TCREUR_Public/051017.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

            Monday, October 17, 2005, Vol. 6, No. 205

                            Headlines

C Z E C H   R E P U B L I C

AERO VODOCHODY: Picks Deloitte, Salans as Sale Advisors
MORAVAN-AEROPLANES: Gives Bidders Until Nov. 6 to Submit Offers
UNION BANKA: Revives Sale of Invesmart, Union Group Claims
VITKOVICE STEEL: Sale to EvrazHolding Goes Ahead


F I N L A N D

M-REAL CORPORATION: To Discuss Financial Results October 28


F R A N C E

CAPGEMINI: Axes COO; Move Hurts Stocks
HIGHWAVE OPTICAL: Files for Administration
RHODIA S.A.: Disposes of Silicates Manufacturing Site


G E R M A N Y

AL-BAU: Luebeck Business Falls into Bankruptcy
CMG CREATIV: Proofs of Claim Due Next Month
EXODUS PROJEKTPLANUNG: Neuruppin Court Appoints Administrator
GERLING-KONZERN: Gets Favorable Ratings from S&P
HOLZKULTUR GMBH: Creditors to Meet December

IBS INGENIEURBUERO: Claims Filing Period Ends Today
KETRONA GMBH: Frankfurt Company Goes Bust
MARKT-BACKEREI: Celle Court Calls in Administrator
PRIMACOM AG: Signs Deal with Second Secured Lenders
T.E.S. TRUMPFHELLER: Court to Verify Claims December
WENNER GMBH: Muenster Firm Under Bankruptcy Administration
W&S BAU: Creditors' Claims Due Later this Month


K A Z A K H S T A N

BANK CASPIAN: Fitch Assigns Eurobond Final 'B+' Rating


R U S S I A

ANTEY: Deadline for Proofs of Claim Today
BELEBEEVSKIY AGRO-SNAB: Calls in Insolvency Manager
BOBROV-YULUN: Undergoes Bankruptcy Supervision Procedure
EVRAZ GROUP: Drops Krivorizhstal Takeover Plans
EVRAZ GROUP: Half-year Revenues Up 27% to US$3.63 Million

INZA: Ulyanovsk Court Brings in Insolvency Manager
OAO GAZPROM: Rating Upped to 'BB' on Improving Performance
OAO SIBNEFT: 'BB-' Long-term Corporate Credit Rating Affirmed
PROM-ENERGO-STROY-SERVICE: Bankruptcy Hearing Set Next Month
SEL-KHOZ-KHIMIYA: Insolvency Manager Takes over Business

SEL-KHOZ-TEKHNIKA: Bankruptcy Supervision Procedure Begins
SLAVT: Period for Filing of Claims Ends Today
SPASSKIY: Declared Insolvent
VLADIMIRSKIY: Public Auction Set Wednesday


S W I T Z E R L A N D

CONVERIUM HOLDING: To Unveil 3rd-quarter Results Early November
STMICROELECTRONICS N.V.: 3rd Quarter Figures Out Next Week


U N I T E D   K I N G D O M

AG (MANCHESTER): Liquidators Recover GBP11 Million for Creditors
AMICUS DESIGN: Calls in Liquidator
AQUA CONSTRUCTION: Liquidator from Begbies Traynor Enters Firm
AQUA I.T.: Creditors Pass Winding-up Resolution
BATH ARCHAEOLOGICAL: Calls in Liquidator

BRITISH NUCLEAR: Selling Westinghouse, Other Assets for GBP1 Bln
BUSINESS PRESS: Creditors Pass Winding-up Resolution
DRAX GROUP: Spurns GBP2.075 Bln Offer of Apollo-led Consortium
DUKES ASPHALTE: Hires Administrators from Vantis Business
ENDFIELD AGENCIES: Creditors Opt for Liquidation

FIEGE MERLIN: Calls in Administrators from Deloitte & Touche
HERTS PRECISION: Creditors Meeting Set Thursday
HOME AND OFFICE: Appoints Bond Partners Liquidator
NORTHERN TRADE: Hires Joint Liquidators
OUTLOOK CITY: Files for Liquidation

PARTRIDGE DESIGN: Names Begbies Traynor Liquidator
POWERSAFE ELECTRICAL: Appoints Joint Liquidators
PREMIER ELECTRICAL: Goes into Liquidation
PREMIER FOODS: Ships Tea Business to Apeejay International
QUICK PALLET: Calls in Liquidators

RATIO ONE: Pure Recovery Administrators Enter Firm
ROYAL & SUNALLIANCE: Buys Chilean Insurance Company, Sister Firm
SHIMMEE LIMITED: Files for Liquidation
SIMON FINCH: In Administrative Receivership
S.J. WHITE: Appoints Liquidator from Menzies

SOUND TV: Calls in Administrators from Portland Business
SPARESPAN LIMITED: Hires Liquidators from Lovewell Blake
SWIFT ENTERPRISES: Goes into Liquidation
VALUE HOLIDAYS: EGM Passes Winding-up Resolution
VERSATILE PRODUCTS: Hires Administrator from Moore Stephens
WH SMITH: Books GBP64 Million Profit


                            *********


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


AERO VODOCHODY: Picks Deloitte, Salans as Sale Advisors
-------------------------------------------------------
Four companies are eyeing troubled plane manufacturer Aero
Vodochody (AV), Czech News Agency says.

Local firms PPF, Penta Investments, Unimex Group and Slovakian
firm J&T are interested in AV and its airport, which is just 10
kilometers from Prague.  The airport is an ideal base for
low-cost airlines.

Bidders are believed to have submitted bids of not less than
CZK10 billion, which, according to analysts, is AV's estimated
price.  The government, through privatization agency Ceska
konsolidacni agentura (CKA), opened the bidding in July and is
expected to announce the winner by April 2006.

Meanwhile, CKA picked Deloitte Czech Republic and Salans to act
as the financial and legal advisors of the sale, respectively.
According to Weekly Euro, Deloitte won the contract with a tender
of CZK4.7 million, the lowest among the bids, which included that
of CDI Corporate Advisory.  Salans beat international law firm
Linklater with a CZK1.48 million offer.

The advisors will draft the conditions for the privatization,
subject to government approval.  The government is looking for a
private investor to save the plane maker from bankruptcy.  The
government took over Boeing's share in the company in October
2004 citing dissatisfaction over the latter's inability to secure
enough orders for Aero.  It then attempted to restructure the
firm by writing off debt, but the European Commission thwarted
the plan for being an illegal state aid.

CONTACT:  AERO VODOCHODY A.S.
          250 70 Odolena Voda
          Phone: +420 25576 1111
          Fax: +420 25576 2111
               +420 25576 5999
          Web site: http://www.aero.cz


MORAVAN-AEROPLANES: Gives Bidders Until Nov. 6 to Submit Offers
---------------------------------------------------------------
The receiver of aircraft maker Moravan-Aeroplanes has invited
bids for the company, according to Czech News Agency.  The sale
includes part of former parent Moravan, which owns a service
center for the ZLIN aircraft and a private international airport.

Moravan-Aeroplanes receiver Petr Hajtmar said interested parties
can register until October 17.  A deposit of CZK25 million is
required.  Bids must be placed by November 16.

Moravan-Aeroplanes produces small civilian aircraft and training
planes.  The Regional Court in Brno declared it bankrupt on June
18, 2004 at the request of management and employees.  The company
has debt of CZK12 million in wages, CZK11 million in taxes, and
over CZK60 million in social security payments.  It has 180
staff, but part of it is on forced holiday.

Mr. Hajtmar said workers are currently working on one of six
aircraft orders for an Indian customer.  It is set to deliver two
more aircraft by December.  After that, only spare parts
production and aircraft servicing will run at full capacity.
According to him, they should find a buyer by the end of the year
if it hopes to maintain production.  The tender has so far
received ten indications of interest.

CONTACT:  MORAVAN-AEROPLANES a.s.
          Letiste 1578
          765 81 Otrokovice
          Phone: +420 576 083 901
          Fax: +420 576 083 929
          E-mail: m.aeroplanes@moravan.cz


UNION BANKA: Revives Sale of Invesmart, Union Group Claims
----------------------------------------------------------
Collapsed financial group Union Banka (UB) will launch another
tender for its claims against two large debtors, Czech News
Agency says.

UB has a CZK4 billion claim against Invesmart and Union Group.
It had tried to sell the claims before, attracting five bidders,
but newly appointed receiver Lukas Raida stopped the process in
August, fearing some of the unsuccessful bidders might question
the results.

The bank's creditors committee will also sell other properties at
the tender.  Bids will be assessed before yearend.  So far, the
bankruptcy process has recovered CZK6 billion, half of which have
been distributed.

Union Banka's trouble started when it took over struggling
financial houses in the mid-1990s.  Forced to close branches in
February 2003 due to a cash crunch, it declared bankruptcy
shortly after.  It is part of the North Moravian financial group,
Union Group, and controlled by Italian financier Invesmart.  At
the time of its collapse, the bank had 130,000 clients and its
liquidation value was estimated at between CZK8 billion and CZK11
billion.

CONTACT:  UNION BANKA a.s.
          Ul. 30 Dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          E-mail: union@union.cz
          Web site: http://www.union.cz


VITKOVICE STEEL: Sale to EvrazHolding Goes Ahead
------------------------------------------------
The Czech High Court last week lifted an injunction on the sale
of the government's 99% stake in Vitkovice Steel A.S. to Russia's
EvrazHolding, Prague Daily Monitor reports.

The High Court overruled a decision by a regional court freezing
the asset saying Vitkovice has other assets to cover a claim
filed by a former creditor.  The court believes that the value of
the government stake exceeds the claim, court spokesman Petr
Angyalossy said.

In August, a month after the government reached an agreement with
Evraz, MP Consult filed a complaint claiming that the state's
vehicle, Osinek, has ties with Vitkovice's former shareholder.
The National Property Fund, which owns Osinek, also controls 67%
of Vitkovice, the parent company of a holding sheltering
Vitkovice Steel.  Osinek bought Vitkovice in 2002.

