TCREUR_Public/051012.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

          Wednesday, October 12, 2005, Vol. 6, No. 202

                            Headlines

F R A N C E

RHODIA S.A.: CFO Steps down for Health Reasons
RHODIA S.A.: Completes Sale of Two Businesses


G E R M A N Y

ATLANTIC-FROST: Hamburg Court Appoints Administrator
ELSKE-TRANSPORT: Creditors' Claims Due December
FE.LIX GRUNDBAU: Court to Verify Claims February
FRESENIUS MEDICAL: Small Investors Sue to Block Status Change
GEOSERVICE INGENIEURVERMESSUNG: Succumbs to Bankruptcy

IIG IMMOBILIEN: Creditors to Meet Next Month
MKTC TELEKOMMUNICATION: Goes Bust
STON-BAU: Under Bankruptcy Administration
UNI-PAPIER: Dortmund Court Calls in Administrator
UNITY MEDIA: Name Change Now Official
WALTER BAU: Threatens US$100 Million Lawsuit vs. Thailand


H U N G A R Y

HERUKON KONFEKCIOIPARI: Debt Downs Clothing Firm


I T A L Y

ALITALIA SPA: Rules out Additional Job cuts
PARMALAT SPA: Snubs EUR180 Mln Offer for Spanish Unit


N E T H E R L A N D S

ROYAL SHELL: Buys Back Further 875,000 'A' Shares
VERSATEL TELECOM: Tele2 Declares Public Offer Unconditional
VERSATEL TELECOM: To Delist from Euronext Elite List Thursday


N O R W A Y

PAN FISH: Boosts Capital Via Private Placement of 123 Mln Shares
PAN FISH: Acquires 90% of Aqua Farms


R U S S I A

DRUZHBA: Hires A. Lytkin Insolvency Manager
ERMISH-AGRO-KHIM: Deadline for Proofs of Claim Next Week
KRASNOARMEYSKIY: Undergoes Bankruptcy Supervision Procedure
MONOLITH-STROY: Declared Insolvent
PERVOMAYSKOYE: Insolvency Manager Takes over Company

PP METAL-MASTER: Period for Filing of Claims Ends Next Month
SISTEMA JSFC: Reports Solid Growth in First Half
SOKOLSKIY: Bankruptcy Hearing Set December
SOUTH-EAST-STEEL-CONSTRUCTIONS: Under Bankruptcy Supervision
TURISNKOYE AIR-ENTERPRISE: Court Brings in Insolvency Manager
URENSKIY: Bankruptcy Supervision Procedure Begins


S W I T Z E R L A N D

GENERAL MOTORS: Moody's Might Downgrade Unsecured Rating
SWISS INTERNATIONAL: Puts up Operating Subsidiary


U K R A I N E

CORPORATION-SPHERE: Last Day for Filing Claims Tomorrow
DZHERELO: Declared Insolvent
HARKIV' EXPLORATORY: Goes into Liquidation
INNOVATIONAL TECHNOLOGIES: Succumbs to Insolvency
KRASNODONSKIJ AGROBUD: Sets Proofs of Claim Deadline

KUPYANSKIJ RAJAGROHIM: Insolvency Manager Takes over Helm
RIZHANIVSKE: Bankruptcy Supervision Starts
SUMISILMASH: Creditors' Claims Due this Week
TRIUMF: Harkiv Court Appoints Insolvency Manager
UKRSOTSBANK: Individual Loans Portfolio Continues to Grow
UKRSOTSBANK: Total Loan Portfolio Grows 55% After 9 Months
ZEVS: Undergoes Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ALLIED MEDICAL: Members Meeting Set End of October
ANDERSEN LEIGH: Recruitment Firm Hires Administrator
ANDREW LEE: Hires Begbies to Liquidate Assets
ANGLIA BUSINESS: Files for Administration
ASC NEX: Hires KPMG Liquidator

BOOTS GROUP: New CFO Holds 50,791 Ordinary Shares
B & S SUPPLIES: Calls in Liquidator
CARDIFF RAILWAY: Hires KPMG Liquidator
CASTROL CONSUMER: Liquidation Report Out Later this Month
CIRCLE DESIGN: Names Buchanans Administrator

COMPASS GROUP: Comments on U.N. Procurement Scandal
CONSERVATION RESTORATION: Names Grant Thornton Administrator
DANIEL THOMAS: Bar Operators Call in Administrators from KPMG
DIXON CLOTHING: Goes into Liquidation
DORMANTCO 1007: Members Final Meeting Set Later this Month

DRUCE INVESTMENT: In Administrative Receivership
EQUITABLE LIFE: Drops Claims Against Two More Former Directors
E WARD: Members Meeting Set Last Week of October
FJ RETAIL: Calls in Liquidator
GODFREYS OF ENFIELD: In Liquidation

GPE EXHIBITIONS: Creditors Meeting Next Week
HAMMOND MEDIA: Creditors to Meet Tomorrow
HENDERSON HIGH: Sets Creditors Meeting November 4
INBLOW FORM: Administrators from Vantis Numerica Move in
JPMORGAN FLEMING: Liquidator to Deliver Report Early Next Month

LAMPTREE LIMITED: Names Liquidator
LEAY MBC: Sets Final Meeting October 31
LIFESTYLE BEAUTY: Calls in Joint Liquidators
MASQUERADE BAR: Files for Liquidation
MG ROVER: Court Awards Former Workers GBP14 Million Payout

MILLERS PHOTOGRAPHY: Appoints Liquidator from Begbies
MONUMENT INDUSTRIAL: Names Moore Stephens Liquidator
NETWORK RAIL: Fined GBP3.5 Million for Hatfield Crash
NORTHERN FOODS: Full-, Half-year Profits Lower Under IFRS
NORTHERN FOODS: Tough Trading Environment Offsets Gains

PROFILE MEDIA: Assigns GBP3 Mln Overdraft Facility to Eden
PROTECH BUILDING: Calls in Administrators from Grant Thornton
SANCTUARY GROUP: Cuts Workforce by 25%
SECURIGUARD ROLLER: Goes into Liquidation
TXU EUROPE: Federal Court Orders Permanent Injunction
URBAN MOBILE: Calls in Joint Liquidators


                            *********


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


RHODIA S.A.: CFO Steps down for Health Reasons
----------------------------------------------
Bruno Mouclier has stepped down as chief financial officer of
Rhodia S.A. due to health reasons.  Jean-Pierre Clamadieu, chief
executive officer, will assume the supervision of the Finance
Function until a new chief financial officer is appointed.

                        About the Company

Rhodia S.A., based in France, is a global specialty chemicals
company partnering with major players in the automotive,
electronics, fibers, pharmaceuticals, agrochemicals, consumer
care, tires and paints & coatings markets to offer tailor-made
solutions combining original molecules and technologies to
respond to customers' needs.

It generated net sales of EUR5.3 billion in 2004 and employs
20,000 people worldwide.  It is listed on the Paris and New York
stock exchanges.  Rhodia slipped into the red in 2001 with a net
loss of EUR213 million (US$183.5 million) after three profits
warning.  The company's stock has deteriorated since its
flotation in 1998.

                        Restructuring Plan

Due to depressed economic environment, continued high
petrochemical raw material prices, persistent weak demand and a
negative effect from the value of the dollar, Rhodia launched
structural action programs designed to improve long-term
profitability.

In 2003, it unveiled a plan of action to refocus business
portfolio, reduce cost and improve financial structure.  A key
part of this plan is a EUR600 million divestiture program aimed
at reducing debt by EUR500 million.  Consolidation of operations
resulted to the closure of 19 production units worldwide.

In December 2003, Rhodia concluded an agreement with 23 creditor
banks for the maintenance of a EUR970 million existing lines of
credit, and an adjustment of covenants to June 30, 2004;
establishment of a EUR758 million new syndicated medium-term
credit line; and a capital increase of approximately EUR300
million.

                         Status to date

The company's net loss after amortization of goodwill for 2004
was reduced more than 50% from EUR1,351 million to EUR625
million, giving the firm hope to return to black in 2006.  Its
overall net loss for the period came to EUR197 million, compared
with a net loss of EUR132 million in the second quarter 2004
(before the taking into account EUR187 million of results from
discontinued operations).

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


RHODIA S.A.: Completes Sale of Two Businesses
---------------------------------------------
Rhodia has finalized two divestitures initiated during the
second quarter 2005:

(a) the sale of its European cartridge silicone sealants
    business to Henkel, following the agreement signed August 8;
    and

(b) the sale of its phosphates and sulfuric acid manufacturing
    businesses at its site in Rieme to Misa Inc., following the
    agreement signed September 2.

These divestments form part of the divestiture of non-strategic
activities being undertaken by the Group with a view to
refocusing its business portfolio.

Rhodia's cartridge silicone sealants business, which generated
sales of more than 50 million euros in 2004, comprises the
production and distribution in Europe of a wide range of
silicone sealants sold in cartridge form for the construction
and Do-It-Yourself (DIY) markets.

The Rhodia Group will continue, through its Silcea Enterprise,
to develop and manufacture core intermediates as well as bulk
silicone sealants and market them in Europe and the rest of the
world.

The Henkel Group operates in three strategic business areas:
Home Care, Personal Care, and Adhesives, Sealants and Surface
Treatment.  In fiscal 2004, the Henkel Group generated sales of
EUR10,592 billion.  More than 50,000 employees work for the
Henkel Group worldwide.  People in around 125 countries around
the world trust in brands and technologies from Henkel.

Rhodia has also completed the sale of its phosphates and
sulfuric acid manufacturing businesses at its site in Rieme
(Belgium) to Misa Inc.  This transaction marks a further step in
Rhodia's withdrawal from the phosphates area.

Misa Inc. is an affiliate of Uganda-based Madhvani International
engaged in the development of projects in the industry, energy,
agriculture and infrastructure sectors.

                        About the Company

Rhodia S.A., based in France, is a global specialty chemicals
company partnering with major players in the automotive,
electronics, fibers, pharmaceuticals, agrochemicals, consumer
care, tires and paints & coatings markets to offer tailor-made
solutions combining original molecules and technologies to
respond to customers' needs.

It generated net sales of EUR5.3 billion in 2004 and employs
20,000 people worldwide.  It is listed on the Paris and New York
stock exchanges.  Rhodia slipped into the red in 2001 with a net
loss of EUR213 million (US$183.5 million) after three profit
warnings.  The company's stock has deteriorated since its
flotation in 1998.

                       Restructuring Plan

Due to depressed economic environment, continued high
petrochemical raw material prices, persistent weak demand and a
negative effect from the value of the dollar, Rhodia launched
structural action programs designed to improve long-term
profitability.

In 2003, it unveiled a plan of action to refocus business
portfolio, reduce cost and improve financial structure.  A key
part of this plan is a EUR600 million divestiture program aimed
at reducing debt by EUR500 million.  Consolidation of operations
resulted to the closure of 19 production units worldwide.

In December 2003, Rhodia concluded an agreement with its 23
creditor banks for the maintenance of a EUR970 million existing
lines of credit, and an adjustment of covenants to June 30,
2004; establishment of a EUR758 million new syndicated medium-
term credit line; and a capital increase of approximately EUR300
million.

                         Status to date

The company's net loss after amortization of goodwill for 2004
was reduced more than 50% from EUR1,351 million to EUR625
million, giving the firm hope to return to black in 2006.  Its
overall net loss for the period came to EUR197 million, compared
with a net loss of EUR132 million in the second quarter 2004
(before the taking into account EUR187 million of results from
discontinued operations).

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


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


ATLANTIC-FROST: Hamburg Court Appoints Administrator
----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against ATLANTIC-FROST GmbH on September 15, 2005.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 9,
2005 to register their claims with court-appointed provisional
administrator Juergen Salter.

Creditors and other interested parties are encouraged to attend
the meeting on December 9, 2005, 12:30 a.m. at the district
court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355
Hamburg, 4. Etage, Anbau, Saal B 405, 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:  ATLANTIC-FROST GmbH
          Hovestrasse 72, 20539 Hamburg
          Contact:
          Juergen Salter, Manager

          Burckhardt Reimer, Administrator
          Domstrasse 15, 20095 Hamburg
          Phone: 41522416
          Fax: 41522-411


ELSKE-TRANSPORT: Creditors' Claims Due December
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Elske-Transport GmbH on September 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 15,
2005 to register their claims with court-appointed provisional
administrator Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2005, 10:05 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
February 16, 2006, 10:00 a.m. at the same venue.

CONTACT:  ELSKE-TRANSPORT GmbH
          Paradiesstr. 210-218, 12526 Berlin

          Sebastian Laboga, Administrator
          Einemstr. 24, 10785 Berlin


FE.LIX GRUNDBAU: Court to Verify Claims February
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Fe.lix Grundbau & Umwelttechnik GmbH Berlin
on September 20.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until December 20, 2005 to register their claims with court-
appointed provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2005, 9:25 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
February 14, 2006, 9:25 a.m. at the same venue.

CONTACT:  FE.LIX GRUNDBAU & UMWELTTECHNIK GmbH BERLIN
          Glambecker Weg 31,13467 Berlin

          Udo Feser, Administrator
          Uhlandstr. 165/166, 10719 Berlin


FRESENIUS MEDICAL: Small Investors Sue to Block Status Change
-------------------------------------------------------------
Fresenius Medical Care AG on Oct. 10 said the Company has been
named in some civil actions by a small number of shareholders
contesting the resolutions of the Extraordinary General Meeting.
The EGM was held August 30, 2005 to transform the Company's
legal form into a partnership limited by shares (KGaA) and to
convert the preference shares into ordinary shares to move to
one share class.  The Company believes that these actions are
without merit and it will defend vigorously the resolutions
adopted by the EGM in an appropriate way.

The transformation of the Company's legal form and the
conversion of the preference shares were approved by an
overwhelming majority of common and preference shareholders at
the EGM.  The transformation was approved by nearly 91% of the
represented ordinary share capital, and the conversion was
approved by nearly 94% of the represented ordinary share
capital.  At the Separate Meeting of Preference Shareholders,
which was held immediately following the EGM, the preference
share conversion proposal was approved by nearly 85% of the
represented preference share capital.  Moreover, broad
shareholder support for the resolutions is also evidenced by the
strong share price development since the announcement in May
2005.

As a result of the acceptance of these capital structure changes
by the majority of the shareholders and the financial community,
Fresenius Medical Care will continue its preparation to
accomplish these value-enhancing transactions with
determination.

Fresenius Medical Care AG is the world's largest, integrated
provider of products and services for individuals undergoing
dialysis because of chronic kidney failure, a condition that
affects more than 1,300,000 individuals worldwide.  Through its
network of approximately 1,645 dialysis clinics in North
America, Europe, Latin America, Asia-Pacific and Africa,
Fresenius Medical Care provides dialysis treatment to
approximately 128,200 patients around the globe.  Fresenius
Medical Care is also the world's leading provider of dialysis
products such as hemodialysis machines, dialyzers and related
disposable products.  For more information about Fresenius
Medical Care visit http://www.fmc-ag.com

                            *   *   *

Early in July, Moody's Investors Service downgraded the ratings
of Fresenius Medical Care as a result of the company's planned
debt-funded acquisition of Renal Care Group.  Concurrently,
Moody's assigned a Ba2 rating to FME's new Euro 5 billion senior
credit facility put in place to finance the transaction.  This
concludes the review initiated on 4 May 2005.

