TCREUR_Public/051021.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, October 21, 2005, Vol. 6, No. 209

                            Headlines

B E L G I U M

LERNOUT & HAUSPIE: Faces Class Action in Massachusetts Court


B U L G A R I A

SICONCO HOLDING: Files for Insolvency


C R O A T I A

AGROKOR D.D.: Moody's Reviews Ratings for Possible Downgrade


F I N L A N D

M-REAL OYJ: Moody's Revises Ratings Outlook to Negative


F R A N C E

EUROTUNNEL SA: 'Indefinite Strike' Story Overblown, Says PR Firm
EUROTUNNEL SA: Q3 Revenue Slightly Up to GBP140.8 Million


G E R M A N Y

AGFAPHOTO GMBH: Negotiations with Photo-Me Collapse
BERGMANN HAUSTECHNIK: Under Bankruptcy Administration
BLUE WALL: Proofs of Claim Due End of the Month
CASA NICOLENA: Files for Bankruptcy
DAIMLERCHRYSLER AG: Will Axe no more than 8,500 Jobs

EGON BUCKLER: Creditors Meeting Set December
EPCOS AG: Accelerates Strategic Repositioning
FRIEDRICH KROYMANN: Court Calls in Administrator
HAUTNAH GMBH: Claims Verification Set February
KROYMANN GMBH: Claims Filing Period Ends November 3

LAST MINUTE: Hamburg Firm Succumbs to Bankruptcy
MAXDATA AG: Nine-month Operating Losses Up Threefold
RUNGIS EXPRESS: Founder in Hot Water


G R E E C E

TIM HELLAS: On CreditWatch Negative over Plan to Buy Q-Telecom


I R E L A N D

W&R MORROGH: Result of Investigation into Collapse Out in Weeks


I T A L Y

IMPREGILO SPA: Unit Wins US$260 Million Qatar Contract


K Y R G Y Z S T A N

AGROINVEST: Sets Proofs of Claim Deadline
ASKA-TESH: Creditors' Claims Due December
DK KANAL: Gives Creditors Until December 6 to File Claims
ILICHA FARM: Under Bankruptcy Supervision
SHADYKANOV B.A.: Bankruptcy Supervision Starts

SMOOTH OPERATOR: Gives Creditors Until December to File Claims
STINSCOME: Creditors' Claims Due December
SUZAK TAMEKISI: Sets Proofs of Claim Deadline


N E T H E R L A N D S

LEBUS FURNITURE: Christie Tyler Unit Sold
ROYAL SHELL: Buys Back Further 1,250,000 'A' Shares


R U S S I A

BOBROV-AUTO: Voronezh Court Starts Insolvency Proceedings
CHERNOZEMYE: Claims Filing Period Ends Next Month
EVRAZ GROUP: To Refinance Debt Via Bond Issuance
EVRAZ GROUP: Fitch Assigns Benchmark Bond Expected 'BB-' Rating
EVRAZ GROUP: Corporate Family Rated 'Ba3'

INTER-STROY: Under Bankruptcy Supervision
NOVOSIBIRSKIY: Declared Insolvent
ORLOVSKAYA: Insolvency Manager Takes over Business
OSTROGOZHSKIY: Succumbs to Bankruptcy
PRICHULYMSKOYE: Krasnoyarsk Court Brings in Insolvency Manager

SPETS-PROM-MONTAGE: Insolvency Manager D. Antonov Enters Firm
TATARSKIY ELEVATOR: Bankruptcy Supervision Procedure Begins
ZOLOTUKHINKSIY: Bankruptcy Hearing Set December


S W E D E N

SKANDIA INSURANCE: Reveals Details of Standalone Plans


U K R A I N E

AGROTEHCENTR: Under Bankruptcy Supervision
BERKUT: Goes into Liquidation
GUTTA-UKR: Files for Bankruptcy
KOLOS: Insolvency Manager Takes over Helm
LAN: Court Appoints Temporary Insolvency Manager

PROGRES: Bankruptcy Supervision Begins
SU-108: Declared Insolvent
YARIVSKIJ GRANKARYER: Proofs of Claim Due Today
ZLAGODA: Under Bankruptcy Supervision


