to paragraph 51 of Schedule B1
to the Insolvency Act 1986, that an initial Meeting of Creditors
of Flashback Ventures Limited will be held at BN Jackson Norton,
1 Gray's Inn Square, Gray's Inn, London WC1R 5AA, on 11 October
2005, at 11:00 a.m., for the purpose of considering the Joint
Administrators' proposals under paragraph 49 of Schedule B1 to
the Insolvency Act 1986, and, if thought fit, to consider
establishing a Creditors' Committee.  A Creditor is only entitled
to vote at the Meeting if he has delivered to the Joint
Administrators, not later than 12:00 noon on 10 October 2005,
details in writing of the debt claimed to be due from the
Company, together with a proxy form.  The address of the Joint
Administrators is BN Jackson Norton, 1 Gray's Inn Square, Gray's
Inn, London WC1R 5AA. Copies of the proposals may be obtained by
writing to the undersigned at 1 Gray's Inn Square, Gray's Inn,
London WC1R 5AA.

M C J Sanders, Joint Administrator

CONTACT:  FLASHBACK VENTURES LTD.
          21-25 St. John's Hill,
          London SW11 1TT
          Phone: 02072236523

          BN JACKSON NORTON
          1 Gray's Inn Square,
          Gray's Inn, London WC1R 5AA


FLOWER BROS.: Hires Liquidator from JWD Associates
--------------------------------------------------
K. W. Flower, the Director of Flower Bros. Limited, informs that
special and ordinary resolutions to wind up the company were
passed at an EGM held on Sept. 19 at Kintyre House, 70 High
Street, Fareham, Hampshire.  J. C. Wade-Duffee of JWD Associates,
Southampton was appointed liquidator.

CONTACT:  JWD ASSOCIATES
          PO Box 166
          Hedge End
          Southampton
          Hampshire SO30 4WZ
          Phone: 01329 834040
          Fax: 01329 834041
          E-mail: jwd@jwdassociates.co.uk


FOCUS DIY: Sharp Sales Drop Triggers Fitch Downgrade
----------------------------------------------------
Fitch Ratings has downgraded Focus DIY (Finance) plc's mezzanine
notes to 'B-' from 'B'. At the same time, the agency has
downgraded Focus DIY (Investments) Ltd. Senior Unsecured rating
to 'B' from 'B+' and its senior secured debt to 'B+' from 'BB-'
(BB minus).  This follows its Q3 results disclosure (three months
to July 2005) showing a sharp decline in sales growth and
profitability.  Fitch has placed all the ratings, including the
Short-term rating of 'B', on Rating Watch Negative (RWN).

"While Fitch had factored in some deterioration in trading
performance in its ratings assigned last February, demand has
softened further and therefore the drop in adjusted EBITDA
(before exceptional items) to GBP22.3 million in Q305 from
GBP29.6m in Q304 is far larger than anticipated" says Pablo
Mazzini, Associate Director at Fitch's Leveraged Finance group.

The agency does not expect FY05 adjusted EBITDA to surpass the
GBP50 million mark (FY04: GBP74.3 million) as the poor summer
season will likely lead to additional pricing pressure in Q4.

The extent of the deterioration in performance has triggered a
renegotiation of the group's senior debt covenants, which is
expected to conclude in calendar Q4.  As a result Fitch has
placed the ratings on RWN.  The outcome of the negotiations
remains uncertain although the long-term market fundamentals and
stable market share of Focus should provide some comfort to
bankers.  Fitch expects to resolve the RWN on acceptance of the
new covenant tests by the banks and, ultimately, upon disclosure
of the annual results (FY ending October 2005) in the next six
months.  Should management fail to renegotiate the group's bank
covenants satisfactorily, this may accelerate the liquidity
concerns.  Similarly, an annual EBITDA below GBP40 million could
indicate further pressure on the future cash flow available for
debt service.

Management has been quick to react to the current market trough,
and cost savings -- originally anticipated for 2006 -- have
largely been brought forward.  However, the full realization of
these savings will rely on reinvigorated demand for DIY products,
which seems unlikely in the short term.

Focus has been able to maintain market share in the current cycle
and hence, most of the fall in profitability can be attributable
to the prevailing slowdown in retail consumer spending.  Fitch
believes that the long-term growth drivers for DIY are still in
place.  However, a number of factors are affecting
non-discretionary consumer demand, such as increasing taxes,
higher fuel/energy bills, slower annual house price inflation,
which is in turn causing a slowdown in the pace of equity
withdrawal from homeowners and, crucially for DIY retailers, a
lower number of property transactions in 2005.  Although interest
rates appear to have peaked in August and a downward trend might
be expected, all these factors will likely contribute to an
overall bleak outlook for the disposable income of consumers,
therefore continuing to depress retail sales in the last quarter
of this year and, probably, into H106.

Fitch expects lease-adjusted net leverage to exceed 7.0x by
FYE05.  This ratio would compare to 5.9x at closing of the
refinancing.  Notwithstanding the low level of mandatory debt
repayment obligations in FY06 and FY07, Focus will have a higher
financial leverage and lower headroom in the cash flow available
for debt service when compared to the ratings assigned in
February.

In Fitch's view, the level of investments in IT regarding stock
management, increased direct sourcing, supplier consolidation and
the flexibility of the group's capital expenditure plan, should
all contribute to preserve cash.  However, given the high
fixed-cost base, further decline in volumes along with pricing
pressure exerted by larger competitors and, potentially,
markdowns at the end of the critical summer season, could cause
further erosion in operating margins.

CONTACT:  FITCH RATINGS
          Pablo Mazzini, London
          Phone: +44 (0)20 7417 3540
          Jonathan Pitkanen
          Phone: +44 (0)20 7417 4201
          Web site: http://www.fitchratings.com

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084
          Jon Laycock, London
          Phone: +44 20 7417 4327


GREAT HARWOOD: Falls into Receivership
--------------------------------------
PricewaterhouseCoopers is looking for a buyer for Great Harwood
Food Products Limited, which recently fell into receivership.

The company, which employs 90 people, is one of three principal
trading subsidiaries of E Slinger & Sons Limited.  The others are
Wholesale Meat Supply (Accrington) Limited and KM Meats Limited,
which will continue trading as they are not included in the
receivership.

"Regrettably, Slingers does not have sufficient funds available
to allow it to continue to support Great Harwood and in these
circumstances the directors had no alternative but to request the
appointment of receivers," PwC receiver Ian Stokoe, one of three
appointed, said.