Moody's ratings reflect the agency's assumption that FME's
proposed acquisition of RCG will be completed as expected and
considers the enlarged company's ability to service its
significantly higher debt burden as a result of the transaction
as well as integration risks resulting from the acquisition.

CONTACT:  FRESENIUS MEDICAL CARE AG
          Investor Relations
          Oliver Maier
          Phone: + 49 6172 609 2601
          E-mail: ir-fms@fmc-ag.com

          Heinz Schmidt (North America)
          Phone: + 1 781 402 9000
          Ext.: 4518
          E-mail: ir-fmcna@fmc-ag.com
          Web site: http://www.fmc-ag.com


GEOSERVICE INGENIEURVERMESSUNG: Succumbs to Bankruptcy
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Geoservice Ingenieurvermessung GmbH on
September 16.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 15, 2005 to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2005, 9:40 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
9, 2006, 9:55 a.m. at the same venue.

CONTACT:  GEOSERVICE INGENIEURVERMESSUNG GmbH
          Fidicinstr.3,10965 Berlin

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


IIG IMMOBILIEN: Creditors to Meet Next Month
--------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against IIG Immobilien-Investitionsgesellschaft mbH
on September 16.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until December 21, 2005 to register their claims with court-
appointed provisional administrator Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2005, 10:45 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
February 15, 2006, 10:15 a.m. at the same venue.

CONTACT:  IIG IMMOBILIEN-INVESTITIONSGESELLSCHAFT mbH
          Bellevuestr.1, Sonycenter,10785 Berlin

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


MKTC TELEKOMMUNICATION: Goes Bust
---------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against MKTC Telekommunication GmbH on September 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 24,
2006 to register their claims with court-appointed provisional
administrator Petra Heidenfelder.

Creditors and other interested parties are encouraged to attend
the meeting on March 21, 2006, 9:10 a.m. at the district court
of Frankfurt am Main, Saal 2, Geb. F, Klingerstr. 20, 60313
Frankfurt, 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:  MKTC TELEKOMMUNICATION GmbH
          Wollstadter Strasse 13, 60385 Frankfurt am Main

          Petra Heidenfelder, Administrator
          Bleichstrasse 2-4, 60313 Frankfurt am Main
          Phone: 069/9130920
          Fax: 069/91309230


STON-BAU: Under Bankruptcy Administration
-----------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against STON-Bau GmbH on September 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 8,
2005 to register their claims with court-appointed provisional
administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on December 13, 2005, 11:00 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  STON-BAU GmbH
          Sitz Storkow, Siegfriedstr. 46 - 48, 10365 Berlin

          Ruediger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


UNI-PAPIER: Dortmund Court Calls in Administrator
-------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Uni-Papier Handels GmbH on September 19.  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 David Wit.

Creditors and other interested parties are encouraged to attend
the meeting on November 18, 2005, 10:30 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:  UNI-PAPIER HANDELS GmbH
          Mathildenstr. 18, 44388 Dortmund
          Contact:
          David Wit, Manager

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


UNITY MEDIA: Name Change Now Official
-------------------------------------
Unity Media GmbH said its name change to Unity Media GmbH from
iesy Repository GmbH has now been entered into the German
Commercial Register.  The name change to Unity Media Management
GmbH (from New iesy GmbH) is going to be entered into the German
Commercial Register shortly.

The company also said that following the ish Acquisition, iesy's
finance and administrative functions have relocated from
Frankfurt to ish's office in Cologne.

                            *   *   *

As reported by TCR-Europe on Aug. 10, the parent company of ish
and iesy, the recently combined cable network operators in North
Rhine-Westphalia and Hesse, was named Unity Media GmbH.

The brands of the two subsidiary companies ish and iesy will
remain unchanged in our communications with customers.

About Unity Media

Unity Media is headquartered in Cologne and is the proprietor of
the Hessian cable network operator iesy and the North Rhine-
Westphalian cable network operator ish.  The two companies are
the largest providers of cable television in their respective
states.  In addition to analogue cable services, ish and iesy
also offer digital TV, high-speed Internet and telephony.  On 30
June 2005, iesy and ish had approximately 5.2 million basic
cable customers, 88,450 digital TV customers, 27,500 high-speed
Internet customers, and 9,800 telephone connections.  More
information on ish and iesy can be found at http://www.iesy.de
and http://www.ish.de

                            *   *   *

In conjunction with its merger with iesy, the company closed
EUR920 million of new senior secured credit facilities (EUR850
million funded term loans, with an incremental EUR70 million
revolving credit facility) and drew from a EUR360 million bridge
loan facility.  Pro forma for the transaction, the Company has
EUR1,625 million total debt and approximately EUR15 million of
cash on hand, representing approximately EUR1,610 million net
debt.  AlixPartners LLC is helping the company in its
restructuring efforts.

CONTACT:  UNITY MEDIA GMBH
          Widdersdorfer Strasse 399-403
          D-50933 Koln
          Germany
          E-mail: Investor.Relations@iesy.de
          Phone: ++49-221-37792 915
          Fax: ++49-221-37792 871

          Carla Wagner
          Phone: ++49-221-37792 164
          Michael Frank
          Phone: ++49-221-37792 150


WALTER BAU: Threatens US$100 Million Lawsuit vs. Thailand
---------------------------------------------------------
Walter Bau plans to sue the Thai government before an
international arbitration tribunal to recover US$100 million in
lost profits, Suddeutsche Zeitung says.

According to the company, the decision by the government to
reduce toll on a 21-km motorway in Bangkok from THB70 to THB20
has rendered its investment worthless.  Walter Bau owns a 10%
stake in the consortium operating the motorway.  It is also
claiming unspecified amount in unpaid building cost.

The German government has already joined the fray.  In his
August 16, 2005 letter, German minister for economic affairs,
Wolfgang Clement, warned Bangkok that failure to settle the
matter will have negative ramifications on bilateral ties.  The
Thai government has reportedly ignored the letter.

Walter Bau declared insolvency in February after creditor banks
refused to approve its restructuring plan.  This denied the
company access to a EUR1.5 billion credit line.  In his report
to the creditors, insolvency administrator Werner Schneider
blamed the group's demise to management errors and the downturn
in the construction industry.

CONTACT:  WALTER BAU AG
          Boheimstr. 8
          86153 Augsburg
          Phone: +49 (0)8 21/55 82-00
          Fax: +49 (0)8 21/55 82-3 20
          Web site: http://www.walter-bau.de

          INDUSTRI KAPITAL (DEUTSCHLAND) GmbH
          ABC-Bogen Hamburg
          ABC-Strasse 19
          D-20354 Hamburg
          Phone: +49-(0)40-369 8850
          Fax: +49-(0)40-369 885 30
          Web site: http://www.industrikapital.com


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


HERUKON KONFEKCIOIPARI: Debt Downs Clothing Firm
------------------------------------------------
Clothing manufacturer Herukon Konfekcioipari Rt. has gone into
liquidation, Budapest Business Journal says.

According to local daily Vilaggazdasag, the company has racked
up HUF250-300 million in debt.  It tried but failed to obtain
state aid in May after failing to repay its debt, a condition
for the aid.

Established in 1954, the company employs 570 people in
Satoraljaujhely.  Part of the site, which is still leased to an
unnamed investor and employs 80, will continue to operate.

CONTACT:  HERUKON KONFEKCIOIPARI RT.
          Borsod-Abauj-Zemplen county
          3980 Satoraljaujhely,
          Dozsa Gyorgy ut 20
          Phone: 0036-47/523-309
          Fax: 0036-47/523-302
          E-mail: herukon@axelero.hu
          Web site: http://herukon-rt.internettudakozo.hu


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


ALITALIA SPA: Rules out Additional Job cuts
-------------------------------------------
Alitalia S.p.A. will not axe workers to save money and its
restructuring plan, says Reuters.

According to a union insider, management and workers have
reached an agreement to seek alternative venues for saving costs
like reduction of benefits or temporary deferment of year-end
bonuses.

"The company should not present unions with a request for job
cuts but look for shared solutions that reduce the [labor-
related] costs," the source told Reuters.  "The idea is to offer
a range of measures that could even be temporary.  In some
cases, it could involve a deferment of payments, in others
payment in the form of company shares."

The source added Alitalia could also offer better exit
incentives if it wants a more permanent solution like job cuts.

Alitalia, in close-door meeting last week, asked unions to help
spot ways to slash an additional EUR170 million in cost to help
offset soaring fuel prices.  The oil crisis is undermining the
viability of the company's EUR1.2 billion recapitalization
scheduled before the year ends.

                        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 SPA: Snubs EUR180 Mln Offer for Spanish Unit
-----------------------------------------------------
Spanish holding group Nueva Rumasa has offered EUR180 million
for Clesa, the Madrid-based subsidiary of Parmalat S.p.A.  The
offer was rejected out of hand, Expansion says.

Clesa General Manager Fernando di Gaetano said the company is
not for sale, adding Parmalat considers it a strategic asset in
Spain.  Even at the height of Parmalat's worldwide downsizing,
it had always ruled out Clesa's sale.

Clesa reported first-quarter turnover of EUR49.5 million, down
5% from last year.  Rumasa, owned by the Ruiz-Mateos family,
generates annual turnover of EUR350 million.

Parmalat resumed trading on the Milan Stock Exchange last week,
after a two-year absence.

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

          NUEVA RUMASA
          Paseo de la Castellana 155
          5C 28046 Madrid
          Phone: 91 425 22 65
          Fax: 91 425 23 06
          E-mail: despacho@asesoria-rumasa.com
          Web site: http://www.asesoria-rumasa.com


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


ROYAL SHELL: Buys Back Further 875,000 'A' Shares
-------------------------------------------------
On 10 October 2005, Royal Dutch Shell plc purchased for
cancellation 875,000 'A' Shares at a price of EUR26.06 per
share.  It further purchased for cancellation 275,000 'A' Shares
at a price of 1,793.84 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,010,065,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


VERSATEL TELECOM: Tele2 Declares Public Offer Unconditional
-----------------------------------------------------------
With reference to the earlier press releases of 18 July 2005, 17
August 2005, 8 September 2005 and 13 September 2005 and to the
offer memorandum of 14 September 2005), Tele2 Finance B.V. and
Apax Partners said that Tele2 waives the offer condition, as set
out in the Offer Memorandum, that at least 95% of the ordinary
shares in the capital of Versatel Telecom International N.V. are
tendered.

Tele2 declares both the offer for all Shares (Offer I) and the
offer for all 3.875% convertible senior notes due 2011
convertible into ordinary shares in the capital of Versatel
("Bonds", the offer for the Bonds referred to as "Offer II")
unconditional.

The Shares and Bonds tendered under Offer I and Offer II
respectively would represent, should all Bonds be converted into
Shares, approximately 77.25% of the consequently diluted share
capital of Versatel.

387,423,035 Shares have been tendered under Offer I,
representing 74% of the issued and outstanding share capital of
Versatel, and 1,250 Bonds have been tendered under Offer II,
representing 100% of the issued and outstanding Bonds.

                           Settlement

With reference to the Offer Memorandum, Tele2 will pay, no later
than 14 October 2005 (the First Settlement Date), an amount of
EUR2.20 in cash for each validly tendered (or defectively
tendered provided that such defect has been waived by Tele2) and
delivered Share (Offer Price per Share).  For each validly
tendered (or defectively tendered provided that such defect has
been waived by Tele2) and delivered Bond, Tele2 will, with
reference to the Offer Memorandum, no later than 14 October 2005
pay a cash amount of EUR132,273.61.  Admitted Institutions to
Euronext Amsterdam must deliver tendered Shares to ABN AMRO Bank
N.V. as Settlement Agent by 13 October 2005 at the latest.

          Post-acceptance Period in Respect of Offer I

Tele2 grants holders of Shares who have not yet tendered their
Shares under Offer I the opportunity to tender their Shares in a
post-acceptance period.  The post-acceptance period commences at
09:00 hours, Amsterdam time (03:00 hours, New York time), on 11
October 2005 and expires at 15:00 hours, Amsterdam time (09:00
hours, New York time), on 31 October 2005.

Holders of Shares can tender their Shares in the same manner and
subject to the same conditions as described in the Offer
Memorandum, provided that the price payable per Share tendered
in the post-acceptance period will be the Offer Price per Share
less the amount of any distribution made on the Shares between
the settlements on the First Settlement Date and on the Second
Settlement Date (as defined hereinafter) (the "Adjusted Offer
Price per Share").  Shares tendered in the post-acceptance
period may not be withdrawn.

Tele2 expects to make an announcement regarding the number of
Shares and Bonds held by Tele2 per the last day of the post-
acceptance period no later than 7 November 2005 (the Second
Settlement Date).  Payment of the Adjusted Offer Price per Share
for Shares that have been validly tendered (or defectively
tendered provided that such defect has been waived by Tele2) and
delivered during the post-acceptance period will take place no
later than 14 November 2005.

Holders of Shares are reminded that, as described in the Offer
Memorandum:

     (i) it is intended that Versatel's listing on Euronext
         Amsterdam N.V. will be terminated as soon as possible;

    (ii) Tele2 expects to initiate, subject to the necessary
         threshold being reached, the statutory procedure
         contemplated by the Dutch Civil Code in order to
         acquire all Shares held by minority holders of Shares
         or, regardless of the number of Shares tendered, to
         take such other steps to terminate the listing and/or
         acquire Shares that have not been tendered, including
         effecting a legal merger (juridische fusie); and

   (iii) the acquisition of Shares by Tele2 pursuant to Offer I
         will, among other things, reduce the number of holders
         of Shares and the number of Shares that might otherwise
         trade publicly, thus adversely affecting the liquidity
         and the market value of the remaining Shares not
         tendered and not held by Tele2.

This is a joint press release of Tele2 funds advised by Apax
Partners in relation to the recommended cash offer for the
shares and convertible notes in Versatel.  Not for release,
publication or distribution, in whole or in part, in or into
Australia, Canada, Italy or Japan.

Tele2 is Europe's leading alternative telecom operator.  Tele2
always strives to offer the market's best prices.  With its
unique values, it provides cheap and simple telecom for all
Europeans every day.  It has 29.4 million customers in 25
countries.  It offers products and services in fixed and mobile
telephony, Internet access, data networks, cable TV and content
services.  Its main competitors are the former government
monopolies.

Tele2 was founded in 1993 by Jan Stenbeck and has been listed on
Stockholmsborsen since 1996.  In 2004 it had operating revenue
of SEK43 billion and reported a profit (EBITDA) of EK 6.6
billion.