U N I T E D   K I N G D O M

ACCESS CARE: Applies for Liquidation
ALLDAYS PEACOCK: Hires Administrator from K. J. Watkin & Co.
ASTER PRINT: Calls in Liquidator
BRIDGES HEALTH: Members Pass Winding-up Resolution
BRYN REFRACTORIES: Goes into Liquidation

CAPITAL AUTOMOTIVE: Hires Administrators from Begbies Traynor
CARDIFF & MULTICULTURAL: Appoints Liquidator
CARPETLAND (HASTINGS): Members Opt for Liquidation
CONTINENTAL WINE: Calls in Liquidator
DEACON & LITTLEFORD: EGM Passes Winding-up Resolution

DE BAER: Clothing Company Calls in Administrator
DRAX GROUP: Dismisses Indicative Offer as Too Low
DURACORD LIMITED: Business for Sale
ELECTROVALUE LIMITED: Electronic Component Distributor Winds up
FIDO FABRICATIONS: Names Begbies Liquidator

FIMBANK UK: Liquidators from KPMG Move in
FLOAT-THE LEEDS: Calls in Joint Liquidators
GENSPARES LIMITED: Appoints Joint Liquidators
GOSHAWK INSURANCE: Run-off More Likely After Rating Downgrade
HERMETIC RUBBER: Calls in Administrators from Haines Watts

HFG DRIED: Wholesaler Winds up
HI-TEC HANDLING: Forklift Dealer Hires Administrator
JEWELLERY WORKSHOP: Names Tenon Recovery Liquidator
MARCONI CORPORATION: Alcatel Mum on Rumored Bid
MCO IMPORTS: Files for Liquidation

MG ROVER: Fund Saves 700 West Midland Jobs
MICROTECH GROUP: Calls in Liquidator from CBA
MORTGAGELINK CONSULTANTS: Tenon Recovery to Liquidate Biz
NIVADA MODES: Clothing Firm Winds up
NORTH EASTERN: Electrical Contractor Contacts Administrator

PAUL GASCOIGNE: PR Firm Winds up
PLATINUM BATTERIES: Hires Administrators from BDO Stoy Hayward
PROGRESSIVE AUTOMOTIVE: In Liquidation
P T MARINE: Calls in Liquidator from P&A Partnership
ROBERT WISEMAN: Watchdog to Review Proposed Scottish Milk Merger

SHIPLEY DIAL: Calls BWC Business to Liquidate Operation
SOUTH MANCHESTER: Appoints Liquidators
SPARKSTART LIMITED: Appoints Cranfield Recovery Administrator
SWAN HUNTER: State Auditors Probe Alleged Illegal Payment
SWAN PUBLISHING: Appoints Tenon Recovery Administrator

T.F.T. SPECIALIST: Goes into Liquidation
THREEFOLD COMMUNICATIONS: Liquidator Moves in
TXU EUROPE: High Court Clears way for Creditors Distribution
TYNE AND WEAR: Names Administrator from Tenon Recovery
WHITEHEADS FABRICS: Administrator Takes over Company
XTERNAL DIMENSIONS: Calls in Administrator


                            *********


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


LERNOUT & HAUSPIE: Faces Class Action in Massachusetts Court
------------------------------------------------------------
The law firms of Cohen, Milstein, Hausfeld & Toll, P.L.L.C. and
Spector Roseman & Kodroff, P.C. have filed a lawsuit on behalf of
their client and on behalf of those who purchased the securities
of Lernout & Hauspie Speech Products, N.V. (L&H) on the EASDAQ
stock market from April 28, 1998 through November 8, 2000.

The lawsuit is pending in the United States District Court for
the District of Massachusetts against various former officers and
directors of the Company, the Company's auditors, and certain
financial institutions (collectively, the Defendants) for
violations of the federal securities laws.  It is the only United
States class action filed on behalf of purchasers of L&H
securities on the EASDAQ stock market.

The complaint alleges that the Defendants engaged in a massive
accounting fraud, at the direction of its senior officers, which
resulted in the overstatement of L&H's publicly reported revenues
from its first quarter of fiscal year 1998 through its first two
quarters of fiscal year 2000, by a total of US$377 million (64%
higher than its actual earnings).  The complaint states that L&H
engaged in numerous illegal accounting irregularities ranging
from back-dating contracts to prematurely recording revenue, to
swapping goods with customers and recording the swap as revenue,
to recording revenue even when the sales contract was not yet
negotiated or signed, to giving customers side-agreements and the
right to return the product.