"Going forward, our immediate strategy is to liaise with
employees, customers and suppliers of Great Harwood with a view
to allowing trading to continue whilst we seek a buyer for the
business," he said.

John Slinger, Chairman & CEO of Great Harwood, said: "Great
Harwood has faced many challenges over the last ten years, from
the impact of BSE and foot & mouth disease and it is with much
regret that this decision has been made at this time. I would
like to thank the employees, customers and suppliers of Great
Harwood for their support and sincerely hope that a positive
result is achieved for all those involved."

Based in Great Harwood, the meat processor has annual turnover of
approximately GBP13 million.  Edward Klempka and Michael
Horrocks, also of PwC, are the other receivers.

CONTACT:  GREAT HARWOOD FOOD PRODUCTS LIMITED
          Wood Street, Great Harwood,
          Blackburn, Lancashire BB6 7UD
          Phone: 01254 888723
          Fax: 01254 885014

          Ian Stokoe
          PricewaterhouseCoopers LLP
          9 Bond Court
          LEEDS West Yorkshire
          LS1 2SN
          Tel: 0113 289 4000
          Fax: 0113 289 4473
          E-mail: i.stokoe@uk.pwc.com

          Edward Klempka
          PricewaterhouseCoopers LLP
          Benson House
          33 Wellington Street
          LEEDS West Yorkshire
          LS1 4JP
          Tel: 0113 289 4000
          Fax: 0113 289 4473
          E-mail edward.klempka@uk.pwc.com

          Michael Horrocks
          PricewaterhouseCoopers LLP
          101 Barbirolli Square
          Lower Mosley Street
          MANCHESTER
          Greater Manchester
          M2 3PW
          Tel: 0161 247 4067
          Fax: 0161 245 2828
          E-mail michael.horrock@uk.pwc.com


GW 267: Members Pass Winding up Resolutions
-------------------------------------------
A. P. Masters, the Chairman of GW 267 Limited, informs that
special and ordinary resolutions to wind up the company were
passed at the EGM held on Sept. 16 at City Gate East, Tollhouse
Hill, Nottingham NG1 5FS.  John Russell and Philip Revill were
appointed liquidators.

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


H & H CONTRACTING: Goes into Liquidation
----------------------------------------
G. Millington, Chairman of H & H Contracting Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 16 at Barringtons Limited, 570-572 Etruria Road,
Newcastle, Staffordshire ST5 0SU.

Philip Barrington Wood of Barringtons Limited, 570-572 Etruria
Road, Newcastle, Staffordshire ST5 0SU was appointed liquidator.

CONTACT:  H & H CONTRACTING LIMITED
          1510 Berkley Avenue
          Chesapeake
          VA
          23324
          Web site: http://www.handhcontracting.com

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


HLC (NEATH PORT TALBOT): Names Ernst & Young Administrator
----------------------------------------------------------
T. M. Burton, C. P. Dempster and A. J. Davison (IP Nos 8224, 8908
and 9353) of Ernst & Young LLP were appointed administrators of
waste disposal company HLC (Neath Port Talbot) Ltd. (Company No
03528745) on Sept. 19.  The company's registered office is at
Dundas and Wilson LLP, 5th Floor, Northwest Wing, Bush House,
Aldwych, London WC2B 4EZ.

CONTACT:  HLC (NEATH PORT TALBOT) LIMITED
          Material Recovery And Energy
          Centre Crymlyn Burrows
          Swansea
          Neath Port Talbot SA1 8PZ

          ERNST & YOUNG LLP
          George House
          50 George Square
          Glasgow G2 1RR
          Phone: +44 [0] 141 626 5000
          Fax: +44 [0] 141 626 5001
          Web site: http://www.ey.com


H.R. OWEN: Posts GBP6.1 Million Half-year Loss
----------------------------------------------
              Report of Chairman John P. MacArthur

The results for the first six months of 2005 reflect wider issues
affecting the economy, with substantially lower economic
confidence continuing to have a significant impact on both
consumer and business demand.  The market for new vehicles in the
U.K. was substantially behind the same period last year (itself a
reduction on the previous year), and the high cost of operating
in the South East maintained its downward pressure on margins.

Following the requirement for Listed Groups to adopt
International Financial Reporting Standards (IFRS), we present
for the first time our results on this basis.  We have restated
the prior year's figures to reflect the changes to our accounting
policies.

During the period under review, turnover remained relatively
constant at GBP346 million, compared to GBP348 million for the
first half of 2004.  The result for the first half of the year
was a loss before tax of GBP7.3 million (2004: a profit of GBP2.6
million).  This loss included, for the first time, a goodwill
impairment charge of GBP4.1 million.  Adjusting for this charge,
the operating result before goodwill impairment was a loss of
GBP0.7 million (2004: a profit of GBP4.3 million).

Loss after tax was GBP6.1 million (2004: a profit of GBP1.7
million) representing a loss per share of 25.8 pence (2004:
earnings of 7.3 pence).  The directors have decided that it would
not be appropriate to declare an interim dividend.

Expenditure on acquisitions was GBP0.9 million and net capital
expenditure amounted to GBP1.5 million during the period.
Overall there was a cash inflow of GBP2.1 million and an increase
in net debt to GBP23.6 million.

Review of Business

The subdued state of the U.K. economy during the first half of
2005 resulted in the retail sector experiencing its toughest
period for some time.  This was particularly true in the South
East, where the fall in sales, coupled with weak margins,
compared to 2004 was greater than elsewhere.  Many of the Group's
corporate customers also cut back significantly, although this
was at least partially offset by the acquisition of a number of
major new accounts.

In response to these challenging trading conditions, the Group
undertook a major cost reduction program, which included closing
the Tadworth and Chelsea sites.  The costs incurred in this
exercise are included in the results.

The Group's specialist brands once again produced an excellent
return for the period under review, although the results were
slightly behind the record performance achieved in the same
period last year.  In the second half of the year, these brands
will benefit from a number of new models.  Due to the significant
increase in model throughput last year, after sales revenues have
increased substantially.

In January 2005, we commenced a major refurbishment of the
Group's famous Jack Barclay Bentley showrooms in Berkeley Square
and anticipate a full operational return to business on
completion in November 2005.

