TCREUR_Public/051006.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, October 6, 2005, Vol. 6, No. 198

                            Headlines

C R O A T I A

AGROKOR D.D.: Ratings Lowered to 'B'; Outlook Negative


F R A N C E

JACQUEMARD: Moving Operation to Romania
RHODIA SA: Shares Rally on Takeover Rumors
SNCM: Finance Minister Suggests Privatization
SOCIETE BRICOISE: Goes into Liquidation


G E R M A N Y

DRESSLER REISEN: Dresden Court Names White & Case Administrator
GENCON WOHNBAU: Court Calls in Administrator from Tiefenbacher
GIERATHS & PARTNER: Proofs of Claim Due Next Month
ISA ELEKTRO: Declares Bankruptcy
MA-BO GMBH: Court to Verify Claims February

MANSFELDER KUPFER: Sold to Kazakhmys for 1 euro
PRIVATE WIRTSCHAFTS: Chemnitz Court Appoints Pluta Administrator
UWE WARNKE: Reinbek Company Goes Bust
VEREINS CENTRO: Creditors Meeting Set November


H U N G A R Y

TOKAJ KERESKEDOHAZ: Govt Selling Troubled Spirits Unit


I R E L A N D

ELAN CORPORATION: Conference Call Set Later this Month
SOUTHERN ELECTRONICS: Sets Members, Creditors Final Meeting


I T A L Y

ALITALIA SPA: Govt Likely to Miss October 8 Deadline
PARMALAT FINANZIARIA: Slaps Swiss Bank US$47 Billion Claim
PARMALAT FINANZIARIA: Seeking EUR7.1 Billion from CSFB
PARMALAT FINANZIARIA: Sues Banca Monte for EUR1.6 Billion
PARMALAT FINANZIARIA: Lactalis, Granarolo Mull Takeover
PARMALAT FINANZIARIA: Tanzi, 15 Others Face 10 Years in Jail


K Y R G Y Z S T A N

AGRO BUSINESS: Under Bankruptcy Supervision
AZIA ORGCHIM: Creditors' Claims Due Next Month
GOOD LUCK: Claims Deadline Expires November
JALYN: Gives Creditors Until Next Month to File Claims
STROIMONTAJ: Appoints New Temporary Insolvency Manager


L U X E M B O U R G

NATIONAL STEEL: S&P Rates Corporate Credit 'B+'


N E T H E R L A N D S

DEMIR-HALK: Upgraded to 'BB' on Improved Profitability


P O L A N D

MTV RT: Faces Bankruptcy Without State Budget
RTV MARS: Files for Bankruptcy


R U S S I A

AEROFLOT: Buying New Planes to Upgrade Fleet
ALNASHI-AGRO-PROM-KHIMIYA: Court Brings in Insolvency Manager
BANK URALSIB: Fitch Assigns Long-term 'B' Rating
CITY-ENERGO: Claims Filing Period Ends Next Month
HOLDING: Succumbs to Bankruptcy

MASHINOSTROITEL: Bankruptcy Supervision Procedure Begins
NIVA-KROMY: Undergoes Bankruptcy Supervision Procedure
NORTH-WOOD-INVEST: Declared Insolvent
OAO LUKOIL: Subsidiary Acquires 66.3% of Nelson Resources
PROMSVYAZBANK: Eurobond Gets Final 'B' Rating

ROAD REPAIR-BUILDING: Deadline for Proofs of Claim Set Next Week
SAMARA-OIL-PROM-STROY: Hires Y. Lukanov Insolvency Manager
UPHOLSTERED FURNITURE: Bankruptcy Hearing Set December
ZELTA-ENERGO: Insolvency Manager Takes over Business


S W E D E N

SKANDIA INSURANCE: Minority Shareholder Rejects Old Mutual's Bid


U K R A I N E

ETALON-LAN: Under Bankruptcy Supervision
GALITSIYA-INVEST: Court Appoints Temporary Insolvency Manager
GRYAZNYANSKA: Bankruptcy Supervision Starts
HIMSERVICE: Temporary Insolvency Manager Steps in
LUGANSKNAFTOPRODUKT: Succumbs to Bankruptcy

MAGISTRAL: Goes into Liquidation
SOKIL-TRANS-LEASING: Court Grants Debt Moratorium
SUMI' RUBBER-TECHNICAL: Declared Insolvent
UKREXIMBANK: Fitch Assigns Eurobond Final 'BB-' Rating
VANDOR LTD: Liquidator Takes over Operations


U N I T E D   K I N G D O M

ALBION & OVERSEAS: Hires Liquidator from Baker Tilly
ALLSPORTS LTD.: Sports Retailer Files for Administration
ARTHUR JONES: Hires Liquidator from Muras Baker Jones
ASHBECK LIMITED: Appoints Liquidator from Crawfords
AZTEC PHOENIX: Final Meeting Set Third Week of October

BARNABY EVANS: Creditors Meeting Set Next Week
B & H PROPERTIES: Liquidators from Baker Tilly Enter Firm
BOOTS GROUP: Investors Worry About Merger's Long-term Benefits
BUTCHER ELECTRICAL: Calls in Marriott Palmer Administrator
COMPASS GROUP: Dragged into U.N. Procurement Scandal

CRANFIELD CORPORATE: Appoints DTE Leonard Liquidator
DML UK: Calls in Begbies Traynor Administrator
EQUITABLE LIFE: Court Denies Directors' Reimbursement Claims
FREDERICK E TIDMAN: In Administrative Receivership
FRUIT PRODUCTS: Cashflow Partners Appoints Receiver

GARBUTT HEATERS: Set Creditors Meeting
GEORGE BURLINGHAM: Claims Deadline Expires Later this Month
GWYN R DAVIES: Files for Liquidation
HUDSON SIGNS: Calls Creditors Meeting
I.D.C.C. PLC: Names Leonard Curtis Liquidator

IMAGICTV (UK): Members Final Meeting Set November
KOLORBOND (WALES): Liquidator Calls Creditors Meeting
L M LEASING: Files for Liquidation
MARKS & SPENCER: Appoints Pearson Director Deputy Chairman
MOBILE DATA: Creditors to Meet Next Week

MORRIS PACKAGING: Calls Creditors Meeting
NTL CABLE: Moody's Reviews Rating for Possible Upgrade
PAGEALERT LIMITED: Software Developer Winds up
PATIENTLINE PLC: Denies Breaching Banking Contracts
PROMOTIONAL PARTNERS: Final Meeting Set this Month

QDF CASTINGS: Meeting of Creditors Set Next Week
RELSON LIMITED: Final Meeting Set Next Month
R KLUB: Liquidator from Tenon Recovery Moves in
ROSEBERRY HOMES: Administrators from PwC Take over Business
ROSE PACKAGING: Calls in Administrator

ROYAL & SUNALLIANCE: Court to Review Claims vs. U.S. Unit
S&D ELECTRICAL: Goes into Liquidation
SERIOUS STRUCTURES: Liquidator Sets Creditors Meeting
SLEEP SOUND: Names Crawfords Liquidator
SOLARGLASS UK: Glazing Product Supplier Liquidates

SPECTRA HEAT: Goes into Liquidation
SPEYMILL GROUP: Trims Half-year Losses to GBP0.43 Million
TARKA TILES: EGM Passes Winding-up Resolution
TELEWEST COMMUNICATIONS: Moody's Hints Possible Upgrade
TRADE & SAVE: Names Begbies Traynor Liquidator

UNIT SUPPLY: Calls in Liquidator from RSM Robson
WARREN RECRUITMENT: Recruitment Specialist Hires Administrators
WELLS SMT: Liquidator Moves in
WEST RIDING: Yorkshire Bank Appoints P&A Partnership Receiver
WIGAN MANUFACTURING: In Liquidation
WM MORRISON: Half-year Results Out Later this Month


                            *********


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C R O A T I A
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AGROKOR D.D.: Ratings Lowered to 'B'; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior secured debt ratings on Croatia-based
food manufacturer and retailer Agrokor d.d. to 'B' from 'B+'.
The outlook is negative.

The rating action reflects Standard & Poor's assessment of
Agrokor's limited debt repayment capacity over the medium term,
owing to expected negative free cash flow generation and its weak
liquidity position.  It also reflects our concern about the
group's high degree of reliance on short-term debt to fund an
aggressive growth strategy.

The ratings on Agrokor continue to reflect the company's highly
leveraged financial profile, its dependence on one country for
more than 90% of its revenue base, its ownership by one person,
and reliance on a few main brands for profitability.  The ratings
are supported by Agrokor's dominant position in the Croatian
mineral water and ice cream sectors, in which it holds market
shares greater than 75%, and its strong position in Croatian food
retail, with a 26% market share.

Agrokor's first-half 2005 results exhibited year-on-year a 15%
growth in sales, and a 20% increase in EBITDA. These factors are,
however, of limited comfort as the results also demonstrated a
continuation of the company's negative trend in cash flow
generation, leading to a further significant increase in debt
levels over the same period.

"Even assuming no further acquisitions are made, high capital
expenditure requirements, and various commitments with respect to
recently acquired businesses, are likely to constrain Agrokor's
deleveraging activities in 2006," said Standard & Poor's credit
analyst Benedetta Rospigliosi.

"This comes at a crucial time, when the bulk of the group's debt
will become, essentially, short term," added Ms. Rospigliosi.

Standard & Poor's expects that the outlook could be revised to
stable if the group were to complete an early and prudent
refinancing of its 2007 debt maturities, and demonstrate a clear
commitment to pursuing growth opportunities, only if backed by a
controlled financial policy.  Conversely, if liquidity
deteriorates, the rating will come under pressure.

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:  AGROKOR D.D.
          Trg D. Petrovica 3
          HR-10000 Zagreb, Croatia
          Web site: http://www.agrokor.hr/
          E-mail: agrokor@agrokor.hr

          Tomislav Varga
          Director in Corporate Finance
          Phone: +385 1 4894 024
          Fax: +385 1 4894 081
          E-mail: investors@agrokor.hr

          Mila Cicek
          Director of Strategic Research and Analysis
          Phone: +385 1 4894 220
          Fax: +385 1 4894 082
          E-mail: investors@agrokor.hr


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


JACQUEMARD: Moving Operation to Romania
---------------------------------------
Jacquemard is converting its Romilly-sur-Seine manufacturing
plant into a service operation to keep it open, Les Echos
reports.

Management confirmed at an EGM on Friday it is planning to cut
about 296 jobs in the process.  It will transfer socks
manufacturing operation in the plant to Romania, and make the
site a service and innovative logistics provider.  The move is
expected to protect 258 jobs and allow further recruitment in the
long term.

The conversion is in response to retailers' demand for the lowest
prices possible.  The company said in the long run it might have
to stop manufacturing socks due to high costs.  The Romilly site
accounts for 20% of its socks production.

CONTACT:  JACQUEMARD "OLYMPIA"
          45 rue Partouneaux, BP 12
          Romilly sur Seine F-10100, France
          Phone: 33 3 25 39 45 50
          Fax: 33 3 25 24 68 03
          Web site: http://www.olympia-socks.com


RHODIA SA: Shares Rally on Takeover Rumors
------------------------------------------
Shares of Rhodia S.A. have risen over 38% amid speculation that
larger rivals such as BASF are looking to buy the chemicals
company.

Traders also attribute the hike to Rhodia's rumored plan to
dispose of loss-making units, said Dow Jones.  The Financial
Times, in another report, said analysts consider the takeover
unlikely as Rhodia is still restructuring.  The company is still
under pressure to snap a three-year losing streak, it said.

FT says the announcement Friday that it has agreed with Korean
authorities to reduce greenhouse gas emissions on its Onsan site
may have something to do with the share price rally.  The
project, part of Rhodia's commitment to Sustainable Development,
has been approved by French and Japanese authorities.

On Monday, Rhodia shares jumped 7.7% to EUR1.83, gaining more
than 38% in a week.  Rhodia and BASF both refused to comment on
the reports.

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25


SNCM: Finance Minister Suggests Privatization
---------------------------------------------
French Finance Minister Thierry Breton sees the privatization of
The Societe Nationale Maritime Corse Mediterranee as the only way
for it to survive, Xinhua News Agency reports.

The government announced tenders for the recapitalization of SNCM
in January after SNCM posted a deficit of EUR29.7 million in
2004.  It could no longer provide the company direct financial
aid because of European Union competition rules.  Mr. Breton said
the only way to save the company without breaching anti-trust
regulation is to sell a stake.  According to him, SNCM needs a
capital injection of EUR115 million.

The government earlier said it plans to sell a 40% stake in the
company to investment fund Butler Capital Partners, and a 30%
stake to Connex.  The rest will be kept, including the 5% held by
SNCM employees.

SNCM operates ex-Corsica ferry services to mainland France and
other Mediterranean destinations.

CONTACT:  THE SOCIETE NATIONALE MARITIME CORSE MEDITERRANEE
          Web site: http://www.sncm.fr/action/home


SOCIETE BRICOISE: Goes into Liquidation
---------------------------------------
Lingerie and swimwear maker Societe Bricoise de Confection has
gone into judicial liquidation, according to Les Echos.  The
company ran out of cash after losing a customer.  Compounding its
trouble was an increase in labor costs that arose from work shift
changes.

Based at Bonnetable in the Sarthe department, the company has 100
employees at Saint-Brice-en-Cogles in the Ille-et-Vilaine
department.  In 2004, it reported turnover of EUR2.6 million.

CONTACT:  SOCIETE BRICOISE DE CONFECTION
          3 Rue Victor Roussin - BP 26
          35460 Saint Brice En Cogles
          Phone: 02 99 18 57 57
          Fax: 02 99 18 57 59


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


DRESSLER REISEN: Dresden Court Names White & Case Administrator
---------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Dressler Reisen GmbH on September 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 13, 2005 to register their
claims with court-appointed provisional administrator Bettina
Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2005, 11:15 a.m. at the district
court of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  DRESSLER REISEN GmbH
          Muehlenstrasse 1 in 01809 Heidenau

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


GENCON WOHNBAU: Court Calls in Administrator from Tiefenbacher
--------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Gencon Wohnbau GmbH on September 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 19, 2005 to register their
claims with court-appointed provisional administrator Frank
Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting on December 1, 2005, 10:00 a.m. at the district court
of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  GENCON WOHNBAU GmbH
          Wilhelmplatz 10 in 02826 Gorlitz

          Frank Ruediger Scheffler, Administrator
          Tiefenbacher
          C.-D.-Friedrich-Str. 6, 01219 Dresden
          Web site: http://www.tiefenbacher.de


GIERATHS & PARTNER: Proofs of Claim Due Next Month
--------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
GIERATHS & PARTNER GMBH SCHREINEREIMEISTER-BETRIEB on September
8.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until November
15, 2005 to register their claims with court-appointed
provisional administrator Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting on December 12, 2005, 9:05 a.m. at the district court
of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 12.
Etage, Raum 1240, 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:  GIERATHS & PARTNER GMBH SCHREINEREIMEISTER-BETRIEB
          Stegerwaldstrasse 1, 51427 Bergisch Gladbach
          Contact:
          Horst Gieraths and Wolfgang Pruehl, Managers

          Karl-Dieter Sommerfeld, Administrator
          Hammerweg 3, 51766 Engelskirchen
          Phone: 02263/9039-0
          Fax: +492263903910


ISA ELEKTRO: Declares Bankruptcy
--------------------------------
The district court of Potsdam opened bankruptcy proceedings
against ISA Elektro-Anlagen GmbH on September 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 28, 2005 to
register their claims with court-appointed provisional
administrator Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2005, 9:00 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, Saal 004, at which time
the administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ISA ELEKTRO-ANLAGEN GmbH
          Dorfstrasse 7 - 8, 14547 Stuecken
          Contact:
          Lothar Arnecke, Manager

          Bert Buske, Administrator
          Alt Nowawes 67, 14482 Potsdam


MA-BO GMBH: Court to Verify Claims February
-------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against MA-BO GmbH Maler, Lackierer, Bodenverleger on
September 9.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 7, 2005 to register their claims with court-appointed
provisional administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on October 24, 2005, 9:20 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report February 6,
2006, 9:00 a.m. at the same venue.

