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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, October 13, 2005, Vol. 6, No. 203

                            Headlines

B E L G I U M

TELENET GROUP: IPO Raises EUR985 Million


D E N M A R K

LEGO GROUP: Loses Suit Versus Best-Lock Europe in Germany


F R A N C E

EUROTUNNEL SA: French Unions Stage Indefinite Strike


G E R M A N Y

AEG HAUSGERATE: Bavarian Employers Association Scores IG Metall
BE & TEK: Court Calls in Administrator from Tiefenbacher
B&T TRANS: Bielefeld Firm Succumbs to Bankruptcy
FAN HAUS: Appoints Tiefenbacher Administrator
FCW FIRST: Proofs of Claim Due December

GREEN LIN: Duesseldorf Business Goes Bust
JIL SANDER: Leaving Hamburg for Italy
KARSTADTQUELLE AG: Schickedanz Spree Sparks Breakup Rumor
WERBEAGENTUR LEHMANN: Creditors to Meet Next Month
ZAUBERFLOTE KINOFILMPRODUKTION: Under Bankruptcy Administration
ZIMMERMANN SANITAR: Court to Verify Claims December


N E T H E R L A N D S

KONINKLIJKE AHOLD: Selling EUR1 Billion Bonds
ROYAL SHELL: Cancels 950,000 'A' Shares at EUR25.96 each
ROYAL SHELL: To Declare Dividend Later this Month


R U S S I A

GRANITE: Insolvency Manager Takes over Company
INZA: Undergoes Bankruptcy Supervision Procedure
KAMAZ INCORPORATED: Warns of Bankruptcy as Govt Calls Loan
KRASNAYA KUZNITSA: Assets for Public Auction Next Week
MARINOVSKIY WOOD-PROM-KHOZ: Succumbs to Bankruptcy

ORNIKA: Period for Filing of Claims Ends Next Month
RESOURCE-COAL: Deadline for Proofs of Claim Next Week
RUSK-ELASKIY MARBLE: Declared Insolvent
SEL-KHOZ-TEKHNIKA: Bankruptcy Supervision Procedure Begins
SNAB-AGRO: Pskov Court Opens Bankruptcy Proceedings

STROY-CONSULTING: Names A. Maltabar Insolvency Manager
YUKOS OIL: Rosneft Joins Battle for Remains
YUKOS OIL: Reports of Crime Unsubstantiated, Slanderous
YUKOS OIL: Advised to Speed up Asset Disposals
YUKOS OIL: Loses Appeal on 2001 Fine


S P A I N

AVANZIT SA: To Decide on Capital Hike in Two Weeks


S W E D E N

SKANDIA INSURANCE: To Bare Updated List of Investors this Week


S W I T Z E R L A N D

CONVERIUM AG: Ratings Affirmed; Outlook Stable
SWISS INTERNATIONAL: Nine-month Load Factors Encouraging


T U R K E Y

HABAS SINAI: Fitch Affirms 'B+' Rating; Outlook Stable


U K R A I N E

AGROPROMTRANS: Goes into Liquidation
CRIMEAN TEXTILE: Under Bankruptcy Supervision
ELIST: Succumbs to Insolvency
K.I.T.: Last Day for Filing Claims Tomorrow
MASHIVSKIJ RAJAGROPOSTACH: Insolvency Manager Steps in

MOLOKOPRODUKT: Declared Insolvent
PROGRESS: Court Appoints Liquidator
REINFORCED METAL: Declared Insolvent
REKORD: Insolvency Manager Takes over Helm
SILGOSPTEHNIKA: Lugansk Court Opens Bankruptcy Proceedings
UBS: Gives Creditors Until this Week to File Claims


U N I T E D   K I N G D O M

ALAN W. BROWN: Files for Liquidation
ALLSPORTS LTD.: Administrator Padlocks Stores
APEX TRAINING: EGM Passes Winding-up Resolutions
AUTOMATION PARTNERSHIP: Hires Administrators from RMT
AVIATION AND COMMUNICATION: Hires Kroll Administrator

AZTEQ LIMITED: Calls in Liquidator
BOOTS GROUP: Investors Bond to Oppose Alliance Unichem Tie-up
CREATIVE RESULTS: Hires Administrators from Buchanans
CRENDON SPORT: Deadline for Debt Claims Set December
DE BAER: Business for Sale

DIL TANDOORI: Restaurant Winds up
DRAX GROUP: Receives Further Approach
EASYNET GROUP: Wins 10-year, GBP9 Million Contract
ENRON CORPORATION: Makes way for Goldman Sachs' US$7 Mln Claim
EQUITABLE LIFE: Policyholders Seek Leadership Change

FLOWFOLD LIMITED: Appoints Liquidator
FLYING COLOURS: Administrators from Menzies Enter Firm
GAYFIELD PROPERTIES: Hires PricewaterhouseCoopers Liquidator
GLOBAL EXECUTIVE: Names Liquidator
GORGEOUS GROUP: Falls into Liquidation

GREYS EXPORT: In Administrative Receivership
HARVARD CONSULTANCY: Goes into Liquidation
HUNTROSE UK: Names Deloitte & Touche Liquidator
INTOWOOD LIMITED: Furniture Maker Winds up
KENNEDY & DONKIN: Members Opt for Liquidation

LONDON OFFICE: Calls in Liquidator
MAGIC DOMESTIC: Files for Liquidation
MARBASE LIMITED: Names Liquidator from David Horner & Co.
MARKS & SPENCER: Three Per Una Staff Step down
MARKS & SPENCER: U.K. Retail Sales Up 3.3%

MERZ ORCHARD: Members Decide to Wind up Firm
METAL WORKERS: Administrator from Tenon Recovery Enters Firm
MISYS PLC: Shareholders Demand New Board
MODULAR ENGINEERING: Calls in Liquidator
NEW EDGE: EMG Passes Winding-up Resolution

PILOT: Bailiffs Close Coventry Shop
PROBE-IT LIMITED: IT Specialist Calls in Administrator
SELBY SCAFFOLDING: Hires Liquidator
SPEYMILL GROUP: Names New Executive Chairman
SWEDISH WINDOW: Creditor Bank Appoints Receiver

URBAN BLUE: Calls in Liquidator from B & C Associates
V. BAR: First Creditors Meeting Set Later this Month
WILLIAM MATTHEWS: Meeting of Creditors Set Next Week


                            *********


=============
B E L G I U M
=============


TELENET GROUP: IPO Raises EUR985 Million
----------------------------------------
Cable television company Telenet Group Holding N.V. on Monday
raised about EUR985 million (US$1.2 billion) from an IPO set at
the low end of target, Bloomberg News reports.

Shares in Telenet were sold at EUR21 apiece.  Some 46.9 million
shares, including 13.3 million new shares, were sold, according
to bankers involved in the sale.  The price valued Telenet at
EUR2.1 billion.  The shares started trading on Euronext Brussels
stock exchange Tuesday at EUR20.50 (US$24.78).

The company has been losing since its inception in 1996.  Loss
last year was EUR60.5 million, down from EUR583.8 million the
year before.  For the first quarter, result was a loss of EUR29.2
million, lower than EUR37.9 million a year earlier.  First-half
revenue was EUR358.8 million, up 7% compared.  EBITDA was up 12%
to EUR169.9 million.  The company has no plans to pay a dividend.

Telenet offers access to the Internet and phone services.  It has
about 1.6 million customers for its analog cable television
service and expected about 40,000 customers for its digital
service by the close of the share sale.  It also has 323,000
telephone customers and 559,000 Internet clients.  It is the
biggest competitor of state-controlled Belgacom in telephone and
Internet services in Flanders.

Late in September, Moody's Investors Service initiated a review
for possible upgrade on the ratings of Telenet Group Holding N.V.
and Telenet Communications N.V. following Telenet's announcement
to proceed with an initial public offering.

Affected ratings are: Telenet Group Holding N.V.'s Corporate
Family rating at B2, and US$558 million senior unsecured notes
due 2014 at Caa2; and Telenet Communications N.V.'s EUR500
million senior notes due 2013 at B3.

Moody's noted market expectations that Telenet is likely to raise
approximately EUR1.3 billion in primary and secondary proceeds
from its IPO.  Primary proceeds are expected to be approximately
EUR280 million (excluding an employee offering of c. EUR18.5
million).

Moody's said it understands that Telenet will use the net primary
proceeds to reduce its outstanding bond debt through claw-back
provisions in their indentures.  In its ratings review Moody's
will focus on the company's capital structure following its IPO
and its financial and dividend policy going forward.

CONTACT:  TELENET N.V.
          Liersesteenweg 4
          2800 Mechelen
          Phone: +32 15 333 000
          Fax: +32 15 333 999
          Web site: http://www.telenet.be


=============
D E N M A R K
=============


LEGO GROUP: Loses Suit Versus Best-Lock Europe in Germany
---------------------------------------------------------
The Appellate Court of Hamburg dismissed a suit by LEGO Company
toward Best Lock (Europe) Ltd. that allows no further appeal by
LEGO.  Regarding a trademark of a three dimensional 2 x 4 pin
standard building brick, the decision is postponed.  The
trademark has been cancelled in Alicante (European Trademark
Office) as well as in Germany at the DPMA (German Trademark
Office), but both cases are still pending as LEGO appeals.

"On behalf of the toy industry, we tenaciously undertook this
initiative in 1998 to have a fair and competitive opportunity to
sell our products in Germany.  LEGO has been a less than friendly
player in the toy market," says Torsten Geller, Best-Lock's CEO.
"The court has ruled on the case in a clear and positive manner."

Best-Lock does not produce nor sell the part in question -- a 2 x
4 pin standard brick.  Interestingly, the brick was patented in
1947 by an English inventor Mr. Harry Fisher Page, a child
psychologist with no connection whatsoever to LEGO.

"Best-Lock will continue to defend its position and protect its
retailers and business partners in Germany.  We see no reason why
this decision would be reversed," states Ali Beyazbayrak, Best
Lock's COO.

Best-Lock, a privately owned company founded in 1997, sells its
products in 36 countries.  The company has offices in the United
States, Canada, Europe and Asia.

Photo Caption

Best-Lock Europe Ltd. received a final and favorable approval of
its legal case at the Appellate Court following a ruling by the
Supreme Court in its favor reversing a 40-year German monopoly
for LEGO.  The German courts will allow no further appeal by LEGO
and Best-Lock is now free to market its building block sets in
Germany.

CONTACT:  LEGO GROUP
          Charlotte Simonsen, Head of Corporate Communications
          Jorgen Vig Knudstorp, CEO
          Phone: +(45) 79 50 65 79
          Web site: http://www.lego.com/


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


EUROTUNNEL SA: French Unions Stage Indefinite Strike
----------------------------------------------------
Eurotunnel's French workers have launched an "indefinite strike"
to force the company to soften its position on the EUR9 billion
debt restructuring, AFX News says.

The strike crippled one of Eurotunnel's four rail shuttles,
causing cancellations.  Philippe Vanderbec, a union spokesman,
said the striking workers were at their posts but refused to
work.  A company official revealed that around 100 employees,
mostly maintenance workers, went on strike Monday morning.

                       About the Company

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

Trouble began when costs to build the tunnels that connect U.K.
and France started to overrun before it opened in 1994.  Problems
mounted when tourist traffic fell following the Iraq war.  In May
2004, Eurotunnel appointed Lazard (global coordinator) and Lehman
Brothers as bank advisors, and Dresdner Kleinwort Wasserstein as
restructuring adviser.

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

Eurotunnel is now struggling to pay GBP6.4 billion in debt with
accrued interest of GBP298 million as of 2004.  In April, the
company began negotiations with an ad-hoc committee representing
majority of junior creditors, namely European Investment Bank,
Franklin Mutual Advisers LLC, MBIA and Oaktree Capital
Management.  Talks are ongoing.

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

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

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


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


AEG HAUSGERATE: Bavarian Employers Association Scores IG Metall
---------------------------------------------------------------
Troubled appliance group AEG Hausgerate found an ally in Verband
der Bayerischen Metall- und Elektroindustrie eV (VBM) in its plan
to close its Nuremberg site, Suddeutsche Zeitung says.