All other non-specialist brands that the Group represents
experienced considerable margin erosion on new vehicles.  Even
the introduction of new models has had only a limited effect on
this situation caused primarily by the lack of retail demand.

Early in the period, we re-branded all of our BMW and MINI
dealerships "H R Owen" for the West London market area and opened
a new BMW and MINI dealership at Park Royal.  We also opened a
new BMW/MINI after sales facility and a new MINI showroom
adjacent to the existing BMW dealership at Heathrow.

During the period we completed a major refurbishment of our
Mercedes-Benz dealership at Gatwick and commenced extensive
refurbishment of both our Mercedes-Benz and Lexus dealerships in
Brighton.

Current Trading and Outlook

In early September, the Group was appointed the authorized sales
and after sales representative for Bugatti sports cars, which
further complements our specialist franchise activities for
Bentley, Ferrari, Lamborghini, Maserati and Rolls Royce.

The decline in new car sales is expected to continue for the
remainder of 2005, with current industry forecasts for the full
year now ranging between 2.35 and 2.45 million cars nationally,
compared with the 2004 figure of 2.56 million.

Market conditions continue to be extremely challenging (in
particular, retail sales) and it is expected that margins will
remain weak.  While the introduction of many important new models
and the impact of the cost-saving program will benefit the Group,
it is expected that the second half of the year will also result
in a loss at the operating level.

Strategic Review

On 17 June 2005, we announced that the strategic review referred
to in my statement of 22nd March 2005 had been completed, and
that as a result the Group had decided to focus on its strong and
profitable Specialist Division and dispose of a number of its
franchises.  Funds generated will be used to reduce debt, with
the surplus being returned to shareholders.

I can confirm that the disposal process, although still in its
early stages, is proceeding in accordance with our planned
timetable, and updates will be given to shareholders as
appropriate.

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

CONTACT:  H.R. OWEN PLC
          Divisional Office
          The Hyde
          Edgware Road
          LONDON
          NW9 6NW
          Phone: 020 8201 4155
                 or 020 8201 4156
          Fax: 020 8201 4150
          Web site: http://www.hrowen.co.uk


IDEAL OFFICES: Names Baker Tilly Liquidator
-------------------------------------------
R. Rose, Chairman of Ideal Offices Plc, informs that a resolution
to wind up the company was passed at an EGM held on Sept. 16 at
Arora Hotel, Southgate Avenue, Crawley RH10 6LW.

John Davied Ariel and Andrew John Tate of Baker Tilly, 12
Gleneagles Court, Brighton Road, Crawley, West Sussex RH10 6AD
was appointed liquidator.

CONTACT:  IDEAL SPACES PLC
          Web site: http://www.ideal-offices.plc.uk/

          BAKER TILLY
          12 Gleneagles Court
          Brighton Road
          Crawley
          Sussex RH19 6AD
          Phone: 01403 251666
          Fax: 01403 251466


IN-SPEED PRINTERS: Calls in Administrator from HJS Recovery
-----------------------------------------------------------
Gordon John Johnston (IP No 8616) of hjs Recovery was appointed
administrator of In-Speed Printers Limited (Company No 02440345)
on Sept. 20.

The In-Speed structure enables customers to select the precise
service they need.  It gives them the flexibility to handle large
and small jobs with equal efficiency, and the expertise to
resolve any challenge with speed and accuracy.  Visit
http://www.inspeed.co.uk/for more information.

CONTACT:  IN-SPEED PRINTERS LTD.
          Unit 26, Ribocon Way
          Progress Business Park
          Luton LU4 9UR
          Bedfordshire
          Phone: 01582 494005
          Fax: 01582 493483

          HJS
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.co.uk


LOWESTOFT COLD: Administrators from Grant Thornton Enter Firm
-------------------------------------------------------------
Ian Stewart Carr (IP No 8741) and Andrew David Conquest (IP No
5329) of Grant Thornton were appointed administrators of food
processors Lowestoft Cold Store Limited (Company No 00910071) on
Sept. 16.  The company's registered office is at Whapload Road,
Lowestoft, Suffolk NR32 1UJ.

CONTACT:  LOWESTOFT COLD STORE LTD.
          Whapload Road
          Lowestoft
          Suffolk NR32 1UJ
          Phone: 01502 564476
          Fax: 01502 515012
          E-mail: ks@uku.co.uk

          GRANT THORNTON U.K. LLP
          Byron House
          Cambridge Business Park
          Cowley Road
          Cambridge CB4 0WZ
          Phone: 01223 225600
          Fax: 01223 225619
          Web site: http://www.grant-thornton.co.uk

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


LUPFAW 70: Calls in Liquidator from Gibson Booth
------------------------------------------------
A. F. Greasley, the Director of Lupfaw 70 Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 20 at Padside Hall, Braithwaite, Harrogate HG3 4AN.  Edward
Christopher Wetton of Gibson Booth, 15 Victoria Road, Barnsley
S70 2BB was appointed liquidator.

CONTACT:  GIBSON BOOTH
          15 Victoria Road
          Barnsley
          South Yorkshire S70 2BB
          Phone: 01226 213131
          Fax: 01226 213151
          E-mail: ecw@gibsonboothinsol.com


MICROTECHS LIMITED: Names Rothman Pantall & Co. Administrator
-------------------------------------------------------------
R. D. Smailes and S. B. Ryman (IP Nos 8975 and 4731) of Rothman
Pantall & Co. were appointed Microtechs Limited (Company No
03886004) on Sept. 9.  The company's registered office is at
Century Court, Lower Road, Effingham, Leatherhead, Surrey KT24
5JP.  Microtechs Limited offers other computer related
activities.

CONTACT:  MICROTECHS LTD.
          Lower Road
          Effingham
          Leatherhead KT24 5JP
          Surrey
          Phone: 01372 455100
          Fax: 01372 455101

          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


NETWORK RAIL: Continues to Improve Performance
----------------------------------------------
Network Rail on Sept. 30 welcomed the Office of Rail Regulation's
report on April-June 2005 (quarter 1) train performance that
showed 87.5% of trains running on time.

John Armitt, Chief Executive, said: "Train performance is
steadily improving and we, and the train operators, are working
hard to continue this trend.  We have now delivered almost two
years of consistence performance improvement but our task is far
from done as we continue to push for further improvements."

Mr. Armitt highlighted just one of the company's initiatives to
improve train performance:

"We have set up joint improvement teams together with the train
operators in every area of the country.  They are working to
deliver consistent levels of high performance throughout their
regions.  Individual problems are tackled and improvement plans
put in place in a spirit of partnership and co-operation in an
effort to deliver better services for passengers."