The transaction, already approved by the Czech antitrust office,
still needs the go-ahead of the European Commission.  National
Property Fund spokeswoman Petra Krainova expects the transaction
to close in November.  The deal was signed early in September.

CONTACT:  VITKOVICE STEEL A.S.
          706 02 Ostrava, Vitkovice
          Phone: +42 0 59 595 6306
                 +420 59 595 1111
          Fax: +420 59 595 6830


=============
F I N L A N D
=============


M-REAL CORPORATION: To Discuss Financial Results October 28
-----------------------------------------------------------
M-real Corporation will publish financial results for January to
September 2005 on 28 October, 13:00 Finnish time (11:00 U.K.
time).

We are pleased to invite you to join an international conference
call at 15:00 Finnish time (13:00 U.K. time).  The conference
call will be sent via M-real's Web site as a live audio Web cast.
The presentation material will be made available at
http://www.m-real.comunder Investor relations.  If attending,
please reply by fax to Converium using a .pdf form available at
http://www.m-real.com

                        About the Company

Headquartered in Espoo, Finland, M-Real is one of Europe's
leading suppliers of paperboard and related services, coated and
uncoated fine paper and coated magazine paper.

                          Credit Rating

In February, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on M-real Corp. to 'BB' from
'BB+'.  The 'B' short-term corporate credit rating on M-real was
affirmed. The outlook is stable.

"The downgrade reflects M-real's continued weaker than expected
operating performance and credit protection measures, which are
not expected to improve materially over the near to medium term,"
said Standard & Poor's credit analyst Alf Stenqvist.

The weak operating cash flows reflect weak paper prices for the
group's main products (primarily fine papers), negative currency
effects, and operating inefficiencies, he said.  The company
reported a loss of EUR121 million for the second quarter vs.
profit of EUR76 million a year ago.

CONTACT:  M-REAL CORPORATION
          Hannu Anttila, President and CEO
          Phone: +358 10 469 43 43
          Peter Sandberg
          Executive Vice President, Office Papers
          Phone: +31 610 90 55 32


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


CAPGEMINI: Axes COO; Move Hurts Stocks
--------------------------------------
IT outsourcer Capgemini has fired its COO Pierre Danon after his
interview for a CEO position at hotel chain Accor, reports say.
Capgemini said it is not planning to hire a successor in the
coming months.  According to analysts, the lack of succession
plan is hurting the firm's shares.

Mr. Danon was only seven months into his job, which he assumed
after quitting as managing director of BT's retail division.  Yet
he is already credited with leading the turnaround of Capgemini's
ailing North American business, whose management he overhauled.
Mr. Danon was set to announce outsourcing restructuring plan on
Nov. 9, 2005.

CONTACT:  CAPGEMINI
          6-8, rue Duret
          75017 Paris, France
          Phone: +33-1-53-644444
          Fax: +33-1-53-644445
          Web site: http://www.capgemini.com


HIGHWAVE OPTICAL: Files for Administration
------------------------------------------
Fiber optic components manufacturer Highwave Optical Technologies
(HWT) has filed for court-supervised administration at the
commercial court in Guingamp, Les Echos says.

HWT had wanted to launch a EUR30 million rights issue to offset
EUR39.4 million in net loss, but abandoned it.  It attributed low
influx of investments to the poor state of the local
telecommunications sector.  Once the petition is approved, the
court is expected to place HWT under observation.

Highwave Optical Technologies, a provider of customized
subsystems for sophisticated optical networks, posted only
EUR960,000 in turnover in the first quarter.  The group is also
suffering from very low cash flow.

CONTACT:  HIGHWAVE OPTICAL TECHNOLOGIES
          Rue Paul Sabatier
          22302 Lannion Cedex
          Phone: +33 2 96 04 20 00
          Fax: +33 2 96 04 20 06
          E-mail: sales@highwave-tech.com
          Web site: http://www.highwave-tech.com


RHODIA S.A.: Disposes of Silicates Manufacturing Site
-----------------------------------------------------
Rhodia S.A. has signed an agreement for the sale of its silicates
manufacturing site in Nogent-L'Artaud (Northern France) to the
German company Woellner.  This site produces silicates and
metasilicates used in the detergent, construction and paper
industries.

The Nogent-L'Artaud site employs 65 people and generated sales of
approximately EUR20 million in 2004.  The transaction should be
finalized in the coming weeks, pending approvals from
authorities.

This divestment, which offers new prospects for the site's future
development, forms part of Rhodia's disposal of non-strategic
activities with a view to refocusing the Group's overall business
portfolio.

Based in Ludwigshafen, with other sites in Germany and Austria,
Woellner Group is a family-owned business specializing in
silicates, specialized chemicals, inks and cosmetics.  It employs
approximately 420 people, and generates annual sales of almost
EUR100 million.

                        About the Company

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

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

                        Restructuring Plan

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

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

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

                         Status to date

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

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

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


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


AL-BAU: Luebeck Business Falls into Bankruptcy
----------------------------------------------
The district court of Luebeck opened bankruptcy proceedings
against AL-Bau GmbH on September 22.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 27, 2005 to register their claims
with court-appointed provisional administrator Hansjoachim
Grube-Dobrick.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2005, 10:30 a.m. at the district
court of Luebeck, Am Burgfeld 7, 23568 Luebeck, Saal E3, 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:  AL-BAU GmbH
          Fackenburger Allee 21, 23554 Luebeck
          Contact:
          Frau Alicja Kostrzewski, Manager

          Hansjoachim Grube-Dobrick, Administrator
          Wakenitzstr. 6a, 23564 Luebeck


CMG CREATIV: Proofs of Claim Due Next Month
-------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against CMG Creativ Medien GmbH on September 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 16, 2005 to
register their claims with court-appointed provisional
administrator Herbert Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2005, 12:25 p.m. at the district
court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355
Hamburg, 4. Etage Anbau, Saal B 405, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  CMG CREATIV MEDIEN GmbH
          Curslacker Neuer Deich 44, 21029 Hamburg
          Contact:
          Holger Hagelstein, Manager

          Herbert Duerkop, Administrator
          Neuer Wall 86, 20354 Hamburg
          Phone: 040361307-0


EXODUS PROJEKTPLANUNG: Neuruppin Court Appoints Administrator
-------------------------------------------------------------
The district court of Neuruppin opened bankruptcy proceedings
against Exodus Projektplanung GmbH on September 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 26, 2005
to register their claims with court-appointed provisional
administrator Susanne Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on November 25, 2005, 10:30 a.m. at the district
court of Neuruppin, Karl-Marx-Strasse 18a, 16816 Neuruppin, Saal
325, 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:  EXODUS PROJEKTPLANUNG GmbH
          Bockenberg 28, 17268 Gerswalde
          Contact:
          Herrn Pawel Swiatek Brzezinski, Manager
          Frau Anne-Christa Wilson, Manager

          Susanne Mueller, Administrator
          Vietmannsdorfer Strasse 23, 17268 Templin


GERLING-KONZERN: Gets Favorable Ratings from S&P
------------------------------------------------
Rating 'BBB' (Good)

An insurer rated 'BBB' has 'Good' financial security
characteristics, but is more likely to be affected by adverse
business conditions than are higher rated insurers.

An insurer rated 'BB' or lower is regarded as having vulnerable
characteristics that may outweigh its strengths.  'BB' indicates
the least degree of vulnerability within the range; 'CC' the
highest.

Related Ratings

Gerling-Konzern Lebensversicherungs-AG
Junior Subordinated
Local currency BB+

Gerling-Konzern Allgemeine Versicherungs-AG
Financial Strength Rating
Local currency A-
Sub debt
Local currency BBB

Revios Rueckversicherung AG
Financial Strength Rating
Local currency A-

Revios Reinsurance U.K. Ltd.
Financial Strength Rating
Local currency A-

Revios Rueckversicherung Schweiz AG
Financial Strength Rating
Local currency A-

Revios Sweden Reinsurance Co. Ltd.
Financial Strength Rating
Local currency A-

Holding Company: Gerling-Konzern Versicherungs-Beteiligungs-AG
Domicile: Germany
Licensed Internationally

                      Major Rating Factors

(a) Strengths:

Reduced exposure to market risk; Improved capitalization;
A resilient competitive position; and  Stabilizing operating
performance.

(b) Weaknesses:

Constrained financial flexibility.

(c) Rationale

The ratings on Germany-based life insurer Gerling-Konzern
Lebensversicherungs-AG (GKL) are based on further reduced
downside risk due to GKL's bond-hedging strategy, improved
capitalization, resilient competitive position, and stabilizing
operating performance. These strengths are partly offset by the
constrained financial flexibility of GKL's ultimate parent,
Gerling-Konzern Beteiligungsgesellschaft AG (GKB).

GKL's exposure to market risk has further substantially reduced,
supported by rigorous procedures to monitor investment
performance. Based on a thorough review of all options and
guarantees embedded in its in-force book, GKL introduced a
comprehensive bond-hedging strategy in 2004, which buffers its
income against the risk of falling interest rates. Exposure to
equities also remains moderate at less than 10% of invested
assets, which are protected against downside risk.

Capitalization has improved both in terms of quality of capital,
and risk-based capitalization and is now considered strong.

GKL's competitive position is considered good. Sales growth in
2004 (as measured by annual premium equivalents) was 56%, which
was significantly above the market average. New business growth
was driven mainly by innovative and highly flexible unit-linked
products. Prospectively, management aims to continue to focus on
less capital consuming unit-linked products. Standard & Poor's
regards this strategy as consistent internally, as it recognizes
the company's constrained financial flexibility (defined as a
company's ability to source capital relative to its needs). The
distribution strategy underlying the model, however, also
represents some execution risks. In addition, long-term product
diversity is likely to decline and growth prospects will become
to a larger degree dependent on consumer sentiment toward capital
markets.