VBM, an association of metal and electronic companies in Bavaria,
blames IG Metall for the plant's closure.  The union's refusal to
enter into talks with AEG last year effectively sealed the
plant's fate.  It said AEG was prepared to guarantee employment
at the plant, but the union refused to entertain it.

Works council chairman, Harald Dix, said VBM's claim is not
entirely true. A meeting did take place last year in which AEG
proposed cost saving measures that included increasing weekly
working hours from 35 to 40 and 600 job cuts.  In exchange, AEG's
Swedish parent Electrolux guaranteed the site's future until
2006.  Mr. Dix said the council and trade unions refused the
measures because it did not prevent the plant's closure after
2006.

Electrolux cites fierce competition for its decision to close the
site, which employs 1,750.  The Nuremberg plant manufactures
washing machines and dishwashers.  Part of the world's largest
domestic appliance group since 1994, AEG has been one of the
dominant brand names in Germany.  AEG presents itself across
Europe as a top brand for sophisticated, performance-oriented
consumers.

CONTACT:  AEG HAUSGERATE GMBH
          Muggenhofer Strasse 135
          D-90429 Nuremberg
          Phone: (0911) 323-0
          Fax: (0911) 323-1770
          Web site: http://www.aeg-electrolux.co.uk

          AB ELECTROLUX
          St. Goransgatan 143
          Stockholm, Sweden
          Phone: +46-8-738-6000
          Fax: +46-8-656-4478
          Web site: http://www.electrolux.com


BE & TEK: Court Calls in Administrator from Tiefenbacher
--------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Be & TeK Industriehandelsgesellschaft mbH on September
14.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until October 27,
2005 to register their claims with court-appointed provisional
administrator Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 10:00 a.m. at the district court
of Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  BE & TEK INDUSTRIEHANDELSGESELLSCHAFT mbH
          Waldenburger Strasse 55, 09116 Chemnitz
          Contact:
          Ulrich Bergemann and Jochen Thaute, Managers

          Frank Ruediger Scheffler, Administrator
          Tiefenbacher
          Ulmenstrasse 14, 09112 Chemnitz
          Web site: http://www.tiefenbacher.de


B&T TRANS: Bielefeld Firm Succumbs to Bankruptcy
------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against B&T Trans GmbH on September 21.  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 Martin
Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2005, 9:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  B&T TRANS GmbH
          Grosser Heidkamp 13, 32549 Bad Oeynhausen
          Contact:
          Wolfgang Beeck, Manager

          Martin Kienitz, Administrator
          Ruegenweg 14, 32427 Minden


FAN HAUS: Appoints Tiefenbacher Administrator
---------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against FAN Haus Wohnungsverwaltungs-, Besitz- und Bautrager GmbH
on September 13.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
November 1, 2005 to register their claims with court-appointed
provisional administrator Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 9:30 a.m. at the district court
of Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  FAN HAUS WOHNUNGSVERWALTUNGS-, BESITZ-
          UND BAUTRAGER GmbH
          Feldstr. 7, 08324 Bockau
          Contact:
          Sven Falkner, Manager

          Frank Ruediger Scheffler, Administrator
          Tiefenbacher
          Ulmenstrasse 14, 09112 Chemnitz
          Web site: http://www.tiefenbacher.de


FCW FIRST: Proofs of Claim Due December
---------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against FCW First Class Wohnen GmbH 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 Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on October 25, 2005, 9:20 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on February 14,
2006, 9:20 a.m. at the same venue.

CONTACT:  FCW FIRST CLASS WOHNEN GmbH
          Winklerstr. 4A, 14193 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


GREEN LIN: Duesseldorf Business Goes Bust
-----------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Green Lin GmbH on September 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 31, 2005 to register their
claims with court-appointed provisional administrator Dr. Biner
Bahr.

Creditors and other interested parties are encouraged to attend
the meeting on November 7, 2005, 9:30 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
November 21, 2005, 9:00 a.m. at the same venue.

CONTACT:  GREEN LIN GmbH
          Breslauer Str. 8, 41460 Neuss
          Contact:
          Robert Fabig, Manager
          Danische Str. 18, 24103 Kiel

          Dr. Biner Bahr, Administrator
          Jagerhofstrasse 29, 40479 Duesseldorf


JIL SANDER: Leaving Hamburg for Italy
-------------------------------------
Approximately 130 employees will lose their jobs when women's
fashion label Jil Sander AG shuts down its remaining
manufacturing plant in Hamburg, Germany.

The company, which designs and sells clothes for the upmarket,
plans to transfer production to Italy as part of broad
restructuring.  Brand design and product development will remain
in Hamburg.

Since its acquisition by Italian fashion group Prada in 1999, Jil
has never booked a profit, says Borsen-Zeitung.  Management is
now negotiating with the works council regarding a redundancy
scheme.

CONTACT:  JIL SANDER
          Web site: http://www.jilsander.com/


KARSTADTQUELLE AG: Schickedanz Spree Sparks Breakup Rumor
---------------------------------------------------------
KarstadtQuelle AG's majority shareholder Madeleine Schickedanz
continues to increase her stake, raising fears the retailer will
be delisted and broken up, AFX News says.

Ms. Schickedanz bought an additional 191,000 shares for EUR2.11
million on Oct. 6.  The report did not indicate how much shares
she now holds.  In May, Chief Executive Thomas Middelhoff said
the Schickendanzs hold 50.001% of the company, but he assured a
breakup is out of the question.  Ms. Schickedanz is the heiress
of Quelle's founder, whose mail-order firm merged with Karstadt.

KarstadtQuelle is currently restructuring operations at its three
core units -- mail order, department stores and tourism.  It has
been disposing of non-core assets to boost sales and cut cost.
Mr. Middelhoff took over the helm in April, replacing former
chairman, Dr. Christoph Achenbach, whose restructuring program
failed to turn around the business.

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


WERBEAGENTUR LEHMANN: Creditors to Meet Next Month
--------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Werbeagentur Lehmann GmbH on September 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 14,
2005 to register their claims with court-appointed provisional
administrator Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2005, 9:00 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 9,
2006, 9:50 a.m. at the same venue.

CONTACT:  WERBEAGENTUR LEHMANN GmbH
          Gierkezeile 21,10585 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


ZAUBERFLOTE KINOFILMPRODUKTION: Under Bankruptcy Administration
---------------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Zauberflote Kinofilmproduktion GmbH on September 21.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 3, 2005
to register their claims with court-appointed provisional
administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on November 24, 2005, 9:40 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, 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:  ZAUBERFLOTE KINOFILMPRODUKTION GmbH
          Schadowstr. 78, 40212 Duesseldorf
          Contact:
          Marcus Petrullat, Manager
          Holderlinstr. 28 a, 47533 Kleve

          Dr. Jorg Nerlich, Administrator
          Louise-Dumont-Str. 25, 40211 Duesseldorf


ZIMMERMANN SANITAR: Court to Verify Claims December
---------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Zimmermann Sanitar Heizung Bader GmbH on September 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 10,
2005 to register their claims with court-appointed provisional
administrator Dr. Sabine Aldermann.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 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 on
December 15, 2005, 9:15 a.m. at the same venue.

CONTACT:  ZIMMERMANN SANITAR HEIZUNG BADER GmbH
          Max-Planck-Str. 4 a, 59423 Unna
          Contact:
          Inken and Ralph Zimmermann, Managers
          Kessebuerener Dorfstr. 5 A, 59427 Unna
          Ulrich Kurt Jordan, Manager
          Bodelschwingstr. 4 b, 58730 Frondenberg

          Dr. Sabine Aldermann, Administrator
          Landgrafenstr. 2 a, 44139 Dortmund
          Phone: 0231-8808390
          Fax: 0231-88083922


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


KONINKLIJKE AHOLD: Selling EUR1 Billion Bonds
---------------------------------------------
Ahold Finance U.S.A., LLC and Koninklijke Ahold N.V. on Tuesday
announced Solicitations of offers to sell up to EUR1,000,000,000
equivalent aggregate principal amount (subject to change by the
Companies at any time) of Ahold Finance's outstanding GBP500
million 6.50% Guaranteed Notes due 2017 and its outstanding
EUR600 million 5.875% Guaranteed Notes due 2012 and Koninklijke
Ahold's outstanding EUR1.5 billion 5.875% Notes due 2008.

The Solicitations are being made to decrease Koninklijke Ahold's
outstanding consolidated indebtedness and to reduce the
Companies' respective annual net interest expense.  The Companies
will use available cash to provide the total amount of funds
required to purchase the Notes sought pursuant to the
Solicitations and to pay all accrued and unpaid interest on such
Notes.  Koninklijke Ahold expects to incur a one time book loss
under IFRS.  The size of this loss is dependent on market
conditions and will be charged as a financial expense in the
fourth quarter accounts.

Solicitation Details

The Companies have invited all eligible holders of the Notes to
offer to sell such Notes to Ahold Finance and Koninklijke Ahold,
respectively, upon the terms and conditions contained in the
Solicitation Memorandum dated October 11, 2005.  The Companies
will accept for purchase maximum amounts of the Notes at purchase
prices based on tender spreads to the reference bonds, all as
detailed below.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/Ahold.pdf

                        About the Company

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

                           The Trouble

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

                         Status to date

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

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

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

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

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

NOT FOR DISTRIBUTION TO ANY U.S.PERSON OR ITALIAN PERSON OR TO
ANY PERSON OR ADDRESS IN THE UNITED STATES OR ITALY (SEE FULL
OFFER RESTRICTIONS BELOW)

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

          Press Office: +31 20 509 5343


ROYAL SHELL: Cancels 950,000 'A' Shares at EUR25.96 each
--------------------------------------------------------
On 11 October 2005, Royal Dutch Shell plc purchased for
cancellation 950,000 'A' Shares at a price of EUR25.96 per share.
It further purchased for cancellation 250,000 'A' Shares at a
price of 1,782.60 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,008,865,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


ROYAL SHELL: To Declare Dividend Later this Month
-------------------------------------------------
Royal Dutch Shell plc has released a timetable for payment of the
third quarter 2005 interim dividend.

The timetable includes:

(a) Declaration Date - 27 October 2005;

(b) Euroclear Nederland Record Date - 1 November 2005;

(c) Ex-Dividend Date 2 November 2005;

(d) Main Record Date 4 November 2005; and

(e) Payment Date (all markets) 15 December 2005.

Royal Dutch Shell will declare its dividend in euro and at the
same time announce the equivalent amount in pounds sterling and
U.S, dollars.

Currency Election

Dividends declared on "A" shares will be paid in euro, although
holders of "A" shares will be able to elect to receive pounds
sterling.  Dividends declared on "B" shares will be paid in
pounds sterling, although holders of "B" shares will be able to
elect to receive euro.  Holders of American Depositary Receipts
(ADRs) will receive payment in U.S. dollars.

                        About the Company

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

                           The Trouble

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

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


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


GRANITE: Insolvency Manager Takes over Company
----------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against Granite (TIN 5836610343) after finding the
open joint stock company insolvent.  The case is docketed as
A49-6134/2005-104b/20.  Mr. S. Kornilov has been appointed
insolvency manager.

Creditors have until October 17, 2005 to submit their proofs of
claim to 440058, Russia, Penza, 40 Let Oktyabrya Str.
Auto-Centre, 36.  A hearing will take place on January 26, 2006,
3:00 p.m.

CONTACT:  GRANITE
          440603, Russia, Penza region,
          M. Gorkogo Str. 20

          Mr. S. Kornilov
          Insolvency Manager
          440058, Russia, Penza region,
          40 Let Oktyabrya Str. Auto-Centre, 36


INZA: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on open joint stock company
Inza.  The case is docketed as A72-6588/05-17/36-b.  Ms. L.
Kiseleva has been appointed temporary insolvency manager.