CONTACT:  MA-BO GmbH MALER, LACKIERER, BODENVERLEGER
          Plonzeile 44,12459 Berlin

          Dr. Wolfgang Schroder, Administrator
          Genthiner Str. 48, 10785 Berlin


MANSFELDER KUPFER: Sold to Kazakhmys for 1 euro
-----------------------------------------------
Kazakhstan's Kazakhmys has taken over bankrupt MKM Mansfelder
Kupfer und Messing, reports Interfax.

"We bought the whole plant for 1 euro," said Ruslan Yun, chief
executive of Kazakhmys, which paid Mansfelder's EUR60 million
debt.  The plant, owned by Lamitref Industries N.V. of Belgium,
is working fine and generating profit, he said.

Kazakhmys will purchase more assets outside Kazakhstan if it
receives interesting offers, he said.

CONTACT:  MKM MANSFELDER KUPFER & MESSING
          Lichtlocherberg 40
          Hettstedt, Germany D-06333
          Phone: 49-3476-890
          Fax: 49-3476-893111


PRIVATE WIRTSCHAFTS: Chemnitz Court Appoints Pluta Administrator
----------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Private Wirtschafts- und Bildungsakademie GmbH on
September 6.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 21, 2005 to register their claims with court-appointed
provisional administrator Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 11:15 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  PRIVATE WIRTSCHAFTS- UND BILDUNGSAKADEMIE GmbH
          Lindenstrasse 3, 08451 Crimmitschau
          Contact:
          Dr. Rudolf Herrmann, Manager

          Dr. Stephan Thiemann, Administrator
          Pluta Rechtsanwalts GmbH
          Leipziger Str. 62, 09113 Chemnitz
          Web site: http://www.pluta.net


UWE WARNKE: Reinbek Company Goes Bust
-------------------------------------
The district court of Reinbek opened bankruptcy proceedings
against Uwe Warnke GmbH on September 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 14, 2005 to register their
claims with court-appointed provisional administrator Stephan
Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting on December 13, 2005, 10:00 a.m. at the district
court of Reinbek, Parkallee 6, 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:  UWE WARNKE GmbH
          Contact:
          Dr. W. Wessel
          Roeckstr. 1, 23568 Luebeck

          Stephan Neubauer, Administrator
          Spitaler Strasse 4, 20095 Hamburg


VEREINS CENTRO: Creditors Meeting Set November
----------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Vereins Centro Cultural Recreativo Desportivo Portugues
Dortmund e.V. on September 7.  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 Achim Thomas
Thiele.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2005, 8:30 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, 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:  VEREINS CENTRO CULTURAL RECREATIVO DESPORTIVO
          PORTUGUES DORTMUND e.V.
          Kirchenstr. 34, 44147 Dortmund
          Contact:
          Leonel Suzano and Jorge Pereira, Managers
          Zimmerstr. 55, 44145 Dortmund

          Achim Thomas Thiele, Administrator
          Bronnerstrasse 7, 44141 Dortmund
          Phone: 54110
          Fax: 5411266


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


TOKAJ KERESKEDOHAZ: Govt Selling Troubled Spirits Unit
------------------------------------------------------
State Privatization and Holding Company (APV) is looking for a
buyer for the spirits unit of state-owned winery Tokaj
Kereskedohaz, MTI-Econews reports.

The unit is based in Bodrogolaszi (NE Hungary).  Daily Magyar
Nemzet estimates the operation to be worth HUF600 million.  The
state is required by law to keep ownership of Tokaj, but there is
no prohibition on the sale of non-core and loss-making
subsidiaries, APV spokesman Peter Oravecz said.  The unit
satisfies both conditions.

He said the unit can generate profit, but it needs an expensive
upgrading.  Just maintaining it could cost Tokaj tens of millions
of forints.  APV is planning to sell the operation at a public
auction, the second after the first failed to attract buyers.

CONTACT:  TOKAJ KERESKEDOHAZ CROWN ESTATE
          Zoltan Hegedues
          Martirok Utja 17
          H-3980 Satoraljaujhely
          Phone: 0036 47 322 133
          Fax: 0036 47 321 603
          E-mail: tokajvin@mail.matav.hu


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ELAN CORPORATION: Conference Call Set Later this Month
------------------------------------------------------
Elan Corporation, plc announced on Tuesday it will host a
conference call on October 27, 2005 at 8:30 a.m. Eastern Time
(ET), 1:30 p.m. British Summer Time (BST) with the investment
community to discuss Elan's third quarter 2005 financial results,
which will be released before the U.S. and European financial
markets open.

Live audio of the conference call will be simultaneously
broadcast over the Internet and will be available to investors,
members of the news media and the general public.

This event can be accessed by visiting http://www.elan.comand
clicking on the Investor Relations section, then on the event
icon.  Following the live Web cast, an archived version of the
call will be available at the same URL.

About Elan

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

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


SOUTHERN ELECTRONICS: Sets Members, Creditors Final Meeting
-----------------------------------------------------------
I. D. Yerrill, Joint Liquidator of Southern Electronics Limited,
informs that Final Meetings of Members and Creditors of the
Company will be held at the offices of Gerald Edelman Business
Recovery Professionals, Suite 1, Kent House, Station Road,
Ashford, Kent TN23 1PP, on Friday 28 October 2005, at 10:30 a.m.
and 10:45 a.m.

CONTACT:  SOUTHERN ELECTRONICS LTD.
          Unit 3A, Three Rock Road
          Sandyford Industrial Estate, Dublin 18
          Web site http://www.sel.ie


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ALITALIA SPA: Govt Likely to Miss October 8 Deadline
----------------------------------------------------
Alitalia will end 2005 with EUR200 million in operating losses,
Il Sole 24 Ore says.

The airline had been aiming for only EUR100 million, down from
EUR400 million last year, but the surge in fuel cost this year
has made that goal impossible to attain.  Banca Intesa, which
will underwrite the carrier's EUR1.2 billion rights issue, has
called for the review of Alitalia's business plan to reflect
material changes in market conditions.

As a result, the airline will likely miss the deadline set by the
European Commission last year when it approved a EUR400 million
state-backed bridging loan.  That timetable dictates the
government to reduce its stake below 50% by October 8.

                        About the Company

Headquartered in Viale A. Marchetti 111, 00148 Rome, Italy,
Alitalia S.p.A. -- http://www.alitalia.it-- generates more than
EUR4 billion in annual revenue and employs more than 20,000
people.  As of December 2004, the group net debt stood at EUR1.76
billion in 2004.  Alitalia flies to about 80 destinations in more
than 60 countries from its hubs in Rome and Milan and operates a
fleet of about 185 aircraft.  Despite a EUR1.4 billion
state-backed restructuring in 1997 and a EUR1.4 billion capital
injection two years ago, the carrier remains in deep financial
crisis.  Alitalia has posted an annual profit only four times in
the past 16 years.  A turnaround plan approved late 2004 will
split the airline's flight and ground operations, paving the way
for its privatization.  Banca Intesa S.p.A. and Deutsche Bank
will underwrite the carrier's EUR1.2 billion rights issue to
finance the restructuring.

CONTACT:  ALITALIA S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://www.alitalia.it


PARMALAT FINANZIARIA: Slaps Swiss Bank US$47 Billion Claim
----------------------------------------------------------
Parmalat Finanziaria has filed US$47.6 billion in claims against
Swiss regional bank Graubuendner Kantonalbank, the Associated
Press says.

The sum represents the damage caused by Graubuendner for
allegedly conspiring with other banks in hiding Parmalat's true
financial state to defraud investors.  According to the report,
Parmalat filed three claims worth US$15.7 billion each using a
special procedure that does not involve a court.  The bank
rebuffed the claims.

Graubuendner Chief Executive Alois Vinzens says the claims have
no legal basis.  He said a PricewaterhouseCoopers study ordered
by the Swiss Banking Commission had cleared the bank of any
wrongdoing.  He admitted the bank helped Parmalat transfer
commission payments to Latin America but this was several years
ago.  The bank never managed assets for the dairy firm and only
had a limited working relationship with it, he said.

According to AP, a former bank employee who managed the
commission payments is currently under investigation.  Swiss
authorities have also blocked bank accounts linked to Parmalat.

Graubuendner, owned by the canton (state) of Graubuenden, eastern
Switzerland, is the latest to be added on the hit list of Enrico
Bondi.  The court-appointed administrator has pending claims
worth over EUR60 billion against Citigroup, UBS, Deutsche Bank,
Credit Suisse First Boston and Bank of America.

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

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

          GRAUBUNDNER KANTONALBANK
          Postfach
          CH-7002 Chur
          Phone: +41 81 256 91 11
          Fax: +41 81 252 67 29
          Web site: http://www.gkb.ch


PARMALAT FINANZIARIA: Seeking EUR7.1 Billion from CSFB
------------------------------------------------------
Parmalat Finanziaria is filing a EUR7.1 billion damage suit
against New York-based Credit Suisse First Boston (CSFB), a
company prospectus published Tuesday states.

Enrico Bondi, who will become CEO of the new Parmalat, claims the
bank abetted the group's collapse by lending it money despite
knowing its shaky finances.  The lawsuit is the second against
the banking group, whose Swiss parent Credit Suisse was also
slapped a EUR248.3 million claim last year.  The bank dismissed
both claims as unfounded and vowed to vigorously contest them.

The relisting prospectus also revealed a EUR126.5 million claim
against Merrill Lynch International and three more worth EUR8.1
billion against unnamed financial institutions.  Parmalat
currently has pending lawsuits against Citigroup, Bank of
America, UBS and auditors Grant Thornton and Deloitte & Touche.

Parmalat shares will start trading today at the Milan Stock
Exchange after creditors approved Saturday the debt-to-equity
swap offer of Mr. Bondi.  Parmalat collapsed in December 2003
after revealing a EUR14 billion hole on its accounts.

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

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

          CREDIT SUISSE FIRST BOSTON LLC
          11 Madison Ave.
          New York, NY 10010-3629
          Phone: 212-325-2000
          Fax: 212-325-6665
          Web site: http://www.csfb.com


PARMALAT FINANZIARIA: Sues Banca Monte for EUR1.6 Billion
---------------------------------------------------------
Local banking group Banca Monte dei Paschi di Siena S.p.A. (BMPS)
faces a EUR1.6 billion damage suit filed by Parmalat, AFX News
says.

In a statement released with its half-year results, the bank said
the suit relates to its role as co-leader of a bond placement.
It denied any wrongdoing.  The statement adds Parmalat is
claiming EUR1.3 billion from the bank and EUR300 million from its
subsidiary MPS Finance.

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

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

          BANCA MONTE DEI PASCHI DI SIENA S.p.A
          Gabriele Ferrante
          Viale Mazzini 23
          53100 Siena
          Web site: http://www.mps.it


PARMALAT FINANZIARIA: Lactalis, Granarolo Mull Takeover
-------------------------------------------------------
French dairy group Lactalis is looking at the possibility of
acquiring larger rival Parmalat Finanziaria, AFX News says.

The Financial Times last week said Lactalis, maker of the
President and Societe brands, has already hired financial
advisers to review a bid for Parmalat.  Local media reports also
said Lactalis has bought Parmalat bonds, which will be converted
into shares after the company relists later this week.

"It would be impossible for us not to look at Parmalat just as
other groups are doing," a Lactalis spokesman told AFX.

Owned by the Besnier family, Lactalis holds the No.2 position in
Italy's cheese market with EUR220 million in annual sales.  Its
bid will compete with Granarolo, an Italian group also interested
in Parmalat.

Granarolo has been holding takeover talks with the insolvent food
group, according to Reuters.  In June, Granarolo was reportedly
prepared to put a EUR2 billion bid, but opted to wait for
Parmalat's relisting at the last minute.  On Tuesday, Granarolo
General Manager Rossella Saoncella said her company is indeed
considering a deal.

"An announcement is not imminent, we are waiting to see how
things go," she said.

Should it pursue the offer, Granarolo has to resolve competition
issues since the acquisition would give it over 60% of the local
market.  Compared to Parmalat, Granarolo is just a small company.
In 2004, it posted EUR852 million in revenues while Parmalat had
EUR3.7 billion.  Granarolo only employs 1,300 people compared
with Parmalat's 30,000.

If successful, Granarolo is expected to retain Parmalat's local
business and sell its foreign assets, which Lactalis could
acquire later.

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

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

          GROUPE LACTALIS
          10-20 Rue Adolphe Beck
          53089 Laval cedex 9
          E-mail: groupe.lactalis@lactalis.fr
          Web site: http://www.lactalis.fr

          GRANAROLO S.p.A.
          via Cadriano 27/2
          40127 Bologna
          Phone: 051 - 4162311
          Web site: http://www.granarolo.it


PARMALAT FINANZIARIA: Tanzi, 15 Others Face 10 Years in Jail
------------------------------------------------------------
The trial of Parmalat founder Calisto Tanzi and 15 others has
been reset to December 2.  The court in Milan, according to CNN,
postponed the hearings to consider a request from investors to
join a civil suit related to the criminal case.

Mr. Tanzi, along with several bank executives and former
auditors, is accused of fraudulent bankruptcy, market rigging,
false auditing and misleading local stock market regulator
Consob.  Mr. Tanzi, in particular, has been accused of diverting
EUR926 million in Parmalat funds into illegal accounts.  They
face up to 10 years in prison if proven guilty.

Defense lawyer Giampiero Biancolella said his client will
cooperate fully. "He knows what his responsibilities are.  What
we want is to help reconstruct faithfully what happened at
Parmalat so the judge can make a decision based on that
reconstruction," he told the Associated Press.

Three bank executives and two former auditors of Deloitte &
Touche and Grant Thornton, along with Giovanni Bonici, also
attended the opening of trial last week.  Mr. Bonici is the
former chairman of Parmalat Venezuela and the Cayman
Islands-based subsidiary at the center of the bankruptcy.

"I am as much of a victim as the investors," Mr. Bonici was
quoted as saying by the ANSA news agency.

Parmalat's empire, which once spanned from Latin America to
Australia, crumbled after admitting in December 2003 that a EUR4
billion Bank of America account in the Cayman Islands did not
exist.

In January, prosecutors applied for fast-track trials against two
Grant Thornton accountants.  In June, 11 others, including three
of Parmalat's former chief financial officers, accepted plea
bargains that saw them sentenced to two-and-a-half years in
prison.

At the start of the trial, Mr. Tanzi's lawyers submitted a list
of witnesses to Judge Luisa Ponti.  The list includes the heads
of Capitalia and Mediobanca and regulators Consob and Bank of
Italy.  Prosecutors are also examining the role of Deutsche Bank,
UBS, Morgan Stanley and Citigroup in the Parmalat scandal that
has been dubbed "Europe's Enron."

Mr. Tanzi was once considered a model businessman.  He turned his
father's salami business into a multi-national food giant, which
at its peak employed around 35,000 people.  He turned to the
financial markets to raised cash for expansion, selling stocks in
1990 and later bonds.