Operating performance has stabilized at a good level and has been
well in line with expectations in 2004, with an ROE of 9.5 %, a
pre-bonus pretax ROA of about 1.0%, and an underlying ROA of
2.1%.

Financial flexibility is good and expected to be sufficient to
meet ongoing capital requirements, although could be constrained
in the event of external shocks. GKL currently has no external
shareholders, leaving the holding company GKB as the only source
of external equity funding. GKB's financial flexibility remains
constrained due to its private ownership.

(d) Outlook

The stable outlook reflects Standard & Poor's expectations that
GKL's medium-term operating performance will improve moderately,
with operating ROE expected to range between 10% and 12% and a
ROA before policyholder bonuses and taxes of about 1.3%. Cost and
risk results as well as underlying new business margins should
remain stable. GKL's competitive position is expected to remain
good as the company further builds its position in the
unit-linked market while maintaining its position as a top-three
group-life provider. In addition, capitalization should stabilize
at a comfortably strong level.

CONTACT:  GERLING-KONZERN LEBENSVERSICHERUNGS-AG
          Gereonshof
          50670 Cologne
          Germany
          Phone: (49) 221-144-1

          CEO: Norbert Heinen
          Rating Contact: Cornelia Berenbrink


HOLZKULTUR GMBH: Creditors to Meet December
-------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against HOLZKULTUR GmbH on September 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 9, 2005 to register their
claims with court-appointed provisional administrator Dr. Olaf
Buechler.

Creditors and other interested parties are encouraged to attend
the meeting on December 7, 2005, 11:40 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage Anbau, Saal B 405, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  HOLZKULTUR GmbH
          Neuer Pferdemarkt 31, 20359 Hamburg
          Contact:
          Martin Mehlin and Garnet Stitz, Manager
          Karstenstrasse 9, 22587 Hamburg

          Dr. Olaf Buechler, Administrator
          Herrengraben 3, 20459 Hamburg
          Phone: 36968351
          Fax: 36968383


IBS INGENIEURBUERO: Claims Filing Period Ends Today
---------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against IBS Ingenieurbuero Schlapka GmbH on September 2.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 17, 2005
to register their claims with court-appointed provisional
administrator Dr. Wolfgang Ott.

Creditors and other interested parties are encouraged to attend
the meeting on November 21, 2005, 9:30 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  IBS INGENIEURBUERO SCHLAPKA GmbH
          Albert-Schweitzer-Str. 66/III in 81735 Muenchen

          Dr. Wolfgang Ott, Administrator
          Nymphenburger Str. 139, 80636 Muenchen
          Phone: 089/120260
          Fax: 089/12026127


KETRONA GMBH: Frankfurt Company Goes Bust
-----------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against KETRONA GmbH & Co. KG on September 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 25, 2005
to register their claims with court-appointed provisional
administrator Dr. Karsten Forster.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2005, 12:05 p.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  KETRONA GmbH & Co. KG
          Fuchsbergstrasse 6 b, 15345 Rehfelde

          Dr. Karsten Forster, Administrator
          Herbert-Jensch-Str. 111, 15234 Frankfurt (Oder)


MARKT-BACKEREI: Celle Court Calls in Administrator
--------------------------------------------------
The district court of Celle opened bankruptcy proceedings against
MARKT-BACKEREI-OBENAUF GmbH on September 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 30, 2005 to register their
claims with court-appointed provisional administrator Dr. Oliver
Liersch.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2005, 11:00 a.m. at the district
court of Celle, Saal 014, Erdgeschoss, Nebenstelle,
Muehlenstrasse 4, 29221 Celle, 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:  MARKT-BACKEREI-OBENAUF GmbH
          Bahnhofstr. 7, 29303 Bergen
          Contact:
          Dieter Obenauf, Manager

          Dr. Oliver Liersch, Administrator
          Karl-Wiechert-Allee 1c, 30625 Hannover
          Phone: 0511/554706-0
          Fax: 0511/554706-99


PRIMACOM AG: Signs Deal with Second Secured Lenders
---------------------------------------------------
PrimaCom is pleased to announce that on October 13, 2005 it
entered into a Settlement Agreement with its Second Secured
Lenders under a Facility Agreement dated March 26, 2002 (SSFA).

This follows a judgment by the District Courts of Mainz (on the
September 13, 2005) and an oral hearing in Frankfurt (on
September 16, 2005) in which both courts clearly stated that they
have no jurisdiction to hear the matters put before them, which
were subject to the exclusive jurisdiction of the English courts
as provided for in the SSFA.

Under the Settlement Agreement PrimaCom has agreed to withdraw
the litigation initiated by it against the Second Secured
Lenders.  Once this and certain other conditions have been
satisfied on or before November 30, 2005 the Settlement
Agreement provides for:

(a) The sale of PrimaCom's Dutch business, Multikabel;

(b) The refinancing and repayment in full of the existing Senior
    Facilities;

(c) A judgment in favour of the Second Secured Lenders to be
    obtained in the English courts in the amount of EUR425
    million;

(d) The settlement of all amounts due and payable under the SSFA
    including the judgment of the English Courts referred to
    above by payment by PrimaCom of the amount of EUR375 million
    to the Second Secured Lenders;

(e) The resolution of all litigation outstanding between
    PrimaCom and the Second Secured Lenders; and

(f) The giving of mutual waivers and releases between PrimaCom
    and the Second Secured Lenders.

Mr. Preuss of PrimaCom said: "The PrimaCom Management is
convinced that with this Agreement it achieved the best possible
settlement with Second Secured Lenders."

A spokesperson for the Second Secured Lenders said: "We are
pleased that once the Settlement Agreement is fully implemented
matters between the Second Secured Lenders and Primacom will be
resolved.  The favorable outcome of the court proceedings in
Mainz and Frankfurt, PrimaCom's agreement to withdraw the German
litigation and the releases from future claims given by PrimaCom
confirm the validity of our claims under the SSFA. We believe
this outcome to be in the best interests of the Company's
stakeholders."

PrimaCom AG
Management Board

                            *   *   *

In December, PrimaCom AG and the company's subsidiary PrimaCom
Management GmbH filed a lawsuit at the District Court in Mainz
against the holders of the "second secured loan."  The second
secured loan amounts to EUR375 million.  The lawsuit (AZ 10HKO
112/04) was aimed at determining whether PrimaCom AG and PrimaCom
Management GmbH is obligated to pay the interest of the second
secured loan or rather that the second secured holder should
currently not be able to enforce possible existing interest
claims.

The lawsuit is based on expert opinions obtained from the
renowned accounting partnership (Wirtschaftspruefersozietat) LKC
Kemper Czarske v. Gronau Berz -- functioning as special
examiner -- as well as from Prof. Dr. Armbruester on usurious
credit and additionally on an expert opinion from a renowned
insolvency office -- that the second secured loan has an equity
character. This implies that no interest would have to be paid
over the entire term and that interest already paid should be
refunded to the company.  Furthermore due to the equity character
of the second secured loans, it is not possible under the German
law to continue to make interest payments as long as, and until a
solution to the financial crisis is found.

CONTACT:  PRIMACOM AG
          Investor Relations
          Phone: +49 (0) 6131 - 944 522
          Fax: +49 (0) 6131 - 944 508
          E-mail: investor@primacom.de

          LKC KEMPER CZARSKE V. GRONAU BERZ
          Anschrift: Forstweg 8, 82031 Gruenwald
          Phone: (089) 54 67 01-0
          Fax: (089) 54 67 01 40
          Web site: http://www.lkc-wp.de


T.E.S. TRUMPFHELLER: Court to Verify Claims December
----------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against T.E.S. Trumpfheller Elektroanlagen-Service GmbH on
September 20.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 27, 2005 to register their claims with court-appointed
provisional administrator Sylvia Rhein.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 9:00 a.m. at the district court
of Darmstadt, Zimmer 109, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, 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:  T.E.S. TRUMPFHELLER ELEKTROANLAGEN-SERVICE GmbH
          Frankfurter Strasse 37, 64720 Michelstadt
          Contact:
          Rolf Trumpfheller, Manager

          Sylvia Rhein, Administrator
          Walther-Rathenau-Str. 24, 64646 Heppenheim
          Phone: 06252/6877-0
          Fax: 06252/6877-11


WENNER GMBH: Muenster Firm Under Bankruptcy Administration
----------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Wenner GmbH on September 26.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 11, 2005 to register their claims
with court-appointed provisional administrator Norbert Kruse.

Creditors and other interested parties are encouraged to attend
the meeting on December 2, 2005, 9:30 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  WENNER GmbH
          Berger 27, 59394 Nordkirchen
          Contact:
          Peter Wenner, Manager

          Norbert Kruse, Administrator
          Bonhoefferstr. 10, 48282 Emsdetten
          Phone: 02572/875-0
          Fax: +49257287533


W&S BAU: Creditors' Claims Due Later this Month
-----------------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against W&S Bau GmbH on September 19.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 26, 2005 to register their claims
with court-appointed provisional administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2005, 10:15 a.m. at the district
court of Cottbus, Gerichtsplatz 2, 03046 Cottbus, Saal 210, 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:  W&S Bau GmbH
          Karl-Liebknecht-Str. 67, 03046 Cottbus
          Contact:
          Wolfgang Wisheit, Manager

          Ruediger Wienberg, Administrator
          Wasastrasse 15, 01219 Dresden


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


BANK CASPIAN: Fitch Assigns Eurobond Final 'B+' Rating
------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based Bank Caspian's US$150
million 7.875% eurobond, due October 2008, a final Long-term 'B+'
rating.

Caspian is rated Long-term 'B+' with a Stable Outlook, Short-term
'B', Individual 'D', and Support '5'.

The notes are to rank at least pari passu with the claims of
other unsecured creditors of Caspian, save those preferred by
relevant legislation.  Covenants prevent Caspian entering into
transactions of US$1.5 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
13%, 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 Caspian.  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.