CONTACT:  TELE2 FINANCE B.V.
          Investor Relations Department
          Ellermannstraat 19
          1099 BX Amsterdam
          The Netherlands
          Phone: +46 856 20 0045
          Fax: +46 856 20 0040
          E-mail: investor.relations@tele2.com

          VERSATEL TELECOM INTERNATIONAL N.V.
          Investor Relations Department
          Hullenbergweg 101
          1101 CL Amsterdam
          The Netherlands
          Phone: +31 20 750 2362
          Fax: +31 20 750 1019
          E-mail: investor.relations@versatel.com

          APAX
          Ira Wuelfing, Communication
          Phone: +49 89 200030 33


VERSATEL TELECOM: To Delist from Euronext Elite List Thursday
-------------------------------------------------------------
Following the official result of the takeover bid by Tele2
Finance for the Dutch company Versatel Telecom International
N.V. (Next150), Versatel will be removed from the Next 150 Index
effective Thursday 13 October 2005.

In accordance with the rules of the Next 150 Index the removed
company will not be replaced immediately, but at the next
quarterly review (effective 2 January 2006).  As of Thursday 13
October 2005, the Next 150 Index will consist of 149 companies.

                            *   *   *

The Euronext 100 Index and Next 150 Index have been published
since 2 October 2000.  They are made up of the 250 securities
with the highest market capitalizations traded on the official
markets of Euronext.  In order to be included in the indices the
securities must meet liquidity criteria that are specified in
the rules of the indices.  Euronext Indices B.V. is the compiler
of the indices under the supervision of the independent Euronext
Indices Steering Committee.

CONTACT:  TELE2 FINANCE B.V.
          Investor Relations Department
          Ellermannstraat 19
          1099 BX Amsterdam
          The Netherlands
          Phone: +46 856 20 0045
          Fax: +46 856 20 0040
          E-mail: investor.relations@tele2.com

          VERSATEL TELECOM INTERNATIONAL N.V.
          Investor Relations Department
          Hullenbergweg 101
          1101 CL Amsterdam
          The Netherlands
          Phone: +31 20 750 2362
          Fax: +31 20 750 1019
          E-mail: investor.relations@versatel.com

          ABN AMRO Bank N.V.
          Servicedesk MF7020
          Kemelstede 2
          4817 ST Breda
          The Netherlands
          Phone: +31 76 579 9455
          Fax: +31 76 579 9643
          E-mail: so.servicedesk.c&cc@nl.abnamro.com


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


PAN FISH: Boosts Capital Via Private Placement of 123 Mln Shares
----------------------------------------------------------------
In reference to the announcement that Pan Fish A.S.A. has
entered into an agreement to acquire Norwegian fish farmer Aqua
Farms, the board has carried out an increase in the company's
capital stock through a private placement of 123.4 million new
shares to a consortium established by First Securities A.S.A.
and Nordea Securities A.S.A.

The subscription price for the new shares is NOK1.67 per share,
corresponding to the share's closing price the previous day of
trading.  In total, approximately 400 million shares were
subscribed for, corresponding to an over-subscription of more
than 300%.  The subscription consortium consists mainly of major
professional/institutional investors.  Pan Fish's principal
shareholder was assigned approximately 59.6 million new shares.

Upon registration of the private placement the company's share
capital will be NOK1,018,587,408.75, divided into 1,358,116,545
shares, each with a face value of NOK0.75.  The private
placement is expected to be registered in the Register of
Business Enterprises (Foretaksregisteret) approximately 17
October 2005.  The gross proceeds from the private placement are
NOK206.1 million.

The remaining part of the acquisition of Aqua Farms, which is
not covered directly by the private placement of shares, will be
financed through a liable subordinated loan provided by the main
shareholder.

                        About the Company

Pan Fish is headquartered in Stavanger, Norway.  It grows salmon
and trout for export.  It closed its two-year restructuring in
May with a NOK200 million share issue, and the conversion of
NOK500 million of the company's debt into shares.  It reported
NOK10.4 million operating loss in the first-quarter.

CONTACT:  PAN FISH A.S.A.
          Maskinveien 32,
          P.O. Box 342 Forus
          N-4067 STAVANGER
          Phone: +47 70 11 61 00/+47 9115 2977
          Fax: +47 70 11 61 34
          E-mail: post@panfish.no
          Web site: http://www.panfish.com


PAN FISH: Acquires 90% of Aqua Farms
------------------------------------
Pan Fish A.S.A. has agreed to acquire approximately 90% of the
shares in the Aqua Farms group, making Pan Fish the second
largest fish farming company in Norway and the fourth largest in
the world.

Through the acquisition of Aqua Farms, that holds 16 licenses,
three of which are 50% owned, the production capacity of Pan
Fish Norway will increase by 33%, from 44 to 60 licenses.
Geographically, Aqua Farms is located in the same area as Pan
Fish Norway, and the acquisition will lay the foundations for
the establishment of one of the world's most efficient clusters
within the farming of Atlantic salmon.

Aqua Farms has a production cost (EBIT) below NOK18.00 per kilo
for gutted salmon.  With its dedication to cost and quality,
Aqua Farms fits perfectly into Pan Fish's "lowest cost to
market" strategy.

Aqua Farms has a strong position as a supplier towards large
retail clients in the EU, and thereby complements the position
of Pan Fish as a supplier towards the professional industrial
segment.

Aqua Farms is characterized by its solid grip on all the
elements in the production process and the beneficial locations
of its production facilities.

As of August, Aqua Farms made an operating result of NOK28.6
million, for 4,800 tonnes gutted salmon, corresponding to
NOK5.95 per kilo gutter weight.  Planned harvesting for wholly
owned licenses is 4,000 tonnes gutted weight in the last four
months of the year.

The price paid by Pan Fish corresponds to NOK285 million for
100% of the equity.

Interest-bearing debt at the time of acquisition are estimated
at NOK200 million.  This yields an enterprise value (EV) of
NOK485 million.

The enterprise value for the fish farming division, adjusted for
the value of minority shares, is NOK451 million.  Converted into
100% ownership, Aqua Farms owns the equivalent of 14.5 licenses.

The estimated equity at the time of acquisition is NOK140
million.  In addition, the Aqua Farms group owns 27.4% of one of
Norway's leading quality exporters of salmon products,
Aalesundfisk, and 33.3 % of France's third largest smokehouses,
Kritsen.  Both Kritsen and Aalesundfisk have a strong position
towards the retail market in the EU.  The two minority positions
have been estimated at their book value, NOK34 million, in the
accounts for Aqua Farms as of December 31, 2004.  The final
allocation of the acquisition price will be made in connection
with the annual accounts for 2005.

The acquisition date is November 1, which is also the date of
the consolidation into the Pan Fish accounts.  In the event that
Pan Fish should own more than 90% of the shares, Aqua Farms will
not be in tax payable position for several years.  The
transaction will be financed by equity directly through an
increase of capital and/or in combination with subordinated
loans.

Additional information about Aqua Farms

The acquisition of Aqua Farms enables Pan Fish Norway to
establish one of the world's most favorable fish farming
clusters, covering the dense coastline from the northern part of
the county of Hordaland and including the counties of Sogn og
Fjordane and More og Romsdal.  The efficient operation of Aqua
Farms is ensured through 60 licenses, high-quality smolt
production, ideal locations, solid qualifications and the
world's most modern salmon harvesting facilities.  All within a
24-hour road transport from the market.

Pan Fish's fundamental strategy during the past few years, with
a strong focus on cost-efficient production and distribution of
the supply of salmon, is gradually showing good results, and the
acquisition of Aqua Farms is a continuation of this strategy.

Aqua Farms produces its own smolt.  The capacity of
approximately 4 million smolt is based on high-quality water
sources, and with a moderate investment, the production can
easily be increased to 7.5 million smolt, should the market be
ready for it.

The harvesting of the Aqua Farms group for 2005 is planned at
approximately 10,800 tonnes gutted weight, of which about 2,000
tonnes will come from the three 50 % owned licenses.  For 2006,
the planned harvesting figures are 13,500 tonnes gutted weight,
of which partly owned licenses will contribute 2,200 tonnes.

Pan Fish Chief Executive Atle Eide said: "The acquisition of
Aqua Farms has given us access to a company that is based on the
same policies as Pan Fish when it comes to strategy and way of
organizing.  Geographically, Aqua Farms is located in the same
area as us, and this opens up for advantages in terms of
synergies.  But it is equally important that Pan Fish is
acquiring a well-run company with a solid expertise when it
comes to producing cost efficient quality salmon."

Aqua Farms Chief Executive Sigbjorn Haugen said: "Pan Fish will
undoubtedly become beneficial owners of Aqua arms.  The
companies share the same views when it comes to building a
competitive power in this new and demanding industry.  Ever
since the beginning of the 1990s, Aqua Farms has been dedicated
to maintaining a strong focus on low cost and quality.

"Sustainable operations, based on healthy competition have been
the cornerstones of both our company and Pan Fish.  Uniting a
substantial production in the same area, with the addition of
our own smolt production and very favorable facilities, forms
the basis for creating one of the world's most efficient fish
farming businesses."

                        About the Company

Pan Fish is headquartered in Stavanger, Norway.  It grows salmon
and trout for export.  It closed its two-year restructuring in
May with a NOK200 million share issue, and the conversion of
NOK500 million of the company's debt into shares.  It reported
NOK10.4 million operating loss in the first-quarter.

CONTACT:  PAN FISH A.S.A.
          Maskinveien 32,
          P.O. Box 342 Forus
          N-4067 STAVANGER
          Phone: +47 70 11 61 00/+47 9115 2977
          Fax: +47 70 11 61 34
          E-mail: post@panfish.no
          Web site: http://www.panfish.com


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


DRUZHBA: Hires A. Lytkin Insolvency Manager
-------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on open joint stock company
Druzhba.  The case is docketed as A14-10455-2005/105/76.  Mr. A.
Lytkin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 397160, Russia,
Voronezh region, Borisoglebsk, Sovetskaya Str. 29, Office 19.  A
hearing will take place on December 22, 2005, 11:20 a.m. at
Russia, Voronezh region, Srednemopskovkaya Str. 77, Room 314.

CONTACT:  DRUZHBA
          397520, Russia, Voronezh region,
          Buturlinovka, Gorkogo Str. 2A

          Mr. A. Lytkin
          Temporary Insolvency Manager
          397160, Russia, Voronezh region,
          Borisoglebsk, Sovetskaya Str. 29, Office 19


ERMISH-AGRO-KHIM: Deadline for Proofs of Claim Next Week
--------------------------------------------------------
The Arbitration Court of Ryazan region has commenced bankruptcy
supervision procedure on open joint stock company Ermish-Agro-
Khim.  The case is docketed as A54-3048/05-S20.  Mr. I. Ryumin
has been appointed temporary insolvency manager.

Creditors have until October 17, 2005 to submit their proofs of
claim to 390044, Russia, Ryazan, Moskovskoye Shosse Str. 20,
office 37.  A hearing will take place on November 3, 2005 at
12:00 p.m.

CONTACT:  ERMISH-AGRO-KHIM
          Russia, Ryazan region, Ermish

          Mr. I. Ryumin
          Temporary Insolvency Manager
          390044, Russia, Ryazan region,
          Moskovskoye Shosse Str. 20, Office 37


KRASNOARMEYSKIY: Undergoes Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on butter cheese factory
Krasnoarmeyskiy.  The case is docketed as A32-11366/2005-46/156-
B.  Mr. M. Musaelyan has been appointed temporary insolvency
manager.

Creditors have until October 17, 2005 to submit their proofs of
claim to:

(a) KRASNOARMEYSKIY
    Russia, Krasnodar region, Krasnoarmeyskiy region,
    Poltavskaya St., Moskovskaya Str. 171

(b) Mr. M. Musaelyan
    Temporary Insolvency Manager
    353440, Russia, Krasnodar region,
    Anapa, Shevchenko Str. 2

(c) The Arbitration Court of Krasnodar region
    Russia, Krasnodar region,
    Krasnaya Str. 6


MONOLITH-STROY: Declared Insolvent
----------------------------------
The Arbitration Court of Chuvashiya republic commenced
bankruptcy proceedings against Monolith-Stroy (TIN 2126001623,
KPP 212701001) after finding the open joint stock company
insolvent.  The case is docketed as A79-786/2005.  Mr. V.
Mityunin has been appointed insolvency manager.

CONTACT:  MONOLITH-STROY
          Russia, Chuvashiya republic,
          Cheboksary, Mashinostroiteley Pr. 17A

          Mr. V. Mityunin
          Insolvency Manager
          428020, Russia, Chuvashiya republic,
          Cheboksary, Petrova Str. 6

          The Arbitration Court of Chuvashiya republic
          Russia, Cheboksary, Lenina Pr. 4


PERVOMAYSKOYE: Insolvency Manager Takes over Company
----------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Pervomayskoye after finding the close joint
stock company insolvent.  The case is docketed as A45-9316/05-
25/228.  Mr. V. Makarov has been appointed insolvency manager.

CONTACT:  PERVOMAYSKOYE
          632430, Russia, Novosibirsk region,
          Kargatskiy region, Koltsovka

          Mr. V. Makarov
          Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk-1, Post User Box 325


PP METAL-MASTER: Period for Filing of Claims Ends Next Month
------------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against PP Metal-Master after finding the limited
liability company insolvent.  The case is docketed as A19-
18228/05-37.  Mr. S. Mubarakov has been appointed insolvency
manager.

Creditors have until November 10, 2005 to submit their proofs of
claim to 3666304, Russia, Irkutsk, Sayansk, 7-9-16.  A hearing
will take place on November 22, 2005, 10:00 a.m. at 664000,
Russia, Irkutsk, Gagarina Avenue, 70, Room 317.

CONTACT:  PP METAL-MASTER
          666303, Russia, Irkutsk region,
          Sayansk, Mirnyj location, 7-118

          Mr. S. Mubarakov
          Insolvency Manager
          666304, Russia, Irkutsk region,
          Sayansk, 7-9-16


SISTEMA JSFC: Reports Solid Growth in First Half
------------------------------------------------
Sistema JSFC (LSE: SSA), the largest private sector consumer
services company in Russia and the CIS, revealed unaudited
reviewed consolidated U.S. GAAP financial results for the six
months ended June 30, 2005.

Highlights

-- Consolidated revenues grew 38% to US$3.35 billion,

-- OIBDA[*] increased 27% to US$1.42 billion,

-- Operating income up 22% to US$941.3 million,

-- Net income grew 33% to US$227.7 million,

-- Total consolidated assets increased 57% to US$11.57 billion,

-- 150% increase in shareholders' equity following successful
   IPO on London Stock Exchange in February

Vladimir Evtushenkov, president and chief executive officer of
Sistema, commented on the half year results:  "This set of
results is the first one reflecting the company's performance
post-IPO, and we would like it to be viewed as evidence of our
ability to deliver on our promises to investors.  Our
businesses, both existing and newly acquired, exhibited solid
growth in the first half of 2005, and we are seeing further
improvement in the fundamentals of our portfolio.  The strength
of Sistema has always been in the combination of solid business
planning and effective execution, and we intend to continue
capitalizing on this going forward.  We have already consummated
several successful transactions in the third quarter of the
year, and are moving in line with our strategy for the remainder
of the year."