Today that business is ran by Enrico Bondi, a
government-appointed administrator who will become chief
executive of the New Parmalat.  Creditors approved over the
weekend the proposed debt-to-equity swap that will hand them
control of the new company and return it to the stock market.
The group will be renamed Parmalat S.p.A. upon relisting this
week.

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

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


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


AGRO BUSINESS: Under Bankruptcy Supervision
-------------------------------------------
The Inter-District Court of Bishkek on Economic Issues has
commenced bankruptcy supervision procedure on LLC Agro Business
Export.  Mr. Bolotbek Aralbayev (License Number073) has been
appointed temporary insolvency manager.  Creditors will meet at
Bishkek, Moskovskaya Str. 151, room 106 on October 6, 2005, 10:00
a.m.

Creditors must submit their proofs of claim and register with the
temporary insolvency manager seven days prior to the meeting.
Proxies must have authorization to vote.

CONTACT:  Mr. Bolotbek Aralbayev
          Temporary Insolvency Manager
          Phone: (0-312) 21-67-26
                 (0-502) 23-31-99


AZIA ORGCHIM: Creditors' Claims Due Next Month
----------------------------------------------
LLC Azia Orgchim, which recently became insolvent, will accept
proofs of claim at Free Economic Zone Bishkek, Ak-Chee until
November 22, 2005.

CONTACT:  Azia Orgchim
          Free Economic Zone Bishkek,
          Ak-Chee


GOOD LUCK: Claims Deadline Expires November
-------------------------------------------
LLC Good Luck, which recently became insolvent, will accept
proofs of claim at Bishkek, Turusbekova Str. 132 until November
19, 2005.  Call (0-312) 21-77-50 for more information.


JALYN: Gives Creditors Until Next Month to File Claims
------------------------------------------------------
LLC Jalyn, which recently became insolvent, will accept proofs of
claim Issyk-Kul region, Ak-Suisk district, Teplokluchenka,
Vostochnaya Str. 10 until November 19, 2005.  Call (0-39-48)
9-22-80 for more information.


STROIMONTAJ: Appoints New Temporary Insolvency Manager
------------------------------------------------------
The Department for Bankruptcy Issues under the State Property
Committee of the Kyrgyz Republic has dismissed Mr. A. Tochtayev
as temporary insolvency manager of OJSC Stroimontaj, replacing
him with Mr. Toktobek Aitbayev.

CONTACT:  Mr. Toktobek Aitbayev
          Temporary Insolvency Manager
          Phone: (0-31-32) 4-01-06


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


NATIONAL STEEL: S&P Rates Corporate Credit 'B+'
-----------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to National Steel S.A. (NatSteel), a company
incorporated in Luxembourg and one of the indirect shareholders
of Brazilian flat carbon steel maker Companhia Siderurgica
Nacional (CSN, local currency: BB/Stable/--, foreign currency:
BB-/Stable/--).

A 'B+' rating was also assigned to NatSteel's forthcoming $500
million perpetual notes.  The outlook is stable.

NatSteel is a special-purpose vehicle (SPV) whose only purpose is
to hold the perpetual notes and a direct stake in Vicunha Acos
S.A. (VicAcos), an intermediary holding company that controls
Vicunha Siderurgia S.A. (VicSid), which in turn holds a 42.74%
voting stake of CSN.

"The rating on the perpetual notes reflects CSN's ultimate
ability to upstream dividends to NatSteel throughout the layers
of its corporate structure," said Standard & Poor's credit
analyst Reginaldo Takara.  "The rating is two notches lower than
CSN's local-currency corporate credit rating to reflect
structural subordination of the perpetual notes relative to CSN's
own operating and financial obligations."  We believe that CSN's
controlling shareholder has significant economic incentives to
make dividend distribution to be approved in amounts sufficient
to comfortably pay interests on the notes.  Furthermore, we do
expect CSN to sustain strong cash flow fundamentals in the future
based on its very low-cost structure and market position and thus
upstream dividends without compromising its own financial
profile.

Nevertheless, we assess subordination and recovery prospects on
the perpetual notes by assuming a default scenario for CSN, under
which the steelmaker's ability to distribute dividends would have
already been compromised and NatSteel's perpetual bondholders
would be in a significantly disadvantageous position compared
with creditors at CSN's level.  We estimate that operating
(suppliers, employees, taxes) and financial liabilities at CSN's
level represent more than 50% of CSN's adjusted total assets,
which significantly reduces recovery prospects in a scenario of
CSN's default.

While the perpetual notes will have a first pledge of a 18% stake
in CSN's shares, which today provides bondholders with a
comfortable coverage of about 2x the notes' principal amount,
Standard & Poor's is typically skeptical about share collateral
values in the long run (more so for a perpetual issuance),
especially when assuming a default scenario, with results that
are only minimal if any credit is given to the collateral when
determining recovery prospects for perpetual bondholders.

The outlook on NatSteel's rating is based on the corporate credit
ratings on CSN.  The stable outlook on the local-currency
corporate credit rating on CSN reflects our expectations that CSN
will preserve strong liquidity and sound operating results
through the steel cycle. NatSteel's rating could come under
downward pressure if CSN further increases gross debt levels or
if acquisitions or further capital commitments potentially hurt
CSN's current liquidity condition.  The ratings' upward potential
is limited by CSN's significant capital expenditures program in
the next couple of years and its current relatively aggressive
gross debt leverage.

CONTACT:  STANDARD & POOR'S RATING SERVICES
          Primary Credit Analyst:
          Reginaldo Takara, Sao Paulo
          Phone: (55) 11-5501-8932
          E-mail: reginaldo_takara@standardandpoors.com

          Secondary Credit Analyst:
          Milena Zaniboni, Sao Paulo
          Phone: (55) 11-5501-8945
          E-mail: milena_zaniboni@standardandpoors.com


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


DEMIR-HALK: Upgraded to 'BB' on Improved Profitability
------------------------------------------------------
Fitch Ratings has upgraded Demir-Halk Bank (Nederland) N.V.'s
(DHB Bank) Long-term rating to 'BB' from 'BB-'.  The bank's other
ratings are affirmed at Short-term 'B', Individual 'C/D', and
Support '5'.  The Outlook on the Long-term rating is Stable.

The upgrade reflects DHB Bank's improved profitability and
declining exposure to Turkey through increased diversification.
The bank has moved into European-based structured trade finance
products, participations in Russian and the CIS banks'
syndications and securitizations, as well as retail lending in
the Netherlands.  DHB Bank's capitalization, though declining as
risk assets increase, is still strong.  However, the bank's
liquidity is weaker because it is reducing its lower-yielding
bank placements in favor of longer- maturity assets.

Banu Cartmell, director in Financial Institutions at Fitch, said:
"DHB Bank has been applying a diversification policy since the
beginning of 2004 and has managed to decrease its Turkish
exposure to less than half of total assets while at the same time
increasing its exposure to higher yielding Russian and the CIS
assets.  This has been one of the main factors in improving the
bank's profitability."

While the cost base is still high in comparison to the bank's
peers, the bank has completed its investment in retail lending
capabilities, so the ratio is expected to improve as revenues
grow.

As a consequence of diversifying into higher-yielding assets, DHB
Bank's level of liquid assets fell considerably as at end-H105.
The bank's retail deposits, which constitute the majority of its
funding, have proved to be stable.  Nevertheless, Fitch will be
monitoring the level of liquidity and risk-weighted assets.

DHB Bank, established in 1992, is a specialized trade finance
bank based in the Netherlands.  It is 35%-owned by HCBG Holding
B.V. (100% owned by Halit Cingillioglu, a prominent Turkish
businessman), 35% by Aydin Dogan (owner of a large Turkish media
group) and 30% by Turkiye Halk Bankasi (rated Long-term 'BB-'),
the second largest state bank in Turkey.

CONTACT:  DEMIR-HALK BANK (NEDERLAND) N.V.
          Raadhuisstraat 48-50
     1016 DG Amsterdam
          Phone: +31 20 421 19 19
          Fax: +31 20 421 17 97
          E-mail: info@dhbbank.com
          Web site: http://www.dhbbank.com

          FITCH RATINGS
          Banu Cartmell
          Jeroen Julius, London
          Phone: +44 (0)20 7417 4222
          Web site: http://www.fitchratings.com

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


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


MTV RT: Faces Bankruptcy Without State Budget
---------------------------------------------
The president of Hungarian National Television Foundation has
called on the government to deliver a promised budget to MTV Rt,
which he said is on the brink of bankruptcy.  Laszlo Czegledi on
Monday sent a letter to the House of Parliament asking for the
fund, according to Budapest Business Journal.

Mr. Czegledi said MTV need a capital injection of HUF2.573
billion by today to continue operations.  The company's equity is
down to -HUF2.5 billion.

A report from New World Publishing last month said MTV is
initiating changes in its programming to cater more to young
viewers.  Vice-chairman Andras Simon said the company will make
37% of program news-related and 31% entertainment.  MTV expects a
total HUF17 billion budget.  It expects HUF4 billion from
advertising.

CONTACT:  HUNGARIAN TELEVISION RT
          1016 Budapest, Naphegy ter 8.
          Postal address: 1426 Budapest, P.O. Box 3.
          Phone: 375-6722
          Fax: 375-1891 (internal politics)
            or 375-3973 (foreign politics)
          Web site: http://www.mti.hu


RTV MARS: Files for Bankruptcy
------------------------------
RTV and home appliance products retailer RTV Mars AGD has
requested creditor protection, Marek Rafalski a spokesman of the
court in Gorzow Wielkopolski said.  According to Puls Biznesu,
unidentified sources say the owner of Mars, Zdzislaw Kalamaga,
has offered to pay creditors only 50% of their loans.

Company representatives blame the collapse to a rapid expansion
that failed to consider market conditions and finances.  In
addition, Mars had excess stocks that remained unsold.  Mars
plays in a highly competitive market.

Mars has 330 shops.  Sales amounted to PLN350 million last year.
Its bankruptcy follows that of another RTV and home appliance
products retailer, Mega Avans.


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


AEROFLOT: Buying New Planes to Upgrade Fleet
--------------------------------------------
State-owned Aeroflot will acquire 12 Airbus A320s and as many as
5 Boeing 767 planes to modernize its aging fleet, says Reuters.

Speaking before an investment conference in Moscow recently,
Aeroflot Deputy General Director Sergei Kharitonov said the
company will shop for A320s within the next 18 months.  Aeroflot
will also replace outdated Tu-134 planes with foreign-made used
aircraft and; beginning 2008, buy 30 planes, preferably An-148s
or RRJs, regional flights.

Russia has pledged to ease import restrictions on some Boeing and
Airbus models after a brake problem on one Ilyushin-96-300 plane
delayed the flight of President Vladimir Putin in August.  The
incident forced air transport officials to ground all
Ilyushin-96-300s in operation, affecting Aeroflot flights to the
United States, Canada, Vietnam, China and South Korea.  Ilyushin
planes constitute 40% of Aeroflot's long-haul fleet.

                            *   *   *

Operating out of Moscow's Sheremetyevo Airport, Aeroflot controls
11% of domestic and 39% of international markets for air
carriage.  For the first quarter of the year, net loss doubled to
RUB875 million, despite a hike in revenues from RUB9.986 billion
to RUB11.085 billion.  The carrier recently named Ivanov Victor
Petrovich chairman.

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


ALNASHI-AGRO-PROM-KHIMIYA: Court Brings in Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Alnashi-Agro-Prom-Khimiya.  The case is docketed as
A71-93/2005-G21.  Ms. S. Gorodiliova has been appointed temporary
insolvency manager.  Creditors have until October 10, 2005 to
submit their proofs of claim to 427795, Russia, Udmurtiya
republic, Mozhga, Sverdlovskiy Avenue Str. 91.

CONTACT:  ALNASHI-AGRO-PROM-KHIMIYA
          427000, Russia, Udmurtiya republic,
          Alnashi, Stroitelnaya Str. 4

          Ms. S. Gorodiliova
          Temporary Insolvency Manager
          427795, Russia, Udmurtiya republic,
          Mozhga, Sverdlovskiy Avenue Str. 91


BANK URALSIB: Fitch Assigns Long-term 'B' Rating
------------------------------------------------
Fitch Ratings has assigned Russia's newly formed Bank Uralsib
ratings of Long-term 'B', Short-term 'B', Individual 'D' and
Support '4'.  The Outlook on the Long-term rating is Stable.

Uralsib was formed as a result of the recently completed merger
of five Russian banks: Ural-Siberian Bank, IBG Nikoil,
Avtobank-Nikoil, Briansk Narodny Bank and Kuzbassugolbank.
Following the merger, Fitch has withdrawn Ural-Siberian Bank's
Long-term 'B'/Stable Outlook, Short-term 'B', Individual 'D', and
Support '4' and IBG Nikoil's Long-term 'B'/Stable Outlook,
Short-term 'B', Individual 'D', and Support '5' ratings.

The Long-term, Short-term and Individual ratings assigned to
Uralsib reflect the generally modest performance of its three
principal predecessor banks (Ural-Siberian, IBG Nikoil and
Avtobank-Nikoil), their high market risk exposure, in particular
to the equity of Russian oil company Lukoil, significant loan
concentrations and substantial business volumes with related
parties.  Other factors constraining the ratings are residual
management challenges and operational risks relating to the
banks' integration (although this is now well advanced) and
certain weakness in the Russian operating environment.

At the same time, the Long-term, Short-term and Individual
ratings also take into consideration the enlarged franchise of
the merged bank and the potentially strong strategic fit between
the broad customer bases and branch networks of Ural-Siberian and
(to a lesser extent) Avtobank-Nikoil, and the more extensive
product range developed by IBG Nikoil.  Other positive factors
supporting the ratings are the generally sound capital ratios
(although these should be viewed in light of high market risk
exposures) and adequate liquidity of the three main predecessor
banks, as well as the potential for efficiency gains and further
reduction of credit risk concentrations in the merged Uralsib.

Uralsib's Support rating reflects Fitch's view of the probability
that support would be forthcoming for the bank, in case of need,
from either the Russian or Bashkortostan Republic authorities.
This view is based on Uralsib's nationwide franchise, which is
sizeable for a Russian privately owned bank, and very strong
market positions in Bashkortostan, one of the regions of the
Russian Federation, where Ural-Siberian was headquartered.

Upward pressure on the Long-term and Individual ratings could
result from an improvement in performance, compared to that of
the predecessor banks, and lower levels of market risk exposure
and loan concentrations.  Downward pressure on the Individual
rating could follow a further substantial increase in market risk
levels or a significant deterioration in the bank's asset quality
or capitalization.  However, the Long-term rating is currently at
its support floor and would only be exposed to downside risk if
both the stand-alone financial strength of the bank deteriorated
and, in Fitch's view, the probability of support for the bank
decreased.

Based on pro-forma management accounts, Uralsib would have been
the second largest privately owned Russian bank at end-H105 by
both assets (RUB169 billion or US$5.9 billion) and equity
(RUB27.9bn or US$976 million).  The reported loans/assets ratio
was 58% and the equity/assets ratio 16.5%.  Net income in 1H05
was RUB3.1 billion, equal (on an annualized basis) to 3.7% of
period-end assets; however, trading gains were equal to a
substantial 64% of pre-tax profit.  Uralsib Financial
Corporation, a large Russian group owning financial and
non-financial assets, which in turn has two individual
shareholders, holds a controlling (more than 75%) stake in
Uralsib, and a 7% stake is held by the Bashkortostan Republic
government.