Creditors have until October 17, 2005 to submit their proofs of
claim to 433030, Russia, Ulyanovsk region, Inza, Kolkhoznaya Str.
10.  A hearing will take place on January 23, 2006, 11:00 a.m.

CONTACT:  INZA
          433030, Russia, Ulyanovsk region,
          Inza, Kolkhoznaya Str. 10

          Ms. L. Kiseleva
          Temporary Insolvency Manager
          433030, Russia, Ulyanovsk region,
          Inza, Kolkhoznaya Str. 10


KAMAZ INCORPORATED: Warns of Bankruptcy as Govt Calls Loan
----------------------------------------------------------
Vneshekonombank, acting on behalf of Russia's Finance Ministry,
is planning to sue truck maker KamAZ Incorporated to recover a
US$150 million state-owned guaranteed loan, according to Moscow
Times.

The loan is made from Japan Bank for International Cooperation,
formerly EximBank, and backed up the government.  A hearing is
set on Oct. 21 in the Kazan Arbitration Court.

KamAZ warned it might have to stop production or seek new loans
to repay the debt should it be forced to pay the bill.

Vyacheslav Smolyaninov, an automotive analyst with UralSib
investment bank, however, thinks the state, which owns 34% of the
firm, might just either restructure the debt or allow the company
to swap its debt for equity.  The government might be interested
in getting a controlling stake in KamAZ, he said.  It is unlikely
to resort to bankruptcy considering the firm's recent listing as
strategic enterprise.  Besides, there are plans to also list the
firm in the London stock exchange next year.

KamAZ is based in Naberezhniye Chelny, Tatarstan.  It had net
profit of RUB208 million (US$7.3 million) last year, and has a
37.3% share of the Russian truck market.  Sergei Kogogin, which
joined the company in 2002, is its general director.  Its
financial consultant is Troika Dialog.

CONTACT:  KAMAZ INC.
          Musa Jalil pr., 29, Naberezhnye Chelny, Tatarstan,
          Russia, PO Box 423800
          PR Dept.
          Phone: +7 (8552) 37 19 08
          Fax: +7 (8552) 37 19 08
          E-mail: cso@kamaz.net

          TROIKA DIALOG HEAD OFFICE, MOSCOW
          4, Romanov Pereulok
          Moscow 125 009, Russia
          Phone: +7 (095) 258 0500
          Fax: +7 (095) 258-0547
          E-mail: webmaster@troika.ru


KRASNAYA KUZNITSA: Assets for Public Auction Next Week
------------------------------------------------------
The open joint stock company Krasnaya Kuznitsa will sell its
property on October 18, 2005, 11:00 a.m.  The public auction will
take place at Russia, Moscow region, Zorge Str. 11, Conference
Hall.

The assets for sale are:

(a) Lot 1: A different property for a starting price of
    RUB5,414,000;

(b) Lots 2&3: Two Berths for a starting price of RUB7,270,000
    and RUB5,587,000 respectively;

(c) Lot 4: Another property for a starting price of
    RUB10,108,000.

Preliminary examination and reception of bids are done today from
8:00 a.m. to 4:00 p.m.  The list of documentary requirements is
available at Russia, Moscow, Zorge Str. 11.

To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
40309810804010000003 at Arkhangelskiy OSB #8637, Arkhangelsk,
correspondent account 30101810100000000601, BIC 041117601 until
4:00 p.m., today.

CONTACT:  KRASNAYA KUZNITSA
          Russia, Arkhangelsk,
          Solombalskiy region, Nikolskiy Pr.

          Arkhangelskoye Regional Branch of
          Russian Fund of Federal Property
          Russia, Moscow, Zorge Str. 11
          Phone: 201-712, 201-714, 201-716
          Fax: 201-713


MARINOVSKIY WOOD-PROM-KHOZ: Succumbs to Bankruptcy
--------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Marinovskiy Wood-Prom-Khoz after finding the
limited liability company insolvent.  The case is docketed as
A33-15408/2005.  Mr. A. Timoshkevich has been appointed
insolvency manager.  Creditors have until October 17, 2005 to
submit their proofs of claim to 660074, Russia, Krasnoyarsk-74,
Post User box 16795.

CONTACT:  MARINOVSKIY WOOD-PROM-KHOZ
          Russia, Krasnoyarsk region, Irbeyskoye

          Mr. A. Timoshkevich
          Insolvency Manager
          660074, Russia, Krasnoyarsk-74,
          Post User Box 16795


ORNIKA: Period for Filing of Claims Ends Next Month
---------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Ornika after finding the open joint stock
company insolvent.  The case is docketed as A47-3140/2005-14GK.
Mr. O. Podkopaev has been appointed insolvency manager.
Creditors have until November 17, 2005 to submit their proofs of
claim to 460000, Russia, Orenburg, Gaya Str. 23A.

CONTACT:  ORNIKA
          462420, Russia, Orenburg region, Orsk,
          Leninskogo Komsomola Str. 43

          Mr. O. Podkopaev
          Insolvency Manager
          460000, Russia, Orenburg region,
          Gaya Str. 23A
          Phone/Fax: (3532) 78-40-26


RESOURCE-COAL: Deadline for Proofs of Claim Next Week
-----------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on limited liability company Resource-Coal.
The case is docketed as A27-15619/2005-4.  Mr. V. Davydov has
been appointed temporary insolvency manager.

Creditors have until October 17, 2005 to submit their proofs of
claim to 654029, Russia, Kemerovo region, Novokuznetsk,
Vokzalnaya Str. 10A.  A hearing will take place on November 21,
2005, 1:30 p.m.

CONTACT:  RESOURCE-COAL
          654005, Russia, Kemerovo region,
          Novokuznetsk, Stroiteley Pr. 82, Apartment 42

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


RUSK-ELASKIY MARBLE: Declared Insolvent
---------------------------------------
The Arbitration Court of Kareliya republic commenced bankruptcy
proceedings against Rusk-Elaskiy Marble after finding the open
joint stock company insolvent.  The case is docketed as
A26-1172/2005-12.  Mr. N. Mikhaylov has been appointed insolvency
manager.  Creditors have until November 17, 2005 to submit their
proofs of claim to 185005, Russia, Kareliya republic,
Petrozavodsk, Lunacharskogo Str. Post Office 5, Post User Box 52.

CONTACT:  Mr. N. Mikhaylov
          Insolvency Manager
          185005, Russia, Kareliya republic, Petrozavodsk,
          Lunacharskogo Str. Post Office 5, Post User Box 52
          Fax: 78-52-55


SEL-KHOZ-TEKHNIKA: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------
The Arbitration Court of Saratov region has commenced bankruptcy
supervision procedure on open joint stock company
Sel-Khoz-Tekhnika.  The case is docketed as A-57-350B/05-32.  Mr.
A. Aleksandrov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 410600, Russia,
Saratov, Sovetskaya Str. 57/1.  A hearing will take place on
December 8, 2005, 10:20 a.m.

CONTACT:  SEL-KHOZ-TEKHNIKA
          412600, Russia, Saratov region,
          Bazarnyj krarbulak, Nekrasova Str. 39

          Mr. A. Aleksandrov
          Temporary Insolvency Manager
          410600, Russia, Saratov region,
          Sovetskaya Str. 57/1

          The Arbitration Court of Saratov region
          410032, Russia, Saratov region,
          Babushkin Vvoz, 1


SNAB-AGRO: Pskov Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Arbitration Court of Pskov region commenced bankruptcy
proceedings against Snab-Agro after finding the limited liability
company insolvent.  The case is docketed as A52/1081/2005/4.  Mr.
V. Yakovlev has been appointed insolvency manager.  Creditors may
submit their proofs of claim to 180000, Russia, Pskov region,
Sovetskaya Str. 60A, 4th floor.

CONTACT:  SNAB-AGRO
          Russia, Pskov region,
          Nevelskiy region, Nevel

          Mr. V. Yakovlev
          Insolvency Manager
          180000, Russia, Pskov region,
          Sovetskaya Str. 60A, 4th floor


STROY-CONSULTING: Names A. Maltabar Insolvency Manager
------------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
proceedings against Stroy-Consulting after finding the limited
liability company insolvent.  The case is docketed as
A62-2807/2005.  Mr. A. Maltabar has been appointed insolvency
manager.  Creditors have until October 17, 2005 to submit their
proofs of claim to 170006, Russia, Tver, Post User Box 619.

CONTACT:  STROY-CONSULTING
          Russia, Smolensk region, Lubnya,
          Tsentralnaya Str. 3

          Mr. A. Maltabar
          Insolvency Manager
          170006, Russia, Tver,
          Post User Box 619


YUKOS OIL: Rosneft Joins Battle for Remains
-------------------------------------------
State-owned oil firm Rosneft is seeking to take further hold of
Yukos Oil's assets after its purchase last year of the company's
main production asset, Yuganskneftegaz.  According to Reuters, it
had made a EUR2.34 billion (US$2.84 billion) claim on Yukos Oil
and made "conservatory attachments" on its foreign assets.  The
move will give it creditor status in case Yukos sells assets or
goes bankrupt.  It has 90 days to prove the claim.

Last month, a bank consortium, including Citigroup, Deutsche Bank
and Societe Generale, also sought conservatory attachment on the
firm's assets.  The consortium and Yukos' main shareholder,
Menatep Group have together lodged claims of more than US$1
billion with the Amsterdam courts.

Yukos' remaining major assets after the disposal of Yugansk are
its Lithuanian Mazeikiu Nafta refinery and a share of Slovakia's
pipelines.

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

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

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

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


YUKOS OIL: Reports of Crime Unsubstantiated, Slanderous
-------------------------------------------------------
Further to a request made by the Russian Government on 9 April
2004 under the European Convention on Mutual Assistance in
Criminal Matters, with respect to the criminal accusations made
by the Russian authorities against Mr. M. Khodorkovsky and Ms. N.
Chernysheva, the delegated judge of the Amsterdam District Court
has on 5 October 2005 ordered the surrender of the books and
records of two Dutch Yukos companies: i.e. Yukos Finance B.V. and
its fully owned subsidiary Yukos International UK B.V.

These YUKOS companies have both complied with this order.
Whether the documentation actually will be passed on to the
Russian authorities is to be decided in subsequent proceedings.

Furthermore, in addition to the attachments which other creditors
of YUKOS Oil Company have already made, the Russian company OAO
Yuganskneftegaz has made a conservatory attachment on the shares
which the Russian company YUKOS holds in Yukos Finance B.V., on
15 September 2005.

On Friday, 6 October 2005 Yuganskneftegaz has also made
conservatory attachments on the shares of Yukos International UK
B.V. and the shares that Yukos International holds in its
subsidiaries.  These attachments have been made in respect of an
alleged claim of Yuganskneftegaz against YUKOS Oil Company in the
amount of Euro 2,340,000,000.  To date Yuganskneftegaz has not
started proceedings in the Dutch courts in order to pursue this
alleged claim.

Although Yuganskneftegaz previously belonged to the YUKOS group,
this company is now indirectly owned by the Russian State.  In
December 2004 the Russian State compulsorily sold off YUKOS'
controlling shareholding in Yuganskneftegaz in a so-called public
auction to itself.  The aforementioned attachments and the
requests under the European Convention on Mutual Assistance in
Criminal Matters can be considered as the new tools that are now
being used by the Russian authorities against YUKOS Oil Company
in order to obtain control over this group.

The allegations, both past and present, cited against the
Company, its subsidiaries, former and current executives relating
to the financial management of YUKOS Oil Company are unfounded.

           Comment of a YUKOS Oil Company Spokesperson

YUKOS Oil Company has always taken its financial responsibilities
very seriously and has complied with Russian and international
accounting standards.  In doing so its has been audited by
external auditors, PriceWaterhouseCoopers, since 1999 and
complied with, was audited by and approved by the very Russian
Government that now accuses it of fraudulent activity.

In the Netherlands both YUKOS companies have complied with the
requirement for regular external audits and met reporting demands
of the Dutch legal and banking authorities.

