TCREUR_Public/051014.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, October 14, 2005, Vol. 6, No. 204

                            Headlines

F R A N C E

ALSTOM SA: Staff Council, German Management Worlds Apart
CHARLES JOURDAN: Attracts Two Bidders


G E R M A N Y

AGFAPHOTO GMBH: Creditors Want Another week to Decide Sale
DIMA GMBH: Under Bankruptcy Administration
FLUEGEL WERKSTATT: Proofs of Claim Due Next Month
MB MODERNES: Duesseldorf Court Appoints Administrator
PBW BREUER: Erfurt Business Goes Bust

PERO SCHLUESSELFERTIGHAUS: Succumbs to Bankruptcy
PSW PROPERTY: Court to Verify Claims February
SEITMANN TANKTRANSPORTE: Creditors to Meet December
VOLKSWAGEN AG: Porsche Wants more Board Seats
ZINEGO AG: Hannover Court Calls in Administrator


G R E E C E

OLYMPIC AIRLINES: Local Businessman Offers to Takeover Airline


I T A L Y

ALITALIA SPA: Reaches Deal with Union on Additional Cost Cuts
IMPREGILO SPA: Wins EUR3.88 Billion Bridge Contract
PARMALAT SPA: First-half Turnover, EBITDA Up Year-on-year


K A Z A K H S T A N

ATF BANK: Upcoming Eurobond Rated 'B+'
NURBANK: Moody's Amends Ratings Outlook to Stable


L U X E M B O U R G

SBS BROADCASTING: PKS Media to Assume Management Tuesday


N E T H E R L A N D S

ROYAL SHELL: Remaining 'A' Shares Total 4,007,565,000
ROYAL SHELL: Third-quarter Results Out Later this Month


N O R W A Y

FJORD LINE: Bailing out Workers to Stop Sinking


P O L A N D

DAEWOO-FSO MOTOR: Sale to AvtoZAZ Finally Happens


R U S S I A

ANTEY: Deadline for Proofs of Claim Next Week
ATOM-STROY: Smolensk Court Opens Bankruptcy Proceedings
BELEBEEVSKIY AGRO-SNAB: Bankruptcy Supervision Procedure Begins
BOBROV-YULUN: Under Bankruptcy Supervision
PORETSK-AGRO-PROM-KHIMIYA: Declared Insolvent

PROM-ENERGO-STROY-SERVICE: Bankruptcy Hearing Resumes November
SEL-KHOZ-KHIMIYA: Insolvency Manager Takes over Business
TIMASHEVSKIY REFINERY: Succumbs to Bankruptcy
TYUMEN-WOOD: Hires O. Bondarenko Insolvency Manager
YUSOVSKAYA: Claims Filing Period Ends Next Week


U K R A I N E

BANK NADRA: Eurobond Assigned 'B-' Long-term Rating
UKRSOTSBANK: Individual Current, Deposit Accounts Up Almost 45%


U N I T E D   K I N G D O M

ADRIAN BURROW: Calls in Liquidator
AIM INDUSTRIES: Files for Liquidation
ALL AQUA: EGM Passes Winding-up Resolutions
ASSURED SCAFFOLDING: Goes into Liquidation
BIOFIL LIMITED: Calls in Liquidators from PricewaterhouseCoopers

BOOST SPORTS: Names Begbies Traynor Liquidator
BSI PORTMAN: Liquidator from Milsted Langdon Enters Firm
BUSINESSHEALTH GROUP: Meeting of Creditors Set Next Week
BUZZ RECRUITMENT: Hires Liquidator
CARLTON DRY: Names Administrators from Tenon Recovery

COCHRANE EXECUTIVE: Administrators from P&A Partnership Move in
COLLINS & AIKMAN: Proposes Cross-border Insolvency Protocol
COSTAIN GROUP: GBP92 Million Construction Project Rolls out
DAMOVO GROUP: S&P Affirms Notes at 'CCC+'
DCC (MILTON KEYNES): Hires Administrator

EARL (BARTON): Engineering Company Calls in Administrator
EQUITABLE LIFE: Lawyers Attack Settlement Tactics
ESSEX POWER: Files for Liquidation
EURO 21 SOLUTIONS: Appoints Benedict Mackenzie Liquidator
EUROTREND FURNITURE: Collapses into Liquidation

FEDERAL-MOGUL: Inks Agreements to Amend Plan of Reorganization
GAVIN FILM LIMITED: Names Joint Liquidators
GOSHAWK INSURANCE: Unit Fined GBP220,000 by FSA
HANTONS LIMITED: Appoints Joint Liquidators
HI TECH WELDING: Administrators Take over Business

HYPERION PROJECT: Directors Propose Voluntary Arrangement
IMH CONSTRUCTION: Calls in Administrator from X L Business
JARVIS PLC: To Keep Council Services Business
J. A. TAILORS: Calls in Liquidator from DTE Leonard
LEARNING DYNAMIX: Creditors Meeting Set Next Week

LENVAL ESSEX: Appoints Administrators from Moore Stephens
M.A.M TEXTILES: Bond Partners Takes over Helm
MAN GROUP: U.S. SEC Probes Cayman Hedge Fund
MARKS & SPENCER: Ex-chairman Fined EUR3,750
MELODY LANE: Names David Rubin Liquidator

MOONRAKER FORKLIFTS: Calls in Joint Liquidators
NETWORK RAIL: Needs GBP4 Billion to Modernize Railways
REGAL PETROLEUM: Wins Case Filed by Former JV Partner
RENTOKIL INITIAL: Board Vows to Block Sir Gerry's Appointment
ROBERT WISEMAN: To Unveil Interim Figures November

SCOTTISH POWER: Expects Restructuring to Cost GBP35 Million
SPEYMILL GROUP: Awards Executive Chairman Share Options
SWAN FIELDS: In Administrative Receivership
TAG RECRUITMENTS: Administrators from PKF Takes over Firm
VIKING TAVERNS: Names Administrators from KPMG

* Study Predicts High Consolidation in Fruit, Vegetables Market


                            *********


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


ALSTOM SA: Staff Council, German Management Worlds Apart
--------------------------------------------------------
The German unit of engineering giant Alstom has yet to forge a
deal with the staff council over planned job cuts at its Mannheim
site, Frankfurter Allgemeine Zeitung says.

The unit revealed in March plans to reduce 450 jobs in its power
station division by 2007, when employment agreement expires.  The
staff council opposes this because Alstom is supposed to be
hiring more workers at a time when Germany is making
multimillion-euro investments in power stations.  Workers also
oppose the plan to reduce the Mannheim site into a sales center
to collect contracts in Germany for processing at Alstom sites in
France and Poland.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com


CHARLES JOURDAN: Attracts Two Bidders
-------------------------------------
Two bidders are vying for collapsed shoemaker Charles Jourdan.
Both have offered to retain jobs at the group.

Guy Laroche, owned by Chinese group YGM Trading, offered
EUR150,000 for the group's assets excluding property and
EUR500,000 to EUR600,000 for its brands.  Swiss group Avendis
Capital, meanwhile offered EUR400,000 for its units and
properties and EUR250,000 for the brands.  Both bidders are
willing to retain between 135 and 200 of Charles Jourdan's
employees.  The bidders can amend their offers anytime before
Oct. 26, when the commercial court of Romans-sur-Isere in Drome
will rule on the bids.

Meanwhile, shareholders have agreed to sell to the winning bidder
for EUR500,000 the stake of Charles Jourdan Holding AG, the Swiss
company that controls its units and international brand; and the
company that controls its licenses.

Charles Jourdan filed for bankruptcy on August 22 affecting three
companies: Charles Jourdan Industrie, the manufacturing unit;
Charles Jourdan France, the marketing and administration
division; and Sodepar, which runs the boutiques and factory
shops.

The 80-year-old company, which employs 532, has accumulated debt
of EUR9 million (US$11 million).

CONTACT:  CHARLES JOURDAN
          Web site: http://www.charles-jourdan.fr


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


AGFAPHOTO GMBH: Creditors Want Another week to Decide Sale
----------------------------------------------------------
AgfaPhoto's creditors committee has deferred a decision on the
sale of the group, Die Welt says.

The committee, which failed to come to an agreement during their
meeting on Tuesday, will meet again next week.  As this
developed, U.K. investment group Cerberus has reportedly
withdrawn its offer, citing uncertainty over brand and licensing
rights.

TCR-Europe reported earlier that a row over the rights is holding
up talks with buyers, who refuse to go ahead with the deal unless
given the right to use the Agfa brand.  The rights are currently
held by AgfaPhoto majority owner Hartmut Emans who bought the
company from Agfa Gevaert in November.  The former Belgian parent
claims it had only lent the brand to Mr. Emans for free and it
will not allow him to sell the rights or hold up the sale
process.  It did not say what steps it will take to achieve this.
Mr. Emans is demanding as much as EUR20 million from potential
buyers.

Cerberus' pullout leaves Photo-Me the remaining bidder.  The
British photo booth operator is interested in AgfaPhoto's
photographic chemicals division and photographic paper
production.  Photo-Me is offering to retain 400 of AgfaPhoto's
1,000 employees.

If Photo-Me fails to satisfy the committee, AgfaPhoto's
insolvency administrator Andreas Ringstmeier would be forced to
entertain offers from shareholders who are interested in
acquiring parts of the business like Japanese subsidiary Fuji.

Agfa-Gevaert N.V. sold the firm to the management and a group of
financial investors for EUR112 million in November 2004.
Headquartered in Leverkusen, AgfaPhoto manufactures photographic
film, papers, chemicals and disposable cameras.  It also offers
online print service, on-site processing, kiosk systems and
wholesale finishing.  It has 32 subsidiaries outside Germany that
are not affected by its insolvency.  The company owes suppliers
and pension security body Pensionssicherungsverein.

CONTACT:  AGFAPHOTO GERMANY GmbH
          Im Media park 5
          D-50670 Cologne
          Phone: +49 221 98544-3723
          Fax: +49 221 98544-3805
          Web site: http://www.agfaphoto.com


DIMA GMBH: Under Bankruptcy Administration
------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against DIMA GmbH Industriemontagen und Instandsetzung on
September 22.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 2, 2005 to register their claims with court-appointed
provisional administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2005, 9:00 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, II. Etage, Zimmer 207, 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:  DIMA GmbH INDUSTRIEMONTAGEN UND INSTANDSETZUNG
          Sonnenwall 56, 47051 Duisburg
          Contact:
          Martin Sandor, Manager
          Filderstr. 85, 47441 Moers

          Dr. Sebastian Henneke, Administrator
          Muelheimer Str. 100, 47057 Duisburg


FLUEGEL WERKSTATT: Proofs of Claim Due Next Month
-------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
Fluegel Werkstatt GmbH on September 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 2, 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 16, 2005, 1:10 p.m. at the district court
of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG,
gelber Bereich, Saal 293, 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:  FLUEGEL WERKSTATT GmbH
          Huyssenallee 52-54, 45128 Essen
          Contact:
          Anna Maria Fluegel, Manager
          Dietrich-Georg Fluegel, Manager
          Franz Georg Fluegel, Manager
          Oberer Pustenberg 31, 45329 Essen

          Dr. Jorg Nerlich, Administrator
          Goethestr. 100, 45130 Essen
          Phone: 0201 8961050
          Fax: 8961059


MB MODERNES: Duesseldorf Court Appoints Administrator
-----------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against MB Modernes Bauen GmbH on September 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 24, 2005 to
register their claims with court-appointed provisional
administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2005, 9:10 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 18, 2005, 8:25 a.m. at the same venue.

CONTACT:  MB MODERNES BAUEN GmbH
          Carlo-Mierendorff-Strasse 17, 41466 Neuss
          Contact:
          Kai Uwe Goertz, Manager
          Hauptstrasse 40a, 41564 Kaarst

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


PBW BREUER: Erfurt Business Goes Bust
-------------------------------------
The district court of Erfurt opened bankruptcy proceedings
against PBW Breuer & Wolff GbR on September 20.  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 Olaf Kupke.

Creditors and other interested parties are encouraged to attend
the meeting on November 22, 2005, 11:15 a.m. at the district
court of Erfurt, Saal 12, im Justizzentrum, Rudolfstr. 46, 99092
Erfurt, 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:  PBW BREUER & WOLFF GbR
          Contact:
          Udo Breuer and Stephan Wolff, Managers
          Ackerwand 11-13, 99510 Apolda

          Olaf Kupke, Administrator
          Neuwerkstr. 38, 99084 Erfurt


PERO SCHLUESSELFERTIGHAUS: Succumbs to Bankruptcy
-------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against PeRo Schluesselfertighaus GmbH on September 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 28, 2005
to register their claims with court-appointed provisional
administrator Dr. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on November 18, 2005, 10:14 a.m. at the district
court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund,
II. Etage, Saal 3.201, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  PERO SCHLUESSELFERTIGHAUS GmbH
          Wickeder Hellweg 24/26, 44319 Dortmund
          Contact:
          Hans-Dieter Peiffer, Manager
          Peter Kosiel, Manager
          Grillostr. 8 a, 59425 Unna

          Dr. Sebastian Henneke, Administrator
          Muelheimer Str. 100, 47057 Duisburg
          Phone: 0203/34840
          Fax: 0203/3484510


PSW PROPERTY: Court to Verify Claims February
---------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against PSW Property Consulting und Projektsteuerung
GmbH on September 20.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until December 15, 2005 to register their claims with
court-appointed provisional administrator Dr. Bjorn Gehde.