                            *   *   *

A train is defined as 'on time' if it arrives within 5 minutes
(i.e. 4 minutes 59 seconds or less) of the planned destination
arrival time on London and South East or Regional operators.  For
long distance operators it is 'on time' if it arrives within 10
minutes (i.e. 9 minutes 59 seconds or less).

                        About the Company

London-based Network Rail, through subsidiary Network Rail
Infrastructure, owns, manages, and maintains 21,000 miles of
track and 40,000 bridges and tunnels in the U.K.  The
not-for-profit company, was formed with backing from the U.K.
government in 2002 to acquire the former Railtrack PLC from
insolvent parent company Railtrack Group.  Railtrack went into
administration in 2001 after the government withdrew funding for
the company whose reputation was wrecked by a fatal crash in 2000
at Hatfield.  Its shareholders are suing the government for
"misfeasance of justice" and a breach of human rights to recover
GBP157 million.

The case ("Geoffrey Rutherford Weir and ors. v. The Secretary of
State for Transport HC03CO4185") is being held at the high court
of Mr. Justice Lindsay.  Jonathan Sumption is spearheading the
government's defense.  Geoffrey Weir is the shareholders' lead
claimant.  Keith Rowley QC is the shareholders' barrister.  The
investors are acting together as The Railtrack Private
Shareholders Action Group (RPSAG).

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


NEW YOU: Calls in Administrator from hjs Recovery
-------------------------------------------------
Gordon John Johnston (IP No 8616) of hjs Recovery was appointed
administrator of cosmetic surgery hospital New You International
Limited (Company No 04428443) on Sept. 20.

CONTACT:  HJS
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.co.uk


NUNEATON DUCTING: Goes into Liquidation
---------------------------------------
D. J. Hartopp, Chairman of Nuneaton Ducting Supplies Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 14 at The Chase Hotel, Higham Lane, Nuneaton,
Warwickshire CV11 4AG.

Ian Pattinson was appointed liquidator.

The company manufactures non-domestic ventilator.

CONTACT:  NUNEATON DUCTING SUPPLIES
          Unit 5 Pool Rd Ind Est Pool Rd
          Nuneaton
          Warwickshire
          CV10 9AE
          Phone: 024 7637 5803


PANACHE DIAMOND: Jeweler Winds up
---------------------------------
M. Thompson, Chairman of Panache Diamond Milling Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 13 at 15 Highfield Road, Hall Green, Birmingham B28
0EL.

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

CONTACT:  PANACHE DIAMOND MILLING LIMITED
          44 Hockley Street, Birmingham, West Midlands B18 6BH
          Phone: 01215154417

          NOTTINGHAM WATSON
          1st Floor
          12 St Paul's Square
          Birmingham
          West Midlands B3 1RB
          Phone: 0121 236 6004
          Fax: 0121 236 6011
          E-mail: pnottingham@notwat.com


PATIENTLINE PLC: Holidays, Low Activity Affect Recent Trading
-------------------------------------------------------------
Patientline plc has now responded fully to the first formal
request for information from Ofcom.  This encompasses information
about the NHS Patient Power program, the award of licenses by the
NHS and the process of contracting with hospitals, together with
information about the market, the economics of the business and
usage patterns.

The request contained nothing unexpected.  Ofcom has subsequently
expressed appreciation for the comprehensiveness of Patientline's
response and has confirmed that it expects to make a further
request to Patientline for information, but that it will be of
limited scope compared with the first request.

Patientline is encouraged by the speed with which Ofcom is
pursuing its investigations, although the timing of the
announcement of any determination is not yet known.  Patientline
has also received confirmation that the Department of Health will
take responsibility for explaining the public policy background
to the program and the reasons for the contractual structure that
was selected.

This will help place the issues being investigated by Ofcom in
the appropriate context.  The board continues to believe that the
investigation will vindicate Patientline's conduct, including its
charges, which are either at or, in the case of incoming calls,
below the levels specified in its license agreement with the NHS.

Trading in the months of July and August has, as usual, been
heavily influenced by holidays and seasonally low activity in
hospitals.  There have been no indications that EBITDA for the
balance of the year will fall outside the range indicated in the
announcement made on 25 July 2005, with the exception of one-off
fees associated with the Ofcom investigation which are currently
not expected to exceed GBP300,000.

Outside the U.K., the Company has been encouraged by the
continued strong demand for its services and will announce
further developments as they occur.

                            *   *   *

In July, Patientline plc received formal notification that Ofcom
will be conducting its own-initiative investigation into the
agreements between Patient Power licensees and NHS (National
Health Service) trusts and the prices charged for incoming calls
to hospital patients by at least two of the principal providers,
including Patientline.  The investigation may take up to several
months.

Ofcom is the regulator for the U.K. communications industries,
with responsibilities across television, radio,
telecommunications and wireless communications services.

It has powers on competition matters, in addition to its
regulatory role, for the electronic communications and
broadcasting sectors.  The initiation of an investigation is the
first stage of a potentially extended process and is designed to
establish whether there are grounds for a Statement of
Objections.

CONTACT:  PATIENTLINE PLC
          Thames Valley Court
          183/187 Bath Road
          Slough
          Berkshire
          SL1 4AA
          Phone: 0845 414 6000
          Fax: 0845 414 6153
          Web site: http://www.patientline.co.uk


RAMCO ENERGY: H1 Result Shows Turnaround Progress
-------------------------------------------------
Ramco Energy plc, the Aberdeen based oil and gas exploration
company, unveils interim results for the six months ended 30 June
2005.

Financial Highlights

(a) Turnover was GBP7.3 million (2004: GBP25.5 million),

(b) After tax loss of GBP1.6 million (2004: GBP1.0 million),

(c) Both divisions profitable at the operating level,

(d) On target to be debt free by the end of 2005,

(e) Placing of 3 million shares at 34p each successfully
    completed in June

Operational Highlights

(a) Seven Heads production maintained at 4mmscfd,

(b) 3D seismic survey in Bulgaria to commence in November, Ramco
    substantially carried

(c) One well anticipated in 2006 in the Donegal Basin, through
    which Ramco is carried,

(d) Interested parties have tabled offers for Seven Heads and
    the Oil Services Business

             Report of Steve Remp, Chairman of Ramco

I am pleased to report that we have taken the first steps in our
planned turnaround and we remain on target to achieve our stated
goal of being debt free by the end of 2005.