CONTACT:  BANK URALSIB
          Phone: (3472) 51-94-85
          Fax: (3472) 51-94-88
          E-mail: international@uralsibbank.com
          Web site: http://www.uralsibbank.com

          FITCH RATINGS
          James Watson
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901
          Web site: http://www.fitchratings.com

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


CITY-ENERGO: Claims Filing Period Ends Next Month
-------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy proceedings
against City-Energo after finding the limited liability company
insolvent.  The case is docketed as A40-54563/04/05-74-38,1,3 B.
Mr. K. Mikhaylov has been appointed insolvency manager.

Creditors have until November 10, 2005 to submit their proofs of
claim to:

(a) CITY-ENERGO
    105064, Russia, Moscow region,
    Nizhniy Susalnyj Per. 5

(b) Insolvency Manager
    123100, Russia, Moscow region,
    Sergeya Makeeva Str. 2, Post Office 100


HOLDING: Succumbs to Bankruptcy
-------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Holding after finding the open joint stock
company insolvent.  The case is docketed as A27-20674/2005-4.
Mr. V. Davydov has been appointed insolvency manager.

Creditors have until October 10, 2005 to submit their proofs of
claim to 654029, Russia, Kemerovo region, Novokuznetsk,
Vokzalnaya Str. 10A.  A hearing will take place on March 9, 2006,
1:45 p.m.

CONTACT:  HOLDING
          654029, Russia, Kemerovo region,
          Novokuznetsk, Vokzalnaya Str. 10A

          Mr. V. Davydov
          Insolvency Manager
          654029, Russia, Kemerovo region,
          Novokuznetsk, Vokzalnaya Str. 10A


MASHINOSTROITEL: Bankruptcy Supervision Procedure Begins
--------------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
supervision procedure on open joint stock company MASHINOSTROITEL
(TIN 5803008045, OGRN 1035800606313).  The case is docketed as
A49-5407/2005-916/20.  Mr. V. Kurganov has been appointed
temporary insolvency manager.

Creditors have until October 10, 2005 to submit their proofs of
claim to:

(a) MASHINOSTROITEL
    442530, Russia, Penza region,
    Kuznetsk, Belinskogo Str. 100

(b) Temporary Insolvency Manager
    442530, Russia, Penza region, Kuznetsk,
    General Post Office, Post User Box 55

(c) The Arbitration Court of Penza region
    440600, Russia, Penza region,
    GSP, Belinskogo Str. 2

A hearing will take place on January 26, 2006.


NIVA-KROMY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Orel region has commenced bankruptcy
supervision procedure on agro-company Niva-Kromy.  The case is
docketed as A48-449/05-20b.  Mr. A. Gorbachev has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 302025, Russia,
Orel, Moskovskoye Shosse Str. 137, Building 1.  A hearing will
take place on December 14, 2005, 9:30 a.m.

CONTACT:  NIVA-KROMY
          Russia, Orel region,
          Kromy, K. Marksa Str. 96

          Mr. A. Gorbachev
          Temporary Insolvency Manager
          302025, Russia, Orel region,
          Moskovskoye Shosse Str. 137, Building 1


NORTH-WOOD-INVEST: Declared Insolvent
-------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against North-Wood-Invest (TIN 3818013975) after
finding the limited liability company insolvent.  The case is
docketed as A19-10354/05-34.  Mr. A. Melnik has been appointed
insolvency manager.

Creditors have until October 10, 2005 to submit their proofs of
claim to 664007, Russia, Irkutsk, Polenova Str. 37, Apartment 49.
A hearing will take place on November 29, 2005.

CONTACT:  NORTH-WOOD-INVEST
          666788, Russia, Irkutsk region, Ust-Kutskiy region,
          Zvezdnyj, Gorbunova Str. 10, Apartment 2

          Mr. A. Melnik
          Insolvency Manager
          664007, Russia, Irkutsk region,
          Polenova Str. 37, Apartment 49


OAO LUKOIL: Subsidiary Acquires 66.3% of Nelson Resources
---------------------------------------------------------
LUKOIL Overseas Holding Ltd., a 100% subsidiary of OAO LUKOIL,
has entered into agreements with shareholders of Nelson Resources
Limited: Central Asian Industrial Holdings N.V., Energy
Investments International Ltd., Cott Holdings Group Ltd. and
Center Finance Ltd.

As a result, LUKOIL may be considered to have beneficially
acquired ownership of an aggregate of 584,643,162 common shares
of Nelson Resources, understood to be approximately 66.3% of the
issued and outstanding common shares of Nelson.

The Subject Shares include an aggregate of 566,393,162 issued and
outstanding Shares (understood to be approximately 65.6% of the
issued and outstanding Shares) and 18,250,000 Shares issuable
upon the exercise of options held by principals of the
Shareholders.

Pursuant to the agreements, each Shareholder has agreed to vote
in favor of, and/or tender in acceptance, its Subject Shares in
respect of a scheme of arrangement or amalgamation, merger,
consolidation or other business combination or a take-over bid or
tender offer, pursuant to which LUKOIL, directly or indirectly,
will seek to acquire all of the issued and outstanding Shares of
Nelson for a cash price per Share equal to the quotient of:
US$2,000,000,000 divided by the sum of the number of issued and
outstanding Shares and the number of Shares of Nelson issuable
pursuant to in-the-money options and other rights to acquire
Shares.

In addition, pursuant to the agreements and subject to the
conditions set forth in the agreements, LUKOIL has the right to
acquire the Subject Shares for that same price per Share and the
Shareholders have the right to require LUKOIL to acquire the
Subject Shares for that same price per Share.

LUKOIL had no prior interest in securities of Nelson and does not
act jointly with any other person in this regard.  LUKOIL has
entered into the agreements referred to above with the intention
of pursuing a scheme of arrangement or amalgamation, merger,
consolidation or other business combination or a take over bid or
tender offer, pursuant to which LUKOIL, directly or indirectly,
will seek to acquire all of the issued and outstanding Shares.
Such intention may be varied as circumstances arise, including
the discontinuance of any such pursuit, a non-exercise of the
rights of acquisition described above and/or the disposition by
LUKOIL of all or a portion of its interests in the securities.

                        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 August, Standard & Poor's Ratings Services revised its outlook
to positive from stable on LUKOIL, following a review of the
company's 2004 operating and financial performance.

At the same time, Standard & Poor's affirmed its 'BB' long-term
corporate credit rating and 'ruAA' Russia national scale rating
on the company.

"An upgrade is possible in the next 12 months, if LUKoil further
improves its currently moderate free operating cash flow
generation--including through limiting working capital outlays,"
said," said Standard & Poor's credit analyst Karl Nietvelt.
Also, despite the considerable financial headroom currently
enjoyed, we will need to monitor the impact of any potential
midsize acquisitions.  For instance, LUKoil has expressed
interest in PetroKazakhstan Inc. (B+/Stable/--) and in the
Mazeikiu refinery in Lithuania.  Such acquisitions would not
necessarily be negative if partially absorbed by free cash flow
generation and if debt levels stay comfortably below management's
maximum 30% leverage (18% at year-end 2004, defined as debt to
debt plus equity).

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


PROMSVYAZBANK: Eurobond Gets Final 'B' Rating
---------------------------------------------
Fitch Ratings has assigned Promsvyaz Finance plc's US$200 million
8.5% loan participation notes due 2010 a final Long-term 'B'
rating.  The notes are to be used solely for financing a loan to
Russia's Promsvyazbank (PSB, rated Long-term 'B'/Stable Outlook,
Short-term 'B', Support '5', Individual 'D').

Promsvyaz Finance plc, an Ireland-domiciled special purpose
vehicle (SPV), will only pay noteholders principal and interest
received from PSB.

PSB was founded in 1995 and ranks among the top 15 banks in
Russia with total assets of US$2.6 billion, net loans of US$1.4
billion and shareholders equity of US$0.3 billion as at 1 July
2005.  It is ultimately owned, on an equal basis, by two
brothers, who control a number of other financial and industrial
companies involved in food production, publishing, real estate
and insurance.  PSB is headquartered in Moscow and currently has
29 branches as well as representative offices in China,
Kyrgyzstan and Ukraine.

CONTACT:   PROMSVYAZBANK
           10, Smirnovskaya Street
           Building 22, Moscow
           Russia, 109052
           Phone: (095) 727-10-20
                   or 777-10-20
           Web site: http://www.psbank.ru

           FITCH RATINGS
           Dmitriy Piskulov
           Vladlen Kuznetsov
           James Watson, Moscow
           Phone: +7 095 956 9901
           Web site: http://www.fitchratings.com

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


ROAD REPAIR-BUILDING: Deadline for Proofs of Claim Set Next Week
----------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on municipal unitary
enterprise Road Repair-Building Enterprise Of Nizhnevartovskiy
Region.  The case is docketed as A75-5845/2005.  Mr. A. Rupchev
has been appointed temporary insolvency manager.

Creditors have until October 10, 2005 to submit their proofs of
claim to 628600, Russia, Tyumen region, Khanty-Mansiyskiy
autonomous region, Nizhnevartovsk, Internatsionalnaya Str.
183-184.  A hearing will take place on December 12, 2005, 9:00
a.m. at the Arbitration Court of Khanty-Mansiyskiy autonomous
region at Russia, Khanty-Mansiysk, Lenina Str. 54/1.  For more
information, call 2-45-77.

CONTACT:  ROAD REPAIR-BUILDING ENTERPRISE OF
          NIZHNEVARTOVSKIY REGION:
          628600, Russia, Tyumen region, Khanty-Mansiyskiy
          autonomous region, Nizhnevartovskiy region,
          Izluchinsk, Naberezhnaya Str. 13

          Mr. A. Rupchev
          Temporary Insolvency Manager
          628600, Russia, Tyumen region, Khanty-Mansiyskiy
          autonomous region, Nizhnevartovsk,
          Internatsionalnaya Str. 183-184


SAMARA-OIL-PROM-STROY: Hires Y. Lukanov Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
supervision procedure on limited liability company
Samara-Oil-Prom-Stroy.  The case is docketed as A55-5761/2005-13.
Mr. Y. Lukanov has been appointed temporary insolvency manager.
Creditors have until October 10, 2005 to submit their proofs of
claim to 443110, Russia, Samara region, Michurina Str. 64.

CONTACT:  SAMARA-OIL-PROM-STROY
          443041, Russia, Samara region,
          Kuybysheva Str. 145

          Mr. Y. Lukanov
          Insolvency Manager
          443110, Russia, Samara region,
          Michurina Str. 64


UPHOLSTERED FURNITURE: Bankruptcy Hearing Set December
------------------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on limited liability company Upholstered
Furniture.  The case is docketed as A13-6508/2005-17.  Mr. A.
Belyaev has been appointed temporary insolvency manager.

Creditors have until October 10, 2005 to submit their proofs of
claim to 162606, Russia, Vologda region, Cherepovets, Post User
Box 38.  A hearing will take place on December 21, 2005.

CONTACT:  UPHOLSTERED FURNITURE
          Russia, Vologda region,
          Cherepovets, Pobedy Pr. 85

          Mr. A. Belyaev
          Temporary Insolvency Manager
          162606, Russia, Vologda region,
          Cherepovets, Post User Box 38
          Phone: 57-41-51


ZELTA-ENERGO: Insolvency Manager Takes over Business
----------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on open joint stock company ZELTA-ENERGO.
The case is docketed as A-41-K-2-17660/05.  Mr. A. Lantsov has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 121614, Russia,
Moscow, Post User Box 58.  A hearing will take place on December
22, 2005.

CONTACT:  ZELTA-ENERGO
          141900, Russia, Moscow region, Taldomskiy region,
          Zaprudnya, Lenina Str. 1

          Mr. A. Lantsov
          Temporary Insolvency Manager
          121614, Russia, Moscow region,
          Post User Box 58


===========
S W E D E N
===========


SKANDIA INSURANCE: Minority Shareholder Rejects Old Mutual's Bid
----------------------------------------------------------------
Robur, which owns 2.5% of Skandia Insurance, has reportedly
snubbed Old Mutual plc's takeover offer for the Swedish insurer.

According to Dow Jones, Robur Chief Executive Mats Lagerqvist
said: "We find the bid too low and we also make the assessment
that a merger would generate only limited synergies."

The rejection has brought the percentage of those against the
GBP3.2 billion offer to around 8%, said the Financial Times, in
another report.  Three Swedish state pension funds, which
together control 5.5% in Skandia, have earlier refused Old
Mutual's offer.

Last month, Skandia's board considered the offer not attractive
for shareholders, therefore, advising them not to accept it.

Mr. Lagerqvist told the paper: "Robur shares the view of
Skandia's board on several points."

However, Old Mutual has reportedly remained calm despite the
opposition.  The South Africa-based insurer is thought to be
aiming for 100% acceptance.  It has said that majority of the
shareholders representing 60% of the capital and votes in Skandia
are in favor of its bid.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00

          OLD MUTUAL PLC
          Investor Relations
          Andrew Parkins
          Phone: +44 (0) 20 7002 7264
          Media Relations
          Miranda Bellord
          Phone: +44 (0) 20 7002 7133
          Web site: http://www.oldmutual.com


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


ETALON-LAN: Under Bankruptcy Supervision
----------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on Agricultural LLC Etalon-Lan (code EDRPOU
03790630) on July 19, 2005.  The case is docketed as 01/2414.
Mr. Valentin Gavrilchenko has been appointed temporary insolvency
manager.  The company holds account number 260073419 at JSPPB
Aval, Cherkassy regional branch, MFO 354411.

CONTACT:  ETALON-LAN
          Ukraine, Cherkassy region,
          Gorodishe district, Orlovets

          Mr. Valentin Gavrilchenko,
          Temporary Insolvency Manager
          18000, Ukraine, Cherkassy region,
          Smilyanska Str. 80/37

          ECONOMIC COURT OF CHERKASSY REGION
          18005, Ukraine, Cherkassy region,
          Shevchenko Avenue 307


GALITSIYA-INVEST: Court Appoints Temporary Insolvency Manager
-------------------------------------------------------------
The Economic Court of Ternopil region has commenced bankruptcy
supervision procedure on Galitsiya-Invest (code EDRPOU 32482008).
The case is docketed as 10/B-628.  Mr. Vasil Taras (License
Number AA 047966) has been appointed temporary insolvency
manager.  The company holds account number 26000301000007 at JSCB
Mriya, Ternopil regional branch, MFO 338813.

CONTACT:  GALITSIYA-INVEST
          46000, Ukraine, Ternopil region,
          B. Hmelnitskij Str. 21 a/10 a

          Mr. Vasil Taras
          Temporary Insolvency Manager
          Ukraine, Ternopil region,
          Rodini Barvinskih Str. 7

          ECONOMIC COURT OF TERNOPIL REGION
          46000, Ukraine, Ternopil region,
          Ostrozski Str. 14a


GRYAZNYANSKA: Bankruptcy Supervision Starts
-------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Agrofirm Gryaznyanska (code EDRPOU
30880378) on August 18, 2005.  The case is docketed as 12/37-05.
Mr. Dmitro Pehteryev (License Number AA 779237) has been
appointed temporary insolvency manager.

CONTACT:  GRYAZNYANSKA
          42444, Ukraine, Sumi region,
          Krasnopilskij district, Chernechina

          Mr. Dmitro Pehteryev
          Temporary Insolvency Manager
          40022, Ukraine, Sumi region,
          Psilska Str. 4/9

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


HIMSERVICE: Temporary Insolvency Manager Steps in
-------------------------------------------------
The Economic Court of Lugansk region has commenced bankruptcy
supervision procedure on Agricultural LLC Agrofirm Himservice
(code EDRPOU 31001748).  The case is docketed as 19/126 b.  Ms.
Mariya Sidorenko (License Number AA 783072) has been appointed
temporary insolvency manager.  The company holds account number
26002301119 at Oshadbank, Bilokurakine branch 3316 and account
number 260059753 at JSPPB Aval, Lugansk regional branch, MFO
304007.