Knowing all of the above, it is shocking to us that the Russian
Federation has once again elected to use inter-State conventions
to create public attention and thereby slander the name of YUKOS.

YUKOS Oil Company therefore wishes to emphasize that any media
reports of the Dutch YUKOS companies being involved in criminal
activities are unsubstantiated and incorrect and should therefore
be disregarded.

The Parliamentary Assembly of the Council of Europe has adopted a
resolution on 25 January 2005 (no. 1418/2005) in which it
expressed its concern about the circumstances surrounding the
prosecution of leading YUKOS executives and about the repeated
violations of the rule of law by the Russian authorities in the
YUKOS case.  Furthermore presently a case is pending in the
European Court of Human Rights in Strasbourg in which YUKOS
complains about numerous violations by the Russian authorities of
its human rights, in particular its right of enjoyment of its
property.  Those complaints have been given priority by the
European Court of Human Rights, which has referred them to the
Russian Federation.  YUKOS is committed to vindicating its rights
in those proceedings.

                        About the Company

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

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

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

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


YUKOS OIL: Advised to Speed up Asset Disposals
----------------------------------------------
Analysts think it is best for Yukos Oil to proceed at this point
with the sale of its 20% stake in Sibneft to Millhouse Capital,
which already owns 72.66% of the company, RosBusinessConsulting
reports.  Millhouse Capital has offered US$3 billion for the
asset, which is thought likely to be valued at US$3.2 billion at
market price.

They said Yukos must give up the idea of selling it at a higher
price, or getting compensation from Sibneft's majority
shareholders.

Millhouse plans to later sell the stake to Gazprom.  The purchase
price may have been fixed in the purchase agreement between
Millhouse Capital and Gazprom for 72.66% in Sibneft, the report
said.  The amount may come at a selling price of Sibneft's major
shareholding, which is US$3.6 per share, analysts say.

Meanwhile, a Yukos Oil source told Interfax, the company has to
hurry to sell the company's foreign assets by the end of the year
to prevent it from being confiscated by courts of the countries
they were located.

The source said Yukos President Steven Theede has received
several letters from the governments of countries advising them
of the possible move.

Yukos' remaining major assets are stakes in Lithuanian oil
concern Mazeikiu Nafta, and Slovakian pipeline company
Transpetrol.

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

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

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

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


YUKOS OIL: Loses Appeal on 2001 Fine
------------------------------------
Moscow District Federal Arbitration rejected a cassation appeal
filed by Yukos Oil on a RUB39.113 billion fine for 2001, Interfax
reports.

The Moscow Arbitration Court and Ninth Arbitration Appeals Court
have previously rejected similar appeals.

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

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

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

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


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


AVANZIT SA: To Decide on Capital Hike in Two Weeks
--------------------------------------------------
Telecom group Avanzit S.A. will hold an EGM on Oct. 27 to approve
a EUR32.1 million capital hike, according to Forbes.

In July, Avanzit reported first-half operating profit of EUR1.53
million, reversing last year's loss of EUR1.15 million.  Net
profit fell to EUR3.6 million from EUR113.1 million, despite
sales growing 19.2% to EUR87.3 million, according to AFX.  This
was because last year's result was hit by the temporary
receivership of some of the group's units.

A slump in the telecom sector and cutbacks in spending by main
customer Telefonica drove phone sales down.  After failing to
reach a restructuring agreement with creditors, it filed for
receivership in 2002.  It emerged last year from receivership via
a debt-for-equity swap.

CONTACT:  AVANZIT S.A.
          C/Alcala 518
          28027 Madrid
          Phone: +34 91 754 67 00
          Fax: +34 91 754 67 24
          E-mail: info.avanzit@avanzit.com
          Web site: http://www.avanzit.com


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


SKANDIA INSURANCE: To Bare Updated List of Investors this Week
--------------------------------------------------------------
Skandia Insurance Co. Ltd. is expected to unveil an updated list
of shareholders this week, said the Financial Times.

The list will show that despite the board's rejection of Old
Mutual plc's offer, several investors backing the bid remain
among the insurer's largest owners, the paper added.

The top four institutional investors as of September 30 can
assume posts on Skandia's nominating committee.  People close to
Skandia tried to underestimate the importance of the nominating
committee, but slots are very crucial especially if Old Mutual
supporters such as Fidelity and Cevian Capital occupy them.

Meanwhile, in a prospectus released Friday, Old Mutual said that
if the bid is successful, it will call in two experts in the
Swedish market as non-executive directors as well as offer posts
to Skandia's executive management team.

While the South African financial services group maintained that
the offer was still conditional on acceptances from 90% of
Skandia shareholders, it called off conditions that the bid be
accepted by Skandia's board.

In September, despite having been snubbed by Skandia's board, Old
Mutual insisted that the industrial logic of combining the two
groups is compelling, providing prospects of enhanced growth with
reduced risk for all shareholders.

Old Mutual had welcomed the publication of the independent
fairness opinion by ABN Amro, commissioned by Skandia's Board in
relation to the Offer, which concluded that Old Mutual's Offer is
fair from a financial point of view.

Jim Sutcliffe, chief executive of Old Mutual, said: "We have met
with holders of more than 60% of Skandia's shares in recent weeks
and received positive indications on the merits of our proposal
from a vast majority of them."

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080

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

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

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


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


CONVERIUM AG: Ratings Affirmed; Outlook Stable
----------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB+' long-term
counterparty credit and insurer financial strength ratings on
Switzerland-based reinsurer Converium AG.  At the same time,
Standard & Poor's affirmed all ratings on the guaranteed
operating entities of the Converium group (Converium).

"The ratings reflect Converium's good competitive position,
notwithstanding franchise damage resulting from Converium placing
its U.S. operations into run-off in 2004 and the reinsurance
industry's relatively low barriers to entry; good earnings
prospects; and strong capital adequacy," said Standard & Poor's
credit analyst Marcus Rivaldi.  "These positive factors are
partially offset by the uncertainty that exists over the
composition of the group's leadership and cost overhang issues."

The stable outlook reflects Standard & Poor's expectations that:

(a) Converium will maintain the support of key European cedents,
    reflected in total gross premiums written of approximately
    $2.0 billion in 2005, remaining relatively stable for 2006;

(b) Group operational and underwriting capabilities will be
    maintained through the largely successful retention of key
    staff globally;

(c) Continuing operations will post a combined ratio of 108%-
    110% and ROR of about 2%-4% for 2005, with significant
    improvement in 2006 (combined ratio below 102% and ROR above
    8%); and

(d) Legacy liabilities will not materially affect the
    underwriting performance of the group's continuing
    operations.

The outlook could be revised to positive following one or more
of:

(a) The satisfactory resolution of remaining outstanding issues
    surrounding the composition of the group's leadership;

(b) There being the potential for further material operating
    performance progress after 2006; and/or

(c) The integrity of revised reserve levels and controls being
    proven by the successful run-off of Converium Reinsurance
    (North America) Inc.

The outlook could be revised to negative following one or more
of:

(a) Converium loses the support of its key European client base;

(b) Converium sees significant loss of key staff; and/or

(c) Material legacy reserve strengthening is required,
    particularly within ongoing operations.

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

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

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


SWISS INTERNATIONAL: Nine-month Load Factors Encouraging
--------------------------------------------------------
SWISS International reports an average seat load factor of 79.1%
on its scheduled services for the first nine months of 2005, an
improvement of 3.9 percentage points on the same period last
year.  Seat load factor for intercontinental services stood at
85.0%, a year-on-year increase of 4.1 percentage points.
European seat load factor was also an improvement on the same
period last year, rising 4.7 percentage points to 66.8%.  SWISS
carried 7.33 million passengers in the first nine months of 2005,
an increase of 4.6% on the prior-year period.

SWISS posted a seat load factor of 82.2% for September 2005, up
4.2 percentage points on the same month last year.  September
seat load factor on intercontinental services stood at 87.4% (up
3.6 percentage points), while the European seat load factor of
71.3% was a 6.0-percentage-point improvement on September 2004.

September seat load factor on SWISS's intercontinental services
amounted to 87.4%, which compares to 83.8% for the same month
last year.  As in previous months, available seat kilometer (ASK)
capacity was reduced from its prior-year level, by 3.1%; but
revenue passenger kilometer (RPK) traffic for the month was a
1.0% improvement on the prior-year period.

As in previous months, most traffic regions contributed to the
year-on-year improvement in September long-haul seat load factor.
North Atlantic services saw their seat load factor rise 4.9
percentage points to 91.5%. Seat load factor on Far East services
stood at 86.6%, a 3.6-percentage-point improvement on the
prior-year period.  Services to the Middle East posted another
year-on-year improvement: the 82.5% seat load factor was a
7.3-percentage-point increase on September 2004.  Services to
Africa reported a seat load factor of 80.4%, down 2.9 percentage
points from its prior-year level.  South America flights saw
their seat load factor improve 5.0 percentage points to 89.4%.

Seat load factor on SWISS's European services for September stood
at 71.3%, a 6.0-percentage-point improvement on the prior-year
period. ASK capacity was 1.1% up on September 2004.  The
additional capacity was more than absorbed by demand, which
produced a 10.5% increase in traffic in RPK terms.  SWISS raised
capacity year-on-year on its European network in September while
simultaneously reducing the total number of flights, which was
9.2% lower than a year ago.  The use of larger-capacity aircraft
on its European routes helps lower unit costs per ASK and gives
SWISS more scope to compete, especially against the budget
carriers, and to further enhance its competitive position at its
Zurich Airport hub.

SWISS's cargo business showed positive overall trends for the
first nine months of 2005.  Cargo load factor (by volume) did
suffer a slight 0.1-percentage-point year-on-year decline to
85.7%; but the total airfreight carried by SWISS's Swiss
WorldCargo business unit was 0.9% up on the prior-year period at
853.6 million cargo tonne-kilometers.

Key SWISS scheduled services results for January to September
2005

Total passengers carried               7,329,983
Total flights performed                  102 670

Available seat-kilometres (million)       19,781
Revenue passenger-kilometres (million)    15,640

Seat load factor                           79.1%

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 (0) 61 582 3554
          E-mail: communications@swiss.com


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


HABAS SINAI: Fitch Affirms 'B+' Rating; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Habas Sinai ve Tibbi
Gazlar Istihsal Endustrisi A.S.'s Senior Unsecured foreign and
local currency ratings at 'B+'.  At the same time, the agency has
affirmed Habas' National Long-term rating at 'A+(tur)'.  The
Outlooks of all ratings remain Stable.

The Stable Outlook reflects Fitch's expectation that Habas will
maintain a satisfactory financial and business profile despite
its relatively small size compared to international peers,
dependence on scrap as a key raw material input and the cyclical
nature of the industry.  The company's export-driven revenues and
increased control of energy supplies will help support its future
performance.

Habas' export-oriented business, which accounts for 70% of its
revenues, provides a natural hedge against volatility in rising
raw material costs faced by steel manufacturers worldwide.  Habas
operates a single-site steel plant in Izmir, which also benefits
from its own port located close to the plant.  Historically, the
company benefits from its geographical proximity to growing
export markets, particularly in the Middle East, which accounted
for 40% of its export sales in FY04.  In FY04, like its
international peers that benefited from buoyant Chinese demand,
Habas' revenue grew at an exceptional rate of 57% year-on-year.

Nevertheless, the company experienced significant margin pressure
due to high raw material costs; this was reflected in EBITDA
margins of 7%, which although stable y-o-y, was significantly
below the level of other steel producers in low-cost countries.
Following the full commissioning of the 240MW combined gas-cycled
power plant in FY05, the company is expected to reduce
substantially its electricity costs, which is expected to
materially cut operating costs and help improve profit margins.

Nevertheless, Fitch notes that Habas remains exposed to the
volatility in steel and scrap prices, which can put pressure on
its margins, although the company's financial flexibility will
likely partly mitigate that risk.  Fitch continues to monitor the
company's ability to manage its business in the capital-intensive
and highly competitive steel sector.  The agency will also keep a
close watch on Habas' exposure to the Turkish banking sector via
its 67% shareholding in Anadolubank ('B+'/ 'B'/ 'BBB+(tur)'),
which faces further reforms.