We have been running in parallel the sales processes for our
interest in the Seven Heads gas field and our oil service
businesses, and a number of interested parties have tabled
offers.  We are currently in the final stages of our negotiations
for their disposal.

Completion of this process will provide the platform from which
we will launch a new strategy which the Board believes will allow
us to re-capture value for all our stakeholders.

Financial Results

In the first half of 2005 the Group recorded an after tax loss of
GBP1.6 million compared with a loss of GBP1.0 million in the
first half of 2004.

Group turnover was GBP7.3 million compared with GBP25.5 million
in the first half of 2004.  The reduction in turnover is due
almost entirely to the lower gas sales under the Seven Heads Gas
Sales Agreement.

The Oil and Gas division reported a half-year profit of GBP1.3
million up from GBP1.2 million in the first six months of 2004.
Oil Services recorded a first half profit of GBP0.9 million the
same as in the corresponding period last year.

Group administrative expenses in the first half were GBP1.0
million up from GBP0.7 million last year.

However, after removing the impact of exceptional administrative
expenses of GBP0.6 million relating to the cost of an aborted
transaction announced earlier this year, the trend is strongly
downwards GBP0.4 million compared to GBP0.7 million last year.
Net interest payable over the first six months was GBP2.6 million
up from GBP2.2 million in the same period of last year.  The
Group loss after tax was GBP1.6 million compared with GBP1.0
million in the first half of 2004.

Following the placing of 3 million new shares at 34p each in June
2005, Group cash balances at 30 June 2005 were GBP5.3 million, of
which GBP2.4 million is ring fenced within the Seven Heads
project finance arrangements.

Seven Heads

The gas field continues to perform in accordance with current
year expectations and production has been maintained at 4 mmscfd
throughout the summer months.  Negotiations are in progress with
the selected preferred bidder for the Group's 86.5% working
interest in the field.  It is expected that a sale can be
completed before year-end.

                      Exploration Interests

Ireland

Lundin Exploration B.V., the operator of the Donegal Basin
acreage, is finalizing the detailed planning for the well to be
drilled to test the Triassic Inishbeg Prospect.  The timing of an
exploration well on this block is currently uncertain due to
limited rig availability, but it is anticipated that the well
will be drilled in 2006.  Ramco has entered into a farm-out
agreement and will be carried through the costs of the first
well, whilst retaining a 19.25% interest.

In the Celtic Sea the extensions to the four Licensing Options in
which we have an interest has enabled further technical studies
to be undertaken.  The results of these studies are scheduled to
be available during the last quarter of the year.

Bulgaria

The 570 sq. km. 3D seismic survey, through which we are
substantially carried, is scheduled to commence in November 2005.
The fieldwork is expected to be complete during quarter 3 of 2006
and on that basis we would expect interpreted results to be
available before the end of 2006.

The interpreted results will form the basis for taking the
decision on whether to retain the acreage beyond March 2007,
through committing to drilling an exploration well.

Montenegro

After government approvals have been received, the restructuring
of our interests announced earlier in the year will give Ramco an
option to re-join the acreage offshore Montenegro once the first
exploration well has been completed.  At that point we will have
the opportunity, with the benefit of well results, to reacquire
an interest of up to 15% in the acreage.

Oil Services

The first half of the year has seen Oil Services produce results
similar to those recorded for the same period last year.  Our
international operations are ahead of budget with our U.K.
operations slightly below.  This is as a result of a slower than
expected upturn in activity at our Badentoy facility.  The upturn
started to materialize late in the second quarter and should
continue and allow us to meet our target for the full year.  Our
Pipeline joint venture at Hartlepool has successfully completed a
number of coating contracts and has a strong order book for the
balance of the year.

Litigation

The appeal and related proceedings arising from the judgment
awarded to Anglo Dutch in the Texas State Court continue.  As
reported in our preliminary results issued on 30 June 2005, the
appeal and the plaintiff's cross-appeal, to the Fourteenth Texas
Court of Appeals, were heard in Houston on 26 April 2005 and the
court's decision is still awaited.  This process may be followed
by a further appeal by either party to the Texas Supreme Court.
Proceedings raised by Anglo Dutch in the Court of Session,
Edinburgh, with a view to enforcing the Texas judgment in
Scotland, were suspended pending the review by the Texas Court of
Appeals of an order fixing the amount of a bond, which, if lodged
by Ramco in Houston, would suspend any enforcement in Texas and
elsewhere.  The court has now fixed that amount at US$5.27
million, which gives Ramco the right, without any obligation, to
lodge such a bond.  While Ramco awaits the Texas
Court of Appeals' decision on the appeal and cross-appeal, it
will continue to contest the parallel enforcement proceedings in
Scotland.

Outlook

The Board feels that much has been achieved in the first half of
2005 in terms of stabilizing the Company and setting the scene
for the turnaround of Ramco.  A clear plan of action was adopted
and the results are now beginning to coming through.  This is a
team with a history of significant successes and a determination
to succeed once again.

Copy of the result is available free of charge at
http://bankrupt.com/misc/Ramco(H12005Interim).pdf

                            *   *   *

Ramco negotiated the rescheduling of its debt with lenders after
encountering problems with its Seven Heads' operations.  Its
bankers and a major creditor previously agreed to extend waiver
agreements for GBP12.0 million and GBP1.55 million in debt until
it sells the 86.5% interest it holds in the troublesome
operation, and other assets.

CONTACT:  RAMCO ENERGY PLC
          62 Queen's Road
          Aberdeen
          AB15 4YE
          United Kingdom
          Phone: +44 1224 352 200
          Fax: +44 1224 352 211

          Aberdeen
          Steven Bertram, Managing Director
          Phone: 01224 352 200

          COLLEGE HILL - London
          Nick Elwes
          Phone: 020 7457 2020

          Nick Elwes/Ben Brewerton
          Fleishman-Hillard Saunders
          Dublin
          Phone: 00 353 1 618 8450
          Michael Parker


REGUS GROUP: Reveals Further Early Repayment of US$37.25 Million
----------------------------------------------------------------
As a result of its continuing strong cash generation, Regus Group
plc has made a further early repayment of US$37.25 million
against its US$110.0 million term loan facility.  Taken together
with normal amortization repayments and a previous early
repayment of US$20.0 million, the amount outstanding on the term
loan facility as at 30 September 2005 is US$41.75 million.