Financial Summary

(US$ millions)         H1 2005   H1 2004   Growth   FY 2004

Revenues               3,355.0   2,428.0     38%    5,711.3

Operating income         941.3     772.1     22%    1,664.7
Margin                    28%        32%     -        29%
Net Income               227.7     171.0     33%     411.2
OIBDA                  1,421.9   1,119.9     27%   2,464.6
Margin                    42%        46%     -        43%

                 Financial and Operating Review

Sistema's consolidated revenues increased by 38% year-on-year to
US$3.35 billion in the six-month period ended June 30, 2005,
from US$2.43 billion in the same period of 2004.  Revenue growth
in existing businesses was US$671.7 million, or 28%.  The
consolidation of Kvazar-Micro, Uzdunrobita, Gorizont-RT and
others contributed a total of US$255.2 million to the increase.

Over the reporting period the company continued to diversify its
business, both in terms of industries, and geographically.  The
Telecommunications segment represented 79.9% of total aggregated
revenues for the period, compared with 86.9% in the same period
of last year, while the share of the Technology segment
increased to 12.7% from 3.4%.  The revenues derived from Ukraine
were US$691.9 million vs. US$345.3 million in the previous
reporting period.

Consolidated OIBDA increased by 27% year-on-year to US$1.42
billion from US$1.12 billion for the six month period of 2004.
The OIBDA margin decreased to 42% for the six months ended June
30, 2005, compared to 46% for the same period of 2004, both
through a slight decrease in margins for the Telecommunications
segment, and the growth of share of lower-margin segments in
total revenues.

Sistema's operating income increased by 22% to US$941.3 million
from US$772.1 million in the previous year.  MTS contributed
US$788.6 million, or 84%, of the Group's aggregated operating
income in the six-month period ended June 30, 2005, vs. 91% in
the first half of 2004.

Group net income increased by 33% year on year to US$227.7
million for the six months ended June 30, 2005, from US$171.0
million for the six months ended June 30, 2004, with net income
margin slightly declining to 6.8% from 7.0%.

Throughout the reporting period, Sistema continued to optimize
its debt portfolio.  Our total long-term indebtedness amounted
to US$3.03 billion as at June 30, 2005, compared to US$1.74
billion as at the same date last year, while current debt
declined to US$529.9 million from US$747.7 million.  The ratio
of total debt to annualized OIBDA as of June 30, 2005, stood at
1.25x vs. 1.11x at the end of the first half of the previous
year.

Over the first half of 2005, Sistema invested US$981.5 million
in capital expenditures (excluding acquisitions), which is a 51%
increase compared with US$650.3 in the first six months of 2004.

                       Telecommunications

Revenues from the Telecommunications segment grew by 27% year-
on-year to US$2.68 billion from US$2.11 billion.  This growth
does not include the revenues of MTU-Intel and Golden Line,
which in the first half of 2005 were accounted for in the Media
segment.  Following the management decision to include these two
businesses in Comstar United TeleSystems, in 2006 their results
will again be included in the results of the Telecommunications
segment.

MTS revenues grew by 31% or US$546.1 million to US$2,293.6
million, reflecting continued subscriber growth in Russia and
the CIS.  MGTS demonstrated a 36% growth in the top line to
US$308.3 million from US$226.3 million in the first six months
of 2004.  The company's operating income increased by 125% to
US$104.4 million from US$46.5 million for the same period of
2004.  MGTS' growth was driven by further increases in regulated
tariffs, continued growth in unregulated value-added services,
and the effects of the monetization of social benefits allowing
the company to significantly improve its collection ratios.

Combined revenues of Comstar, MTU-Inform and Telmos, united
under the umbrella of Comstar UTS, grew by 9% to US$114.2
million from US$105.0 million in the first half 2004, with
operating income increasing by 13% to US$29.3 million from
US$26.0 million.  The revenues of MTU-Intel and Golden Line
(accounted for in the Media segment) demonstrated growth of 36%
to US$51.3 million from US$37.7 million in the first half of
2004, while their operating income expanded by 59% to reach
US$5.2 million.

                           Technology

Technology became Sistema's fastest-growing segment in the first
half of 2005, with its revenues more than quintupling in the
period to US$426.5 million from US$83.0 million in the first
half of 2004, and operating income growing by more than 8 times
to US$109.9 million from US$13.2 million.  The acquisition of
Kvazar-Micro contributed US$178.4 million to the increase in
revenues, while organic growth came mainly from the
telecommunications equipment and software business (320% growth
to US$166.1 million from US$39.5 million) and the consumer
electronics business (271% growth to US$59.0 million from
US$15.9 million).  The revenues of the semiconductor design and
manufacturing business remained virtually unchanged at US$27.3
million; however, the business line became the second-largest
contributor to the segment's operating income with operating
income of US$12.0 million.

                            Insurance

Revenues for the Insurance segment increased by 59.7% year-on-
year to US$197.9 million from US$123.9 million on the back of a
57.2% increase in gross premiums written to US$317.9 million
from US$202.2 million in the first six months of 2004 and
enhanced returns on the investment portfolio managed by Allianz-
ROSNO Asset Management.  Operating income for the segment more
than doubled to US$13.6 million from US$4.9 million as a result
of continued improvements in operating efficiencies.

                             Banking

The Banking segment revenues grew by 68% year-on-year to US$45.8
million from US$27.3 million in the first six months of 2004.
The growth in revenues was primarily attributable to interest on
loans to customers, which increased by 58%.  However,
operational costs increased at a higher rate due to the increase
in loan servicing cost, which reduced operational margin to 6.9%
from 25.6% in the first six months of 2004.

                           Real Estate

Revenues in the real estate business are recognized upon
completion of development projects.  Revenues for the six-month
period ended June 30, 2005 decreased by US$13.0 million, to
US$10.9 million, which represents a 54% decline compared to the
same period in 2004.  The reason for the decrease is the
continued construction of real estate projects during the six
months ended June 30, 2005, which resulted in no sales of
completed premises in that period.  Consequently, operating
income for the period decreased to US$3.2 million, from US$7.9
million in the same period of 2004.

                             Retail

Revenues for the Detsky Mir business increased by 49.7%, to
US$45.2 million, for the six-month period ended June 30, 2005
from US$30.2 million for the six-month period ended June 30,
2004.  The increase was mostly generated by revenues of our new
retail outlets.  The other reason is consolidation of companies
previously not included in our consolidated financial
statements, such as NeuKoln with revenues of US$3.4 million and
DM-Orel previously accounted for by the equity method with
revenues of US$1.3 million.  Operating income during the
reporting period increased to US$3.8 million, compared with
US$2.2 million in the six-month period ended June 30, 2004.

                              Media

Media revenues excluding MTU-Intel and Golden Line increased by
108% to US$42.2 million during the six-month period ended June
30, 2005 compared to US$20.3 million in the six-month period
ended June 30, 2004, primarily due to an increase in print
distribution revenues.  In addition, our Media subholding
commenced operations in Ukraine through its direct subsidiaries,
Maxima Kiev and Lingway, which contributed US$1.7 million and
US$13.5 million in revenues.  Operating loss (excluding
operating income generated by MTU-Intel and Golden Line)
expanded during the period to US$5.0 million from US$2.0 million
in the six-month period ended June 30, 2004.

                   Acquisitions and Divestitures

In wireless telecommunications, MTS' acquisitions included a 74%
stake in Mobile TeleSystems Komi (cash consideration equivalent
US$1.2 million), a 51% stake in Barash Communication
Technologies, Inc. (BCTI) with operations in the Republic of
Turkmenistan for a consideration of US$28.2 million, and an
additional 24% stake in Gorizont-RT in the Far East of Russia
for a cash consideration of US$13.5 million, increasing its
voting power in the company to 100%.  The company also acquired
a 75% stake in Sweet-Com LLC, a holder of 3.5GHz radio frequency
allocation for the Moscow region, for a cash consideration of
US$2 million.

Sistema acquired an additional 20% stake in Telmos for a cash
consideration of US$8.5 million, bringing its voting power to
100%, and an additional 5% stake in Mezhregionalny Transit
Telecom (MTT), a nationwide transit traffic operator, for a cash
consideration of US$6.4 million, bringing the Group's voting
interest to 50%

In the Banking segment, Sistema acquired a further 13% stake in
MBRD for US$10 million in cash and promissory notes, increasing
its voting power to 99%.  We contributed a further US$20.9
million to the share capital of MBRD in June 2005, by purchasing
130,000 newly issued shares of MBRD's common stock in a closed
subscription.

Technology acquisitions included a further 53% stake in Kvant, a
personal computers and components manufacturer located in
Zelenograd for a total consideration of US$6.0 million,
increasing Sistema's voting power to 88%.

Our Radio and Space Technology business, Concern RTI Systems,
acquired a 54% stake in MTU Saturn, which operates in the
business of design and installation of electric systems for a
cash consideration of US$1.5 million.  We also purchased a 51%
stake in Yaroslavl Radio Plant, producer of commercial payload
for satellites and professional communications facilities, for a
cash consideration of US$6.1 million.

In the first half of 2005 Sistema's ownership interest in
Intourist decreased to 72% from its previous level of 91% as a
result of an additional share issue, whereby the Moscow City
Government subscribed to additional shares in exchange for a 40%
stake in the Cosmos Hotel, a 1,000-room hotel complex in Moscow,
and Sistema paid the equivalent of US$47.7 million for the
remainder of the newly issued shares.

                          Recent Events

In August 2005, in line with its expansion and development
strategy, Sistema Mass Media acquired Esta group, a leading
Russian cable television operator in MMDS standard which
provides services to 217,000 customers, for US$8.6 million.

In August and September 2005, for a total of US$3.0 million,
Detsky Mir acquired a retail network operating under the brand
Vyrastai-ka, S-Toys, a children's toys wholesale company, and
Chudo-Ostrov Neva, a children's goods retailer based in St.
Petersburg, which, along with the opening of new stores, brought
the total number of store in the Detsky Mir chain to 33.

In September 2005, Comstar UTS completed the purchase of 45%
stake in Metrokom, a leading alternative fixed line operator in
St. Petersburg for a total cash consideration of US$22.5
million, which included the refinancing of a loan previously
obtained by the company.

During August and September 2005, Sistema acquired minority
shareholdings in six energy companies in the Republic of
Bashkortostan: 25% in OAO ANK Bashneft, 28.17% in OAO Novoil,
25.52% in OAO Ufimsky NPZ, 22.43% in OAO Ufaneftekhim, 24.87% in
OAO Ufaorgsintez and 18.57% in OAO Bashnefteproduct.  This group
of transactions in the energy sector represents a purely
financial investment.

In August 2005, trading of Sistema's common shares on the Moscow
Stock Exchange commenced, and they have also been included in
the calculation of the Exchange's technical index.

On October 5, 2005, Sistema announced the terms of the proposed
consolidation of its fixed-line telecommunications operators
under Comstar United TeleSystems.  Sistema intends that Comstar
UTS acquire and hold majority stakes in all of Sistema's fixed-
line businesses, including MTU-Inform, Telmos, MTU-Intel, Golden
Line and MGTS.  Comstar UTS will pay for these acquisitions in
the form of newly issued shares.  It is expected that post-
merger the shareholder structure of Comstar UTS will be as
follows: Sistema and its 100%-owned subsidiaries will own 79.3%,
and MGTS and its 100%-owned subsidiary will own 20.7%.

Until 2005, Sistema has reported its financial results under
U.S. GAAP on a semiannual basis.  Starting from second half of
this year, we intend to move to quarterly reporting.

Sistema is the largest private sector consumer services company
in Russia and the CIS, with over 50 million customers.  Sistema
develops and manages market-leading businesses in selected
service-based industries, including telecommunications,
technology, insurance, banking, real estate, retail and media.
Founded in 1993, the company reported revenues of US$5.7 billion
for the full year 2004, and total assets of US$8.8 billion as at
December 31, 2004.  Sistema's shares are listed under the symbol
"SSA" on the London Stock Exchange, under the symbol "AFKS" on
the Russian Trading System (RTS), and under the symbol "SIST" on
the Moscow Stock Exchange (MSE).

Appendix - Non-GAAP Financial Measures

This results statement includes financial information prepared
in accordance with United States Generally Accepted Accounting
Principles (US GAAP), as well as other non-GAAP financial
information.  The non-GAAP financial information should be
considered as an addition to, but not as a substitute for,
information prepared in accordance with US GAAP.

OIBDA is operating income before depreciation and amortization
and the OIBDA margin is defined as OIBDA as a percentage of net
revenues.  These measures are included in this results statement
in order to provide additional information regarding the Group's
ability to meet future debt service payments, capital
expenditure and working capital requirements, and as a metric to
evaluate profitability.  OIBDA is not a measure of financial
performance under US GAAP, and is not an alternative to net
income as a measure of operating performance, or to cash flows
from operating activities as a measure of liquidity.

While depreciation and amortization are considered operating
costs under GAAP, these items primarily represent the non-cash
current period allocation of costs arising from the acquisition
or development of long term assets in prior periods.  OIBDA is
commonly used as a criterion for evaluation of operating
performance by credit and equity investors and analysts. The
calculation of OIBDA may be different from the calculation used
by other companies and comparability may therefore be limited.

OIBDA can be reconciled to the Group's consolidated statements:

US$ thousands                       H1 2005   H1 2004   FY 2004
Operating Income                    941,269   772,058  1,664,706
Add depreciation and amortization   480,590    347,848   799,885
OIBDA                             1,421,859  1,119,906 2,464,591

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

CONTACT:  SISTEMA JSFC INVESTOR RELATIONS
          Shared Value Limited
          Alexei Kurach
          Matthew Hooper
          Phone: +7 095 229 2741
                 +44 (0) 20 7321 5023
          E-mail: kurach@sistema.ru
                  sistema@sharedvalue.net
          Web site: http://www.sistema.com


SOKOLSKIY: Bankruptcy Hearing Set December
------------------------------------------
The Arbitration Court of Vologda region has commenced bankruptcy
supervision procedure on pulp and paper plant Sokolskiy.  The
case is docketed as A13-7223/2005-25.  Mr. A. Enkov has been
appointed temporary insolvency manager.

Creditors have until October 17, 2005 to submit their proofs of
claim to 162130, Russia, Vologda region, Sokol, Sovetskiy Pr.,
8.  A hearing will take place on December 15, 2005, 10:00 a.m.
at the Arbitration Court of Vologda region at 160000, Russia,
Vologda, Gertsena Str. 1a, Hall #4.

CONTACT:  SOKOLSKIY
          Russia, Vologda region,
          Sokol, Sovetskiy Pr. 8

          Mr. A. Enkov
          Insolvency Manager
          162130, Russia, Vologda region,
          Sokol, Sovetskiy Pr. 8


SOUTH-EAST-STEEL-CONSTRUCTIONS: Under Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Voronezh region has commenced
bankruptcy supervision procedure on open joint stock company
South-East-Steel-Constructions (TIN 3663002865).  The case is
docketed as A14-6429-2005.  Mr. V. Golov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 101000, Russia,
Moscow, Post User Box 251.  A hearing will take place on
November 30, 2005.