At end of July this year, Caspian was the eighth largest
commercial bank in Kazakhstan, with an approximate 3% share of
the banking system's assets.  Initially a corporate bank, it is
now rapidly developing its retail and small and medium-sized
enterprises (SMEs) business, pioneering mass consumer express
lending in Kazakhstan.

CONTACT:  BANK CASPIAN
          90, Adi Sharipov St., 480059
          Almaty, Kazakhstan
          Phone:(3272) 501820 925767
          E-mail:  office@bankcaspian.kz
          Web site: http://www.bankcaspian.kz

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

          Media Relations
          Julian Dennison, London
          Phone: +44 20 7862 4080
          Web site: http://www.fitchratings.com


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


ANTEY: Deadline for Proofs of Claim Today
-----------------------------------------
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


BELEBEEVSKIY AGRO-SNAB: Calls in Insolvency Manager
---------------------------------------------------
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 at 02.00 p.m. at the Arbitration Court of Bashkortostan
republic at Russia, Bashkortostan republic, Oktyabrskoy
Revolyutsii Str. 63a, 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: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------
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


EVRAZ GROUP: Drops Krivorizhstal Takeover Plans
-----------------------------------------------
Evraz Group S.A. has said it will not participate in the
Krivorizhstal privatization tender.

Following detailed analysis of this investment opportunity, Evraz
has concluded that acquisition of Krivorizhstal would not meet
its demanding criteria to generate returns and to create value
for the shareholders.

Evraz will continue to be focused on alternative opportunities,
including both greenfield and brownfield investments in its
mining assets, further acquisition of downstream assets, as well
as return driven capital expenditures, that are currently
available to the Group primarily in Russia.

The Group believes in the long-term prospects for the Ukrainian
economy and remains interested in this market, should further
opportunities arise.

                        About the Company

Evraz Group is one of the largest vertically integrated steel and
mining businesses with operations mainly in the Russia.  In
2004, Evraz produced 13.7 million tonnes of crude steel.

Evraz Group is a listed company on the London Stock Exchange.
The company listed its global depositary receipts (GDRs) on the
LSE on June 2, this year, after raising US$422 million from new
investors.

Evraz's principal assets include three of the leading steel
plants in Russia: Nizhny Tagil (NTMK) in the Urals region, and
West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia.

In July, Standard & Poor's Rating Services assigned its 'B+'
long-term corporate credit rating to Evraz Group S.A. and its
core subsidiary Mastercroft Ltd.

Standard & Poor's credit analyst Elena Anankina said: "The
ratings on Evraz and Mastercroft reflect the companies' complex
organizational and ownership structure with, historically,
significant related party transactions, and a short track record
as a single group."

CONTACT:  EVRAZ GROUP S.A.
          Corporate Affairs and Communications
          Irina Kibina
          Alexander Karlashov
          Phone: +7 095 234 4629
          E-mail: IR@eam.ru


EVRAZ GROUP: Half-year Revenues Up 27% to US$3.63 Million
---------------------------------------------------------
Evraz Group S.A. has released its interim results for the 6
months ended June 30, 2005 with strong growth in revenues, EBITDA
and net profit.

Financial Highlights

(a) consolidated revenues increased by 27.2% to US$3.63 billion
    in 1H 2005 from US$2.86 billion;

(b) consolidated EBITDA increased by 15.5% to US$1.1 billion in
    1H 2005 from US$968 million 1H 2004;

(c) net profit grew by 10.3% to US$729 million in 1H 2005 from
    US$661 million in 1H 2004;

(d) record cash flow from operations of US$727 million in 1H
    2005, a 288.6% increase over US$187 million in 1H 2004; and

(e) earnings per share of US$5.65.

Corporate Highlights

(a) raised US$422 million through initial public offering (IPO)
    on London Stock Exchange (LSE) in June 2005; and

(b) Mine 12 and EvrazRuda purchased in March 2005.

Alexander Abramov, Evraz's chairman and chief executive, said:
"The results reflect our superior drive for performance to
strengthen our long-term competitive position across all of
Evraz's business.  Excellent operational performance across all
the business segments resulted in record earnings and cash flows.
These results are a reflection of the realization of our stated
strategy, with continued focus on domestic growth in steel and
further integration into mining. Our targeted capex initiatives
have added to our cost efficiency and are expected to yield
significant results next year.  We remain focused on delivering
to all shareholders on the commitments we made at the time of our
IPO."

Cash Flow

Cash flow from operating activities was a record US$727 million,
or 288.6% higher than in the first six months of 2004.

The Group continued to make significant capex investment.  It
spent US$280 million on purchases of property, plant and
equipment during the first six months of 2005 versus US$239
million during the first half of 2004.  Key investment projects
include construction of a 2.5 mty slab caster and revamping of a
blast furnace at Zapsib, ongoing modernization of electric arc
furnaces at NKMK, and construction of a new coalmine at
Neryungriugol.

Balance Sheet

The balance sheet strengthened during the period and net debt
reduced as compared to 31 December 2004 by US$289 million to
US$736 million as of 30 June 2005.  Cash reserves were up by
129.8% as compared to 31 December 2004 to US$673 million as of 30
June 2005.

In the first half of 2005, total assets increased by US$1.25
billion to US$5.5 billion.

Outlook

(a) further benefits of vertical integration, mainly in iron
    ore;

(b) robust domestic performance, difficult pricing environment
    in the steel export markets until the year end;

(c) completion of the main part of return-driven capex program;

(d) positive impact on the Group's top-line and bottom-line
    performance as a result of acquisitions: Palini e Bertoli
    (consolidated from Q3 2005) and Vitkovice Steel
    (consolidation expected from Q4 2005); and

(e) focus on strategic acquisitions:

    (i) downstream assets complimentary to Russian steel semis
        exports;

   (ii) steelmaking in low cost regions; and

  (iii) greenfield / brownfield iron ore and coal mining.

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

CONTACT:  EVRAZ GROUP S.A.
          Corporate Affairs and Communications
          Irina Kibina
          Alexander Karlashov
          Phone: +7 095 234 4629
          E-mail: IR@eam.ru


INZA: Ulyanovsk Court Brings in Insolvency Manager
--------------------------------------------------
The Arbitration Court of Ulyanovsk region has commenced
bankruptcy supervision procedure on trade-industrial company
Inza.  The case is docketed as A72-6588/05-17/36-b.  Ms. L.
Kiseleva has been appointed temporary insolvency manager.

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

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

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


OAO GAZPROM: Rating Upped to 'BB' on Improving Performance
----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Russian gas giant OAO Gazprom to 'BB' from
'BB-'.  The outlook is positive.

"The rating action reflects Gazprom's improving operating and
financial performance in 2005 thanks to favorable gas prices and
progress made in refinancing, and a perceived improvement in the
Russian government's support to the company," said Standard &
Poor's credit analyst Elena Anankina.

The current favorable gas price environment is expected to
enhance Gazprom's profitability and cash flows in 2005 and
beyond.  Also, Gazprom has achieved success in optimizing its
debt structure through refinancing short-term debt, spreading out
maturities, and replacing secured debt with unsecured longer term
Eurobonds.

Thanks to its position as Russia's largest corporate and the key
government-related entity in the country's strategic oil and gas
sector, Gazprom enjoys a strong hold on new oil- and gas-related
projects in Russia and strong bargaining power in structuring
consortiums with international companies, which provides growth
opportunities and enables the company to share risks and
investments with partners.  Standard & Poor's believes that the
Russian government's demonstrated policy of higher intervention
in the economy and, in particular, of increasing its presence in
the key energy sector through state-owned companies, will
increase the government's propensity to support Gazprom, as
indirectly illustrated by the government obtaining a direct
majority stake in Gazprom of more than 50% in July 2005.  The
government's solid financials and the growth of Russia's banking
system, including state-linked financial institutions, increase
the government's capacity to provide such support.

Standard & Poor's expects that Gazprom will maintain an adequate
debt maturity profile, with annual maturities of between about $2
billion and $3 billion in a given year.  In addition, we expect
the acquisition of OAO Siberian Oil Co. to strengthen Gazprom's
business profile through diversification into oil, and to improve
free operating cash flows and resilience to lower gas prices
without impairing its debt coverage ratios.

"The rating on Gazprom could be raised to 'BB+' if and when
Gazprom receives $7 billion cash from Rosneftegas for a 10.7%
treasury stake, which would help to refinance part of the $13
billion acquisition of Sibneft," said Ms. Anankina.

"Any further rating upside at this stage would be constrained by
Gazprom's large investment program, which limits its forecast
free operating cash flows; the company's material debt, which
could rise to about $28 billion by year-end 2005; and unfavorable
domestic gas price levels," she added.

The ratings or outlook might be negatively affected if the
government pressures Gazprom to undertake large and risky
investments or acquisitions, socially motivated spending, or to
provide support to other state-related entities that would lead
to further debt increases.

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:  OAO GAZPROM
          16 Nametkina
          117997 Moscow, V-420,
          Russia
          Phone: +7-95-719-3001
          Fax: +7-95-719-8333
          Web site: http://www.gazprom.ru


OAO SIBNEFT: 'BB-' Long-term Corporate Credit Rating Affirmed
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Russia-based OAO Siberian Oil Co.,
following the upgrade of Russian gas giant OAO Gazprom
(BB/Positive/--), which in September 2005 announced a
US$13.1 billion bid for a 73% stake in Sibneft.  The outlook
remains positive.

At the same time, Standard & Poor's affirmed its 'ruAA-' Russia
national scale rating on Sibneft.

The rating on Sibneft continues to reflect the company's exposure
to oil price fluctuations and the general risks of the Russian
oil industry.  The company is exposed to a structurally unstable
and tightening tax regime that results in lower EBITDA per barrel
realizations in comparison with that of international peers.  The
rating is supported, however, by the company's high
cash-generating capacity, comfortable reserve life, vertical
integration into refining, and favorable financial position.