                        About the Company

Regus is the world's largest provider of outsourced offices with
more than 750 business centers in some 350 cities across 60
countries, including over 90 prime locations across the U.K.  It
serves more than 100,000 clients a day worldwide and employs over
2,000 people.

In September, the group revealed it had a strong first half
performance, both financially and operationally.  It generated
profits from operations of GBP22.3 million (H1 2004: GBP1.9
million loss), after adding back non-recurring integration costs
of GBP3.0 million (H1 2004: GBPnil) and amortization of
intangibles of GBP1.3 million (H1 2004: GBP0.1 million).  This
reflected a complete turnaround on previous years.

The strong EBITDA to cash conversion in the period of GBP34.5
million has enabled the Group to make an early payment of US$20
million on its US$110 million term debt and invest in future
growth.

CONTACT:  REGUS GROUP PLC
          3000 Hillswood Dr.
          Chertsey
          Surrey KT16 0RS, United Kingdom
          Phone: +44-1932-895-500
          Fax: +44-1932-895-501
          Web site: http://www.regus.com


RISHWORTH CHASE: Calls in Liquidator
------------------------------------
M. R. J. Stratford, Chairman of Rishworth Chase Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 15 at the offices of Jacksons Jolliffe Cork, 33
George Street, Wakefield WF1 1LX.

Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe
Cork, 33 George Street, Wakefield WF1 1LX were appointed
liquidators.

CONTACT:  RISHWORTH CHASE LTD.
          316 Oldham Road, Sowerby Bridge
          West Yorkshire HX6 4QG
          Phone: 01422823700


ROBERT LEE: Company Calls in Administrator from Walletts
--------------------------------------------------------
Michael F. McCarthy (IP No 8942) of Walletts Insolvency Services
was appointed Robert Lee (Plant) Limited (Company No 03325205) on
Sept. 15.  The company sells and hires plant.

CONTACT:  ROBERT LEE (PLANT) LTD.
          New Road Industrial Estate,
          Hixon, Stafford,
          Staffordshire ST18 0PJ
          Phone: 01889271727

          WALLETTS INSOLVENCY SERVICES
          Adventure Place
          Hanley
          Stoke On Trent
          Staffordshire ST1 3AF
          Phone: 01782 212326
          Fax: 01782 683904
          E-mail: mike@walletts.co.uk


ROSS EDWARDS: Goes into Liquidation
-----------------------------------
R. Edwards, Chairman of Ross Edwards & Sons Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 19 at 46 Moorlands Business Centre, Balme Road, Cleckheaton
BD19 4EW.

J N Bleazard of XL Business Solutions Ltd., 46 Moorlands Business
Centre, Balme Road, Cleckheaton BD19 4EW was appointed
liquidator.

CONTACT:  XL BUSINESS SOLUTIONS LTD.
          46 Moorlands Business Centre
          Balme Road, Cleckheaton BD19 4EW


SCI ENTERTAINMENT: Confident of Turnaround After 9-month Result
---------------------------------------------------------------
                                      9 months to   12 months to
                                     30 June 2005[*]30 June 2004
                                       (Unaudited) (as restated)
                                        GBPm          GBPm
                                      ------------  ------------

Turnover                                 15.4         31.0
(Loss) profit after exceptional charges (14.0)         7.3
(Loss) earnings per share               (25.6)p       18.60p

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Results for the nine months to 30 June 2005 include the
results for SCi Entertainment Group Plc for the nine month period
to 30 June 2005 and the results of the Eidos Group for the seven
week period from the effective date of acquisition (16 May 2005)
to 30 June 2005.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Highlights

(a) Acquisition of Eidos plc effective from 16 May 2005 makes
    SCi the largest U.K. computer and video games publisher and
    a leading player in the global video games industry;

(b) Change in year-end to 30 June following the acquisition
    results in a pre-tax loss of GBP14.0 million after
    exceptional charges, which is 7% better than the market
    expectation of a loss of GBP15.1 million;

(c) The Group has traded well since the acquisition of Eidos.
    Strong performances from Championship Manager and the
    distribution of Lego Star Wars means that Eidos made an
    operating profit of GBP1.6 million in the seven week period
    from acquisition to 30 June 2005;

(d) Integration of SCi and Eidos proceeding well;

(e) SCi's management team strengthened by the appointment of
    Scott Dodkins (European Managing Director), Bill Gardner
    (Managing Director - U.S. Publishing) and Ian Livingstone
    (Product Acquisitions Director);

(f) The Board remains confident of achieving planned annual cost
    savings of GBP14 million in the first full year of
    operation.  Management and staff restructuring completed on
    schedule;


(g) Review of development proceeding well.  As planned, key
    franchises scheduled for release in the second half of the
    2006 financial year in order to maximize quality and
    potential revenues;

(h) SCi is confident of returning Eidos to profitability during
    the twelve months to 30 June 2006;

(i) Strong balance sheet and no gearing.  Positive cash of GBP44
    million at 30 June 2005, which is 10% better than market
    expectations;

(j) New Completion Bond agreement signed with Film Finances Inc
    to further manage and reduce development risk;

(k) Strong start to the 2006 financial year.  Championship
    Manager Solo is the U.K.'s number one selling mobile phone
    game; Total Overdose entered the U.K. Top Ten and is
    performing strongly in other European countries; Conflict:
    Global Storm due to ship on time on 30 September; and

(l) Option signed to a major Hollywood Studio for the feature
    film rights to Hitman.

Jane Cavanagh, Chief Executive of SCi said: "SCi is now a major
force in the global interactive entertainment industry.  We own
some of the strongest brands in the games industry (including
Tomb Raider, Hitman, the Conflict series and Championship
Manager) and some of the most talented development studios in the
world (IO Interactive, Crystal Dynamics, Pivotal Games, Beautiful
Game Studios and Core Design).  We expect the 2006 financial year
to demonstrate the strength and breadth of the new Group's brands
and return Eidos to profitability.  The launch of new hardware
platforms plus the continued expansion of mobile and on-line
games should continue to drive growth in the overall market and
therefore the opportunities available to the enlarged Group."

Financial statements are available free of charge at
http://bankrupt.com/misc/SCIEntertainment(9mos2005).mht

About SCi Entertainment Group Plc

SCi Entertainment Group Plc (Epic: SEG) is one of the world's
leading publishers and developers of computer and video games.