Creditors and other interested parties are encouraged to attend
the meeting on November 3, 2005, 10:10 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,
2005, 10:00 a.m. at the same venue.

CONTACT:  PSW PROPERTY CONSULTING UND PROJEKTSTEUERUNG GmbH
          Bausdorfstr. 21,12621 Berlin

          Dr. Bjorn Gehde, Administrator
          Goethestr. 85, 10623 Berlin


SEITMANN TANKTRANSPORTE: Creditors to Meet December
---------------------------------------------------
The district court of Bochum opened bankruptcy proceedings
against Seitmann Tanktransporte GmbH on September 22.
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 Uwe Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 9:20 a.m. at the district court
of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum,
Erdgeschoss, Saal A29, 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:  SEITMANN TANKTRANSPORTE GmbH
          Daimlerstrasse 13, 44805 Bochum
          Contact:
          Ilona-Maria Seitmann, Manager

          Uwe Hueggenberg, Administrator
          Huestrasse 34, 44787 Bochum
          Phone: 964 91-0
          Fax: 964 91-33


VOLKSWAGEN AG: Porsche Wants more Board Seats
---------------------------------------------
Porsche AG is still poised to endorse at least two of its
executives to the supervisory board of Volkswagen AG, said the
Financial Times.  This despite a bank report advising Volkswagen
against the appointment of any Porsche shareholder or member of
its management to the board.

Porsche officials, who also commissioned an international law
firm to look into the matter, believe the recommendations by JP
Morgan have no legal basis.  JP Morgan has also called on
Ferdinand Piech to resign as supervisory board chairman of
Volkswagen, citing conflicts of interest as reason.  Mr. Piech is
a major investor and non-executive director at Porsche.  Mr.
Piech has survived a threatened coup by some of Volkswagen
directors who oppose Porsche's intention to raise its stake in
the company from under 5% to 20%.

Reuters earlier reported that Volkswagen has welcomed Porsche's
plan, however, half of Volkswagen's 10 shareholder-directors are
against it.  Volkswagen Chief Executive Bernd Pischetsrieder has
stressed the company's need for a steady shareholder structure to
fulfill long-term goals.  He added the increase of Porsche's
stake could strengthen their working relations.

Fitch Ratings has said an increase in Porsche's stake may improve
bondholders' long-term protection despite corporate governance
issues.  Markus Leitner, director in Fitch's European Industrials
team, said: "With the increased Porsche ownership, (Volkswagen)
has increased its protection from takeover, reducing the risk of
a lower-rated company gaining control."

However, Fitch notes Porsche's greater dominance could reduce the
influence of many institutional investors, which have been urging
Volkswagen to carry out corporate restructuring to improve
results.  With the proposed 20% stake, Porsche intends to secure
its long-term cooperation with Volkswagen, which is an important
development partner with and significant supplier for Porsche.
The two companies are working together to build Porsche's Cayenne
offroader, and in developing fuel-saving hybrid technology.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax: +49 53 61 92 82 82
          Web site: http://www.volkswagen.de

          PORSCHE AG
          Porscheplatz 1
          D-70435 Stuttgart, Germany
          Phone: +49-711-911-0
          Fax: +49-711-911-5777
          Web site: http://www.porsche.com


ZINEGO AG: Hannover Court Calls in Administrator
------------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against ZINEGO AG on September 19.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 2, 2005 to register their claims
with court-appointed provisional administrator Dirk Stadler.

Creditors and other interested parties are encouraged to attend
the meeting on December 6, 2005, 11:20 a.m. at the district court
of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover,
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:  ZINEGO AG
          Hohenzollernstr. 53, 30163 Hannover
          Contact:
          Horst Eggert, Manager

          Dirk Stadler, Administrator
          Callinstr. 43, 30167 Hannover
          Phone: 0511/4739080
          Fax: 0511/47390811


===========
G R E E C E
===========


OLYMPIC AIRLINES: Local Businessman Offers to Takeover Airline
--------------------------------------------------------------
The government is now entertaining other alternatives for
troubled flag carrier Olympic Airlines as sale talks with Olympic
Investors-York Capital appears to be going nowhere.

According to local daily Naftemporiki, the government is
considering an offer by a Greek businessman to relaunch the
airline with his company and Greek banks as shareholders.  It is
not clear if the government will continue to own a stake or how
much, if ever.

The European Commission recently ruled the government violated
the "one time, last time" rule on state subsidies and ordered the
airline to return EUR540 million.  The ruling appears to be the
reason why sale talks are stalling.

Greece acquired the airline, then known as Olympic Airways, from
Aristotle Onassis in 1975, 18 years after its establishment.  On
December 11, 2002, the Commission ruled that an aid granted to
Olympic Airways was illegal, and ordered Greece to recover EUR160
million.  In 2003, Greece set up Olympic Airlines, which took
over the flight operations and most of the assets of Olympic
Airways, leaving behind almost all of its debts and circumventing
the obligation to recover the aid.

CONTACT:  OLYMPIC AIRLINES S.A.
          96 Sygrou Ave.
          11741 Athens
          Phone: +30 1 9267221
          Fax: +30 1 9267858
          E-mail: olyair10@otenet.gr
          Web site: http://www.olympicairlines.com


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


ALITALIA SPA: Reaches Deal with Union on Additional Cost Cuts
-------------------------------------------------------------
Alitalia reached a vital deal with trade unions Thursday that
allows it to cut EUR65 million in cost a year from 2006 onwards,
Reuters says.

A joint statement said the deal would give the carrier and its
employees a sense of certainty that its forthcoming EUR1.2
billion capital hike would be successful.  Measures under the
deal include "boosting productivity, improving management and
organization and optimizing working models within existing
contractual norms."

Alitalia had asked the unions to help find ways to cut EUR170
million in further cost to offset rising fuel prices.  Alitalia
is expected to include the measures in its revised 2005-2008
industrial plan to attract investors to participate in the
capital hike.  Alitalia's board will meet tomorrow to discuss the
plan.

The capital hike is designed to replenish Alitalia's coffers and
at the same time lower the government stake in the carrier below
50%, a condition set by the European Commission, which approved a
state-guaranteed EUR400 million bridging loan to Alitalia last
year.

Alitalia also received a nifty assist from the government
recently via a EUR124 million financial package for Italy's
airline sector.  Of this amount, EUR40 million will directly
benefit Alitalia.

                        About the Company

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

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


IMPREGILO SPA: Wins EUR3.88 Billion Bridge Contract
---------------------------------------------------
Impregilo S.p.A., Italy's leading infrastructure construction
group, has been awarded the top score on its tender for the
construction of a bridge over the Straits of Messina, the
contract-awarder announced Wednesday.

Impregilo S.p.A. will therefore act as General Contractor for
construction of the bridge; it holds a 45% share in the vehicle
formed for the project, whose other investors are Sacyr S.A.
(18.70%), Societa Italiana Condotte (15%), Cooperativa CMC (13%),
Ishikawajma-Harima Heavy Industries Co. (6.30%) and Aci Consorzio
Stabile of the Gavio group (2%).  The project engineer is Cowi.
The General Contractor has arranged a pre-financing for an amount
equivalent to 15% of the project with Banca Intesa, CARIGE, Banca
Popolare Italiana.

The contract was awarded on a EUR3.88 billion tender, a reduction
of 12.33% on the basic bid price of EUR4.43 billion.
Construction will be completed within a maximum timeframe of 70
months.

The bid was drawn up after extensive analysis over the last 12
months by Impregilo, together with the engineering and research
units of the other companies in the grouping and with Cowi,
during which all project components, construction technologies
and methods were examined and assessed.  Based on their analysis,
the grouping were able to formulate a cost-effective bid with an
outstanding technical content.

The members of the Impregilo grouping boast significant
experience in this type of construction project; more
specifically, Impregilo built the second suspension bridge over
the Bosphorus in Turkey, for a length of 1,087 meters; Cowi
engineered the Storebealt bridge linking Denmark and Sweden,
while Japan's IHI was lead company on the construction of the
Akashi Kaikyo, the world's longest suspension bridge.

With a length of 3,666 meters, the bridge over the Straits of
Messina will be the longest bridge in the world, with a central
span of 3,300 meters and a deck of 60.4 meters. The bridge will
feature six traffic lanes, two service lanes and two railway
lines.

       Statement of Chief Executive Officer Alberto Lina

We are very proud to have been awarded this important contract.
This contract is the outcome of an extremely complex team effort
that began in 2002 and involved 130 people from all the companies
in the grouping, together with the specialists at Denmark's COWI
and the scientists of the IHI research centres in Japan.

Statement of Alberto Rubegni, Head of Engineering & Construction

I believe that the decisive element was our detailed project
analysis.  This involved development of special assembly
techniques on all technical, planning and construction
components, with the result that we were able to present a highly
competitive bid.

Impregilo is the constructor of some of Europe's and the world's
most important infrastructures.  Current general contractor
projects in Italy include the Milan-Turin and Bologna-Florence
high-speed railways, the Mestre Orbital, the Salerno-Reggio
Calabria motorway, the Monte Bianco-Aosta motorway and the Genoa
and Naples underground railways.  Abroad, Impregilo is working on
the St. Gothard railway tunnel in Switzerland, the Caracas-Tuy
Medio and Puerto Cabello-Encrujiada railways in Venezuela, the
Athens underground, the Karahnjukar dam in Iceland and the Mazar
dam in Ecuador, and the Portland tunnel in the U.S.A.

                            *   *   *

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

In June, Impregilo reached agreements with banks on:

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

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

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

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

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

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


PARMALAT SPA: First-half Turnover, EBITDA Up Year-on-year
---------------------------------------------------------
Newly relisted Parmalat S.p.A. reported encouraging financial
figures for the first six months of 2005, Il Sole 24 Ore says.

First-half pro-forma results reveal an 8.5% year-on-year hike in
EBITDA to EUR141.6 million.  The dairy giant also booked a 2.3%
rise in turnover to EUR1.847 billion.  All of the group's
geographic businesses contributed to the growth, Parmalat said,
except for Italy wherein the local dairy market is currently
sluggish.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Piazza Erculea 9
          20122 Milan, Italy
          Phone: +39-02-806-8801
          Fax: +39-02-869-3863
          Web site: http://www.parmalat.net

          VICENZI BISCOTTI S.p.A
          Via Forte Garafolo
          1-37057 San Giovanni Lupatoto
          Phone: 0039 045 8262800
          Fax: 0039 045 8266026
          Web site: http://www.vicenzi.it


===================
K A Z A K H S T A N
===================


ATF BANK: Upcoming Eurobond Rated 'B+'
--------------------------------------
Fitch Ratings has assigned Kazakhstan-based ATF Bank's upcoming
eurobond an expected Long-term 'B+' rating.  ATF is rated Long
term 'B+' with a Stable Outlook, Short-term 'B', Individual 'D',
and Support '4'.

The final rating is contingent upon receipt of final
documentation conforming materially to information already
received.

The notes are to rank at least pari passu with the claims of
other unsecured creditors of ATF, save those preferred by
relevant legislation.  Under Kazakhstani law, the claims of
retail depositors rank above those of other senior unsecured
creditors.  At end-H105, retail deposits accounted for 9% of
ATF's total liabilities, according to the bank's reviewed IFRS
accounts.  Covenants prevent ATF from entering into transactions
of US$3 million or more on other than market terms, restrict
dividend payments to 50% of net income, and oblige the bank to
maintain a total capital ratio of at least 10%, as calculated in
accordance with the Basel recommendations.

The terms and conditions of the notes also contain a cross
default clause and a negative pledge clause, the latter of which
allows for a degree of securitization by ATF.  Should any
securitization be undertaken, Fitch comments that the nature and
extent of any overcollateralization would be assessed by the
agency for any potential impact on unsecured creditors.

ATF Bank is the fourth largest commercial bank in Kazakhstan by
assets, with around 8% of the banking system's assets at
end-H105.  It provides a broad range of banking services to
corporates and SMEs, and is also growing its retail business,
focusing on higher and middle-income individuals.  It is also
active in the foreign exchange and government securities markets
in Kazakhstan.

CONTACT:  ATF BANK
          Contact:
          Zhanna Bubeyeva
          Phone: 7 (3272) 583072, 583022, 503765
          Fax: 7 (3272) 501995
          E-mail: bubeyeva@atfbank.kz
          Web site: http://www.atfbank.com

          FITCH RATINGS
          Alexei Kechko
          James Watson, Moscow
          Phone: +7 095 956 9901

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


NURBANK: Moody's Amends Ratings Outlook to Stable
-------------------------------------------------
Moody's Investors Service has changed to stable from positive the
outlook on the Ba3 long-term foreign currency deposit rating, on
the outstanding senior unsecured notes and E+ financial strength
rating (FSR) of Kazakhstan's Nurbank.