In addition, L&H, along with Dexia Bank Belgium (formerly known
as Artesian Banking Corp. S.A.), set up 30 companies, which
allegedly licensed millions of dollars worth of software from
L&H.  L&H improperly recorded all the purported revenue it
received from these companies, the purpose of which was to "pump
up" L&H's publicly reported revenues and benefit L&H's major
shareholders -- FLV, Mercator and the Company's officers.  The
complaint goes on to allege that L&H could not have perpetrated
this massive accounting fraud without the collaboration of its
auditors, including KPMG, and its banks, including Dexia.

On August 8, 2000, The Wall Street Journal revealed the
widespread fraud that had allegedly been concealed by L&H and
KPMG and others.  The article disclosed that the revenues, and
the resulting net income and earnings per share that L&H had
reported in the fourth quarter of 1999 and first quarter of 2000
were overstated.

On this news, the Company's common stock declined dramatically by
19% from the previous day's close of US$37 per share to
US$29-13/16 per share, trading as low as US$26-3/4 per share.
Then, after months of denials, on November 9, 2000, L&H issued a
press release announcing that, as a result of past accounting
"errors and irregularities," the Company would need to restate
the most recent 2-1/2 years of financial statements.

The Company also warned that its third quarter 2000 revenues
would "be at least US$40 million below its previously published
range of US$165 to US$185 million."  The Company further
announced that KPMG's mid-term audit would not be completed by
November 14, 2000.  In reaction to these disclosures, on November
9, 2000, both NASDAQ and EASDAQ suspended trading of L&H
securities.  Prior to the suspension, the price of L&H securities
on the NASDAQ market fell as low as US$6.22 and the price of the
common stock on EASDAQ fell to as low as US$3.70.

If you purchased or acquired L&H securities on the EASDAQ stock
market during the Class Period (April 28, 1998 through November
8, 2000), you may, no later than December 13, 2005, move the
court to be appointed as Lead Plaintiff.  Appointment as Lead
Plaintiff is open to any purchaser of L&H securities on the
EASDAQ stock market, including purchasers who reside in Europe.
There are certain legal requirements to serve as Lead Plaintiff.

Any member of the purported class may move the court to serve as
Lead Plaintiff through counsel of their choice or may choose to
remain an absent class member.  Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as Lead Plaintiff.  To be a member of the class, you
need not take any action at this time.

Cohen, Milstein, Hausfeld & Toll, P.L.L.C. and Spector, Roseman &
Kodroff, P.C have significant experience in representing European
investors in U.S. actions, including the European investors
currently leading the Parmalat class action in the U.S.
Collectively, the firms have offices in Washington, D.C., New
York, Philadelphia and Chicago and affiliated offices in the
United Kingdom, Italy, South Africa, Panama and Australia.  To
view a copy of the complaint, visit http://www.cmht.com

If you have any questions about this notice or the action, or
with regard to your rights, please contact either:

    Mark S. Willis, Esq.
    Elena Takacs
    Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
    1100 New York Avenue, N.W.
    West Tower B Suite 500
    Washington, D.C. 20005
    Telephone: +1-888-240-0775 or +1-202-408-4600
    E-mail: mwillis@cmht.com
            or
            etakacs@cmht.com
    Web site: http://www.cmht.com

    or

    Robert M. Roseman, Esq.
    Spector, Roseman & Kodroff, P.C.
    1818 Market Street, Suite 2500
    Philadelphia, PA 19103
    Telephone: +1-215-496-0300
    E-mail: rroseman@srk-law.com
    Web site: http://www.cmht.com


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


SICONCO HOLDING: Files for Insolvency
-------------------------------------
The management of former privatization fund Siconco Holding has
asked the Sofia City Court to open insolvency proceedings and
appoint a receiver, Dnevnik a.m. says.

According to Director Radka Paneka, Siconco owes the government,
insurance firms and employees around BGL5 million with no asset
to cover them.  Its 12,000 shareholders have not received any
dividend since 1995.

Ms. Paneka said the company was decapitalized by previous
management, which transferred shares in Siconco units to other
companies, breaching shareholders' rights.  She added the
incumbent board has been refused access to corporate records,
which are kept in the Siconco Building, owned by Siconco Holding,
but managed by former executive director Dancho Lazarov.  For
this, the board is now planning to resign.  Prosecutors are now
looking into the matter.