SCi was founded in 1988 and floated on the London Stock Exchange
in 1996.  Its hit products have included Carmageddon, The Italian
Job, The Great Escape and three products in the highly successful
Conflict series.

Following the acquisition of Eidos plc in May 2005, the Group has
a valuable combined portfolio of intellectual property including:
Tomb Raider, the Conflict series, Hitman and Championship
Manager.  It also has exclusive licenses to the interactive
rights to Reservoir Dogs and Highlander.

The Group has publishing and distribution offices in London, San
Francisco, Paris, Hamburg and Madrid.  It owns, or part owns,
development studios in London, Bath, Derby, San Francisco,
Copenhagen and Madrid.

CONTACT:  SCI ENTERTAINMENT GROUP PLC
          Jane Cavanagh, Chief Executive
          Rob Murphy, Finance Director
          Phone: 020 7585 3308

          BELL POTTINGER CORPORATE & FINANCIAL
          Press: Ann-marie Wilkinson/Robin Tozer
          Phone: 020 7861 3232


SET SELECTION: Recruitment Company Calls in Administrator
---------------------------------------------------------
R. F. Simms and M. R. Buttriss (IP Nos 9252 and 9291) of F A
Simms & Partners Plc were appointed joint administrators of labor
recruitment Set Selection Limited (Company No 4167118) on Sept.
19.  The company's registered office is at 2A Peveril Drive,
Nottingham, Nottinghamshire NG7 1DE.

CONTACT:  SET SELECTION LTD.
          Gravel Walk,
          Peterborough,
          Cambridgeshire PE1 1YU
          Phone: 01733555935

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


SKYEPHARMA PLC: Half-year Profit Down 9% to GBP21.4 Million
-----------------------------------------------------------
SkyePharma plc has reported interim results for the six months
ended 30 June 2005.

Operating Highlights

(a) U.S. approval and launch of Triglide(TM) (fenofibrate);

(b) new agreement with GlaxoSmithKline on Paxil CR(TM);

(c) Paxil CR(TM) returned to U.S. market 27 June;

(d) DepoDur(TM) granted conditional approval in U.K.;

(e) DepoBupivacaine(TM) licensed to Mundipharma for all
    territories outside North America and Japan;

(f) Foradil(R) Certihaler(R) approved in Germany and launched by
    Novartis; and

(g) Pulmicort(R) HFA-MDI filed by AstraZeneca in first European
    market.

Financial Highlights

(a) revenue up 3% to GBP36.0 million (2004: GBP35.1 million);

(b) royalties 33% of total revenue, up 17% to GBP12.0 million
    (2004: GBP10.3 million);

(c) gross profit down 9% to GBP21.4 million (2004: GBP23.5
    million);

(d) R&D down 24% to GBP10.9 million (2004: GBP14.4 million);

(e) operating loss before exceptionals down 82% to GBP0.3
    million (2004: GBP1.6 million);

(f) operating loss after exceptionals up GBP0.2 million to
    GBP0.3 million (2004: GBP0.1 million);

(g) deferred income down by GBP0.9 million to GBP13.2 million
    (as at 31 December 2004: GBP14.1 million);

(h) Loss for the period up 7% to GBP9.3 million (2004: GBP8.7
    million);

(i) Loss per share 1.5 pence (2004: 1.4 pence);

(j) Net cash GBP19.0 million (as at 31 December 2004: GBP15.3
    million); and

(k) announcement of rights issue, raising GBP35 million of new
    money.

Michael Ashton, Chief Executive, said: "The first half of 2005
has seen a number of significant achievements including the
approvals and subsequent launches of two important products,
Triglide(TM) in the US and Foradil(R) Certihaler(R) in Germany,
its first major market.  We have appointed the first licensee for
DepoBupivacaine(TM) on terms, which will largely fund its
development.  I am pleased to report that Paxil CR(TM) has
returned strongly to the U.S. market.  We have also decided to
take Flutiform(TM) through Phase III development ourselves before
out-licensing, which will, we believe, create significant
additional value for shareholders."

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

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


THUS GROUP: Expects EBITDA to Stay Flat Despite Improvements
------------------------------------------------------------
THUS Group plc has released an update its trading position ahead
of the Interim Results for the six months to 30 September 2005,
due for publication on 21 November 2005.

First half trading has been consistent with the Board's
expectation that THUS would continue to grow and generate
positive cash flows, with significantly reduced operating losses
compared to the same period last year.

The Board expects THUS to generate its fourth half year in
succession of positive free cash flow despite challenging trading
conditions.  It has delivered further growth in managed and
converged services using IP and MPLS technology, broadband, and
carrier based services.

The company has achieved continued productivity improvements by a
further reduction in operating costs and greater business
efficiency.  Despite these improvements, first half EBITDA on a
statutory basis is expected to be similar to the same period last
year (reporting under IFRS) as the company manages the transition
in margins from legacy to new generation services and the impact
of competitive pricing in the market.

New corporate customers in the period to benefit from its next
generation network services include GNER, British Waterways and
Cheshire County Council.

U.K. Telecommunication Market Development

THUS continues to grow organically and remains focused on U.K.
business and enterprise customers, leveraging our scale and the
leadership position of its next generation network services.

As stated in its annual report, the company expects the U.K.
telecommunication market to rationalize its structure and improve
its overall financial viability through sector consolidation.
Against this background, it is continuing to explore
opportunities to create additional value for shareholders from
acquisition opportunities but only if this offers the potential
to accelerate its strategy and business plan to secure its
long-term objective of a return on capital employed greater than
the cost of capital.

William Allan, THUS Group plc Chief Executive, said: "We remain
confident that THUS has the strength and flexibility to succeed
as the market transitions from legacy to new generation services
where we have focused our capital investment on network and
service capability.  We have successfully delivered positive
EBITDA and cash flow on a sustainable basis, and we now expect to
achieve positive operating profits (EBIT) during the second half
of this financial year.

"THUS continues to differentiate its capability by its long
standing and consistent record on service quality and service
innovation, and its ability to manage and implement advanced
IP/MPLS enabled services for its customers.  While we expect
market conditions to remain challenging, we have been encouraged
by the growth from existing and new customer contracts and
anticipate an acceleration in business in the second half to meet
full year market expectations."