According to Moody's, the change of outlook reflects a set of
converging trends that occurred during 1H 2005 according to data
available under Kazakhstani standards of reporting, including:

(a) A decrease of 3% in the gross loan portfolio and 14% in
    customer deposits (at a time when average growth among
    Nurbank's competitors reached sustained double-digit
    figures), which resulted in a reduced market share for the
    bank;

(b) Deteriorating asset quality, as evidenced in a jump from
    1.4% to 4.7% in loans classified as losses; and

(c) A tightening liquidity position that has resulted in
    steadily increasing reliance on syndicated loan facilities
    from, and Eurobonds issues subscribed by foreign banks.

Moody's believes that in the light of these recent developments
Nurbank's rating has little upside potential over the short term;
moreover, if these recent events should become a structural
trend, further negative rating actions could be taken.

Nurbank's Ba3 deposit rating continues to impute the expectation
of limited support from the Kazakhstani authorities in the event
of need, reflecting the bank's relative importance to the
national banking system.  However, Moody's cautions that any such
external support from the country's financial authorities might
be only of a limited nature.  The extent and timeliness of such
support are somewhat uncertain, but are well captured in the Ba3
rating.

Nurbank is headquartered in Almaty, Kazakhstan, and reported
total assets in accordance with Kazakhstani standards of
reporting of KZT114.4 billion (US$844 million) and 1H profit of
KZT0.66 billion (US$4.9 million) as of 30 June 2005.

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

          MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL)
          Joel Bismuth, Vice President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


SBS BROADCASTING: PKS Media to Assume Management Tuesday
--------------------------------------------------------
SBS Broadcasting S.A. has said that the proposed acquisition of
substantially all of the assets of SBS by PKS Media S.a.r.l., a
company controlled by funds advised by two leading private equity
firms, Permira and KKR, has been scheduled by the parties to
close on October 18, 2005.  PKS Media S.a.r.l, acting directly
and through its subsidiaries, will acquire the company's
business, assume the SBS name and continue the business and
operations of the company.

Following the closing, SBS Broadcasting S.A. will be renamed
"TVSL, societe anonyme" and enter into a liquidation process
under Luxembourg law in order to distribute the proceeds of the
asset sale and certain other amounts to SBS shareholders and
holders of SBS stock options.  SBS expects that the liquidation
distribution will be approximately EUR46 per share and will occur
in the first half of November.  The final amount to be
distributed will depend on exchange rates and the amount of
currency hedging proceeds received by SBS at closing and the
other factors described in the Shareholders' Circular distributed
to shareholder on September 1, 2005.

The record date for the liquidation distribution will be the
closing date, October 18, 2005, and each SBS shareholder of
record as of the record date will be entitled to receive payment
of the liquidation distribution.  In order for all trades in SBS
shares to settle on or prior to the record date, as of the close
of trading on October 13, 2005, three business days prior to
closing, trading in SBS' shares on Euronext Amsterdam will be
suspended and SBS' shares will be delisted from the Nasdaq
National Market.  Trading in SBS' shares will remain suspended on
Euronext Amsterdam until the delisting of SBS' shares on that
exchange, which is expected to occur after closing.

SBS will offer each shareholder of record on the record date an
option to elect to receive the U.S. dollar equivalent in cash of
the euro amount such shareholder is entitled to receive in the
liquidation distribution.  This euro amount will be converted
into U.S. dollars at a market-related rate obtained by SBS at the
time of conversion (net of expenses of the conversion of euros
into U.S. dollars).  SBS will announce the date of the
liquidation distribution on or shortly after closing.  Holders of
options are expected to receive their option cancellation
payments on the same date as the liquidation distribution.

                        About the Company

SBS is a European commercial television and radio broadcasting
company with operations in Western and Central Europe.  Countries
where SBS currently has broadcasting assets include: Belgium
(Flanders), Denmark, Finland, Greece, Hungary, The Netherlands,
Norway, Romania and Sweden.  In 2004, it booked revenues of
EUR678.3 million, with total assets of EUR797.0 million.

As reported by TCR-Europe on Aug. 25, Moody's Investors Service
placed the Ba2 Corporate Family Rating of SBS Broadcasting on
review for possible downgrade following an announcement that the
company has entered into a definitive agreement to be acquired by
funds advised by Permira and Kohlberg Kravis Roberts (KKR).

Moody's expects that a successful completion of the acquisition
by Permira and KKR would increase SBS' leverage above the current
level of c. 3x such that SBS' financial profile would no longer
be consistent with the Ba2 rating level.  Moody's rating review
will focus primarily on SBS' financial position, capital
structure and future operational strategy.

CONTACT:  SBS BROADCASTING S.A.
          8-10, rue Mathias Hardt
          L-1717 Luxembourg
          Phone: +352 26 12 15-1
          Fax: +352 26 12 33 01
          Web site: http://www.sbsbroadcasting.com


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


ROYAL SHELL: Remaining 'A' Shares Total 4,007,565,000
-----------------------------------------------------
On 12 October 2005, Royal Dutch Shell plc purchased for
cancellation 1,050,000 'A' Shares at a price of EUR25.84 per
share.  It further purchased for cancellation 250,000 'A' Shares
at a price of 1,774.20 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,007,565,000.

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: Third-quarter Results Out Later this Month
-------------------------------------------------------
Royal Dutch Shell plc will release its third-quarter results and
third-quarter interim dividend announcement for 2005 at 7:30 a.m.
British Summer Time (8:30 a.m. Central European Summer Time and
2:30 p.m. Eastern Daylight Times) on Thursday, October 27 2005.
These announcements will be available on the company Web site.

                        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


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


FJORD LINE: Bailing out Workers to Stop Sinking
-----------------------------------------------
Ferry operator Fjord Line of Bergen is laying off a third of its
workers to avoid bankruptcy, Aftenposten says.

Apparently an earlier cost-cutting measure that succeeded in
saving NOK10 million from each ship is no longer enough.  Now the
company is planning to replace its expensive Norwegian staff with
Danish crew by chartering an Atlantic Traveller vessel to replace
the Jupiter.

Aside from the Jupiter, the Bergen-based company operates two
other ships, offering transportation for passengers, cars and
freight.  These ships, which serve Norway, England, and Denmark,
have 675 crewmembers.  The operation lost NOK37 million last year
and losses are running even bigger this year.

The redundancies will affect 159 workers, according to
Aftenposten.  The company blames weak markets, price pressure and
tough competition from Color Line for its woes.

CONTACT:  FJORD LINE
          Skoltegrunnskaien,
          P.O. Box 7250, N-5020 Bergen
          Phone: +47 55 54 88 00
          Fax: +47 55 54 86 01
          E-mail: FjordLine.uk@FjordLine.com
          Web site: http://www.fjordline.dk/


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


DAEWOO-FSO MOTOR: Sale to AvtoZAZ Finally Happens
-------------------------------------------------
Ukrainian carmaker AvtoZAZ has finally acquired a 19.9 stake in
Daewoo-FSO factories in Warsaw, giving it 84.31% of the voting
rights, Polish News Bulletin says.

The share transfer came after the Office of Competition and
Consumer Protection (UOKiK) finalized a preliminary deal signed
in June between Poland's Treasury Ministry and AvtoZAZ.  The
ministry received a symbolic price of PLN100 for the stock,
considering AvtoZAZ's efforts to avert FSO's bankruptcy and save
jobs.  TCR Europe reported on July 4 that AvtoZAZ had been buying
FSO's debt from creditor banks.  About US$8 million were sold,
according to Millennium Bank.  Daewoo will retain the remaining
shares in FSO.  AvtoZAZ plans to develop a new car model, which
would be released in 2006.

FSO's troubles started after Daewoo Motor went belly up in 2001
and worsened during the Polish car market slump in 2003.  General
Motors Corp. took over Daewoo Motor in 2002, but Daewoo-
FSO was excluded from the transaction.  Daewoo Motors of South
Korea originally owned 80% of the company.

FSO is a leading Polish producer of passenger cars and other
mechanical vehicles, trailers, spare parts and accessories.  It
is located in Warsaw and employs more than 3,000.  Its creditors
are Millennium Bank, Bank Pekao, BPH PBK, Bank Handlowy, ING Bank
Slaski and Kredyt Bank.  As of 2003, it owed these banks PLN591
million.

CONTACT:  DAEWOO-FSO MOTOR
          00-992 Warszawa
          Jagiellonska 88
          Web site: http://www.daewoo.com.pl


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


ANTEY: Deadline for Proofs of Claim Next Week
---------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on close joint stock company
Antey.  The case is docketed as A81-1911/2005.  Ms. L. Lushnikova
has been appointed temporary insolvency manager.  Creditors have
until October 17, 2005 to submit their proofs of claim to 165680,
Russia, Arkhangelsk region, Vilegorskiy region,
Iluinsko-Podomskoye, Sovetskaya Str. 78, Apartment 9.

CONTACT:  ANTEY
          629830, Russia, Yamalo-Nenetskiy autonomous region,
          Gubkinskiy location, R-1B, 56

          Ms. L. Lushnikova
          Insolvency Manager
          165680, Russia, Arkhangelsk region, Vilegorskiy
          region, Iluinsko-Podomskoye, Sovetskaya Str. 78,
          Apartment 9


ATOM-STROY: Smolensk Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
proceedings against Atom-Stroy after finding the limited
liability company insolvent.  The case is docketed as
A-62-2945/2005 (669-N/05).  Mr. B. Yun has been appointed
insolvency manager.  Creditors may submit their proofs of claim
to 129110, Russia, Moscow, M. Ekaterininskaya Str. 17/21.

CONTACT:  ATOM-STROY
          Russia, Smolensk region, Smolensk

          Mr. B. Yun
          Insolvency Manager
          129110, Russia, Moscow,
          M. Ekaterininskaya Str. 17/21


BELEBEEVSKIY AGRO-SNAB: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Belebeevskiy Agro-Snab (TIN 0209003187).  The case is docketed as
A07-13716/05-G-FLE.  Mr. V. Pustovoytov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 143591, Russia,
Moscow region, Istrinskiy region, Pavlovskaya Sloboda,
Oktyabrskaya Str. 37A.  A hearing will take place on December 15,
2005, 2:00 p.m. at the Arbitration Court of Bashkortostan
republic at Russia, Bashkortostan republic, Oktyabrskoy
Revolyutsii Str. 63-a, Room 208.

CONTACT:  BELEBEEVSKIY AGRO-SNAB
          452000, Russia, Bashkortostan republic,
          Belebey, Syrtlanova Str. 3

          Mr. V. Pustovoytov
          Temporary Insolvency Manager
          452000, Russia, Bashkortostan republic,
          Belebey, Krasnaya Str. 125/2, Apartment 50


BOBROV-YULUN: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Voronezh region has commenced bankruptcy
supervision procedure on production company Bobrov-Yulun.  The
case is docketed as A14-7263-2005 62/20b.  Mr. M. Kiskin has been
appointed temporary insolvency manager.

Creditors may send their proofs of claim to 413840, Russia,
Saratov region, Balakovo, Main Post Office, Post User Box 22.  A
hearing will take place on October 20, 2005, 3:00 p.m. (Moscow
time).

CONTACT:  BOBROV-YULUN
          Russia, Voronezh region,
          Bobrov, Gogolya Str. 53

          Mr. M. Kiskin
          Temporary Insolvency Manager
          413840, Russia, Saratov region,
          Balakovo, Main Post Office, Post User Box 22


PORETSK-AGRO-PROM-KHIMIYA: Declared Insolvent
---------------------------------------------
The Arbitration Court of Chuvashiya republic commenced bankruptcy
proceedings against Poretsk-Agro-Prom-Khimiya after finding the
municipal unitary enterprise insolvent.  The case is docketed as
A79-1227/2005.  Mr. V. Alalykin has been appointed insolvency
manager.  Creditors have until November 17, 2005 to submit their
proofs of claim to 610000, Russia, Kirov, Moskovskaya Str. 25a.

CONTACT:  PORETSK-AGRO-PROM-KHIMIYA
          Russia, Chuvashiya republic,
          Poretskoye, Ulyanova Str. 141

          Mr. V. Alalykin
          Insolvency Manager
          610000, Russia, Kirov region,
          Moskovskaya Str. 25a


PROM-ENERGO-STROY-SERVICE: Bankruptcy Hearing Resumes November
--------------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on close joint stock company
Prom-Energo-Stroy-Service.  The case is docketed as
A53-5086/2005-S2-9.  Mr. V. Lyakh has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 344090, Russia,
Rostov-na-Donu, Post User Box 4872.  A hearing will take place on
November 14, 2005, 2:30 p.m.

CONTACT:  PROM-ENERGO-STROY-SERVICE
          347360, Russia, Rostov region,
          Volgodonsk, Romanovskoye Shosse, 12

          Mr. V. Lyakh
          Temporary Insolvency Manager
          344090, Russia, Rostov-na-Donu,
          Post User Box 4872


SEL-KHOZ-KHIMIYA: Insolvency Manager Takes over Business
--------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Sel-Khoz-Khimiya.  The case is docketed as A07-13567/05-G-ADM.
Mr. N. Bortnikov has been appointed temporary insolvency manager.