CONTACT:  HIMSERVICE
          92200, Ukraine, Lugansk region,
          Bilokurakine, Lenin Str. 85

          Ms. Mariya Sidorenko
          Temporary Insolvency Manager
          Ukraine, Lugansk region,
          Chernigivska Str. 12

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


LUGANSKNAFTOPRODUKT: Succumbs to Bankruptcy
-------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Lugansknaftoprodukt (code EDRPOU
21787620) on July 6, 2005.  The case is docketed as 19/90 b.
Mr. O. Kulagin has been appointed temporary insolvency manager.
The company holds account number 2600506000885 at JSCB
Pravex-Bank, Lugansk branch, MFO 304579.

CONTACT:  LUGANSKNAFTOPRODUKT
          Ukraine, Lugansk region,
          Rudnyev Str. 60

          Mr. O. Kulagin
          Temporary Insolvency Manager
          Ukraine, Lugansk region,
          Anri Barbus Str. 22/48

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


MAGISTRAL: Goes into Liquidation
--------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against OJSC Magistral (code EDRPOU 03114141) on
August 23, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 21/164.  Mr. S. Dovganchuk
(License Number AA 719269) has been appointed
liquidator/insolvency manager.

CONTACT:  MAGISTRAL
          70545, Ukraine, Zaporizhya region,
          Orihiv district, Preobrazhenka,
          Gagarin Str. 39

          Mr. S. Dovganchuk
          Liquidator/Insolvency Manager
          69002, Ukraine, Ukrainska Str. 33/116

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


SOKIL-TRANS-LEASING: Court Grants Debt Moratorium
-------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
supervision procedure on LLC Sokil-Trans-Leasing (code EDRPOU
22380029) on September 13, 2005 and ordered moratorium on
satisfaction of creditors' claims.  The case is docketed as
6/314-8/152.  Mr. Volodimir Solskij (License Number AA 719827)
has been appointed temporary insolvency manager.  The company
holds account number 26003301299 at Oshadbank, Lviv regional
branch, MFO 325796.

CONTACT:  SOKIL-TRANS-LEASING
          Ukraine, Lviv region,
          Strijska Str. 45

          Mr. Volodimir Solskij,
          Temporary Insolvency Manager
          Ukraine, Lviv region, Velichkovskij Str. 44/24

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


SUMI' RUBBER-TECHNICAL: Declared Insolvent
------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against OJSC Sumi' Rubber-Technical Products Plant
(code EDRPOU 31162645) on August 22, 2005 after finding the open
joint stock company insolvent.  The case is docketed as 7/40-05.
Mr. Oleksandr Malyovanij (License Number AB 216893) has been
appointed liquidator/insolvency manager.

CONTACT:  SUMI' RUBBER-TECHNICAL PRODUCTS PLANT
          Ukraine, Sumi region,
          Prikordonna Str. 47

          Mr. Oleksandr Malyovanij
          Liquidator/Insolvency Manager
          Ukraine, Sumi region,
          Harkivska Str. 123, 3rd Floor

          ECONOMIC COURT OF SUMI REGION
          40477, Ukraine, Sumi region,
          Shevchenko Avenue 18/1


UKREXIMBANK: Fitch Assigns Eurobond Final 'BB-' Rating
------------------------------------------------------
Fitch Ratings has assigned Credit Suisse First Boston
International's (CSFBi) US$250 million 6.80% limited recourse
loan participation notes due October 2012 a final Long-term
'BB-' rating.  The notes are to be used solely for financing a
loan to The State Export-Import Bank of Ukraine (Ukreximbank,
rated Long-term 'BB-'/Positive Outlook, Short-term 'B', Support
'3', Individual 'D/E') under a loan agreement.

Ukreximbank was founded in 1992 and was the sixth largest
Ukrainian bank by assets at end-2004, with a network of over 80
branches and outlets across Ukraine.  In addition to its
commercial banking activities, Ukreximbank is the only Ukrainian
bank that acts as a financial agent of the Ukrainian government
in attracting and servicing international loans to Ukrainian
corporates, which are extended under state guarantee.

CONTACT:  UKREXIMBANK
          127 Gorkogo Street
          Kyiv-150
          03150 Ukraine
          E-mail: bank@eximb.com
          Web site: http://www.eximb.com/en

          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          James Watson
          Phone: +7 095 956 9901
          Web site: http://www.fitchratings.com

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


VANDOR LTD: Liquidator Takes over Operations
--------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Vandor Ltd. (code EDRPOU 32061352) on August
17, 2005 after finding the limited liability company insolvent.
The case is docketed as 19/82 (05).  Mr. O. Reshetilo has been
appointed liquidator/insolvency manager.

CONTACT:  VANDOR LTD.
          69068, Ukraine, Zaporizhya region,
          8 Bereznya Str. 29/19

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


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


ALBION & OVERSEAS: Hires Liquidator from Baker Tilly
----------------------------------------------------
Company Names: Albion & Overseas Shipping Agency Limited
               Eyethorne Limited
               Kvaerner BCD Limited
               Kvaerner Metals International Limited
               Kvaerner Process IT Limited
               Kvaerner Professional Services Limited
               Trafalgar House Leisure Holdings Limited
               Wickman Limited

Chairman R. Laycock informs that special and ordinary resolutions
to wind up these companies were passed at an EGM held on Sept. 16
at 68 Hammersmith Road, London W14 8YW.  Ross David Connock and
Tracey Elizabeth Callaghan of Baker Tilly, 1st Floor, 5 Old
Bailey, London EC4M 7AF were appointed liquidators.

Creditors are required on or before Oct. 25, 2005 to send in
their full names and addresses, with particulars of their debts
or claims, to Ross David Connock, of Baker Tilly, 5 Old Bailey,
London EC4M 7AF, the Joint Liquidator of the Companies, and, if
so required by notice in writing, to prove their said debts or
claims.

CONTACT:  BAKER TILLY
          5 Old Bailey,
          London EC4M 7AF


ALLSPORTS LTD.: Sports Retailer Files for Administration
--------------------------------------------------------
Allsports Ltd. has fallen into administration after nine years in
the retail business, said ICC Credit.

Established in June 1996, Allsports, which sells sports
leisurewear, has seen its network grow to 267 stores across the
U.K. and turnover from GBP100 million in 1997 to GBP187 million
in 2004.

Profitability, however, has been inconsistent.  It earned GBP17.8
million in 1997 and GBP22.5 million in 1998, but in the
succeeding years profit slipped 40%.  In 2002, it recovered and
booked profit of over GBP12.5 million, but it hit an all time low
in 2004 with GBP3.8 million.

ICC Credit revealed that other companies in the sports retail
industry are facing similar troubles, with 3% already in
liquidation.  ICC added 10% of sports retailers have County Court
Judgment filed against them.

CONTACT:  ALLSPORTS LTD.
          29 The Oracle Center
          Reading, Berkshire RG1 2AS
          Phone: 01189580442


ARTHUR JONES: Hires Liquidator from Muras Baker Jones
-----------------------------------------------------
S. J. Jones, Director of Arthur Jones (Transport) Ltd., informs
that special resolution to wind up the company was passed at an
EGM held on Sept. 21 at 3rd Floor, Regent House, Bath Avenue,
Wolverhampton WV1 4EG.  Mark Jonathan Botwood was appointed
liquidator.

Creditors are required on or before January 19, 2006 to send full
particulars of their debts or claims to Mark Jonathan Botwood, of
Muras Baker Jones, Regent House, Bath Avenue, Wolverhampton WV1
4EG, and, if so required by notice in writing to prove their said
debt or claims.

CONTACT:  ARTHUR JONES (TRANSPORT) LTD.
          Southern Way
          Wednesbury WS10 7BT
          West Midlands
          Phone: 0121 502 5887

          MURAS BAKER JONES & COMPANY
          Regent House
          3rd Floor
          Bath Avenue
          Wolverhampton
          West Midlands WV1 4EG
          Phone: 01902 393007
          Fax: 01902 393010
          E-mail: dgr@muras.co.uk


ASHBECK LIMITED: Appoints Liquidator from Crawfords
---------------------------------------------------
S. B. Hannah, Director of Ashbeck Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 14 at Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB.  Alex Kachani of Crawfords, Stanton House, 41
Blackfriars Road, Salford, Manchester M3 7DB was appointed
liquidator.

CONTACT:  ASHBECK LTD.
          132 West Street, Hoyland, Barnsley, South Yorkshire
          S74 9DU
          Phone: 01226351900

          CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


AZTEC PHOENIX: Final Meeting Set Third Week of October
------------------------------------------------------
M. D. Hardy, Liquidator of Aztec Phoenix Limited, informs that
Final Meetings of the Members and Creditors of the Company will
be held at the offices of Poppleton & Appleby, 35 Ludgate Hill,
Birmingham B3 1EH, on 21 October 2005, at 2:30 p.m. and 3:00 p.m.

CONTACT:  AZTEC PHOENIX LTD.
          4 Willow Court, Bourton Ind Estate
          Bourton-on-the Water, Gloucestershire GL54 2HQ
          Phone: 01451 822 200
          Fax: 01451821621
          E-mail: sales@aztecuk.com
          Web site: http://www.aztecuk.com/valley.html


BARNABY EVANS: Creditors Meeting Set Next Week
----------------------------------------------
The creditors of Barnaby Evans Ltd. (t/a Your Move Barnaby Evans)
will meet on Oct. 12, 2005 at 10:00 a.m.  It will be held at the
offices of Hazlewoods LLP, Windsor House, Barnett Way, Barnwood,
Gloucester GL4 3RT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Philip John Gorman, the administrator of
Hazlewoods LLP, Windsor House, Barnett Way, Barnwood, Gloucester
GL4 3RT not later than Oct. 11, 2005 on or before 12:00 noon.

CONTACT:  HAZLEWOODS
          Windsor House, Barnett Way,
          Barnwood, Gloucester GL4 3RT
          Phone: +44 (0) 1452 634800
          Fax:  +44 (0) 1452 371900
          Web site: http://www.hazlewoods.co.uk


B & H PROPERTIES: Liquidators from Baker Tilly Enter Firm
---------------------------------------------------------
B & H Properties Limited informs that special and ordinary
resolutions to wind up the company were passed at an EGM held on
Sept. 12 at Trecwn Farm, St Dogmaels, near Cardigan,
Pembrokeshire SA43 3LS.  Susan Agnes Maund and Andrew White of
Baker Tilly, International House, Queens Road, Brighton BN1 3XE
were appointed joint liquidators.

Creditors are required on or before October 14 to send in their
full names and addresses, with particulars of their debts or
claims to Susan Agnes Maund and Andrew White, and if so required,
by notice in writing, to prove their said debts or claims.

CONTACT:  BAKER TILLY
          International House,
          Queens Road, Brighton BN1 3XE


BOOTS GROUP: Investors Worry About Merger's Long-term Benefits
--------------------------------------------------------------
Investors are doubtful about the long-term benefits of the
proposed merger between Boots Group plc and Alliance UniChem plc,
the Financial Times says.

Templeton, which controls over 5% percent of Boots and also owns
shares in Alliance UniChem, has expressed reservations about the
deal.  Templeton Investment Manager Martin Cobb said: "We reserve
judgment.  At this point, we would prefer clarification on the
long-term strategic merits of putting these two businesses
together."

On Monday, Alliance UniChem and Boots revealed they have agreed
to merge and form Alliance Boots, an international pharmacy-led
healthcare group with combined sales of over GBP13 billion.

Following the announcement, Fitch Ratings downgraded Boots'
Senior Unsecured rating to 'BBB+' from 'A-'.  The agency said
that while the deal has been described as a merger of equals, it
would appear that Boots have retained the control with both
Chairman and Chief Executive coming from the company.  Fitch
added it is unlikely the merger will help solve Boots' problems
in its U.K. retail market.

Jonathan Pitkanen, Fitch retail analyst, said: "The announcement
that Boots is becoming a more pharmacy-led retailer appears to
confirm that Boots has had to accept that it cannot compete in
the long-term with the major supermarket chains on its non
pharmacy product range."

Standard & Poor's Ratings Services also placed its 'BBB+'
long-term corporate credit rating on Boots on CreditWatch with
negative implications.  Sunita Kara, Standard & Poor's credit
analyst, said: "From a business risk perspective, the negative
implications reflect that the margins of the enlarged group would
be diluted by Alliance UniChem's strength in low-margin wholesale
operations, and the presence of some integration risks."

Ms. Kara added that from a financial risk perspective, the
negative implications reflect the uncertainty for Boots'
financial risk profile and financial policy, and weaker pro forma
debt protection measures.

CONTACT:  BOOTS GROUP PLC
          1 Thane Road
          Nottingham NG2 3AA
          Phone: 0115 950 6111
          Customer Service: 0845 070 80 90
          Web site: http://www.boots-plc.com


BUTCHER ELECTRICAL: Calls in Marriott Palmer Administrator
----------------------------------------------------------
Kevin Thomas Brown (Office Holder No 9240) of Marriott Palmer
Brown was appointed administrator of electrical contractors
company Butcher Electrical Services Limited (Reg No 3731591) on
Sept. 23.

CONTACT:  BUTCHER ELECTRICAL SERVICES LTD.
          Unit 3
          Ongar Road Trading Estate
          Dunmow, Essex CM6 1EU
          United Kingdom
          Phone: (01371) 872304
          Fax: (01371) 874734

          MARRIOTT PALMER BROWN
          Enterprise House,
          113-115 George Lane,
          South Woodford, London E18 1AB


COMPASS GROUP: Dragged into U.N. Procurement Scandal
----------------------------------------------------
Compass Group plc has become entangled in the probe into alleged
corrupt buying practices at the United Nations, said the
Financial Times.

A U.S. federal investigation into the contract caterer was "still
ongoing," according to a spokeswoman from the U.S. embassy in
London.  The inquiry is another blow to the company which has
already released three profits warning in 12 months.
The latest, on September 28, warned shareholders that full year
profit before tax, goodwill amortization and exceptional items
could fall 10% to GBP580 million.  The group also revealed that
Chief Executive Mike Bailey will step down next year.  It also
intends to dispose of its Select Service Partner (SSP)
travel-concessions business to focus on support services and
contract catering operations.

In April, shareholders pressured Mr. Bailey to justify the
group's second profit warning in just seven months.  This came as
British schools reconsidered their contracts with Scolarest, a
subsidiary of the company, which provides one in 10 school meals
in Britain.

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


CRANFIELD CORPORATE: Appoints DTE Leonard Liquidator
----------------------------------------------------
B. A. Keen, Director of Cranfield Corporate Services, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 14 at DTE Leonard Curtis, DTE House, Hollins Mount,
Hollins Lane, Bury BL9 8AT.  A. Poxon of DTE Leonard Curtis, DTE
House, Hollins Mount, Bury BL9 8AT was appointed liquidator.

CONTACT:  CRANFIELD CORPORATE SERVICES
          4 Castle St, Warwick
          Phone: 01926 476500

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


DML UK: Calls in Begbies Traynor Administrator
----------------------------------------------
Neil Andrew Brackenbury and Michael Edward George Saville (IP Nos
8269 and 7250) of Begbies Traynor were appointed joint
administrators of DML UK Limited (Company No 03036525) on Sept.
22.  The company's registered office is at Marshfield Bank,
Employment Park, Middlewich Road, Crewe CW2 8UY.