Habas ranks among Turkey's largest 15 mini-mill long-steel
producers with approximately 10% share of domestic steel
production.  Its core operations are focused on manufacturing
long steel products mainly for exports, and it has a leading
domestic position in industrial and medical gases production.  It
is a member of the Habas Group, and accounts for 88% of the
group's fixed assets and more than 90% of its operating cash
flow.

CONTACT:  HABAS SINAI VE TIBBI GAZLAR ISTIHSAL ENDUSTRISI A.S.
          Bahriye Caddesi 199
          80370 Kasimpasa
          Istanbul, Turkey
          Phone: [90] (212) 254-6800 - 235-9803
          Fax: [90] (212) 253-9687 - 253-9468
          E-mail: habastr@escortnet.com

          FITCH RATINGS
          Sonya Dilova, London
          Phone: +44 (0) 20 7417 3485
          Guzin Durmus, Istanbul
          Phone: +90 (0) 212 279 10 65

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084
          Web site: http://www.fitchratings.com


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


AGROPROMTRANS: Goes into Liquidation
------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Agropromtrans (code EDRPOU 13933744) after
finding the close joint stock company insolvent on August 30,
2005.  The case is docketed as 8/18.  Mr. Volodimir Matlash
(License Number AA 783130) has been appointed
liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) AGROPROMTRANS
    38600, Ukraine, Poltava region,
    Kotelva, Ostrovskij Str. 7

(b) Mr. Volodimir Matlash
    Liquidator/Insolvency Manager
    36034, Ukraine, Poltava region, a/b 487
    Phone: (0532) 53-92-51

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


CRIMEAN TEXTILE: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on LLC Crimean Textile Company (code EDRPOU
32624992) on August 1, 2005.  The case is docketed as
2-20/12242-2005.  Mr. Komarnitskij Dmitro (License Number AB
116109) has been appointed temporary insolvency manager.

Creditors have until October 14, 2005 to submit their proofs of
claim to:

(a) CRIMEAN TEXTILE COMPANY
    95000, Ukraine, AR Krym region,
    Simferopol, Pushkin Str. 40/11

(b) Mr. Komarnitskij Dmitro
    Temporary Insolvency Manager
    Ukraine, Dnipropetrovsk, Korobov Str. 1/56
    Phone: (0562) 32-44-18
    Mobile phone: (067) 562-24-00

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


ELIST: Succumbs to Insolvency
-----------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Elist (code EDRPOU 14205214) after finding
the scientific-production firm insolvent.  Cherkassy State Tax
Inspection has been appointed liquidator/insolvency manager.

Creditors have until October 14, 2005 to submit their proofs of
claim to:

(a) ELIST
    Ukraine, Cherkassy region,
    Homenko Str. 24/1-33

(b) Liquidator/Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Hreshatik Str. 235

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


K.I.T.: Last Day for Filing Claims Tomorrow
-------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against K.I.T. (code EDRPOU 30705613) after finding
the limited liability company insolvent.  Cherkassy State Tax
Inspection has been appointed liquidator/insolvency manager.

Creditors have until October 14, 2005 to submit their proofs of
claim to:

(a) K.I.T.
    18000, Ukraine, Cherkassy region,
    Kalinin Str. 57/71

(b) Liquidator/Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Hreshatik Str. 235

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


MASHIVSKIJ RAJAGROPOSTACH: Insolvency Manager Steps in
------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
proceedings against Mashivskij Rajagropostach (code EDRPOU
00906568) on September 5, 2005 after finding the open joint stock
company insolvent.  The case is docketed as 18/146.
Mr. A. Dulenko (License Number AA 668335) has been appointed
liquidator/insolvency manager.  The company holds account number
26001160231414 at JSPPB Aval, Poltava regional branch, MFO
331605.

Creditors have until October 14, 2005 to submit their proofs of
claim to:

(a) MASHIVSKIJ RAJAGROPOSTACH
    39400, Ukraine, Poltava region,
    Mashivka, Lenin Str. 130

(b) Mr. A. Dulenko
    Liquidator/Insolvency Manager
    39500, Ukraine, Poltava region,
    Karlivka, Lenin Str. 70/2
    Phone: (05346) 2-34-69

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


MOLOKOPRODUKT: Declared Insolvent
---------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Molokoprodukt (code EDRPOU 20353605) on
August 23, 2005 after finding the limited liability company
insolvent.  The case is docketed as 42/39.  Mr. O. Polishuk
(License Number AB 176082) has been appointed
liquidator/insolvency manager.  The company holds account number
26002190019791 at JSB Ukrsocbank, Artemivsk branch, MFO 334033.

Creditors have until today to submit their proofs of claim to:

(a) MOLOKOPRODUKT
    84500, Ukraine, Donetsk region,
    Artemivsk, Zarichna Str. 63

(b) Mr. O. Polishuk
    Liquidator/Insolvency Manager
    83045, Ukraine, Donetsk region,
    Vorovskij Str. 5/1

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


PROGRESS: Court Appoints Liquidator
-----------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Progress (code EDRPOU 14204893) after finding
the limited liability company insolvent.  Cherkassy State Tax
Inspection has been appointed liquidator/insolvency manager.

Creditors have until October 14, 2005 to submit their proofs of
claim to:

(a) PROGRESS
    Ukraine, Cherkassy region,
    Himikiv Str. 54

(b) Liquidator/Insolvency Manager
    18000, Ukraine, Cherkassy region,
    Hreshatik Str. 235

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


REINFORCED METAL: Declared Insolvent
------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
proceedings against Collective Enterprise Reinforced Metal
Products Plant (code EDRPOU 01731757) on July 21, 2005 after
finding the limited liability company insolvent.  The case is
docketed as 10/221.  Mr. Andrij Mukiyenko (License Number AA
783222 of June 24, 2004) has been appointed liquidator/insolvency
manager.

Creditors have until October 14, 2005 to submit their proofs of
claim to:

(a) Mr. Andrij Mukiyenko
    Liquidator/Insolvency Manager
    Ukraine, Kirovograd, Yanovskij Str. 157/3

(b) THE ECONOMIC COURT OF KIROVOGRAD REGION
    Ukraine, Kirovograd,
    Lunacharski Str. 29


REKORD: Insolvency Manager Takes over Helm
------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Rekord (code EDRPOU 31649217) on August 25,
2005 after finding the limited liability company insolvent.  The
case is docketed as 27/13 B.  Ms. Druk Nadiya (License Number AB
116054) has been appointed liquidator/insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) REKORD
    Ukraine, Donetsk region,
    Kramatorsk region, Dvirtseva Str. 32-2

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


SILGOSPTEHNIKA: Lugansk Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against Silgosptehnika (code EDRPOU 00902889) on
August 25, 2005 after finding the open joint stock company
insolvent.  The case is docketed as 20/107 b.  Ms. Irina Nosova
has been appointed liquidator/insolvency manager.  The company
holds account number 26008560800700 at JSCB Ukrsocbank, Lugansk
regional branch, MFO 304018.

Creditors have until today to submit their proofs of claim to:

(a) SILGOSPTEHNIKA
    94700, Ukraine, Lugansk region,
    Rovenki, Luganske shose Str. 1

(b) Ms. Irina Nosova
    Liquidator/Insolvency Manager
    91053, Ukraine, Lugansk region,
    Hersonsla Str. 24-a/1

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


UBS: Gives Creditors Until this Week to File Claims
---------------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against UBS (code EDRPOU 23660704) on September 5,
2005 after finding the limited liability company insolvent.  The
case is docketed as 2-1/6469-2005.  Mr. Volodimir Bida (License
Number AA 719884) has been appointed liquidator/insolvency
manager.  The company holds account number 260023000486 at JSC
ZUKB, Simferopol branch, MFO 324913.

Creditors have until October 14, 2005 to submit their proofs of
claim to:

(a) UBS
    Ukraine, AR Krym region,
    Simferopol, Sevastopolska Str. 59

(b) Mr. Volodimir Bida
    Liquidator/Insolvency Manager
    95023, Ukraine, AR Krym region,
    Simferopol, Rodnikov Str. 8
    Phone: 51-57-43

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


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


ALAN W. BROWN: Files for Liquidation
------------------------------------
Alan W. Brown Engineering Limited informs that resolutions to
wind up the company were passed at an EGM held on Sept. 26 at 1st
Floor, 4 Meadow Court, 41-43 High Street, Witney, Oxfordshire
OX28 6ER.  Peter Edwards of Peter Edwards & Co. was appointed
liquidator.

CONTACT:  ALAN W. BROWN ENGINEERING LTD.
          Unit 3 Elms Farm Business Park
          Grove Road
          Wantage
          OX12 7PD
          Oxfordshire
          Phone: 01235 760088
          Fax: 01235 765888


ALLSPORTS LTD.: Administrator Padlocks Stores
---------------------------------------------
Following the ongoing review of the business of the company, the
Administrators on Oct. 10 announced redundancies at the head
office in Bredbury, near Stockport and shops around the country.

Some 147 employees at the head office and central warehouses in
Greater Manchester (out of a total of approximately 300 employed
at these locations) were made redundant.  Ninety-two shops (out
of 264) were also closed with immediate effect.  Those shops
affected, which the administrators deemed uneconomic to keep
running, have been listed separately as an appendix to this
release [*].

The redundancies and shop closures have been anticipated for some
time and the announcement does not affect the hopes for a sale of
the remaining business.  Staff from BDO Stoy Hayward's offices
around the country visited all stores affected by the closures to
speak to all staff.  Employees not working at the day of the
announcement were contacted separately.

Dermot Power, Matthew Dunham and Simon Michaels, partners of BDO
Stoy Hayward LLP, were appointed Joint Administrators of
Allsports Limited, Allsports (Retail) Limited and Allsports.co.uk
Limited on 26 September 2005.

Established in June 1996, Allsports, which sells sports
leisurewear, has seen its network grow to 264 stores across the
U.K. and turnover from GBP100 million in 1997 to GBP187 million
in 2004.  Profitability, however, has been inconsistent.  It
earned GBP17.8 million in 1997 and GBP22.5 million in 1998, but
in the succeeding years profit slipped 40%.  In 2002, it
recovered and booked profit of over GBP12.5 million, but it hit
an all-time low in 2004 with GBP3.8 million.

- - - - - - - - - -
[*] A copy of the appendix is available at
http://bankrupt.com/misc/AllsportsStores_closed.xls

CONTACT:  ALLSPORTS LTD.
          50 Volcy Pougnet Str.
          Port Louis
          Phone: 2088272
          Fax: 2104719
          Web site: http://www.allsports.co.uk

          BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Phone: 0161 817 3700
          Fax: 0161 817 3711
          E-mail: manchester@bdo.co.uk


APEX TRAINING: EGM Passes Winding-up Resolutions
------------------------------------------------
S. Michaels, chairman of Apex Training Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 19 at 24 Conduit Place, London W2 1EP.  Ian Franses of Ian
Franses Associates, 24 Conduit Place, London W2 1EP was appointed
liquidator.

CONTACT:  APEX TRAINING LTD.
          159-173 St John Street, London
          Gtr London,
          EC1V 4DR
          Phone: 0207 3366780

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


AUTOMATION PARTNERSHIP: Hires Administrators from RMT
-----------------------------------------------------
Anthony Alan Josephs and Linda Ann Farish (IP Nos 004179 and
009054) of RMT were appointed joint administrators of The
Automation Partnership Ltd. (Company No 02877313) on Sept. 23.

M.D., Roger Morris, established APL in the early 1990s.  It is
the leading edge independent solutions company, providing fully
integrated industrial control and automation solutions to a broad
range of manufacturing and process industries across Great
Britain.  Visit http://www.automationpartnership.co.uk/for more
information.