Creditors have until October 17, 2005 to submit their proofs of
claim to 618553, Russia, Perm region, Solikamsk-13, Post User Box
1780.  A hearing will take place on October 17, 2005, 10:30 a.m.
at the Arbitration Court of Bashkortostan republic at Russia,
Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii Str. 63A,
Room 115.

CONTACT:  SEL-KHOZ-KHIMIYA
          453853, Russia, Bashkortostan republic,
          Meleuz, Salavata Str. 4

          Mr. N. Bortnikov
          Insolvency Manager
          618553, Russia, Perm region,
          Solikamsk-13, Post User Box 1780


TIMASHEVSKIY REFINERY: Succumbs to Bankruptcy
---------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Timashevskiy Refinery after finding the close
joint stock company insolvent.  The case is docketed as
A55-19203/2004-16.  Mr. A. Bespalov has been appointed insolvency
manager.  Creditors have until November 17, 2005 to submit their
proofs of claim to 446412, Russia, Samara region, Kinelskiy
region, Komsomolskiy, Post User Box 1.

CONTACT:  TIMASHEVSKIY REFINERY
          Russia, Samara region, Kinel-Cherkasskiy region,
          Dvor Zavoda Str. 1

          Mr. A. Bespalov
          Insolvency Manager
          446412, Russia, Samara region, Kinelskiy region,
          Komsomolskiy, Post User Box 1


TYUMEN-WOOD: Hires O. Bondarenko Insolvency Manager
---------------------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Tyumen-Wood after finding the open joint
stock company insolvent.  The case is docketed as A-70-951/3-05.
Mr. O. Bondarenko has been appointed insolvency manager.
Creditors have until November 17, 2005 to submit their proofs of
claim to 625008, Russia, Tyumen region, Post User Box 6740

CONTACT:  TYUMEN-WOOD
          Russia, Tyumen region,
          Lunacharskogo Str. 42

          Mr. O. Bondarenko
          Insolvency Manager
          625008, Russia, Tyumen region,
          Post User Box 6740


YUSOVSKAYA: Claims Filing Period Ends Next Week
-----------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on close joint stock company Yusovskaya.
The case is docketed as A28-180/05-242/6.  Mr. A. Kolyshnitsyn
has been appointed temporary insolvency manager.

Creditors have until October 17, 2005 to submit their proofs of
claim to 610014, Russia, Kirov, Shorsa Str. 26-a.  A hearing will
take place on December 27, 2005, 10:00 a.m. at the Arbitration
Court of Kirov region at Russia, Kirov, K. Libknekhta Str. 102,
Room 206.

CONTACT:  YUSOVSKAYA
          612505, Russia, Kirov Region,
          Falenskiy region, Yusovo

          Mr. A. Kolyshnitsyn
          Temporary Insolvency Manager
          610014, Russia, Kirov region,
          Shorsa Str. 26-a
          Phone: (8332) 56-02-45


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


BANK NADRA: Eurobond Assigned 'B-' Long-term Rating
---------------------------------------------------
Fitch Ratings has assigned Dresdner Bank Aktiengesellschaft's
upcoming issue of limited recourse loan participation notes an
expected Long-term 'B-' rating.  The notes are to be used solely
for financing a loan to Ukrainian OJSC Bank Nadra (rated
Long-term 'B-'/Stable Outlook, Short-term 'B', Support '5'
Individual 'D/E') under a loan agreement.  The final rating is
contingent upon receipt of final documentation conforming
materially to information already received.

Dresdner will only pay noteholders amounts (principal and
interest), if any, received from Nadra under the loan agreement.

The loan agreement between Dresdner and Nadra contains a cross
acceleration clause and stipulates that Dresdner's claims under
the loan agreement will rank at least pari passu with the claims
of other unsubordinated creditors, save those preferred by
relevant (bankruptcy, liquidation etc.) laws.  Under Ukrainian
law, the claims of retail depositors rank above those of other
senior unsecured creditors.  At end-2004, retail deposits
accounted for 40% of Nadra's total liabilities, according to the
bank's IFRS accounts.  Other covenants limit mergers and
disposals by Nadra and its subsidiaries, transactions between the
bank and its affiliates, transactions, which are not at fair
market value and payments of dividends.

The loan agreement contains a negative pledge clause, which
allows for a degree of securitization by Nadra.  Were such
transactions to be undertaken, Fitch comments that the nature and
extent of any over-collateralization would be assessed by the
agency for any potential impact on unsecured creditors.

Nadra was founded in 1993, and, following rapid growth after the
adoption of an aggressive expansion strategy in 2002, at end-H105
was the ninth largest bank in Ukraine, with a 2.7% share of
assets.  The bank has a broad corporate and retail franchise,
supported by a nationwide branch network.  Nadra has 6 individual
ultimate shareholders, who do not jointly own significant assets
aside of the bank.

CONTACT:  BANK NADRA
          15 Artema Street
          04053 Kiev, Ukraine
          Phone: +380 44 238 8472
          Fax: +380 44 246 4842
          Web site: http://www.nadrabank.kiev.ua/

          FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          James Watson
          Phone: +7 095 956 9901

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


UKRSOTSBANK: Individual Current, Deposit Accounts Up Almost 45%
---------------------------------------------------------------
As of October 1 2005, Ukrsotsbank has attracted UAH2.91 billion
from individual clients on deposit and currents accounts.

Since the beginning of the year, Ukrsotsbank has increased the
volume of funds allocated by individuals on current and deposit
accounts by almost 45%.  As of October 1 2005, Ukrsotsbank had
UAH2.91 billion in deposits and current accounts placed to the
Bank by individuals.

Not long ago Ukrsotsbank raised individual deposit rates
(starting from September 26, 2005).  UAH deposit rates were
increased by 0.75-5.8%; foreign currency deposit rates were
raised by 0.5-1.65% per annum.

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

                            *   *   *

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

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

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

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

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

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


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


ADRIAN BURROW: Calls in Liquidator
----------------------------------
A. Burrow, chairman of Adrian Burrow Construction Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 21 at The Holiday Inn, Aston Clinton Road,
Aylesbury HP22 5AA.

David A. Butler of Nunn Hayward was appointed liquidator.

CONTACT:  ADRIAN BURROW CONSTRUCTION LTD.
     206 Watford Road, St. Albans
          Hertfordshire AL2 3EB
          Phone: 01727848100


AIM INDUSTRIES: Files for Liquidation
-------------------------------------
N. Boden, chairman of Aim Industries (Inc.) Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 26 at 46 Moorlands Business Centre, Balme Road, Cleckheaton
BD19 4EW.

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

CONTACT:  XL BUSINESS SOLUTIONS LTD.
          Moorlands Business Centre
          Balme Road, Cleckheaton, West Yorkshire BD19 4EW
          Phone: 01274870101


ALL AQUA: EGM Passes Winding-up Resolutions
-------------------------------------------
D. Appleby, chairman of All Aqua Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 29 at St James Building, 79 Oxford Street, Manchester M1
6HT.

R E C Cook of UHY Hacker Young turnaround and recovery, St James
Building, 79 Oxford Street, Manchester M1 6HT was appointed
liquidator.

CONTACT:  ALL AQUA LTD.
          Unit 2 Contech Business Park
          Manch Road, Bolton
          Lancashire BL5 3QJ
          Phone: 01942859111


ASSURED SCAFFOLDING: Goes into Liquidation
------------------------------------------
I. Wood, director of Assured Scaffolding Ltd., (t/a Alpine
Thermal Insulation) informs that resolutions to wind up the
company were passed at an EGM held on Sept. 23 at Meridian House,
62 Station Road, North Chingford, London E4 7BA.

A. J. Clark of Carter Clark, Meridian House, 62 Station Road,
North Chingford, London E4 7BA was appointed liquidator.

CONTACT:  ASSURED SCAFFOLDING LTD.
          20-22 Factory Lane, Croydon, Surrey CR0 3RL
          Surrey/South East England
          Phone: 02086861535


BIOFIL LIMITED: Calls in Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
Company Names: BIOFIL LIMITED
               BIOINNOVATION LIMITED
               D. S. PHARMACEUTICALS LIMITED
               MOVEMENT CONTROL SYSTEMS LIMITED
               TRAVERSALL LIMITED

P. Shennan, the chairman of these companies, informs that special
and ordinary resolutions to wind up the companies held at an EGM
on Sept. 29.  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


BOOST SPORTS: Names Begbies Traynor Liquidator
----------------------------------------------
S. J. Thraves, director of Boost Sports Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 28 at the Thistle Westminster, Buckingham Palace Road,
London SW1W 0QT.

G. W. Rhodes of Begbies Traynor, 2-3 Pavilion Buildings,
Brighton, East Sussex BN1 1EE was appointed liquidator.

CONTACT:  BOOST SPORTS LTD.
          15 Victoria Terrace
          Kingsway
          Hove
          East Sussex
          BN3 2WB
          Phone: 01273 721100


BSI PORTMAN: Liquidator from Milsted Langdon Enters Firm
--------------------------------------------------------
M. F. Derry, the chairman of BSI Portman Limited (Booking
Services International Limited), informs that special resolution
to wind up the company was passed at an EGM held on Sept. 28 at
BSI House, Blackbrook Park Avenue, Taunton, Somerset TA1 2PF.
Timothy Alexander Close of Milsted Langdon, Winchester House,
Deane Gate Avenue, Taunton TA1 2UH was appointed liquidator.

Creditors are required on or before December 25, 2005 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims, and the
names and addresses of their Solicitors (if any) to the
undersigned, Timothy Alexander Close, of Milsted Langdon,
Winchester House, Deane Gate Avenue, Taunton TA1 2UH, the
Liquidator of Company, and, if so required by notice in writing
of their debt or claims.

CONTACT:  MILSTED LANGDON
          Winchester House
          Deane Gate Avenue
          Taunton
          Somerset TA1 2UH
          Phone: 01823 445566
          Fax: 01823 445555
          E-mail: risaacs@milsted-langdon.co.uk


BUSINESSHEALTH GROUP: Meeting of Creditors Set Next Week
--------------------------------------------------------
Company Names: BUSINESSHEALTH GROUP LIMITED
               (Company No 04203127)

               F2 REALISATIONS LIMITED
               (formerly Fitech Limited)
               (Company No 01600681)

               H2 REALISATIONS LIMITED
               (formerly Businesshealth Limited)
               (Company No 03693532)

The creditors of these companies will meet on October 21, 2005 at
12:00 noon.  It will be held at Ernst & Young LLP, PO Box 61,
Cloth Hall Court, 14 King Street, Leeds LS1 2JN.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Robert Hunter Kelly and Garry Wilson of Ernst &
Young LLP, PO Box 61, Cloth Hall Court, 14 King Street, Leeds LS1
2JN not later than 12:00 noon, October 20, 2005.

                            *   *   *

The company was established in 1984.

CONTACT:  BUSINESSHEALTH GROUP LTD.
          7 Duke of York Street
          St James's
          London SW1Y 6LA
          Phone: +44-7004 2500
          Fax: +44-7004 2501
          Web site: http://www.bhgnet.co.uk/

          ERNST & YOUNG
          PO Box 61, Cloth Hall Court
          14 King Street, Leeds LS1 2JN
          Phone: +44 [0] 113 298 2200
          Fax:   +44 [0] 113 298 2201
          Web site: http://www.ey.com


BUZZ RECRUITMENT: Hires Liquidator
----------------------------------
P. Cole, chairman of Buzz Recruitment & Security Ltd., informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 9 at Fergusson House, 124-128 City Road, London
EC1V 2NJ.

C. M. Iacovides of Jeffreys Henry Jacobs, 124-128 City Road,
London ECIV 2NJ was appointed liquidator.  The appointment was
confirmed at a creditors meeting held on 22 September.

Buzz Recruitment is a local provider of Security Services and
general staffing for hospitals, hotels, offices and industrial
sites in the City of London and throughout Essex.  Visit
http://www.buzzrecruitmentandsecurity.co.ukfor more information.

CONTACT:  BUZZ RECRUITMENT & SECURITY LTD.
          Trocoll House
          Wakering Road
          Barking
          Essex
          IG11 8PD
          United Kingdom
          Phone: (020) 8507 9906
          Fax: (020) 8507 9066


CARLTON DRY: Names Administrators from Tenon Recovery
-----------------------------------------------------
Stanley Donald Burkett-Coltman and Duncan Robert Beat (Office
Holder Nos 9181, 8161) Tenon Recovery were appointed joint
administrators of Carlton Dry Cleaning Services Limited (Company
No 04534615) on Sept. 30.  The company's registered office is at
73 Baker Street, London W1U 6RD.

CONTACT:  CARLTON DRY CLEANING SERVICES
          Unit C7 Down,
          Bounds Green Industrial Estate,
          London N11 2UN
          Phone: 02083613714

          TENON RECOVERY
          Sherlock House
          73 Baker Street
          London W1U 6RD
          Phone: 020 7935 5566
          Fax: 020 7935 3512
          E-mail: bakerstreet@tenongroup.com
          Web site: http://www.tenongroup.com


COCHRANE EXECUTIVE: Administrators from P&A Partnership Move in
---------------------------------------------------------------
Robert Michael Young and Ian Michael Rose (Office Holder Nos 7875
and 9144) of Poppleton & Appleby were appointed joint
administrators of Cochrane Executive Jets Limited (Company No
04484171) on Sept. 26.  The company's registered office is at
Poppleton & Appleby, The Old Barn, Caverswall Park, Caverswall
Lane, Stoke-on-Trent, Staffordshire ST3 6HP.  Cochrane Executive
sells and manages aeroplanes.