CONTACT:  DML UK LTD.
          Marshfield Bank
          Crewe CW2 8UY
          Cheshire
          Phone: 01270 253588
          Fax: 01270 253589

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


EQUITABLE LIFE: Court Denies Directors' Reimbursement Claims
------------------------------------------------------------
Equitable Life has disclosed that Mr. Justice Langley at the High
Court has refused an application for costs incurred by certain
former directors in respect of the Society's claims against Ernst
& Young and the Reporting Actuary.

As the action by the Society is continuing against 13 former
directors, the Society can make no further comments.

The 7 former directors applying for costs were Jennifer Page
represented by Simmons and Simmons; Peter Davis, David Price,
John Sclater, Peter Sedgwick, Jonathan Taylor and Alan Tritton,
all represented by Allen & Overy.

                            *   *   *

Equitable Life abandoned Monday its negligence claim against
former directors Peter Martin and Shaun Kinnis.  In return, the
two have agreed to pay for their own legal fees.  Mr. Martin was
a former non-executive director, while Mr. Kinnis served as
director for sales and marketing from 1989 to 1997.

The insurer added it had withdrawn a portion of its claim against
former Chief Executive Chris Headdon, who also had served as
reporting actuary at the group.  Equitable Life, however, intends
to pursue its negligence claims against Mr. Headdon, along with
12 others, although talks are said to be ongoing.

Equitable Life was earlier reported to have postponed its GBP1.7
billion lawsuit against former directors to pave the way for
possible settlement.  It was also believed to be a move to avoid
further costs.  The highly technical trial started in April,
involving a number of witnesses and lawyers.

Last month, the insurer also withdrew its GBP700 million action
against former auditor Ernst & Young, which left it facing angry
policyholder groups, and legal costs of GBP30 million.  The
company had claimed that had it been made aware of its true
financial position in 1998, the board would have sold the
company, earning over GBP1 billion in the process.  In 2000, the
House of Lords forced it to recognize guarantees on policies sold
in the 1970s and 1980s, which cost Equitable millions.

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


FREDERICK E TIDMAN: In Administrative Receivership
--------------------------------------------------
HSBC Bank Plc appointed Geoffrey Lambert Carton-Kelly and Matthew
Richard Meadley Wild, (IP Nos 008602, 009300) of Baker Tilly
joint administrative receivers of Frederick E Tidman Limited (Reg
No 0558162) on Sept. 20.  The company's registered office is at
Ashcombe Court, Woolsack Way, Godalming, Surrey GU7 1LQ.

Tidman's is a family-owned company established in 1955.  It has
earned a fine reputation for manufacturing both a range of
confectionary under its own label and for contract manufacturing
of well-known brand names.  Visit http://www.tidmans.co.uk/for
more information.

CONTACT:  FREDERICK E TIDMAN LTD.
          Unit 1c
          Cathedral Hill Industrial Estate
          Guildford GU2 7DS
          Surrey
          Phone: 01483 503897
          Fax: 01483 532325

          BAKER TILLY
          The Clock House, 140 London Road,
          Guildford, Surrey GU1 1UW
          Phone: 01483 307000
          Fax: 01483 569 281
          Web site: http://www.bakertilly.co.uk


FRUIT PRODUCTS: Cashflow Partners Appoints Receiver
---------------------------------------------------
Cashflow Partners (I.F.) Limited appointed T. Papanicola (IP No
005496) of Bond Partners LLP administrative receiver of fruit and
vegetables wholesaler Fruit Products International Ltd. (Reg No
02839190) on Sept. 2.  The company's registered office is at The
Grange, 100 High Street, London N14 6TG.

CONTACT:  FRUIT PRODUCTS INTERNATIONAL LTD.
          Orion Way
          Kettering South Business Pk 15 6NL
          Phone: 01536 515838
          Fax: 01536 510191

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


GARBUTT HEATERS: Set Creditors Meeting
--------------------------------------
The creditors of Garbutt Heaters Limited (Company No 1166629)
will meet on Oct. 12, 2005 at 10:00 a.m.  It will be held at
Harrisons, 23 Yarm Road, Stockton on Tees TS18 3NJ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to John Neil Harrison, the administrator of
Harrisons, 23 Yarm Road, Stockton on Tees TS18 3NJ on or before
Oct. 11, 2005 not later than 12:00 noon.

CONTACT:  GARBUTT HEATERS LTD.
          Longbeck Trading Estate
          Marske by the Sea
          Redcar TS11 6HB
          Cleveland
          Phone: 01642 483045
          Fax: 01642 487588
          Web site: http://www.harding.co.uk/garbutt-heaters


GEORGE BURLINGHAM: Claims Deadline Expires Later this Month
-----------------------------------------------------------
J. Burlingham, the Chairman of George Burlingham & Sons Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 19 at Maltings Lane, Ingham, Bury St Edmunds,
Suffolk.  Stephen M Rout of Stephen M. Rout & Company, 12 Signet
Court, Swanns Road, Cambridge CB5 8LA was appointed liquidator.

Creditors are required on or before October 28, 2005 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims, to the
undersigned, Stephen M Rout, of 12 Signet Court, Swanns Road,
Cambridge CB5 8LA, the liquidator of the company, and, if so
required by notice in writing, to prove their said debt or
claims.

CONTACT:  STEPHEN M. ROUT & COMPANY
          12 Signet Court
          Swanns Road
          Cambridge
          Cambridgeshire CB5 8LA
          Phone: 01223 329392
          Fax: 01223 329123
          E-mail: smrout@aol.com


GWYN R DAVIES: Files for Liquidation
------------------------------------
R. H. Davies, Director and Chairman of Gwyn R Davies Transport
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Sept. 15 at 4th Floor, Dominions House
North, Dominions Arcade, Queen Street, Cardiff CF10 2AR.

Wilfred Vaughan Jones of B N Jackson Norton, 4th Floor, Dominions
House North, Dominions Arcade, Queen Street, Cardiff CF10 2AR was
appointed liquidator.

CONTACT:  GWYN R DAVIES & SON TRANSPORT & WAREHOUSE
          Units 3-3a The Vale Business P, Llandow, Cowbridge,
          South Glamorgan CF71 7PB
          Phone: 01446-774862


HUDSON SIGNS: Calls Creditors Meeting
-------------------------------------
B. K. Dunnett, Director of Hudson Signs Limited, informs that a
Meeting of the Creditors of the company will be held at Trafalgar
House, Grenville Place, Mill Hill, London NW7 3SA, on 25 October
2005, at 11:00 a.m.

On the two business days falling next before the day on which the
Meeting is to be held, a list of the names and addresses of the
Company's Creditors will be available for inspection, free of
charge, at the offices of B&C Associates, Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA, being a place in the
relevant locality.

For the purpose of voting, secured Creditors must (unless they
surrender their security) lodge at the said registered office of
the Company at Trafalgar House, Grenville Place, Mill Hill,
London NW7 3SA, before the Meeting, a statement giving
particulars of their security, the date when it was given and the
value at which it is assessed

CONTACT:  HUDSON SIGNS LTD.
          Unit 8b, Williamsport Way
          Lion Barn Industrial Estate, Needham Market
          Ipswich
          IP6 8NS Suffolk
          Phone: 01449 723346
          Fax: 01449 723197
          Web site: http://www.hudsonsigns.co.uk


I.D.C.C. PLC: Names Leonard Curtis Liquidator
---------------------------------------------
C. Insley, Director of I.D.C.C. plc, informs that a resolution to
wind up the company was passed at an EGM held on Sept. 15 at
Leonard Curtis & Co., One Great Cumberland Place, Marble Arch,
London W1H 7LW.

N. A. Bennett of Leonard Curtis & Co, One Great Cumberland Place,
Marble Arch, London W1H 7LW was appointed liquidator.

CONTACT:  I.D.C.C. PLC
          Unit 25
          Claremont Industrial Estate
          Claremont Way
          London
          NW2 1BQ
          United Kingdom

          LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


IMAGICTV (UK): Members Final Meeting Set November
-------------------------------------------------
J. Spratt, Joint Liquidator of Imagictv (UK) Limited, informs
that a Final General Meeting of the Members of the Company will
be held at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB, on 4
November 2005, at 10:30 a.m.

Proxy forms, if applicable, must be lodged at KPMG LLP, Corporate
Recovery, 8 Salisbury Square, London EC4Y 8BB, Fax +44 (0) 20
7694 3533, no later than 12:00 noon on 3 November 2005.

CONTACT:  IMAGICTV (UK) LTD.
          Wellington House
          East Road
          Cambridge
          CB1 1BH
          Cambridgeshire
          Phone: 01223 528111
          Fax: 01223 528112
          Web site: http://www.imagictv.com


KOLORBOND (WALES): Liquidator Calls Creditors Meeting
-----------------------------------------------------
R I B Jones, Joint Liquidator of Kolorbond (Wales) Limited,
informs that Final Meetings of Members and Creditors of the
Company will be held at the offices of JonesGiles, The Maltings,
East Tyndall Street, Cardiff CF24 5EA, on 9 November 2005, at
10:00 a.m. and 10:30 a.m. respectively

A Member or Creditor entitled to attend and vote at the Meetings
may appoint a proxy, who need not be a Member or Creditor to
attend and vote instead of him.  Proxies for use at the Meetings
should be lodged at JonesGiles, The Maltings, East Tyndall
Street, Cardiff CF24 5EA, no later than 12:00 noon on 8 November
2005.

CONTACT:  KOLORBOND(R)
          Linton House
          Catherine Street
          Aston
          Birmingham
          United Kingdom
          Phone: +44 (0) 121 326 8020
          Fax: +44 (0) 121 327 1507
          E-mail: enquiries@kolorbond.co.uk
          Web site: http://www.kolorbond.ltd.uk/main.htm


L M LEASING: Files for Liquidation
----------------------------------
C. Lycey, Director and Chairman of L M Leasing Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 19 at 63 Walter Road, Swansea SA1 4PT.

Gary Stones of Stones & Co, 63 Walter Road, Swansea SA1 4PT was
appointed liquidator.

CONTACT:  STONES & CO.
          63 Walter Road
          Swansea
          Glamorgan SA1 4PT
          Phone: 01792 654607
          Fax: 01792 644491
          E-mail: stones.co@btconnect.com


MARKS & SPENCER: Appoints Pearson Director Deputy Chairman
----------------------------------------------------------
Subsequent to Lord Burns' appointment as deputy chairman of Marks
& Spencer Group plc on 1 October 2005, Lord Burns has advised
that he is currently a director of Pearson plc and Banco
Santander Central Hispano S.A.

In addition, Lord Burns has been director of The British Land
Company plc, Legal & General Group plc and Chairman of Abbey
National plc within the last five years.

Lord Burns is also currently Chairman of Abbey National plc and
Glas Cymru (Welsh Water), which are not publicly quoted
companies.

In accordance with paragraph 9.6.13 (2) - (6) of the Listing
Rules, he has advised that on appointment he has no details to
disclose.

In accordance with s329 Companies Act 1985 it is disclosed that
on appointment Lord Burns has an interest in 2,000 Ordinary
shares of 25 pence each in Marks & Spencer Group plc.

                        About the Company

Marks & Spencer has over 400 stores located throughout the U.K.,
including its largest store at Marble Arch, London.  In addition,
the Company has 150 stores worldwide, including over 130
franchise businesses, operating in 30 countries.  In 2004, it had
turnover of over GBP8 billion, operating profit of GBP823.9
million, and almost GBP2 billion in assets.

It has reportedly carried out aggressive price cutbacks in an
effort to recover from declining sales.  The prices of its
ladieswear clothing brands have been reduced by 25%.  Chief
Executive Stuart Rose said M&S had become uncompetitive in the
past, despite its good-better-best pricing scheme.

In July, the company reported that U.K. Retail Sales for the 14
weeks to 9 July 2005 were down 3.1% in total, with General
Merchandise down 10.3% and Food up 5.0%.  Clothing was down 9.2%
and Home down 22.3%.  Like-for-like sales were down 5.4% in
total, with General Merchandise down 11.2% and Food up 0.7%.

Mr. Rose said: "While the trading environment remains very
challenging, better buying, stock and cost control should enable
us to make further progress."

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House
          47-67 Baker Street
          London
          England
          W1U 8EP
          Phone: +44 20 7935 4422
          Fax: +44 20 7487 2679
          Web site: http://www.marksandspencer.com


MOBILE DATA: Creditors to Meet Next Week
----------------------------------------
L. Fazzi, Director of Mobile Data Direct Limited, informs that a
Meeting of the Creditors of the company will be held at 60-62
High Street, Harpenden, Hertfordshire AL5 2SP, on 11 October
2005, at 11:00 a.m.

Proxies to be used at the Meeting must be lodged with the Company
at 60-62 High Street, Harpenden, Hertfordshire AL5 2SP, not later
than 12:00 noon on the business day before the Meeting.  Proxies
received by fax by that time will be accepted. On the two
business days falling next before the day on which the Meeting is
to be held, a list of the names and addresses of the Company's
Creditors will be available for inspection, free of charge, at
Maidment Judd, 60-62 High Street, Harpenden, Hertfordshire AL5
2SP.

Notice is also given that, for the purpose of voting, secured
Creditors must (unless they surrender their security), lodge at
the said registered office of the Company before the Meeting, a
statement giving particulars of their security, the date when it
was given and the value at which it is assessed.

CONTACT:  MOBILE DATA DIRECT LTD.
          Image House
          Unit 5 Belvue Business Centre
          Belvue Road
          Northolt
          Middlesex
          UB5 5QQ
          Fax: 08707 454 175
          Fax from overseas: + 44 208 841 5680
          Web site: http://www.mobiledatadirect.co.uk/


MORRIS PACKAGING: Calls Creditors Meeting
-----------------------------------------
C. T. Morris, Director of Morris Packaging (Ferndown) Limited,
informs that a Meeting of the Creditors of the company will be
held at Rogers Evans, 20 Brunswick Place, Southampton SO15 2AQ,
on 7 October 2005, at 10:30 a.m.

Creditors should lodge particulars of their claims for voting
purposes at Rogers Evans, 20 Brunswick Place, Southampton SO15
2AQ, before the Meeting.  Secured Creditors (unless they
surrender their security) should also include a statement giving
details of their security, the date on which it was given and the
value at which it is assessed.

Any Creditor entitled to attend and vote at this Meeting is
entitled to do so either in person or by proxy. Completed proxy
forms must be lodged at Rogers Evans, 20 Brunswick Place,
Southampton SO15 2AQ, by 12:00 noon on 6 October 2005.  A list of
names and addresses of the Company's Creditors will be available
for inspection, free of charge, at Rogers Evans, 20 Brunswick
Place, Southampton SO15 2AQ, on the two working days prior to the
Meeting.

CONTACT:  MORRIS PACKAGING LTD.
          3A Telford Road Ferndown Industrial Estate WIMBORNE,
          Dorset BH21 7QN
          Phone: 01202 892623
          Web site: http://www.packaging-uk.co.uk


NTL CABLE: Moody's Reviews Rating for Possible Upgrade
------------------------------------------------------
Moody's Investors Service has placed all ratings of NTL Cable plc
(NTL) and Telewest Communications Networks Ltd. (Telewest), on
review for possible upgrade, following NTL's announcement that it
plans to acquire Telewest following a definitive merger agreement
between the two companies.