CONTACT:  THE AUTOMATION PARTNERSHIP LTD.
          3 Winchester Drive
          South West Industrial Estate
          Peterloo, Co. Durham SR8 2RJ
          Phone: 0191 569 1400
          Fax: 0191 569 1401
          E-mail: reception@automationpartnership.co.uk

          RMT
          Gosforth Park Avenue
          Newcastle Upon Tyne
          Tyne And Wear NE12 8EG
          Phone: 0191 256 9500
          E-mails: linda.farish@r-m-t.co.uk
                   ajosephs@r-m-t.co.uk


AVIATION AND COMMUNICATION: Hires Kroll Administrator
-----------------------------------------------------
Peter Mark Saville and Alastair Paul Beveridge, (IP Nos 9029,
8991) Kroll Limited were appointed joint administrators of
Aviation and Communication Systems Limited (Company No 2370893)
on Sept. 29.  The company's registered office is at Aviation and
Communication Systems Limited, Milford House, 43-55 Milford
Street SP1 2BP.  Aviation and Communication serves as an
intermediary for Indonesian Government engine contracts.

CONTACT:  KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


AZTEQ LIMITED: Calls in Liquidator
----------------------------------
W. L. Rees, director of Azteq Limited, informs that a resolution
to wind up the company was passed at an EGM held on Sept. 21 at
St Marks House, 3 Gold Tops, Newport, South Wales NP20 4PG.
Susan Purnell of Purnells, St Marks House, 3 Gold Tops, Newport,
South Wales NP20 4PG was appointed liquidator.

CONTACT:  AZTEQ LTD.
          133 bc Caerleon Road
          Newport
          South Wales
          NP19 7BZ
          United Kingdom
          Phone: 01633 213122
          Fax: 01633 215563
          E-mail: mail@azteq.co.uk
          Web site: http://www.azteq.co.uk/

          PURNELLS
          St Marks House
          3 Gold Tops
          Newport
          Gwent NP 20 4PG
          Phone: 01633 214712
          Fax: 01633 246599
          E-mail: ray@purnells.co.uk


BOOTS GROUP: Investors Bond to Oppose Alliance Unichem Tie-up
-------------------------------------------------------------
Shareholders in Boots Group plc are uniting against the company's
proposed merger with Alliance Unichem plc, said The Observer.

On October 3, the two companies said they have agreed to merge
and form Alliance Boots, an international pharmacy-led healthcare
group with combined sales of over GBP13 billion.  According to
shareholders, the nil-premium, all paper-deal undervalues Boots
and suggests that it must be having problems.

One investor said: "I've yet to come across anyone who thinks
this is a good deal.  This transaction has left everyone
nonplussed.  People can't understand how Boots has allowed itself
to get in this position.  Some people are saying Boots must be in
trouble if it's contemplating this, because they seem to be
giving away so much."

Meanwhile, insiders from both companies expect the deal to reach
competition authorities in relation to the combined group's
possible negative effect on the wholesale drugs market.  This
could postpone a final agreement on the merger.

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

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

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

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

          ALLIANCE UNICHEM PLC
          2 The Heights, Brooklands
          Weybridge
          Surrey KT13 0NY
          Phone: +44-1932-870-550
          Fax: +44-1932-870-555
          Web site: http://www.alliance-unichem.com


CREATIVE RESULTS: Hires Administrators from Buchanans
-----------------------------------------------------
Alan Peter Whalley and Peter Anthony Hall (IP Nos 6588, 3966) of
Buchanans Plc, were appointed joint administrators of
entertainment company Creative Results Limited (Company No
04789433) on Sept. 23.  The company's registered office is at
Latimer House, 5 Cumberland Place, Southampton SO15 2BH.

CONTACT:  CREATIVE RESULTS
          21 East Links, Tollgate,
          Eastleigh, Hampshire SO53 3TG
          Phone: 02380652777

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


CRENDON SPORT: Deadline for Debt Claims Set December
----------------------------------------------------
H. M. Von Eitzen, chairman of Crendon Sport Limited, informs that
special resolution to wind up the company was passed at an EGM
held on Sept. 26 at New House, Suite 24, 67-68 Hatton Garden,
London EC1N 8JY.  William Antony Batty of Antony Batty & Company,
New House, Suite 24, 67-68 Hatton Garden, London EC1N 8JY was
appointed liquidator.

Creditors are required on or before December 5, 2005 to send in
their claims, and the names and addresses of their Solicitors (if
any) to William Antony Batty of Antony Batty & Company, New
House, Suite 24, 67-68 Hatton Garden, London EC1N 8JY, liquidator
of the company, and, if so required by notice in writing, to
prove their said debt or claims.

CONTACT:  ANTONY BATTY & COMPANY
          New House
          Suite 24
          67-68 Hatton Garden
          London EC1N 8JY
          Phone: 020 7831 1234
          Fax: 020 7430 2727
          E-mail: antonybatty@hotmail.com


DE BAER: Business for Sale
--------------------------
W.D. Joseph and I.J. Allen, joint administrators offer for sale
as a going concern the business and assets of De Baer Plc (in
administration).

Features:

(a) Established supplier of work-wear to large blue chip
    customers;

(b) Annual turnover of around GBP10 million;

(c) Bespoke garment and fabric stock with a book value of some
    GBP2 million;

(d) Supply contracts with a number of prestigious customers;

(e) Skilled and experienced workforce with in house design
    capabilities; and

(f) Leasehold premises in Langley, Berkshire incorporating
    warehouse and office facilities.

CONTACT:  SMITH & WILLIAMSON
          25 Moorgate
          London EC2R 6AY
          Phone: 020 7131 4000
          Fax: 020 7131 4001
          Web site: http://www.smith.williamson.co.uk

          Sarah Shinners
          E-mail: sarah.shinners@smith.williamson.co.uk


DIL TANDOORI: Restaurant Winds up
---------------------------------
S. Khatun, director of Dil Tandoori Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 20 at O'Hara & Co., Wesley House, Huddersfield Road,
Birstall WF17 9EJ.  Peter O'Hara and Simon Weir of O'Hara & Co,
Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ were
appointed liquidator.

CONTACT:  DIL TANDOORI LIMITED
          44 Market Place, Knaresborough
          North Yorkshire HG5 8AG
          Phone: 01423869556


DRAX GROUP: Receives Further Approach
-------------------------------------
On 10 October 2005, Drax Group Limited received a new approach
from a consortium regarding a possible cash offer for Drax.  The
proposal is subject to a number of conditions, including due
diligence and financing, and is an alternative to the listing.
Drax is seeking further clarification on the initial approach.

The Board has already indicated that it will assess approaches on
the bases of value, deliverability and timeliness.  Accordingly,
this approach will be considered on the same bases.

The Board will update shareholders in due course.  In the
meantime, the Board will proceed with the refinancing and listing
of Drax in accordance with the current timetable.  The traded
price of the Linked Securities (A2/A3 debt and equity) was 398%
as at close of trading on 10 October 2005.

Deutsche Bank AG London Branch, which is regulated by the
Financial Services Authority for the conduct of designated
investment business in the United Kingdom, is acting for Drax in
connection with the matters described herein and no-one else and
will not be responsible to anyone other than Drax for providing
the protections afforded to customers of Deutsche Bank, nor for
providing advice in relation to the matters described herein.

                        About the Company

Headquartered in Selby, North Yorkshire, United Kingdom, Drax
Group operates the largest coal-fire power plant in Europe.  Its
primary subsidiary, Drax Power, operates the Drax Power Station
in North Yorkshire England.

Drax Group underwent a financial restructuring in 2003 after its
largest customer, TXU Europe, filed for administrative
protection.  Its former project creditors took control of the
firm from owner U.S. energy generator AES.  In December, it
secured an agreement for a GBP348 million claim from TXU.  It
received a first distribution of some GBP214 million at the end
of March.  Succeeding payments are expected in 2005 and
2006.  The company is using its money to discharge B debt.

Drax Group Limited has appointed Deutsche Bank AG London as lead
adviser and sponsor for the proposed refinancing and listing.  It
has retained Dresdner Kleinwort Wasserstein Limited as financial
adviser.

CONTACT:  DRAX GROUP LIMITED
          PO BOX 3
          Selby
          North Yorkshire
          YO8 8PQ
          Phone: +44 (0) 1757 618381
          Fax: +44 (0) 1757 618504

          DEUTSCHE BANK AG LONDON
          Winchester House
          Great Winchester Street
          London
          EC2N 2DB
          Phone: (020) 7545 8000
          Fax: (020) 7545 4577


EASYNET GROUP: Wins 10-year, GBP9 Million Contract
--------------------------------------------------
Easynet Group plc has signed a 10-year contract to provide next
generation network services to Transport for London (Tfl) to
support its western extension of the congestion charging zone,
following the decision by the Mayor of London, Ken Livingstone,
to extend the zone.

The contract with Transport for London is worth up to GBP9
million over ten years and allows TfL to exercise options to use
Easynet network services for future additional network
requirements should they arise.

David Rowe, chief executive officer, Easynet, said: "We are
delighted that TfL has chosen Easynet for this long term
partnership utilizing Easynet's next generation network to
provide critical communications infrastructure for the Western
Extension of the congestion charging zone."

                        About the Company

Easynet is a pan-European Broadband Network provider with
operations in ten European countries.  Established in 1994,
Easynet operates one of Europe's most advanced broadband network
infrastructures.  In 2004, it had revenues of GBP144.1 million,
while operating loss before exceptional items amounted to GBP13.0
million.

CONTACT:  EASYNET GROUP PLC
          44-46 Whitfield St.
          London
          W1P 5RF, United Kingdom
          Phone: +44-20-7900-4700
          Fax: +44-20-7900-4701
          Web site: http://www.easynet.com


ENRON CORPORATION: Makes way for Goldman Sachs' US$7 Mln Claim
--------------------------------------------------------------
Enron Credit Limited, an affiliate of Enron Corp., and Goldman
Sachs International were parties to various financial and energy
agreements.  In connection with certain of the ECL Agreements,
Enron executed a guaranty dated September 5, 2000, in favor of
Goldman Sachs.

On November 29, 2001, ECL was placed into administration in the
United Kingdom.  On October 15, 2002, Goldman Sachs filed Claim
No. 12632 against Enron for $8,419,405 based on the Guaranty and
on amounts allegedly owing by ECL to GSI under the ECL
Agreements.  On February 25, 2005, Enron filed an objection to
the Claim.

The parties have resolved their disputes through a stipulation.
The parties agree that Claim No. 12632 will be allowed as a Class
4 general unsecured claim against Enron for $7,000,000.
Distributions on account of the claim will be made in accordance
with the Plan.

Headquartered in Houston, Texas, Enron Corporation --
http://www.enron.com/-- is in the midst of restructuring various
businesses for distribution as ongoing companies to its creditors
and liquidating its remaining operations.  Before the company
agreed to be acquired, controversy over accounting procedures had
caused Enron's stock price and credit rating to drop sharply.

Enron filed for chapter 11 protection on December 2, 2001 (Bankr.
S.D.N.Y. Case No. 01-16033).  Judge Gonzalez confirmed the
Company's Modified Fifth Amended Plan on July 15, 2004, and
numerous appeals followed.  The Confirmed Plan took effect on
Nov. 17, 2004. Martin J. Bienenstock, Esq., and Brian S. Rosen,
Esq., at Weil, Gotshal & Manges, LLP, represent the Debtors in
their restructuring efforts.  (Enron Bankruptcy News, Issue No.
159; Bankruptcy Creditors' Service, Inc., 15/945-7000)

CONTACT:  ENRON CREDIT LIMITED
          40 Grosvenor Place
          London SW1X 7AW
          Phone: 0207-783-4409


EQUITABLE LIFE: Policyholders Seek Leadership Change
----------------------------------------------------
Equitable Life policyholders disagree with an editorial of the
Financial Times concluding that top executives should stay, as
the society's case against former directors appears to be heading
a dead end.

In a letter to the editor of FT, EMAG General Secretary Paul
Braithwaite said, "For more than four years, policyholders have
suffered from [Chairman Vanni Treves' and Chief Executive Charles
Thomson's] ill-judged approach that applied legal solutions to
everything."