CONTACT:  THE P&A PARTNERSHIP
          The Old Barn, Caverswall Park, Caverswall Lane
          Stoke on Trent ST3 6HP
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


COLLINS & AIKMAN: Proposes Cross-border Insolvency Protocol
-----------------------------------------------------------
Collins & Aikman Corporation and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Eastern District of Michigan to
approve a cross-border insolvency protocol to facilitate the
efficient administration of their Chapter 11 cases and the
administrative proceedings of their European units.

As previously reported, the Debtors' European units commenced
administration proceedings before the Companies Court of the High
Court of Justice, Chancery Division in London, England in
accordance with the English Insolvency Law.  The English Court
has appointed, among others, Simon Appell and Alastair Beveridge
at Kroll Talbot Hughes, also known as Kroll Ltd., as joint
administrators of the European Debtors.  In an administration in
England, the administrators act for the debtors as their agent
with a fiduciary duty to creditors and parties-in-interest.

Marc J. Carmel, Esq., at Kirkland & Ellis LLP, in New York,
explains that the Protocol will ensure that the counsel, retained
professionals and management for each of the U.S. Debtors and the
European Debtors work cooperatively and effectively with minimal
friction or duplication of efforts.  The Administrators have
approved the Protocol and have had the Protocol approved by the
English Court.

Although the Protocol has not yet been formally approved, the
Debtors have been acting in accordance with the terms of the
Protocol since it was developed on July 15, 2005.  The Official
Committee of Unsecured Creditors has been kept apprised at all
times regarding the development and terms of the Protocol.

Given the complex nature of the Insolvency Proceedings, Mr.
Carmel asserts that a protocol is required to facilitate the
efficient administration of the Debtors' cases.  There are 38
U.S. Debtors and 24 European Debtors, with a total of 23,000
employees and operations covering nearly a dozen countries.  In
addition, having two parallel proceedings with jurisdictional
issues like intercompany creditors and intercompany, cross-border
debt further substantiates the need for a cross-border protocol.

A protocol will help protect the rights of the Debtors and the
Administrators, as well as the rights of creditors and other
interested parties in the United States, England and other
countries.

The terms of the Protocol are designed to:

  (a) promote the orderly and efficient administration of the
      Insolvency Proceedings;

  (b) harmonize and coordinate activities undertaken and
      information exchanged in connection with the Insolvency
      Proceedings;

  (c) honor the independence and integrity of the U.S. and
      English Courts; and

  (d) promote international cooperation and respect for comity
      among the U.S. and English Courts.

Mr. Carmel says that the Protocol is designed to accomplish these
goals while attempting to harmonize certain potentially
conflicting concepts existing under the Bankruptcy Code and
English Insolvency Law.  Mr. Carmel assures the Court that the
Protocol is the result of lengthy discussion and negotiation
between the Debtors and the Administrators to balance the two
different insolvency regimes while continuing to respect the
independent jurisdiction of each of the Courts, all with a view
toward maximizing the value of the Debtors' estates for the
benefit of their creditors and other parties-in-interest.

A full-text copy of the 15-page Protocol is available for free at
http://bankrupt.com/misc/collins_protocol.pdf

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company has
a workforce of approximately 23,000 and a network of more than
100 technical centers, sales offices and manufacturing sites in
17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17, 2005
(Bankr. E.D. Mich. Case No. 05-55927).  When the Debtors filed
for protection from their creditors, they listed $3,196,700,000
in total assets and $2,856,600,000 in total debt.  (Collins &
Aikman Bankruptcy News, Issue No. 15; Bankruptcy Creditors'
Service, Inc., 215/945-7000)

CONTACT:  KROLL EUROPE, MIDDLE EAST & AFRICA
          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


COSTAIN GROUP: GBP92 Million Construction Project Rolls out
-----------------------------------------------------------
Costain Group plc has disclosed that as part of the Kent
Education Partnership consortium (KEP), it has reached financial
close on the GBP92 million Kent Grouped Schools PFI (Private
Finance Initiative) project for Kent County Council.

KEP is made up of Costain Education and Construction Limited,
Bilfinger Berger BOT Limited and William Verry Limited.  Costain
will be responsible for the design and construction of three out
of a total of six schools, with a value of approximately GBP46
million.  Construction on the project commenced this month.

Andrew Wyllie, chief executive of Costain, said: "We are
delighted to have reached financial close on this sizeable
project.  This is the second PFI contract we have secured in the
education sector within the last three months following the
success of our Ealing Schools project announced in July.
Education is a key market for the Group as we continue to focus
on sectors in which we have a well developed skills base and
extensive experience."

                        About the Company

Costain collapsed under heavy debt in the mid-1990s after
venturing into U.S. mining.  It is still trying to recover, with
its first dividend in years expected this year or next.  Its core
U.K. business reported a GBP10.5 million profit last year after
plunging into a EUR5 million loss in 2000.

The company has moved into asset management of water utilities
from civil engineering.  In May, the special resolution approving
the reduction of share capital and cancellation of share premium
account in the Company was approved by the
Companies Court and registered at Companies House.

CONTACT:  COSTAIN GROUP PLC
          Costain House, Nicholsons Walk
          Maidenhead
          SL6 1LN, United Kingdom
          Phone: +44-1628-842-444
          Fax: +44-1628-674-477
          Web site: http://www.costain.com

          Stuart Doughty, Chief Executive
          Charles McCole, Finance Director
          Graham Read, Public Relations
          Phone: 01628 842 444


DAMOVO GROUP: S&P Affirms Notes at 'CCC+'
-----------------------------------------
Standard & Poor's Ratings Services revised its outlook on
U.K.-based telecommunications services provider Damovo Group S.A.
to negative from stable.  At the same time, the 'B' long-term
corporate credit rating on Damovo was affirmed.  Furthermore,
Standard & Poor's affirmed its 'CCC+' long-term rating--two
notches below the corporate credit rating -- and '4' recovery
rating on subsidiary Damovo III S.A.'s EUR350 million ($421
million) senior secured notes.  The '4' recovery rating indicates
our expectation of marginal (25%-50%) recovery for noteholders in
the event of a payment default.

"The outlook revision reflects Damovo's high financial leverage,
and our concerns about the group's recent operating and cash flow
performance, which leave it significantly exposed to shortfall in
its second-half 2005 results," said Standard & Poor's credit
analyst Patrice Cochelin.

The ratings on Damovo continue to reflect the group's limited
size and diversification in the competitive information and
communication technology (ICT) market; aggressive leverage, which
is only partly offset by its sound client portfolio in the public
sector (65% of revenues in 2004); and adequate liquidity. At July
31, 2005, Damovo had about EUR760 million in lease-adjusted debt,
excluding subordinated shareholder loan notes (EUR275 million).

Standard & Poor's remains concerned about Damovo's highly
leveraged financial profile, which could lead to a downgrade if
second-half 2005 results do not show a significant improvement in
EBITDA and free cash flow generation.

"Conversely, the outlook could return to stable in the medium
term if the company meets operating performance expectations,
successfully reduces debt, and transforms its prospective
business into a solid order backlog, particularly in Italy," said
Mr. Cochelin.

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:  DAMOVO UK LIMITED
          Broadlands Business Park
          Langhurstwood Road
          Horsham
          West Sussex RH12 4QP
          United Kingdom
          E-mail: talktous@damovo.com
          Web site: http://www.damovo.co.uk/


DCC (MILTON KEYNES): Hires Administrator
----------------------------------------
Company Names: DCC (MILTON KEYNES) LIMITED
               (Company No 2325613)

               ECHOPOINT LIMITED
               (Company No 263753)

               NEWTON BYRE CONSTRUCTION LIMITED
               (Company No 2442506)


               RICHARD DANIELS (HITCHIN) LIMITED
               (Company No 2073242)

               RICHARD DANIELS HOMES LIMITED
                (Company No 1525708)

Stephen Cork and Anthony Murphy (Office Holder Nos 8627, 8716)
were appointed joint administrators of these companies on Sept.
22.

DCC (Milton Keynes) Limited, Newton Byre Construction Limited and
Richard Daniels Homes Limited are engaged in general construction
and civil engineering while Richard Daniels (Hitchin) Limited
develops and sells real estates.  Echopoint Ltd. is a dormant
company.

CONTACT:  ECHOPOINT LTD.
          70 High Street, Grange House,
          Stotfold, Hitchin,
          Hertfordshire SG5 4LD
          Phone: 01707 879932

          NEWTON BYRE CONSTRUCTION LTD.
          Grange Ho, 70 High St, Stotfold
          Hitchin, Hertfordshire, SG5 4LD
          Phone: 01462 834445

          SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601
          E-mail:  src@smith.williamson.co.uk


EARL (BARTON): Engineering Company Calls in Administrator
---------------------------------------------------------
Gary Steven Pettit and Peter John Windatt (Office Holder Nos
1413, 008611) of BRI Business Recovery and Insolvency were
appointed joint administrators of Earl (Barton) Engineering
Services Limited (Company No 01146507) on Sept. 30.  The
company's registered office is at 100-102 St James Road,
Northampton NN5 5LF.

Earl (Barton) Engineering Services Ltd. has been in the business
since 1973.  The company buys & sells used machine tools, and
advise on applications.  Visit http://www.earlengineering.com/
for more information.

CONTACT:  EARL (BARTON) ENGINEERING SERVICES LTD.
          Unit 2, Wellington Road,
          Sywell, Northampton NN6 0BN
          Phone: 01604 499462
          Fax: 01604 790275
          E-mail: enquiries@earlengineering.com

          BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road,
          Northampton NN5 5LF
          Phone: 01604 754352
          Fax: 01604 751660
          E-mail: pwindatt@briuk.co.uk


EQUITABLE LIFE: Lawyers Attack Settlement Tactics
-------------------------------------------------
Lawyers representing former Equitable Life director David Wilson
have slammed the insurer's move to drop its case against him on
condition that he shoulder his legal costs, said the Telegraph.

Bob Deering, a partner with Ince & Co, said: "If David Wilson had
lost this case, it is difficult to see how any sensible person
would ever again want to be a non- executive director."

He added: "It must be very difficult to wake up every morning for
four years knowing that you are being sued for billions.  I am
just pleased that the bully boy tactics employed by Equitable
have not paid off."

Equitable Life earlier said it has reached settlement terms with
Mr. Wilson and another former director Roger Bowley.  This was
made on the basis that the society discontinues its claims
against them with each side paying its own costs.

Mr. Wilson was a non-executive director of the Society from April
1994 to June 1999.  His legal bill reaches GBP5 million following
the settlement, although the insurer has repaid some costs
incurred earlier.

In a personal statement, he said: "This case has taken out four
years of my life.  The judge said at my strikeout hearing in
October 2003 that my case was "formidable" and "particularly
powerful".  It's a shame that the society and their lawyers
didn't see the writing on the wall then."

On 3 October 2005, Equitable Life abandoned its negligence claim
against former directors Peter Martin and Shaun Kinnis.  In
return, the two have agreed to pay for their own legal fees.
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.

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

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


ESSEX POWER: Files for Liquidation
----------------------------------
I. Holdich, director of Essex Power Tools & Fixings Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 28 at 40-42 High Street, Maldon, Essex CM9 5PN.

Vernon Charles Wright of Vernon Wright & Co, 40-42 High Street,
Maldon, Essex CM9 5PN was appointed liquidator.

CONTACT:  ESSEX POWER TOOLS & FIXINGS
          Unit 1 Bramerton Road
          Hockley
          Essex
          SS5 4AZ
          United Kingdom
          Phone: (01702) 207209
          Fax: (01702) 203228


EURO 21 SOLUTIONS: Appoints Benedict Mackenzie Liquidator
---------------------------------------------------------
F. G. Callow, chairman of Euro 21 Solutions Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 27 at the Bridgewood Manor, Bridgewood Roundabout,
Walderslade Woods, Chatham, Kent ME5 9AX.

Julie Patricia Vahey of Benedict Mackenzie, 5-6 The Courtyard,
East Park, Crawley, West Sussex RH10 6AG was appointed
liquidator.  The appointment was confirmed at a creditors meeting
held on the same day.

CONTACT:  EURO 21 SOLUTIONS LTD.
          Dorset Road
          Sheerness
          ME12 1LP Kent
          Phone: 01795 587800
          Fax: 01795 587811


EUROTREND FURNITURE: Collapses into Liquidation
-----------------------------------------------
G. Strange, chairman of Eurotrend Furniture (UK) Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 28 at 46 Moorlands Business Centre, Balme Road,
Cleckheaton BD19 4EW.