"The positive outlook continues to reflect the expectation that
Gazprom should become Sibneft's 75% shareholder," said Standard &
Poor's credit analyst Elena Anankina.  "Once that transaction is
complete, the rating on Sibneft could be raised by one notch to
'BB', reflecting the perceived diminution of the risk of
sovereign interference or country related risk once the Russian
state in effect controls Sibneft through Gazprom."

Standard & Poor's will consider the relative status of Sibneft's
creditors compared with those of Gazprom, and Sibneft's future
strategic importance to and integration within the Gazprom group,
before it considers equalizing the ratings on the two companies.
The outlook on Gazprom is also positive, suggesting an
opportunity for an upgrade, likely to 'BB+'. It is therefore
likely that the rating on Sibneft will remain one notch below
that on Gazprom in the medium term.

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:  OAO SIBNEFT
          Sadovnicheskaya Street 4
          115035 Moscow
          Russia
          Switchboard: +7 (095) 777-3152
          Switchboard fax: +7 (095) 777-3151


PROM-ENERGO-STROY-SERVICE: Bankruptcy Hearing Set Next Month
------------------------------------------------------------
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 today, 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


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

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

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

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

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


SLAVT: Period for Filing of Claims Ends Today
---------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Slavt after finding the limited liability
company insolvent.  The case is docketed as A-70-5299/3-2005.
Ms. N. Baranova has been appointed insolvency manager.  Creditors
have until October 17, 2005 to submit their proofs of claim to
625035, Russia, Tyumen region, Respubliki Str. 204, Office 222.

CONTACT:  SLAVT
          Russia, Tyumen region,
          Respubliki Str. 252

          Ms. N. Baranova
          Insolvency Manager
          625035, Russia, Tyumen region,
          Respubliki Str. 204, Office 222


SPASSKIY: Declared Insolvent
----------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Spasskiy after finding the trading house
insolvent.  The case is docketed as A70-3697/3-2005.  Mr. A.
Filippov has been appointed insolvency manager.  Creditors have
until November 17, 2005 to submit their proofs of claim to
Russia, Tyumen region, Samartseva Str. 34a-58.

CONTACT:  SPASSKIY
          Russia, Tyumen region,
          Lenina Str. 57/2

          Mr. A. Filippov
          Insolvency Manager
          Russia, Tyumen region,
          Samartseva Str. 34a-58


VLADIMIRSKIY: Public Auction Set Wednesday
------------------------------------------
Financial-Analytic Centre, the bidding organizer of tractor
factory Vladimirskiy will sell its 42 different properties on
October 19, 2005, 2:00 p.m.  The public auction will take place
at Russia, Vladimir, Traktornaya Str. 43.  The case is docketed
as A11-3956/2004-K1-37B.

Preliminary examination and reception of bids are done from 9:00
a.m. to 8:00 p.m., tomorrow only.  The list of documentary
requirements is available at Russia, Vladimir, Traktornaya Str.
43.

CONTACT:  VLADIMIRSKIY
          Russia, Vladimir,
          Traktornaya Str. 43

          LLC FINANCIAL-ANALYTIC CENTRE
          Bidding Organizer
          Phone: 8(0922) 23-23-10


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


CONVERIUM HOLDING: To Unveil 3rd-quarter Results Early November
---------------------------------------------------------------
Converium Holding Ltd. will release its third quarter 2005
results before the markets open in Europe on Tuesday, November 8,
2005.

A live Web cast for the investment community will be held on
Tuesday, November 8, 2005 at 9:30 am Central European Time (CET).
You can access it via http://www.converium.com/. It will be
archived on the Web site at about noon time that day.

The telephone replay of the conference call will also be
available one hour after the call for 24 hours by dialing +41 91
612 4330 (Europe), +1 (1) 866 416 2558 (USA) or +44 (0) 207 108
6233 (UK) with access code: 431#.

                            *   *   *

Converium was forced to shut down operations in North America
last year after discovering almost US$500 million gap in its
reserves.  It is trying to find a chief executive and a chief
finance office.  As reported by TCR-Europe on Oct. 13, Standard &
Poor's affirmed its 'BBB+' long-term counterparty credit and
insurer financial strength ratings on Converium AG.  At the same
time, Standard & Poor's affirmed all ratings on the guaranteed
operating entities of the Converium group (Converium).

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

CONTACT:  CONVERIUM HOLDING
          Zuzana Drozd, Head of Investor Relations
          Phone: +41 44 639 9120
          Fax: +41 44 639 7120
          Esther Gerster, Head of Public Relations
          Phone: + 41 44 639 9022
          Fax: + 41 44 639 7022
          Web site: http://www.converium.com


STMICROELECTRONICS N.V.: 3rd Quarter Figures Out Next Week
----------------------------------------------------------
STMicroelectronics N.V. will release earnings results after 5:00
p.m. U.S. Eastern Time and 11:00 p.m. Central European Time
(CET), on Tuesday, October 25, 2005.

The management of STMicroelectronics will conduct a conference
call on Wednesday, October 26, 2005 at 9:00 a.m. U.S. Eastern
Time and 3:00 p.m. CET, to discuss performance for the third
quarter of 2005.

The conference call will be available via the Internet at
http://www.vcall.com

Those viewing the Web cast should go to the Web site at least 15
minutes prior to the call, in order to register, download, and
install any necessary audio software.  The Web cast will be
available until Friday, November 4, 2005.

                        About the Company

STMicroelectronics is a global independent semiconductor company,
which employs 50,000 people, 16 advanced research and development
units, 39 design and application centers, 16 main manufacturing
sites and 88 sales offices in 31 countries.  It had revenues of
US$8,760 million (EUR7,163 million) in 2004.

Corporate Headquarters, as well as the headquarters for Europe
and for Emerging Markets, are in Geneva.  The Company's U.S.
Headquarters are in Carrollton (Dallas, Texas); those for
Asia/Pacific are based in Singapore; and Japanese operations are
headquartered in Tokyo.

In June, the company said it will be dropping about 2,300 workers
from its European operations by mid-2006.  The company also plans
to cut 3,000 jobs from non-Asian operations as part of its
restructuring following a first quarter loss of US$31 million
(EUR25.4 million).

The reorganization could cost STMicroelectronics between US$100 -
US$130 million (EUR81.75 - EUR106.28 million), with annual
savings of US$90 million (EUR73.58 million).

CONTACT:  STMICROELECTRONICS N.V.
          39 Chemin du Champ des Filles
          Plan-Les-Ouates
          1228 Geneva, Switzerland
          Phone: +41-22-929-29-29
          Fax: +41-22-929-29-00
          Web site: http://www.st.com


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


AG (MANCHESTER): Liquidators Recover GBP11 Million for Creditors
----------------------------------------------------------------
The joint liquidators of AG (Manchester) Ltd., formerly known as
The Accident Group, have recovered over GBP11 million since their
appointment on 15 January 2004.

Joint liquidator Paul Stanley, a partner at Begbies Traynor, said
their investigations over the past 21 months had involved
interviewing more than 70 former staff and directors of the
business.  As a result of these investigations, proceedings are
now underway to recover assets from third parties.

"Our investigations so far have been extensive and we are pleased
to have recovered a substantial sum on behalf of creditors.
However, further claims are still being pursued," he said.

Paul Stanley added legal proceedings continue in the Jersey Royal
Court concerning assets held in a trust fund purportedly
established for the benefit of TAG employees.  These proceedings
are confidential and further details could not be divulged to the
public.

"We have already reached agreement with some directors resulting
in the return of some funds.  We have now issued proceedings
against Deborah Langford for the recovery of funds arising from
her time as a director of TAG," he said.

The Accident Group, which went into administration on 30 May
2003, was the market leader in the "after the event" insurance
business, providing legal expense insurance services to
individuals who had suffered personal injuries and who wished to
recover damage from a third party.  The administration order was
discharged on 15 January 2004 and a winding up order made
following which joint liquidators were appointed.  Since this
time Paul Stanley has led investigations into the cause of the
collapse of the business with a view to asset recovery.

CONTACT:  BEGBIES TRAYNOR
          Elliot House 151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          Contact:
          Paul Stanley
          E-mail: paul.stanley@begbies-traynor.com

          PRICEWATERHOUSECOOPERS
          Michael Horrocks
          Phone: 0161 247 4067


AMICUS DESIGN: Calls in Liquidator
----------------------------------
J. B. Simons, chairman of Amicus Design & Landscapes Limited,
informs that extraordinary resolution to wind up the company was
passed at an EGM held on Sept. 26 at No. 1 St Swithin Street,
Worcester WR1 2PY.  Neil Francis Hickling of Smith & Williamson
Limited, No. 1 St Swithin Street, Worcester WR1 2PY was appointed
liquidator.  The company is based in Malvern and Worcester.  It
has over 20 years experience in designing and landscaping
business.

CONTACT:  AMICUS DESIGN AND LANDSCAPES
          Wayside, Hopton Lane
          Worcester WR6 5HP
          Phone: (01886) 833707
          E-mail: enquiries@amicusdesign.co.uk

          SMITH & WILLIAMSON
          1 St Swithin Street
          Worcester
          Worcestershire WR1 2PY
          Phone: 01905 730100
          Fax: 01905 723502
          E-mail: nfh@smith.williamson.co.uk


AQUA CONSTRUCTION: Liquidator from Begbies Traynor Enters Firm
--------------------------------------------------------------
M. G. Thompsett, director of Aqua Construction and Engineering
Resources Ltd., informs that extraordinary resolution to wind up
the company was passed at an EGM held on Sept. 27 at Begbies
Traynor, 2-3 Pavilion Buildings, Brighton, East Sussex BN1 1EE.
G. W. Rhodes of Begbies Traynor, 2-3 Pavilion Buildings,
Brighton, East Sussex BN1 1EE was appointed liquidator.