On October 1, the paper ran an editorial -- "Time for Equitable
Life to Call a Halt" -- noting the insurer's "legal action
against those it blames for its near collapse five years ago is
grinding to a halt."  It likened the situation to a slow-motion
train wreck, and suggested that the company settle the case
"rather than prolong the agony."

Mr. Braithwaite added that since 2001, policyholders have counted
on the "billions that Mr. Treves said would flow from his legal
actions."  Mr. Braithwaite also stressed that the Section 425
compromise did not deliver promised benefits.  Instead,
annuitants faced income reductions of more than one-third.

Equitable Life has reached settlement terms with David Wilson and
Roger Bowley, two of its former directors, on the basis that the
Society discontinues its claims against them with each side
paying its own costs.

On 3 October 2005, Equitable Life also 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.

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

Last month, the insurer withdrew its GBP700 million lawsuit
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


FLOWFOLD LIMITED: Appoints Liquidator
-------------------------------------
A. May, chairman of Flowfold Limited, informs that resolutions to
wind up the company were passed at an EGM held on Sept. 22 at 25
Harley Street, London W1G 9BR.  Bernard Hoffman and Ian Yerrill
both of Gerald Edelman Business Recovery, 25 Harley Street,
London W1G 9BR were appointed liquidator.

CONTACT:  GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street
          London W1N 2BR
          Phone: 020 7299 1400
          Fax: 020 7637 1440
          E-mails: bhoffman@GeraldEdelman.com
                   insolvency@edelman.co.uk


FLYING COLOURS: Administrators from Menzies Enter Firm
------------------------------------------------------
Jason James Godefroy and Andrew John Duncan (IP Nos 9097 and
9319) of Menzies Corporate Restructuring were appointed joint
administrators of Flying Colours Limited (Company No 3073519) on
Sept. 30.  The company's registered office is at 43-45 Portman
Square, London W1H 6LY.

CONTACT:  MENZIES CORPORATE RESTRUCTURING
          43/45 Portman Square
          London W1H 6LY
          Phone: 020 7487 7240


GAYFIELD PROPERTIES: Hires PricewaterhouseCoopers Liquidator
------------------------------------------------------------
Company Names: GAYFIELD PROPERTIES LIMITED
               MELBOURNE TEST LIMITED

The special and ordinary resolutions to wind up these companies
were passed at a meeting on Sept. 27.  Tim Walsh and Jonathan
Sisson of PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP were appointed joint liquidators.

CONTACT:  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


GLOBAL EXECUTIVE: Names Liquidator
----------------------------------
S. Gerard, director of Global Executive Staffing Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 27 at 7-8 Conduit Street, London W1S 2XF.  Stephen
Goderski of Geoffrey Martin & Co, 7-8 Conduit Street, London W1S
2XF was appointed liquidator.

CONTACT:  GLOBAL EXECUTIVE STAFFING LTD.
          Unit 1 Coppergate House, 16 Brune Street
          London E1
          7NJ
          Phone: 02079537780

          GEOFFREY MARTIN & CO.
          7-8 Conduit Street
          London W1S 2XF
          Phone: 020 7495 1100
          Fax: 020 7495 1144
          E-mail: stephen.goderski@geoffreymartin.co.uk


GORGEOUS GROUP: Falls into Liquidation
--------------------------------------
R. Bargh, director of Gorgeous Group Ltd., informs that by
written resolution by members, a resolution was passed to wind up
the company.  Stephen M Katz, of Acre House, 11-15 William Road,
London NW1 3ER was appointed liquidator.

CONTACT:  GORGEOUS GROUP LTD.
     The Leather Market, Weston Street
          London SE1 3ER
          Phone: 02074035858

          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


GREYS EXPORT: In Administrative Receivership
--------------------------------------------
Company Names: GREYS EXPORT LIMITED.
               (Registered No 2421828)

               GREYS GROUP LIMITED.
               (Registered No 2367040)

               SCI-FOR INTERNATIONAL LIMITED.
               (Registered No 3198556)

Bank Mandiri (Europe) Limited appointed Peter Mark Saville and
Alastair Paul Beveridge (Office Holder Nos 9029 and 8991) of
Kroll Limited joint administrative receivers of these companies
on Sept. 28.

CONTACT:  KROLL LIMITED
          10 Fleet Place
          London EC4M 7RB
          United Kingdom
          Phone: 44 (0) 207 029 5000
          Fax: 44 (0) 207 029 5001
          Web site: http://www.krollworldwide.com


HARVARD CONSULTANCY: Goes into Liquidation
------------------------------------------
C. G. Meancy, director of Harvard Consultancy Services Ltd.,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 23 at Mountview Court, 1148 High Road,
Whetstone, London N20 0RA.  Elizabeth Arakapiotis was appointed
liquidator.

Harvard Consultancy Services Ltd. offers strategic business and
e-commerce consultancy service.

CONTACT:  HARVARD CONSULTANCY SERVICES LTD.
          Bexin House, 2/3 St Andrew's Place, Southover Road,
          Lewes, E Sussex BN7 1UP
          Phone: +44 (0)1273 897517
          Fax: +44 (0)1273 471929
          E-mail: carol@harvardcs.com

          KALLIS & CO
          Mountview Court, 1148 High Road
          Whetstone, London N20 0RA
          Phone: 020 8446 6699
          Fax: 020 8492 6099


HUNTROSE UK: Names Deloitte & Touche Liquidator
-----------------------------------------------
Derek Cochrane, chairman of Huntrose (UK) Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 13 at Unit O (West), Baird Road, Eastfield Industrial
Estate, Glenrothes, Fife KY7 4PA.

John Charles Reid and James Bernard Stephen of Deloitte & Touche
LLP, Lomond House, 9 George Square, Glasgow G2 1QQ were appointed
Joint Liquidators.

CONTACT:  HUNTROSE (UK) LTD.
          Unit 0 (West), Baird Road
          Eastfield Industrial Estate
          Glenrothes
          KY7 4PA Fife
          Phone: 01592 630141
          Fax: 01592 630142

          DELOITTE & TOUCHE LLP
          Lomond House
          9 George Square
          Glasgow G2 1QQ
          Phone: +44 (0) 141 204 2800
          Fax: +44 (0) 141 314 5893
          Web site: http://www.deloitte.com


INTOWOOD LIMITED: Furniture Maker Winds up
------------------------------------------
D. C. Valentim, chairman of Intowood Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 26 at the offices of Atherton Bailey LLP, 3-4 The
Courtyard, East Park, Crawley, West Sussex RH10 6AG.

Malcolm P. Fillmore and Ranjit Bajjon of Atherton Bailey LLP, 3-4
The Courtyard, East Park, Crawley, West Sussex RH10 6AG were
appointed Joint Liquidators.  The appointment was confirmed at a
creditors meeting held on the same day.

IntoWood designs and hand-makes solid English Oak furniture and
joinery using original techniques of English cabinetmakers.
Visit http://www.intowood.co.uk/for more information.

CONTACT:  INTOWOOD LTD.
          The Old Bakery Lewes Road
          Haywards Heath West Sussex RH17 7ET
          Phone: 01825 791777


KENNEDY & DONKIN: Members Opt for Liquidation
---------------------------------------------
S. J. E. Davidson, chairman of Kennedy & Donkin Systems Control
Limited, informs that special resolution to wind up the company
was passed at an EGM held on Sept. 22 at Amber Court, William
Armstrong Drive, Newcastle Business Park, Newcastle NE4 7YQ.  A.
A. Josephs and L. A. Farish of RMT, Gosforth Park Avenue,
Newcastle upon Tyne NE12 8EG were appointed joint liquidators.

CONTACT:  RMT
          Gosforth Park Avenue
          Newcastle Upon Tyne
          Tyne And Wear NE12 8EG
          Phone: 0191 256 9500
          E-mails: linda.farish@r-m-t.co.uk
                   ajosephs@r-m-t.co.uk


LONDON OFFICE: Calls in Liquidator
----------------------------------
A. J. Packford, chairman of London Office Furniture Centre
Limited, informs that a resolution to wind up the company was
passed at an EGM held on Sept. 23 at Travelodge, Peartree
Roundabout, Woodstock Road, Oxford OX2 8JZ.  Tony Mitchell of
Cranfield Recovery Limited, 2 Hawkes Drive, Warwick CV34 6LX was
appointed liquidator.

CONTACT:  LONDON OFFICE FURNITURE CENTRE LTD.
          49 St. Thomas Street, London, SE1 3QX
          Phone: 020 7378 1325


MAGIC DOMESTIC: Files for Liquidation
-------------------------------------
I. A. Clements, director of Magic Domestic Appliances Ltd.,
informs that a resolution to wind up the company was passed at an
EGM held on Sept. 23 at the offices of W.D. Robb & Co., Scott
House, 12-16 South Frederick Street, Glasgow G1 1HJ.  Irene
Harbottle of W.D. Robb & Co., Scott House, 12-16 South Frederick
Street, Glasgow G1 1HJ was appointed liquidator.

CONTACT:  MAGIC DOMESTIC APPLIANCES LTD.
     5 Turfholm, Lesmahagow
          South Lanarkshire ML11 0ED
          Phone: 01555 890744
          Fax: 01555890745


MARBASE LIMITED: Names Liquidator from David Horner & Co.
---------------------------------------------------------
A. Wright, chairman of Marbase Limited, informs that special
resolution to wind up the company was passed at an EGM held on
Sept. 23 at Raynor Bungalow, Foldrings, Oughtibridge, Sheffield
S35 0GE.  David Horner of David Horner & Co, 11 Clifton Moor
Business Village, James Nicolson Link, Clifton Moor, York YO30
4XG was appointed liquidator.

CONTACT:  DAVID HORNER & CO.
          11 Clifton Moor Business Village
          James Nicolson Link,
          York YO30 4XG
          Phone: 01904 479801
          Web site: http://www.davidhornerandco.co.uk


MARKS & SPENCER: Three Per Una Staff Step down
----------------------------------------------
Marks & Spencer Group plc has disclosed that George Davies has
resigned as consultant to the company's Per Una business, along
with Andrea White (Per Una finance director) and Melanie Davies
(Per Una head of merchandising).

George Davies has a twelve-month notice period and will remain
committed to the Per Una business for that period to ensure an
orderly transition.

                        About the Company

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

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

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

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

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


MARKS & SPENCER: U.K. Retail Sales Up 3.3%
------------------------------------------
Marks & Spencer Group plc has released a trading statement for
the 12 weeks to 1 October 2005.  U.K. Retail Sales for the period
were +3.3% in total with General Merchandise +0.4% and Food
+6.3%.  Within this Clothing was +0.2% and Home +2.1%.

Like-for-like sales were up 1.3% in total compared with a
decrease of 5.4% last quarter.  General Merchandise like for like
sales were down 0.2% against a decrease of 11.2% last quarter.
Food like for like sales were up 2.7% compared with an increase
of 0.7% last quarter.  Full price sales of General Merchandise
were up 0.4% against a decrease of 2.4% last quarter.

Our focus is on profitable full price sales, better buying and
tight control of stocks and costs.  We are committed to offering
outstanding value, styling and service in a pleasant environment.
We have concentrated on improving values as well as introducing
better product and more newness.  Customer reaction to our autumn
ranges has been positive.  Our focus on rebuilding our Home
business is showing through. Food continues to make progress and
has delivered another quarter of like for like growth, driven by
product innovation and availability.  Customer perceptions of
product and service have improved. This has been reinforced
through our focused advertising campaign for Food and Womenswear.

We expect unaudited Group profit before tax and exceptionals for
the 26 weeks to 1 October 2005 to be at or around the upper end
of market expectations.  The outlook for the full year profit
performance will depend on trading in the important third
quarter.

On Charles Wilson's departure on October 28 all responsibility
for IT, Logistics and Property will pass to Ian Dyson, finance
director.