These ratings have been affected:

NTL Cable plc:

(a) The B1 Corporate Family rating; and

(b) The B3 rating on the c. GBP764 million senior notes due
    2014 (consisting of GBP, US$ and Euro tranche).

NTL Investment Holdings Limited: The B1 rating on the GBP2.425
billion senior secured bank facility due 2012.

Telewest Communications Networks Ltd.:

(a) The B1 Corporate Family rating;

(b) The B1 rating on the GBP1.55 billion first lien senior
    secured bank facilities due 2011;

(c) The B3 rating on the GBP250 million second lien senior
    secured bank facilities due 2014.

On October 3, NTL and Telewest announced that they had reached a
definitive merger agreement under which NTL will acquire
Telewest.  The transaction is expected to close in the first
quarter of 2006 following receipt of UK regulatory approvals and
approval by both sets of shareholders.  Whilst integration of the
two companies is expected to pose significant operational
challenges, the review for upgrade reflects Moody's view that
both the operational performance and competitive position of NTL
will be strengthened by the acquisition.  In particular, Moody's
believes that the scale of the combined entity should better
enable the company to more fully compete with British Sky
Broadcasting Group (BSkyB, Baa2, Stable) in Pay-TV and the rights
to premium content.

Given that the proposed total consideration of c.  US$6 billion
is to be funded with c. US$4.1 billion in cash and c. US$1.9
billion in stock, leverage of the combined group is expected to
increase from existing levels, such that pro-forma Adjusted Total
Debt to Adjusted EBITDAR will be approximately 5.1x.  Based on
the proposed financial profile of the combined entity, in
conjunction with Moody's expectation that future cash flow
generation will be used to reduce leverage, Moody's believes that
a one notch upgrade (i.e. a corporate family rating of Ba3) is
likely should the transaction be approved by both NTL and
Telewest's shareholders in its current form.

With regards to the ratings of specific debt instruments, in the
event that the additional GBP1.8 billion of new funding is raised
by a US holding company as is currently proposed, it is Moody's
expectation that notching on the existing NTL senior notes due
2014 will narrow to one notch from the corporate family rating
(from two notches), reflecting the substantial cushion of
structurally subordinated debt below them.  Ratings on all
existing senior credit facilities will be withdrawn following
their prepayment and cancellation.

Moody's rating review will therefore concentrate on the final
capital structure and the resultant financial profile of the
combined entity.

NTL Inc. is a large telecommunications and cable communications
provider in the U.K.  The company is based in Hook, England.  For
the six months ending June 30, 2005, the company reported
revenues of approximately GBP 980 million.

Telewest Communications Plc, a leading provider of cable
communications services in the UK, is based in London, England.
For the six months ending June 30, 2005, the company reported
revenues of approximately GBP719 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Nicole Guest, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


PAGEALERT LIMITED: Software Developer Winds up
----------------------------------------------
Pagealert Limited informs that resolutions to wind up the company
were passed at an EGM held on Sept. 16 at Concept House, Brooke
Street, Cleckheaton, West Yorkshire BD19 3RY.

Andrew T. Clay of Andrew Michaels & Co Ltd., Concept House,
Brooke Street, Cleckheaton, West Yorkshire BD19 3RY was appointed
liquidator.

CONTACT:  PAGEALERT LTD.
          Unit 1 Cross Lane Estate
          Leeds
          LS12 5AA
          West Yorkshire

          ANDREW MICHAELS & CO. LTD.
          Concept House
          Brooke Street
          Cleckheaton
          Bradford BD19 3RY
          West Yorkshire
          Phone: 0870 750 5411
          Fax: 0870 750 5412
          E-mail: info@andrew-michaels.com


PATIENTLINE PLC: Denies Breaching Banking Contracts
---------------------------------------------------
Following recent press comment, the board of Patientline plc has
confirmed that the Company is not in breach of its banking
covenants.

The Company's banks are very supportive and the Company is in
constructive discussions with them regarding amendments to its
banking facilities from December 2005 onwards.  The amendments
are intended to reflect the deferral of further installations
pending the outcome of the Ofcom investigation and the Company's
current trading position as announced on 25 July and updated on
30 September 2005.

                        About the Company

Patientline provides communication and entertainment services to
NHS trusts or the hospitals where it operates.  By the end of
2004, it had 80,000 units installed in over 170 hospitals.  For
the year ended March 2005, Patientline booked revenues of GBP49.4
million.

In July, the company admitted that operational changes within the
NHS had affected usage and revenue levels in the last quarter of
the year ended March 2005.  With a variety of factors affecting
revenues and the increased volatility, particularly during the
holiday period, the company predicted a net loss of up to GBP4
million compared with market expectations for the year to March
2006.

Patientline, which has not made a profit since it was formed ten
years ago, reported in June that it has narrowed yearly
operating loss to almost half, from GBP8.2 million to GBP4.6
million.

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


PROMOTIONAL PARTNERS: Final Meeting Set this Month
--------------------------------------------------
R. L. H. Knight, Liquidator of Promotional Partners Worldwide
Limited, informs that Final Meetings of the Members and the
Creditors of the Company will be held in the offices of Vantis
Business Recovery, The White Cottage, 19 West Street, Epsom,
Surrey KT18 7BS, on 24 October 2005, at 11:00 a.m. and 11.15 am
respectively.

A Member or Creditor entitled to attend and vote at either of the
above Meetings may appoint a proxy to attend and vote in their
place. A proxy need not be a Member or Creditor of the Company.

CONTACT:  PROMOTIONAL PARTNERS WORLDWIDE LTD.
          8th Floor, Erico House
          93-99 Upper Richmond Road
          Putney, London, England SW15 2TG
          Contact:
          Julian Hosking
          E-mail: julian.hosking@ppw.co.uk
          Phone: +44(0)20 8780 6350
          Fax: +44(0)20 8780 6351
          Web site: http://www.ppwgroup.com


QDF CASTINGS: Meeting of Creditors Set Next Week
------------------------------------------------
The creditors of QDF Castings Ltd. (Company No 05158599) will
meet on Oct. 10, 2005 at 10:30 a.m.  It will be held at The Oast
House, Osmaston Park Road, Derby DE3 8AG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Nigel Price and Mark Elijah Thomas Bowen, joint
administrator of Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB not later than
Oct. 7, 2005 on or before 12:00 noon.

CONTACT:  QDF CASTINGS LTD.
          Victory Road
          Derby DE24 8EP
          Derbyshire
          Phone: 01332 760260
          Fax: 01332 776233

          MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


RELSON LIMITED: Final Meeting Set Next Month
--------------------------------------------
B. J. Hamblin, Joint Liquidator of Relson Limited, informs that a
Final Meeting of the Members of the Company will be held at
Pannell House, 159 Charles Street, Leicester LEI 1LD, on 1
November 2005, at 10:00 a.m., to be followed at 10:30 a.m. by a
Final Meeting of Creditors

Proxies to be used at the Meetings must be lodged with the Joint
Liquidators at PKF (UK) LLP, Pannell House, 159 Charles Street,
Leicester LE1 1LD no later than 12:00 noon on the preceding day.

CONTACT:  RELSON LIMITED
          2 Badhan Court
          Telford
          TF1 5QX
          Phone: 0870 770 1757
          Fax: 0870 770 1756
          Web site: http://relson.net/


R KLUB: Liquidator from Tenon Recovery Moves in
-----------------------------------------------
T. A. Barton, Chairman of R Klub Recycling Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Sept. 12 at Tenon House, Ferryboat Lane, Sunderland SR5 3JN.

Ian William Kings of Tenon Recovery, Tenon House, Ferryboat Lane,
Sunderland SR5 3JN was appointed liquidator.  The appointment was
confirmed at a Meeting of Creditors held on the same day.

CONTACT:  R KLUB RECYCLING
          Unit 5C Ullswater Road
          Longhill Industrial Estate
          Hartlepool
          Cleveland
          United Kingdom
          S25 1UE
          Phone: 0870 6075582

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


ROSEBERRY HOMES: Administrators from PwC Take over Business
-----------------------------------------------------------
Robert William Birchall and Michael John Andrew Jervis (IP Nos
6623 and 1185) of PricewaterhouseCoopers LLP were appointed joint
administrators of Roseberry Homes (Greenwich) Limited (Company No
04108847) on Sept. 23.  The company's registered office is at
Alton House, 66-68 High Street, Northwood, Middlesex HA6 1BL.

Established in 1998, Roseberry Homes is a niche development
company, delivering high quality new build and brownfield urban
regeneration schemes, currently operating through out the United
Kingdom and Ireland.  Visit http://www.roseberry-homes.co.uk/for
more information.

CONTACT:  ROSEBERRY HOMES LTD.
          84 Uxbridge Road,
          London W13 8RA
          Phone: 020 8832 7600
          Fax: 020 8832 7601
          E-mail: info@roseberry-homes.co.uk

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


ROSE PACKAGING: Calls in Administrator
--------------------------------------
Kevin Thomas Brown (Office Holder No 9240) of Marriott Palmer
Brown was appointed administrator of Rose Packaging Limited (Reg
No 4088274) on Sept. 22.

Rose Packaging Limited is a London based manufacturing and
trading company that specializes in plain and printed paper bags,
paper and plastic carrier bags and luxury fashion carrier bags
for a wholesale and retail clientele throughout the UK. It has
over 20 years of experience.  Visit
http://www.rosepackaging.co.uk/for more information.

CONTACT:  ROSE PACKAGING (ONLINE) LTD.
          Unit B9 Bilton Centre
          Walmgate Road, Perivale
          Greenford UB6 7LR
          Middlesex
          Phone: 020 8566 9119
          Fax: 020 8566 9229
          E-mail: sales@rosepackaging.co.uk


ROYAL & SUNALLIANCE: Court to Review Claims vs. U.S. Unit
---------------------------------------------------------
Royal & SunAlliance Insurance Group plc's U.S. subsidiary Royal
Indemnity Company has noted the decision of the United States
Court of Appeals for the Third Circuit in relation to the ongoing
Student Finance Corporation (SFC) litigation.

The Court has upheld the District Court's ruling that RIC waived
its right to rescind its policy obligations based on SFC's fraud
and that the policies remain in force.  The Court, however, has
concluded that RIC has raised a triable issue as to whether all
of the losses claimed by the beneficiaries were covered under
these policies.  As a result, the Court has overturned the
District Court's previous summary judgment ordering RIC to pay
all claims submitted, and returned the case to the District Court
to determine coverage and whether the policies cover all of the
losses claimed.

RIC is reviewing its options to appeal the Court's ruling that
its policies remain in force, but welcomes the Court's
recognition of the need to resolve the underlying coverage
issues.

RIC continues to aggressively pursue multiple recovery and
collection actions while the litigation is ongoing.  Although the
final outcome of the case remains uncertain, the decision does
not change the Group's view, as set out at in the interim
results, that the resolution of these issues will not have a
material adverse effect on the Group's financial position.

                            *   *   *

Credit risk insurance policies were issued by the Royal Indemnity
Company to the Student Finance Corporation covering loans made to
students in various post secondary trade schools, primarily truck
driving schools.

In 2002, RIC became concerned that there was a pattern of alleged
fraud, misrepresentation and cover up by various parties, which
among other things concealed a significant default rate of the
loans.  On the basis of this alleged fraud RIC filed lawsuits
seeking rescission of its credit risk policies.

RIC's action was followed by related lawsuits filed in Delaware
by MBIA Insurance Corporation and various interested banks
including Wells Fargo Bank Minnesota and Wilmington Trust,
seeking to enforce the RIC credit risk insurance policies.

MBIA and the banks moved for and were granted summary judgment.
Final judgments were subsequently entered as to MBIA and Wells
Fargo on 27 October 2003 and Wilmington Trust on 6 August 2004.

R&SA appealed to the U.S. Court of Appeals for the Third Circuit
on the decisions of the Delaware court and oral arguments took
place on 19 January 2005.

In April 2005, PNC Bank agreed to discontinue its part of the
legal action following an agreed settlement.

Calculated through 30 June 2005, the total amount awarded by the
foregoing summary judgments was approximately US$396 million
consisting of US$381 million to MBIA and Wells Fargo and US$15
million to Wilmington Trust.  This summary judgment has now been
set aside by the Court pending resolution of coverage and whether
the policies cover all of the losses claimed.

CONTACT:  ROYAL & SUNALLIANCE INSURANCE GROUP PLC
          30 Berkeley Square
          London
          W1J 6EW, United Kingdom
          Phone: +44-20-7636-3450
          Fax: +44-20-7636-3451
          Web site: http://www.royalsunalliance.com


S&D ELECTRICAL: Goes into Liquidation
-------------------------------------
S. J. Drain, Chairman of S & D Electrical Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 14 at 24 Conduit Place, London W2 1EP.

Ian Franses of Ian Franses Associates, 24 Conduit Place, London
W2 1EP was appointed liquidator.

CONTACT:  S & D ELECTRICAL LTD.
          Carpenters Court, 4a Lewes Road
          Bromley, Kent BR1 2RN
          Phone: 02084646604

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


SERIOUS STRUCTURES: Liquidator Sets Creditors Meeting
-----------------------------------------------------
J. A. Palmer, Liquidator of Serious Structures Limited, informs
that a General Meeting of Members and Creditors of Serious
Structures Limited will be held at 65 St Edmund's Church Street,
Salisbury, Wiltshire SP1 lEF, on 28 October 2005, at 10:00 a.m.
and 10:30 a.m. respectively

Proxies to be used at the Meetings may be lodged with the
Liquidator at the above address no later than 12:00 noon on the
business day before the Meetings.

CONTACT:  SERIOUS STRUCTURES LTD.
          Bourne Farm, Pilton, Somerset  BA4 4NX
          Phone: 01749 890320
          Fax: 01749 890531
          Web site: http://www.structures.co.uk


SLEEP SOUND: Names Crawfords Liquidator
---------------------------------------
M. Raja, Director of Sleep Sound Beds Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 12 at Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB.

Alex Kachani of Crawfords, Stanton House, 41 Blackfriars Road,
Salford, Manchester M3 7DB was appointed liquidator.

CONTACT:  SLEEP SOUND BEDS LTD.
          Elm Street
          Burnley
          BB10 1NY Lancashire
          Phone: 01282 416666
          Fax: 01282 416777

          CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


SOLARGLASS UK: Glazing Product Supplier Liquidates
--------------------------------------------------
S. Walker, Chairman of Solarglass UK Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 15 at Alexandra Dock Business Centre, Fishermans Wharf,
Grimsby DN31 1UL.

Charles Howard Ranby-Gorwood of CRG Insolvency & Financial
Recovery, Alexandra Dock Business Centre, Fisherman's Wharf,
Grimsby DN31 1UL was appointed liquidator.

CONTACT:  SOLARGLASS UK LTD.
          Adam Smith Street, Grimsby
          South Humberside DN31 1SJ
          Phone: 01472351122


SPECTRA HEAT: Goes into Liquidation
-----------------------------------
R. Bourne, Director and Chairman of Spectra Heat Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 13 at Universal House, 1-2 Queens Parade Place,
Bath BA1 2NN.

Sue Stockley of Fanshawe Lofts, Universal House, 1-2 Queens
Parade Place, Bath BA1 2NN was appointed liquidator.

CONTACT:  SPECTRA HEAT LTD.
          Unit 8a Semley Indstl Est
          Station Road, Shaftesbury, Dorset SP7 9AH
          Phone: 01747851410


SPEYMILL GROUP: Trims Half-year Losses to GBP0.43 Million
---------------------------------------------------------
Speymill Group plc has revealed results for the six-month ended
30 June 2005.