CONTACT:  THUS GROUP PLC
          Corporate Communications and PR
          1/2 Berkeley Square
          99 Berkeley Street
          Glasgow
          G3 7HR
          Phone: 0141 567 1234
          Fax: 0141 566 3035
          E-mail: thus.enquiries@thus.net
          Web site: http://www.thus.net


TIME AND TINY: Makes Watford U.K.'s Leading PC Maker
----------------------------------------------------
PC maker Watford Electronics has acquired the assets and brands
of beleaguered Time and Tiny Computers, vnunet.com reports.

The Time and Tiny brand adds to Watford's growing collection,
which now includes Aries, Carrera and PowerXS.  It also makes
Watford the largest, if not the No.1, PC maker in the U.K.

According to reports, Watford will honor outstanding Time and
Tiny warranties on a case by case basis.  It is asking customers
to register on a special Web site.

"It is our intention to support all existing Tiny customers,"
said Watford Managing Director Shiraz Jessa.  "We are asking all
customers who have an outstanding warranty to register their
details with us.  We will contact each one as soon as a decision
regarding the provision of ongoing support has been made."

CONTACT:  TIME AND TINY COMPUTERS
          c/o Grant Thornton UK LLP
          General Inquiries: 0870 830 3288
          Technical Support: 0906 558 0234
          E-mail: enquiries-time@gtuk.com

          WATFORD ELECTRONICS LTD.
          Finway Luton
          LU1 1WE
          Bedfordshire
          Tel: 0870 027 0900
          Fax: 0870 220 0045
          Web site: http://www.watford.co.uk


UNIQ PLC: U.K. Restructuring May Leave 90 People Jobless
--------------------------------------------------------
Uniq plc has released a pre-close briefing ahead of half-year
results for the 26 weeks to 1 October 2005, which will be
published on 14 November 2005.

          Trading Update by Chief Executive Geoff Eaton

I have identified significant opportunities and initiatives for
improvement in each of our divisions.   The trading environment
is challenging and the significant change programs I am outlining
will take time to deliver.  However, the agenda for change is
dynamic and exciting as we focus on optimizing the value in each
business we operate.

Southern Europe

In Southern Europe, in convenience there are opportunities for
developing category management and capitalizing further on the
strength of the Marie brand, improving efficiency through
building cross-functional teams at the factories and developing a
leaner and faster NPD process.  Releasing the business from
previous corporate restrictions will enable the business to
launch the Marie brand into Belgium.

Northern Europe

In Northern Europe there is a strong culture of cost reduction
across the region with strong regional operational management.
The opportunity is to leverage more effectively the operational
strength into each market served through more focused sales and
marketing effort at the local level.

United Kingdom

To realize the full potential of the U.K. businesses, we are
announcing our plans for a major reorganization of the U.K.
division:

(a) we will create six, entrepreneurially led, customer-focused
    business units: three desserts businesses, sandwiches &
    dips, prepared salads, and fish & ready meals, and

(b) each unit will be profit-accountable and under the overall
    leadership of new U.K. Divisional Managing Director, Rick
    Turnbull, (appointed on 14 September 2005).

In conjunction with these changes the desserts supply chain has
been reassessed.  As a result, Evercreech will remain open and
will form the basis for one of the new desserts businesses
focused on a key customer and the site's expertise in premium
desserts and cottage cheese.

The U.K. restructuring is consistent with the existing "Fit for
Purpose" program announced earlier in the year, but takes the
principles to another level at no extra cost.  It is anticipated
that it will result in a headcount reduction of 75 to 90,
generate substantial cost savings and ensure the businesses are
leaner and more responsive to customer and market opportunities.

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


VEGEM INTERNATIONAL: Names Mazars Administrator
-----------------------------------------------
Robert Adamson and Paul Charlton (IP Nos 9380 and 5838) of Mazars
LLP were appointed joint administrators of Vegem International
Ltd. (Company No 05365303) on Sept. 22.  The company's registered
office is at Howley Park Road Industrial Estate, Morley, Leeds
LS27 0QN.  Vegem International distributes automotive components.

CONTACT:  VEGEM LIMITED
          Howley Park Industrial Estate
          PO Box 9
          Morley, Leeds LS27 0QN
          Phone: +44 (0) 113-2530451
          Fax: +44 (0) 113-2521161

          MAZARS LLP
          Mazars House, Gelderd Road
          Gildersome Leeds LS27 7JN
          Phone: 0113 204 9797
          Fax: 0113 387 8760
          Web site: http://www.mazars.co.uk


WHITEHEAD MANN: Has New Corporate Broker
----------------------------------------
Whitehead Mann Group Plc has issued a trading update ahead of the
announcement of its interim results for the six months ending 30
September 2005.

Trading in the second quarter has continued the positive trend
announced at the AGM on 8 July 2005 and is in line with
expectations.  The company has made continued progress in
implementing its strategic plan, including collocation of all
London staff into a single office and recruitment of partners and
consultants to strengthen client-facing teams.

The interim results for the six months ended 30 September 2005
will be announced on Friday 11 November 2005.

The Board of Whitehead Mann Group Plc is pleased to announce the
appointment of Oriel Securities Limited as its corporate broker
with immediate effect.

                            *   *   *

The U.S.-based unit of Whitehead Mann Group Plc -- the sixth
largest executive search firm in the world -- filed a prepackaged
chapter 11 plan of liquidation in the U.S.  Bankruptcy Court for
the Southern District of New York on March 31, 2005.  This came
after Whitehead Mann warned it is likely to reveal a GBP20
million annual loss.

The company is implementing a Strategic Plan to take the business
forward.

Group turnover for the year to 31 March 2005, from continuing
operations, was GBP47.2 million (2004: GBP55.0 million).
Operating profit from continuing operations before exceptionals
was GBP2.0 million (2004: GBP9.1 million).  Exceptional operating
costs of GBP9.1 million resulted in an operating loss after
exceptionals for the year of GBP9.0 million (2004: operating
profit GBP4.8 million).

CONTACT:  WHITEHEAD MANN GROUP PLC
          14 Hay's Mews
          London
          United Kingdom
          W1J 5PT
          Phone: +44 20 7290 2000
          Fax: +44 20 7290 2050
          Web site: http://www.wmann.com

          Chris Merry, Chief Executive
          Phone: +44 (0)20 7290 2000
          Brunswick Group LLP
          James Bradley
          Rupert Young
          Phone: +44 (0)20 7404 5959


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

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

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

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


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