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

CONTACT:  EUROTREND FURNITURE LTD.
     10a Greenroyd Mill, High Street, Keighley, West
          Yorkshire BD20 7NG
          Phone: 01535634123


FEDERAL-MOGUL: Inks Agreements to Amend Plan of Reorganization
--------------------------------------------------------------
Federal-Mogul Corporation (OTCBB:FDMLQ) and various of its
constituencies in the Chapter 11 proceedings previously reached
agreement with the United Kingdom Administrators of
Federal-Mogul's U.K. affiliates.  The result of the agreement
will allow
Federal-Mogul to retain the businesses and other assets of its
U.K. affiliates in exchange for monetary amounts and reserves
that will be used by the Administrators to provide a distribution
to U.K. creditors.

In conjunction with the U.K. Settlement Agreement, at the omnibus
hearing dated September 29, 2005, the Debtors delivered to the
Bankruptcy Court two agreements that reflect the terms of
amendments that will be made to the Third Amended Joint Plan of
Reorganization:

(a) A Term Sheet entered into by Federal-Mogul, the other
    Plan Proponents and High River Limited Partnership; and

(b) A Letter Agreement between Carl Icahn and the Official
    Committee of Unsecured Creditors relating to the Term Sheet
    and certain corporate governance in the reorganized Federal-
    Mogul.

                          The Term Sheet

The Term Sheet provides that the Asbestos Trust to be created
under the Plan and Section 524(g) of the Bankruptcy Code will:

(a) obligate itself to make a payment to the reorganized
    Federal-Mogul, or pay a portion of the stock in the
    reorganized Federal-Mogul to be issued to the Trust, for the
    agreed amounts that will be used by the Administrators as
    distributions on account of the U.K. asbestos personal
    injury claims pursuant to the U.K. Settlement Agreement; and

(b) grant an option for the purchase of the remaining stock of
    the reorganized Federal-Mogul that will be issued to the
    Asbestos Trust under the Plan.

The Asbestos Trust will issue to Federal-Mogul a US$125 million
note that matures 10 business days after the Effective Date of
the Debtors' Plan.

On the Maturity Date, in exchange for the Note, the Trust will
pay 13.88% of the Trust's distribution of stock obtained from
Federal-Mogul pursuant to the Plan -- the distribution being
50.1% of the reorganized Federal-Mogul stock -- in complete
satisfaction of the Note; provided, however, that:

   -- 32% of the 13.88% of the stock will be held in escrow by
      Federal-Mogul; and

   -- after resolution of claims filed by (i) Chester Street
      Insurance Holdings Limited, (ii) Chester Street Employers
      Association Limited, (iii) QBE Insurance Company (UK)
      Limited, (iv) all or any shipyard companies insured by the
      entities, and (v) any employee or employees of those
      insured shipyard companies and (vi) the Financial Services
      Compensation Scheme from a EUR22,000,000 reserve
      established under the U.K. Settlement Agreement, if any
      amount is returned to Federal-Mogul pursuant to the U.K.
      Settlement Agreement, Federal-Mogul will return an
      equivalent amount of the escrowed stock to the Trust.

Mr. Icahn will be granted a call on the remaining stock held by
the Asbestos Trust.  The Call will expire on the 60th day after
the Effective Date, provided however that if the schemes of
arrangement or company voluntary arrangements are not yet
approved then the Call Period will be extended to the earlier of
July 31, 2006, or the Effective Date of the Schemes or CVAs.

In the event Mr. Icahn exercises the Call option, upon resolution
of the Chester Street claims, the Federal-Mogul stock held in
escrow will be offered to Mr. Icahn for cash consideration on the
same terms as the Call stock.  If Mr. Icahn, on the other hand,
declines, then the Asbestos Trust can sell the stock in the
market, subject to regulatory and contractual compliance.

At the expiration of the Call Period and in the event that Mr.
Icahn does not exercise the Call, Mr. Icahn will provide the
Asbestos Trust with a $100 million term facility secured by the
remaining shares of common stock of Federal-Mogul held by the
Asbestos Trust.  The common stock will have a quarterly interest
payable at LIBOR plus 100 bps (not to exceed 5.5%) that matures
four years from the Effective Date.

If Mr. Icahn exercises the Call then he will pay to the Asbestos
Trust $775 million consisting of:

   * $375 million in cash; and

   * $400 million note payable in equal quarterly installments
     beginning in year three maturing 7 years from the date of
     issuance with interest payable quarterly at LIBOR plus 100
     bps (not to exceed 5.5%).

The Icahn Note will be issued by High River or American Real
Estate Partners LP, and the Asbestos Trust will be entitled to
receive from time to time, at its request, information to assure
itself of High River's or AREP's ability to satisfy the Icahn
Note.

In the event that Mr. Icahn exercises the Call and the claims of
Cooper Industries, Inc., against Federal-Mogul and its affiliates
have not been settled, released and resolved pursuant to the Plan
then the indemnification obligations of the Asbestos Trust
relating to the Cooper Claims will be secured by the Icahn Note.

All proceeds, including interest received from the Icahn Note
will be paid to Federal-Mogul until any amounts paid by Federal-
Mogul or any of its affiliates on account of the Cooper Claims
are repaid in full.

Until the Cooper Payments are repaid in full, after 45 days, they
will accrue interest at 15%.  If at any time all incurred Cooper
Payments have been repaid in full, but the Cooper Claims have not
been fully satisfied, a portion of  the proceeds, including
interest, received from the Icahn Note will be paid to the
Asbestos Trust subject to an appropriate reserve for expected
future Cooper Payments.

The obligations under the Term Sheet will take effect on the
Effective Date of Federal-Mogul's Third Amended Plan.

A full-text copy of the Term Sheet is available at no charge at:

     http://bankrupt.com/misc/FMOTermSheet.pdf

                      The Letter Agreement

The Creditors Committee informed Mr. Icahn of their willingness
to execute the Term Sheet on the condition that Mr. Icahn and his
affiliates support the amendments to the Third Amended Joint Plan
of Reorganization and related Plan Documents.  Mr. Icahn agreed.

The terms of the Letter Agreement provides that:

(a) The Creditors Committee will designate Neil Subin as one of
    the initial members of the reorganized Federal Mogul's
    board of directors.  Mr. Icahn's exercise of the Call
    option under the Term Sheet will be deemed his and his
    affiliates' agreement to vote all of their common equity
    interests in Reorganized Federal Mogul in favor of Mr.
    Subin at all shareholders' meetings so that Mr. Subin
    remains a director during the period from and after the
    Effective Date until at least the second anniversary of the
    Effective Date.  If at any time during the Term Reorganized
    Federal Mogul's directors are to be elected by written
    consent in lieu of a meeting of shareholders, Mr. Icahn and
    his affiliates will deliver their consents in favor of Mr.
    Subin;

(b) Federal-Mogul will be a mandatory reporting company under
    Section 12 of the Securities Exchange Act of 1934, as
    amended.  If Mr. Icahn exercises the Call option, he and
    his affiliates will not support any action that will cause
    Reorganized Federal-Mogul not to continue, during the Term,
    to be a mandatory reporting company under the Securities
    Exchange Act, with respect to the Class A stock to be
    issued pursuant to the Plan;

(c) Should Mr. Icahn exercises the Call and, thereafter, it is
    proposed that Reorganized Federal-Mogul would engage,
    during the Term, in any transaction other than in the
    ordinary course or of a de minimis nature to Federal-Mogul
    with Mr. Icahn or one of his affiliates, Mr. Icahn agrees
    that as a prerequisite to the consummation of any Icahn
    Transaction, Federal-Mogul will obtain an opinion from an
    investment banking firm of national repute to the effect
    that the transaction is fair, from a financial point of
    view, to Federal-Mogul and its common equity holders.

    If requested by Mr. Subin, in his capacity as a director,
    Federal-Mogul will select an investment banking firm from
    among a list of five firms furnished to Federal-Mogul by
    Mr. Subin.  If none of those firms is acceptable to Federal-
    Mogul then, in that event, Federal-Mogul and Mr.
    Subin will each select an investment banking firm and that
    firm will select a third investment banking firm for the
    purpose of delivering the Opinion; and

(d) During the Term, if Mr. Icahn and his affiliates will sell
    or otherwise dispose of more than an aggregate of 40% of
    the aggregate common equity interests of his and his
    affiliates in Reorganized Federal-Mogul immediately after
    exercising the Call, other than through public open
    market sales, then that kind of sale or disposition will
    not be consummated until Mr. Icahn have caused the
    purchaser to afford each of Reorganized Federal Mogul's
    minority common equity holders the right to sell or dispose
    of their common equity interests to that purchaser on the
    same terms and conditions, including price and proportion
    of ownership, as would have been negotiated by Mr. Icahn
    and his affiliates with that purchaser.

A full-text copy of the Letter Agreement is available at no
charge at http://bankrupt.com/misc/LetterAgreement.pdf

              Agreements Draw Debtors Closer to Exit

The agreements represent one of the most significant steps toward
emergence from Chapter 11 in the U.S. and Administration in the
U.K., Federal-Mogul Chairman President and Chief Executive
Officer Jose Maria Alapont said in a press release issued on
September 30.  "We are pleased with the support and collaboration
in the recent months from Mr. Icahn, our Plan Proponents and
stakeholders.  We will welcome Mr. Icahn's potential increased
stake in the emerging and reorganized Company," he said.

Mr. Icahn said in a statement that he was "extremely pleased by
the settlement agreement among the parties and was gratified that
he was able to lend assistance to the settlement process."  He
further stated that he looked forward to the company's early
emergence from Chapter 11, "especially at a time when it appeared
that other companies in the auto parts industry were moving in
the opposite direction."

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some US$6
billion.  The Company filed for chapter 11 protection on Oct. 1,
2001 (Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed US$10.15 billion in
assets and US$8.86 billion in liabilities.  At Dec. 31, 2004,
Federal-Mogul's balance sheet showed a US$1.925 billion
stockholders' deficit.  At Mar. 31, 2005, Federal-Mogul's balance
sheet showed a US$2.048 billion stockholders' deficit, compared
to a US$1.926 billion deficit at Dec. 31, 2004.  Federal-Mogul
Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill,
Bradford. (Federal-Mogul Bankruptcy News, Issue No. 94;
Bankruptcy Creditors' Service, Inc., 215/945-7000)

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


GAVIN FILM LIMITED: Names Joint Liquidators
-------------------------------------------
W. D. Gavin, chairman of Gavin Film Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 26 at The Mary Sumner House, 24 Tufton Street, London SW1P
3RB.

Graham P. Petersen and Julie P Vahey of Benedict Mackenzie, 5-6
The Courtyard, East Park, Crawley, West Sussex were appointed
Joint Liquidators.

Gavin Film helps producers get their feature films financed and
sold.

CONTACT:  GAVIN FILM LTD.
          66/66 Dean Street
          London
          W1D 4PL
          United Kingdom
          Phone: 020 8432 2327
          Mobile: 07753 741 693
          Fax: 020 7437 3903


GOSHAWK INSURANCE: Unit Fined GBP220,000 by FSA
-----------------------------------------------
GoshawK Insurance Holdings plc has disclosed that GoshawK
Syndicate Management Limited (GSML), a wholly owned subsidiary of
the Company that was previously responsible for the management of
Syndicate 102 at Lloyd's, has been fined by the Financial
Services Authority.  The fine is in relation to certain breaches
of the FSA's Principles for Business and of the FSA's rules on
Senior Management Arrangements, Systems and Controls module of
the FSA handbook during 2002 and 2003.

GoshawK's current senior management was not responsible for the
breaches and has been open and cooperative with the FSA during
the FSA's investigations.  The Company has also received written
confirmation from Lloyd's that it will not bring disciplinary
procedures against GSML in respect of the matters the subject of
the FSA fine.

The FSA has imposed a fine of GBP220,000 on GSML, which was fully
provided for in GoshawK's 2004 accounts.  GoshawK has not
admitted any liability in paying the fine.

                        About the Company

GoshawK Insurance Holdings plc is a London-based holding company
which, through its subsidiary Rosemont Reinsurance Limited,
underwrites specialist reinsurance business for its clients
internationally.

For the year ended 31 December 2004, it reported loss after tax
of US$3 million compared to a loss after tax of US$108 million a
year earlier.  Together with reserve movements of US$4 million,
this represented a decrease of US$7 million in net assets, which
stand at US$172 million.

On September 6, GoshawK announced its preliminary net loss
estimate.  Since then, market loss estimates have nearly doubled
causing the company to increase its gross loss estimate by 30%
from US$99 million to US$130 million.  This resulted in an
increased net loss estimate for Katrina from a range of US$25
million to US$30 million to a revised total of US$60 million.

CONTACT:  GOSHAWK INSURANCE HOLDINGS PLC
          52 Jermyn Street
          London SW1Y 6LX
          Phone: +44 (0) 20 7499 2355
          Fax: +44 (0) 20 7491 7247
          Web site: http://www.goshawk.co.uk


HANTONS LIMITED: Appoints Joint Liquidators
-------------------------------------------
D. M. Hanlon, chairman of Hantons Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Sept. 29 at
Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS.

Geoff Robbins and Neil Richard Gibson of CBA, Lichfield Place,
435 Lichfield Road, Aston, Birmingham, B6 7SS were appointed
Joint Liquidators.