CONTACT:  SOUTH-EAST-STEEL-CONSTRUCTIONS
          394028, Russia, Voronezh region,
          Dmitrova Str. 112

          Mr. V. Golov
          Temporary Insolvency Manager
          101000, Russia, Moscow,
          Post User Box 251
          Phone: 208-45-93


TURISNKOYE AIR-ENTERPRISE: Court Brings in Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on federal state unitary
enterprise Turisnkoye Air-Enterprise.  The case is docketed as
A33-16152/2005.  Mr. N. Zubenko has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 662500, Russia,
Krasnoyarsk region, Sosnovoborsk, Post User Box 18.  A hearing
will take place on December 28, 2005, 3:00 p.m.

CONTACT:  TURISNKOYE AIR-ENTERPRISE
          648000, Russia, Krasnoyarsk region,
          Evenkiyskiy autonomous region, Tura, Gagarina Str. 2

          Mr. N. Zubenko
          Temporary Insolvency Manager
          662500, Russia, Krasnoyarsk region,
          Sosnovoborsk, Post User Box 18


URENSKIY: Bankruptcy Supervision Procedure Begins
-------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Urenskiy (TIN 5235001509).  The case is docketed as A43-
7881/2005 18-232.  Mr. D. Orekhov has been appointed temporary
insolvency manager.

CONTACT:  URENSKIY
          606800, Russia, Nizhniy Novgorod region,
          Uren, Lynozavod Str. 1a

          Mr. D. Orekhov
          Temporary Insolvency Manager
          101000, Russia, Moscow,
          Post User Box 251
          Phone: 208-45-93


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


GENERAL MOTORS: Moody's Might Downgrade Unsecured Rating
--------------------------------------------------------
Moody's Investors Service placed the Ba2 senior unsecured rating
of General Motors Corporation (GM) and the Ba1 senior unsecured
rating of General Motors Acceptance Corporation (GMAC) under
review for a possible downgrade.

Moody's said that the review is prompted by the concern that the
potential pressure on GM posed by the Chapter 11 bankruptcy
filing by Delphi Corporation, in combination with the continued
erosion in US automotive market conditions, may severely
constrain the company's ability to re-establish adequate levels
of profitability and cash flow generation, particularly in its
North American Automotive operations.

The current estimated range of costs for GM stemming from the
Delphi filing, combined with continued erosion of automotive
demand, particularly for SUV's which are a critical part of GM's
new product initiatives, have the potential to further impair
the company's financial metrics.  This could make it less likely
that GM will be able to successfully restructure its North
American operations in a manner that preserves a business
position and credit metrics supportive of a Ba2 rating.

Moody's review of GM will focus on the company's ability to
successfully address a number of increasingly burdensome
challenges that include: managing potential risks that could
result from the Delphi bankruptcy process, achieving meaningful
reductions in its cost structure, including potential relief
from the UAW on health care costs, stemming the decline in its
U.S. market share, reducing employment levels and production
capacity to better match its reduced share position in North
America, contending with an increasing shift in consumer
preference from SUVs to smaller and more fuel efficient
vehicles, and reducing its dependence on price incentives to
prop up its sagging market share position in the US.

GM has indicated that it currently incurs a cost penalty of
about US$2 billion per year on North American supplies purchased
from Delphi; and that a successful restructuring of Delphi could
significantly reduce this cost penalty over the long-term.
Moody's review will consider the magnitude of such potential
savings and the timeframe in which they can be achieved.

However, Moody's noted that GM also faces considerable near term
financial risks in three areas as a result of the Delphi filing.

First, Delphi could elect to reject individual GM supply
contracts that are uneconomic; this could raise GM's near-term
costs until the affected supplies are resourced.  Second, GM's
guarantee of the pension and healthcare benefits of former GM
employees who transferred to Delphi could result in an increase
in GM's annual legacy costs; these expenditures would grow over
time.  Third, under the most extreme circumstances, these legacy
benefit costs could give rise to additional pension and OPEB
liabilities of as much as $11 billion for GM.

In order for GM to preserve the Ba2 rating, the company's
business model and North American recovery plan will have to be
capable of:

(a) Maintaining U.S. market share of approximately 25%;

(b) Delivering strong market acceptance and sustaining healthy
    price realization for new products including the T900 light
    truck and SUV series;

(c) Earning automotive pretax profit in excess of US$500 million
    for 2006;

(d) Generating at least breakeven automotive operating cash flow
    before pension, VEBA, GMAC dividends;

(e) Maintaining gross liquidity (cash and short-term VEBA
    balances) at or above US$20 billion; and

(f) Preserving the sizable and stable dividend stream from GMAC.

Sustaining the Ba2 rating will also require that GM's credit
metrics, including GMAC's dividend and using Moody's standard
adjustments, approximate the following: EBITA margin exceeding
2%; interest coverage of 1.5 times, and free cash flow to debt
in the mid-single digits range.

Moody's Ba1 rating of GMAC represents a one-notch distinction
from GM's rating.  GMAC's condition and performance is closely
tied to the fortunes of GM, due to the direct and indirect
exposures and business connections between the two companies.
The impact of the Delphi filing on GM's rating therefore
potentially has a flow-through impact on Moody's view of GMAC's
credit profile.  GMAC's one-notch uplift from the GM rating
reflects Moody's view that GMAC's unsecured creditors would
likely experience a lower loss given default compared with the
unsecured creditors of GM, due to the greater liquidity of
GMAC's high quality assets.

Moody's believes that any potential for increasing the notching
would involve widening the probability of default between GM and
GMAC through actions that change governance and ownership
structures.  During the review Moody's will examine the impact
of any changes in GM's condition on GMAC's intrinsic credit
profile, as well as the nature and extent of the various
interconnections on the magnitude of the notching.

General Motors Corporation, headquartered in Detroit, Michigan,
is the world's largest producer of cars and light trucks.  GMAC,
a wholly owned subsidiary of GM, provides retail and wholesale
financing in support of GM's automotive operations and is one of
the world's largest non-bank financial institutions.

CONTACT:  MOODY'S INVESTORS SERVICE (NEW YORK)
          Michael J. Mulvaney
          Managing Director, Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653

          J. Bruce Clark, Senior Vice President
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


SWISS INTERNATIONAL: Puts up Operating Subsidiary
-------------------------------------------------
The SWISS International Board of Directors has decided to
transfer European regional services to a fully owned company
within the SWISS Group before the end of the year.  The entire
current regional segment will take off as "Swiss European Air
Lines" once the Swiss Federal Office for Civil Aviation has
delivered an operating permit.  The move will make a further
contribution to enhancing SWISS' competitiveness, and should
provide a basis for growth in the European services sector.

As a fully owned subsidiary of SWISS, Swiss European will
function as an operating company, providing "wet lease" flights
in the European market on behalf of its parent company.  Swiss
European will naturally work to the same high standards of
quality, safety and training already adopted by the parent
company.  It will trade under the SWISS brand, and commercial
responsibility will remain with SWISS.

The new airline will inherit all the aircraft in the current
regional fleet (Avro RJ 85/100 and Embraer 145).  Likewise, all
regional pilots will transfer to Swiss European.  The cabin
crews will initially be provided by Swiss International.  In the
medium-term, Swiss European will recruit its own cabin staff and
build up its own workforce.

Own Management Team

The new subsidiary will be managed by an own Executive Board and
Board of Directors: Peter Koch (Managing Director), Rolf Brand
(Head of Flight Operations), Heinz Marti (Head of Training),
Diego Ochsner (Head of Ground Services) and Felix Koster (Head
of Technical Maintenance).  Manfred Brennwald (Chairman),
Gabriele Hofmann-Schmid and Reto von Atzigen will sit on the
Board of Directors.

Swiss European will start out with a fleet of seven Embraer 145s
and eighteen Avro RJ85/100s, but will subsequently operate with
a uniform fleet of twenty-four Avro RJ85/100s once the 2006
summer timetable comes into effect.

Swiss European will make an important contribution to increasing
its competitive strength and to securing jobs in the long-term.
Ensuring transparency in terms of both structures and costs will
also lend support to forthcoming investment in fleet
modernization and provide a solid basis for future growth.

CONTACT:  SWISSS INTERNATIONAL
          Corporate Communications
          P. O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com


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


CORPORATION-SPHERE: Last Day for Filing Claims Tomorrow
-------------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Corporation-Sphere (code EDRPOU
30408320) on August 15, 2005.  The case is docketed as
19/205(05).  Mr. Sergij Persyuk (License Number AB 116244) has
been appointed temporary insolvency manager.

Creditors have until October 13, 2005 to submit their proofs of
claim to:

(a) CORPORATION-SPHERE
    69032, Ukraine, Zaporizhya region,
    Dokivska Str. 3

(b) Mr. Sergij Persyuk
    Temporary Insolvency Manager
    69035, Ukraine, Zaporizhya region,
    Mayakovskij Avenue 11
    Phone: (0612) 12-94-84

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


DZHERELO: Declared Insolvent
----------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Dzherelo (code EDRPOU 03732904) after
finding the limited liability company insolvent.  The case is
docketed as 10/41-05.  Zhmerinki State Tax Inspection has been
appointed liquidator/insolvency manager.

CONTACT:  DZHERELO
          Ukraine, Vinnitsya region,
          Zhmerinskij district, Potoki

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


HARKIV' EXPLORATORY: Goes into Liquidation
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Harkiv' Exploratory Plant (code EDRPOU
05789268) on August 22, 2005 after finding the open joint stock
company insolvent.  The case is docketed as B 39/86-05.  Ms.
Tetyana Chagovets (License Number AB 116164) has been appointed
liquidator/insolvency manager.

CONTACT:  HARKIV' EXPLORATORY PLANT
          Ukraine, Harkiv region,
          Harkiv district,
          Liptsi, Pushkinska Str. 20

          Ms. Tetyana Chagovets
          Liquidator/Insolvency Manager
          61045, Ukraine, Harkiv region,
          Shakespeare Str. 10/5-A
          Phone: 773-01-30

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square 5, Derzhprom 8th Entrance


INNOVATIONAL TECHNOLOGIES: Succumbs to Insolvency
-------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against CJSC Innovational Technologies Institute
(code EDRPOU 20500265) on August 29, 2005 after finding the
limited liability company insolvent.  The case is docketed as
25/154.  Mr. Oleksij Zabrodin (License Number AA 630146) has
been appointed liquidator/insolvency manager.  The company holds
account number 26004301155422 at Prominvestbank, Zaporizhya
central branch, MFO 313355.

CONTACT:  INNOVATIONAL TECHNOLOGIES INSTITUTE
          69000, Ukraine, Zaporizhya region,
          Minska Str. 10

          Mr. Oleksij Zabrodin
          Liquidator/Insolvency Manager
          69121, Ukraine, Zaporizhya region, a/b 6335
          Phone: (067) 780-39-60

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


KRASNODONSKIJ AGROBUD: Sets Proofs of Claim Deadline
----------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on Collective Enterprise Krasnodonskij
Agrobud (code EDRPOU 20175405) on July 27, 2005.  The case is
docketed as 19/118 b.  Mr. Vadim Ostrovskij (License Number AB
116234) has been appointed temporary insolvency manager.  The
company holds account number 2600606610915 at Pravex-Bank, MFO
304579.

Creditors have until October 13, 2005 to submit their proofs of
claim to:

(a) KRASNODONSKIJ AGROBUD
    94420, Ukraine, Lugansk region,
    Suhodilsk, Shosejna Str. 5

(b) Mr. Vadim Ostrovskij
    Temporary Insolvency Manager
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square 2/32

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


KUPYANSKIJ RAJAGROHIM: Insolvency Manager Takes over Helm
---------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Kupyanskij Rajagrohim (code EDRPOU 00717363)
after finding the open joint stock company insolvent.  The case
is docketed as B 50/120-05.  Mr. Vladislav Kardash (License
Number AB 216987) has been appointed liquidator/insolvency
manager.

Creditors have until October 13, 2005 to submit their proofs of
claim to:

(a) KUPYANSKIJ RAJAGROHIM:
    63732, Ukraine, Harkiv region,
    Kupyansk district, Novoosinove

(b) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square 5, Derzhprom 8th Entrance


RIZHANIVSKE: Bankruptcy Supervision Starts
------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
supervision procedure on LLC Rizhanivske (code EDRPOU 31546526).
The case is docketed as 01/3592.  Mr. Oleg Bilera has been
appointed temporary insolvency manager.  The company holds
account number 26002381201 at JSB Energobank, Cherkassy branch,
MFO 354488.

CONTACT:  RIZHANIVSKE
          18000, Ukraine, Cherkassy region,
          Blagovisna Str. 130

          Mr. Oleg Bilera
          Temporary Insolvency Manager
          Ukraine, Cherkassy region,
          Geroiv Stalingrada Str. 46/164

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


SUMISILMASH: Creditors' Claims Due this Week
--------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Sumisilmash (code EDRPOU 00901588)
on July 27, 2005.  The case is docketed as 12/83-05.  Mr.
Oleksandr Sugonyako (License Number AB 216826) has been
appointed temporary insolvency manager.

Creditors have until October 13, 2005 to submit their proofs of
claim to:

(a) OJSC SUMISILMASH
    40024, Ukraine, Sumi region,
    Harkivska Str. 6

(b) Mr. Oleksandr Sugonyako
    Temporary Insolvency Manager
    40000, Ukraine, Sumi region,
    Kozatskij val Str. 2-a
    Phone/Fax: 22-10-80

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


TRIUMF: Harkiv Court Appoints Insolvency Manager
------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Triumf (code EDRPOU 14073942) on September
5, 2005 after finding the limited liability company insolvent.
The case is docketed as B-31/60-05.  Mr. Sergij Puzenko (License
Number AA 216711) has been appointed liquidator/insolvency
manager.

Creditors have until October 13, 2005 to submit their proofs of
claim to:

(a) TRIUMF
    62072, Ukraine, Harkiv region,
    Lenin Avenue 41/43

(b) Mr. Sergij Puzenko
    Liquidator/Insolvency Manager
    61045, Ukraine, Harkiv region,
    Klochkivska Str. 261-A/4

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square 5, Derzhprom 8th Entrance


UKRSOTSBANK: Individual Loans Portfolio Continues to Grow
---------------------------------------------------------
Since the beginning of the year, Ukrsotsbank's individual loans
portfolio has grown by more than 2.4 times, the Bank's PR
service reports.  As of October 1, 2005, the volume of the
portfolio amounted to UAH2,41 billion.

Ukrsotsbank was formed in September 1990 and is one of the
biggest banks in Ukraine.  The branch network of the Bank
comprises 513 offices -- 463 off-balance offices, 23 balance
offices and 27 regional branches.  The Bank's net assets as of
October 1, 2005 were UAH9.48 billion; loan portfolio - UAH6.5
billion; businesses' deposits - UAH4.17 billion, individuals'
deposits - UAH2.92 billion.