CONTACT:  AQUA CONSTRUCTION AND ENGINEERING RESOURCES LTD.
          41-43 Portland Road Hove E. Sussex BN3 5DQ
          Brighton and Hove, East Sussex
          United Kingdom
          Phone: 01273 207555
          Fax: 01273 207888
          E-mail: pstaveley@aqua-recruitment.com
          Web site: http://www.aqua-recruitment.com

          BEGBIES TRAYNOR
          2-3 Pavilion Buildings
          Brighton
          Sussex BN1 1EE
          Phone: 01273 747847
          Fax: 01273 747743
          E-mail: geoff.rhodes@begbies-traynor.com


AQUA I.T.: Creditors Pass Winding-up Resolution
-----------------------------------------------
M. G. Thompsett, director of Aqua I.T. Resources Limited, informs
that extraordinary resolution to wind up the company was passed
at an EGM held on Sept. 27 at Begbies Traynor, 2-3 Pavilion
Buildings, Brighton, East Sussex BN1 1EE.  G. W. Rhodes of
Begbies Traynor, 2-3 Pavilion Buildings, Brighton, East Sussex
BN1 1EE was appointed liquidator.  Greg Horne is the company's
managing director while Matt Thompsett is its CEO.

CONTACT:  AQUA IT RESOURCES LTD.
          41/43 Portland Road
          Hove BN3 5DQ
          East Sussex
          Phone: 01273 207555
          Fax: 01273 207888
          Web site: http://www.aqua-recruitment.com


BATH ARCHAEOLOGICAL: Calls in Liquidator
----------------------------------------
E. P. Johnson, chairman of Bath Archaeological Trust Ltd.,
informs that extraordinary and ordinary resolutions to wind up
the company were passed at an EGM held on Sept. 29 at Owen House,
Trinity Lane, Cheltenham, Gloucestershire GL52 2NT.  David N.
Hughes was appointed liquidator.

The Bath Archaeological Trust was formed in 1977 to investigate
and interpret the archaeology of Bath and its region.  It was
incorporated as a limited company with charitable status in 1980.
Between 1984 and 2005, the Trust provided professional
archaeological services to developers, builders, farmers,
landowners and others who need archaeological solutions to
planning and related matters.  Visit
http://www.batharchaeology.org.ukfor more information.

CONTACT:  BATH ARCHAEOLOGY
          13 Brassmill Enterprise Centre
          Brassmill Lane BA1 3JN
          Phone: 01225 329659
     Fax: 0870 7062319
          E-mail: peter.davenport@batharchaeology.org.uk


BRITISH NUCLEAR: Selling Westinghouse, Other Assets for GBP1 Bln
----------------------------------------------------------------
The British government is trying to end direct participation in
the nuclear industry through the sale of certain assets.  Its
company British Nuclear Fuels plc is selling Westinghouse, a U.S.
arm that builds nuclear reactors.  BNFL is also selling British
Nuclear Group, a power station clean-up arm, whose shareholder is
the DTI.  The disposals will leave BNFL with only Nexia
Solutions, a research and development outfit, and a one-third
stake in Urenco, a uranium enrichment company.

British Energy, which the government rescued from near bankruptcy
in 2002, is also another candidate for a sale, according to the
Financial Times.

The sale of Westinghouse -- managed by BNFL's banker
Rothschilds -- is expected to raise up to GBP1 billion.  The
disposal of BNG may raise between GBP100 million to GBP150
million.  BNG manages safety at the Sellafield facility.  It is
responsible for 14 nuclear sites around the country and employs
15,000.

The disposal is aimed at making BNFL more attractive to potential
participants in Britain's nuclear decommissioning industry.  The
program is expected to attract contractors like Halliburton,
Bechtel and Fluor.  BNFL has been performing badly in the past
several years.  It recently reported larger annual losses
totaling GBP303 million.  It said that the cost of running its
operations have increased.

The Financial Times report says the government wants to free
itself from potential nuclear liabilities.  The country's Nuclear
Decommissioning Authority is now facing a bill of more than GBP60
billion for the decommissioning of its fleet of nuclear power
stations and the clean-up of their sites.

CONTACT:  BRITISH NUCLEAR FUELS PLC
          1100 Daresbury Park
          Warrington
          WA4 4GB, United Kingdom
          Phone: +44-1925-832-000
          Fax: +44-1925-822-711
          Web site: http://www.bnfl.com

          WESTINGHOUSE ELECTRIC COMPANY LLC
          4350 Northern Pike
          Monroeville, PA 15146-2886
          Phone: 412-374-4111
          Fax: 412-374-3272
          Web site: http://www.westinghousenuclear.com

          DEPARTMENT OF TRADE AND INDUSTRY
          1 Victoria Street
          London SW1H OET
          E-mail: dti.enquiries@dti.gsi.gov.uk
          Web site: http://www.dti.gov.uk

          BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A.
          11 rue de Morat
          1700 Fribourg
          Suisse
          Phone: + 41 26 347 26 00
          Fax: + 41 26 347 26 15
          E-mail: pzurkinden@bper.ch
          Web site: http://www.lcf-rothschild.com


BUSINESS PRESS: Creditors Pass Winding-up Resolution
----------------------------------------------------
R. L. Flawn, chairman of Business Press Limited, informs that
extraordinary resolution to wind up the company was passed at an
EGM held on Sept. 30 at The Ibis Hotel, Moorhead Way, Bramley,
Rotherham S66 1YY.

CONTACT:  DALY & CO.
          The Portergate, Eccleshall Road
          Sheffield S11 8NX
          Contact:
          Philip Malachy Daly


DRAX GROUP: Spurns GBP2.075 Bln Offer of Apollo-led Consortium
--------------------------------------------------------------
On 11 October 2005, Drax Group Limited revealed it has received a
new approach from a consortium regarding a proposed cash offer
for Drax.

Since then, the company has had the opportunity to clarify
certain aspects of the proposal with the consortium, comprising
Apollo Management LP, Texas Pacific Group Europe LLP and
TowerBrook Capital Partners (U.K.) LLP, and its advisers.  The
proposal represents a gross consideration of GBP2.075 billion, to
be applied to the repayment of existing debt (net of cash),
various transaction and other costs expected to be incurred by
the company, and the balance to equity.

The proposal is subject to a number of conditions, including due
diligence and financing, and envisages putting in place
contractual arrangements between the Consortium and Centrica plc.
As such the proposal would be an alternative to the refinancing
and listing proposal being pursued by the Company.

Based on the consortium's current assumptions on debt repayment
and transaction and other costs, the company believes that the
proposal implies a price for the Linked Securities (A2, A3 debt
and equity) of 346%.  This compares with the traded price of
approximately 398% as at close of trading on 7 October 2005
(being the last trading day before the date of the Consortium's
proposal) and of approximately 405% as at close of trading on 12
October 2005.  The Board believes that the consortium's proposal
significantly undervalues the company.

In order to ensure that all seriously interested parties can
develop firm and best offers, which can be properly considered by
the Board and its shareholders, all parties who have made or may
be considering making an approach are being asked to provide
final proposals to a common timetable by early November.  This
will allow the company, supported by its advisers, to evaluate
any such proposals against each other and against the proposed
refinancing and listing, while giving interested parties as much
time as practicable to submit firm offers.  As previously
indicated, the Board will consider any such offers with reference
to their value, deliverability and timeliness.  The company will
also consult as appropriate with its shareholders and their
advisers.

In the meantime, the Board intends to proceed with the
refinancing and listing of Drax in accordance with the current
timetable, with the next step being the publication of the scheme
documentation by the end of October 2005.

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

                        About the Company

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

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

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

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

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


DUKES ASPHALTE: Hires Administrators from Vantis Business
---------------------------------------------------------
Michael William Young and Nigel John Hamilton-Smith (IP Nos 8077,
2093) of Vantis Business Recovery were appointed joint
administrators of Dukes Asphalte Co. Limited (Company No 1033275)
on Oct. 4.  The company is into general construction and civil
engineering.

CONTACT:  DUKES ASPHALTE CO. LTD.
          167-169 New Cross Road,
          London SE14 5DG
          Phone: 02076397752

          VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Phone: 01727 811111
          Fax: 01727 810057
          E-mail: nhamiltons@aol.com
          Web site: http://www.vantismt.com


ENDFIELD AGENCIES: Creditors Opt for Liquidation
------------------------------------------------
A. Endfield, chairman of Endfield Agencies Ltd. (Company No
2433657), informs that extraordinary resolution to wind up the
company was passed at an EGM held on Sept. 30 at 43 Blackstock
Road, London N4 2JF.  Andreas Georgiou Kakouris of Kakouris &
Michaelides, 43 Blackstock Road, London N4 2JF was nominated
liquidator.

CONTACT:  ALAN ENDFIELD AGENCIES LTD.
          19 Savile Row
          London W1X 1AE
          Phone: 0171 437 4140
          Fax: 0171 437 4459

          KAKOURIS & MICHAELIDES
          43 Blackstock Road
          London N4 2JF
          Phone: 020 7226 6196
          Fax: 020 7704 6500
          E-mail: info@agkakouris.co.uk


FIEGE MERLIN: Calls in Administrators from Deloitte & Touche
------------------------------------------------------------
Nicholas James Dargan and Nicholas Guy Edwards (IP Nos 008024 and
008811) of Deloitte & Touche LLP were appointed joint
administrators of Fiege Merlin Distribution (Holdings) Limited
(Company No 05114445) on Oct. 5.  The company's registered office
is at Units 3-6 Stratus Park, Brinklow, Milton Keynes,
Buckinghamshire MK10 0DA.

Fiege is one of Europe's largest providers of logistics and
transportation services.  A large part of the company's business
is in warehousing and transportation.  It has locations and
subsidiary companies based around the world in countries
including Spain, Switzerland, China, Russia and the United
Kingdom.  The company's main headquarters are based in Munster
International Airport, Germany.

CONTACT:  FIEGE MERLIN
          Thorpe Street
          GB-Walkden
          Manchester M28 3ZZ
          Great Britain
          Phone: 44 (0) 1617 902 514
          Fax: 44 (0) 1617 992 049

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


HERTS PRECISION: Creditors Meeting Set Thursday
-----------------------------------------------
Creditors of Herts Precision Engineering Limited (Company No
02457620) will meet on October 20, 2005 at 10:30 a.m.  It will be
held at Bond Partners LLP, The Grange, 100 High Street, London
N14 6TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to T. Papanicola, administrator of Bond Partners LLP,
The Grange, 100 High Street, London N14 6TG not later than 12:00
noon, October 19, 2005.

Herts Precision Engineering is a well-established company,
servicing clients worldwide over the last 10 years.  It
specializes in precision machining and grinding to personal
specifications.  Visit http://www.hertsprecision.freeserve.co.uk/
for more information.

CONTACT:  HERTS PRECISION ENGINEERING LTD
          Unit 1, Riverside Estate, Coldharbour Lane
          Harpenden AL5 4UN
          Hertfordshire
          Phone: 01582 462728
          Fax: 01582 462805

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


HOME AND OFFICE: Appoints Bond Partners Liquidator
--------------------------------------------------
Creditors of Home and Office Limited (Company No 3883202) will
meet on October 20, 2005 at 2:00 p.m.  It will be held at the
Bond Partners LLP, The Grange, 100 High Street, London N14 6TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to T. Papanicola, administrator of Bond Partners LLP,
The Grange, 100 High Street, London N14 6TG not later than 12:00
noon, October 19, 2005.

Home and Office specializes in domestic and garden offices,
commercial and residential construction.  Visit
http://www.homeandoffice.co.uk/for more information.

CONTACT:  HOME & OFFICE LIMITED
          9 Mead Lane,
          Farnham, Surrey, GU9 7DY
          Phone (Enquiries): (0800) 3894753
          Telefax: 820455 (tel and fax)
          Mobile: (07799) 600214
          E-mail: info@homeandoffice.co.uk

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


NORTHERN TRADE: Hires Joint Liquidators
---------------------------------------
D. Burnett, chairman of Northern Trade Frames Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 21 at Harrisons, 23 Yarm Road, Stockton-on-Tees, Cleveland
TS18 3NJ.  J. Neil Harrison and Kenneth Marland were appointed
joint liquidators.

CONTACT:  NORTHERN TRADE FRAMES LTD.
          Fir Tree
          Crook
          Bishop Auckland
          DL15 8EA
          Durham
          Phone: 01388 765511


OUTLOOK CITY: Files for Liquidation
-----------------------------------
G. Lewis, director of Outlook City Developments Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 16 at Milner Boardman & Partners, Century House,
Ashley Road Hale, Cheshire WA15 9TG.  Colin Burke of Milner
Boardman & Partners, Century House, Ashley Road, Hale, Cheshire
WA15 9TG was appointed liquidator.

CONTACT:  OUTLOOK CITY DEVELOPMENTS LTD.
          1 George Leigh Street, Manchester, M4 5DL
          Phone: 0161 236 9431

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


PARTRIDGE DESIGN: Names Begbies Traynor Liquidator
--------------------------------------------------
Partridge Design Ltd. informs that resolutions to wind up the
company were passed at an EGM held on Sept. 23 at 70 Conduit
Street, London W1S 2GF.  David Paul Hudson of Begbies Traynor,
The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex
SS1 2EG was appointed liquidator.

CONTACT:  PARTRIDGE DESIGN LTD.
     45 Eleanor Street
          Bow Triangle Business Centre
          London E3 4UR
          Phone: 08702202175

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


POWERSAFE ELECTRICAL: Appoints Joint Liquidators
------------------------------------------------
K. J. Sketchley, chairman of Powersafe Electrical Services
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Sept. 19 at Butcher Woods, 79 Caroline
Street, Birmingham B3 1UP.

Roderick Graham Butcher of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP; and Nigel Price of Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3 1BP
were appointed Joint Liquidators.  The appointment was confirmed
at a creditors meeting held the same day.

CONTACT:  POWERSAFE ELECTRICAL SERVICES LTD.
          Lime La
          Walsall, Pelsall, WS3 5AS

          BUTCHER WOODS
          79 Caroline Street
          Birmingham
          West Midlands
          E-mail: rod.butcher@butcher-woods.co.uk
          Phone: 0121 236 6001
          Fax: 0121 236 5702

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


PREMIER ELECTRICAL: Goes into Liquidation
-----------------------------------------
K. Holmes, director of Premier Electrical Supplies Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 16 at Express by Holiday Inn, Wall Island,
Birmingham Road, Shenstone, near Lichfield WS14 0QP, on 16
September 2005.  G. H. W. Griffith of Griffith & Griffith,
Century House, 31 Gate Lane, Boldmere, Sutton Coldfield B73 5TR
was appointed liquidator.


PREMIER FOODS: Ships Tea Business to Apeejay International
----------------------------------------------------------
Premier Foods plc has agreed to sell its tea business to Apeejay
International Tea Limited, a subsidiary of the Apeejay
Surrendra Group, for GBP80 million.  The consideration will be
paid in cash and the transaction is expected to complete shortly.
Premier will use the proceeds to reduce net debt.

The business being sold includes the Typhoo, London Fruit & Herb,
Lift and other associated brands, own label contracts and
Premier's tea blending and packing facility at Moreton, Wirral,
which employs 249 people.  In the year to 31 December 2004, the
tea business had net sales of GBP70.2 million and operating
profit of GBP11.2 million after estimated attributable
administrative overheads.  The book value of the assets being
sold was GBP25.7 million at 2 July 2005.

Premier and Apeejay have entered into agreements whereby Premier
will provide services to Apeejay following completion, including
transitional commercial and administrative support, logistics and
the manufacture of Lift and Typhoo QT instant teas.

Robert Schofield, chief executive of Premier, said: "Typhoo is a
great brand but after a thorough review we believe it will
benefit from the focus and investment a vertically integrated tea
business like Apeejay can bring.  Our strategy is to drive growth
through the active management of our brand portfolio focusing on
those brands with leading market positions."

Reclassification of Product Groups

As a result of this sale, Premier's remaining beverages business
including the Cadbury manufacturing license will be incorporated
into the Spreads and Desserts product group.  Following the
disposal, the 2004 pro forma branded sales mix of the group will
drop from 61% to 59%.

CONTACT:  PREMIER FOODS PLC
          28 The Green, Kings Norton
          Birmingham
          B38 8SD, United Kingdom
          Phone: +44-1727-815-850
          Fax: +44-1727-815-982
          Web site: http://www.premierfoods.co.uk


QUICK PALLET: Calls in Liquidators
----------------------------------
N. Thorogood, chairman of Quick Pallet Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 22 at Town Wall House, Balkerne Hill, Colchester, Essex.

J. C. Heath and K. W. Touhey of Chantrey Vellacott DFK LLP, 16-17
Boundary Road, Hove, East Sussex, BN3 4AN were appointed Joint
Liquidators.  Their appointment was confirmed at a creditors
meeting held the same day.

CONTACT:  QUICK PALLET LIMITED
          Skeggs Farm
          Writtle
          Chelmsford
          Essex
          U.K.
          E-mail: info@quickpallet.com
          Fax: +44 (0) 870 2011 712
               +44 (0) 870 2011 713
          Web site: http://quickpallet.com

          CHANTREY VELLACOTT DFK
          16-17 Boundary Road,
          Hove, East Sussex BN3 4AN
          Phone: 01273 421200
          E-mail: info_hove@chantrey-vellacott.com
          Web site: http://www.cvdfk.com


RATIO ONE: Pure Recovery Administrators Enter Firm
--------------------------------------------------
Stephen John Evans and Ian Timothy Brown (IP Nos 8759 and 9001),
both of Pure Recovery, were appointed joint administrators of
Ratio One Limited (Company No 5402429) on Sept. 29.  The
company's registered office is located at 54 The Maltings, 169
Tower Bridge Road, London SE1 3NA.

Ratio One is U.K.'s leader in implementing SharePoint Portal
Server.  It offers a complete end-to-end service from initial
consulting through outsourced systems operation as well as
consulting, development, interface design, training, support and
hosting.  Visit http://www.ratioone.com/for more information.

CONTACT:  RATIO ONE LTD.
          54 The Maltings
          169 Tower Bridge Road
          London SE1 3NA
          Phone: 020 7378 4480
          Fax: 020 7378 4490
          E-mail: info@ratioone.com

          PURE RECOVERY LLP
          39 Hatton Garden,
          London EC1N 8EH
          E-mail: tim.brown@purerecovery.com


ROYAL & SUNALLIANCE: Buys Chilean Insurance Company, Sister Firm
----------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc has revealed the
acquisition of Chile's leading general insurance business
Compania de Seguros Generales Cruz del Sur S.A. and its
Argentinean sister company La Republica Compania Argentina de
Seguros Generales S.A. for US$119 million (GBP68 million) payable
in cash.

The combination of Cruz del Sur and Royal & SunAlliance creates
Chile's number one general insurance company with a 22% market
share.  Cruz del Sur's 2004 gross written premiums were US$195
million (GBP102 million), its gross assets were US$166 million
(GBP86 million) and its combined ratio was 95.8%.  Chile has a
stable and developed insurance market and the acquisition is in
line with the Group's strategic aim of building strong positions
in selected markets to deliver sustainable profitable
performance.

Simon Lee, chief executive of Royal & SunAlliance International
Businesses, said: "We have developed a strong Latin American
portfolio which has been built through a combination of organic
growth and acquisitions.  This deal combines the technical
expertise of Royal & SunAlliance with the distribution of Cruz
del Sur.  It positions us well for growth and generates
significant operational synergies.  In Chile, it creates a
powerful and dynamic market leader whilst in Argentina the
transaction further extends our geographic reach."

The transaction is subject to regulatory approvals and other
conditions.

Royal & SunAlliance has been active in South America since 1905
and is one of the largest foreign insurers in the region, with
seven operations in eight countries: Argentina, Brazil, Chile,
Colombia, Mexico, Netherlands Antilles, Uruguay and Venezuela.
Net written premiums were GBP108 million in first half of 2005
with double digit growth and the combined ratio was 94.5%.