CONTACT:  HANTONS LTD.
          Phone: 020 89932002
          239 High St, London, W3 9BY


HI TECH WELDING: Administrators Take over Business
--------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price (Office Holder Nos 8711,
8778) of Moore Stephens Corporate Recovery were appointed joint
administrators of Hi Tech Welding Limited (Company No 04179566)
on Sept. 22.

Hi-Tech Welding Ltd. fabricates heat and corrosion resistant
alloys, serving the petrochemical, oil, gas, process, water and
pharmaceutical industries.  Visit http://www.hi-techwelding.biz/
for more information.

CONTACT:  HI-TECH WELDING LTD.
          Derby Street
          Burton on Trent
          Staffordshire DE14 2LH
          United Kingdom
          Phone: +44 (0) 1283 568444
          Fax: +44 (0) 1283 568777
          E-mail: htw@hi-techwelding.biz

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


HYPERION PROJECT: Directors Propose Voluntary Arrangement
---------------------------------------------------------
Durham-based building company Hyperion Project Management has
gone into voluntary administration, according to The Northern
Echo.

More than 200 creditors, who are owed about GBP800,000, were
called on Monday to decide on a Company Voluntary Arrangement
proposed by directors Dave and Steven Lines.  The rescue plan
would allow them to keep on trading after paying creditors 38p
for every GBP1 owed to creditors, the report said.

A document issued by insolvency practitioners at Tait Walker, of
Newcastle, and accessed by The Northern Echo, says the company's
assets are only its office equipment.  It also said Hyperion met
problems on a number of projects and lost money through
inefficiency, delays and lack of control over purchasing.  One of
these projects is the GBP1 million luxury development at Barton,
near Richmond, whose drain flunked accepted standards in January.
North Yorkshire County Council also refused to adopt the roads.
The conflict remains unresolved.

The company is part of the Hyperion Group that operates in
Finchale Road.  It was formed in 2002.  It employs its own
workforce instead of using sub-contractors.  The company won a
contract earlier this year to work on a GBP5 million development
at the former St Anne's School, in Wolsingham, County Durham.

CONTACT:  TAIT WALKER
          Bulman House
          Regent Centre
          Gosforth
          Newcastle Upon Tyne
          NE3 3LS
          Phone: 0191 285 0321
          Fax: 0191 284 9117
          DX 60368 Gosforth

          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk/


IMH CONSTRUCTION: Calls in Administrator from X L Business
----------------------------------------------------------
Jeremy Nicholas Bleazard (Office Holder No 009354) of XL Business
Solutions Limited was appointed administrators of IMH
Construction Limited (Company No 04594155) on Sept. 15.

CONTACT:  IMH CONSTRUCTION LTD.
          Mr. Paul Robinson
          Marriott House
          Marriott Road
          Swinton
          Mexborough
          5th Yorks S64 8AF
          Phone: 01709 577121
          E-mail: paul.robinson@imhconstruction.com
          Web site: http://www.imhconstruction.com/

          X L BUSINESS SOLUTIONS LTD.
          46 Moorlands Business Centre
          Balme Road
          Cleckheaton BD19 4EW
          West Yorkshire
          Phone: 01274 870 101
          Fax: 01274 870 606
          E-mail: jbleazard@XLBS.co.uk


JARVIS PLC: To Keep Council Services Business
---------------------------------------------
Jarvis plc's council services business Herefordshire Jarvis
Services (HJS) will be retained as part of the Group's core
operations.

In July 2005, Jarvis announced that it was discussing the sale of
its highways maintenance business to Accord plc, which
potentially included HJS.  As agreement had not been reached on
the sale price, Jarvis plc has chosen to retain and grow
HJS.

Improvements made by HJS in its delivery of a broad range of
council services to Herefordshire County Council, and the
completion of the Group's financial restructuring, has enabled
Jarvis plc to review HJS as a business model with growth
opportunities.

In line with its stated strategy, Jarvis plc will complete its
contractual obligations within the Optima and Solihull contracts,
and it has exited from other highways maintenance-specific
operations.

In addition to the Herefordshire Jarvis business, Jarvis' road
division under its Prismo brand name manufactures and applies
road markings and specialized road surfacing as well warehousing
and distributing road safety products.

                        About the Company

Jarvis plc operates in a number of markets delivering solutions
for the public sector, specifically rail services, road
maintenance and products, and plant hire operations.  Based in
York, Jarvis has over 3,000 employees across a nationwide network
of facilities.

With the Admission of the Placing Shares on Sept. 29, it has
completed its financial restructuring plan that was announced on
27 May 2005 and approved by Shareholders on 4 August 2005.  The
restructuring involved GBP378 million of the Company's
liabilities exchanged for new equity; GBP50 million of new equity
capital raised through a Placing and Open Offer; and GBP38.5
million of Additional Funding Facilities secured.

The Directors believe that the successful completion of the
restructuring announced on 12 July and the continuation of the
Group's strategy of focusing on the core businesses of Rail Plant
and Road, aligned with further cost saving measures and exit from
or stabilization of the non core activities of construction and
FM, will provide a much improved base from which to develop the
business.

CONTACT:  JARVIS PLC
          Meridian House
          The Crescent
          York
          YO24 1AW
          Phone: +44-20-7017-8000
          Fax: +44-20-7017-0083
          Web site: http://www.jarvisplc.com


J. A. TAILORS: Calls in Liquidator from DTE Leonard
---------------------------------------------------
S. P. Dance, director of J. A. Tailors Limited, informs that a
resolution to wind up the company were passed at an EGM held on
Sept. 28 at Holiday Inn Guildford, Egerton Road, Guildford,
Surrey GU2 7XZ.  A. Clifton of DTE Leonard Curtis, 85-89 Colmore
Row, Birmingham B3 2BB was appointed liquidator.

CONTACT:  J. A. TAILORS LTD.
          10 London Rd
          Guildford
          Surrey
          Phone: 01483 571218


LEARNING DYNAMIX: Creditors Meeting Set Next Week
-------------------------------------------------
Creditors of Learning Dynamix Limited (Company No 03469280) will
meet on October 20, 2005, 10:30 a.m. at Tait Walker, Bulman
House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Gordon S. Goldie and Allan D. Kelly, joint
administrators at Tait Walker, Bulman House, Regent Centre,
Gosforth, Newcastle upon Tyne NE3 3LS not later than 12:00 noon,
October 19, 2005.

CONTACT:  TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


LENVAL ESSEX: Appoints Administrators from Moore Stephens
---------------------------------------------------------
Simon G. Paterson and David R. Elliott (Office Holder Nos 6856
and 1141) of Moore Stephens LLP Lenval Essex Limited (Company No
1704753) were appointed joint administrators of Lenval Essex on
Sept. 29.  The company is engaged in asbestos removal and
insulation.

CONTACT:  LENVAL ESSEX LTD.
          KT House
          Stanhope Industrial Park
          Stanford le Hope SS17 0EH
          Essex
          Phone: 01375 640344
          Fax: 01375 640331

          MOORE STEPHENS CORPORATE RECOVERY
          Victory House
          Admiralty Place
          Chatham Maritime
          Kent ME4 4QU
          Phone: +44 (01634) 895100
          Fax: +44 (01634) 895101
          Web site: http://www.moorestephens.com


M.A.M TEXTILES: Bond Partners Takes over Helm
---------------------------------------------
T. Papanicola (Office Holder No 005496) of Bond Partners LLP was
appointed administrator of M.A.M Textiles Limited (Company No
03154953) on Sept. 26.  The company's registered office is at The
Grange, 100 High Street, London N14 6TG.  M.A.M sells textiles.

CONTACT:  MAM TEXTILES LTD.
          100, Commercial Road
          London E1 1NU
          Phone: 02074811777

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


MAN GROUP: U.S. SEC Probes Cayman Hedge Fund
--------------------------------------------
FTSE 100 company Man Group plc is facing investigations by the
U.S. Securities and Exchange Commission on alleged cover-up of
losses at a collapsed Cayman Islands hedge fund, reports say.

Clark Hodgson, receiver of Philadelphia Alternative Asset
Management (PAAM), charges the group's brokerage business, Man
Financial, of operating an unauthorized bank account for PAAM's
manager.  He said Paul Eustace dumped his losing bets on the
commodity markets on the account.

Man Financial allegedly hid this account from investors and the
fund's administrator, the Swiss bank UBS, despite losses reaching
US$175 million.  Mr. Hodgson named senior broker Thomas Gilmartin
in Man's New York office as Mr. Eustace's "main contact."  He
also said the group has refused to disclose documents.

Man denied the claim and added it is cooperating with the
investigation.  It suspended Mr. Gilmartin last week and launched
its own internal investigation.  It said it does not agree in a
number of interpretations made by the receiver
in his investigation.  Man has not been charged with any offense,
but investors are now contemplating a multi-million-pound claim.

According to The Guardian, Mr. Gilmartin and Mr. Eustace may have
known each other for about 20 years.  They both attended Wharton
business school at the University of Pennsylvania in the 1980s.
Man is worth GBP5 billion and has US$44 billion in assets under
management.

CONTACT:  MAN GROUP PLC
          Sugar Quay
          Lower Thames Street
          London EC3R 6DU
          England
          Phone: + 44 20 7144 1000
          Fax: + 44 20 7144 1923
          E-mail: investor@mangroupplc.com
          Web site: http://www.mangroupplc.com


MARKS & SPENCER: Ex-chairman Fined EUR3,750
-------------------------------------------
A Paris court has fined former Marks & Spencer Chairman Luc
Vandevelde EUR3,750 for breaching local laws on staff
consultation when the firm closed stores four years ago.

According to the Financial Times, five other former M&S
managers -- David Norgrove, Clive Nickolds, Marc Bauwens, Patrick
Anglaret and Irene Garconnat -- escaped without a fine.

As part of M&S' strategy to divert operation from continental
Europe, the company pulled out of France in 2001.  The move
angered workers and government officials, and disappointed
clients.  M&S cited low demand for its products.

On Tuesday, the company said: "We are pleased that the French
court has discharged five of the six employees.  Luc Vandevelde
is now considering whether or not to appeal.  If he decides to
appeal we will continue to support him in the legal action
because we have always believed that we complied with all the
relevant European legislation."

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


MELODY LANE: Names David Rubin Liquidator
-----------------------------------------
L. M. Cheung, chairman of Melody Lane Limited, informs that a
resolution to wind up the company were passed at EGM held on
Sept. 28 at the offices of David Rubin & Partners, 1st Floor,
26-28 Bedford Row, London WC1R 4HE.  Paul Appleton of David Rubin
& Partners, 1st Floor, 26-28 Bedford Row, London WC1R 4HE was
appointed liquidator.

CONTACT:  MELODY LANE LTD.
          42-43 Bedford Row
          London WC1R4JL
          Phone: 0171 491 2655


MOONRAKER FORKLIFTS: Calls in Joint Liquidators
-----------------------------------------------
Moonraker Forklifts Limited informs that a resolution to wind up
the company was passed at an EGM held on Sept. 28 at Chapel
House, Westmead Drive, Westlea, Swindon, Wiltshire SN5 7UN.  John
Michael Munn and Joseph Gordon Maurice Sadler of Elwell Watchorn
& Saxton LLP, 109 Swan Street, Sileby, Leicestershire LE12 7NN
were appointed joint liquidator.

CONTACT:  MOONRAKER FORKLIFTS LIMITED
          Unit 1
          Chelworth Lodge
          Cricklade
          Wiltshire
          SN6 6HB
          Phone: 01793-752333
          Fax: 01793-752444
          Web site: http://www.moonraker-forklifts.co.uk/


NETWORK RAIL: Needs GBP4 Billion to Modernize Railways
------------------------------------------------------
Network Rail plans to launch an ambitious multi-billion-pound,
ten-year modernization scheme for its stations.  The company has
identified the need for up to GBP4 billion of additional
private-partner investment in stations across the network.  This
program will enhance capacity at stations, improve facilities and
provide opportunities for commercial development.

While the primary focus of the company remains the operation of
Britain's railway infrastructure, Network Rail is now looking for
partners with expertise to help take forward the first wave of
stations to be redeveloped under these joint-venture schemes.

Major London Stations

In addition to the advanced plans already announced for King's
Cross and Paddington, Network Rail will go to market on proposals
for Euston and Victoria by the end of this year, shortly followed
by Waterloo.  These are prime development sites -- Euston has a
comparable area to Canary Wharf -- and there is huge scope for
development opportunities, whether retail, offices or even
residential.

Larger Regional Stations

Up to 50 larger regional stations -- owned by Network Rail but
managed by train operating companies -- have been recognized as
needing upgrades, to increase capacity and/or improve facilities.
Many of these are Victorian structures and are struggling to cope
with the highest level of passenger numbers since the 1960s and
greater public expectations for facilities.  Redevelopment
schemes, again with private-partner investment of stations such
as these can drive regeneration as gateways to Britain's towns
and cities.

Hundreds of Small Stations Across the Network

At smaller stations all over the country, instead of previous
piecemeal upgrades, Network Rail plans to bundle sites together
into clusters and offer them as attractive packages to single
developers.  This will enable a wider range of facilities to be
introduced along a whole line of route ensuring that stations of
any size across the network will better cater to passengers'
needs.