                            *   *   *

As reported by TCR-Europe in September, Standard & Poor's Rating
Services revised its outlook on Joint Stock Commercial Bank for
Social Development Ukrsotsbank to developing from stable.  At
the same time, the 'B-' long-term and 'C' short-term ratings on
the bank were affirmed.

"The outlook revision reflects the uncertainty related to the
bank's ability to attract new capital in the next few months to
support its fast-growing lending activities," said Standard &
Poor's credit analyst Irina Penkina.  "In addition, USB's
potential sale to a new strategic owner could have a significant
impact on the bank's client base, business strategy, and capital
support."  USB is majority owned by the Interpipe group, a large
Ukrainian industrial group, with Mr. Pinchuk as a beneficial
owner.  The group is involved in a number of legal disputes with
the Ukrainian government regarding the privatization of its
large assets.  Bought by Interpipe from private owners in 2004,
USB is exposed to a potential sale.  USB's sizable concentration
in both assets and liabilities, as well as vulnerability to the
risky political and operating environment in the Ukraine
(foreign currency BB-/Stable/B; local currency BB/Stable/B)
remain constraining rating factors.

These risks are mitigated by USB's good commercial franchise and
funding profile, which position the bank well to benefit from
the growing Ukrainian economy.

USB's core equity-to-assets ratio is reducing fast, having
fallen to about 5.3% at end of July 2005 from 6.0% at year-end
2004 (in accordance with local accounting standards), due to
modest internal capital generation compared with the rapid asset
growth.  A Ukrainian hryvnia (UAH)300 million (US$59.4 million
at UAH5.05 to US$1 as at Sept. 1, 2005) new share issue,
originally planned for the third quarter of 2005, is now
expected to take place in late 2005 or early 2006.  This would
represent a sizable 60% increase of the bank's equity base,
thereby alleviating a severe strain on USB's asset expansion.
On the other hand, if the new capital injection is not received,
this would put additional pressure on the bank's capitalization.

"USB's ratings will be dependent on the bank's ability to
preserve its core capital adequacy ratios against further
deterioration," said Ms. Penkina.  A capital increase in the
near term, and the entrance of a new partner that would be able
to support USB would have a positive effect on the ratings on
the bank.  Conversely, negative rating pressure would increase
if USB fails to raise new capital within a reasonable time
period.

CONTACT:  UKRSOTSBANK
          Call center: (044) 205-45-55, 8-800-5000-200
          Web site: http://www.usb.com.ua/en/


UKRSOTSBANK: Total Loan Portfolio Grows 55% After 9 Months
----------------------------------------------------------
Ukrsotsbank summarized the preliminary results of its
performance for 9 months of 2005, the Bank's PR service reports
with reference to the Economy and Finance Department.

As of October 1, 2005, Ukrsotsbank's performance figures are:

-- Total loan portfolio makes UAH6.47 billion.  Rate of growth
   since the beginning of the year is 55.1%,

-- Net assets are UAH9.48 billion.  Rate of growth since the
   year-start constitutes 34.1%

In January-February, Ukrsotsbank enjoyed a dynamic pace of
growth in attracting funds from businesses and individuals onto
deposit and current accounts.  Thus, businesses' funds allocated
with the Bank since the beginning of the year have grown by
almost 15% and by October 1 2005 amounted to UAH4.2 billion.
Funds from individuals have increased by almost 44% and as of
October 1, 2005 exceeded UAH2.9 billion.

Ukrsotsbank was formed in September 1990 and is one of the
largest banks in Ukraine.  Ukrsotsbank's branch network
comprises 513 offices -- off-balance offices, 23 balance offices
and 27 regional branches.

                            *   *   *

As reported by TCR-Europe in September, Standard & Poor's Rating
Services revised its outlook on Joint Stock Commercial Bank for
Social Development Ukrsotsbank to developing from stable.  At
the same time, the 'B-' long-term and 'C' short-term ratings on
the bank were affirmed.

"The outlook revision reflects the uncertainty related to the
bank's ability to attract new capital in the next few months to
support its fast-growing lending activities," said Standard &
Poor's credit analyst Irina Penkina.  "In addition, USB's
potential sale to a new strategic owner could have a significant
impact on the bank's client base, business strategy, and capital
support."  USB is majority owned by the Interpipe group, a large
Ukrainian industrial group, with Mr. Pinchuk as a beneficial
owner.  The group is involved in a number of legal disputes with
the Ukrainian government regarding the privatization of its
large assets.  Bought by Interpipe from private owners in 2004,
USB is exposed to a potential sale.  USB's sizable concentration
in both assets and liabilities, as well as vulnerability to the
risky political and operating environment in the Ukraine
(foreign currency BB-/Stable/B; local currency BB/Stable/B)
remain constraining rating factors.

These risks are mitigated by USB's good commercial franchise and
funding profile, which position the bank well to benefit from
the growing Ukrainian economy.

USB's core equity-to-assets ratio is reducing fast, having
fallen to about 5.3% at end of July 2005 from 6.0% at year-end
2004 (in accordance with local accounting standards), due to
modest internal capital generation compared with the rapid asset
growth.  A Ukrainian hryvnia (UAH)300 million (US$59.4 million
at UAH5.05 to US$1 as at Sept. 1, 2005) new share issue,
originally planned for the third quarter of 2005, is now
expected to take place in late 2005 or early 2006.  This would
represent a sizable 60% increase of the bank's equity base,
thereby alleviating a severe strain on USB's asset expansion.
On the other hand, if the new capital injection is not received,
this would put additional pressure on the bank's capitalization.

"USB's ratings will be dependent on the bank's ability to
preserve its core capital adequacy ratios against further
deterioration," said Ms. Penkina.  A capital increase in the
near term, and the entrance of a new partner that would be able
to support USB would have a positive effect on the ratings on
the bank.  Conversely, negative rating pressure would increase
if USB fails to raise new capital within a reasonable time
period.

CONTACT:  UKRSOTSBANK
          Call center: (044) 205-45-55, 8-800-5000-200
          Web site: http://www.usb.com.ua/en/


ZEVS: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on Joint Ukrainian-Bulgarian LLC Zevs
(code EDRPOU 226770600) on August 29, 2005.  The case is
docketed as B-39/68-05.  Mr. O. Tishenko (License Number AB
216715) has been appointed temporary insolvency manager.  The
company holds account number 26003201954001 at CB Privatbank,
Harkiv regional branch, MFO 351533.

CONTACT:  ZEVS
          Ukraine, Harkiv region,
          Harkiv district, Komunar

          Mr. O. Tishenko
          Temporary Insolvency Manager
          61002, Ukraine, Harkiv region,
          Petrovskij Str. 6/8-15
          Phone: (057) 700-55-97

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square 5, Derzhprom 8th Entrance


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


ALLIED MEDICAL: Members Meeting Set End of October
--------------------------------------------------
R.A. Segal, Liquidator of:

     Allied Medical Assurance Services Ltd.
     Bowring Risk Management Ltd.
     Marsh Placement Services Ltd.
     Marsh Ukraine Ltd.
     Peter Smart Associates Ltd.
     Richard Sparrow & Co (International Non Marine) Ltd.
     The marsh centre ltd.
     Wigham Poland Aviation Ltd.
     Seabury Smith Ltd.

informs that a Meeting of the Members of these Companies will be
held at Chiltern House, 24 to 30 King Street, Watford WD18 0BP,
on Monday 31 October 2005, at 11:00 a.m.

Members wishing to vote at the Meeting must lodge their proofs
of debt and (unless they are attending in person), proxies at
the offices of Begbies Traynor (South) LLP, 24 to 30 King
Street, Watford WD18 0BP, no later than 12:00 noon on the
business day before the Meeting.

CONTACT:  BEGBIES TRAYNOR
          Chiltern House,
          24-30 King Street,
          Watford WD18 0BP
          Phone: 01923 812900
          Fax:   01923 812999
          Web site: http://www.begbies.com


ANDERSEN LEIGH: Recruitment Firm Hires Administrator
----------------------------------------------------
A resolution to wind up Andersen Leigh Associates Plc was passed
at an EGM on Sept. 27 at 70 Conduit Street, London W1S 7GF.
Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG was appointed
liquidator.

Andersen Leigh Associates plc is a full service human resource
management group that specializes in the placement of temporary
and permanent Accountancy, Human Resources, Sales & Marketing
and Secretarial Support staff.

CONTACT:  ANDERSEN LEIGH ASSOCIATES PLC
          32-36 Great Portland Street
          London
          W1W 8QX
          Web site: http://www.andersenleigh.com/

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


ANDREW LEE: Hires Begbies to Liquidate Assets
---------------------------------------------
A resolution to wind up Andrew Lee Limited was passed at an EGM
on Sept. 23 at the offices of Begbies Traynor, The Old Exchange,
234 Southchurch Road, Southend on Sea, Essex SS1 2EG.  Lloyd
Biscoe of Begbies Traynor, The Old Exchange, 234 Southchurch
Road, Southend-on-Sea, Essex SS1 2EG was appointed liquidator.

CONTACT:  ANDREW LEE LTD.
     Margarets House, High Street
          Colchester, Essex CO5 9AE
          Phone: 01376573572

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


ANGLIA BUSINESS: Files for Administration
-----------------------------------------
Jeffrey Mark Brenner (IP No 9301) of B & C Associates was
appointed administrator of Anglia Business Associates Limited
(Company No 02230851) on Sept. 27.  The company's registered
office is at Trafalgar House, Grenville Place, Mill Hill, London
NW7 3SA.

ABA has over eight years experience in the bank auditing
business.  Visit http://www.angliabusinessassociates.co.uk/for
more information.

CONTACT:  ANGLIA BUSINESS ASSOCIATES LIMITED
          Phone: 0870 8998820
          Fax: 0870 8998830

          B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731


ASC NEX: Hires KPMG Liquidator
------------------------------
A. J. McDonald, the director of ASC NEX Limited, informs that
special and ordinary resolutions to wind up the company were
passed at a general meeting.  David John Crawshaw and Richard
John Hill of KPMG LLP, Corporate Recovery, Arlington Business
Park, Theale, Reading RG7 4SD were appointed liquidators.

CONTACT:  KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


BOOTS GROUP: New CFO Holds 50,791 Ordinary Shares
-------------------------------------------------
This notice follows the announcement on 3 October 2005 of the
appointment of Jim Smart as chief financial officer of Boots
Group plc.

There is no information of the kind described in LR 9.6.13 R (1)
to (6) of the Listing Rules relating to Jim Smart required to be
disclosed.

Jim Smart has also notified the company that he is interested in
a total of 50,791 ordinary shares as at 3 October 2005.  This
total is made up of 49,888 share options, 78 shares given under
the Companies All-Employee Share Ownership Plan and 825 shares
registered in his own name.

                        About the Company

Boots is a health and beauty company with operations in retail,
manufacturing and distribution.  Boots sells its products in 130
countries and, excluding Boots Healthcare International, employs
approximately 65,000 people globally.  Boots operates over 1,400
health and beauty stores in the U.K. with an aggregate selling
area in excess of 647,000 square meters.  The group sells a wide
range of products under the Boots brand and also owns a number
of internationally recognized brands such as No 7, Soltan and
Botanics.  Boots' international division, BRI, operates more
than 400 implants in nine countries as well as over 80 owned
stores in Asia.

It has entered into an agreement to sell BHI to Reckitt
Benckiser plc, for an aggregate consideration on a debt and cash
free basis of GBP1.926 billion in cash, subject to a completion
working capital adjustment.

For the financial year ended 31 March 2005, Boots reported
turnover of GBP5,469.1 million and generated group operating
profit before exceptional items of GBP501.7 million, and profit
before taxation of GBP427.6 million.  Boots' net assets stood at
GBP1,610.5 million as of 31 March 2005.

In September, Boots admitted that trading conditions have been
difficult throughout the first half with consumer spending
softening further over the last quarter.  It plans to focus on
its trading margin, costs and working capital in the second
half.

The difficult market conditions have led to like-for-like sales
below the rate planned for the full year.  Reduced consumer
spending on replacement eyewear and price deflation following
the deregulation of contact lens sales, coupled with the
disruption to the Boots Opticians business from the integration
into Boots The Chemist adversely impacted the results, and these
trends are expected to continue.

Personnel changes in store are expected to complete in the next
quarter and a robust plan is in place to drive sales with a new
and up weighted advertising campaign and the introduction of new
designer ranges.

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


B & S SUPPLIES: Calls in Liquidator
-----------------------------------
R. Storey, the chairman of B & S Supplies (Wymondham) Limited,
informs that special resolution to wind up the company was
passed at an EGM held on Sept. 28 at King Street House, 15 Upper
King Street, Norwich NR3 1RB.  Matthew Robert Howard and Robert
Geoffrey Rose of Larking Gowen, King Street House, 15 Upper King
Street, Norwich NR3 1RB were appointed liquidators.

CONTACT:  B & S SUPPLIES (WYMONDHAM) LTD
          Church La, Wicklewood
          Wymondham, Norfolk NR18 9QH
          Phone: 01953 604112

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


CARDIFF RAILWAY: Hires KPMG Liquidator
--------------------------------------
R. O'Toole, the director Cardiff Railway Company Limited,
informs that special, ordinary and extraordinary resolutions to
wind up the company were passed at a general meeting.  David
John Crawshaw and Richard John Hill of KPMG LLP, Corporate
Recovery, Arlington Business Park, Theale, Reading RG7 4SD were
appointed joint liquidators.

Cardiff Railway Company operated rail services in the Cardiff
Valleys.  The company ceased to exist from 14 October 2001, when
the new company of Wales & Borders (now Arriva Trains Wales) was
created.

CONTACT:  KPMG
          Corporate Recovery, Arlington Business Park,
          Theale, Reading RG7 4SD
          Phone: (0118) 9642000
          Fax:   (0118) 9642222
          Web site: http://www.kpmg.co.uk


CASTROL CONSUMER: Liquidation Report Out Later this Month
---------------------------------------------------------
J. Sisson, Joint Liquidator of:

     Limited
     BP Quest Company Limited
     Burmah Castrol Fuels Limited
     Flightneeds.Com Limited
     Kalec UK Limited
     Trouw Great Britain Limited

informs that the Final Meetings of Members of the Companies will
be held at the offices of PricewaterhouseCoopers LLP, 12
Plumtree Court, London EC4A 4HT, on 31 October 2005, commencing
at 10:30 a.m. and thereafter at 15 minute intervals.

A Member entitled to attend and vote at the Meetings may appoint
a proxy, who need not be a Member, to attend and vote instead of
him or her.

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


CIRCLE DESIGN: Names Buchanans Administrator
--------------------------------------------
Alan Peter Whalley and Peter Anthony Hall (IP Nos 6588 and 3966)
of Buchanans Plc were appointed joint administrators of Circle
Design Limited (Company No 03745964) on Sept. 26.  The company's
registered office is at Latimer House, 5 Cumberland Place,
Southampton SO15 2BH.  Circle Design offers other business
activities.

