TCREUR_Public/051018.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

           Tuesday, October 18, 2005, Vol. 6, No. 206

                            Headlines

C Z E C H   R E P U B L I C

PLZENSKA BANKA: Liquidator Blocks Return of Deposits


C Y P R U S

CYPRUS AIRWAYS: Unions Oppose Rescue Plan


F R A N C E

DURALEX INTERNATIONAL: Continuation Plan Hearing Set December


G E R M A N Y

AEG HAUSGERATE: Electrolux Defers Decision on Nuremberg Site
FRANK-HAUSTECHNIK: Leipzig Court Appoints Administrator
FRESENIUS AG: Moody's Likely to Lower Ratings
FRESENIUS MEDICAL: 'BB+' Ratings Remain on CreditWatch Negative
HBT HAUSTECHNIK: Proofs of Claim Due Next Month

HEIDELBERGCEMENT AG: Penetrates Turkish Market
HIMEX HANSA: Court to Verify Claims February
HOREG HOCH: Succumbs to Bankruptcy
L.GELLER TRANSPORT: Creditors Meeting Set November
PEOPLE CONNECT: Claims Filing Period Ends December 20

ROTHHARD GMBH: Hanau Court Calls in Administrator
RS VERMOGENSVERWALTUNG: Under Bankruptcy Administration
SAREKO GMBH: Charlottenburg Firm Goes Bust
SENATOR ENTERTAINMENT: HSW Gets Majority Control
VOLKSWAGEN AG: Aims EUR80 Mln Savings from New Labor Deal
WTG GESELLSCHAFT: Creditors to Meet December


I R E L A N D

ELAN CORPORATION: Announce TYSABRI Safety Evaluation Findings


I T A L Y

ALITALIA SPA: Board Passes Revised Restructuring Plan


L U X E M B O U R G

STOLT-NIELSEN: Buys back 505,700 Common Shares


N E T H E R L A N D S

KONINKLIJKE AHOLD: Sets Final Tender Spreads on EUR1 Bln Bonds
ROYAL SHELL: Cancels Additional 1,775,000 'A' Shares
VERSATEL TELECOM: Unveils Settlement of Offers on Shares, Bonds


P O L A N D

WALCOWNIA RUR: Minority Shareholders Oppose Liquidation


R U S S I A

ACCUMULATOR: Declared Insolvent
AUTO-AGGREGATE: Insolvency Manager Takes over Company
AZOV-FISH: Bankruptcy Hearing Set Next Month
DELTACREDIT BANK: 'B/C' Ratings Withdrawn at Bank's Request
DIAMANT: Hires Y. Sokolov Insolvency Manager

DIARY: Undergoes Bankruptcy Supervision Procedure
K. MARKS: Public Auction Set Tomorrow
NAGORSKIY PROM-KOMBINAT: Bankruptcy Supervision Procedure Begins
OAO SIBNEFT: First-half Revenues Up
ORENBURGSKIY BREAD: Orenburg Court Opens Bankruptcy Proceedings
URAL-AZ: Proofs of Claim Deadline November 17
URAL-ENERGO-STROY: Succumbs to Bankruptcy


S P A I N

ENDESA SA: Moody's Changes Outlook to Positive


U K R A I N E

UKREXIMBANK: Moody's Upgrades Financial Strength Rating to D-


U N I T E D   K I N G D O M

ASSOCIATED ACCESS: Creditors Meeting Thursday
BEALAW (760): Claims Deadline Set Next Month
BURRO LIMITED: Hires Administrator from Antony Batty
COSTAIN GROUP: Wins GBP4.6 Million Coastal Defense Project
CPL COMMUNICATIONS: Calls in Administrator

CRUISE CONTROL: 230 Lose Jobs in Liquidation
GSNT SECURITIES: Hires Ernst & Young Liquidator
HALLS GARDEN: Appoints Administrators from Menzies, Finn
HEBE HAIR: Members Opt for Liquidation
INTERNATIONAL GLASS: Files for Administration

INTERTEK GROUP: Inks Standards Contract with Kenya
LANGFORD LIMITED: Members Pass Winding up Resolutions
LAWSHARE HOLDINGS: Calls in Liquidator from Smith & Williamson
MARKS & SPENCER: Names Citigroup, Morgan Stanley Joint Brokers
MERROC LTD.: Receivers Reach Deal with CCL Label

MINORPLANET SYSTEMS: Avoids Default via Last-minute Fundraising
MOWLEM PLC: Completes Spinnaker Tower
PINE (U.K.): Furniture Company Hires Administrators
QXL RICARDO: Quarterly Results Out Thursday
REFCO INC.: Advisors Race to Preserve Value of Brokerage Biz

REFCO GROUP: Woes Prompt Moody's to Junk Ratings
REFCO GROUP: S&P Junks Long-term Counterparty Credit Rating
RENTOKIL INITIAL: Appoints New Group HR Director
SEATTLE COFFEE: Calls in Liquidators from Ernst & Young
SPRINGTHYME PLC: Claims Deadline Set Next Month
SUFFOLK STORAGE: Appoints Administrators from Leonard Curtis
WORLD-OK.COM: Names Administrators from Begbies Traynor

* Large Companies with Insolvent Balance Sheets


                            *********


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


PLZENSKA BANKA: Liquidator Blocks Return of Deposits
----------------------------------------------------
Around 1,300 depositors of bankrupt Plzenska banka (PB) will have
to wait longer before they can recover part of their money,
Hospodarske noviny says.

The bank's liquidator objected to the payment proposed by the
receiver, fearing proceeds from asset sales might be diverted to
offshore accounts.  The case, now pending before the High Court,
will take months to resolve, according to the report.

PB filed for bankruptcy in March 2003 following the closure of
its one and only branch in Plzen.  The district court of Plzen
admitted in November CZK2.158 billion in claims against the bank,
which only had CZK1.26 billion in assets.

CONTACT:  PLZENSKA BANKA a.s.
          Nam. Republiky 130/16
          P.O. BOX 322
          306 22 Plzen
          Phone: +420 377 235 354-359
          Fax: +420 377 235 330
          E-mail: plzenska.banka@plba.cz
          Web site: http://www.plba.cz


===========
C Y P R U S
===========


CYPRUS AIRWAYS: Unions Oppose Rescue Plan
-----------------------------------------
Major unions at loss-making Cyprus Airways Limited (CAIR) will
reject the carrier's proposed rescue plan, the Financial Mirror
says.

CAIR's largest union CYNIKA, as well as pilots' union PASIPY and
engineers' union ASSYSEKA, chided the carrier's board for
presenting only a fraction of the rescue plan, which entails job
cuts, outsourcing, cost cutting and operational restructuring.
CAIR aims to save CYP20 million from these initiatives.  ASSYSEKA
warned any job cuts at the engineering department would
jeopardize the airlines' safety.

The carrier plans to make 340 to 350 employees redundant,
translating to savings of CYP6.1 million.  Affected departments
are accounting with 75 employees; catering department, 50; flight
attendants, 40; and customer service, 40.  CAIR also eyes CYP5.9
million in savings from across-the-board pay cuts of 8% for
managers and pilots and 5% for other employees.  The group also
aims to save CYP3.5 million through outsourcing, financial
engineering and cost containment.  An anticipated CYP4.2 million
hike in revenues completes the CYP20 million target.

The carrier wants the union to approve the plan ahead of
negotiations on the job cuts, citing a tight deadline to submit
the plan to the European Commission.  The company wants to take a
CYP60 million loan to repay a CYP30 million loan taken six months
ago for which it needs the Commission's approval by November 2.
Following the approval of the loan, the company is willing to
take as much time in negotiations with the unions before
implementing the plan by January 1.

CAIR Chairman Lazaros Savvides stressed the need to implement the
plan as a whole.  He said, "It [is] no use cutting staff or wages
without changing the way the company works and that means in all
departments."

He said the board is trying to strike a deal with unions on the
plan, which would be submitted to the finance ministry for
review.  Despite the strict timetable, he is confident a positive
conclusion would be reached with the unions.

Deputy Chairman Frixos Savvides warns of a possible closure if an
agreement is not reached, since the carrier does not have enough
cash for the November and December payroll.  Communications and
Works Minister Haris Thrasou says the plan is the last chance to
save the ailing carrier.

CONTACT:  CYPRUS AIRWAYS LIMITED
          21 Alkeou Str.
          2404 Engomi
          P.O. Box 21903
          1514 Nicosia, Nicosia
          Phone: 22663054
          Fax: 22663167
          E-mail: webcentre@cyprusair.com.cy
          Web site: http://www.cyprusairways.com


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


DURALEX INTERNATIONAL: Continuation Plan Hearing Set December
-------------------------------------------------------------
The commercial court of Orleans will take up the continuation
plan of Duralex International France on December 13, Les Echos
says.

In September, Turkish owner Sinan Solmaz pumped EUR1 million into
the operation to keep two production plants in Rive-de-Gier and
La Chapelle-Saint-Mesmin open.  He plans to invest an additional
EUR3 million to modernize equipment.  Of the 250 employed at
Rive-de-Gier, he will retain 114 and create 42 more jobs in La
Chapelle-Saint-Mesmin.

The Orleans commercial court placed the company under
administration in June and under observation for six months.
Duralex, which makes glass for dishes, blames its troubles to
falling sales and cash flow problems.

CONTACT:  DURALEX INTERNATIONAL FRANCE
          7, rue du Petit Bois
          45380 La Chapelle Saint-Mesmin
          Phone:(33) 02 38 71 88 00
          Fax:(33) 02 38 71 88 01

          BORMIOLI ROCCO E FIGLIO
          Via San Leonardo, 41
          43100 Parma - Italy
          Phone: 0039/521/7901
          Fax: 0039/521/272859
          E-mail: info_mail@bormiolirocco.com
          Web site: http://www.bormiolirocco.net


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


AEG HAUSGERATE: Electrolux Defers Decision on Nuremberg Site
------------------------------------------------------------
Electrolux is willing to hold talks with the staff council of AEG
Hausgerate AG over the future of the Nuremberg site, Die Welt
says.

Company spokesman Anders Edholm said the Swedish group wants to
give the council another chance to present its proposals.  The
supervisory board of Electrolux is supposed to meet on October 24
to make a final decision on the closure.  Employees and trade
union IG Metall as well as the Swedish press are convinced the
plant will be shut down, but Mr. Edholm said no decision has been
made yet.

AEG cites fierce competition for its decision to close the site,
which employs 1,750.  The company has been restructuring since
1997 and is under pressure to reduce cost and compete with
low-wage regions.  The Nuremberg plant manufactures washing
machines and dishwashers.  Part of Electrolux since 1994, AEG has
been one of the dominant brand names in Germany.  In 2004, AEG
saw turnover drop by 3% to EUR13 billion and operating profit by
13% to EUR712 million.

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

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


FRANK-HAUSTECHNIK: Leipzig Court Appoints Administrator
-------------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against FRANK-Haustechnik GmbH on September 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 28, 2005 to
register their claims with court-appointed provisional
administrator Michael Schoor.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2005, 1:00 p.m. at the district court
of Leipzig, Saal 056, 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:  FRANK-HAUSTECHNIK GmbH
          Sternenwinkel 4, 04158 Leipzig
          Contact:
          Frank Bunzel, Manager

          Michael Schoor, Administrator
          Schorlemmerstrasse 2, 04155 Leipzig


FRESENIUS AG: Moody's Likely to Lower Ratings
---------------------------------------------
Moody's Investors Service has placed all ratings of Fresenius AG
and all ratings of HELIOS Kliniken GmbH under review for possible
downgrade following Fresenius' announcement that it has entered
into an agreement to acquire HELIOS for a consideration of EUR1.5
billion.

Concurrently, Fresenius announced it has agreed to acquire a
medical devices company in Germany, Clinico GmbH, for which the
consideration was not disclosed but which appears to be a small
bolt-on acquisition.

Ratings under review are:

Fresenius AG

(a) Corporate family rating of Ba2; and

(b) EUR300 million of senior notes rated Ba2.

HELIOS Kliniken GmbH

(a) Issuer rating of Baa3; and

(b) Senior Unsecured Bank Credit Facility rated Baa3.

HELIOS is one of Germany's leading hospital operator chains with
sales in 2004 of EUR1.2 billion.  Fresenius will acquire 94% of
the shares of HELIOS with the remainder to be held by HELIOS'
management.  Consideration for the 94% stake and net cash of
EUR100 million is EUR1.5 billion which Fresenius plans to finance
through an EUR800 million rights issue plus bridge financing for
a c. EUR700 million bond to be completed in early 2006.

Fresenius' ratings were downgraded to Ba2 in May 2005 following
the debt-funded acquisition of Renal Care Group (RCG) by
Fresenius' subsidiary, Fresenius Medical Care.  The RCG
transaction resulted in a substantial deterioration of the
group's credit metrics and left its ratings weakly positioned at
Ba2.

The rating review will focus on:

(a) The proposed capital structure and financial strategy of the
    combined entity;

(b) Operational and execution risk associated with the
    transaction, including any necessary restructuring as well
    as uncertainties for the hospital business model as a result
    of a shift to a DRG (diagnosis related group) reimbursement
    system in Germany;

(c) Potential for an accelerated turnaround at Pro Serve as a
    result of the acquisition given HELIOS' strong track record
    of restructuring underperforming operations; and

(d) The potential for heightened appetite for acquisitions on
    the part of Fresenius given HELIOS' business model as a
    hospitals consolidator and its concurrent announcement
    of an acquisition at Fresenius Kabi.

Fresenius AG is a global health care company with products and
services for dialysis (through Fresenius Medical Care),
international healthcare services and facilities management
(Fresenius ProServe) and nutrition and infusion therapies
(Fresenius Kabi).  For the fiscal year ended December 31, 2004,
Fresenius AG generated consolidated sales of EUR7,271 million.

HELIOS Kliniken GmbH, headquartered in Fulda, Germany, owns and
operates 24 hospitals.  In 2004, c. 18,000 employees treated c.
300,000 inpatients and generated revenues of EUR1.2 million.

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

          Amanda Neff, VP - Senior Credit Officer
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


FRESENIUS MEDICAL: 'BB+' Ratings Remain on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said the long-term corporate
credit ratings on the world's leading dialysis provider,
Germany-based Fresenius Medical Care AG and its parent, Fresenius
AG, remain at 'BB+' and on CreditWatch with negative
implications, despite Fresenius' announcement on Friday that it
planned to acquire the Germany-based hospital operating Helios
Kliniken GmbH.

The ratings on FMC and Fresenius were originally placed on
CreditWatch with negative implications on May 4, 2005, after it
announced in a separate deal that it had agreed to acquire North
America's third-largest dialysis services provider, Renal Care
Group Inc. (RCG; BB-/Positive/--).

In related action, Standard & Poor's placed its 'BB+' long-term
corporate credit rating on the Germany-based hospital operating
Helios Kliniken GmbH (Helios) on CreditWatch with negative
implications, following the Fresenius bid.  Fresenius plans to
acquire a 94% stake in Helios.  The control of Helios by
Fresenius will constrain the rating on Helios to that of its
future parent.

Standard & Poor's intends to resolve the CreditWatch placement
and to lower the corporate credit ratings on both entities, as
well as those on Helios, to 'BB' on completion of the $4 billion
(including $500 million of assumed debt) debt-financed RCG
acquisition.  The outlook on all entities will then be negative.

"Today's (October 14, 2005) announcement by Fresenius to acquire
Helios does not significantly change the underlying scenario, as
the financing structure chosen is in line with Standard & Poor's
financial ratio requirements for the future ratings," said
Standard & Poor's credit analyst Olaf Toelke.  "While the
acquisition of Helios would be slightly positive for the business
profile, as evidenced by the 'BB+' corporate credit rating on
Helios, the likely impact on the financial profile is neutral."

This follows Fresenius management's decision to partly finance
the acquisition through a EUR800 million rights issue. As a
result, the company should be able to achieve the financial
targets required for this rating level; that is, to reach net
debt to EBITDA of 3.5x-3.8x and funds from operations (FFO) to
net debt, both lease- and pension-adjusted, of 17% by financial
year-end 2007.

Ratings information is available to subscribers of Ratings Direct
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:  FRESENIUS MEDICAL CARE AG
          Investor Relations
          Oliver Maier
          Phone: + 49 6172 609 2601
          E-mail: ir-fms@fmc-ag.com


HBT HAUSTECHNIK: Proofs of Claim Due Next Month
-----------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against HBT Haustechnik GmbH on September 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 8, 2005 to register their
claims with court-appointed provisional administrator Georg
Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on December 6, 2005, 9:00 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, 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:  HBT HAUSTECHNIK GmbH
          Zur Wasserburg 14, 40764 Langenfeld
          Contact:
          Uwe Czerwionke, Manager

          Georg Kreplin, Administrator
          Berliner Allee 21, 40212 Duesseldorf


HEIDELBERGCEMENT AG: Penetrates Turkish Market
----------------------------------------------
Akcansa, a joint venture of HeidelbergCement and Sabanci Holding,
has acquired the Ladik cement plant in an auction carried out by
the Turkish government.  The plant with a clinker capacity of
approximately 580,000 tons has a good market position due to its
favorable location in the Black Sea region.  With its bid of
US$140 million, Akcansa could win the auction in a tough
competition.

Akcansa, the leading cement and ready-mixed concrete producer in
Turkey, has operations mainly in the Istanbul area and on the
Aegean coast.  The geographical expansion will further strengthen
the leading market position of the company.

The beginning of the accession talks with the European Union has
further stimulated Turkey's overall economic development.  For
HeidelbergCement the expansion in Turkey is a logical step in its
strategy to strengthen its position in growth markets.

CONTACT:  HEIDELBERGCEMENT AG
          Berliner Strasse 6
          69120 Heidelberg
          Phone: +49-6221-481-227
          Fax: +49-6221-481-217
          Web site: http://www.heidelbergcement.com


HIMEX HANSA: Court to Verify Claims February
--------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Himex Hansa Import Export GmbH on September
22.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December
19, 2005 to register their claims with court-appointed
provisional administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 10:35 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on February 15,
2006, 10:20 a.m. at the same venue.

CONTACT:  HIMEX HANSA IMPORT EXPORT GmbH
          Kieler Str. 3,10115 Berlin

          Hartwig Albers, Administrator
          Luetzowstr. 100, 10785 Berlin


HOREG HOCH: Succumbs to Bankruptcy
----------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against HOREG Hoch- und Rekobau GmbH on September 22.
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 Andre Schirrmeister.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2005, 9:50 a.m. at the district court
of Magdeburg, Saal D, Insolvenzabteilung, Liebknechtstrasse
65-91, 39110 Magdeburg, 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:  HOREG HOCH- UND REKOBAU GmbH
          Wernigeroder Str. 19, 38895 Derenburg
          Contact:
          Bernd Schmidt, Manager
          Neustadt 18, 38871 Langeln

          Kaufmann Andre Schirrmeister, Administrator
          Magdeburger Str. 23, 06112 Halle
          Phone: 0345/2308811
          Fax: 0345/2311199


L.GELLER TRANSPORT: Creditors Meeting Set November
--------------------------------------------------
The district court of Saarbruecken opened bankruptcy proceedings
against L.Geller Transport GmbH on September 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 22, 2005 to
register their claims with court-appointed provisional
administrator Peter Theiss.

Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2005, 10:20 a.m. at the district
court of Saarbruecken, Aussenstelle Sulzbach, Vopeliusstrasse 2,
66280 Sulzbach, 2. Etage, Saal 24, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report on December 6, 2005, 9:00 a.m. at the
district court of Saarbruecken, Aussenstelle Sulzbach,
Vopeliusstrasse 2, 66280 Sulzbach, 1. Etage, Raum Raum 17.

CONTACT:  L.GELLER TRANSPORT GmbH
          Sulzbachstrasse 50 Brenner
          Muehlenstrasse 17, 66280 Sulzbach

          Peter Theiss, Administrator
          Bahnhofstr. 77, 66111 Saarbruecken
          Phone: (0681) 3090 428
          Fax: (0681) 3090 456


PEOPLE CONNECT: Claims Filing Period Ends December 20
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against People Connect Telesales GmbH on September
23.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December
20, 2005 to register their claims with court-appointed
provisional administrator Dr. Dirk Wittkowski.

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

CONTACT:  PEOPLE CONNECT TELESALES GmbH
          Europa Center 20./21. OG
          Tauentzienstr. 9, 10789 Berlin

          Dr. Dirk Wittkowski, Administrator
          Kirchblick 11, 14129 Berlin


ROTHHARD GMBH: Hanau Court Calls in Administrator
-------------------------------------------------
The district court of Hanau opened bankruptcy proceedings against
Rothhard GmbH on September 19.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 28, 2005 to register their claims
with court-appointed provisional administrator Wolfgang Jung.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 10:30 a.m. at the district
court of Hanau, Raum E03, Aussenstelle, Insolvenzgericht,
Engelhardstrasse 21, 63450 Hanau, 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:  ROTHHARD GmbH
          Benzstr. 4, 63457 Hanau
          Contact:
          Rolf Rothhard, Manager
          Vogelsbergstr. 2, 63526 Erlensee
          Tobias Heitmann, Manager
          Ravolzhauser Str. 34, 63526 Erlensee

          Wolfgang Jung, Administrator
          Rhonstr. 5, 63526 Erlensee
          Phone: 06183/2666
          Fax: 06183/71979


RS VERMOGENSVERWALTUNG: Under Bankruptcy Administration
-------------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against RS Vermogensverwaltung GmbH on September 27.
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 Axel Raap.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2005, 11:00 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  RS VERMOGENSVERWALTUNG GmbH
          Weinbergstr. 21 - 31, 16259 Beiersdorf-Freudenberg

          Axel Raap, Administrator
          Marburger Strasse 2, 10789 Berlin


SAREKO GMBH: Charlottenburg Firm Goes Bust
------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against SAREKO GmbH on September 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until December 20, 2005 to
register their claims with court-appointed provisional
administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 9:35 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on February 15,
2006, 9:00 a.m. at the same venue.

CONTACT:  SAREKO GmbH
          Kurfuerstendamm 21, 10719 Berlin

          Hartwig Albers, Administrator
          Luetzowstr. 100, 10785 Berlin


SENATOR ENTERTAINMENT: HSW Gets Majority Control
------------------------------------------------
A Deutsche Bank-led group of financial investors will sell a
50.1% stake in collapsed filmmaker Senator Entertainment to
investment group HSW GmbH, Borsen Zeitung says.

The deal would make HSW Senator's new majority shareholder.
Deutsche Bank and the financial investor, which took over Senator
in 2004 via a US$204 million debt buyout from a consortium of
creditors, will continue to hold a 30% stake.  HSW, a German-U.S.
investment group headed by lawyer Helge Sasse and film producer
Marco Weber, will launch an offer for the remaining shares.

Senator Entertainment, the country's second-largest film producer
and distributor, applied for insolvency protection in April 2004
after suffering massive write-downs.  Deutsche Bank gained a 72%
stake in Senator after taking over the group's EUR168 million in
debt in May and completing a capital increase in October.

CONTACT:  SENATOR ENTERTAINEMNT A.G.
          Ransketrasse 3
          D-10789 Berlin
          E-mail: info@senator.de
          Web site: http://www.senator.de

          Karl W. Homburg
          Investor Relations
          Phone: +49 30 88091-612
          Fax: +49 30 88091-616
          E-mail: investor@senator.de

          DEUTSCHE BANK A.G. LONDON
          6th Floor
          Winchester House
          Great Winchester Street
          London EC2N 2DB
          Phone: (020) 7545 8000
          Fax: (020) 7547 4577
          Web site: http://www.deutsche-bank.de


VOLKSWAGEN AG: Aims EUR80 Mln Savings from New Labor Deal
---------------------------------------------------------
Volkswagen workers have agreed to shorten break times, cut
night-work bonuses, and improve productivity, says Bloomberg
News.

According to the company, the deal will result in savings of
EUR80 million.  Labor union IG Metall, in a separate statement,
said the agreement may save as many as 1,000 jobs with the
planned production of new mid-sized models at Volkswagen's Emden
site.  The company earlier threatened to produce the vehicles in
Portugal if workers didn't cooperate with the company's
cost-cutting measures.

Amid these efforts, Volkswagen remains faithful to its 2004 deal
with unions that, in exchange for a temporary wage freeze, there
would be no compulsory layoffs until 2011.  Emden employees will
now work five days instead of four, while newly hired workers
will receive lower salaries.

Volkswagen Head Wolfgang Bernhard said: "Our German factories
must be able produce at prices appropriate for export."

On September 5, Chief Executive Bernd Pischetsrieder said despite
rising sales, the company will intensify measures to cut back
manpower, using instruments available under the collective
agreement such as early retirement under a partial retirement
program.

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


WTG GESELLSCHAFT: Creditors to Meet December
--------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against WTG Gesellschaft Fuer Kommunikationssysteme
mbH on September 27.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until November 10, 2005 to register their claims with
court-appointed provisional administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 10:00 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  WTG GESELLSCHAFT FUER KOMMUNIKATIONSSYSTEME mbH
          Mauergasse 1 - 2, 15366 Dahlwitz - Hoppegarten

          Dr. Christoph Junker, Administrator
          Fuggerstrasse 24, 10777 Berlin


=============
I R E L A N D
=============


ELAN CORPORATION: Announce TYSABRI Safety Evaluation Findings
-------------------------------------------------------------
Elan Corporation plc and Biogen Idec announced on Monday that
findings from their safety evaluation of TYSABRI(R) (natalizumab)
in patients with Crohn's disease (CD) and rheumatoid arthritis
(RA) resulted in no new confirmed cases of progressive multifocal
leukoencephalopathy (PML).  The companies have previously
reported that findings from their safety evaluation of TYSABRI in
patients with multiple sclerosis (MS) resulted in no new
confirmed cases of PML.  Three confirmed cases of PML were
previously reported, two of which were fatal. The TYSABRI safety
evaluation is now complete.

On September 26, 2005 the companies announced that they submitted
a supplemental Biologics License Application for TYSABRI to the
U.S. Food and Drug Administration (FDA) for the treatment of MS.
The companies also recently submitted a similar data package to
the European Medicines Agency.

More than 1,500 CD and RA patients from clinical trials were
eligible for the safety evaluation.  A total of 88% of these
patients participated in the safety evaluation.  In total, 98% of
the patients participating in the evaluation had a neurological
exam by a consultant neurologist and an MRI exam.

On February 28, 2005, Biogen Idec and Elan announced that they
voluntarily suspended TYSABRI from the U.S. market and all
ongoing clinical trials based on reports of PML, a rare and
potentially fatal, demyelinating disease of the central nervous
system.

About Elan

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

About Biogen Idec

Biogen Idec (NASDAQ: BIIB) creates new standards of care in
oncology, neurology and immunology. As a global leader in the
development, manufacturing, and commercialization of novel
therapies, Biogen Idec transforms scientific discoveries into
advances in human healthcare.  For product labeling, press
releases and additional information about the company, visit
http://www.biogenidec.com

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


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


ALITALIA SPA: Board Passes Revised Restructuring Plan
-----------------------------------------------------
Alitalia's board approved Friday its revised industrial plan,
which now includes considerations for soaring oil prices, Reuters
says.

In a statement, Alitalia said it will draw out a loan of up to
US$485 million from a major U.S. bank to offset rising fuel
costs.  It will offer planes as guarantee for the medium- to
long-term loan.

The new plan also includes various restructuring measures,
particularly re-negotiation of procurement contracts and cuts on
labor costs.  The loss-making airline recently reached a deal
with trade unions allowing a EUR65 million in annual savings from
2006 by boosting productivity, improving management and
"optimizing working models."

The carrier is also a beneficiary of a EUR124 million
government-sponsored financial package for the airline sector.
Alitalia will receive EUR85 million of the amount next year, and
another EUR50 million in 2007 and 2008.

According to Reuters, banks want to make sure Chief Executive
Giancarlo Cimoli would fulfill his promise to trim the carrier's
losses to attract more investors to participate in Alitalia's
EUR1.2 billion capital hike later this year.  In 2004, Alitalia
availed of a EUR400 million government-backed bridging loan to
finance its restructuring.

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


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


STOLT-NIELSEN: Buys back 505,700 Common Shares
----------------------------------------------
Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) has
commenced its share repurchase program with the purchase by
Stolt-Nielsen Transportation Group, a 100% owned subsidiary of
SNSA, of 505,700 of SNSA Common Shares in the open market. These
purchases were made on the Oslo Stock Exchange at an average
price of NOK224.97 per share (approximately $34.83 at the current
exchange rate).  The share repurchase program was announced on
August 25, 2005.  The Company was authorized by its Board of
Directors to purchase up to $200 million worth of its Common
Shares or related American Depositary Shares.

Accordingly, in conformity with applicable Oslo Stock Exchange
requirements, we report that Stolt-Nielsen S.A., through its
wholly owned subsidiary, Stolt-Nielsen Transportation Group Ltd.,
after this transaction has the following ownership (in the
aggregate) in Stolt-Nielsen S.A., whose Common Shares are
secondarily listed on the Oslo Stock Exchange with primary
listing (through ADS arrangements) in the United States:

Total number of Common Shares purchased: 505,700
Total number of Common Shares owned after purchase: 505,700
Percentage of issued shares of such class of shares following
such purchase: 0.8%

All Common Shares purchased by SNTG are classified as non-voting
shares held in Treasury and issued but not outstanding.

Any further buyback transactions will be disclosed through the
disclosure system of the Oslo Stock Exchange, a press release,
and on the Company's Web site at http://www.stolt-nielsen.com

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids.  The Company, through the
parcel tanker, tank container, terminal, rail and barge services
of its wholly owned subsidiary Stolt-Nielsen Transportation
Group, provides integrated transportation for its customers.
Stolt Sea Farm, wholly owned by the Company, produces and markets
high quality turbot and Southern bluefin tuna.  The Company also
owns 25% of Marine Harvest, the world's largest aquaculture
company.

CONTACT:  STOLT-NIELSEN
          Richard M. Lemanski
          Phone: (U.S.A.) 1 203 299 3604
          E-mail: rlemanski@stolt.com

          Valerie Lyon
          Phone: (U.K.) 44 20 7611 8904
          E-mail: vlyon@stolt.com


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


KONINKLIJKE AHOLD: Sets Final Tender Spreads on EUR1 Bln Bonds
--------------------------------------------------------------
Ahold Finance U.S.A., LLC and Koninklijke Ahold N.V. on Monday
announced final tender spreads for their Solicitations of offers
to sell up to EUR1,000,000,000 equivalent of bonds that were
launched on Tuesday 11 October 2005.  The Companies will accept
for purchase maximum amounts of the Notes at purchase prices
based on final tender spreads to the reference bonds, as detailed
below.

The Companies have invited all eligible holders of the Notes to
offer to sell such Notes to Ahold Finance and Koninklijke Ahold,
respectively, upon the terms and conditions contained in the
Solicitation Memorandum dated 11 October 2005.  The Companies
will also pay accrued and unpaid interest on those Notes accepted
for purchase pursuant to the Solicitations.

If Ahold Finance receives offers to sell representing aggregate
principal amounts of 2017 Notes or 2012 Notes less than the
target principal amounts of GBP250,000,000 and EUR330,000,000,
respectively, Koninklijke Ahold will increase its target
principal amount in respect of the 2008 Notes.  If the aggregate
principal amount of Notes offered for sale pursuant to the
Solicitations exceeds the aggregate principal amount of the Notes
that the Companies agree to accept for purchase, then all orders
will be accepted on a pro rata basis as described in the
Solicitation Memorandum.

                        About the Company

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

                           The Trouble

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

                         Status to date

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

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

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

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

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

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

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


ROYAL SHELL: Cancels Additional 1,775,000 'A' Shares
----------------------------------------------------
On 14 October 2005, Royal Dutch Shell plc purchased for
cancellation 900,000 'A' Shares at a price of EUR25.23 per share.
It further purchased for cancellation 400,000 'A' Shares at a
price of 1,725.88 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,005,115,000.

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

On 13 October 2005, the company purchased for cancellation
875,000 'A' Shares at a price of EUR25.41 per share.  It further
purchased for cancellation 275,000 'A' Shares at a price of
1,736.58 pence per share.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


VERSATEL TELECOM: Unveils Settlement of Offers on Shares, Bonds
---------------------------------------------------------------
Further to the earlier press releases of 18 July 2005, 17 August
2005, 8 September 2005 and 13 September 2005 by Tele2, Apax and
Versatel, the press release of 10 October 2005 by Tele2 and Apax,
as well as to the offer memorandum of 14 September 2005, Tele2,
Apax and Versatel have disclosed that a total of 387,423,035
ordinary shares in the capital of Versatel have been delivered to
Tele2 as a result of the settlement of the offer for all ordinary
shares and a total of 1,250 3.875% convertible senior notes due
2011 convertible into ordinary shares in the capital of Versatel
have been delivered to Tele2 as a result of the settlement of the
offer for all of the Bonds.  Consequently, Tele2 now holds 74% of
the issued and outstanding share capital of Versatel which, upon
conversion of all the Bonds should all Bonds be converted into
Shares, would be increased to approximately 77.25% of the
consequently diluted share capital of Versatel.

Apax and Versatel furthermore have completed the sale and
transfer of Versatel Deutschland Holding GmbH to Ganymed 345.VV
GmbH, a wholly owned subsidiary of Apax Europe VI-A, L.P.

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

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

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

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


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


WALCOWNIA RUR: Minority Shareholders Oppose Liquidation
-------------------------------------------------------
The future of Walcownia Rur Jednosc (WRJ) remains uncertain as
smaller investors voted to postpone the general meeting of
shareholders to November 9, Polish News Bulletin says.

Budus, which owns 4% of WRJ, believes that instead of winding up
the rolling mill, it must be rescued by declaring it bankrupt and
settling its debt, which stands at PLN400 million.  Budus
President Leon Ucka said minority shareholders seek control of
the company's capital, stressing they no longer want to inject
money into WRJ.  The company reportedly needs a further PLN150
million.

Poland, however, could face problems with the European Commission
if the planned liquidation does not materialize.  E.U. may look
into the PLN260 million aid that the Treasury had given WRJ.

CONTACT:  WALCOWNIA RUR JEDNOSC
          ulica 27-go Stycznia 1
          Siemianowice Slaskie 41-100
          Poland


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


ACCUMULATOR: Declared Insolvent
-------------------------------
The Arbitration Court of Kursk region commenced bankruptcy
proceedings against Accumulator (TIN 4630004629) after finding
the factory insolvent.  The case is docketed as A35-7660/03-g.
Mr. M. Pavlov has been appointed insolvency manager.  Creditors
have until November 10, 2005 to submit their proofs of claim to
305026, Russia, Kursk region, Leninskogo Komsomola Pr. 40.

CONTACT:  ACCUMULATOR
          305026, Russia, Kursk region,
          Leninskogo Komsomola Pr. 40

          Mr. M. Pavlov
          Insolvency Manager
          305026, Russia, Kursk region,
          Leninskogo Komsomola Pr. 40


AUTO-AGGREGATE: Insolvency Manager Takes over Company
-----------------------------------------------------
The Arbitration Court of Udmurtiya republic has commenced
bankruptcy supervision procedure on limited liability company
Auto-Aggregate.  The case is docketed as A71-26/2005-G2.  Mr. A.
Ashikhmin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim.

CONTACT:  AUTO-AGGREGATE
          Russia, Udmurtiya republic,
          Izhevsk, Telegina Str. 30


AZOV-FISH: Bankruptcy Hearing Set Next Month
--------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company Azov-Fish
(TIN/KPP 6140000805/614001001).  The case is docketed as
A53-16843/05-S2-8.  Mr. S. Kapusta has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 344019, Russia,
Rostov-na-Donu, Sholokhova Pr., 8A.  A hearing will take place on
November 11, 2005 at 3:00 p.m.

CONTACT:  AZOV-FISH
          346740, Russia, Rostov region,
          Azov, Vasilyeva Str. 1

          Mr. S. Kapusta
          Temporary Insolvency Manager
          344019, Russia, Rostov-na-Donu,
          Sholokhova Pr. 8A


DELTACREDIT BANK: 'B/C' Ratings Withdrawn at Bank's Request
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B/C' long- and
short-term counterparty credit ratings on Russian DeltaCredit
Bank (DC) at the bank's request.  At the time of the rating
withdrawal, the ratings on DC were on CreditWatch with positive
implications, where they had been placed on Aug. 12, 2005,
following the announcement that French bank Societe Generale
(AA-/Stable/A-1+) will acquire 100% of DC. The transaction is
subject to regulatory approval.

The rating withdrawal does not indicate any deterioration in DC's
creditworthiness.  As a result of the withdrawal, DC will no
longer be subject to Standard & Poor's review.  There is no rated
debt outstanding.

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:  DELTACREDIT BANK
          4/7 Vozdvizhenka St., bld. 2
          Moscow
          Phone: (095) 234 60 60
          Web site: http://eng.deltacredit.ru/


DIAMANT: Hires Y. Sokolov Insolvency Manager
--------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on limited liability company Diamant (TIN
6168041632).  The case is docketed as A535-6067/2005-S2-33.  Mr.
Y. Sokolov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) DIAMANT
    344002, Russia, Rostov-na-Donu, Sobornyj Per

(b) Temporary Insolvency Manager
    344092, Russia, Rosto-na-Donu,
    Post User Box 3242

(c) The Arbitration Court of Rostov region
    Russia, Rostov-na-Donu,
    Stanislavskogo Str. 8a


DIARY: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on limited liability company
Diary (TIN 2110018163).  The case is docketed as A79-3769/2005.
Mr. V. Ermukhin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 429950, Russia,
Chuvashiya republic, Novocheboksarsk, Post User Box 26.

CONTACT:  DIARY
          429040, Russia, Chuvashiya republic,
          Krasnye Chetai, Novaya Str.

          Mr. V. Ermukhin
          Temporary Insolvency Manager
          429950, Russia, Chuvashiya republic,
          Novocheboksarsk, Post User Box 26


K. MARKS: Public Auction Set Tomorrow
-------------------------------------
The insolvency manager of engineering enterprise K. Marks will
sell its property for a starting price of RUB90,700,000 on
October 19, 2005, 1:00 p.m.  The public auction will take place
at Russia, Saint-Petersburg, B.  Sampsonievskiy Pr. 68.

The list of documentary requirements is available at Russia,
Saint-Petersburg, B. Sampsonievskiy Pr. 68.  To participate,
bidders must deposit an amount equivalent to 10% of the starting
price to the settlement account 40702810100001000480 at OJSC Bank
Objedinennyj Kapital, Saint-Petersburg, TIN 7802031013,
correspondent account 30101810900000000826, BIC 044030826.

CONTACT:  K. MARKS (TIN 7802031013)
          Russia, Saint-Petersburg,
          Turkestanskaya Str. 10A

          Mr. V. Kozlov
          Insolvency Manager/Bidding Organizer
          Russia, Saint-Petersburg,
          B. Sampsonievskiy Pr. 68
          Phone: 702-10-13


NAGORSKIY PROM-KOMBINAT: Bankruptcy Supervision Procedure Begins
----------------------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on open joint stock company Nagorskiy
Prom-Kombinat.  The case is docketed as A28-177/05-223/20.  Mr.
V. Tkachev has been appointed temporary insolvency manager.
A hearing will take place on December 21, 2005, 1:30 p.m. at the
Arbitration Court of Kirov region at Russia, Kirov region, K.
Libknekhta Str. 102, Room 203.

CONTACT:  NAGORSKIY PROM-KOMBINAT
          613004, Russia, Kirov region,
          Zavodskaya Str. 1

          Mr. V. Tkachev
          Insolvency Manager
          610002, Russia, Kirov region,
          Uritskogo Str. 12


OAO SIBNEFT: First-half Revenues Up
-----------------------------------
Sibneft net income soared 44% in the first half of 2005 to
US$1.42 billion from US$988 million in the same period of 2004,
according to consolidated US GAAP financial results released.
The company gained full benefit from higher international and
domestic prices for oil and oil products, despite rising utility
costs, transport expenses, taxes and export duties.

"Our financial results once again confirm that Sibneft is among
the most efficient companies in Russia," said Sibneft president
Eugene Shvidler.

"Our strong management team, professional employees and quality
assets allow Sibneft to lead the industry in its ability to gain
full benefit from each barrel of oil we produce."

Sibneft's total revenues rose 43% to US$5.73 billion in the first
half of 2005 from US$4.01 billion last year.  Earnings before
taxes, interest, depreciation and amortization (EBITDA) were
US$1.94 billion for the six months, up 29% from US$1.50 billion
in 1H 2004.

As of June 30, 2005, the Sibneft group had debts totaling US$1.50
billion.

Sibneft's strong financial performance came as the company
produced 16.62 million tons (687,000 barrels per day) of oil from
January through June, the same volume as in 2004.  The company
acquired six new exploration and production licenses in the first
half of the year, laying the groundwork for future production
growth.

Refinery throughput in the first half rose to 8.75 million tons
(361,500 bpd) from 8.73 million tons (360,600 bpd).  Crude oil
exports increased 11.7% to 7.25 million tons from 6.49 million
tons in the first half of 2004, equaling about 40% of production.
Refined product exports jumped 14% to 3.02 million tons from 2.64
million last year.

A presentation highlighting key financial and production figures
and the full US GAAP financial report are available on the
Sibneft Web site.

CONTACT:  OAO SIBNEFT
          Sadovnicheskaya Street 4
          115035 Moscow
          Russia
          Switchboard: +7 (095) 777-3152
          Switchboard fax: +7 (095) 777-3151
          Phone: http://www.sibneft.com

          John Mann
          Phone: +7 (095) 777-3116
                          777-3182
          Fax: +7 (095) 777-3114
          E-mail: JohnM@sibneft.ru


ORENBURGSKIY BREAD: Orenburg Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Arbitration Court of Orenburg region commenced bankruptcy
proceedings against Orenburgskiy Bread after finding the open
joint stock company insolvent.  The case is docketed as
A47-3584/05-14GK.  Ms. N. Deryabina has been appointed insolvency
manager.  Creditors may submit their proofs of claim to Russia,
Samara-52, Post User Box 1914.

CONTACT:  ORENBURGSKIY BREAD
          460000, Russia, Orenburg region,
          Kichigina Str. 19

          Ms. N. Deryabina
          Insolvency Manager
          Russia, Samara-52,
          Post User Box 1914


URAL-AZ: Proofs of Claim Deadline November 17
---------------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Ural-Az after finding the limited liability
company insolvent.  The case is docketed as A50-12219/2005-B.
Mr. V. Trusov has been appointed insolvency manager.  Creditors
have until November 17, 2005 to submit their proofs of claim to
614036, Russia, Perm, Leonova Str. 23-1.

CONTACT:  URAL-AZ
          Russia, Perm region,
          Karpinskogo Str. 8a

          Mr. V. Trusov
          Insolvency Manager
          614036, Russia, Perm region,
          Leonova Str. 23-1


URAL-ENERGO-STROY: Succumbs to Bankruptcy
-----------------------------------------
The Arbitration Court of Sverdlovsk region commenced bankruptcy
proceedings against Ural-Energo-Stroy (TIN 6660000760, OGRN
1026604950481) after finding the open joint stock company
insolvent.  The case is docketed as A60-13467/2004-S1.  Ms. L.
Yakimidi has been appointed insolvency manager.  Creditors have
until November 10, 2005 to submit their proofs of claim to
620028, Russia, Ekaterinburg, Post User Box 177.

CONTACT:  URAL-ENERGO-STROY
          620062, Russia, Ekaterinburg,
          Lenina Str. 97 "A"

          Ms. L. Yakimidi
          Insolvency Manager
          620028, Russia, Ekaterinburg,
          Post User Box 177


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


ENDESA SA: Moody's Changes Outlook to Positive
----------------------------------------------
Moody's Investors Service affirmed the ratings of Enersis S.A.
(Enersis), Empresa Nacional de Electricidad S.A. (Endesa Chile),
and Endesa Chile Overseas Co., all Ba1 senior unsecured, and
revised the rating outlook for all three issuers to positive from
stable.  Endesa Chile is a 60% subsidiary of Enersis.  Endesa
Chile Overseas Co. is a subsidiary of Endesa Chile and its
ratings are based upon the guarantee of timely payment by Endesa
Chile.

The change in outlook reflects improving financial performance,
changes in the regulatory framework in Chile that are favorable
for the company, and stronger demand growth for electricity in
several of the countries in which Enersis and Endesa Chile have
operations.

Enersis' financial performance is on an improving trend, with
higher earnings and cash flow in each of the past two years.  Due
to strong markets and favorable regulatory changes, Moody's
believes that additional improvement is likely in its 2005
results.  Amendments to the Electricity Law in Chile in March
2004 and June 2005 have established more favorable operating
conditions for Enersis' electricity business.  The Short Law 1
passed in March 2004 provides more clarity with respect to the
sharing of transmission costs between generation companies and
end-users, and tightens the node price band to within 5% of
average unregulated long term contracts, thereby more closely
linking regulated and unregulated power prices.

It also establishes a Board of Experts to help arbitrate
conflicts within the Chilean electric industry.  The more recent
Short Law 2 passed in June 2005 was designed to encourage greater
long-term investment in the generation sector.  It relaxed the
six-month node price adjustment model by allowing higher node
price resets during periods when average unregulated long term
contract prices and the theoretical costs of the system diverge
more than 30%, as has happened since the Argentine natural gas
delivery restrictions were put into place beginning last year.

As a result of this new legislation, the last regulated node
price was reset at US$55 per MWh, which is a substantial increase
from the last reset at US$45 per MWh.  The Short Law 2 also
allows generation companies to sign long-term contracts with
distribution companies for up to 15 years beginning in 2008/2009
at a fixed price 20% to 30% above the current node prices.  These
legislative amendments have created structural changes in Chile's
electricity model that should reduce the volatility of the
financial performance of Enersis and Endesa Chile.

In addition to the structural changes caused by the two Short
Laws, Chile and other Latin American countries in which Enersis
and Endesa Chile operate have experienced stronger growth in
demand for electricity.  Growth in 2004 averaged 5.7% among
Chile, Argentina, Brazil, Colombia and Peru, with the strongest
demand growth in Chile at 8%.  The operating performance of
Enersis in 2004 reflected significant improvement over the
previous year.  One of the factors underlying Endesa Chile's
improved performance is the contribution of the new Ralco
hydroelectric power plant, which began operations in the second
half of 2004.

With total installed capacity of 12,333 MW and over 11 million
distribution customers in the five countries in which Enersis and
Endesa Chile operate -- Chile, Argentina, Colombia, Brazil and
Peru -- both companies stand to benefit from any continuing
improvements in the regional economies as well as the structural
changes resulting from the Chilean Electricity Law.

Further improvements in the companies' credit profile could
result from sustainable improvements in financial performance due
to the benefits of higher node prices, lower transmission
expenses, the contribution of Ralco, continued gradual reduction
of debt, and improvements in the regional economies in which
Enersis and Endesa Chile operate.  An upgrade of the ratings
could result if Enersis can achieve stronger, sustainable
improvements in financial performance while maintaining or
reducing its current level of business risk, and the risk posed
by cross default provisions with subsidiaries of significantly
lower credit quality is eliminated.  For example, certain current
indentures of Endesa Chile include cross default provisions that
could be triggered by a default at a subsidiary in Argentina
(foreign currency sovereign ceiling of B3).  Enersis in turn has
indenture provisions that could trigger a cross default in the
event of a default at Endesa Chile.

While negative rating action is considered to be unlikely in the
near term, a downgrade of the ratings could result from sustained
weaker financial performance, capital investments that increase
business risk, substantially higher dividend pay-out strategies,
and subsidiary credit deterioration that would increase the risk
of cross default.

Based in Santiago, Chile, Enersis S.A. is owned 60% by Endesa,
Spain, one of the largest integrated Spanish utilities in the
world.  Enersis S.A owns Endesa Chile S.A., the largest electric
generation company in Chile, 60%.

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

          Chee Mee Hu, Senior Vice-President
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


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


UKREXIMBANK: Moody's Upgrades Financial Strength Rating to D-
-------------------------------------------------------------
Moody's Investors Service has upgraded to D- from E+ the
Financial Strength Rating (FSR) of the State Export-Import Bank
of Ukraine (Ukreximbank).  The bank's long-term and short-term
deposit ratings remain unchanged at B2 and Not-Prime,
respectively. The outlook for all ratings is stable.

The upgrade reflects:

(a) The bank's track record of profitable operations under
    conditions of solid growth over the last three and a half
    years, with the net interest margin preserved at a
    reasonable level, the revenue structure relatively stable
    and the recurring earning power strengthening;

(b) The improving quality of the loan book as reflected in a
    declining proportion of impaired lending following write-
    offs of loans classified as 'Loss';

(c) Proven relative stability of funding from individual
    clients, which should support the bank's resilience to
    potential political instability in view of the upcoming
    parliamentary elections in Ukraine;

(d) Established access to international capital markets, with a
    proven ability to raise Tier I and Tier II capital from
    external sources; and

(e) An improving, though still insufficient, level of free
    capital.

However, the bank's D- FSR has limited upside potential in the
foreseeable future as it remains constrained by:

(a) The highly volatile operating environment;

(b) Ongoing sectoral and single-party concentrations in the loan
    book;

(c) A potential for state-directed lending although there is
    currently no evidence of such;

(d) Increasing refinancing risk through higher dependence on
    international borrowings; and

(e) Insufficient economic capitalization as the bulk of equity
    remains invested in fixed assets.

According to Moody's, the B2 deposit rating for Ukreximbank
remains constrained by the country ceiling for foreign currency
bank deposits in Ukraine and is likely to follow its future
moves, reflecting the high likelihood of support for the bank
from the Ukrainian financial authorities in the event of need.
However, Moody's cautions that the ability to provide such
support in foreign currency might be of a limited nature, but
this limitation is well captured in the B2 rating.

Ukreximbank is headquartered in Kyiv, Ukraine and reported total
consolidated assets of US$1.3 billion under IFRS (reviewed by the
external auditors) as of June 30, 2005.

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

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


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


ASSOCIATED ACCESS: Creditors Meeting Thursday
---------------------------------------------
Creditors of Associated Access Consultancy Ltd. (Company No
04199544) will meet on October 21, 2005, 11:00 a.m. 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 20, 2005.

CONTACT:  ASSOCIATED ACCESS CONSULTANCY LTD.
          14 Warden Rd.
          Rochester ME1 2JL
          Phone: 01634 815500

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


BEALAW (760): Claims Deadline Set Next Month
--------------------------------------------
D. Gold, chairman of Bealaw (760) Limited, informs that special
and ordinary resolutions to wind up the company were passed at an
EGM on Oct. 3.  Ian Brown, Andrew Philip Peters and Adrian Peter
Berry of Deloitte & Touche LLP, 1 City Square, Leeds, West
Yorkshire LS1 2AL were appointed joint liquidators.

Creditors are required on or before November 30, 2005 to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debts or claims, and names and addresses of
Solicitors (if any) to Ian Brown and, if so required, by notice
in writing their debt or claims.

CONTACT:  DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942


BURRO LIMITED: Hires Administrator from Antony Batty
----------------------------------------------------
William Antony Batty (IP No 1049) of Antony Batty & Co. was
appointed administrator of Burro Limited (Company No 03980867) on
Sept. 29.  The company's registered office is at New House, Suite
24, 67-68 Hatton Garden, London EC1N 8JY.  Burro Limited sells
clothing.

CONTACT:  BURRO LTD.
          40 Dartford Road,
          Sevenoaks, Kent TN13 3TQ
          Phone: 01732740561

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


COSTAIN GROUP: Wins GBP4.6 Million Coastal Defense Project
----------------------------------------------------------
Canterbury City Council has awarded the main contract of a
coastal defense works at Whitstable, valued at GBP4.6 million,
to Costain Group plc.

The work will start in November and should be complete by
December 2006.  It involves the construction of 49 new timber
groynes, the delivery by sea of 150,000 tonnes of beach shingle,
improvements to promenades and a new boat launching ramp.

The main area of work runs from West Beach to Preston Parade,
with other work at the eastern end of Long Beach and minor
improvements through the central area of Whitstable.  The total
project is government funded and will cost GBP6.7 million.  This
will be the largest in-house project the city council has ever
carried out and will upgrade the defenses to a high standard and
help protect the area for the next 50 to 100 years.

Two other contracts for the project are already up and running.
Work started in August on the construction of a new sheet pile
quay wall at the east quay of Whitstable Harbour.  To meet the
council's strict environmental standards, only timber from a
sustainable source will be used for the groynes, and this will be
Greenheart from Guyana.

As with the similar scheme in Tankerton, the council will be
aiming to reuse as much of the timber from the existing groynes
as possible.

Canterbury City Council's Engineering Manager Ted Edwards said:
"There will inevitably be some disruption for residents during
construction but we are aiming to keep this to a minimum by
restricting access routes and the areas in which the contractor
can work at any one time.  All the shingle will be brought in by
sea."

He added: "Meetings will shortly be arranged with residents once
the contractor has finalized his program.  There will also be a
permanent exhibition set up at the harbor to show residents and
school parties what we're doing, why we're doing it and the
progress that's being made.

"Costain is a very experienced contractor who has carried out
many projects of a similar nature under difficult working
conditions.  They are keen to build up a good working
relationship with the public right from the start."

                        About the Company

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

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

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

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


CPL COMMUNICATIONS: Calls in Administrator
------------------------------------------
Paul Andrew Whitwam and David Leighton Cockshott (IP Nos 8346 and
8974) of BWC Business Solutions Limited were appointed
administrators of CPL Communications Limited (Company No
04715127) on Oct. 4.  The company's registered office is at BWC
Business Solutions, 8 Park Place, Leeds LS1 2RU.

CPL Communications is one of Britain's leading multimedia
communications companies.  Its management team has considerable
experience both in call center techniques and operations as well
as customer facing marketing at all levels.  The company employs
over 300 people on two sites, 250 of these employees are involved
directly in speaking to our clients' customers and prospects.
Visit http://www.connections-plus.com/for more information.

CONTACT:  CPL COMMUNICATIONS
          The WaterMill,
          Broughton Hall,
          Skipton, North Yorkshire BD23 3AG
          Phone: 01756 702888
          Fax: 01756 702889

          BWC BUSINESS SOLUTIONS
          8 Park Place
          Leeds
          West Yorkshire LS1 2RU
          Phone: 0113 243 3434
          Fax: 0113 243 5049
          E-mail: bwc@bwc-solutions.com


CRUISE CONTROL: 230 Lose Jobs in Liquidation
--------------------------------------------
Cruise Control (U.K.) Limited and sister company Cruise
Promotions Limited have fallen into liquidation, leaving around
230 people jobless, said Creditman.

Cruise Control offered cruise holiday packages through its
offices in Romford, Essex and Orlando, Florida, while Cruise
Promotions specialized in tour packages to Egypt.  Both agencies
have stopped trading following the appointment of Colin Haig and
Ian Oakley-Smith as joint liquidators on October 10.

According to Times Online, the crisis at Cruise Control, which
claims to be the biggest retailer of cruise holidays in the U.K.,
may come as a surprise in the travel industry.  Earlier this
month, the company revealed it had secured GBP4 million in
funding, but several cruise companies have stopped selling
packages through the agency, making it unable to meet
liabilities.

Estimates released by the Association of British Travel Agents
(Abta) showed that a "few thousand" customers are currently on
cruises booked through Cruise Control, while about 75,000 people
are scheduled to travel.  There are also 600 people on cruises
booked with Cruise Promotions, and thousands more are believed to
have bookings with the company.

Since Cruise Control was an Abta member, the 75,000 customers who
have booked cruises with the agency can still take their holiday,
and the costs will be shouldered by the organization.  Those who
have bookings with Cruise Promotions, which holds an ATOL bond
with the Civil Aviation Authority (CAA), will receive full
refund.

Meanwhile, Bill Gibbons, director of Passenger Shipping
Association, said the collapse of Cruise Control would not
influence consumer confidence in the cruise sector.  "Cruise
holidays are growing faster in popularity than any other type of
holiday and we are confident that this will continue.  More than
a million British people now spend over GBP1 billion on cruising
every year," he said.

CONTACT:  CRUISE CONTROL (U.K.) LIMITED
          c/o Association of British Travel Agents Ltd.
          68-71 Newman Street, London, W1T 3AH
          Phone: +44 (0)20 7637 2444
          Fax: +44 (0)20 7637 0713
          Web site: http://www.abta.com

          CRUISE PROMOTIONS LIMITED
          Phone: 0845 7300190 (U.K.)
                 or +44 (0)117 944 7722 (Overseas)
          E-mail: claims@cpg.org.uk
          Web site: http://www.caa.co.uk


GSNT SECURITIES: Hires Ernst & Young Liquidator
-----------------------------------------------
A. Macmillan, member of GSNT Securities Limited, informs that the
resolution to wind up the company was passed.  Patrick Joseph
Brazzill and Margaret Elizabeth Mills of Ernst & Young LLP, 1
More London Place, London SE1 2AF were appointed joint
liquidators.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


HALLS GARDEN: Appoints Administrators from Menzies, Finn
--------------------------------------------------------
Andrew John Duncan and Andrew Gordon Stoneman (IP Nos 9319, 8728)
of Menzies Corporate Restructuring and Paul Howard Finn (IP No
5367) of Finn Associates were appointed administrators of Halls
Garden Products Limited (Company No 02739669) on Oct. 3.  The
company's registered office is at 43-45 Portman Square, London
W1H 6LY.

Halls is widely regarded as the world's leading manufacturer of
amateur, hobby greenhouses.  Established in 1934 Halls' policy of
constant innovation has enabled it to successfully develop
business in both the U.K. and overseas, where it now has
dedicated distributors in over 20 countries.  Visit
http://www.hallsgreenhouses.com/for more information.

CONTACT:  HALLS GARDEN PRODUCTS LTD.
          Unit 9 Larkfield Mill, Bellingham Way
          Larkfield, Aylesford ME20 6SQ
          Kent
          Phone: 01622 791234
          Fax: 01622 791060

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

          FINN ASSOCIATES
          Four, The Chandlery
          40 Gower's Walk
          London E1 8BH
          Phone: 020 7481 4880
          Fax: 020 74814881
          E-mail: Paul@finnassociates.co.uk


HEBE HAIR: Members Opt for Liquidation
--------------------------------------
P. V. Geens, chairman of Hebe Hair Salons Limited, informs that
special resolution to wind up the company was passed at an EGM
held on Sept. 28 at Leonard Curtis & Co, One Great Cumberland
Place, London W1H 7LW.  K. D. Goodman of Leonard Curtis & Co, One
Great Cumberland Place, Marble Arch, London W1H 7LW was appointed
liquidator.

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


INTERNATIONAL GLASS: Files for Administration
---------------------------------------------
Andrew John Duncan and Andrew Gordon Stoneman (IP Nos 9319 and
8728) of Menzies Corporate Restructuring were appointed
administrators of International Glass Supplies Limited (Company
No 02499441) on Oct. 5.  The company's registered office is at
43-45 Portman Square, London W1H 6LY.  International Glass
exports sheet and float glasses.

CONTACT:  INTERNATIONAL GLASS SUPPLIES LIMITED
          Monarch House, Smyth Road,
          Bedminster BS3 2BX
          United Kingdom
          Phone: +(44)-(117)-9020088
          Fax: +(44)-(117)-9020089

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


INTERTEK GROUP: Inks Standards Contract with Kenya
--------------------------------------------------
The Foreign Trade Standards division of Intertek Group plc has
signed a Standards contract with the Government of Kenya.  This
appoints Intertek to test and certify a wide range of imports
into the country to ensure their compliance with Kenyan or
International standards.

The contract has been signed with the Kenyan Bureau of Standards
(KEBS) for a term of three years.  KEBS are responsible for
developing standards to ensure that unsafe and sub-standard
imports are prevented from entering the country.

Intertek will use its worldwide network of laboratories and
offices to certify imports into Kenya in the country of export,
before they are shipped.  Intertek will also coordinate a network
of other recognized laboratories and offices to perform these
services.  The fees for the services under the contract will be
paid by exporters to Kenya.

Intertek was chosen to operate one of two geographical zones,
after an international tender.

Foreign Trade Standards division's Chief Executive Rob Dilworth
said: "We are delighted to have been selected to perform the
vital task of ensuring the safety and integrity of imports into
Kenya.  This contract builds upon our expertise in operating
similar standards programs in Africa and the Middle East and
reinforces Intertek's position as the world leader in this
field."

                        About the Company

Intertek is an international testing, inspection and
certification organization, which assesses customers' products
and commodities against a wide range of safety, regulatory,
quality and performance standards and certifies the management
systems of customers.  Intertek has 294 laboratories and over
13,500 people around the world and is increasingly undertaking
outsourced testing work for its customers.

At the end of 2004, Intertek's shareholders' funds remained
negative at GBP3.6 million, but down from -GBP43.1 million at 31
December 2003.  The deficit stems principally from the write-off
of goodwill in 1996 when the Group was purchased from its former
owners.  This amounted to GBP229.9 million at 31 December 2004.
The Group's net debt at 31 December 2004 was GBP112.4 million
compared to GBP132.2 million.

CONTACT:  INTERTEK GROUP PLC
          25 Savile Row
          London
          W1S 2ES, United Kingdom
          Phone: +44-20-7396-3400
          Fax: +44-20-7396-3480
          Web site: http://www.intertek.com


LANGFORD LIMITED: Members Pass Winding up Resolutions
-----------------------------------------------------
Langford Limited (formerly Imperial Holdings Limited) informs
that the special, ordinary and extraordinary resolutions to wind
up the company were passed at an EGM held on Sept. 23 at 337 Bath
Road, Slough SL1 5PR.  Peter James Hughes-Holland and Frank
Wessely, both of Vantis Numerica, 81 Station Road, Marlow,
Buckinghamshire SL7 1NS were appointed joint liquidators.

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


LAWSHARE HOLDINGS: Calls in Liquidator from Smith & Williamson
--------------------------------------------------------------
J. Stapleton, chairman of Lawshare Holdings Limited, informs that
subjoined special resolution to wind up the company was passed at
an EGM held on Oct. 5 at the offices of Lawshare Limited, 1
Meadow Road, Tunbridge Wells, Kent TN1 2YG.  Anthony Cliff Spicer
and Henry Anthony Shinners of Smith & Williamson Limited were
appointed joint liquidators.

Creditors are required on or before November 1, 2005 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to Henry
Anthony Shinners, of Smith & Williamson Limited, 25 Moorgate,
London EC2R 6AY, the Joint Liquidator of the said Company, and,
if so required by notice in writing their debt or claims.

CONTACT:  SMITH & WILLIAMSON
          25 Moorgate
          London EC2R 6AY
          Inner London
          Phone: 020 7637 5377
          Fax: 020 7631 0741
          E-mail: henry.shinners@smith.williamson.co.uk


MARKS & SPENCER: Names Citigroup, Morgan Stanley Joint Brokers
--------------------------------------------------------------
Following a review of its advisory relationships, Marks & Spencer
Group plc has appointed Citigroup and Morgan Stanley as joint
brokers of the company.

Both banks will continue to provide corporate advisory services
to Marks & Spencer.  Cazenove will cease to act as the company's
broker henceforth.

Marks & Spencer CEO Stuart Rose said: "We have made this decision
because we needed to simplify our advisory arrangements.  We
would like to thank Cazenove for the high level of commitment and
skill they have shown to Marks & Spencer over many years."

                        About the Company

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

It has carried out aggressive price cutbacks to offset declining
sales.  The prices of its ladieswear clothing brands have been
reduced by 25%.  In July, the company reported that U.K. Retail
Sales for the 14 weeks to 9 July 2005 were down 3.1% in total,
with General Merchandise down 10.3% and Food up 5%.  Clothing was
down 9.2% and Home down 22.3%.  Like-for-like sales were down
5.4%, with General Merchandise down 11.2% and Food up 0.7%.

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

          CITIGROUP GLOBAL MARKETS LIMITED
          Citigroup Centre
          33 Canada Square
          London E14 5LB
          United Kingdom
          Phone: +44-20-7986-4000
          Fax: +44-20-7986-2266
          Web site: http://www.citigroup.com

          MORGAN STANLEY U.K. GROUP
          25 Cabot Sq., Canary Wharf
          London E14 4QA
          United Kingdom
          Phone: +44-20-7425-8000
          Fax: +44-20-7425-8990
          Web site:
          http://www.morganstanley.com/im/uk/index.html


MERROC LTD.: Receivers Reach Deal with CCL Label
------------------------------------------------
Canadian CCL Label has acquired Merroc Ltd., the label maker
operating out of Cumbernauld, Packaging Magazine reported
recently.

The company has been in receivership since June 30, when it
called in David Hunter and Derek Forsyth, of Campbell Dallas
chartered accountants and business advisers.  Of the company's 50
employees, 18 left immediately after it filed for receivership
and 7 joined them shortly.  The sale to CCL saves 15 jobs,
according to Cumbernauld Today.

CCL has been buying up companies to expand operations in the U.K.
Among its recent acquisitions were label operations in
Castleford, Rhyl and Lewes.  Last month it bought Inprint, the
Kent-based leaflet label specialist.  A management team carved
out Merroc from Avery Dennison Roll Label UK in 2001.

CCL Label Inc. serves the packaging, promotional and
pharmaceutical industry and considers itself the leader in the
North American market for pressure-sensitive self-adhesive labels
and promotional products.  It designs and prints a wide range of
high-quality paper and film, pressure sensitive, in-mold, shrink
sleeve, expanded content, Spinformation (R) rotating labels and
printed promotions.  It has plants located throughout North
America and Europe offering specialized press technologies.

CONTACT:  CCL LABEL, INC.
          161 Worcester Road
          Framingham, MA 01701
          USA
          Phone: 508.872.4511
          Fax: 508.872.7671
          Web site: http://www.cclind.com/

          CCL Corporate Office
          CCL Industries Inc.
          105 Gordon Baker Road
          Suite 800
          Willowdale, Ontario
          M2H 3P8
          Tel: (416) 756-8500
          Fax: (416) 756-8555


MINORPLANET SYSTEMS: Avoids Default via Last-minute Fundraising
---------------------------------------------------------------
Minorplanet Systems Plc narrowly avoided bankruptcy last week
after individual and institutional investors coughed up the money
to repay an outstanding loan.

The company, which supplies vehicle tracking systems, needed to
raise GBP13.5 million to repay a GBP4.82 million funding provided
by majority shareholder GE Capital Equity and Chief Executive
Terry Donovan; and GBP500,000 by other investors in April.  The
loans payable total GBP6.5 million, according to The Guardian.

Auto Industry, in a separate report, says institutional and
individual investors came to the company's aid by buying 21
million new ordinary shares at 50p apiece, raising GBP10 million.
Stockbroker Shore Capital also raised GBP2.976 million from an
open offer of up to 5,951,907 new shares.  Directors and senior
managers were among those who participated and raised GBP644,300.

After the repayment to GE Capital and other investors, and GBP1.7
million to certain overdue creditors, the proceeds of the placing
and open offer will be used as working capital to complete the
firm's turnaround initiatives, accelerate its growth plans and
provide financial stability.  The company plans to implement
cost-saving measures that include moving from the main stock
market to the intermediate AIM.  It used to trade on AIM before
listing on the London Stock Exchange in 2002.

An EGM to approve the placing and open offer and other matters
will take place on November 7.  The board had said that if the
placing does not take place, the company will run out of working
capital on or around November 14 and directors would then have no
alternative but to put the company into administration
immediately.

Chairman David Perry said: "The Board would like to thank staff,
creditors and also GE Capital for their support through a very
difficult year, now behind us."

Minorplanet's technology allows companies to track delivery of
products and clamp down on staff using vehicles for their own
use.  Its customers include the NHS, Northumbrian and the Cheese
Cellar food wholesaler.  Last year, it revamped the board and
radically cut jobs.  Mr. Donovan expects the company to post
monthly profit from here on.

CONTACT:  MINORPLANET SYSTEMS PLC
          Phone: 0800 0 924 925 (Toll free)
          Web site: http://www.minorplanet.co.uk/


MOWLEM PLC: Completes Spinnaker Tower
-------------------------------------
On issuing the Completion Certificate, client Portsmouth City
Council thanked Mowlem for their commitment and professionalism
in making one of the most complex and technically challenging
structures of recent years a reality and for making the handover
date possible.

Mowlem Engineering's Managing Director Norman Davies said:
"Mowlem is delighted to be able to hand over the Spinnaker Tower
to Portsmouth City Council, and looks forward to the people of
the city being able to enjoy the Tower and the great views it
offers over the Solent and surrounding areas.  We are proud to
have been involved in such a stunning landmark project."

A few facts and figures relating to the Tower's construction
illustrate the scale of the job Mowlem had to undertake.  11,000
cubic meters of concrete, enough to fill five-and-a-half Olympic
Sized swimming pools were used and the bows are formed from 1,200
tons of structural steel.  The total length of the steel
reinforcing the decks and shafts of the tower would stretch twice
around the Isle of Wight, which is itself visible from the Tower.

The Tower has three viewing decks, at 100m, 105m and 110m
respectively.  The 110m viewing deck is open to the elements
allowing visitors to take in the fresh sea air as they enjoy the
view.  At 170 meters high, the Tower is the tallest accessible
structure in the U.K. outside London.

See http://bankrupt.com/misc/Mowlem_Profile.htmfor company
profile.

CONTACT:  MOWLEM PLC
          White Lion Court, Swan Street
          Isleworth
          Middlesex TW7 6RN
          Phone: 020 8568 9111
          Fax: 020 8847 4802
          Web site: http://www.mowlem.com


PINE (U.K.): Furniture Company Hires Administrators
---------------------------------------------------
John Russell and Philip Andrew Revill (IP Nos 5544, 6421) of The
P&A Partnership were appointed joint administrators of Pine
(U.K.) Limited (Company No 03120103) on Oct. 3.  The company's
registered office is at 93 Queen Street, Sheffield S1 1WF.  Pine
(U.K.) manufacturers and retails pine furniture.

CONTACT:  PINE (U K) LTD.
          2 Ross Lane, Winterton,
          Scunthorpe, South Humberside DN15 9UD
          Phone: 01724735522

          THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


QXL RICARDO: Quarterly Results Out Thursday
-------------------------------------------
QXL ricardo plc will release its results for the quarter ended 30
September 2005 on Thursday, 20 October 2005.

                        About the Company

QXL ricardo plc is a pan-European online auction community,
offering its service in 10 countries.  It is a publicly traded
company with its shares listed on the Official List of the United
Kingdom Listing Authority.

In June, QXL Ricardo revealed that its operating loss
(excluding exceptional items and goodwill) has decreased 90% to
GBP368,000, compared to GBP3.51 million for the year ended 31
March 2004.  It also registered a 79% drop on its loss on
ordinary activities before taxation, posting a loss of GBP1.35
million compared to GBP6.47 million the year earlier.

CONTACT:  QXL RICARDO PLC
          Matrix Complex
          91 Peterborough Rd.
          Parson's Green
          London SW6 3BU
          United Kingdom
          Phone: +44-20-7384-6300
          Fax: +44-20-7384-6320
          Web site: http://www.qxl.com


REFCO INC.: Advisors Race to Preserve Value of Brokerage Biz
------------------------------------------------------------
Commodities and futures broker Refco Inc. has been
advised to seek bankruptcy protection.

Reuters says a group of 50 advisers met over the weekend to
discuss possible buyers for Refco's successful futures business
and which units may have to file for bankruptcy or be dissolved.
The advisers came from Goldman Sachs Group , Refco's
financial adviser; Scott Schoen of buyout firm Thomas H. Lee
Partners, which owns 38 percent of Refco; members of the team
formed by special adviser Arthur Levitt, the former U.S.
Securities and Exchange Commission chairman; auditor Grant
Thornton; and various teams of attorneys.

Negotiations are taking place at dizzying speeds to salvage what
little value is left in the company.  Refco stocks fell rapidly
last week after the arrest of British-born Chief Executive
Phillip Bennett, who was charged with securities fraud on
Wednesday.  He is out on a US$50 million bail and has handed over
GBP3 million and pledged his Manhattan pad and his horse farm,
the Daily Mail says in a separate report.

Authorities allege he hid US$430 million in debt to burnish the
company's financial statements when it went public in August.
The IPO raised US$583 million and gave him 34% of the company.
On Friday, shares were frozen at US$7.90, down from the listing
price of US$22, Reuters says.

The company employs 2,400 and operates in 14 countries, including
the United Kingdom, and also has a broker-dealer and a prime
brokerage unit, both of which were shut down last week.
According to Reuters, Man Financial, the brokerage unit of Man
Group is interested in Refco's futures business, and private
equity firms.  Also expected to show interest in the company are
private equity firms like JC Flowers and the Blackstone Group,
which previously bid for the New York Mercantile Exchange.
Advisers are still considering whether a bankruptcy filing will
complicate any deal for Refco or its parts.

Refco matches buyers and sellers of futures contracts in
everything from currencies to precious metals, says the Daily
Mail.  "It has a chequered past.  The firm was fined GBP800,000
by London futures exchange LIFFE in 2001 for insider trading, and
another GBP300,000 a year later when fraud was uncovered at its
Rome office," the paper says.

CONTACT:  REFCO INC.
          One World Financial Center
          200 Liberty Street Tower A
          New York, NY 10281
          Web site: http://www.refco.com/

          REFCO OVERSEAS LTD.
          Trinity Tower
          9 Thomas More Street
          London
          E1W 1YH
          Phone: +44 (0) 207 488 3232
          Fax:   +44 (0) 207 265 3964
          Web site: http://www.refcoeurope.com/


REFCO GROUP: Woes Prompt Moody's to Junk Ratings
------------------------------------------------
Moody's Investors Service has downgraded all ratings of Refco
Group Ltd., LLC (corporate family rating downgraded to Caa2 from
B2).  The ratings remain on review for downgrade.

The rating action follows Refco's announcement that its non-
regulated subsidiary, Refco Capital Markets Ltd., no longer has
sufficient liquidity to maintain operations and that the company
has instituted a 15-day moratorium on all activities of the
subsidiary.

In Moody's opinion, these actions are likely to lead to
substantial erosion in the franchise value and earnings capacity
of the company.  As a result, Moody's believes that the
likelihood of default has risen sharply.

If Refco avoids default, the weakened earnings outlook for the
firm will make it more difficult for the company to service
existing debt and generate capital to absorb potential future
litigation charges.  During the review, Moody's will seek to
monitor the liquidity of Refco's operations, the retention of its
customer relationships and its remaining business flows.

These ratings of Refco Group Ltd., LLC were downgraded:

   * Long-term Corporate Family Rating to Caa2 from B2
   * Senior Secured Bank Credit Facility Rating to Caa2 from B2
   * Senior Subordinated Debt to Ca from Caa1

Refco Finance Inc., which is a wholly owned special purpose
finance subsidiary of Refco, and is co-issuer of the Senior
Subordinated Debt was also downgraded to Ca from Caa1.  Refco is
an independent brokerage and clearing firm.

CONTACT:  REFCO INC.
          One World Financial Center
          200 Liberty Street Tower A
          New York, NY 10281
          Web site: http://www.refco.com/

          REFCO OVERSEAS LTD.
          Trinity Tower
          9 Thomas More Street
          London
          E1W 1YH
          Phone: +44 (0) 207 488 3232
          Fax: +44 (0) 207 265 3964
          Web site: http://www.refcoeurope.com/


REFCO GROUP: S&P Junks Long-term Counterparty Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
counterparty credit rating on Refco Group Ltd. LLC to 'B-' from
'B+'.  At the same time, the subordinated debt rating on Refco
was lowered to 'CCC' from 'B-'.  The ratings remain on
CreditWatch Negative where they were placed Oct. 10, 2005.

"These rating actions are in response to the company's
announcement that it has placed a moratorium on withdrawals of
customer funds from its non-regulated subsidiary, Refco Capital
Markets Ltd.," said Standard & Poor's credit analyst Tom Foley.

The company also announced that the regulatory capital and excess
regulatory capital of Refco LLC, its regulated Futures Commission
Merchant, and Refco Securities LLC, its regulated broker dealer,
have been "substantially unaffected" by the company's
announcement this past Monday of a previously undisclosed
receivable of US$430 million owed by entities controlled by the
company's former CEO Phillip Bennett.  Mr. Bennett has been
arrested and charged with securities fraud.

Although Mr. Bennett repaid the US$430 million receivable in
cash, the funds may not be available to Refco, which is a holding
company that relied on its operating subsidiaries to upstream
dividends to meet debt service requirements.

Based on Refco's public announcements and the regulator's goal of
safeguarding customer accounts, Standard & Poor's believes there
is substantial doubt concerning the liquidity of Refco.  The
company's operating subsidiaries either may not have sufficient
liquidity or capital to upstream cash to Refco, or may be
prohibited from doing so by regulators.

CONTACT:  REFCO INC.
          One World Financial Center
          200 Liberty Street Tower A
          New York, NY 10281
          Web site: http://www.refco.com/

          REFCO OVERSEAS LTD.
          Trinity Tower
          9 Thomas More Street
          London
          E1W 1YH
          Phone: +44 (0) 207 488 3232
          Fax: +44 (0) 207 265 3964
          Web site: http://www.refcoeurope.com/


RENTOKIL INITIAL: Appoints New Group HR Director
------------------------------------------------
Andy Kemp has been appointed Group Human Resources Director by
Rentokil Initial plc.

He joins the company from Aegis Group plc, having previously
spent nearly 4 years with News International.  Prior to his HR
appointments in the media sector with News International and
Aegis, Mr. Kemp was Group HR Director for Transport Development
Group plc and preceding this, Bovis International.

Before starting corporate life, he enjoyed a successful military
career, culminating in appointments at the Royal Military Academy
at Sandhurst and the Officers Personnel Function in the Ministry
of Defence.

Chief Executive Doug Flynn says: "Andy's broad HR experience in
recruitment, retention and remuneration and diverse experience in
different sectors will bring much added value to the company.  He
will make a significant contribution to the leadership pipeline
and organization development of the Group."

                        About the Company

Rentokil Initial is one of the largest business services
companies in the world, operating in the major economies of
Europe, North America, Asia Pacific and Africa.  The company has
some 90,000 employees providing a range of support services in
over 40 countries.

Rentokil's restructuring took effect in June and the new New
Rentokil Initial shares were admitted to the Official List and to
trading on the London Stock Exchange's market for listed
securities at that time.

In August, the company reported that turnover in the first half
of 2005 was up 3.2% to GBP1,167.2 million, while operating income
was down 33% to GBP119.2 million.  Profit before tax plunged
40.3% to GBP93.2 million.

CONTACT:  RENTOKIL INITIAL PLC
          Felcourt
          East Grinstead
          West Sussex RH19 2JY
          Phone: +44-1342-833-022
          Fax: +44-1342-326-229
          E-mail: pr@rentokil-initial.co.uk
          Web site: http://www.rentokil-initial.com


SEATTLE COFFEE: Calls in Liquidators from Ernst & Young
-------------------------------------------------------
J. Cartwright, chairman of Seattle Coffee Company (International)
Limited, informs that special resolution to wind up the company
was passed at an EGM held on Sept. 29.  Elizabeth Anne Bingham
and Patrick Joseph Brazzill of Ernst & Young LLP, 1 More London
Place, London SE1 2AF were appointed liquidators.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


SPRINGTHYME PLC: Claims Deadline Set Next Month
-----------------------------------------------
D. R. Beswick, chairman of Springthyme Plc, informs that special
and ordinary resolutions to wind up the company were passed at an
EGM held on Oct. 3 at Ellers House, Tottlebank, Blawith,
Ulverston, Cumbria LA12 8EN.  Ian Brown, Andrew P. Peters and
Adrian P. Berry of Deloitte & Touche, 1 City Square, Leeds, West
Yorkshire LS1 2AL were appointed joint liquidators of company.

Creditors are required on or before November 30, 2005 to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debts or claims, and names and addresses of
Solicitors (if any) to Ian Brown and, if so required, by notice
in writing their debt or claims.

CONTACT:  DELOITTE & TOUCHE
          1 City Square
          Leeds
          West Yorkshire LS1 2AL
          Phone: 0113 292 1748
          Fax: 0113 244 8942


SUFFOLK STORAGE: Appoints Administrators from Leonard Curtis
------------------------------------------------------------
J. M. Titley and A. Poxon (IP Nos 8617 and 8620) of DTE Leonard
Curtis were appointed joint administrators of Suffolk Storage And
Distribution Limited (Company No 03932174) on Sept. 27.  The
company's registered office is at IT House, Notley Park, Rayden
Road, Great Wenham, Colchester, Essex CO7 6QD.  Suffolk Storage
offers other transport and communications services.

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


WORLD-OK.COM: Names Administrators from Begbies Traynor
-------------------------------------------------------
Steven Williams and David Acland (IP Nos 8887, 8894) of Begbies
Traynor were appointed joint administrators of World-Ok.Com
Limited (Company No 04482340) on Sept. 30.

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (421)       1,700      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR   (202)         176      (17)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                      (32)         124      (63)
Arbel                     PA.ARB     (50)         213      (47)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Bull S.A.                 BULP.PA   (912)         902      (38)
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
LVL Medical Group         LVLM.PA     (8)         149       (6)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Agor AG                   DOOG.BE     (8)         392     (126)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kamps AG                  KMPSF.PK   (93)       1,075      (61)
Kaufring AG               KAUG       (19)         151      (51)
Mannheimer AG                        (15)         879      N.A.
Marbert AG                MTBG       (13)         144      (50)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (25)         178      (53)
Schaltbau Hold            SLTG       (23)         122       (7)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
VBH Holding AG            VBHG       (54)         337      (80)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
DryShips Inc.             DRYS        (4)         184      (29)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (111)         974      (97)
I Grandi Viaagi S.p.A.    IGV.MI     (31)         533     (140)
Lazio S.p.A.              LAZI       (27)         426     (175)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.               NUMC      (422)       1,982      376
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        N.A.         232     (321)


RUSSIA
------
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Avanzit S.A.              AVZ.MC    (117)         457     (247)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Avis Europe PLC           AVE.L      (24)       2,686     (420)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,342)       3,438      229
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Center Parcs (UK)
    Group Plc             CQY        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (65)         396       (4)
Danka Bus System          DNK.L     (101)         540       34
Dawson Holdings           DWN.L      (19)         142      (33)
Dignity Plc               DTY.L     (148)         485      (89)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L     (113)         236      (66)
Gallaher Group            GLH       (421)       7,866        5
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (26)       1,176     (182)
Jessops Plc               JSP.L      (14)         321        7
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L    (1,613)       2,199     (463)
Orange Plc                ORNGF     (594)       2,902        7
Partygaming Plc           PRTY      (405)         263     (161)
Premier Foods Plc         PFD.L      (29)       1,059       20
Probus Estates Plc        PBE.L      (28)         113     (264)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,072)       3,382      (68)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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
written permission of the publishers.

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
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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