Stuart Rose, chief executive, said: "This is an encouraging
performance, but there remains much to be done.  The environment
remains very difficult and we have the important Christmas
trading period ahead.  We are making progress.  We are listening
to our customers and feedback has been positive.  The product is
getting better; our stores are looking better.  We are offering
our customers better value. This will remain our focus."

Marks and Spencer Group plc's Interim Results for the 26 weeks to
1 October 2005 will be published on 8 November 2005.

                        About the Company

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

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

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

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

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


MERZ ORCHARD: Members Decide to Wind up Firm
--------------------------------------------
S. J. E. Davidson, chairman of Merz Orchard Limited, informs that
special resolution to wind up the company was passed at an EGM
held on Sept. 22 at Amber Court, William Armstrong Drive,
Newcastle Business Park, Newcastle NE4 7YQ.  A. A. Josephs and L.
A. Farish of RMT, Gosforth Park Avenue, Newcastle upon Tyne NE12
8EG were appointed joint liquidators.

CONTACT:  RMT
          Gosforth Park Avenue
          Newcastle Upon Tyne
          Tyne And Wear NE12 8EG
          Phone: 0191 256 9500
          E-mails: linda.farish@r-m-t.co.uk
                   ajosephs@r-m-t.co.uk


METAL WORKERS: Administrator from Tenon Recovery Enters Firm
------------------------------------------------------------
Ian W. Kings (IP No 7232) of Tenon Recovery was appointed
administrator of Metal Workers Limited (Company No 00129801) on
Sept. 26.  The company's registered office is at Tenon House,
Ferryboat Lane, Sunderland SR5 3JN.

CONTACT:  METAL WORKERS LTD.
          Belle Vue Way
          Usworth Road Industrial Estate
          Hartlepool TS25 1JU
          Cleveland
          Phone: 01429 273033
          Fax: 01429 864203

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


MISYS PLC: Shareholders Demand New Board
----------------------------------------
Misys plc shareholders are seeking a speedy change in leadership
at the software group, following a shock profit warning in
September, said The Guardian.

Investors are understood to have demanded a shakeup as their
confidence in Executive Chairman Kevin Lomax has waned.  They
wanted a thorough review at the company, which could result in a
breakup.

Sir Dominic Cadbury, who has been a non-executive director for
five years, is said to be mulling to replace Mr. Lomax.  However,
shareholders are looking for a new mentality in the boardroom.

Last month, the company admitted that the first-half performance
in its banking division will be adversely affected by two
factors: a delay in revenue recognition and the increased
investment in the business.  As a result, the company's earnings
per share in the first half are likely to be significantly below
last year.  It also said that any profit shortfall in the first
half may not be fully recovered in the second.

Following the profit warning, the Association of British Insurers
investment committee summoned Mr. Lomax and Sir Dominic to
explain the company's situation, and to know the chairman's
succession plans.  Mr. Lomax earlier expressed his intentions to
resign as executive chairman to serve as part-time non-executive
by 2008.

Meanwhile, shares in Misys rose 5 pence to 209.5 pence on October
7, amid rumors of a possible offer for the company, the pending
sale of its financial services unit Sesame, and a move to spin
off its healthcare division.  Shares had gone from 238 pence to
196 pence in the wake of the profit warning.

CONTACT:  MISYS PLC
          Burleigh House, Chapel Oak, Salford Priors,
          Evesham, WR11 8SP, United Kingdom
          Phone: 44 (0) 1386 871373
                 44 (0) 1386 871045
          E-mail: group.secretariat@misys.co.uk
          Web site: http://www.misys.com


MODULAR ENGINEERING: Calls in Liquidator
----------------------------------------
G. Williams, director of Modular Engineering Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 22 at Clive House, Clive Street, Bolton BL1 1ET.  M C
Bowker of Unity Corporate Recovery & Insolvency, Clive House,
Clive Street, Bolton BL1 1ET was appointed liquidator.

CONTACT:  MODULAR ENGINEERING LTD.
          Unit 2. Kestrel Road, Trafford Park
          Manchester, M17 1SF
          UK
          Phone: 0161 877 7542
          Fax: 0161 877 7546

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


NEW EDGE: EMG Passes Winding-up Resolution
------------------------------------------
V. Freidin, chairman of New Edge Software Technology Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 27 at Salisbury House, Station Road, Cambridge
CB1 2LA.

Shay Lettice was appointed liquidator.

CONTACT:  NEW EDGE SOFTWARE TECHNOLOGY LIMITED
          17 Barnwell House, Barnwell Drive
          Cambridge, CB5 8UU
          Phone: 0871 222 1545
          Fax: 0871 222 1549
          E-mail: info@nest-soft.co.uk
          Web site: http://www.nest-soft.co.uk/

          PETERS ELWORTHY & MOORE
          Salisbury House
          Station Road
          Cambridge
          Cambridgeshire CB1 2LA
          Phone: 01223 362333
          Fax: 01223 461424
          E-mail: slettice@pem.co.uk


PILOT: Bailiffs Close Coventry Shop
-----------------------------------
High-street clothing retailer Pilot in Coventry city is now
closed after bailiffs entered the company, Coventry Evening
Telegraph reports.  The company's unit at the Lower Precinct has
already been taken back by the landlord, said a spokesperson for
CV One, which manages the Lower Precinct.

The fashion shop has been in receivership since January due to
poor trading over Christmas, compounded with competition from
rivals such as including Top Shop and New Look.  It owes GBP9
million to suppliers when it called in receivers Deloitte and
Touche.

Pilot, which was founded by Jeremy Whaley in 1984 as a single
outlet in Winchester, specializes in clothes for teenagers and
young women.  It has a chain of 70 shops.  Turnover last year was
GBP55.5 million.

CONTACT:  DELOITTE & TOUCHE
          Stonecutter Court
          1 Stonecutter Street
          London
          United Kingdom
          EC4A 4TR
          Phone: +44 (0)20 7936 3000
          Fax: +44 (0)20 7583 1198
          Web site: http://www.deloitte.com/


PROBE-IT LIMITED: IT Specialist Calls in Administrator
------------------------------------------------------
Stephen Cork (IP No 8627) was appointed administrator of Probe-It
Limited (Company No 3724278) on Sept. 23.

Probe-It Limited is a specialist within the IT sector.  The
company has two sister companies Probecomms and Probe Games.
Visit http://www.probe-it.com/for more information.

CONTACT:  PROBE I.T. LTD.
          16-19 Southampton Place
          London WC1A 2AJ
          Phone: +44 (0) 20 7745 7177
          Fax: +44 (0) 20 7745 7220
          E-mail: info@probe-it.com


SELBY SCAFFOLDING: Hires Liquidator
-----------------------------------
R. Norman, director of Selby Scaffolding Services, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 26 at Central House, 47 St Paul's Street, Leeds LS1 2TE.

Michael C. Kienien, Armstrong Watson, Central House, 47 St Paul's
Street, Leeds LS1 2TE was appointed liquidator.

CONTACT:  SELBY SCAFFOLDING SERVICES
          Canal Road
          Selby North Yorkshire YO8 8AG
          Phone: (01757 705610)

          ARMSTRONG WATSON
          Central House
          47 St Paul's Street
          Leeds LS1 2TE
          West Yorkshire
          Phone: 0113 384 3840
          Fax: 0113 384 3841
          E-mail: mike.lienlen@armstrongwatson.co.uk


SPEYMILL GROUP: Names New Executive Chairman
--------------------------------------------
The board of Speymill Group plc has appointed Bob MacDonald (42)
as executive chairman.

After graduating from Oriel College Oxford, Mr. MacDonald has had
over 18 years experience in investment banking, first with
Salomon Brothers and latterly at Morgan Stanley where he was
appointed as a managing director in 2000.  His areas of
responsibility have included equity research sales, equity
syndication, institutional sales management and private wealth
management and he has worked in London, New York, Tokyo and Hong
Kong.

The board believes Mr. MacDonald's broad international experience
in management in equity and capital markets will sustain the
Company in its plans to develop into asset management and
property investment in the U.K. and Europe.

Bob MacDonald said: "I am thrilled by this new challenge in the
world of real estate investment and construction and extremely
excited by the new opportunities which it presents to build a
substantial business both in the U.K. and Europe."

Paul Doona has stood down as chairman but remains on the board as
deputy chairman.  He said: "I am very pleased with the new
executive team, which has now been completed.  Consequently, I am
able to step back and take the non-executive role of deputy
chairman."

The Company confirms that Mr. MacDonald has no directorships or
partnerships, either current or within the last five years and
there are no other matters which are required to be announced
with regard to this appointment as outlined under paragraph (g)
of Schedule 2 of the AIM rules.

                        About the Company

The Speymill Group plc (formerly known as Wigmore Group plc)
serves as contractors to the hotel and leisure industries.  In
June, Chairman Paul Doona said: "The year to December 2004 was a
very poor one for the Group resulting in a loss after tax of
GBP6.71 million (2003: loss GBP0.36 million) which comprised
pre-exceptional losses of GBP2.28 million (2003: loss GBP0.36
million) and exceptional costs of GBP4.43 million (2003:
GBPnil).

"The figures reflect an appalling year for the Group and root and
branch restructuring has been necessary since the financial
rescue by our majority shareholder Burnbrae.  I am, however,
confident that the Group is now on a firm financial footing and
that the long tried patience of our shareholders will ultimately
be rewarded."

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


SWEDISH WINDOW: Creditor Bank Appoints Receiver
-----------------------------------------------
National Westminster Bank Plc appointed Nigel Millar (Office
Holder No 7896) and Mandy Jane Smart (Office Holder No 1063) of
Baker Tilly joint administrative receivers of Swedish Window
Company Limited (Registered No 2192096) on Sept. 30.  The company
imports and fits Swedish windows and door systems.

CONTACT:  SWEDISH WINDOW COMPANY LTD.
          Old Maltings House
          Hall Street
          Long Melford
          Suffolk CO10 9JB
          E-mail: info@swedishwindows.com
          Web site: http://www.swedishwindows.com/

          BAKER TILLY
          Friars Courtyard, 30 Princes Street,
          Ipswich, Suffolk IP1 1RJ

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


URBAN BLUE: Calls in Liquidator from B & C Associates
-----------------------------------------------------
C. M. Davies, director of Urban Blue Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 22 at Trafalgar House, Grenville Place, London NW7 3SA.

Jeffrey Mark Brenner of B & C Associates, Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA was appointed
liquidator.

CONTACT:  URBAN BLUE LTD.
     47 High Street, Windsor, Berkshire SL4 1LR
          Phone: 01753840700

          B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


V. BAR: First Creditors Meeting Set Later this Month
----------------------------------------------------
The first meeting of the creditors and contributories of V. Bar
Limited will be on October 24 and 25, 2005 at 2:15 p.m. and 2:45
p.m. respectively.  It will be held at The Braaid Hall, Braaid in
the Isle of Man.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Shimmin Wilson & Co, at 13-15 Hope Street,
Douglas, Isle of Man not later than 4:00 p.m. October 21, 2005.

CONTACT:  SHIMMIN WILSON & CO
          13-15 Hope Street
          Douglas
          Isle of Man
          IM1 1AQ
          Phone: +44 (0) 1624 627744
          Fax: +44 (0) 1624 629666


WILLIAM MATTHEWS: Meeting of Creditors Set Next Week
----------------------------------------------------
The creditors of William Matthews Building Services Ltd. (Company
No 02915696) will meet on October 20, 2005 at 11:00 a.m.  It will
be held at Cresta Court Hotel, Church Street, Altrincham,
Cheshire WA14 4DP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Neil Henry and Michael Simister, joint
administrators of Lines Henry, 27 The Downs, Altrincham, Cheshire
WA14 2QD not later than October 19, 2005, 12:00 noon.

CONTACT:  WILLIAM MATTHEWS BUILDING SERVICES LTD.
          102 Pendlebury Road
          Swinton, Manchester M27 4BF
          Lancashire
          Phone: 0161 794 0771
          Fax: 0161 728 5308

          LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977
          E-mail: nola@lineshenry.co.uk


                            *********


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

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

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

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