CONTACT:  CIRCLE DESIGN LTD.
          1st Floor, 39 Poole Hill
          Bournemouth, Dorset BH2 5PW
          Phone: 01202 318681

          BUCHANANS PLC
          Latimer House
          5 Cumberland Place
          Southampton SO15 2BH
          Phone: 023 8022 1222


COMPASS GROUP: Comments on U.N. Procurement Scandal
---------------------------------------------------
Following press speculation surrounding the involvement of
Compass Group plc and its subsidiary Eurest Support Services
(ESS) regarding contract procurement at the United Nations, the
Group said that it takes any questions about business operations
seriously.

ESS is one of a number of suppliers to the United Nations that
has been cooperating with all the relevant authorities in a
wide-ranging investigation into the UN's contracting procedures.

The Group is a signatory to the UN Global Compact and its
business practices are governed by a strict, zero tolerance-
based Code of Ethics that applies to all employees without
exception.

In 2004, revenues from its contracts with the United Nations
were less than half of 1% of Group revenues.

                            *   *   *

Financial Times earlier reported that Compass has become
entangled in the probe into alleged corrupt buying practices at
the United Nations.  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


CONSERVATION RESTORATION: Names Grant Thornton Administrator
------------------------------------------------------------
Richard Hawes and Nigel Morrison (IP Nos 8954, 8938) of Grant
Thornton were appointed joint administrators of general
construction Conservation Restoration And Refurbishment Limited
(Company No 04055348) on Sept. 29.  The company's registered
office is at Millbanc House, Cross Place, Maindy, Cardiff CF14
3AQ.

CONTACT:  GRANT THORNTON UK LLP
          11-13 Penhill Road
          Cardiff CF11 9UP
          Phone: 02920 235591
          Fax: 02920 383803
          E-mails: richard.m.hawes@gtuk.com
                   nigel.morrison@gtuk.com


DANIEL THOMAS: Bar Operators Call in Administrators from KPMG
-------------------------------------------------------------
Company Names: DANIEL THOMAS DAVIES
               MICHELLE MARGARET DAVIES
               THE EXHIBITION HOTEL GROUP LIMITED

Howard Smith and Richard Dixon Fleming (IP Nos 9341, 8370) of
KPMG LLP were appointed joint administrators of these bar
companies on Sept. 28.  The companies' registered office is at
KPMG LLP, 1 The Embankment, Neville Street, Leeds LS1 4DW.

CONTACT:  THE EXHIBITION HOTEL GROUP LTD.
          Gate Helmsley, York YO41 1JS
          Phone: 01759-373698

          KPMG LLP
          1 The Embankment
          Neville Street
          Leeds
          West Yorkshire LS1 4DW
          Phone: 0113 231 3332
          Fax: 0113 231 3183
          E-mail: richard.fleming@kpmg.co.uk


DIXON CLOTHING: Goes into Liquidation
-------------------------------------
G. Pritchard, director of Dixon Clothing Co. Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 27 at Milner Boardman & Partners, Century House, Ashley
Road, Hale, Cheshire WA15 9TG.  Colin Burke of Milner Boardman &
Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG
was appointed liquidator.

CONTACT:  DIXON CLOTHING CO. LTD.
          Causeway
          Halifax
          HX1 1QL
          West Yorkshire
          Phone: 01422 322284
          Fax: 01422 364068

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


DORMANTCO 1007: Members Final Meeting Set Later this Month
----------------------------------------------------------
Company Names: DORMANTCO 1007 LIMITED
               DORMANTCO 1008 LIMITED
               DORMANTCO 1009 LIMITED
               DORMANTCO 1010 LIMITED
               DORMANTCO 1011 LIMITED
               INHOCO 824 LIMITED

Members of these companies will have final meetings on October
31, 2005 commencing at 10:00 a.m. and thereafter at 15-minute
intervals.  It will be held the offices of
PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street,
Leeds LS1 4JP.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the properties of the
companies disposed of, and of hearing any explanation that may
be given by the Liquidator.  Members who want to be represented
at the meeting may appoint proxies.

CONTACT:  DORMANTCO 1009 LTD.
          The Britannia Suite,
          International House, Manchester M3 2ER
          Phone: 0161-832-7200

          DORMANTCO 1010 LTD.
          164 Deansgate, MANCHESTER M3 3GG
          Phone: 0161-4806601

          PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


DRUCE INVESTMENT: In Administrative Receivership
------------------------------------------------
Anglo Irish Bank Corporation Plc appointed Ian Donald Williams
and Laurence Pagden (IP Nos 4021 and 9055) of Benedict Mackenzie
LLP joint administrative receivers of holding company Druce
Investment Property Limited (Reg No 2835494) on Sept. 29.  Its
registered office is at 62 Wilson Street, London EC2A 2BU.

CONTACT:  BENEDICT MACKENZIE
          62 Wilson Street
          London EC2A 2BU
          Phone: 020 7247 1174
          Fax: 020 7247 3494
          E-mail: i.williams@bmaclondon.com


EQUITABLE LIFE: Drops Claims Against Two More Former Directors
--------------------------------------------------------------
Equitable Life has reached settlement terms with David Wilson
and Roger Bowley, two of the Society's former directors, on the
basis that the Society discontinues its claims against them with
each side paying its own costs.

As the action by the Society is continuing against 11 former
directors, the Society can make no further comment.

Mr. Wilson was a non-executive director of the Society from
April 1994 to June 1999, while Mr. Bowley served as executive
director from July 1989 to December 1997.

                            *   *   *

On 3 October 2005, Equitable Life abandoned 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 had also withdrawn a portion of its claim against
former Chief Executive Chris Headdon.  He also had served as
reporting actuary at the group.  Equitable Life, however,
intends to pursue its negligence claims against Mr. Headdon
(along with 10 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


E WARD: Members Meeting Set Last Week of October
------------------------------------------------
Members of E Ward (Wellingborough) Limited will have a final
meeting on October 28, 2005 at 11:30 a.m.  It will be held at
offices of PricewaterhouseCoopers LLP, Cornwall Court, 19
Cornwall Street, Birmingham B3 2DT.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and of hearing any explanation that may be
given by the Liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  E WARD (WELLINGBOROUGH) LTD.
          Northampton Road, Wellingborough,
          Northamptonshire NN8 3PP
          Phone: 01933440110

          PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


FJ RETAIL: Calls in Liquidator
------------------------------
F. Jacobs, Chairman of FJ Retail Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Sept. 28 at
Regent House, 24-25 Nutford Place, London W1H 5YN.  Mark S.
Willis of Icarus Financial Solutions Ltd. was appointed
liquidator.

CONTACT:  FJ RETAIL LTD.
     17 Kings Road, Caversham
          Reading, Berkshire RG4 8DS


GODFREYS OF ENFIELD: In Liquidation
-----------------------------------
B. D. Meakins, chairman of Godfreys of Enfield Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 26 at 60-62 High Street, Harpenden, Hertfordshire
AL5 2SP.  Anthony David Kent of Maidment Judd, 60-62 High
Street, Harpenden, Hertfordshire AL5 2SP was appointed
liquidator.

CONTACT:  GODFREYS OF ENFIELD LIMITED
     Park Avenue, Edmonton, London N18 2UH
          Phone: 02088076776

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


GPE EXHIBITIONS: Creditors Meeting Next Week
--------------------------------------------
The creditors of GPE Exhibitions Limited (Company No 04784341)
will meet on October 18, 2005 at 11:00 a.m.  It will be held at
Twin Oaks Hotel, Church Lane, Palterton, Chesterfield,
Derbyshire S44 6UZ.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Andrew T. Clay, administrator of Andrew Michaels
& Co Ltd, Concept House, Brooke Street, Cleckheaton BD19 3RY not
later than October 17, 2005, 12:00 noon.

CONTACT:  GPE EXHIBITIONS LTD.( THE FURNITURE HIRE PEOPLE.COM)
          Tornimont Building
          Smisby Road
          Ashby De La Zouch
          Leicester LE65 2UR
          Phone: 01530 564 287
          Fax: 01530 564 723
          E-mail: info@gpeexhibitions.com
          Web site: http://www.gpeexhibitions.com/

          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


HAMMOND MEDIA: Creditors to Meet Tomorrow
-----------------------------------------
The creditors of Hammond Media Limited (Company No 04337490)
will meet on October 13, 2005 at 10:00 a.m.  It will be held at
Fisher Partners, Acre House, 11-15 William Road, London NW1 3ER.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Fisher Partners, Acre House, 11-15 William Road,
London NW1 3ER not later than 12:00 noon today.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


HENDERSON HIGH: Sets Creditors Meeting November 4
-------------------------------------------------
W. J. King, secretary of Henderson High Income Trust Securities
Plc, informs that special resolution to wind up the company was
passed at an EGM on Sept. 30.  James Robert Drummond Smith and
Nicholas James Dargan of Deloitte and Touche, 66 Shoe Lane,
London EC4A 3WA were appointed liquidators.

Creditors are required on or before November 4, 2005, to send in
their full names and addresses, with particulars of their debt
or claims, to the undersigned, J. R. D. Smith, of Deloitte &
Touche, PO Box 810, Athene Place, 66 Shoe Lane, London EC4A 3WA,
Joint Liquidator of the company, and, if so required by notice
in writing, to prove their said debt or claims.

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


INBLOW FORM: Administrators from Vantis Numerica Move in
--------------------------------------------------------
Peter Hughes-Holland and Frank Wessely (IP Nos 001700 and
007788) of Vantis Numerica were appointed joint administrators
of Inblow Form Limited (Company No 1070398) on Sept. 26.  The
company manufactures plastic products.

CONTACT:  INBLOW FORM LIMITED
          Unit 51
          Wrexham Industrial Estate
          Wrexham, Clwyd LL13 9XN
          United Kingdom
          Phone: (01978) 661951
          Fax: (01978) 661924
          Web site: http://www.inblowform.co.uk

          VANTIS NUMERICA
          81 Station Road, Marlow,
          Buckinghamshire SL7 1SX
          Phone: 01628 478100
          Fax:   01628 472629
          Web site: http://www.vantisnumerica.com


JPMORGAN FLEMING: Liquidator to Deliver Report Early Next Month
---------------------------------------------------------------
R. Setchim, Joint Liquidator of JPMorgan Fleming Managed Income
plc, informs that the Final Meeting of Members of the Company
will be held at the offices of PricewaterhouseCoopers LLP,
Plumtree Court, London EC4A 4HT, on 4 November 2005, commencing
at 10:30 a.m.  A Member entitled to attend and vote at the
Meeting may appoint a proxy, who need not be a Member, to attend
and vote instead of him or her.

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


LAMPTREE LIMITED: Names Liquidator
----------------------------------
G. Ashley-Lound, director of Lamptree Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 27 at The Clock House, 87 Paines Lane, Pinner, Middlesex
HA5 3BZ.  D. Holland was appointed liquidator.

CONTACT:  LAMPTREE LTD.
          52 High Street, Pinner, Middx HA5 5PW
          Phone: 020 8930 6210
          Fax: 020 8930 6207
          E-mail: info@lamptree.co.uk

          IAN HOLLAND & CO.
          The Clock House, 87 Paines Lane
          Pinner, Middlesex HA5 3BZ


LEAY MBC: Sets Final Meeting October 31
---------------------------------------
D. A. Ingram, joint liquidator of Leay MBC Limited, informs that
a Final Meeting of the Members of the company will be held at
First Floor, 16-17 Boundary Road, Hove, East Sussex BN3 4AN, on
31 October 2005, at 11:00 a.m.

A Member entitled to attend and vote is entitled to appoint a
proxy to attend and vote instead of him.  A proxy need not be a
Member.  Proxies to be used at the Meeting should be lodged at
First Floor, 16-17 Boundary Road, Hove, East Sussex BN3 4AN, no
later than 12:00 noon on the working day immediately before the
Meeting.

Leay Limited is a family-owned company that has traded since
1937 in the window, glass and glazing market.  It handles
contracts worth between GBP50,000 and GBP1 million.  Leay is now
among the ten largest Kawneer dealers in the United Kingdom.  It
is also the longest established (since 1968) current Kawneer
dealer.

CONTACT:  LEAY LIMITED
          Quarry Wood Industrial Estate
          Aylesford, Maidstone
          Kent ME20 7TQ England
          Phone: 01622 882345
                 01622 882208


LIFESTYLE BEAUTY: Calls in Joint Liquidators
--------------------------------------------
D. Hadjigeorgiou, chairman of Lifestyle Beauty Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 28 at the offices of Royce Peeling Green Limited,
The Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG.

Peter Jones and Roderick M. Withinshaw of Royce Peeling Green
Limited, The Copper Room, Deva Centre, Trinity Way, Manchester
M3 7BG were appointed Joint Liquidators.  The appointment was
confirmed at a creditors meeting held on the same day.

CONTACT:  LIFESTYLE BEAUTY LTD.
          P.O. Box 1099
          Bedford
          MK42 7XR
          E-mail: success@lifestylebeauty.co.uk
          Web site: http://www.lifestylebeauty.co.uk/

          ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


MASQUERADE BAR: Files for Liquidation
-------------------------------------
P Hunter-Jones, chairman of The Masquerade Bar Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 6 at the offices of Sale Smith & Co. Limited, 30
Derby Street, Ormskirk L39 2BY.  Eileen T. F. Sale of Sale Smith
& Co. Limited, Carmella House, 3 & 4 Grove Terrace, Walsall,
West Midlands WS1 2NE was appointed liquidator.

CONTACT:  THE MASQUERADE BAR LIMITED
          10 Cumberland Street, Liverpool
          Merseyside L1 6BU
          Phone: 01512367786


MG ROVER: Court Awards Former Workers GBP14 Million Payout
----------------------------------------------------------
Former MG Rover workers will share a GBP14 million payout
awarded by a Birmingham employment tribunal, said The Express.

About 6,000 staff, sacked without proper consultation after MG
Rover's collapse in April, will receive about GBP2,200 each in
the next few weeks.  The government will shoulder the amount
since MG Rover is in administration.

Michael Stokes, partner at Rowley Ashworth solicitors, took the
case on behalf of the Transport & General Workers Union, Amicus
and GMB.  He said: "The employment laws stipulate that if an
employer makes more than 20 people redundant they should consult
the staff during a 90-day consultation period.  The consultation
laws were brought in to ensure companies talk to their staff and
soften the blow of compulsory redundancies."

Adrian Ross, former T&G convener at Longbridge, said: "This
judgment proves that the workers must become priority creditors
and administrators should consult with unions before laying off
any workers."

"While we welcome the ruling in our favor, workers and their
families should not have been kept waiting for this money.
Payment should have been made as soon as possible to prevent
further hardship," Western Mail, in another report, quoted T&G
General Secretary Tony Woodley as saying.

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

Previously owned by Phoenix Venture Holdings, the company
collapsed on April 8 after a tie-up with China's largest
carmaker, Shanghai Automotive Industry Corporation (SAIC),
failed to materialize.  Days later, eight European subsidiaries
followed suit.  In July 2005, Nanjing bought the assets of both
MG Rover and Powertrain for GBP53 million.  Rover's
administration is expected to continue until next year, with
over 2,000 MG Rover cars still to be sold.