Royal & SunAlliance has operated in the Chilean general insurance
market since 1905.  In 2004, it had a 6.4% share of the general
insurance market.

Cruz del Sur has Chile's largest branch network with 25 offices,
selling through brokers and tied agents.  It predominantly
focuses on accident, motor and property and has a 15.8% share of
the Chilean general insurance market.  The Chilean insurance
market grew at 12.8% per annum (2000-2004).  Penetration rates at
4% are the highest in Latin America.

La Republica specializes in personal motor and in 2004 had gross
written premiums of US$23 million (GBP13 million) and gross
assets of US$35 million (GBP19 million).

                        About the Company

Royal & SunAlliance is a FTSE 100 company, listed on the London
Stock Exchange and in New York.  The group consists of three
regions -- U.K., Scandinavia and International -- with operations
in 30 countries, providing general insurance products to over 20
million customers worldwide.

In September, Royal & SunAlliance revealed a provisional estimate
of up to GBP25 million, net of reinsurance recoveries, for claims
arising from the recent hurricane (Katrina) in the U.S.  The
losses are expected to arise in the Group's Marine and Global and
Risk Managed portfolios.  The provisional loss estimate includes
a very limited exposure from the Group's U.S. business following
its restructure in 2003.

The company has decided to transfer its employees from pensions
based on final salaries to packages based on average career
earnings.  It aims to cut about GBP180 million from the company's
GBP500 million pension fund deficit.  The measure is part of the
company's ongoing restructuring, which comes amid mounting claims
and weak investments.  The company is said to have improved its
risk profile, but it has not yet totally eliminated the threat of
potentially large claims in the U.S.  The latter could dampen
interest of prospective buyers, according to analysts.

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


SHIMMEE LIMITED: Files for Liquidation
--------------------------------------
S. Marshall, director and chairman of Shimmee Limited, informs
that a resolution to wind up the company was passed at an EGM
held on King Street House, 15 Upper King Street, Norwich NR3 1RB.
Matthew Robert Howard and Robert Geoffrey Rose both of Larking
Gowen, King Street House, 15 Upper King Street, Norwich NR3 1RB
were appointed Joint Liquidators.

CONTACT:  SHIMMEE LIMITED
          Plough Road Centre
          Plough Road
          Great Bentley
          Colchester
          CO7 8LG
          United Kingdom
          Phone: (0870) 6080802
          Fax: (01206) 250410
          Web site: http://www.shimmee.com


SIMON FINCH: In Administrative Receivership
-------------------------------------------
Coutts & Co. appointed David John Blenkarn (Office Holder No
6676) and Stephen Mark Oldfield (Office Holder No 9010) joint
administrative receivers of Simon Finch Rare Books Limited (Reg
No 02584075) on Oct. 3.

Simon Finch began dealing rare books in the early 1980s.  It
specializes in English and continental literature, science and
medicine, early printing, art, architecture and design,
photography, and the social sciences.  Visit
http://www.simonfinch.com/for more information.

CONTACT:  SIMON FINCH RARE BOOKS
          53 Maddox Street
          London W1S 2PN
          Phone: 020 7499 0974

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

          PRICEWATERHOUSECOOPERS LLP
          The Atrium,
          St. Georges Street,
          Norwich NR3 1AG
          E-mail: stephen.m.olfield@uk.pwc.com


S.J. WHITE: Appoints Liquidator from Menzies
--------------------------------------------
M. Al-Ahmar, chairman of S. J. White (Engineers) Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 26 at 43-45 Portman Square, London W1H 6LY.

Paul John Clark and Paul David Williams of Menzies Corporate
Restructuring, 43-45 Portman Square, London W1H 6L were appointed
joint liquidators.

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

CONTACT:  S. J. WHITE (ENGINEERS) LTD.
     Salamander Quay, West Park Lane
          Uxbridge, Middlesex UB9 6NZ
          Phone: 01752-668818


SOUND TV: Calls in Administrators from Portland Business
--------------------------------------------------------
Carl Derek Faulds and James Richard Tickell (IP Nos 008767 and
8125) of Portland Business & Financial Solutions Ltd. were
appointed joint administrators of Sound TV Ltd. (Company No
5152749) on Oct. 3.  The company offers radio and television
programs.

The story of SoundTV began three years ago through the formation
of an independent production company, Creative Results, formed by
Richard Digance, Mike Osman and Joe Pasquale.  The company's
concept was to produce entertainment programs to suit everyone.
Visit http://www.soundtv.co.uk/for more information.

CONTACT:  SOUND TV
          21 East Links, Tollgate,
          Chandlers Ford, Southampton, Hampshire,
          United Kingdom SO53 3TG
          Phone: +44 (0) 23 8065 2777
          Fax: +44 (0) 23 8065 2797
          E-mail: info@soundtv.co.uk

          PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD.
          1640 Parkway
          Solent Business Park
          Whiteley
          Fareham
          Hampshire PO15 7AH
          Phone: 01489 550 440
          E-mails: carl.faulds@portland-solutions.co.uk
                   james.tickell@portland-solutions.co.uk


SPARESPAN LIMITED: Hires Liquidators from Lovewell Blake
--------------------------------------------------------
K. P. Wells, director of Sparespan Limited, informs that special
and extraordinary resolutions to wind up the company were passed.
Christopher Robin Ashe and Andrew John Turner of Lovewell Blake,
89 Bridge Road, Oulton Broad, Lowestoft NR32 3LN were appointed
joint liquidators.

Creditors are required on or before November 21, 2005 to send
their names and addresses and the particulars of debt or claims,
and/or any security held, and the names and addresses of
Solicitors (if any) to Christopher Robin Ashe and Andrew John
Turner, and, if so required by a notice, in writing of its debt
or claims.

CONTACT:  SPARESPAN LTD.
          c/o 7side Secretarial Limited, 1st Floor,
          Cardiff, South Glamorgan CF24 3DL
          Phone: 029-2045-1444

          LOVEWELL BLAKE
          89 Bridge Road
          Oulton Broad
          Lowestoft
          Suffolk NR32 3LN
          Phone: 01502 563921
          Fax: 01502 584630
          E-mail: ajt@lovewell-blake.co.uk


SWIFT ENTERPRISES: Goes into Liquidation
----------------------------------------
Swift Enterprises (UK) Limited informs that a resolution to wind
up the company was passed at an EGM held on Sept. 29 at 601 High
Road, Leytonstone, London E11 4PA.  Harjinder Johal and George
Michael of Ashcrofts, 601 High Road, Leytonstone, London E11 4PA
were appointed Joint Liquidators.

CONTACT:  SWIFT ENTERPRISES U.K. LTD.
          145 Balaam St., London E13
          Phone: 020 8586 9540
          Fax: 020 8586 7223
          E-mail: swfent@aol.com
          Web site: http://swiftuukltd.com


VALUE HOLIDAYS: EGM Passes Winding-up Resolution
------------------------------------------------
Value Holidays & Travel informs that a resolution to wind up the
company was passed at an EGM held on Sept. 23 at 21-23 Station
Road, Gerrards Cross, Buckinghamshire SL9 8ES.  Helen Timothe
Phillips of 21-23 Station Road, Gerrards Cross, Buckinghamshire
SL9 8ES was appointed liquidator.

CONTACT:  VALUE HOLIDAYS & TRAVEL LTD.
          Grassington Court/Grassingham Rd
          Gerrards Cross, Chalfont St. Peter, SL9 0BN
          Phone: 01753 889529


VERSATILE PRODUCTS: Hires Administrator from Moore Stephens
-----------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price (IP Nos 8711 and 8778)
of Moore Stephens LLP were appointed joint administrators of
Versatile Products Limited (Company No 2707491) on Oct. 4.  The
company wholesales jewelry.

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


WH SMITH: Books GBP64 Million Profit
------------------------------------
WH Smith plc has reported results for the twelve months ended 31
August 2005.

Highlights

(a) profit before tax, goodwill amortization and exceptional
    items on continuing operations, up 59% to GBP73 million
    (2004: GBP46 million); High Street Retail up 87% to GBP43
    million;

(b) total Group profit before tax is GBP64 million (2004: loss
    of GBP135 million);

(c) total sales of continuing operations down 1% to GBP2.5
    billion; retail like-for-like (LFL) sales down 2%; news
    distribution LFL sales flat;

(d) target cost savings delivered faster than planned;
    additional cost savings of GBP18 million over next 3 years
    identified;

(e) strong free cash generation of GBP78 million -- up from
    GBP12 million last year;

(f) returned GBP205 million to shareholders in September 2004
    following completion of the sale of Hodder for GBP224
    million;

(g) headline earnings per share from continuing operations up
    121% to 31.6 pence (2004: 14.3 pence);

(h) earnings per share of 26.0 pence (2004: loss per share
    60.7 pence); and

(i) final dividend up to 9.2 pence (2004: 8.0 pence) making
    13.7 pence (2004:12.0 pence) for the full year -- an
    increase of 14%.

           Report of Kate Swann, Group Chief Executive

This is a good performance for the Group with a substantial
improvement in profitability.  One year into our plan to deliver
value to shareholders we are on track, despite the challenging
trading environment.

In High Street Retail, we have improved profitability by 87%
versus last year.  Our staff have worked hard to manage costs
tightly and implement initiatives to increase product
availability and choice and to raise store standards.

Travel Retail has had another strong year delivering good sales
and profit growth.  News Distribution has made steady progress
over the year delivering profit growth of 6%.

Trading conditions on the high street remain challenging.  As we
approach Christmas, we remain cautious about consumer spending
and have planned accordingly.

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

CONTACT:  WH SMITH PLC
          Nations House, 103 Wigmore St.
          London
          W1U 1WH, United Kingdom
          Phone: +44-20-7409-3222
          Fax: +44-20-7514-9633
          Web site: http://www.whsmithplc.com


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


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