       Comment of Network Rail Chief Executive John Armitt

With punctuality improving and new trains on much of the network,
public perception of the railway is rising all the time.
Stations are the 'shop window' of the railway and are next in
line for investment and modernization.

Our plans may well be ambitious, but they fuse imagination with
reality in order to leverage additional private capital into
improving our assets.  This will result in upgraded facilities
that passengers rightly demand and, for commercial partners, the
right to exploit some of Britain's most landmark development
sites.

With the greatest number of people using the railways in four
decades, public expectation of first-class facilities at stations
is increasing.  Our schemes aim to achieve just that."

                        About the Company

Railtrack went into administration in 2001 after the government
withdrew funding for the company whose reputation was wrecked by
a fatal crash in 2000 at Hatfield.  Mr. Justice McKay imposed
fines of GBP3.5 million on Network Rail (which assumed
Railtrack's liabilities), after finding it guilty of health and
safety offences associated with the Hatfield crash.

Shareholders are suing the government for "misfeasance of
justice" and a breach of human rights to recover GBP157 million.
The case ("Geoffrey Rutherford Weir and ors. v. The Secretary of
State for Transport HC03CO4185") is pending before the high court
of Mr. Justice Lindsay.  Jonathan Sumption is spearheading the
government's defense.  Geoffrey Weir is the shareholders' lead
claimant.  Keith Rowley QC is the shareholders' barrister.  The
investors are acting together as The Railtrack Private
Shareholders Action Group (RPSAG).

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


REGAL PETROLEUM: Wins Case Filed by Former JV Partner
-----------------------------------------------------
Directors of Regal Petroleum plc have disclosed that the Kiev
Court of Appeal has ruled in favor of Regal and dismissed the
appeal brought by Chernihivnaftogasgeologia, thus upholding the
original decision of the Poltava Court with respect to the
distribution of assets within their former joint venture.

In June 2004, the exploration/pilot production licenses in which
Regal had a 75% interest expired.  Subsequently, Regal was
awarded a 100% interest in two 20-year production licenses.
Contemporaneously with the expiration of the exploration/pilot
production licenses, the joint venture arrangement Regal had with
Chernigivnaftogasgeologia also expired.

In the course of the dissolution of the joint venture, an action
was brought before the local Poltava Court in order to distribute
the assets of the joint venture to the partners.  In August 2005,
the Poltava Court ruled that the physical assets of the joint
venture be distributed to Regal and that
Chernigivnaftogasgeologia be compensated for the value of its 25%
interest in the joint venture.

Subsequently, Chernigivnaftogasgeologia lodged an appeal with the
Kiev Court of Appeal contesting the earlier decision.  On 11
October 2005, the Kiev Court of Appeal delivered its decision to
dismiss the appeal and uphold the original decision of the
Poltava Court.

Rex Gaisford, chief executive officer, said: "We are very pleased
with this decision which concludes the dissolution of the joint
venture.  It also demonstrates that the court process within
Ukraine is able to enforce internationally recognized business
principles for foreign companies.  We remain committed to our
business in Ukraine and to developing what we believe are
world-class assets."

                        About the Company

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

Frank Timis, who served as executive chairman until he stepped
down in June, established the company in 1996.  He resigned as
the company's annual losses quadrupled.  For the year ending
December 31, losses amounted to US$13.7 million, up from US$2.9
million a year earlier.

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

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


RENTOKIL INITIAL: Board Vows to Block Sir Gerry's Appointment
-------------------------------------------------------------
A bitter fight is expected should Sir Gerry Robinson try to
install himself as executive chairman of Rentokil Initial plc,
The Telegraph says.

The rat-catching group is likely to pounce on Sir Gerry's former
stint as Granada boss, whose failed investments resulted in
losses and writedowns at ITV Digital between 1998 and 2002.
Rentokil's board is unconvinced with his ability to turn the
company around.  Sir Gerry and his Raphoe Management vehicle have
until Monday to table an offer for Rentokil.

One analyst said: "Rentokil has said it could spend the thick end
of GBP20 million on advisers' fees.  They're bound to be running
the numbers on Gerry."

Rentokil declined to comment.  Its financial advisers are
Greenhill and UBS.  PricewaterhouseCoopers serves as its
accountant, its lawyers are from Freshfields.

Sir Gerry could stray from the conditions of his original offer
and, instead of bidding, use his stake in Franklin Templeton to
call for an extraordinary general meeting.  Franklin Templeton,
which publicly supports Sir Gerry, is Rentokil's biggest
investor.  At the meeting, shareholders could be made to choose
between Sir Gerry and current Chief Executive Doug Flynn.

In September, Rentokil's board said "the substance of Raphoe's
proposal seems simply to install a new executive chairman at
significant cost plus executive remuneration and a share of any
capital return."  It added: "Executive rewards of that scale and
without any performance hurdles -- as Raphoe proposes -- do not
meet the corporate governance and remuneration standards
supported by the board."

Rentokil also finds it hard to see why Sir Gerry should get a
significant stake in Rentokil without injecting any amount into
the company himself.  It also stressed that "Raphoe's proposal
contained no suggestion as to what operational plans Sir Gerry
thinks he can implement that the current management cannot."  Sir
Gerry's intention to appoint himself as executive chairman also
ignores the fact that Rentokil already has a new chief executive
and finance director whose appointments were based on "best
governance practice," it said.

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com
          RAPHOE MANAGEMENT LTD.
          Sir Gerry Robinson
          c/o Cubitt Consulting
          Phone: 020 7367 5100

          GREENHILL & CO.
          56-58 Conduit Street
          London W1S 2YZ
          United Kingdom
          Phone: +44 20 7440 0400
          Fax: +44 20 7440 0500
          Web site: http://www.greenhill-co.com

          UBS FINANCIAL SERVICES INC.
          1285 Avenue of the Americas
          New York, NY 10019
          Phone: 212-713-2000
          Fax: 212-713-9818
          Web site: http://financialservicesinc.ubs.com

          PRICEWATERHOUSECOOPERS LLP
          1 Embankment Place
          London
          WC2N 6RH, United Kingdom
          Phone: +44-20-7583-5000
          Fax: +44-20-7822-4652
          Web site: http://www.pwcglobal.com/uk

          FRESHFIELDS BRUCKHAUS DERINGER
          65 Fleet St.
          London
          EC4Y 1HS, United Kingdom
          Phone: +44-20-7936-4000
          Fax: +44-20-7832-7001
          Web site: http://www.freshfields.com/en.asp


ROBERT WISEMAN: To Unveil Interim Figures November
--------------------------------------------------
Robert Wiseman Dairies plc will release its interim results for
the six months ended 1 October 2005 on Wednesday, 9 November
2005.  A presentation to analysts will take place at 9:30 a.m. at
Investec Securities' Offices, 2 Gresham Street, London, EC2V 7QP.

                        About the Company

Robert Wiseman Dairies procures, produces and delivers liquid
milk to customers throughout Great Britain.  Operating from five
major processing dairies in Aberdeen, East Kilbride, Glasgow,
Manchester and Droitwich Spa, the Company had turnover of
GBP489.17 million and profit of GBP24.68 million as of February
4, 2005.

In 2004, Robert Wiseman got involved in a costly bidding war with
rivals Dairy Crest and Arla, which have consistently complained
about its market dominance to competition authorities.  It lost a
deal with Morrison last year.

It won new contracts from Tesco and Sainsbury, but the six-month
dry spell is believed to have reduced its milk production to
about 1.2 billion liters from 1.35 billion last year.  The worst
result of the setback was the loss of all businesses of its
Scottish market.  Robert Wiseman now plans to cut jobs.

CONTACT:  ROBERT WISEMAN DAIRIES PLC
          Cairn Place
          Nerston Industrial Estate
          East Kilbride, G74 4NQ
          Strathclyde
          Phone: 01355 247777
          Fax: 01355 228181
          Web site: http://www.wiseman-dairies.co.uk


SCOTTISH POWER: Expects Restructuring to Cost GBP35 Million
-----------------------------------------------------------
Scottish Power plc will meet with analysts ahead of its pre-close
period for the quarter ending 30 September 2005.

At these meetings, the company will confirm that it continues to
make good progress with its key strategic objectives of driving
further efficiency improvements in each of its businesses and
delivering attractive returns from its organic investment
program, while the sale of PacifiCorp and return of approximately
GBP2.5 billion to shareholders is proceeding on schedule.
Overall, trading outlook for the full year to 31 March 2006
remains in line with expectations.

In the second quarter, UK businesses performed strongly
continuing the trends that was reported in the first quarter
results.  Energy Networks is performing well following the recent
regulatory reviews and the Energy Retail and Wholesale businesses
are benefiting from last year's significant growth in customer
numbers and investment in generation plant.

At PPM Energy, construction of the 575MW of wind farms announced
for 2005 is on schedule.  As reported in the first quarter, the
company expects PPM Energy's profit for the full year to be ahead
of last year, however, its second quarter results will be lower
than the equivalent period last year due to the phasing of
earnings recognition from contracted gas storage business.

In September, Scottish Power announced a corporate restructuring
that will result in annualized cost savings of GBP60 million a
year.  Detailed plans have been completed, communicated to staff
and are now being implemented.  Restructuring costs are expected
to total GBP35 million, of which the first tranche will be
reported this quarter.

The sale of PacifiCorp is proceeding on schedule and its
financial results for the quarter are in line with our
expectations.

The group has applied IAS 39 "Financial Instruments: Recognition
and Measurement" (IAS 39) with effect from 1 April 2005.  It
anticipates that IAS 39 will have a significant adverse impact on
statutory results this quarter due principally to movements in
the fair values of the convertible bond and the portfolio of
energy contracts.  While IAS 39 will cause the statutory results
to be more volatile than those reported under U.K. GAAP, this
change in accounting treatment does not impact the underlying
operational and financial performance of the group nor its
current or future cash flows.

Scottish Power's half-year results will be announced on 10
November 2005.

CONTACT:  SCOTTISH POWER PLC
          1 Atlantic Quay
          Glasgow
          G2 8SP, United Kingdom
          Phone: +44-141-248-8200
          Fax: +44-141-248-8300
          Web site: http://www.scottishpower.plc.uk


SPEYMILL GROUP: Awards Executive Chairman Share Options
-------------------------------------------------------
Speymill Group plc has granted Executive Chairman Bob MacDonald
options to subscribe for 2,035,535 Ordinary Shares of 1 pence
each at a price of 45.30 pence per share.

In addition, options to subscribe for 349,078 Ordinary Shares of
1 pence each at a price of 44.85 pence per share have been
granted to a number of other employees.  All of these options are
exercisable between October 2008 and October 2015.

                        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


SWAN FIELDS: In Administrative Receivership
-------------------------------------------
Lloyds TSB Commercial Finance appointed Andrew Stephen McGill (IP
No 9350) of KPMG LLP joint administrative receiver of packaging
manufacturer Swan Fields Limited (Registered No 04699918) on
Sept. 29.  Its registered office is at 45 Church Street,
Birmingham B3 2DL.

COMTACT:  SWAN FIELDS LTD.
          Swan Fields, Great Bridge Street,
          West Bromwich, West Midlands
          Phone: 0121-522-0600

          KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


TAG RECRUITMENTS: Administrators from PKF Takes over Firm
---------------------------------------------------------
Edward T. Kerr and Ian J. Gould (Office Holder Nos 9020, 7866)
were appointed joint administrators of Tag Recruitments Limited
(Company No 04387154) on Sept. 26.  The company's registered
office is at Pannell House, 159 Charles Street, Leicester LE1
1LD.

CONTACT:  TAG RECRUITMENTS LTD.
          A/13 Belvoir Rd.
          Coalville, LE67 3PD
          Phone: 01530 839888

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


VIKING TAVERNS: Names Administrators from KPMG
----------------------------------------------
Howard Smith and Richard Dixon Fleming (Office Holder Nos 9341,
8370) of KPMG LLP were appointed administrators of Viking Taverns
Limited (Company No 04359469) on Oct. 3.  The company's
registered office is at KPMG LLP, 1 The Embankment, Neville
Street, Leeds LS1 4DW.

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


* Study Predicts High Consolidation in Fruit, Vegetables Market
---------------------------------------------------------------
A study on the trend of current consolidations in the food
industry foresees a large number of mergers in the fruit and
vegetables categories in the next few years, The Grocer reports.
The food and vegetable category is worth GBP5.9 billion.

The Consolidation Index report, a study by Axis Management
Consulting for administrators Grant Thornton and Inflexion
Private Equity, shows that many companies in this category have
precarious profit position because of intense price pressures,
making consolidations of small suppliers into large entities
likely.  In the past two and a half years, there have been 200
mergers in the U.K. food sector, 150 receiverships, and 300
liquidations.

Other categories that are predicted to have high consolidation
activities are fresh meat, fish and poultry, snacks and crisps,
frozen savory, prepared salads and frozen desserts.

Jonathan Smith, MD, of Axis Management Consulting, said the most
influencing factor on the food sector is multiples.  He suggests
that company bosses explore opportunities "to make their company
a necessary supplier for the multiples for the next few years."

According to the report, the research confirms that across the
board, retailers are seeking to rationalize their supplier base.
A suggestion is for executives to act within the next three years
before it's too late.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *