TCREUR_Public/051019.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, October 19, 2005, Vol. 6, No. 207

                            Headlines

B U L G A R I A

CHIMCO AD: Court Okays Novo Chimco's Rehab Plan


F I N L A N D

BENEFON OYJ: Issues Option Rights to Marketing Partner
BENEFON OYJ: Signs Distribution Deal with 20:20 Logistics


G E R M A N Y

AMBULANCE SERVICE: Appoints Interim Administrator
AUTOHAUS HERFORDER: Proofs of Claim Due Next Month
ESG SECURITY: Under Bankruptcy Administration
FRESENIUS AG: Issuing New Shares, Bonds to Fund HELIOS Purchase
FRESENIUS MEDICAL: Interim Q3 Net Income Up 13% to US$115 Mln

GALDA & PARTNER: Claims Filing Period Ends October 31
G. + B.: Creditors Meeting Set December
KUECHENTECHNIK-LINNIG: Court to Verify Claims February
LEUCHTENCENTER VERKAUF: Succumbs to Bankruptcy
M-TECH TECHNOLOGIE: Takes back Optimistic Guidance for the Year

VICTORY PARK: Hamburg Company Goes Bust
VOLKSWAGEN AG: Downsizing Chinese Operations
WALTER BAU: Impounds Plane to Force Lebanon to Settle Debt


I T A L Y

ALITALIA SPA: Labor Minister Hits Plan to Mortgage Fleet


N E T H E R L A N D S

GENERAL MOTORS: Moody's Takes Wait-and-see Stance on GMAC Rating
ROYAL SHELL: Has 4,004,165,000 Remaining 'A' Shares
VERSATEL TELECOM: Completes Sale of Versatel Deutschland


P O L A N D

ELEKTROWNIA TUROW: Outlook Evolving on PPA Cancellation Progress
MOSTOSTAL ZABRZE: Seeks Debt Haircut from Creditors


R U S S I A

AGRO-PROM-TRANS: Insolvency Manager Takes over Business
EVRAZ GROUP: Short-term Rating at 'B'; Outlook Stable
INTERNATIONAL INDUSTRIAL: S&P Upgrades Credit Rating to 'B'
INTERNATIONAL TOBACCO: Court Calls in Insolvency Manager
MAGNITOGORSK IRON: 'BB-' Rating Affirmed; Outlook Stable

NEFTEKHIMIK-AGRO: Declared Insolvent
PROBUSINESSBANK: Fitch Rates RUB1 Billion Bond 'BB+(rus)'
PROKOPYEVSK-MINE-STROY: Undergoes Bankruptcy Procedure
RODINA: Calls in Insolvency Manager
RUZAEVO-AGRO-PROM-SNAB: Succumbs to Bankruptcy

SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set December
SERGACH-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
STROITEL: Names S. Gromoglasov Insolvency Manager
YARANSKIY COMBINE: Bankruptcy Hearing Set December


U K R A I N E

8 BEREZNYA: Declared Insolvent
DOLINSKA RAJSILGOSPHIMIYA: Under Bankruptcy Supervision
EVROPA: Zaporizhya Court Opens Bankruptcy Proceedings
FAKTOR-IMPEKS: Declared Insolvent
FOREIGN INVESTMENTS: Applies for Bankruptcy Proceedings

GORLIVKA MILK: Court Grants Debt Moratorium
KARAT: Files for Bankruptcy
KUSHOVIJ INFORMATION: Goes into Liquidation
MAYAK: Names Ivan Radik Insolvency Manager
METALLTORG: Succumbs to Bankruptcy

METPROMSERVICE: Falls into Insolvency
NEW TECHNOLOGIES: Declared Insolvent
PROMIN: Liquidator Takes over Operations
ROMNI BREAD: Court Hires Temporary Insolvency Manager
SHOSTKA BEER: Court Appoints Liquidator

STEPOVIJ: Mikolaiv Court Hires Liquidator
SUSHKIVKA BRICK: Crumbles into Insolvency
TARPAN: Zaporizhya Court Appoints Insolvency Manager
UKREKSPOTORGINVEST: Bankruptcy Proceedings Begin
VILNYANSKAGROINVEST: Under Bankruptcy Supervision
VORSKLA: Insolvency Manager Takes over Helm
VTORCHERMET: Appoints Insolvency Manager


U N I T E D   K I N G D O M

ACCESS FABRICATIONS: Creditors Meeting Set Next Week
ADVISER CONNECT: Hires Liquidators from RSM Robson Rhodes
BC (BMHL): Members Pass Winding-up Resolution
BOOTS GROUP: Boots Bidder Vows to Preserve Stake
CABLE & WIRELESS: Fitch Affirms Ratings at 'BB+'/'B'

CARLINGS FRESH: Calls in Joint Liquidators
CEMENTATION INTERNATIONAL: Names Liquidator from Baker Tilly
CHIC UNIQUE: Menzies Corporate Administrators Move in
CRANE & LIFT: Names P&A Partnership Liquidator
CROWN PERSONNEL: In Administrative Receivership

CYRANE SYSTEMS: Calls in Leonard Curtis & Co. Administrator
DILMUN NAVIGATION: Hires Liquidators from PricewaterhouseCoopers
DOWNWELL DISMANTLING: Files for Liquidation
DURACORD (EUROPE): Names Administrators from PwC
EASYNET GROUP: Confirms Takeover Approach

FACTORY WINDOWS: Appoints Tenon Recovery Liquidator
GENERAL MOTORS: GMAC & ResCap on Rating Watch Evolving
GOSHAWK INSURANCE: Rosemont Re May Go into Run-off
HERMES TECHNICAL: Goes into Liquidation
IMR GROUP: Insurance Firm Liquidates

INDEPENDENT MORTGAGE: Appoints Robson Rhodes Liquidator
INMARSAT PLC: Sells Rydex Unit to Seawave for US$2.6 Million
KPG RECRUITMENT: Hires Liquidator
LITHOMAGIC LIMITED: Names Joint Liquidators
LUMINAR PLC: To Post Interim Results Next Month

OSBORNE SILVERSMITHS: Appoints Abbey Taylor Administrator
PEACE SOCIAL: EGM Passes Winding-up Resolution
PREMIER FOODS: Private Equity firm Acquiring Dutch Subsidiaries
QXL RICARDO: Receives Offer to Recover Polish Unit
RAKHI FASHIONS: Calls in Liquidator

RELIANCE NATIONAL: Section 304 Petition Summary
RENTOKIL INITIAL: Raphoe Scraps Takeover Plans
ROCKIT PROMOTIONS: Files for Liquidation
SAN MARINO: Restaurant Owners Call in Administrator
SELBORNE TILE: Administrators from Grant Thornton Enter Firm

SKYTRONICS UK: Administrators Take over Business
SOLAR DIRECT: Goes into Liquidation
SOMERHILL DEVELOPMENTS: Names Joint Liquidators
STUDIO ONE: Files for Liquidation
SWINDON HIGLOSS: Calls in Joint Liquidators

TERRA FIRMA: Appoints Tenon Recovery Liquidator
UNITED DENIM: Goes into Liquidation
VISIONEERING UK: National Westminster Appoints KPMG Receiver
WALTON HALL: Files for Liquidation


                            *********


===============
B U L G A R I A
===============


CHIMCO AD: Court Okays Novo Chimco's Rehab Plan
-----------------------------------------------
The Vratsa regional court has approved the rehabilitation scheme
submitted by Novo Chimco for Chimco AD, said Dnevnik a.m.

On September 30, Chimco creditors picked the plan tabled by Novo
over that of Inter RAO Bulgaria.  The decision was influenced by
Gazexport's guarantee to deliver 500 million cubic meters of
natural gas per year to Chimco.  Natural gas, which will be
supplied by Gazexport's Centrix Energy unit, is vital in Chimco's
operations.

Under Novo's plan, 25% of Chimco should be up and running again
by yearend.  Novo will also settle Chimco's outstanding debt,
currently exceeding BGN150 million, over a 10-year period with a
three-year grace period.  In return, Novo will become sole owner
as shares of 7,000 small investors will be cancelled.

Inter RAO Bulgaria, which owns 33% of Chimco, plans to appeal the
creditors' decision, claiming Gazexport is committed to supply
Chimco regardless of the plan selected.  Its recovery plan
involves paying all of Chimco's debt plus interest to the state
within three days after cancellation of bankruptcy proceedings;
and the other liabilities, particularly to state-owned gas
supplier Bulgargaz and the National Electric Company (NEK),
within 10 years.

In April, Chimco reported an unaudited net loss of BGN80.951
million, or a fourfold increase from last year's BGN20.713
million.  A huge chunk of this loss was caused by a record
depreciation charge amounting to BGN75.064 million.

CONTACT:  CHIMCO AD
          3037 Vratza, Bulgaria
          Phone: +359-92-61071
          Fax: +359-92-61118
          E-mail: info@chimco.bg


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


BENEFON OYJ: Issues Option Rights to Marketing Partner
------------------------------------------------------
The Board of Benefon Oyj has decided to issue an incentive
package of 500,000 option rights to Lextel Group who have been
contracted by the Company for marketing services in China and
Hong Kong.

The Board of the Company decided to use for the purpose part of
the 39,597,988 option rights Benefon 2004A decided by the
extraordinary general meeting of Feb. 26, 2004, subscribed on
Nov. 30, 2004 by Octagon Capital Limited for holding purposes on
behalf of the Company, registered in the Trade Register on Dec.
16, 2004 and issued in the book entry system on Sept. 23, 2005.
These options are exercisable at EUR0.14 per share until Jan. 31,
2008.  After the now decided issuance of options, the number of
option rights parked at Octagon Capital will be 32,097,988.

                            *   *   *

On Sept. 7, TCR-Europe reported that Benefon shareholders have
authorized the board to:

(a) to decide on an increase in the Company's share capital by a
    maximum of EUR1,000,000 through a new issue of shares based
    on pre-emptive subscription rights of the shareholders, by
    issuing a maximum of 100,000,000 new investment class shares
    (BNFSV), or convertible loans or option rights that entitle
    to said shares;

(b) to adopt a new option program and to issue a maximum of
    20,000,000 new option rights;

(c) to amend the terms of the option program adopted on 26 April
    2004, and as amended on 28 May 2004, 30 September 2004 and
    26 May 2005 so that, as determined by the Board of
    Directors, the option rights under said option program may
    be subscribed by the Company's senior management, managing
    director, Board of Directors and key employees, as well as
    the Company's strategic suppliers, vendors, consultants and
    other partners, whether any of them are shareholders or non-
    shareholders; and

(d) to adopt a new option program and to issue a maximum of
    1,500,000 new option rights to the Company's current
    managing director.

                        About the Company

Headquartered in Salo, Finland, Benefon provides mobile
telematics solutions for saving lives, securing assets and
improving field management.  It applied for statutory corporate
reorganization with the court of first instance in Turku on April
24, 2003 after failing to get funding on time.  British Octagon
Solutions set the restructuring program as a condition for its
investment of EUR1.65 million in return for a two-thirds share in
the company.  In June this year, Benefon decided to end the
reorganization program ahead of schedule.

CONTACT:  BENEFON OYJ
          P.O. Box 84 Meriniitynkatu
          11 FIN-24101 Salo, Finland
          Phone: +358-2-77 400
          Fax: +358-2-733 2633
          Web site: http://www.benefon.com


BENEFON OYJ: Signs Distribution Deal with 20:20 Logistics
---------------------------------------------------------
Benefon Oyj confirms its commitment to becoming the leading
global navigation player by signing an exclusive distribution
deal with the U.K.'s biggest distributor, 20:20 Logistics, part
of the Caudwell Group of companies which includes Dextra
Solutions and Phones4U.

The agreement will allow 20:20 to distribute Benefon products and
services to operators, retail outlets and large corporate users
throughout the U.K. and Ireland.

Benefon, the first ever developer of an integrated GSM/GPS mobile
device, produces the only telematics system that delivers
navigation and location services that truly responds to the
increasing demand for personal navigation, without the need for
additional GPS hardware.

"This is a major milestone in our overall strategy to leverage
our 16 years experience in navigation and location based
solutions," states Brian Katzen, chairman of Benefon.  "Our
initial strategy called for aggressive penetration into the U.K.
and China, and thereafter mainland Europe and the U.S., so we are
on track."

20:20 is looking to further expand its position in the U.K.
mobile market by becoming the leading distributor in the fast
growing mobile navigation sector.

"Benefon's superior technology and its ability to integrate a
total navigation solution into a handset is unique," comments
Mark Ryan, CEO of 20:20 Logistics.

"We have been working with Benefon for the last twelve months and
have generated significant interest from operators, retailers and
corporate users.  We expect to distribute over 200,000 units in
the first twelve months," says Rod Millar, managing director of
20:20 Logistics.

"This is the perfect platform for the launch of our new and
exciting brand and our unique personal navigation range of
handsets," says Jonathan Bate, new CEO of Benefon.

20:20 will provide a total sales fulfillment solution covering
warehousing and logistics, inventory management coupled with next
day delivery.

About Benefon Oyj

Benefon is a leader in GSM+GPS mobile telematics equipment and
solutions.  Professional and consumer applications include
personal navigation, professional security, personal safety,
field and workflow management, asset tracking, and health.

About 20:20 Logistics

20:20 Logistics is the U.K.'s leading mobile value added
distributor and was voted 'Distributor of the Year' for the last
seven years by leading industry journal Mobile News.  Supplying
dealers, retailers and networks by utilizing its sales, marketing
and logistical expertise to provide products and services to its
extensive customer base.

                        About the Company

Headquartered in Salo, Finland, Benefon provides mobile
telematics solutions for saving lives, securing assets and
improving field management.  It applied for statutory corporate
reorganization with the court of first instance in Turku on April
24, 2003 after failing to get funding on time.  British Octagon
Solutions set the restructuring program as a condition for its
investment of EUR1.65 million in return for a two-thirds share in
the company.  In June this year, Benefon decided to end the
reorganization program ahead of schedule.

CONTACT:  BENEFON OYJ
          Jonathan Bate, CEO
          Phone: +44 1753 752 464
          E-mail: jonathan.bate@benefon.fi
          Web site: http://www.benefon.com


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


AMBULANCE SERVICE: Appoints Interim Administrator
-------------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Ambulance Service Curland GmbH on September
15.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors had until October 8,
2005 to register their claims with court-appointed provisional
administrator Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2005, 10:20 a.m. at the district
court of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20,
60313 Frankfurt am Main, 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:  AMBULANCE SERVICE CURLAND GmbH
          Orber Strasse 42, 60386 Frankfurt am Main
          Contact:
          Sven Curland, Manager
          Am Romerbrunnen 7, 60437 Frankfurt am Main

          Claudia Jansen, Administrator
          Bockenheimer Landstrasse 20, D-60323 Frankfurt/Main
          Phone: 069/4272686-5270
          Fax: 069/42726865555


AUTOHAUS HERFORDER: Proofs of Claim Due Next Month
--------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Autohaus Herforder Strasse GmbH on September 26.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 7, 2005
to register their claims with court-appointed provisional
administrator Klaus Knetter.

Creditors and other interested parties are encouraged to attend
the meeting on November 28, 2005, 11:00 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  AUTOHAUS HERFORDER STRASSE GmbH
          Herforder Str. 215, 33609 Bielefeld
          Contact:
          Frank Powilleit, Manager
          Altenhagener Str. 6, 33729 Bielefeld

          Klaus Knetter, Administrator
          Otto-Brenner-Str. 186, 33604 Bielefeld


ESG SECURITY: Under Bankruptcy Administration
---------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against ESG SECURITY & GUARD GmbH on September 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 18, 2005 to
register their claims with court-appointed provisional
administrator Thomas Georg.

Creditors and other interested parties are encouraged to attend
the meeting on December 19, 2005, 10:10 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, I. Etage, Saal 14, 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:  ESG SECURITY & GUARD GmbH
          Auenweg 2a, 52428 Juelich
          Contact:
          Carmen Engels, Manager

          Thomas Georg, Administrator
          Juelicher Strasse 116, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


FRESENIUS AG: Issuing New Shares, Bonds to Fund HELIOS Purchase
---------------------------------------------------------------
Fresenius AG has entered into an agreement to acquire HELIOS
Kliniken GmbH, which is based in Fulda, Germany.  Through the
acquisition, Fresenius creates an excellent platform for further
growth in the German acute care market.  HELIOS is recognized for
having medical quality standards of the highest level in the
industry.  With expected sales of approximately EUR1.2 billion in
2005 the company ranks among the largest and financially most
successful private hospital chains in Germany.  The acquisition
of HELIOS will establish Fresenius ProServe as one of the leading
private hospital operators in Germany and create a strong third
business segment within Fresenius Group.

"The hospital management business in Germany has been our clear
focus following the streamlining of Fresenius ProServe's
operations in 2003 and 2004.  The acquisition of one of the most
successful German hospital operators is a unique opportunity to
strengthen our position in acute care hospitals.  Building on
this strong position, we will capitalize on the excellent growth
potential of the ongoing privatization process in the German
hospital market.  HELIOS is an extremely well-managed company and
is, just like Fresenius, strongly committed to deliver
best-in-class medical treatment," said Dr. Ulf M. Schneider,
management board chairman of Fresenius AG.

HELIOS Kliniken GmbH is one of the leading private German
hospital operators in terms of revenue growth and profitability.
Since 2002, the company posted a compounded annual growth rate of
28% in sales.  In 2004, HELIOS achieved revenues of EUR1,161
million, operating income of EUR95 million and net income of
EUR66 million.  The company owns 24 hospitals with a total
capacity of approximately 9,300 beds.  HELIOS is the only
hospital chain in Germany that operates four maximum-care
hospitals with more than 1,000 beds each.  The company has
approximately 18,000 employees and performs about 330,000
inpatient and about 700,000 outpatient treatments annually.

HELIOS enjoys an excellent reputation with medical experts and
patients.  The company implemented a comprehensive medical
quality management system and is the first German hospital chain
that sets quantitative medical targets.  The Annual report as
well as the quality and intellectual capital reports document
HELIOS's achievements and targets with outstanding transparency.
HELIOS's experienced and acquisition-proven management team will
continue to manage the company.  All members of the HELIOS
Management continue to be shareholders in the company.

"Our proven medical know-how and partnership network management
is the basis for our leading position in medical quality
standards.  With Fresenius, we will further strengthen this
position.  We are well prepared for further growth in the highly
dynamic German hospital market for acute care, even for ambitious
privatization projects," commented Ralf Michels, managing
director of HELIOS Kliniken GmbH.

In the future, the hospitals of HELIOS and the Fresenius
hospitals of the Wittgensteiner Group will operate under the
leadership and brand of HELIOS.  Both companies are highly
complementary in terms of geographical fit and medical focus.
The combined business will include 55 clinics with 2004 pro-forma
revenues of approximately EUR1.5 billion.

The purchase price for 100% of the HELIOS shares is EUR1.5
billion plus EUR100 million for the net cash position.  Fresenius
will acquire 94% of the HELIOS shares, 6% will continue to be
held by the HELIOS management.

The acquisition requires antitrust approval.  Fresenius
anticipates to close this transaction at the end of 2005.

           Acquisition of the Business of Clinico GmbH

Fresenius Kabi has entered into an agreement to acquire the
business of Clinico GmbH, Bad Hersfeld, Germany.  Clinico
manufactures medical devices used for the application of infusion
therapies and clinical nutrition, such as sterile disposables for
the application of drugs, application systems for clinical
nutrition as well as catheter systems.  The company has a
development center and a tool-making site in Germany as well as
production plants in Poland and China with state-of-the-art
production technologies.  All Clinico production plants are
certified according to ISO and meet the requirements of the FDA.

Fresenius Kabi is the European leader in infusion therapy and
clinical nutrition and offers medical devices for the application
of these therapies.  With the acquisition of Clinico, Fresenius
Kabi extends its product portfolio and will distribute Clinico's
products through its existing sales and distribution
organization.  In addition, the company increases its development
and production network for medical devices.

Preliminary sales for the fiscal year 2004/05 (September 30) were
about EUR51 million, mainly achieved with industrial clients.
Clinico has over 1,500 employees.

The acquisition requires the approval of the German antitrust
authority.

                       Committed Financing

It is planned to finance the acquisitions through a capital
increase in the amount of around EUR800 million and a bond in the
amount of around EUR700 million.  The capital increase from
approved capital is planned to be completed in 2005 with a
subscription right granted to shareholders.  A major German bank
has committed to underwrite the total amount of the capital
increase at customary market conditions.  The details of the
capital increase will be published in the coming weeks.

Commitments for a EUR700 million bridge financing have been
received from two international banks, as the bond is planned to
be issued in the first half of 2006.  The Else
Kroner-Fresenius-Foundation has notified us, that it will
participate in the planned capital increase with an amount of
EUR100 million.  In addition, the proceeds from the disposal of
unused subscription rights will be fully invested.  Allianz
Lebensversicherungs-AG has notified us, that it will positively
support the planned capital increase.

Fresenius expects the 2005 acquisitions of Labesfal, Clinico and
HELIOS to be slightly accretive to 2006 earnings per share and to
be clearly accretive as from 2007.

The financing mix of equity and debt is designed to keep
Fresenius Group's key credit ratios substantially unchanged.

     Excellent financial results in the 1st-3rd quarter 2005
  (preliminary); 2005 Group outlook -- earnings guidance raised

In context with the announced transactions, Fresenius provides an
overview on the financial results of the first nine months 2005.

Based on preliminary figures, Fresenius achieved excellent
financial results in the first nine months of 2005.  Group sales
increased 7% in constant currency.  At actual rates, sales were
EUR5,717 million, an increase of 6%.  Earnings increased stronger
than sales: Group EBIT rose 13% in constant currency and 12% at
actual rates to EUR702 million.  Group net income grew by 28% in
constant currency and 27% at actual rates to EUR159 million.

The business segments made these contributions to this excellent
development:

(a) Based on preliminary figures, Fresenius Medical Care
    achieved sales growth of 9% to US$5,000 million in the first
    nine months of 2005.  EBIT and net income posted a strong
    performance: EBIT rose 11% to US$694 million including US$8
    million of one-time costs related to the transformation of
    Fresenius Medical Care's legal form into a KGaA.  Net income
    was US$338 million, up 15% from the first nine months of
    2004;

(b) For the year 2005, Fresenius Medical Care confirms its
    outlook and expects a revenue growth at constant currency
    between 6 and 9% and a net income growth between 12 and 15%.
    The company expects to achieve the upper end of the net
    income guidance.  This guidance does not take into effect
    the impact of the Renal Care Group acquisition or the one-
    time costs for the full year 2005 in connection with the
    transformation of the company's legal form, or the
    conversion of the preference shares into ordinary shares;

(c) Fresenius Kabi achieved an excellent sales growth of 12% to
    EUR1,239 million in the first nine months.  EBIT increased
    significantly by 32% to EUR170 million.  The EBIT margin was
    13.7% (Q1-3 2004: 11.7%).  In Q3 2005, the EBIT margin
    improved to 14.3%;

(d) Fresenius Kabi confirms its full-year EBIT margin outlook of
    >13.5  %. Constant-currency sales growth is expected at
    about 10%;

(e) In the first nine months of 2005, Fresenius ProServe
    achieved sales of EUR552 million, a decrease of 5% compared
    to the previous year.  On a comparable basis (excluding the
    nursing home business sold in 2004 and the discontinued
    international hospital management business), sales would
    have been on previous year's level.  EBIT was EUR11 million
    in the first nine months of 2005 (Q1-Q3 2004: EUR3 million;
    before one-time expenses: EUR11 million).  Based on a
    stronger order intake in its project business, Fresenius
    ProServe expects improved sales and earnings in Q4 2005.

    Fresenius ProServe confirms its full-year outlook for 2005
    and expects EBIT of EUR20 to EUR25 million and organic sales
    growth of 5 to 8%; and

(f) Based on these excellent preliminary Group figures,
    Fresenius raises its full-year earnings outlook (before the
    announced acquisitions): Net income is expected to grow at
    >25% in constant currency.  Previously, the Company expected
    20 to 25% net income growth.  The projection for constant-
    currency sales growth remains at 6 to 9%.

The final figures for the first nine months of 2005 will be
announced on November 3, 2005, as originally scheduled.

Key figures of the business segments (preliminary)

in EUR million         Q1-3 2005 Q1-3 2004 Change

SALES
Fresenius MedicalCare   3.959     3.744      6%
Fresenius Kabi          1.239     1.105     12%
Fresenius ProServe        552       581     -5%
Corporate/Other           -33       -31     -6%

EBIT
Fresenius MedicalCare     549       510      8%
Fresenius Kabi            170       129     32%
Fresenius ProServe         11         3     --
Corporate/Other           -28       -14   -100%
Fresenius Group          702        628     12%

CONTACT:  FRESENIUS AG
          Else-Kroner-Strasse 1,
          61346 Bad Homburg, Germany
          Phone: +49-6172-608-0
          Fax: +49-6172-608-2488
          Web site: http://www.fresenius-ag.com


FRESENIUS MEDICAL: Interim Q3 Net Income Up 13% to US$115 Mln
-------------------------------------------------------------
Fresenius Medical Care AG unveiled preliminary results for the
third quarter and the first nine months of 2005.  The disclosure
of the Company's preliminary results on an extraordinary basis
has been triggered to support the financing announced by
Fresenius AG.

Third Quarter 2005:

Based on preliminary data, the total revenue for the third
quarter 2005 increased by 9% (8% at constant currency) to
US$1,717 million.

Operating income (EBIT) increased by US10% to $235 million.
Operating income in the third quarter 2005 includes US$7 million
of one-time costs related to the transformation of Fresenius
Medical Care's legal form into a Kommanditgesellschaft auf Aktien
(KGaA).  As previously announced the Company expects one-time
costs for the full year 2005 to be approximately US$10 million
for the transformation and the conversion of the preference
shares into ordinary shares.  This amount includes the one-time
costs in Q3 2005.

Excluding one-time costs the operating income for the third
quarter 2005 increased by 13% to US$242 million.  This very good
performance resulted in an operating margin of 14.1% compared to
13.6% for the same quarter in 2004.

Net income in the third quarter 2005 was US$115 million, an
increase of 13%.  Excluding one-time costs the net income
increased by 17% to US$119 million.

First Nine Months 2005:

Net revenue was US$5,000 million, up 9% from the first nine
months of 2004.  Adjusted for currency, net revenue rose by 8% in
this period.

Operating income (EBIT) increased by 11% to US$694 million.
Operating income for the first nine months of 2005 includes US$8
million of one-time costs related to the transformation of
Fresenius Medical Care's legal form into KGaA.  Excluding
one-time costs the operating income increased by 12% to US$702
million resulting in an operating margin of 14.0% after 13.6% in
the same period in 2004.

In the first nine months of 2005, net income was US$338 million,
up 15% from the first nine months of 2004.  Excluding one-time
costs the net income increased by 17% to US$343 million.

Detailed results of Fresenius Medical Care will be reported on
November 03, 2005.

Outlook 2005 -- Confirmed

For the year 2005, the Company reconfirms its outlook and expects
a top-line revenue growth at constant currency between 6% and 9%
and a net income growth between 12% and 15%.  The Company expects
to achieve the upper end of the net income guidance.  This
guidance does not take into effect the impact of the Renal Care
Group acquisition or the one-time costs for the full year 2005 in
connection with the transformation of the Company's legal form,
or the conversion of the preference shares into ordinary shares.

Ben Lipps, chief executive of Fresenius Medical Care, commented:
"We are very pleased with our preliminary financial results for
the third quarter 2005 and we are clearly on track to achieve our
full year targets."

Fresenius Medical Care AG (Frankfurt Stock Exchange: FME, FME3)
(NYSE: FMS, FMS-p), is the world's largest, integrated provider
of products and services for individuals undergoing dialysis
because of chronic kidney failure, a condition that affects more
than 1,300,000 individuals worldwide.  Through its network of
approximately 1,645 dialysis clinics in North America, Europe,
Latin America, Asia-Pacific and Africa, Fresenius Medical Care
provides dialysis treatment to approximately 128,200 patients
around the globe.  Fresenius Medical Care is also the world's
leading provider of dialysis products such as hemodialysis
machines, dialyzers and related disposable products.

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

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


GALDA & PARTNER: Claims Filing Period Ends October 31
-----------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Galda & Partner Ingenieurgesellschaft fuer technische
Gebaudeausruestung mbH on September 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 31, 2005 to register their
claims with court-appointed provisional administrator Georg
Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on November 21, 2005, 9:40 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  GALDA & PARTNER INGENIEURGESELLSCHAFT FUER TECHNISCHE
          GEBAUDEAUSRUESTUNG mbH
          Benrodestr. 129, 40597 Duesseldorf
          Contact:
          Michael Galda, Manager
          Oderstr. 7 g, 40721 Hilden

          Georg Kreplin, Administrator
          Berliner Allee 21, 40212 Duesseldorf


G. + B.: Creditors Meeting Set December
---------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against G. + B. Geruest- und Baugesellschaft mbH on September 27.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 7, 2005
to register their claims with court-appointed provisional
administrator Erich Holzemann.

Creditors and other interested parties are encouraged to attend
the meeting on December 16, 2005, 8:50 a.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  G. + B. GERUEST- UND BAUGESELLSCHAFT mbH
          Lagerhausstr. 29, 44147 Dortmund
          Contact:
          Jorg Lutschinski, Manager
          Kleine-Lindenstr. 3, 44577 Castrop-Rauxel

          Erich Holzemann, Administrator
          Goethestrasse 2, 59065 Hamm
          Phone: 02381/ 92 42 0-0
          Fax: 92 42 020


KUECHENTECHNIK-LINNIG: Court to Verify Claims February
------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Kuechentechnik-Linnig GmbH on September 22.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 21,
2005 to register their claims with court-appointed provisional
administrator Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on October 31, 2005, 9:00 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on February 20,
2006, 9:00 a.m. at the same venue.

CONTACT:  KUECHENTECHNIK-LINNIG GmbH
          Saarbruecker Str. 38,10405 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


LEUCHTENCENTER VERKAUF: Succumbs to Bankruptcy
----------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Leuchtencenter Verkauf und Planung GmbH on
September 16.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 15, 2005 to register their claims with court-appointed
provisional administrator Wolfgang Hoppe.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 9:10 a.m. at the district court
of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313
Frankfurt am Main, 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:  LEUCHTENCENTER VERKAUF UND PLANUNG GmbH
          Beyerbachstrasse 3, 65830 Kriftel
          Contact:
          Thomas Kramer, Manager
          Heuchelheimer Strasse 55a, 61350 Bad Homburg
          Wolfgang Lueger, Manager
          Gutenbergstrasse 44, 61321 Bad Nauheim

          Wolfgang Hoppe, Administrator
          Mergenthalerallee 45-47, 65760 Eschborn
          Phone: 06196/481969
          Fax: 06196/482494


M-TECH TECHNOLOGIE: Takes back Optimistic Guidance for the Year
---------------------------------------------------------------
Traffic guidance systems developer M-Tech Technologie und
Beteiligungs AG forecasts a loss for the financial year
2005-2006, which ends on March 31, 2006, Borsen-Zeitung says.

Contrary to its August guidance, M-Tech sees between EUR1 million
and EUR1.5 million in losses next year, due mainly to
difficulties experienced by the property market and cautious
attitude of local authorities and the state.  M-Tech ended
financial year 2004/2005 with a EUR10.4 million net loss, nearly
six times higher than the year before.  It generated EUR82.4
million in turnover last year.

M-Tech develops, manufactures, distributes and maintains
components, equipment, installations and systems for road traffic
information collection.  The group employs 644 workers.

CONTACT:  M-TECH TECHNOLOGIE- UND BETEILIGUNGS AG
          Robert-Bosch-Strasse 41
          D - 73770 Denkendorf
          Phone: +49 (0)711 / 34550-100
          Fax +49 (0)711 / 34550-199
          E-mail: info@mtech-ag.com
          Web site: http://www.mtech-ag.com


VICTORY PARK: Hamburg Company Goes Bust
---------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against VICTORY PARK Management GmbH on September 21.
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 Sylvia Fiebig.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 10:30 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  VICTORY PARK MANAGEMENT GmbH
          Luruper Chaussee 30, 22761 Hamburg
          Contact:
          Friedrich Karl Gruehl, Manager
          109 Front Street, East, Suite 515
          Toronto/Ontario M 5 A 4 P 7, Canada

          Sylvia Fiebig, Administrator
          Jungfernstieg 51, 20354 Hamburg
          Phone: 040/808136-400
          Fax: 040/808136-250


VOLKSWAGEN AG: Downsizing Chinese Operations
--------------------------------------------
Volkswagen AG has lowered its production target for 2008 in China
as part of its restructuring measures, the Financial Times says.
Putting its large-scale investment plans on hold, the carmaker
almost halved its output goal of 1.6 million vehicles set in 2003
to only 900,000 units a year until at least 2008.

In another report, Automotive Business Reviews said Volkswagen's
strategy to revamp its China operations involves reducing costs
by strengthening the ties between its two joint ventures,
Shanghai Volkswagen and First Auto Works-Volkswagen.

Volkswagen is trying to prevent a further decline in its market
share in China, which has dropped to 17% in August from around
50% a few years ago.  First half figures also showed an operating
loss of EUR23 million.  In 2004, the region booked profits of
EUR251 million.

The company said: "We are in a transition[al] phase where we are
laying foundations preparing ourselves for a more sustainable
development of our company in China. All areas of business are
being closely scrutinized."

In September, Volkswagen said it is expecting zero profit in its
China operations in 2005.  Chief Executive Bernd Pischetsrieder
noted he is more concerned about the carmaker's falling market
share, which was greatly influenced by decreasing volumes and
pricing with fixed losses.

In June, First Auto Works-Volkswagen revealed a cost reduction
target of CNY3 billion in 2005.  The unit aims to increase
productivity, the level of local content and outsourcing as part
of its emergency "survival plan."  The joint venture, which
posted a CNY400 million loss in the first quarter of 2005, plans
to cut expenses on parts and components by CNY2.8 billion.

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


WALTER BAU: Impounds Plane to Force Lebanon to Settle Debt
----------------------------------------------------------
The insolvency administrator of Walter Bau has seized a plane of
Middle East Airlines (MEA) as payment for a debt owed by the
Lebanese government, Financial Times Deutschland says.

Werner Schneider, who seized MEA's Airbus A321 aircraft, tried to
collect the US$7.1 million debt via formal channels, but the
government apparently refused to pay up.  The debt pertains to a
construction project Walter Bau undertook in the 1990s.  A local
arbitration tribunal confirmed the debt in 2003.

Walter Bau is also mulling a suit against the Thai government to
recover US$100 million in lost profits.  According to the
company, the decision by the government to reduce toll on a 21-km
motorway in Bangkok from THB70 to THB20 has rendered its
investment worthless.  Walter Bau owns a 10% stake in the
consortium operating the motorway.  It is also claiming
unspecified amount in unpaid building cost.

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

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

          MIDDLE EAST AIRLINES
          P.O. Box 206
          Beirut - Lebanon
          Phone: +961-1-628888/629250/822860
          Telex: 20820LE- CEDARS
          Fax: +961-1-629260
          Web site: http://www.mea.com.lb


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


ALITALIA SPA: Labor Minister Hits Plan to Mortgage Fleet
--------------------------------------------------------
Labor Minister Roberto Maroni slammed Alitalia's plan to mortgage
its fleet to raise money, Agence France-Presse says.

Alitalia's board on Friday said it would seek out a US$485
million loan from a major U.S. bank to offset rising fuel prices
and use its planes as guarantee.

"A company that is selling the family jewels appears to me to be
in a bad way," Mr. Maroni said. "If things get worse the
government would find itself with an airline that no longer owns
its planes."

The labor minister said he would ask Prime Minister Silvio
Berlusconi and Finance Minister Giulio Tremonti to intervene.
Alitalia currently operates a fleet of 189 aircraft, 78 of which
are 20 years old.

                        About the Company

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

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


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


GENERAL MOTORS: Moody's Takes Wait-and-see Stance on GMAC Rating
----------------------------------------------------------------
Moody's announced Monday a change in the review status of GMAC's
long-term debt ratings to "direction uncertain" from "review for
possible downgrade."

GMAC's long-term ratings had been placed under review on October
10, 2005.  Moody's is also placing GMAC's Not-Prime short-term
rating on review for possible upgrade.  These rating actions are
a consequence of GM's announcement that it will seek to sell a
controlling stake in GMAC to a strategic partner.  GM's Ba2
long-term ratings remain under review for possible downgrade.

In Moody's view, partial ownership of GMAC by a third party has
the potential to enhance the degree of separation between the GM
and GMAC ratings.  This is possible, Moody's said, if the
ownership change results in GMAC's governance structures being
made more independent of GM's, if the potential partner is of
sufficient financial and managerial strength, and if its
interests are sufficiently aligned as to be complementary to
GMAC's core auto and mortgage franchises.  However, the ratings
benefit could be minimal if, in Moody's view, these conditions
are not adequately met.  Additionally, Moody's noted that there
is sizeable execution risk associated with such a transaction.

In the course of conducting its ratings analysis, Moody's has
come to the view that GMAC's stand-alone credit profile would
likely warrant a low-Baa long-term rating.  This opinion is based
upon GMAC's intrinsic qualities, setting aside considerations
related to its ownership by GM.  For GMAC's public debt ratings
to fully converge with its stand-alone credit profile, Moody's
believes that GM would be required to relinquish both majority
ownership and majority control of GMAC to a satisfactory
unrelated party.

Inclusion of a partner in the ownership structure potentially
strengthens the case for ratings separation if the partner
already possesses auto-financing operations, which makes the
strategic nature of the tie-up more compelling, and in addition,
is a large financial institution with a credit profile superior
to that of GMAC's.  Where such a partner also demonstrate an
ability and willingness to provide meaningful financial support
to the enterprise, ratings could be strengthened further.

Moody's believes a sale of a controlling interest in GMAC is
likely to significantly reduce the annual dividend paid to GM.
This dividend currently approximates US$2 billion per year and,
in the rating agency's view, is a critical factor in moderating
the automotive operation's large rate of cash consumption, which
is likely to approximate US$4 billion during 2005.  The key issue
in Moody's assessment of the impact of a GMAC sale on the credit
quality of GM will be the diminution in the level of dividend
received, balanced against the amount and use of proceeds from
the sale.  Use of proceeds could include a material reduction in
debt, an increase in gross liquidity, or increased distributions
to GM shareholders.  Other factors that will be considered
include GMAC's ability to continue providing adequate support for
the financing of GM's retail and wholesale operations, and the
potential for increased value in the retained GMAC investment
over the long term.

Moody's believes that announcement of a tentative agreement
between GM and the UAW to significantly reduce the company's
healthcare costs is constructive.

However, GM continues to face considerable challenges that will
remain a focus of the rating agency's review.  These include:
managing the potential risks resulting from the Delphi
bankruptcy; stemming the decline in North American market share;
reducing employment levels and capacity to better match its
sustainable North American market share position; contending with
the shift in consumer preference from SUVs toward smaller, more
fuel efficient vehicles; achieving adequate consumer acceptance
for the critical T900 truck and SUV product launch; and, reducing
its dependence on price incentives to prop up its sagging U.S.
share position.

Moody's view of GMAC's stand-alone low-Baa credit profile is
supported by GMAC's capable risk management discipline, which
functions relatively independently of GM.  GMAC's asset quality
has been very good historically, contributing to relatively
stable operating performance in its financing operations and
mortgage segments.  Deterioration in the rate of auto loan net
charge-offs during the last credit cycle, and improvements since,
has been largely a function of loss severity associated with
changes in the price of remarketed vehicles after repossession or
lease termination.  However, GMAC's significant concentration in
GM vehicles is a key ratings constraint even on a stand-alone
basis, as its credit metrics could worsen should demand for GM
vehicles decline, leading to higher portfolio loss severity.

GMAC has also demonstrated strength in liquidity management,
anticipating funding needs and preparing for contingencies in
advance of GM's credit weakening.  However, recent downgrades
related to parent company stresses have negatively impacted
GMAC's access to the unsecured debt markets, its primary source
of funding, making the task of providing adequate liquidity more
challenging.  GMAC management has turned to greater use of
alternative funding sources, notably securitization and whole
loan sales, to help ease this constraint.

In 1H'05, GMAC's acquisition of new finance assets slowed
partially as a function of changes in GM's marketing programs,
further relieving some liquidity pressure.  In Moody's view,
GMAC's committed borrowing facilities, in combination with
substantial cash balances, cash flow from its short-duration auto
finance assets and its access to the ABS markets, provide sound
sources of alternative liquidity for its short-term obligations.
Its mortgage subsidiaries also have unsurpassed access to the MBS
markets.

In Moody's view, factors limiting GMAC's intrinsic credit profile
include its significant business and financial concentrations
with parent GM.  GMAC's direct net exposure to GM at 6/30/05 was
approximately US$4.8 billion, or 21% of book net worth.  GMAC
also makes available to GM a US$4 billion line of credit.
Furthermore, GMAC sources nearly all of its non-mortgage
originations through its relationship with GM's dealer and retail
base.  As a result, GMAC's origination volumes, asset quality,
and earnings are sensitive to conditions at GM.  GM's Ba2 ratings
are under review for possible downgrade, reflecting continuing
operating and competitive challenges.  In Moody's view, GMAC's
business and financial concentrations with GM suggest that a
further deterioration in GM's rating could lead to downward
pressure on GMAC's stand-alone credit profile, though the two do
not necessarily move in unison.

GMAC's stand-alone profile is further constrained by
profitability metrics that have historically been weaker than
peers and are under pressure due to rising interest rates.  If
GMAC's origination volumes decline further, operating costs could
cut into margins unless the company adjusts the scale of its
operations in an effective and timely manner.  Moody's also
believes GMAC's financial leverage is high, which limits the
firm's financial flexibility.

To conclude its review of GMAC's ratings, Moody's will need
further information regarding GM's plans, including the identity
of the potential partner and detail regarding the governance and
business strategy of GMAC under the revised ownership.
Additionally, given the aforementioned execution risk related to
the transaction, Moody's would need to believe that there is a
high degree of certainty the transaction would be completed.

GMAC, a wholly owned subsidiary of GM, provides retail and
wholesale financing in support of GM's automotive operations and
is one of the world's largest non-bank financial institutions.
It reported earnings of US$1.5 billion and assets of US$309
billion at 6/30/05.

CONTACT:  MOODY'S INVESTORS SERVICE (NEW YORK)
          Robert Young, Managing Director
          Financial Institutions Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653

          Mark L. Wasden, Vice President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


ROYAL SHELL: Has 4,004,165,000 Remaining 'A' Shares
---------------------------------------------------
On 17 October 2005, Royal Dutch Shell plc purchased for
cancellation 700,000 'A' Shares at a price of EUR25.55 per share.
It further purchased for cancellation 250,000 'A' Shares at a
price of 1,748.60 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,004,165,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


VERSATEL TELECOM: Completes Sale of Versatel Deutschland
--------------------------------------------------------
Versatel Telecom International N.V. said that as a result of the
settlement of the public offers for all the issued and
outstanding ordinary shares and for all the issued and
outstanding 3.875% convertible senior notes due 2011 convertible
into ordinary shares in the capital of Versatel by Tele2 Finance
B.V., as described in the Offer Memorandum of 14 September,

(a) the sale of Versatel Deutschland Holding GmbH to Ganymed
    345.VV GmbH, a wholly owned subsidiary of Apax Europe
    VI-A,L.P. (Ganymed) has been completed; and

(b) Versatel will make an interim distribution out of its freely
    distributable reserves of EUR1.391585 per ordinary share in
    the capital of Versatel.

    Versatel and Tele2 agreed that Tele2 will be paid its part
    of the interim distribution by an assignment of the claim
    against Ganymed arising in connection with the sale of
    Versatel Deutschland Holding GmbH to Ganymed, all as
    described in the Offer Memorandum of 14 September 2005.  In
    respect of ordinary shares not tendered in the public offer
    for the Versatel's ordinary shares, shareholders will
    receive the amount of EUR1.391585 per ordinary shares in
    cash on 17 October 2005 through the admitted institutions
    (aangesloten instellingen) within the meaning of the Dutch
    Giro Securities Act (Wet Giraal Effectenverkeer).  The ex-
    date is 17 October 2005;

(c) the resignation of Mr. L.W.A.M. van Doorne, Mr. J. Huber,
    Mr. L.M.L.H.A. Hermans, Mr. B.L.J.M. Beerkens and Mr. J.G.
    Drechsel as member of our Supervisory Board has become
    effective;

(d) the appointment of Mr. J.I. Svedberg, Mr. B.L-J. Jarnheimer,
    Mr. S.H. Zadler and Mr. M.F. Berglund as member of our
    Supervisory Board has become effective; and

(e) the deed of amendment to our articles of association has
    been executed.

All these events have been approved by the shareholders in the
extraordinary general meeting of shareholders.

Versatel Telecom International N.V. (Euronext: VRSA), based in
Amsterdam, is a competitive communications network operator and a
leading alternative to the former monopoly telecommunications
carriers in its target market of the Benelux and Germany.
Founded in October 1995, the Company holds full telecommunication
licenses in The Netherlands, Belgium and Germany and has over 1
million customers and approximately 2,000 employees.  Versatel
operates a facilities-based local access broadband network that
uses the latest network technologies to provide business
customers with high bandwidth voice, data and
Internet services.  Versatel is a publicly traded company on
Euronext Amsterdam under the symbol VRSA.  News and information
are available at http://www.versatel.com

CONTACT:  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


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


ELEKTROWNIA TUROW: Outlook Evolving on PPA Cancellation Progress
----------------------------------------------------------------
Fitch Ratings has changed BOT Elektrownia Turow S.A.'s (ET)
rating Outlook to Evolving from Negative.  At the same time, the
agency has affirmed ET's rating at 'B-' for its senior secured
debt.  Elektrownia Turow B.V.'s EUR270 million guaranteed secured
bonds maturing in 2011 (secured by power purchase agreement -
(PPA) backed revenues) is also affirmed at 'B-'.

The Outlook change reflects continuing developments in the
government's plan to cancel the existing PPAs in the
sector --including that of ET -- which, in Fitch's view, decrease
the probability of a negative rating impact.  At the same time,
the ultimate outcome and rating implications have become more
uncertain.

Fitch expects that it will take several months for the new
government (to be formed following the parliamentary elections on
25 September 2005) to review the PPA cancellation plan, including
potential recommendations to amend, and restart the approval
process.  Fitch deems that it will be in a position to assess
more definitive rating implications once the law to govern the
PPAs cancellation is approved by the Polish parliament and the
EC.  Expectations are that this will not be finalized before
H206.

While it is unlikely that the plan will be scrapped, there has
been a positive development from the creditor's point of view.

Firstly, the power plants will be able to opt out of the program
and keep their PPAs.  However, opting out may result in a
challenge at a later date from the EC, which views the PPAs as
state-aid.  ET, as a government-controlled entity, will therefore
be likely to take part in the program.  Nevertheless, it will not
be forced to do so by law, so giving creditors a better
negotiating position.

Secondly, based on the existing plan, the compensation for PPA
cancellation will be in the form of an initial payment covering
the majority of stranded costs -- as defined by the regulator --
and a subsequent annual correction (positive or negative) based
on actual performance (prices and volumes) for the following 10
years.  This adds an element of profit predictability for ET,
compared to a one-off compensation and pure merchant profile
under the earlier plan.  The expected profits of ET would still
be below the level provided by the PPA, and ET is less
financially integrated within the BOT group (consisting of two
other plants and two lignite mines) than the government appears
to assume in the current compensation methodology.

Gross debt peaked at PLN4.3 billion at FYE03 and subsequently
decreased to PLN3.9 billion at FYE04, but most of the decrease
resulted from domestic currency appreciation during the year (59%
of the debt is EUR-, US$- or CHF-denominated).

After relative over-performance in 2003, ET did not meet the 1.2x
debt service coverage ratio (DSCR) bank and PPA covenants for
2004 (this was subsequently waived by the banks).  As a result of
weaker cash profits (that exclude profit on FX difference) and
initial debt amortization, the DSCR only reached 0.84x with a
subsequent reduction in cash balance (now around PLN233 million
versus remaining debt service of PLN180 million for Q405).  While
DSCR is expected to recover to above 1.0x for 2005, market
perception of the contractual strength of ET's PPA has been
damaged, although this is not viewed as detrimental to the
current rating level.

The winning parties in the recent parliamentary election in
Poland have not so far presented any views on either PPA
cancellation, vertical integration (recently supported by the
outgoing government) or privatization in the Polish power sector.

CONTACT:  ELEKTROWNIA TUROW S.A.
          ul. Mlodych Energetykow 12
          59 - 916 Bogatynia
          Phone: ++48 75 77 34 900
          Fax: ++48 75 77 34 002
          E-mail: elektrownia.turow@eltur.com.pl
          Web site: http://www.eltur.com.pl

          FITCH RATINGS
          Josef Pospisil, London
          Phone: +44 (0)20 7417 4266
          Arkadiusz Wicik, Warsaw
          Phone: +48 22 338 6286
          Andrew Steel
          Phone: +44 (0)20 7862 4086

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


MOSTOSTAL ZABRZE: Seeks Debt Haircut from Creditors
---------------------------------------------------
Creditors of construction group Mostostal Zabrze will meet within
the next two months to vote on a proposal to repay all
liabilities below PLN13,500, Polish News Bulletin says.

The proposal is part of Mostostal's efforts to reduce its hefty
debt.  The group is also eyeing a 40% cut on its larger debts.
Bank Handlowy, the group's former majority shareholder, has
expressed willingness to accept the proposal.  Mostostal's
largest creditor, BGZ, is expected to vote in favor of the
proposal.

Other major creditors like Kredyt Bank and Ateliers Vlassenroot,
to which Mostostal owes PLN15 million and PLN28 million
respectively, might reject the proposal, reducing the chances of
a compromise, the report added.

CONTACT:  MOSTOSTAL ZABRZE HOLDING S.A.
          41-800 Zabrze,
          ul. Wolnos'ci 191
          Phone: +48 (0 32) 271 32 21
                 +48 (0 32) 373 44 44
          Fax: +48 (0 32) 271 50 47
               +48 (0 32) 271 19 21
               +48 (0 32) 271 26 49
               +48 (0 32) 271 80 01
          E-mail: post@mz.pl
          Web site: http://www.mostostal.zabrze.pl


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


AGRO-PROM-TRANS: Insolvency Manager Takes over Business
-------------------------------------------------------
The Arbitration Court of Omsk region has commenced bankruptcy
supervision procedure on open joint stock company
Agro-Prom-Trans.  The case is docketed as K/E-126/05.  Mr. V.
Emelyanov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 660013, Russia,
Krasnoyarsk, Post User Box 4357.  A hearing will take place on
December 20, 2005, 3:20 p.m.

CONTACT:  AGRO-PROM-TRANS
          646000, Russia, Omsk region,
          Tara, Tyumenskaya Str. 16

          Mr. V. Emelyanov
          Temporary Insolvency Manager
          660013, Russia, Krasnoyarsk region,
          Post User Box 4357


EVRAZ GROUP: Short-term Rating at 'B'; Outlook Stable
-----------------------------------------------------
Fitch Ratings has assigned Evraz Group S.A. ratings of Senior
Unsecured 'BB-' and Short term 'B'.  The Outlook is Stable.

The ratings are the same as those of its main subsidiary Cyprus
based Mastercroft Ltd. ('BB-'/B/Stable), reflecting the role of
the subsidiary as a key driver of Evraz's credit and rating
profile.  Fitch notes that future M&A and funding activities may
lead to a possible divergence of the credit profiles of the two
entities.  In particular, future potential acquisitions outside
Russia are expected to be executed at the Evraz level while
acquisitions within Russia are expected to be executed at the
Mastercroft level.  It should be noted that future debt capital
markets issuance is planned to be at Evraz level in line with the
company's centralized funding policy.

Fitch views Evraz's dividend policy of 25% of net income through
the cycle as a source of financial discipline, which helps to
mitigate a potential shareholder bias given the 91.7% private
ownership of the company.  The appointment of three independent
directors in the seven-member board of Evraz at the time of its
initial public offering in June 2005 also helps ensure the
quality of the corporate governance.

The Stable Outlook reflects Fitch's expectation that Evraz will
maintain satisfactory financial and business profiles in spite of
the industry's cyclicality.  The company's scale, track record in
integrating new businesses, low-cost structure, diversity of
sales and production capacity, coupled with its healthy financial
profile, will help support its financial performance.  Evraz is
listed on the London Stock Exchange with a free float of 8.3%
following the IPO, which raised net proceeds of US$410 million.

Evraz is Russia's largest vertically integrated steel producer in
output and ranks 15th in the world.  It specializes in production
of long-steel products, operates three steel plants and iron ore
and coal mines.

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

          FITCH RATINGS
          Sonya Dilova, London
          Phone: +44 20 7417 3485
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901.

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


INTERNATIONAL INDUSTRIAL: S&P Upgrades Credit Rating to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russia-based International
Industrial Bank (IIB; or Mezhprombank in Russian) to 'B' from
'B-' on its sustained good capital position.  At the same time,
the 'C' short-term counterparty credit rating was affirmed. The
outlook is positive.

With Russian ruble 60.6 billion ($2.1 billion) in assets at June
30, 2005, IIB is one of Russia's 15 largest banks.

"The ratings on IIB reflect its still-high concentrations of
large single-party lending and funding exposures, and its
dependence on its owner's continued favorable business and
political standing," said Standard & Poor's credit analyst
Ekaterina Trofimova.  "These negative factors are partly offset
by the bank's very strong capital position and satisfactory
financial performance."

IIB's future creditworthiness will depend on a continued strong
financial profile and a deepening of its franchise, in ways not
linked to its owner's political and business connections.  The
ratings on the bank are also contingent on developments in the
Russian economy, including the pace and substance of ongoing
legal and regulatory reforms.

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:  INTERNATIONAL INDUSTRIAL BANK
          23 build. 1, Bolshaya Dmitrovka Street,
          125009 Moscow, Russia
          Phone: + 7 (095) 926-4446
          Fax: + 7 (095) 692-8284
          E-mail: mail@iib.ru
          Web site: http://www.iib.ru


INTERNATIONAL TOBACCO: Court Calls in Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on LLC International Tobacco
Company (TIN 2320073690, OGRN 1022302925578).  The case is
docketed as A-32-24651/2005-1/371-B.  Mr. N. Goncharov has been
appointed temporary insolvency manager.

CONTACT:  INTERNATIONAL TOBACCO COMPANY
          354340, Russia, Krasnodar region,
          Sochi, Gastelo Str. 38

          Mr. N. Goncharov
          Temporary Insolvency Manager
          350042, Russia, Krasnodar region,
          Kolkhoznaya Str. 3, Office 307


MAGNITOGORSK IRON: 'BB-' Rating Affirmed; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Russia-based Magnitogorsk Iron and
Steel Works' (MMK) Senior Unsecured rating at 'BB-' with a Stable
Outlook.

The rating reflects MMK's strong track record in terms of
financial performance and accessing capital markets, competitive
domestic positions and ability to exploit rising demand for steel
in Russia.  It also takes into account MMK's planned shift in
focus to value-added products to support revenue growth.  Strong
financial metrics, significant modernization and a track record
in conservative financial management underpin MMK's credit
profile.

However, the rating is constrained by MMK's limited transparency.
Following ownership changes in December 2004, MMK has changed its
shareholding structure to be wholly private, dominated by
financial institutions.  However, disclosure of the ultimate
investors is limited due to a trustee-type structure.  Fitch
notes a material change in dividend policy during H105, which may
indicate a bias towards shareholder-friendly actions.

MMK's sales are primarily generated in the domestic market (FY04:
55%), in line with the company's strategic focus, while MMK's
regional location provides a competitive advantage. Specifically,
about half of its domestic sales are generated in the Ural region
alone, an area with a high concentration of metal and
machinery-building plants, a legacy of the Soviet era.  In FY04,
MMK continued to benefit from the buoyant Asia market,
demonstrated by a regional contribution to consolidated sales of
20% (FY03: 20%).  MMK benefits from a high-margin end-product
range, of which hot rolled coil steel products generated more
than 60% of total sales in FY04.  In contrast to its domestic
peers, MMK has limited control over raw material supplies, so the
company has historically relied on supplies from Russia and
neighboring countries.  However, the company faced significant
disruptions in iron ore supplies in spring 2005, which emphasized
its vulnerability in relying on regional suppliers with vested
interests in the Russian steel sector.  As a result, MMK is
expected to focus on vertical integration by increasing its
control over raw materials by acquiring mining assets.

In Fitch's view, MMK's liquidity is good.  In H105, MMK increased
the level of committed unused bank lines to US$175 million from
US$92 million at FYE04, while a significant cash balance of US$1
billion mitigates refinancing risk and enabled the company to
maintain its net cash position since FY03.  In H105, gross debt
declined to US$740 million from US$1.2 billion at FYE04,
following the repayment of about US$500 million of debt, thus
releasing US$481 million of pledged fixed assets.  While this is
a reflection of MMK's strong cash generative capacity, Fitch
expects this to change in the medium-term as it pursues
debt-funded acquisitions of mining assets and increases capital
expenditure.  Also, in H105, short-term debt accounted for
roughly 33% of total debt compared to 70% at FYE04, due to a
funding of high working capital needs in H204 by short-term debt.
In H105, more than 90% of debt was unsecured compared to 80% at
FYE04, reflecting MMK's debt capital market activities since
1998.

CONTACT:  MAGNITOGORSK IRON AND STEEL WORKS
          92 Kirov St., Magnitogorsk
          Chelyabinsk region
          Russia 455002
          Web site: http://www.mmk.ru/eng

          FITCH RATINGS
          Sonya Dilova, London
          Phone: +44 20 7417 3485
          Nikolai Lukashevich, Moscow
          Phone: +7 095 956 9901

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


NEFTEKHIMIK-AGRO: Declared Insolvent
------------------------------------
The Arbitration Court of Tyumen region commenced bankruptcy
proceedings against Neftekhimik-Agro (OGRN 1025501975498) after
finding the open joint stock company insolvent.  The case is
docketed as A-70-7142/3-2005.  Mr. S. Pshonko has been appointed
insolvency manager.

CONTACT:  NEFTEKHIMIK-AGRO
          625000, Russia, Tyumen region,
          Khokhryakova Str. 47

          Mr. S. Pshonko
          Insolvency Manager
          625000, Russia, Tyumen region,
          Gertsena Str. 78, Office 313


PROBUSINESSBANK: Fitch Rates RUB1 Billion Bond 'BB+(rus)'
---------------------------------------------------------
Fitch Ratings has assigned Probusinessbank's (PBB) upcoming RUB1
billion senior unsecured bond due April 2009 a National Long-term
'BB+(rus)' rating.  PBB's ratings are National Long-term
'BB+(rus)', International Long-term 'B-', Short-term 'B',
Individual 'D' and Support '5'.  The Outlooks on both the
National and International Long-term ratings are Stable.

The Long-term, Short-term and Individual ratings reflect PBB's
low core profitability and the substantial costs and risks
associated with strategic expansion into new retail and SME
segments as well as to major Russian regions.  However, they also
take into account its currently adequate, albeit falling,
capitalization.

PBB ranks within the top 100 banks in Russia and provides
corporate and retail services primarily in Moscow and through
recently acquired regional banks in the Volga region and
Yekaterinburg.

CONTACT:  PROBUSINESSBANK
          Petrovka 15
          107031 Moscow
          Phone: 933-37-37
          E-mail: bank@prbb.ru

          FITCH RATINGS
          Olga Budovnits
          James Watson, Moscow
          Phone: +7 095 956 9901

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


PROKOPYEVSK-MINE-STROY: Undergoes Bankruptcy Procedure
------------------------------------------------------
The Arbitration Court of Kemerovo region has commenced bankruptcy
supervision procedure on building company Prokopyevsk-Mine-Stroy.
The case is docketed as A27-21376/2005-4.  Mr. E. Dmitriev has
been appointed temporary insolvency manager.  A hearing will take
place on December 28, 2005.

CONTACT:  PROKOPYEVSK-MINE-STROY
          653000, Russia, Kemerovo region,
          Prokopyevsk, Rudnichnaya Str. 7

          Mr. E. Dmitriev
          Temporary Insolvency Manager
          664606, Russia, Krasnoyarsk region,
          Kansk, Post User Box 670
          Phone/Fax: 8(39161) 3-36-04


RODINA: Calls in Insolvency Manager
-----------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Rodina (TIN 2354001171, OGRN 1022304874316).  The case is
docketed as A-32-29825/2005-44/425.  Ms. S. Bystrova has been
appointed temporary insolvency manager.

CONTACT:  RODINA
          352118, Russia, Krasnodar region, TIkhoretskiy region,
          Arkhangelskaya St. Lenina Str. 19

          Ms. S. Bystrova
          Temporary Insolvency Manager
          353475, Russia, Krasnodar region,
          Gelendzhik, Post User Box 62


RUZAEVO-AGRO-PROM-SNAB: Succumbs to Bankruptcy
----------------------------------------------
The Arbitration Court of Mordoviya republic commenced bankruptcy
proceedings against Ruzaevo-Agro-Prom-Snab after finding the open
joint stock company insolvent.  The case is docketed as
A39-6038/04-234/12.  Mr. O. Grishin has been appointed insolvency
manager.

Creditors may submit their proofs of claim to:

(a) Insolvency Manager
    440047, Russia, Penza,
    Minskaya Str. 5a-2

(b) The Arbitration Court of Mordoviya republic
    430000, Russia, Mordoviya republic,
    Saransk, Kommunisticheskaya Str. 33


SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Set December
-------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on municipal unitary enterprise
Sel-Khoz-Khimiya.  The case is docketed as A07-13567/05-G-ADM.
Mr. N. Bortnikov has been appointed temporary insolvency manager.
A hearing will take place on December 28, 2005, 3:00 p.m.

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

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


SERGACH-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Sergach-Agro-Prom-Khimiya.  The case is docketed as
A43-15663/2005, 33-268.  Mr. V. Sofronov has been appointed
temporary insolvency manager.  A hearing will take place on
December 20, 2005, 2:30 p.m.

CONTACT:  SERGACH-AGRO-PROM-KHIMIYA
          Russia, Nizhniy Novgorod region,
          Sergach, Yubileynyj

          Mr. V. Sofronov
          Temporary Insolvency Manager
          Russia, Nizhniy Novgorod region,
          Sergach, Yubileynyj


STROITEL: Names S. Gromoglasov Insolvency Manager
-------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Stroitel (TIN 5219000057, KPP 521901001).  The case is docketed
as A43-19649/2005,24-328.  Mr. S. Gromoglasov has been appointed
temporary insolvency manager.  A hearing will take place on
December 20, 2005, 9:45 a.m.

CONTACT:  STROITEL
          Russia, Nizhniy Novgorod region, Krasnobakovskiuy
          region, Krasnye Baki, Nizhegorodskaya Str. 73

          Mr. S. Gromoglasov
          Insolvency Manager
          603000, Russia, Nizhniy Novgorod region,
          Post User Box 602


YARANSKIY COMBINE: Bankruptcy Hearing Set December
--------------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
supervision procedure on state unitary enterprise Yaranskiy
Combine Of Grain Products.  The case is docketed as
28-141/05-205/6.   Mr. V. Alalykin has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 610000, Russia,
Kirov, Moskovskaya Str. 25a.  A hearing will take place on
December 27, 2005, 11:00 a.m.

CONTACT:  YARANSKIY COMBINE OF GRAIN PRODUCTS
          Russia, Kirov region, Yaranskiy region

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


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


8 BEREZNYA: Declared Insolvent
------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against 8 Bereznya (code EDRPOU 00707589) on
September 5, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-50/38-05.  Mr. Dmitro
Zadruzhnij (License Number AB 216763) has been appointed
liquidator/insolvency manager.  The company holds account number
2600430118118 at JSCB Region-Bank, MFO 351469.

CONTACT:  8 BEREZNYA
          62513, Ukraine, Harkiv region,
          Vovchanskij district, Buzove

          Mr. Dmitro Zadruzhnij
          Liquidator/Insolvency Manager
          61057, Ukraine, Harkiv region,
          Pushkinska Str. 5, Room 408

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


DOLINSKA RAJSILGOSPHIMIYA: Under Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Ivano-Frankivsk region commenced bankruptcy
supervision procedure on Dolinska Rajsilgosphimiya on July 15,
2005 after finding the open joint stock company insolvent.  Mr.
Vitalij Popov (License Number AA 485244) has been appointed
temporary insolvency manager.

CONTACT:  DOLINSKA RAJSILGOSPHIMIYA
          Ukraine, Ivano-Frankivsk region,
          Dolinskij district, Debelivka

          Mr. Vitalij Popov
          Temporary Insolvency Manager
          Ukraine, Ivano-Frankivsk,
          Gatman Ivan Mazepa Str. 45/35

          ECONOMIC COURT OF IVANO-FRANKIVSK REGION
          76000, Ukraine, Ivano-Frankivsk,
          Shevchenko Str. 16a


EVROPA: Zaporizhya Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Evropa (code EDRPOU 2325577) on August 29,
2005 after finding the limited liability company insolvent.  The
case is docketed as 19/209(05).  Ms. Elina Potapova (License
Number AA 799125) has been appointed liquidator/insolvency
manager.  The company holds account number 26006301190154 at JSC
Prominvestbank, Energodar branch, MFO 313098.

CONTACT:  EVROPA
          71500, Ukraine, Zaporizhya region,
          Energodar, Lisova Str. 3/50

          Ms. Elina Potapova
          Liquidator/Insolvency Manager
          71500, Ukraine, Zaporizhya region,
          Energodar, a/b 118

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


FAKTOR-IMPEKS: Declared Insolvent
---------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Faktor-Impeks (code EDRPOU 30968237) on June
2, 2005 after finding the limited liability company insolvent.
The case is docketed as 44/216-b.  Mr. A. Gunko (License Number
AA 520124) has been appointed liquidator/insolvency manager.  The
company holds account number 26000301492 at JSCB National Credit,
MFO 320702.

CONTACT:  FAKTOR-IMPEKS
          01001, Ukraine, Kyiv region,
          L. Pervomajskij Str. 11

          Mr. A. Gunko
          Liquidator/Insolvency Manager
          Phone: 8 (067) 508-80-30

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard 44-B


FOREIGN INVESTMENTS: Applies for Bankruptcy Proceedings
-------------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Foreign Investments American Petroleum
Company (code EDRPOU 20054618) on August 18, 2005 after finding
the limited liability company insolvent.  The case is docketed as
15/592-b.  Mr. I. Kapelushnij (License Number AB 216783) has been
appointed liquidator/insolvency manager.  The company holds
account number 2600901616 at JSB Azhio, MFO 300175.

CONTACT:  Mr. I. Kapelushnij
          Liquidator/Insolvency Manager
          03037, Ukraine, Kyiv region, a/b 53

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


GORLIVKA MILK: Court Grants Debt Moratorium
-------------------------------------------
The Economic Court of Donetsk region has commenced bankruptcy
supervision procedure on JSCCT Gorlivka City Milk Plant (code
EDRPOU 00445268) and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 33/34 B.  Mr.
Grigorij Starodub (License Number AA 419470) has been appointed
temporary insolvency manager.  The company holds account number
2600698072 at JSCB Ukrsocbank, Gorlivka branch, MFO 334088.

CONTACT:  GORLIVKA CITY MILK PLANT
          84639, Ukraine, Donetsk region,
          Gorlivka, Mikitovska Str. 33

          Mr. Grigorij Starodub
          Temporary Insolvency Manager
          83015, Ukraine, Donetsk region,
          Miru Avenue 8/233

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


KARAT: Files for Bankruptcy
---------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Karat (code EDRPOU 30979500) on September 6,
2005 after finding the limited liability company insolvent.  OJSC
CB Hreshatik has been appointed liquidator.  The company holds
account number 2600133012753 at CB Hreshatik,
Kiyevo-Svyatoshinske branch, MFO 300830.

CONTACT:  KARAT
          04214, Ukraine, Kyiv region,
          Geroiv Dnipra Str. 42-b/89

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard 44-B


KUSHOVIJ INFORMATION: Goes into Liquidation
-------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Kushovij Information-Computing Centre (code
EDRPOU 05505420) on June 30, 2005 after finding the state
enterprise insolvent.  The case is docketed as 12/60-04.
Mr. Mikola Usenko (License Number AA 719792) has been appointed
liquidator/insolvency manager.

CONTACT:  KUSHOVIJ INFORMATION-COMPUTING CENTRE
          40030, Ukraine, Sumi region,
          Petropavlivska Str. 86

          Mr. Mikola Usenko
          Liquidator/Insolvency Manager
          Ukraine, Sumi region,
          Kozatskij val Str. 2-A/4
          Phone: (0542) 22-62-13, 21-11-08

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


MAYAK: Names Ivan Radik Insolvency Manager
------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Mayak (code EDRPOU 00707604) on September 6,
2005 after finding the limited liability company insolvent.  The
case is docketed as 31/44-05.  Mr. Ivan Radik (License Number AB
176041) has been appointed liquidator/insolvency manager.

CONTACT:  MAYAK
          Ukraine, Harkiv region,
          Vovchanskij district, Revolutsijne

          Mr. Ivan Radik
          Liquidator/Insolvency Manager
          61170, Ukraine, Harkiv region,
          Gv. Shironivtsiv Str. 43-A/157
          Phone: (050) 301-29-21

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


METALLTORG: Succumbs to Bankruptcy
----------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Metalltorg (code EDRPOU 31980040) on August
9, 2005 after finding the limited liability company insolvent.
The case is docketed as B 26/25/05.  Mr. Oleksandr Vozdvizhenskij
(License Number AA 485221) has been appointed
liquidator/insolvency manager.  The company holds account number
26004300900000 at JSCIB UkrSibbank, Dnipropetrovsk branch, MFO
306856.

CONTACT:  METALLTORG
          51925, Ukraine, Dnipropetrovsk region,
          Dniprodzerzhinsk, Lenin Avenue 3

          Mr. Oleksandr Vozdvizhenskij
          Liquidator/Insolvency Manager
          51000, Ukraine, Dnipropetrovsk region,
          Dniprodzerzhinsk, Internatsionalistiv Str. 2/53

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


METPROMSERVICE: Falls into Insolvency
-------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Metpromservice (code EDRPOU 32820038) on
September 13, 2005 after finding the limited liability company
insolvent.  The case is docketed as 5/209/05.  Mr. O.
Tomashevskij (License Number AA 669672) has been appointed
liquidator/insolvency manager.

CONTACT:  METPROMSERVICE
          54055, Ukraine, Mikolaiv region,
          Lenin Avenue 107/243

          Mr. O. Tomashevskij
          Liquidator/Insolvency Manager
          Phone: (0512) 36-72-27

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


NEW TECHNOLOGIES: Declared Insolvent
------------------------------------
The Economic Court of Herson region commenced bankruptcy
proceedings against New Technologies (code EDRPOU 31134843) on
September 2, 2005 after finding the limited liability company
insolvent.  The case is docketed as 12/91-B-05.  Mr. Oleksandr
Burdo (License Number AB 216979) has been appointed
liquidator/insolvency manager.

CONTACT:  NEW TECHNOLOGIES
          73000, Ukraine, Herson region,
          9 Sichnya Str. 15, Office 407

          Mr. Oleksandr Burdo
          Liquidator/Insolvency Manager
          73000, Ukraine, Herson region,
          Chervonoflotska Str. 3/1
          Phone: 8 (0552) 49-82-86

          ECONOMIC COURT OF HERSON REGION
          73000, Ukraine, Herson region,
          Gorkij Str. 18


PROMIN: Liquidator Takes over Operations
----------------------------------------
The Economic Court of Vinnitsya region commenced bankruptcy
proceedings against Promin (code EDRPOU 20092174) on August 23,
2005 after finding the limited liability company insolvent.  The
case is docketed as 10/100-05.  The department of bankruptcy
question of Vinnitsya has been appointed liquidator/insolvency
manager.  The company holds account number 26009263369001 at JSCB
Ukraina, Vinnitsya branch, MFO 302441.

CONTACT:  PROMIN
          Ukraine, Vinnitsya region,
          Hmilnik, Chapayev Str. 62

          Liquidator/Insolvency Manager
          21036, Ukraine, Vinnitsya region,
          Hmelnitske Shose Str. 7

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


ROMNI BREAD: Court Hires Temporary Insolvency Manager
-----------------------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on Romni Bread Products Combine (code
EDRPOU 00955880).  The case is docketed as 6/31-05.  Mr. Oleksij
Sisoyev (License Number AB 176146) has been appointed temporary
insolvency manager.

CONTACT:  ROMNI BREAD PRODUCTS COMBINE
          42000, Ukraine, Sumi region,
          Romni, Prokopenko Str. 10

          Mr. Oleksij Sisoyev
          Temporary Insolvency Manager
          Ukraine, Sumi region,
          Petropavlovska Str. 74, Room 49 A

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


SHOSTKA BEER: Court Appoints Liquidator
---------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Shostka Beer Combine Siveriya (code EDRPOU
13998578) on May 19, 2005 after finding the limited liability
company insolvent.  The case is docketed as 12/143-04.  Mr.
Pidgornij Volodimir (License Number AA 719779) has been appointed
liquidator/insolvency manager.

CONTACT:  SHOSTKA BEER COMBINE SIVERIYA
          Ukraine, Sumi region, Shostka,
          Shevchenko Str. 27

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


STEPOVIJ: Mikolaiv Court Hires Liquidator
-----------------------------------------
The Economic Court of Mikolaiv region commenced bankruptcy
proceedings against Stepovij (code EDRPOU 00707403) on September
1, 2005 after finding the close joint stock company insolvent.
The case is docketed as 10/221/05.  Mr. Cherepenko Mikola
(License Number AB 176091) has been appointed
liquidator/insolvency manager.

CONTACT:  STEPOVIJ
          56625, Ukraine, Mikolaiv region,
          Novoodeskij district, Dilniche, Lenin Str. 10

          Mr. Cherepenko Mikola
          Liquidator/Insolvency Manager
          54017, Ukraine, Mikolaiv region,
          Moskovska Str. 54-a
          Phone: (0512) 47-34-64

          ECONOMIC COURT OF MIKOLAIV REGION
          54009, Ukraine, Mikolaiv region,
          Admiralska Str. 22


SUSHKIVKA BRICK: Crumbles into Insolvency
-----------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Collective Enterprise Sushkivka Brick Plant
(code EDRPOU 03577131) on August 28, 2005 after finding the
limited liability company insolvent.  The case is docketed as
01/1261.  Mr. Vilktor Lagutin (License Number AB 116139) has been
appointed liquidator/insolvency manager.

CONTACT:  SUSHKIVKA BRICK PLANT
          20353, Ukraine, Cherkassy region,
          Uman district, Sushkivka

          Mr. Vilktor Lagutin
          Liquidator/Insolvency Manager
          18024, Ukraine, Cherkassy region,
          Gajdar Str. 14/121
          Phone: (0472) 64-84-88
                 (050) 464-04-34

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


TARPAN: Zaporizhya Court Appoints Insolvency Manager
----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Tarpan (code EDRPOU 30450215) on August 8,
2005 after finding the limited liability company insolvent.  The
case is docketed as 19/194 (04).  Mr. Ryabushko Vyacheslav
(License Number AA 719883) has been appointed
liquidator/insolvency manager.

CONTACT:  TARPAN
          Ukraine, Zaporizhya region,
          Yakimivka district, Azovske, 14

          Mr. Ryabushko Vyacheslav
          Liquidator/Insolvency Manager
          72319, Ukraine, Zaporizhya region,
          Melitopol, Fuchik Str. 14
          Phone: (067) 613-52-73

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


UKREKSPOTORGINVEST: Bankruptcy Proceedings Begin
------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Ukrekspotorginvest (code EDRPOU 30200307) on
September 1, 2005 after finding the limited liability company
insolvent.   The case is docketed as 01/1105.  Mr. Zanko Mikola
(License Number AB 216861) has been appointed
liquidator/insolvency manager.

CONTACT:  UKREKSPOTORGINVEST
          Ukraine, Cherkassy region,
          Korolyov Str. 38

          Mr. Zanko Mikola
          Liquidator/Insolvency Manager
          18021, Ukraine, Cherkassy region,
          Geroiv Dnipra Str. 81/409
          Phone: (0472) 54-18-76

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


VILNYANSKAGROINVEST: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on LLC Vilnyanskagroinvest (code EDRPOU
25478783).  The case is docketed as 19/191 (05).  Mr. Derevyanko
Danil (License Number AA 783002) has been appointed temporary
insolvency manager.  The company holds account number
26002013477980 at CB Finances and Credit, Zaporizhya branch, MFO
313731.

CONTACT:  VILNYANSKAGROINVEST
          70000, Ukraine, Zaporizhya region,
          Vilnyansk, Lenin Str. 15

          Mr. Derevyanko Danil
          Temporary Insolvency Manager
          Ukraine, Zaporizhya region,
          Vilnyansk, Lenin Str. 51/12
          Phone: 8 (0612) 13-84-64

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


VORSKLA: Insolvency Manager Takes over Helm
-------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Vorskla (code EDRPOU 30903054) on August 11,
2005 after finding the limited liability company insolvent.  The
case is docketed as 12/35-05.  Mr. Pidgornij Volodimir (License
Number AA 719779) has been appointed liquidator/insolvency
manager.

CONTACT:  VORSKLA
          Ukraine, Sumi region,
          Velikopisarivskij district, Kirikivka,
          Lenin Str. 47

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


VTORCHERMET: Appoints Insolvency Manager
----------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against JSCCT Vtorchermet (code EDRPOU 23263268) on
August 23, 2005 after finding the close joint stock company
insolvent.  The case is docketed as 20/59 b.  Oleksandr Bohan
(License Number AA 779294) has been appointed
liquidator/insolvency manager.

CONTACT:  VTORCHERMET
          Ukraine, Lugansk region,
          Lutuginskij district, Uspenka, Chkalov Str. 61

          Mr. Oleksandr Bohan
          Liquidator/Insolvency Manager
          91033, Ukraine, Lugansk region,
          Oboronna Str. 24

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


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


ACCESS FABRICATIONS: Creditors Meeting Set Next Week
----------------------------------------------------
The creditors of Access Fabrications Limited (Company No
04836950) will meet on October 26, 2005 at 10:00 a.m.  It will be
held at DTE House, Hollins Mount, Bury BL9 8AT.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. Poxon and P. Reeves of DTE Leonard Curtis, DTE
House, Hollins Mount, Bury BL9 8AT not later than 12:00 noon,
October 25, 2005.

Access Fabrications manufactures scaffoldings.

CONTACT:  ACCESS FABRICATIONS LTD.
          Neills Rd, Bold Industrial Park,
          Bold, St. Helens
          Merseyside WA9 4XG
          Phone: 01744 850300

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


ADVISER CONNECT: Hires Liquidators from RSM Robson Rhodes
---------------------------------------------------------
A. J. Moore, the chairman of Adviser Connect Limited, informs
that special, ordinary and extraordinary resolutions to wind up
the company were passed at an EGM held on Sept. 30 at Network
House, Lister Hill, Horsforth, Leeds LS18 5AZ.  Charles William
Anthony Escott and David Michael Riley of RSM Robson Rhodes LLP,
St George House, 40 Great George Street, Leeds LS1 3DQ were
appointed liquidators.

CONTACT:  RSM ROBSON RHODES LLP
          St George House,
          40 Great George Street,
          Leeds LS1 3DQ
          Web site: http://www.robsonrhodes.co.uk


BC (BMHL): Members Pass Winding-up Resolution
---------------------------------------------
R. McIntosh, the director of BC (BMHL) Limited (formerly known as
Bank Machine (Holdings) Limited), informs that special resolution
to wind up the company was passed at an EGM held on Oct. 3 at 101
Finsbury Pavement, London EC2A 1EJ.  Vivian Murray Bairstow and
Paul Michael Davis of Begbies Traynor (South) LLP, 32 Cornhill,
London EC3V 3BT were appointed liquidators.

Creditors are required on or before December 13, 2005 to send
their names and addresses and particulars of their debt or
claims, and the names and addresses of their Solicitors (if any),
to Vivian Murray Bairstow and Paul Michael Davis at Begbies
Traynor (South) LLP, 32 Cornhill, London EC3V 3BT, the Joint
Liquidators of the Company and, if so required by notice in
writing their debt or claims.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


BOOTS GROUP: Boots Bidder Vows to Preserve Stake
------------------------------------------------
The executive deputy chairman of Alliance UniChem has assured
investors that he will keep his stake if the planned merger with
Boots Group plc materializes, said The Telegraph.

In a meeting with institutional investors and fund managers,
Stefano Messina tried to convince them of the logic of the deal
amid opposition by Boots shareholders.  Mr. Messina, who controls
30% of Alliance UniChem, will own 15% of Alliance Boots, the
healthcare group that the two companies have agreed to form.

Boots investors, who earlier said the deal undervalues Boots, are
worried that Mr. Messina would use the merger to "cash out" and
sell his stake.

However, Mr. Pessina said: "I have never sold one share in my
life in Alliance UniChem.  And my intention is to be a long-term
shareholder in the new company."

This has been Mr. Messina's stand after over 50 meetings with
shareholders.  According to his advisers, Mr. Messina has thought
of giving a timeframe during which he will not sell shares, but
they stressed "if he said, I commit not to sell any until January
1 2008, people against the deal would turn it on its head and say
that he is planning to sell that day."

Earlier, Boots shareholders were said to be uniting against the
proposed merger, while rating agencies expressed concerns over
its long-term consequences.

One investor said: "I've yet to come across anyone who thinks
this is a good deal.  This transaction has left everyone
nonplussed."

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

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

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

CONTACT:  BOOTS GROUP PLC
          1 Thane Road
          Nottingham NG2 3AA
          Phone: 0115 950 6111
          Customer Service: 0845 070 80 90
          Web site: http://www.boots-plc.com

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


CABLE & WIRELESS: Fitch Affirms Ratings at 'BB+'/'B'
----------------------------------------------------
Fitch Ratings has affirmed Cable & Wireless' ratings at Long-term
'BB+' with Stable Outlook and Short-term 'B'.

The ratings reflect a balanced assessment of the financial
strength provided by the national telco business, the group's
continuing significant net cash position, and the progress made
in stabilizing the U.K. operations.  Management has taken steps
to refocus the group, including a withdrawal from the U.S. and an
emphasis on improving margins in the important U.K. market.

The acquisition of Energis (when complete) is expected to
significantly boost the company's leading altnet (alternative
operator) position in the U.K., while the stronger margins
reported by Energis should contribute to further margin gains in
the U.K.  The group nonetheless continues to face revenue
pressure in the U.K. (highlighted in the company's recent half
year trading update), while its national telco business faces
ongoing pressure from market liberalization and competition.

The Stable Outlook reflects the degree to which management has
improved profitability in the U.K. and the healthy cash flows
generated by the national telco business.  Adjusting for the
Energis deal C&W will remain in a net cash position with the
company continuing to enjoy a degree of financial flexibility not
available to many of its competitors.  It remains the case that
there is too much capacity in the U.K. fixed-line telecoms
markets, with further consolidation yet possible.

Some two and a half years into its three-year turnaround plan,
management has made considerable progress in improving C&W's
financial profile.  The heavily loss-making U.S. operations were
divested in early 2004, with exit costs (of less than GBP300
million) well within analysts' fears, while profitability in the
U.K. operations has tangibly improved.  Management has also moved
to consolidate the U.K. business, acquiring U.K. local loop
unbundler, Bulldog Communications in April 2004, and more
recently (August 2005) announced the acquisition of U.K. altnet,
Energis.  While the Bulldog transaction was small, it signals a
return to the U.K. residential/SME market where the company
believes it can leverage the scale of its U.K. network.  Energis
is a more transformational deal, significantly boosting the
company's market position in the U.K. business and wholesale
carrier segments, while the higher margins earned by Energis,
along with identified synergies, should combine to improve the
overall profitability of the U.K. business.

While the Energis deal for GBP594 million in cash and further
performance-related payments of up to GBP80 million over the next
three years will consume a sizeable slice of C&W's cash pile,
Fitch regards this transaction as broadly positive.  The
transaction is expected to be earnings accretive in year one and
significantly boosts the company's market position in the U.K.
While competition in the U.K. remains fierce, the prospects for
the company's long-term survival in this market are strengthened
by this transaction, while Energis-adjusted leverage remains
acceptable for the rating level.

C&W exhibits a healthy cash position and conservative funding
structure, reflecting its divestment program over recent years.
As at March 2005 the company had cash of approximately GBP2.2
billion and debt of GBP824 million.  Fitch estimates pro-forma
net cash of around GBP676 million following the Energis deal and
a lease-adjusted leverage of 0.30x.

CONTACT:  CABLE & WIRELESS PLC
          124 Theobalds Rd.
          London WC1X 8RX, United Kingdom
          Phone: +44-20-7315-4000
          Fax: +44-20-7315-5198
          Web site: http://www.cw.com/new/

          FITCH RATINGS
          Stuart Reid, London
          Phone: +44 (0)207 417 4323
          Raymond Hill
          Phone: +44 (0)207 7417 4314

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


CARLINGS FRESH: Calls in Joint Liquidators
------------------------------------------
C. Carling, chairman of Carlings Fresh Foods Ltd., informs that
resolutions to wind up the firm were passed.

Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe
Cork, Lowgate House, Lowgate, Hull HU1 1EL were appointed Joint
Liquidators.

CONTACT:  CARLINGS FRESH FOODS LTD.
          40-41 Saturday Market
          HU17 8AA
          Phone: 01482 861066


CEMENTATION INTERNATIONAL: Names Liquidator from Baker Tilly
------------------------------------------------------------
Company Names:  CEMENTATION INTERNATIONAL CONSTRUCTION HOLDINGS
                LIMITED
                (Company No 00266059)

                CEMENTATION PROJECTS LIMITED
                (Company No 00871301)

                DOWSETT CONSTRUCTION LIMITED
                (Company No 02001031)

                GENERAL CONSTRUCTION COMPANY LIMITED
                (Company No 00247720)

                SKANSKA HYDE PARK GATE LIMITED
                (Company No 03883024)

                SKANSKA IZMIT LIMITED
                (Company No 02711997)

                STROBLE LIMITED
                (Company No 00646024)

                TRAFALGAR HOUSE CONSTRUCTION FLOORING LIMITED
                (Company No 00994031)

                TRAFALGAR HOUSE CONSTRUCTION (INDONESIA) LIMITED
                (Company No 01469067)

                TRAFALGAR HOUSE CONSTRUCTION OVERSEAS LIMITED
                (Company No 00848721)

P. I. Carre and S. J. Morton, the chairman of these companies,
informs that special resolutions to wind up these companies were
passed at an EGM held on Sept. 30 at Maple Cross House, Denham
Way, Maple Cross, Rickmansworth, Hertfordshire WD3 9SW.  Mark
John Wilson and Tracey Elizabeth Callaghan of Baker Tilly, 1st
Floor, 46 Clarendon Road, Watford, Hertfordshire WD17 1JJ were
appointed joint liquidators.

CONTACT:  BAKER TILLY
          1st Floor,
          46 Clarendon Road, Watford,
          Hertfordshire WD1 1JJ
          Phone: 01923 816400
          Fax:   01923 253402
          Web site: http://www.bakertilly.co.uk


CHIC UNIQUE: Menzies Corporate Administrators Move in
-----------------------------------------------------
Jason James Godefroy and Paul David Williams (IP Nos 9097 and
9294) of Menzies Corporate Restructuring were appointed joint
administrators of clothing wholesaler Chic Unique Design Ltd.
(Company No 05495468) on Oct. 6.  The company's registered office
is at 43-45 Portman Square, London W1H 6LY.

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


CRANE & LIFT: Names P&A Partnership Liquidator
----------------------------------------------
S. Jones, chairman of Crane & Lift Services Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 23 at Holiday Inn, Bostocks Lane, Sandiacre, Nottingham
NG10 5NJ.

Allan Cooper and John Russell of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF were appointed Joint Liquidators.  The
appointment was confirmed at a subsequent creditors meeting.

CONTACT:  CRANE & LIFT SERVICES LTD.
     18 High Hazles Road
          Manvers Business Park
          Cotgrave
          Nottinghamshire
          NG12 3GZ
          United Kingdom
          Phone: +44115 989 0222
          Fax: +44115 989 0333
          Web site: http://www.craneandliftservices.com

          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


CROWN PERSONNEL: In Administrative Receivership
-----------------------------------------------
Bank of Scotland Plc appointed Andrew John Pepper and Alastair
Paul Beveridge (Office Holder Nos 9050, 8991) of Kroll Limited
joint administrative receivers of Crown Personnel Plc (Reg No
03223300) on Oct. 6.

Crown Personnel is a recruitment consultant in the southeast.
Visit http://www.crownpersonnel.co.uk/for more information.

CONTACT:  CROWN PERSONNEL LTD.
          16 Pudding Lane
          Maidstone ME14 1LT
          Kent
          Phone: 01622 609570
          Fax: 01622 609045

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


CYRANE SYSTEMS: Calls in Leonard Curtis & Co. Administrator
-----------------------------------------------------------
N. A. Bennett and S. D. Swaden (IP Nos 9083 and 2719) of Leonard
Cutis & Co were appointed joint administrators of Cyrane Systems
Limited (Company No 3884151) on Oct. 4.  The company's registered
office is at 67 Hightown Road, Banbury, Oxfordshire OX16 9BE.
Cyrane Systems offers computer services.

CONTACT:  CYRANE SYSTEMS LTD.
          10-11 Butchers Row,
          Banbury, Oxfordshire OX16 5JH
          Phone: 01295220320

          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


DILMUN NAVIGATION: Hires Liquidators from PricewaterhouseCoopers
----------------------------------------------------------------
The members of Dilmun Navigation Company Limited, informs that
special and ordinary resolution to wind up the company were
passed at an EGM held on Sept. 30.  Tim Walsh and Jonathan Sisson
of PricewaterhouseCoopers LLP, Benson House, 33 Wellington
Street, Leeds LS1 4JP were appointed liquidators.

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


DOWNWELL DISMANTLING: Files for Liquidation
-------------------------------------------
M. Phillips, chairman of Downwell Dismantling Ltd., informs that
a resolution to wind up the company was passed at an EGM held on
Sept. 28 at Torrington House, 47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD.

Michael Young of Vantis Business Recovery, Torrington House, 47
Holywell Hill, St Albans, Hertfordshire AL1 1HD was appointed
liquidator.

CONTACT:  DOWNWELL DISMANTLING LTD.
          Lambs Business Park, Tilburstow Hill Rd., South
          Godstone, Godstone, Surrey,RH9 8LJ
          Phone: 01342 893608

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


DURACORD (EUROPE): Names Administrators from PwC
------------------------------------------------
Graham Hunter Martin, Laurie Katherine Manson (IP Nos 008211 and
006887) and Michael Horrocks (IP No 1017) of
PricewaterhouseCoopers were appointed joint administrators of
Duracord (Europe) Limited (Company No 05063639) on Oct. 5.  Its
registered office is at Royle Road, Rochdale, Lancashire OL11
3ES.  Duracord is engaged in textile weaving.

CONTACT:  DURACORD (EUROPE) LTD.
          Royle Road, Rochdale OL11 3ES
          United Kingdom
          Phone: +44 (1706) 64 74 64
          Fax: +44 (1706) 86 01 12

          PRICEWATERHOUSECOOPERS LLP
          Kintyre House
          209 West George Street
          Glasgow G2 2LW
          United Kingdom
          Phone: [44] (141) 248 2644
          Fax: [44] (141) 242 7481
          Web site: http://www.pwc.com

          PRICEWATERHOUSECOOPERS
          101 Barbirolli Square
          Lower Mosley Street
          Manchester M2 3PW
          Greater Manchester
          Phone: 0161 247 4330
          Fax: 0161 228 3920


EASYNET GROUP: Confirms Takeover Approach
-----------------------------------------
(Not for release, publication or distribution in or into the
United States, Canada Australia or Japan)

The Board of Easynet Group plc has noted the recent press
speculation and movement in its share price.  The Board can
confirm that it has received an approach that may or may not lead
to a formal offer being made for the Company.

There can be no assurance that a formal offer will be made for
the Company as a result of this approach.

A further announcement will be made in due course.

                        About the Company

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

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


FACTORY WINDOWS: Appoints Tenon Recovery Liquidator
---------------------------------------------------
T. Doyle, chairman of Factory Windows Direct Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 20 at Tenon House, Ferryboat Lane, Sunderland SR5
3JN.

Ian William Kings of Tenon Recovery, Tenon House, Ferryboat Lane,
Sunderland SR5 3JN was appointed liquidator.

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

CONTACT:  FACTORY WINDOWS DIRECT LTD.
          Ashington
          Northumberland NE63 0XX
          Phone: 01670 855822

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


GENERAL MOTORS: GMAC & ResCap on Rating Watch Evolving
------------------------------------------------------
Fitch Ratings has placed the ratings of General Motors Acceptance
Corporation (GMAC) and Residential Capital Corporation (ResCap)
on Rating Watch Evolving.  The ratings of GM are not affected by
this action.  A detailed list of affected rating actions follows
at the end of this release.  This action affects approximately
US$120 billion of unsecured long-term and short-term debt of GMAC
and ResCap.  Rating Watch Evolving indicates that ratings could
be raised, lowered, or maintained at current levels.

The placement of GMAC and ResCap on Rating Watch Evolving follows
General Motors Corp.'s (GM) announcement that it is considering a
range of options, including selling a controlling stake in GMAC,
and potential actions to preserve the investment grade ratings of
ResCap.  GM is pursuing such options in order to provide GMAC
with financial flexibility, namely in the form of improved access
to cost effective financing.  From a ratings perspective, a
majority sale of GMAC would allow Fitch to separate the ratings
of GMAC from GM.  Importantly, any sale of more than 40% of GMAC
would remove the company from the GM 'control' group, and
therefore GMAC would not be subject to liens by the Pension
Benefit Guaranty Corp.

In addition to selling a controlling interest in GMAC, Fitch
expects further changes in the relationship between GM and GMAC,
such as a more formalized operating agreement and limitations on
inter-company payables.  An important consideration in any sale
transaction is preserving the mutually beneficial relationship
between GM and GMAC.  At June 30, 2005, approximately 49% of
GMAC's net revenues were related to GM, while GMAC provided
financing for 40% of GM retail sales and 80% of dealer wholesale
financing.

Fitch believes any such transaction presents unique challenges.
For example, given GMAC's balance sheet size, US$309 billion of
assets at June 30, 2005, a single purchaser of 51% may not have
balance sheet capacity to fully consolidate GMAC.  In addition,
many strategic buyers potentially have inherent conflicts of
interests in that they may have competing financing businesses,
such as residential mortgage. Lastly, a transaction must suit the
needs of GM, which will continue to have a sizable equity
interest in GMAC.

For these reasons, Fitch believes that a partial sale comes with
a number of complexities.  Nonetheless, while the form, timing,
and success of any outside equity interest cannot be determined
at this point, Fitch believes that the status quo is untenable if
GM seeks to restore GMAC's cost-effective access to liquidity,
and some action or combination of actions is likely to occur.
Moreover, Fitch believes that GM will pursue a transaction with
some urgency if for no other reason to maintain GMAC's franchise
value.

In resolving the Rating Watch, Fitch will evaluate:

(a) the progress and likely success towards bringing in outside
    equity.  Fitch does not have a defined time limit under
    which a transaction must be accomplished, but rather will
    emphasize the progress towards achieving some separation.
    During the watch period, Fitch will consider whether GMAC's
    ratings move in tandem with GM's;

(b) the form and amount of any sale.  In terms of equity
    interest, Fitch will weigh the form of outside equity, such
    as strategic purchaser, joint venture, initial public
    offering, or some combination thereof.  This would include
    the influence and rating of a strategic purchaser on GMAC.
    The amount of outside equity will also have a bearing of
    Fitch's rating decision.  An amount less than 51%, could
    result in Fitch continuing to link the ratings of GM and
    GMAC, however, outside equity above 20% may allow for
    greater notching between the companies;

(c) a stand-alone credit rating of GMAC, incorporating its long-
    term and on-going relationship with GM.  This will also
    include a review of the notching for ResCap and any
    potential structural changes to ResCap.  Fitch believes that
    GMAC could possess a stand-alone investment grade rating;

(d) the degree to which to effective control of GMAC is
    transferred to third party investors. This would also
    include any potential changes in business strategy and
    financial management; and

(e) a review of any operating agreement between GM and GMAC.

Fitch has placed the following ratings on Rating Watch Evolving:

General Motors Acceptance Corp.
GMAC International Finance B.V.
GMAC Bank GmbH
General Motors Acceptance Corp., Australia
General Motors Acceptance Corp. of Canada Ltd.
General Motors Acceptance Corp. (N.Z.) Ltd.
--Senior debt 'BB'.

General Motors Acceptance Corp.
GMAC International Finance B.V.
GMAC Bank GmbH
GMAC Australia Finance
General Motors Acceptance Corp. (U.K.) Plc.
General Motors Acceptance Corp. Australia
General Motors Acceptance Corp. of Canada Ltd.
General Motors Acceptance Corp. (N.Z.) Ltd.
--Short-term 'B'.

Residential Capital Corp.
--Senior debt 'BBB-';
--Short-term 'F3'.

GMAC Bank
--Long-term deposits 'BBB';
--Senior debt 'BBB-';
--Short-term deposits 'F3'.

Fitch also affirms the following ratings:

GMAC Bank
--Individual 'B/C'

Additionally, Fitch downgrades the following rating and places it
on Rating Watch Evolving:

GMAC Bank
--Support to '3' from '2'

Ratings assigned:

GMAC Bank
--Short-term deposits 'F3'.

CONTACT:  GENERAL MOTORS ACCEPTANCE CORP. (U.K.) PLC
          Wesley House
          19 Chapel Street, Luton
          Bedfordshire, LU1 2SE
          Phone: +44 870 54 64 622
          Fax: +44 1582 419 617
          E-mail: info@gmacuk.com
          Web site: http://www.gmacfs.co.uk

          FITCH RATINGS
          Christopher D. Wolfe
          Phone: +1-212-908-0771
          Philip S. Walker, Jr., New York
          Phone: +1-212-908-0624,
          James E. Moss, Chicago
          Phone: +1-312-368-3213
          Web site: http://www.fitchratings.com

          Media Relations
          Kenneth Reed, New York
          Phone: +1-212-908-0540


GOSHAWK INSURANCE: Rosemont Re May Go into Run-off
--------------------------------------------------
On 7 October 2005, GoshawK Insurance Holdings plc said that it
was considering a small number of detailed proposals, which would
have either entailed a significant capital injection into
Rosemont Re, GoshawK's Bermudian operation, or a sale of Rosemont
Re.  Discussions regarding a significant capital injection or a
sale of Rosemont Re have now ended.

Over the last two years, Rosemont Re has grown its risk
portfolio, underwriting team and technical capability, which, in
the anticipated underwriting environment, has value.  The Board
is now seeking to maximize this enterprise value for the benefit
of the Company's shareholders.

A likely consequence is that Rosemont Re will go into run off.
There can be no certainty as to either the value or timing of
payments to the Company's shareholders if Rosemont Re is in run
off.

A further announcement will be made when appropriate.

                            *   *   *

A run-off, according to Interactive Investor, is "when an
insurance company stops writing new business and only manages
existing policyholder liabilities.  Run-offs (which can last for
decades) may result in dividends for shareholders when reserves
are freed but also involves the risk that reserves will be
insufficient."

                        About the Company

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

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

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

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


HERMES TECHNICAL: Goes into Liquidation
---------------------------------------
M. Berry, chairman of Hermes Technical Consultants Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 30 at The Kingfisher Exchange, 3rd Floor,
Kingfisher House, Walton Street, Aylesbury, Buckinghamshire HP21
7SJ.

Robert Day of Robert Day and Company Limited, Garfield, Church
Lane, Oving, Aylesbury, Buckinghamshire HP22 4HL was appointed
liquidator.

CONTACT:  HERMES TECHNICAL CONSULTANTS LTD.
     40 Murdock Road, Bicester, Oxfordshire OX26 4PP
          Phone: 01869321616


IMR GROUP: Insurance Firm Liquidates
------------------------------------
I. M. Rioch, chairman of IMR Group Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 27 at 49 Sherborne Avenue, Luton, Bedfordshire LU2 7BD.

Anthony David Kent of Maidment Judd, 60-62 High Street,
Harpenden, Hertfordshire AL5 2SP was appointed liquidator.

IMR provides insurance to the U.K. & European sports market.

CONTACT:  IMR GROUP LTD.
          49 Sherborne Avenue
          Luton
          Beds, LU2 7BD
          Phone: 01582 595595
          Web site: http://www.imrgroup.co.uk

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


INDEPENDENT MORTGAGE: Appoints Robson Rhodes Liquidator
-------------------------------------------------------
A. J. Moore, the chairman of Independent Mortgage Adviser Network
Limited (formerly Tenet Limited), informs that special, ordinary
and extraordinary resolutions to wind up the company were passed
at an EGM held on Sept. 30 at Network House, Lister Hill,
Horsforth, Leeds LS18 5AZ.  Charles William Anthony Escott and
David Michael Riley of RSM Robson Rhodes LLP, St George House, 40
Great George Street, Leeds LS1 3DQ were appointed joint
liquidators of the company.

CONTACT:  RSM ROBSON RHODES LLP
          St George House,
          40 Great George Street,
          Leeds LS1 3DQ
          Web site: http://www.robsonrhodes.co.uk


INMARSAT PLC: Sells Rydex Unit to Seawave for US$2.6 Million
------------------------------------------------------------
Inmarsat plc has sold the trading business and assets of Rydex
Corporation Limited, a wholly owned subsidiary company, to
Seawave LLC, an integrated marine communications solutions
company based in the United States, for total cash consideration
of approximately US$2.6 million.

                        About the Company

Inmarsat plc has more than 25 years of experience in designing,
launching and operating its satellite-based network.  With a
fleet of ten owned and operated geostationary satellites, which
are controlled from its headquarters in London, Inmarsat provides
a wide range of voice and high-speed data services to users
worldwide, including telephony, fax, video, e-mail and broadband
intranet and Internet access.

In August, the company revealed half-year revenue increased by
4% to US$253.6 million (H1 2004: US$243.5 million) as EBITDA rose
11% to US$171.8 million (H1 2004: US$155.4 million).

Inmarsat's revenues, operating profit and EBITDA for the full
year 2004 were US$480.7 million (EUR399.36 million), US$159.1
million (EUR132.18 million) and US$303.6 million (EUR252.22
million), respectively.

CONTACT:  INMARSAT PLC
          99 City Rd.
          London EC1Y 1AX
          Phone: +44-20-7728-1256
          Fax: +44-20-7728-1179
          Web site: http://www.inmarsat.com/

          SEAWAVE LLC
          76 Hammarlund Way
          Aquidneck Corporate Park
          Middletown, Rhode Island 02842
          E-mail: info@seawave.com
          Web site: http://www.seawave.com


KPG RECRUITMENT: Hires Liquidator
---------------------------------
I. J. Goodson, chairman of KPG Recruitment Limited, informs that
a resolution to wind up the company was passed at an EGM held on
Sept. 28 at 80 Hinckley Road, Leicester LE3 0RD.  Situl Devji
Raithatha of Springfields, 80 Hinckley Road, Leicester LE3 0RD
was appointed liquidator.  The appointment was confirmed at a
creditors meeting held the same day.

Established five years ago, KPG is a specialist recruitment
consultancy providing employment services within the transport
and distribution sector.

CONTACT:  KPG RECRUITMENT LIMITED
          Phone:  +44 (0)116 251 5031
          Fax: +44 (0)116 251 5934
          Web site: http://www.kpg4jobs.co.uk/

          SPRINGFIELDS
          80 Hinckley Road
          Leicester
          Leicestershire LE3 0RD
          Phone: 0116 299 4745
          Fax: 0116 299 4742
          E-mail: situl.r@springfields-uk.com


LITHOMAGIC LIMITED: Names Joint Liquidators
-------------------------------------------
J. Reaney, chairman of Lithomagic Ltd., informs that a resolution
to wind up the company was passed at an EGM held on Sept. 29 at
25 Harley Street, London W1G 9BR.

Bernard Hoffman and Ian Douglas Yerrill of Suite 1, Kent House,
Station Road, Ashford, Kent TN23 1PP were appointed Joint
Liquidators.

CONTACT:  LITHOMAGIC LTD.
          Unit 7c Kings Yard, Carpenters Rd
          London
          E15 2HD
          Phone: 020 8525 8222


LUMINAR PLC: To Post Interim Results Next Month
-----------------------------------------------
Luminar plc will be announcing Interim Results for the period
ending 1 September 2005 on Tuesday 15 November 2005.

                        About the Company

Luminar plc is an owner, developer and operator of themed bars,
nightclubs and restaurants.  The company floated and listed on
the London Stock Exchange in May 1996 with a market
capitalization of GBP30 million.

In July, Chairman Keith Hamill said: "For the first four months
of the year to the end of June 2005, the Company performed
broadly in line with its plans.  Like-for-like sales for the same
period were neutral.  In view of the continuing difficult market
environment, the Board is adopting a cautious outlook on future
trading."

The firm has suffered from changes in customer demand and what it
termed as 'increased regulatory activity' after 2003.  In the 52
weeks to Feb. 27, Luminar reported group sales of GBP375.1
million, down from GBP399.7 million; and profit before tax,
goodwill amortization, and exceptional items of GBP54.2 million,
down from GBP62 million last year.  Pre-tax loss was GBP14
million from GBP11 million last year.

CONTACT:  LUMINAR PLC
          Registered Office
          41 King Street
          Luton
          Bedfordshire
          United Kingdom
          LU1 2DW
          Phone: +44 1582 589 400
          Fax: +44 1582 589 667
          Web site: http://www.luminar.co.uk


OSBORNE SILVERSMITHS: Appoints Abbey Taylor Administrator
---------------------------------------------------------
Tracy A. Taylor (IP No 008899) of Abbey Taylor Ltd. were
appointed administrators of Osborne Silversmiths (Cutlers)
Limited (Company No 01561477) on Oct. 6.  The company's
registered office is at 53 Solly Street, Sheffield S1 4BA.

Sheffield-based Osborne Silversmiths produces traditional
cutlery.  Visit http://www.osbornesilversmiths.co.uk/for more
information.

CONTACT:  OSBORNE SILVERSMITHS LTD.
          Westwick Works
          Solly Street
          Sheffield S1 4BA
          South Yorkshire
          Phone: 0114 272 4929
          Fax: 0114 275 4675
          E-mail: info@osbornesilversmiths.co.uk

          ABBEY TAYLOR LTD.
          The Blade Enterprise Centre
          John Street
          Sheffield
          South Yorkshire S2 4SU
          Phone: 0114 292 2402
          Fax: 0114 292 2403
          E-mail: tracy.taylor@abbeytaylor.co.uk


PEACE SOCIAL: EGM Passes Winding-up Resolution
----------------------------------------------
M. K. Sarwar, director of Peace Social Care Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 30 at Jones Lowndes Dwyer LLP, John Swift Building, 19
Mason Street, Manchester M4 5FT.  Claire L. Dwyer of Lowndes
Dwyer LLP, John Swift Building, 19 Mason Street, Manchester M4
5FT was appointed liquidator.

CONTACT:  PEACE SOCIAL CARE LTD.
     Chapel House, Borough Road
          Altrincham, Cheshire WA15 9RA
          Phone: 01619429945

          JONES LOWNDES DWYER LLP
          John Swift Building
          19 Mason Street
          Manchester
          Greater Manchester M4 5FT
          Phone: 0161 832 9454
          Fax: 0161 832 9455
          E-mail: clairedwyer@joneslowndesdwyer.co.uk


PREMIER FOODS: Private Equity firm Acquiring Dutch Subsidiaries
---------------------------------------------------------------
Premier Foods plc has reached an agreement in principle to sell
Jonker Fris B.V. and Premier Foods B.V. to NPM Capital B.V., a
Dutch private equity firm.  Completion is expected to take place
before the end of the year and is subject to clearance from
regulatory authorities.

Jonker Fris, based in The Netherlands, manufactures and sells
canned vegetables and fruit principally for private label
customers in The Netherlands and Germany.  The book value of the
gross assets of the companies being sold was GBP17.3 million at 2
July 2005.

Robert Schofield, chief executive of Premier, said: "The sale of
Jonker Fris is in line with our strategy of actively managing our
portfolio of businesses to focus on leading U.K. brands with
leading market positions and growth potential."

                            *   *   *

Earlier this month, Premier agreed to sell its tea business to
Apeejay International Tea Limited, a subsidiary of the Apeejay
Surrendra Group, for GBP80 million.  The consideration will be
paid in cash.  Premier will use the proceeds to reduce net debt.

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

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


QXL RICARDO: Receives Offer to Recover Polish Unit
--------------------------------------------------
QXL ricardo plc confirmed Monday it has been approached with a
proposal to regain full control of QXL Poland Sp z.o.o. as well
as the acquisition of certain additional assets in Poland and
other parts of Eastern Europe.

This proposal would involve the Company issuing shares and/or
options representing up to approximately 22% of the Company's
fully diluted share capital.  The proposal, which would represent
a settlement of the Company's ongoing legal claims in Poland,
also envisages that the pre-tax profits of QXL Poland for the six
months to 30 September 2005 would not be materially less than
GBP4.7 million.

The financial terms referred to above have not been negotiated by
the Company and do not reflect a change in the Company's
assessment that it will ultimately succeed in its legal actions
in Poland.  The Company emphasizes that there can be no assurance
that any agreement will ensue from this proposal, which so far
has been discussed by the Company principally with its major
shareholders.  The Company is especially keen to limit any damage
to progress with its legal claims resulting from the premature
disclosure of this proposal and will be seeking appropriate
assurances from the Polish authorities in this respect.  Further
developments will be announced, if appropriate, in due course.

                        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 shares listed on the Official List of the United
Kingdom Listing Authority.

In June, QXL Ricardo revealed 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


RAKHI FASHIONS: Calls in Liquidator
-----------------------------------
M. Trivedi, chairman of Rakhi Fashions Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 22 at 105-111 Euston Street, London NW1 2EW.  Salman Saud
of Saud & Company, 105-111 Euston Street, London NW1 2EW was
appointed liquidator.

CONTACT:  RAKHI FASHIONS LTD.
     Unit 3, Clarendon Road, London N22 6XG
          Phone: 02088881924


RELIANCE NATIONAL: Section 304 Petition Summary
-----------------------------------------------
Petitioner: Richard Paul Whatton
            Foreign Representative

Debtor: Reliance National Insurance Company (Europe) Limited
        33 Creechurch Lane
        London, England, EC3A 5EB

Case No.: 05-46232

Type of Business: The Debtor is a wholly owned subsidiary of
                  Omni Whittington Investments (Guernsey)
                  Limited.  Whittington is an indirect, wholly
                  owned subsidiary of Omni Whittington Group
                  B.V.

                  The Debtor underwrote insurance business
                  primarily in Europe.  The Debtor did not write
                  business directly in the U.S., however, it has
                  more than 700 U.S. policyholders.  The Debtor
                  provided insurance and reinsurance to
                  corporate entities and insurance companies.

                  The classes of insurance underwritten by the
                  company includes accident & health, aviation,
                  construction, credit insurance, excess
                  casualty, fidelity, marine and property.

Section 304 Petition Date: October 13, 2005

Court: Southern District of New York (Manhattan)

Petitioner's Counsel: Kenneth P. Coleman, Esq.
                      Stephen Doody, Esq.
                      Kelle Gagne, Esq.
                      Allen & Overy LLP
                      1221 Avenue of Americas
                      New York, New York 10022
                      Tel: (212) 610-6300
                      Fax: (212) 610-6399

Financial Condition as of December 31, 2004:

      Total Assets: GBP184,015,000

      Total Debt:  GBP165,011,000


RENTOKIL INITIAL: Raphoe Scraps Takeover Plans
----------------------------------------------
The Board of Rentokil Initial plc has noted the announcement made
by Raphoe Management Limited and in particular the
characterization of Raphoe's failure to find support and/or
financing for an offer for the Company.

Rentokil always maintains an open dialogue with shareholders, but
Raphoe's inference that the Board is discussing implementing
Raphoe's proposals -- with or without any changes to Sir Gerry
Robinson's excessive package -- is just plain misleading.  The
Board remains strongly supportive of the current management team
and sees no merit in destabilizing a recovery program that is
well underway and already beginning to demonstrate positive
results.

Brian McGowan, non-executive Chairman of Rentokil, said: "We are
not surprised that Raphoe has failed to find support and/or
financing for a bid but we are surprised that Robinson claims to
have brokered discussions between our Board and our shareholders
on the subject of his remuneration.  That is simply not true.

"Our focus remains on returning Rentokil back to long-term
profitable growth and on maximizing value for Rentokil
shareholders.  We see no part for Robinson in that."

In another statement, Raphoe Management said that, following the
announcement on 22 August 2005 that it was considering making an
offer for Rentokil, Raphoe has had discussions with a large
number of Rentokil shareholders.  Raphoe's advisers also have met
with Rentokil's advisers.

In discussions with a number of shareholders, Mr. Robinson agreed
to adopt a framework of performance criteria to be met in order
for the financial arrangements set out in Raphoe's announcement
of 8 September 2005 to apply.

Raphoe understands that on this basis, shareholders have entered
into discussions with the Board of Rentokil.  This being the
case, Raphoe has concluded that it will not be necessary to make
an offer for Rentokil and accordingly now states that it has no
further intention of doing so.

Discussions with shareholders will continue and Raphoe believes
it to be in the interests of shareholders and employees of
Rentokil that these be brought to a conclusion by Monday 24
October.

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

          RAPHOE MANAGEMENT LIMITED
          Sir Gerry Robinson
          c/o Cubitt Consulting
          Phone: 020 7367 5100


ROCKIT PROMOTIONS: Files for Liquidation
----------------------------------------
Rockit Promotions Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Sept. 27 at Oury Clark,
Herschel House, 58 Herschel Street, Slough, Berkshire SL1 1PG.
Elliot H. Green of Oury Clark, Herschel House, 58 Herschel
Street, Slough, Berkshire SL1 1PG was appointed liquidator.

CONTACT:  ROCKIT PROMOTIONS LTD.
          195-197 Victoria Street London, SW1E 5NE
          Phone: 020 76300003
          Web site: http://www.rockit.net

          OURY CLARK
          P.O. Box 150
          Herschel House
          58 Herschel Street
          Slough
          Berkshire SL1 1HD
          Phone: 01753 551111
          Fax: 01753 550544
          E-mail: elliot.green@ouryclark.com


SAN MARINO: Restaurant Owners Call in Administrator
---------------------------------------------------
Daniel Paul Hennessy and Gordon Craig (IP Nos 1388, 0978) of
Cresswell Associates Limited were appointed joint administrators
of restaurant San Marino (Belmont) Limited (Company No 04832287)
on Sept. 20.

CONTACT:  CRESSWELL ASSOCIATES LIMITED
          Maple View, White Moss Business Park,
          Skelmersdale WN8 9TG


SELBORNE TILE: Administrators from Grant Thornton Enter Firm
------------------------------------------------------------
Nigel Morrison (IP No 8938) and Samantha Keen (IP No 9250) of
Grant Thornton were appointed joint administrators of Selborne
Tile And Brick Limited (Company No 3951814) on Oct. 4.  The
company's registered office is at Orchard Court, Orchard Lane,
Bristol BS1 5WS.  Selborne manufactures tiles and bricks.

CONTACT:  SELBORNE TILE AND BRICK LTD.
          Honey Lane
          Selborne
          Alton GU34 3BS
          Hampshire
          Phone: 01420 478752
          Fax: 01420 474509

          GRANT THORNTON UK LLP
          43 Queen Square
          Bristol
          Avon BS1 4QR
          Phone: 0117 926 8901
          Fax: 0117 925 4821
          E-mail: michael.p.gerrard@gtuk.com


SKYTRONICS UK: Administrators Take over Business
------------------------------------------------
Richard Hawes and Nigel Morrison (IP Nos 8954, 8938) of Grant
Thornton were appointed joint administrators of Skytronics UK
Limited (Company No 03974670) on Oct. 5.  The company's
registered office is at The Business Centre, Town Hall Square,
Cowbridge, Vale of Glamorgan CF71 1EE.

Using a variety of CAD-CAM facilities, Skytronics offers full
design and development services via partnership agreements with
leading sector specialists.  Andrew Johnson is the firm's
production director; Gwyn Thomas is managing director.  Visit
http://www.skytronics.net/for more information.

CONTACT:  SKYTRONICS (UK) LTD.
          Springvale Industrial Estate
          Cwmbran NP44 5BD
          Gwent
          Phone: 01633 867999
          Fax: 01633 867888

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


SOLAR DIRECT: Goes into Liquidation
-----------------------------------
Solar Direct Ltd. informs that resolutions to wind up the company
were passed at an EGM held on Sept. 29 at the offices of Lameys,
One Courteney Park, Newton Abbot, Devon TQ12 2HD. Michelle Anne
Weir of the firm Lameys, One Courteney Park, Newton Abbot, Devon
TQ12 2HD was appointed liquidator.

CONTACT:  SOLAR DIRECT LTD.
     24 Rogers Drive, Saltash
          Cornwall PL12 6JP
          Phone: 01752847040


SOMERHILL DEVELOPMENTS: Names Joint Liquidators
-----------------------------------------------
Somerhill Developments Ltd. informs that a resolution to wind up
the company was passed at an EGM held on Sept. 30 at 601 High
Road, Leytonstone, London E11 4PA.  Harjinder Johal and George
Michael both of Ashcrofts, 601 High Road, Leytonstone, London E11
4PA were appointed Joint Liquidators.

CONTACT:  SOMERHILL DEVELOPMENTS LTD.
          Tancred Hall/Boroughbridge Rd
          Whixley, York, YO26 8BA
     Phone: 01423 331018


STUDIO ONE: Files for Liquidation
---------------------------------
C. Smith, director of Studio One Holdings Limited and Studio One
Origination Limited, informs that a resolution to wind up the
company was passed at an EGM held on Sept. 27 at 76 New Cavendish
Street, London W1G 9TB.

Jeremy Berman of Berley, 76 New Cavendish Street, London W1G 9TB
was appointed liquidator.

CONTACT:  STUDIO ONE ORIGINATION LTD.
          23 Pakenham Street
          London
          WC1X 0LB
          Phone: (020) 7278 4667
          Fax: (020) 7833 2540

          BERLEY
          76 New Cavendish Street
          London W1M 7LB
          Phone: 020 7636 9094
          Fax: 020 7636 4115
          E-mail: mark.levy@berley.co.uk


SWINDON HIGLOSS: Calls in Joint Liquidators
-------------------------------------------
W. G. Davis, director of Swindon Higloss Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 28 at St. Marks House, 3 Gold Tops, Newport, South Wales
NP20 4PG.  Ray Purnell of Purnells, St. Marks House, 3 Gold Tops,
Newport, South Wales NP20 4PG; and Dilip Dattani of Tenon
Recovery, 1 Bede Island Road, Bede Island Business Park,
Leicester LE2 7EA were appointed liquidators.

CONTACT:  SWINDON HIGLOSS LTD.
     Victoria House
          Blackworth Industrial Estate
          Swindon, Wiltshire SN6 7NA
          Phone: 01793765285

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


TERRA FIRMA: Appoints Tenon Recovery Liquidator
-----------------------------------------------
M. Dunne, chairman of Terra Firma Garden Centre Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Sept. 29 at Sherlock House, 73 Baker Street, London W1U
6RD.  S. R. Thomas and T. J. Binyon of Tenon Recovery, Sherlock
House, 73 Baker Street, London W1U 6RD were appointed Joint
Liquidators.

CONTACT:  TERRA FIRMA GARDEN CENTRE LIMITED
          Knollys Nursery
          Knollys Road London SW162JJ
          Phone: 020 8769 7321
          Web site: http://www.terrafirmagardencentre.com/

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


UNITED DENIM: Goes into Liquidation
-----------------------------------
United Denim Services Ltd. informs that resolutions to wind up
the company were passed at an EGM held on Sept. 30 at Charlotte
House, 19b Market Place, Bingham, Nottingham.  Philip Anthony
Brooks and Julie Willetts of Blades Insolvency Services,
Charlotte House, 19b Market Place, Bingham, Nottingham were
appointed Joint Liquidators.

CONTACT:  UNITED DENIM SERVICES LTD.
          Evington Business Centre
          Unit 1 Chesterfield Road
          Leicester
          LE5 5LG
          Leicestershire
          Phone: 0116 249 0008
          Contact:
          Jaimal Maher, Managing Director
          Ram Odedra, Managing Director
          Dina Maher, Managing Director


VISIONEERING UK: National Westminster Appoints KPMG Receiver
------------------------------------------------------------
National Westminster Bank Plc appointed Allan Watson Graham and
Andrew Stephen McGill (IP Nos 8719 and 9350) of KPMG LLP joint
administrative receivers of Visioneering UK Limited (Reg No
03435780) on Oct. 4.  Its registered office is at 12 Herald Way,
Binley Industrial Estate, Coventry, Warwickshire CV3 2NY.
Visioneering manufactures other fabricated metal products.

CONTACT:  VISIONEERING UK LTD.
          Unit 12
          Herald Way
          Binley Industrial Estate
          Coventry
          West Midlands CV3 2NY
          Phone: 024 7644 2777
          Fax: 024 7644 3777

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


WALTON HALL: Files for Liquidation
----------------------------------
C. Hall, chairman of Walton Hall Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Sept. 28 at
Gilderthorps, 22 Paul Street, Shepton Mallet, Somerset BA4 5LA.
Robert Stanley Gilderthorp of Gilderthorps, 22 Paul Street,
Shepton Mallet, Somerset BA4 5LA was appointed liquidator.

Walton Hall is a family business that fabricates and installs
windows and doors for domestic and commercial buildings.  It also
retails typesframed mirrors.

CONTACT:  WALTON HALL LTD.
     Salmon Parade Bridgwater Somerset TA6 5JT
          Phone: 01278 423322

          GILDERTHORPS
          22 Paul Street, Shepton Mallet,
          Somerset BA4 5LA
          Web site: http://www.gilderthorps.co.uk


                            *********


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

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

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

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.


                 * * * End of Transmission * * *