Siconco Holding is a private company comprised of two
privatisation funds -- Siconco Invest and Bul Invest Group.

CONTACT:  SICONCO HOLDING AD
          1000 Sofia,
          42 Rakovski Str.
          Phone: (00359 2) 987 09 40
          Fax: (00359 2) 987 09 17
          E-mail: office@siconco.com
          Web site: http://www.siconco.com


=============
C R O A T I A
=============


AGROKOR D.D.: Moody's Reviews Ratings for Possible Downgrade
------------------------------------------------------------
Moody's has placed the corporate family rating of Agrokor D.D.
under review for possible downgrade as a result of continued
weakening in credit metrics arising from the company's aggressive
investment and acquisition-led growth strategy in recent years
resulting in increased financial commitments and obligations in
the context of the group's complex corporate structure.

The affected ratings are:

(a) The B1 Corporate Family Rating; and

(b) The B1 rating on the Euro 230 million 11% Senior Notes due
    2007.

The review was prompted primarily by:

(a) The extensive capital investments related to the company's
    growth strategy and the resulting commitments;

(b) The continuing trend of increasing leverage;

(c) Concerns over the impact of increasing competition as
    foreign operators continue to make inroads into Croatia and
    the impact on margins;

(d) The company's increased reliance on short term financing
    requirements and its impact on Agrokor's exposure to
    refinancing risk; and

(e) Concerns over the limited flexibility that exists at present
    within Agrokor's Senior Notes (indenture) covenants.

The ratings continue to factor the private shareholding structure
of the company that limits access to the equity capital markets
and the currency mismatch between the predominantly
euro-denominated term debt and Agrokor's local currency Kuna
revenue streams.

The company's extensive acquisitions in 2004 and the first half
of 2005 have resulted in a significant borrowing requirement,
resulting in adj. net debt/EBITDAR rising steadily from 3.67x in
2002 to about 5x in the twelve months to June 30, 2005.  In
addition, acquisition costs combined with a significant working
capital outflow in 2004 reduced the RCF/adj. net debt ratio to
only 3.8%, albeit rising to just over 8% in the year to mid-2005.

At mid-year the company had HRK 281 million of cash and
equivalents, although this was insufficient to cover its
short-term liabilities of c. HRK 1.2 billion.  Further, internal
cash flows are not expected to be sufficient to cover investment
activities this year, and hence the servicing of short-term
liabilities, as well as the bonds due in 2007, will depend on
external financing.  Moody's understands that the company is
currently in the process of extending its short-term bank
borrowings, which will be necessary to address its exposure to
refinancing risk.  The 2007 bond covenants currently stipulate a
maximum gearing ratio (total debt/net worth) of at least 1.4x,
and a minimum fixed charge ratio of at least 3.0x.

The review will focus on:

(a) The company's future growth strategy, both organic and
    through acquisitions;

(b) The company's ability to de-leverage going forward in light
    of its recent acquisitions and ongoing CAPEX and other
    financial commitments related to these acquisitions, as
    leverage is currently considered high for the rating
    category; and

(c) The company's financial policies and credit metric targets,
    particularly with regards to its liquidity profile and
    short-term debt refinancing strategy.

Agrokor, based in Zagreb, Croatia, is the largest food producing
and retailing group in Croatia and the largest privately owned
company in the country.  Agrokor D.D., the parent and holding
company, is fully owned by Ivica Todoric, the founder of the
Group.  In the first half of 2005 the company reported revenues
of HRK5.5 billion (EUR747 million) and operating profits of
HRK226 million (c. EUR31 million).

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

          Richard Morawetz, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


M-REAL OYJ: Moody's Revises Ratings Outlook to Negative
-------------------------------------------------------
Moody's has changed the outlook on the Ba2 long-term corporate
family and Ba2 long-term senior unsecured debt ratings of M-real
Oyj Ba2 and on the Ba2 senior unsecured guaranteed MTN program
rating of its majority owned subsidiary, Metsa Group Financial
Services Oy, to negative from stable.

Moody's said that the outlook change to negative was caused by
the continuing weak operating environment for the European paper
industry, which continues to negatively impact the credit metrics
of M-real, as visible for example in negative EBITA margins at
year end 2004 of -0.9% which has further weakened in the last
twelve months (LTM) finishing June 2005 (although negatively
impacted by the non-recurring effect of the labour dispute in the
Finnish paper industry), as well as by increasing negative free
cash flow coverage of net adjusted debt at year end 2004 and LTM
ending June 2005.