Highlights

(a) the first half reflected the consolidation and refocusing of
    the existing business under new management;

(b) the company made a loss on ordinary activities of GBP0.43
    million compared with a loss of GBP1.15 million for the same
    period last year;

(c) balance sheet further strengthened since the half year.  Net
    assets now positive;

(d) loss per share 0.01 pence (0.53 pence first half 2004);

(e) order prospects at Speymill Contracts have improved steadily
    and now stand at over GBP40 million;

(f) Speymill Property Managers established to source and manage
    the acquisition of property and to provide an advisory and
    asset management service to property funds;

(g) recently announced joint venture, GOAL Service GmbH, has
    started operations in Germany; and

(h) Investment Advisory Agreement signed by GOAL and Speymill
    Property Managers for a German property fund which is aiming
    to raise EUR125 million leveraged to a total fund of EUR500
    million.

                  Report of Chairman Paul Doona

These results reflect real progress in the development of the
company.  We anticipate the new activity should see significant
fee income in the years ahead as the number of funds that the
business manages increases and further opportunities are
developed.  We are already in discussion with other parties about
new funds to be launched in 2006.

In the 2004 Annual Report issued to shareholders in June this
year and in the statement I made during the Company's Annual
General Meeting on 26 July, I gave some indication of the
structural and operational changes that have needed to be made
since I became Chairman in November last year and of the new
activities being pursued as part of the group's recovery program.

I am now pleased to report that while the period of change has
still had some impact on the results for 2005 through further
reorganization costs, the group has been stabilized and we are
making progress both in our core contracting business and in the
new property and fund management activities which are just
commencing.

Results

Turnover for the six months totaled GBP8.01 million (2004:
GBP10.44 million), with gross margin of GBP1.10 million (2004:
GBP1.03 million).  Operating loss was GBP0.31 million (2004:
GBP1.10 million), including GBP0.06 million loss in respect of D
F Blanchard (Salisbury) Ltd. which was sold in May 2005.  Losses
have been reduced by GBP0.79 million reflecting the significant
reduction in administrative and operating expenses arising from
the reorganization and restructuring of the business.  Further
reorganization costs of GBP0.09 million were incurred in the
period, though these were offset by a profit of GBP0.10 million
on the Blanchard disposal.

Interest costs increased to GBP0.11 million (2004: GBP0.06
million) mainly as a result of loan capital still outstanding
from the refinancing program.  A large proportion of the loan
capital has now been removed through conversion and cancellation,
considerably reducing the loan interest burden.

Loss on Ordinary Activities was GBP0.43 million (2004: GBP1.15
million), resulting in a loss per share of 0.01 pence (2004: loss
0.53 pence).

Operations

In the 2004 Annual Report, Chief Executive Andrew Latham said
that 2005 would be a year of consolidation and refocusing and the
first half of the year has certainly reflected those comments.
The disposal of Blanchard, which also incorporated the business
of First National Property Maintenance, has enabled more focus on
the recovery and further development of Speymill Contracts.

In my statement at the Annual General Meeting I reported that for
a variety of reasons outside our control, a number of Speymill's
contracts have been delayed in starting and this has had a
detrimental effect on sales in the first months of the year.
Consequently turnover for the first six months was GBP6.02
million, which was around GBP1 million below the first half of
2004.  However, I am able to report, as outlined in my AGM
statement, that the contracts business is developing well and
that the management team is now in place to continue this
improvement.

The consolidation of the group's head office into Speymill
Contracts' premises in Huntingdon is fully complete, providing
the benefit of a shared resources structure in terms of both
staffing and systems.

Board Changes

The first half of 2005 saw the continuation of the board
restructuring begun last year.  In March, Peter Hewitt resigned
from the board, while Ilyas Khan joined as a non-executive
director.  In June, Andrew Latham and Keith Lees were appointed
as Chief Executive and Finance Director respectively, having both
already been working for the Company in interim roles. Since the
half year, further changes have occurred.  In July, Anthony
Baillieu resigned as a non-executive director, with Howard Flight
taking his place.

Future Prospects

Order prospects at Speymill Contracts have improved steadily as
the year has progressed, with a current total value of GBP40
million, which is a figure representing committed and likely
business and a prudent assessment of the win rate achieved for
new tenders.  Speymill is in the final stages of negotiation on a
number of exciting and significant new contracts.  These are
expected to generate a strengthening of the turnover in the
second half of 2005 and beyond.

GOAL Service GmbH

The recently announced GOAL Services property management joint
venture with LAGO Service in Berlin commenced operations during
September, providing a property management service to landlords
of residential and commercial premises in Germany.  LAGO has an
established record in the provision of this service and has been
successful in finding, managing and developing property in
Germany.

The company has a shareholding of 51% in the joint venture with
Herr Florian Lanz, the owner and principal of LAGO Service,
owning the remaining 49%.  Herr Lanz's former activities in LAGO
have now ceased and he has brought a number of existing
management contracts to the joint venture.  GOAL has also
contracted to manage the considerable property interests of
Burnbrae in Germany.  In addition to property management it is
anticipated that there will be a significant opportunity to
redevelop and refurbish sites in Germany, in which Speymill
Contracts will play an important role.

Speymill Property Managers Ltd.

We have established a wholly owned subsidiary, which Howard
Flight will chair, to source and manage the acquisition of
property and to provide an advisory and asset management service
to property funds.  This business will, in Germany, use the
property management expertise of GOAL to provide a one-stop
service for property funds.

An Investment Advisory Agreement has been signed by GOAL and
Speymill Property Managers for the first of these with a German
property fund which is aiming to raise EUR125 million of equity,
leveraged to a total fund of EUR500 million.  Under this
agreement GOAL and Speymill Property Managers will provide their
combined property and fund management services as described
above.  The fund already has commitments for a substantial
percentage of the equity target and should start to generate
significant income for both GOAL and Speymill Property Managers
during the first quarter of 2006.

This new activity for the Group will see significant fee income
in the years ahead as the number of funds that the business
manages increases and further opportunities are developed.  We
are already in discussion with other parties about new funds to
be launched in 2006.

Our initial activities have centered on Germany, where we believe
there are some unique opportunities.  However, we do not intend
to concentrate all our efforts there.  We intend to participate
in the anticipated introduction of Real Estate Investment Trusts
(REITS) after expected legislation in the U.K. and through
existing REIT opportunities in Germany.  When the U.K.
legislation is established we will operate a number of specialist
funds that will be complimentary to Speymill's strengths.

As 2005 has progressed the strategy of stabilizing the group's
activities around the core Speymill Contracts business and then
developing new property management and fund management activities
alongside this has gradually been coming to fruition.  As part of
this process we have continued to strengthen our management team
to ensure we have all the in-house skills and expertise required
for successful business development and operational management of
our expanding activities.  Furthermore, the post balance sheet
share warrant exercises and loan conversion have now returned
group net assets to a positive position.

Overall, we are positioning the group to use our contract
management skills to compliment our property and fund management
activities and to also be ready to take advantage of appropriate
niche markets in the U.K.  We aim to significantly increase funds
under management by the end of 2006, providing a strong platform
for further growth.

CONTACT:  THE SPEYMILL GROUP PLC (THE WIGMORE GROUP PLC)
          Arundel House, Amberley Ct., County Oak Way
          Crawley, West Sussex RH11 7XL
          United Kingdom
          Phone: +44-845-070-1200
          Fax: +44-845-070-2300
          Web site: http://www.wigmoregroup.com

          Paul Doona
          Executive Chairman
          Phone: 01624 698131

          Tim Blackstone
          Britton Financial PR
          Phone: 0207 251 2544

          Jonathan Naess
          Nabarro Wells & Co Ltd.
          Phone: 0207 710 7400


TARKA TILES: EGM Passes Winding-up Resolution
---------------------------------------------
S. A. Gosai, Shareholder and Director of Tarka Tiles Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 15 at Tantons Hotel, New Road, Bideford, Devon
EX39 2HR.

Simon Thornton of Houghton Stone Business Recovery, The Conifers,
Filton Road, Hambrook, Bristol BS16 1QG was appointed liquidator.

CONTACT:  TARKA TILES LTD.
          32 Mill Street, Bideford, Devon EX39 2JJ
          Phone: 01237477503


TELEWEST COMMUNICATIONS: Moody's Hints Possible Upgrade
-------------------------------------------------------
Moody's Investors Service has placed all ratings of NTL Cable Plc
(NTL) and Telewest Communications Networks Ltd. (Telewest), on
review for possible upgrade, following NTL's announcement that it
plans to acquire Telewest following a definitive merger agreement
between the two companies.

These ratings have been affected:

NTL Cable plc:

(a) The B1 Corporate Family rating; and

(b) The B3 rating on the c. GBP764 million senior notes due
    2014 (consisting of GBP, US$ and Euro tranche).

NTL Investment Holdings Limited: The B1 rating on the GBP2.425
billion senior secured bank facility due 2012.

Telewest Communications Networks Ltd.:

(a) The B1 Corporate Family rating;

(b) The B1 rating on the GBP1.55 billion first lien senior
    secured bank facilities due 2011;

(c) The B3 rating on the GBP250 million second lien senior
    secured bank facilities due 2014.

On October 3, NTL and Telewest announced that they had reached a
definitive merger agreement under which NTL will acquire
Telewest.  The transaction is expected to close in the first
quarter of 2006 following receipt of UK regulatory approvals and
approval by both sets of shareholders.  Whilst integration of the
two companies is expected to pose significant operational
challenges, the review for upgrade reflects Moody's view that
both the operational performance and competitive position of NTL
will be strengthened by the acquisition.  In particular, Moody's
believes that the scale of the combined entity should better
enable the company to more fully compete with British Sky
Broadcasting Group (BSkyB, Baa2, Stable) in Pay-TV and the rights
to premium content.

Given that the proposed total consideration of c.  US$6 billion
is to be funded with c. US$4.1 billion in cash and c. US$1.9
billion in stock, leverage of the combined group is expected to
increase from existing levels, such that pro-forma Adjusted Total
Debt to Adjusted EBITDAR will be approximately 5.1x.  Based on
the proposed financial profile of the combined entity, in
conjunction with Moody's expectation that future cash flow
generation will be used to reduce leverage, Moody's believes that
a one notch upgrade (i.e. a corporate family rating of Ba3) is
likely should the transaction be approved by both NTL and
Telewest's shareholders in its current form.

With regards to the ratings of specific debt instruments, in the
event that the additional GBP1.8 billion of new funding is raised
by a US holding company as is currently proposed, it is Moody's
expectation that notching on the existing NTL senior notes due
2014 will narrow to one notch from the corporate family rating
(from two notches), reflecting the substantial cushion of
structurally subordinated debt below them.  Ratings on all
existing senior credit facilities will be withdrawn following
their prepayment and cancellation.

Moody's rating review will therefore concentrate on the final
capital structure and the resultant financial profile of the
combined entity.

NTL Inc. is a large telecommunications and cable communications
provider in the U.K.  The company is based in Hook, England.  For
the six months ending June 30, 2005, the company reported
revenues of approximately GBP 980 million.

Telewest Communications Plc, a leading provider of cable
communications services in the UK, is based in London, England.
For the six months ending June 30, 2005, the company reported
revenues of approximately GBP719 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Nicole Guest, Asst Vice President - Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


TRADE & SAVE: Names Begbies Traynor Liquidator
----------------------------------------------
P. Salford, Chairman of Trade & Save (Rotherham) Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 14 at 30 Park Cross Street, Leeds LS1 2QH.

Neil Brackenbury and Michael E G Saville of Begbies Traynor, 30
Park Cross Street, Leeds LS1 2QH were appointed liquidators.

CONTACT:  TRADE & SAVE (ROTHERHAM) LIMITED
          Meadow Bank Rd, Rotherham, S61 2NF
          Phone: 01709 560006


UNIT SUPPLY: Calls in Liquidator from RSM Robson
------------------------------------------------
J. N. Whitfield, Chairman of Unit Supply Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 9 at RSM Robson Rhodes LLP, Centre City Tower, 7 Hill
Street, Birmingham B5 4UU.

John Neville Whitfield and Gerald Clifford Smith of RSM Robson
Rhodes LLP, Centre City Tower, 7 Hill Street, Birmingham B5 4UU
were appointed liquidators.

CONTACT:  UNIT SUPPLY LTD.
          Station Road, Four Ashes Industrial Estate,
          Wolverhampton, West Midlands WV10 7DG
          Phone: 01902791000

          RSM ROBSON RHODES LLP
          Centre City Tower,
          7 Hill Street,
          Birmingham B5 4UU
          Web site: http://www.robsonrhodes.co.uk


WARREN RECRUITMENT: Recruitment Specialist Hires Administrators
---------------------------------------------------------------
Peter Alan Kubik and Ladislav Hornan (IP Nos 9220 and 2059), both
of UHY Hacker Young were appointed joint administrators of Warren
Recruitment Specialists Ltd. (Company No 03189341) on Sept. 21.
The company's registered office is at St Alphage House, 2 Fore
Street, London EC2Y 5DH.

WRS was founded five years ago and has grown to become United
Kingdom's print industry's premier recruitment specialist.  It
has over 400 printing staff working at client locations for over
10,000 print and reprographic specialists in its database.  The
company has offices in London and Swindon.  Visit
http://www.print-recruitment.com/for more information.

CONTACT:  WARREN RECRUITMENT SPECIALISTS LTD.
          Suite 7, 12 Pepper Street
          Isle of Dogs, London, E14 9RP
          Phone: (020) 7512 0443
          Fax: (020) 7512 0442
          E-mail: wrs@print-recruitment.com

          UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159


WELLS SMT: Liquidator Moves in
------------------------------
A. Wall, Chairman of Wells SMT Limited, informs that a resolution
to wind up the company was passed at an EGM held on Sept. 8 at 8
Manchester Road, Bury, Lancashire BL9 0ED.

John Hendrik Chadwick Lee of 8 Manchester Road, Bury, Lancashire
BL9 0ED was appointed liquidator.

CONTACT:  WELLS SMT 2003 LTD.
          Valley Wks, Ribble Street
          Keighley, West Yorkshire BD21 4LP
          Phone: 01535-604477


WEST RIDING: Yorkshire Bank Appoints P&A Partnership Receiver
-------------------------------------------------------------
Yorkshire Bank PlC (now Clydesdale Bank PlC trading as Yorkshire
Bank) appointed Christopher Michael White and Philip Andrew
Revill of P&A Partnership joint administrative receivers of West
Riding Pressings Limited (Reg No 00630722) on Sept. 21.

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


WIGAN MANUFACTURING: In Liquidation
-----------------------------------
Eric Allen, Director of Wigan Manufacturing Co. Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 16 at Clive House, Clive Street, Bolton BL1 1ET.

M. C. Bowker of Unity Corporate Recovery & Insolvency, Clive
House, Clive Street, Bolton BL1 1ET was appointed liquidator.

CONTACT:  WIGAN MANUFACTURING CO. LTD.
          Unit 5 Gemini House
          Kenyon Road Works
          Wigan
          Lancashire
          WN1 2JH
          Phone: 01942 322814
          Fax: 01942 322814
          E-mail: ealln1@aol.com

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


WM MORRISON: Half-year Results Out Later this Month
---------------------------------------------------
Wm Morrison Supermarkets plc will be issuing interim results for
the 25 weeks to 24 July 2005 on 20 October 2005, in accordance
with U.K. GAAP.

Results in accordance with IFRS will be issued on 17 November
2005.

                        About the Company

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

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

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

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


                            *********


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

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

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

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