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

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


MILLERS PHOTOGRAPHY: Appoints Liquidator from Begbies
-----------------------------------------------------
K. Miller, chairman of Millers Photography Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 22 at Begbies Traynor, 1 Winckley Court, Chapel Street,
Preston, Lancashire PR1 8BU.  David R. Acland of Begbies
Traynor, 1 Winckley Court, Chapel Street, Preston, Lancashire
PR1 8BU was appointed liquidator.

CONTACT:  MILLERS PHOTOGRAPHY LTD.
     11 Towers Court, Duckworth Street, Blackburn,
          Lancashire BB2 2JQ
          Phone: 01254696909

          BEGBIES TRAYNOR
          1 Winckley Court
          Chapel Street
          Preston PR1 8BU
          Phone: 01772 202000
          Fax: 01772 200099
          E-mail: preston@begbies-traynor.com
          Web site: http://www.begbies.com


MONUMENT INDUSTRIAL: Names Moore Stephens Liquidator
----------------------------------------------------
L. Emms, chairman of Monument Industrial Maintenance Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Sept. 20 at Moore Stephens Corporate Recovery,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB.

Nigel Price of Moore Stephens Corporate Recovery, Beaufort
House, 94-96 Newhall Street, Birmingham B3 1PB was appointed
liquidator.  The appointment was confirmed at a creditors
meeting held on the same day.

CONTACT:  MONUMENT INDUSTRIAL MAINTENANCE LTD.
     Ryders Green Road, West Bromwich
          West Midlands B70 0AX
          Phone: 01215224217

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


NETWORK RAIL: Fined GBP3.5 Million for Hatfield Crash
-----------------------------------------------------
Mr. Justice McKay imposed fines on Balfour Beatty and Network
Rail (which assumed Railtrack's liabilities), having been found
guilty of health and safety offences associated with the
Hatfield crash.

Justice McKay concluded the level of fines to be:

     -- Balfour Beatty: GBP10 million
     -- Network Rail: GBP3.5 million

         Comment of Network Rail Chairman Ian McAllister

The Hatfield tragedy was a terrible event for everyone involved.
Lessons have been learnt and the rail industry has changed
enormously for the better over the past five years.

Since Network Rail took over the nation's railway infrastructure
some three years ago, maintenance has been taken in-house rather
than being outsourced, and we have changed our approach from a
'find and fix' maintenance regime to one of 'predict and
prevent'.  We have also invested heavily in new maintenance
technology and doubled the size of our company to some 30,000
employees.

All these changes have been made as we work to minimize the
chances of this ever happening again.

Network Rail is a very different company to Railtrack.  In the
three years that it has been in-charge of the nation's railway
infrastructure, it has made sweeping changes to its priorities,
to the company structure, and to its people and processes:

(a) Network Rail, is a not-for-dividend company, with
    engineering at its core,

(b) The running of a safe, reliable and efficient rail network
    are the company's clear priorities,

(c) Maintenance has been brought in-house under direct control,

(d) As a result, maintenance has moved from a 'find and fix'
    approach to one of 'predict and prevent',

(e) We have embarked on a massive railway investment program,
    spending over GBP5bn each year to operate, maintain and
    renew the rail infrastructure,

(f) We have invested heavily in new technology that measures the
    condition of the rail infrastructure in more detail and more
    accurately than ever before

                           Background

On 17 October 2000 a GNER train traveling from London to Leeds
was derailed at Hatfield.  Four people died.  The cause of the
derailment was a broken rail caused by rolling contact fatigue
(formerly known as 'gauge corner cracking').

In October 2002, Network Rail took over Railtrack and assumed
all its responsibilities and outstanding legal liabilities.

The Hatfield trial began in January 2005 and concluded on 6
September.

Balfour Beatty subsequently pleaded guilty, and Network Rail
(because of its acquisition of Railtrack's outstanding legal
liabilities) was found guilty of offences under the Health and
Safety at Work Act 1974.

The rail industry accepted responsibility and liability to
compensate bereaved families and the injured just a few days
after the accident.

Network Rail is the 'not for dividend' owner and operator of
Britain's railway infrastructure, which includes the tracks,
signals, tunnels, bridges, viaducts, level crossings and
stations -- the largest of which we also manage

                            *   *   *

Railtrack went into administration in 2001 after the government
withdrew funding for the company whose reputation was wrecked by
a fatal crash in 2000 at Hatfield.  Its shareholders are suing
the government for "misfeasance of justice" and a breach of
human rights to recover GBP157 million.

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

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


NORTHERN FOODS: Full-, Half-year Profits Lower Under IFRS
---------------------------------------------------------
Northern Foods plc has released audited restated financial
information for the 52 weeks ended 2 April 2005 (2004/05) and
unaudited restated financial information for the 26 weeks ended
2 October 2004 under International Financial Reporting Standards
(IFRS).

Northern Foods previously prepared the 2004/05 consolidated
accounts under U.K. Generally Accepted Accounting Principles
(U.K. GAAP).  These accounts were published in June 2005.
Accordingly, IFRS results will be published in the Interim
Report for the 26 weeks ended 1 October 2005, and announced in
the Interim Results scheduled for release on 15 November 2005.

Principal adjustments from U.K. GAAP to IFRS are:

(a) recognition of increased pensions expense and related
    deficit;

(b) convertible bond split into equity and liability components;

(c) proposed dividends no longer accrued;

(d) deferred tax no longer discounted; and

(e) goodwill no longer amortized or recycled.

The key impacts on the Group's previously reported results for
2004/5 are:

(a) net cash flow unchanged as a result of the transition;

(b) 2004/5 full-year profit before tax of GBP62.2 million (U.K.
    GAAP GBP80.2 million);

(c) 2004/5 full year continuing operating margin of 6.1% (U.K.
    GAAP 7.2%); and

(d) 2004/5 first half-year profit before tax of GBP24.3 million
    (U.K. GAAP GBP33.0 million).

The restated financial information, together with a slide
presentation and accompanying commentary are available at
http://www.northernfoods.com

                        About the Company

Leeds-based Northern Foods plc is one of U.K.'s leading food
producers with a turnover of GBP1.5 billion and over 22,000
employees based in sites across the U.K. and Ireland.

Northern Foods began restructuring and refocusing its business
in autumn 2003.  It appointed Chief Executive, Pat O'Driscoll,
at the end of March 2004.  It has also launched a comprehensive
strategic review of the business, established a new management
team, and simplified its business structure and factory
reorganization.

CONTACT:  NORTHERN FOODS PLC
          2180 Century Way, Thorpe Park
          Leeds
          LS15 8ZB, United Kingdom
          Phone: +44-113-390-0110
          Fax: +44-113-390-0211
          Web site: http://www.northern-foods.co.uk


NORTHERN FOODS: Tough Trading Environment Offsets Gains
-------------------------------------------------------
Northern Foods plc has released a trading update for the 26
weeks ended 1 October 2005, ahead of the release on 15 November
of its Interim Results for the period.

Underlying sales for continuing operations show year-on-year
growth of approximately 3.4%.  Overall, first half operating
margins are expected to be broadly maintained.  A challenging
trading environment and significant inflation in input costs
have offset the gains from the Group's procurement and
efficiency programs.

Performance across our ambient and frozen businesses remains
robust.  While the chilled division is now operating as a
unified business and is beginning to show progress, the process
of improving profitability to an acceptable level will take time
to achieve.

Pat O'Driscoll, chief executive of Northern Foods, said: "As has
been well documented, the trading environment remains tough and
we will need to recover further input cost inflation in the
second half year, particularly in utilities.  Nevertheless, I am
encouraged by the good progress we are making to restructure and
refocus the business towards our goals."

                        About the Company

Leeds-based Northern Foods plc is one of U.K.'s leading food
producers with a turnover of GBP1.5 billion and over 22,000
employees based in sites across the U.K. and Ireland.

Northern Foods began restructuring and refocusing its business
in Autumn 2003.  It appointed Chief Executive, Pat O'Driscoll,
at the end of March 2004.  It has also launched a comprehensive
strategic review of the business, established a new management
team, and simplified its business structure and factory
reorganization.

CONTACT:  NORTHERN FOODS PLC
          2180 Century Way, Thorpe Park
          Leeds
          LS15 8ZB, United Kingdom
          Phone: +44-113-390-0110
          Fax: +44-113-390-0211
          Web site: http://www.northern-foods.co.uk


PROFILE MEDIA: Assigns GBP3 Mln Overdraft Facility to Eden
----------------------------------------------------------
The Board of Profile Media Group plc has been advised that the
Company's GBP3 million overdraft facility with Barclays Bank plc
has been assigned to Eden Invest Limited.

The Company is in contact with the representatives of Eden
Invest Limited and is expecting to meet with them shortly to
discuss their proposals.  As a result of the assignment, accrued
interest owing to Barclays Bank of GBP105,000 as reported in the
Interim accounts for the six-month period ending June 2005 and
further interest accrued to the date of the assignment is no
longer payable.

Eden Invest Limited is a company registered in The British
Virgin Islands with administrative offices in Jersey.

                        About the Company

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

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

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

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


PROTECH BUILDING: Calls in Administrators from Grant Thornton
-------------------------------------------------------------
Richard Hawes and Nigel Morrison (IP Nos 8954 and 8938) of Grant
Thornton were appointed joint administrators of general
construction Protech Building Limited (Company No 03422088) on
Sept. 29.  The company's registered office is at Millbanc House,
Cross Place, Maindy, Cardiff CF14 3AQ.

CONTACT:  PROTECH BUILDING & MAINTENANCE LTD.
          Millbank House, Cross Place,
          Cardiff, Mid Glamorgan CF14 3AQ
          Phone: 02920624555

          GRANT THORNTON UK LLP
          11-13 Penhill Road
          Cardiff CF11 9UP
          Phone: 02920 235591
          Fax: 02920 383803
          E-mails: richard.m.hawes@gtuk.com
                   nigel.morrison@gtuk.com


SANCTUARY GROUP: Cuts Workforce by 25%
--------------------------------------
As announced previously the Board of The Sanctuary Group plc is
progressing with a fundamental review of its business.

As part of that review, the Group has now taken steps to reduce
headcount worldwide across the Group by 175, which represents
25% of the total headcount as at 31 March 2005.  The Board does
not expect to undertake any further significant headcount
reductions.

The Board is keen to stress that the new cost structures and
staffing levels in place across the Group will not compromise
our high level of service and commitment to our artists and
customers, and that the Group intends to benefit from an
exciting program of Recorded Product, Merchandising, Artist
Management and Live Agency activity worldwide.

The Board will continue to update the market with progress as
appropriate over the next few months.

Executive Chairman Andy Taylor said: "I am pleased with the
rapid progress we have made in addressing the key issues and
costs in our business and we will continue to restructure the
Group over the next few weeks and months.  Although I am sad to
be losing Sanctuary people, I am confident that we have a high
quality business and, with a much reduced cost base, I believe
we are well-placed to rapidly return to profitability going
forward."

                        About the Company

The Sanctuary Group plc is one of the world's leading developers
of music intellectual property rights (IPR), with offices in
London, New York, Berlin, Houston and Los Angeles.  In 2004,
Sanctuary recorded a turnover of GBP221 million and a group
profit of GBP16.1 million.

The Artist Management arm of Sanctuary comprises: Music World
Entertainment (part of Sanctuary Urban) based in Houston;
Trinifold Management based in London; Sanctuary Artist
Management (London, Los Angeles, New York and Berlin) and
Sanctuary Entertainment (London).

Sanctuary's visual rights licensing and merchandising
operations, Bravado and World Online, are part of the Artist
Services division and have clients ranging from Elton John,
Robbie Williams and Simon and Garfunkel to Eminem, Christina
Aguilera, 50 Cent and Hilary Duff.

On September 21, due to a number of operational and trading
problems, the company said it is likely to generate a loss at
EBITDA level before exceptional items such as restructuring
costs and provisions.  The Group has also suffered from recent
negative commentary as a result of poor trading in 2005 and this
has had an adverse impact in particular in the Records division.

It would be looking at disposals of a number of non-core
businesses, following the completion of the sale of its Book
Publishing division to Music Sales.

CONTACT:  THE SANCTUARY GROUP PLC
          Sanctuary House
          45 - 53 Sinclair Road
          London
          W14 0NS
          Phone: +44 (0)20 7602 6351
          F: +44 (0)20 7603 5941
          E-mail: info@sanctuarygroup.com
          Web site: http://www.sanctuarygroup.com


SECURIGUARD ROLLER: Goes into Liquidation
-----------------------------------------
G. Colebourne, Chairman of Securiguard Roller Shutters Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Sept. 23 at Tomlinsons, St John's Court, 72
Gartside Street, Manchester M3 3EL.

Alan H. Tomlinson of Tomlinsons, St. John's Court, 72 Gartside
Street, Manchester M3 3EL was appointed liquidator.

The appointment was confirmed at a creditors meeting held on the
same day.

CONTACT:  SECURIGUARD ROLLER SHUTTERS LTD.
     Securiguard House, Plane Street, Oldham, Lancashire
          OL4 2BX
          Phone: 01616240343

          TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


TXU EUROPE: Federal Court Orders Permanent Injunction
-----------------------------------------------------
In re: TXU Europe Limited, Et al.

(Petitions of Philip Wedgewood Wallace and James Robert Tucker
et al., as Joint Administrators and Liquidators)]

Case No. 04-11335 (SMB)

Please take notice that on October 4, 2005, the United States
Bankruptcy Court for the Southern District of New York entered a
Permanent Injunction and Order Pursuant to Sections 105(a) and
304(b) of the Bankruptcy Code Enforcing Company Voluntary
Arrangements (the Order) in respect of TXU Europe Limited and
certain of its subsidiaries.  Any person wishing to obtain
copies of the Order of the proposals containing the company
voluntary arrangements that are the subject of the Order should
contact Theresa D'Agostino at (212) 610-6300.

CONTACT:  TXU CORPORATION
          Web site: http://www.txucorp.com

          Media:
          Chris Schein
          Phone: +1-214-875-8329
          Mobile: +1-214-534-0087
          or
          Kimberly Morgan
          Phone: +1-214-875-8016
          Mobile: +1-214-543-1251

          Investor Relations
          Tim Hogan
          Phone: +1-214-875-9275
          or
          Bill Huber
          Phone: +1-214-875-8301

          ALLEN & OVERY LLP
          1221 Avenue of the Americas
          New York, New York 10020
          Phone: (212) 610-6300
          Fax: (212) 610-6399


URBAN MOBILE: Calls in Joint Liquidators
----------------------------------------
S. M. Hughes, Chairman of Urban Mobile Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 27 at the offices of Royce Peeling Green Limited, The
Copper Room, Deva Centre, Trinity Way, Manchester M3 7BG.

Peter Jones and Roderick M. Withinshaw of Royce Peeling Green
Limited, The Copper Room, Deva Centre, Trinity Way, Manchester
M3 7BG were appointed Joint Liquidators.

CONTACT:  URBAN MOBILE LTD.
          Lord Street, Stockport, SK1 3NA
          Phone: 0161 480 3331


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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