While some of the deterioration in credit metrics is due to
cyclical swings in the industry, Moody's also increasingly
believes that additional structural challenges that have emerged
during the last few years -- such as structural overcapacity,
rising raw material costs, exchange rate shifts, lower-cost
competitors from outside Western Europe etc. -- have exacerbated
the cyclical downturn.

M-real has so far not been able to offset this combination of
cyclical and structural challenges with the improvements from its
internal restructuring and efficiency program.  The inability to
push through any noticeable price increases in its core markets
of coated mechanical and fine paper and uncoated fine paper has
further exacerbated these challenges, having triggered M-real to
sell-off assets (e.g. Metsae-Tissue in 2004, an 8% stake in
Metsae-Botnia and forest assets in 2005) and issue additional
equity in the autumn of 2004.

As a result, Moody's remains cautious about the limited financial
flexibility remaining in M-real's balance sheet which it however
needs to be able to (i) absorb external shocks such as the
Finnish paper industry labour dispute in Q2 2005 or (ii)
strengthen its business profile for example by accelerating the
improvement of its mill portfolio, by gaining greater access to
lower cost raw materials, by enhancing its product- or geographic
diversification or by taking part in a possible industry
consolidation or capacity reduction.

However, Moody's added that the Ba2 ratings of M-real continue to
be underpinned by the company's strong position in the Western
European fine paper markets, benefiting from:

(a) The comparatively good quality of its paper machine assets;

(b) Some diversification into packaging products;

(c) good downstream integration via Map Merchants;

(d) Strong support by its leading banks resulting in an
    acceptable liquidity position; as well as

(e) A generally very supportive shareholder base.

Over the next 12 months, Moody's said it will continue to closely
monitor M-real's progress in implementing efficiency and cost
saving gains as well as its ability to return to a positive EBITA
margin as well as to a positive free cash flow while maintaining
necessary gross capital expenditure at historical levels of
around EUR400 million per annum.  Moody's will also examine the
company's liquidity development, especially with a view to the
EUR850 million syndicated liquidity facility maturing in 2007.

M-real is headquartered in Finland and during the first six
months of 2005, had total revenues of EUR2,603 million and a
reported net loss of EUR45 million.

CONTACT:  MOODY'S DEUTSCHLAND GmbH (FRANKFURT)
          Michael West, Managing Director
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Johannes Wassenberg, VP - Senior Credit Officer
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


EUROTUNNEL SA: 'Indefinite Strike' Story Overblown, Says PR Firm
----------------------------------------------------------------
The reported strike staged by Eurotunnel's French workers are
exaggerated, Marie Carney of PR firm Gavin Anderson & Company
says.

TCR Europe, citing an article of AFX News, said on Oct. 13, 2005
that Eurotunnel's French employees have launched an "indefinite
strike" to force the company to soften its position on the EUR9
billion debt restructuring.  The strike crippled one of
Eurotunnel's four rail shuttles, causing cancellations.

Ms. Carney said that, while the reports on the incident are
technically correct, they are too strong.  According to her, the
Oct. 10 strike ended about an hour after AFX News posted its
article on the Internet.  Ms. Carney added that of the 270 runs
scheduled for that day, 25 did not occur, four of which were due
to ordinary course maintenance and track problems.  She added
"negotiations with unions are on-going and progressing."

                       About the Company

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

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

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

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

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

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

          GAVIN ANDERSON & CO. (UK) LTD.
          85 Strand
          London WC2R 0DW
          Phone: +44 20 7554 1400
          Fax: +44 20 7554 1499
          E-mail: gavinfo@gavinanderson.co.uk

          GAVIN ANDERSON & CO. (FRANCE) S.A.
          30 rue des Epinettes
          75017 Paris
          Phone: +33 (0)1 45 22 22 30
          Fax: +33 (0)1 45 22 22 64
          Web site: http://www.gavinanderson.com


EUROTUNNEL SA: Q3 Revenue Slightly Up to GBP140.8 Million
---------------------------------------------------------
Eurotunnel S.A. has released a trading update for the third
quarter of 2005.

Stable Q3 operating revenue during a period of reorganization was
marked by Truck Shuttle sales & marketing activity brought back
in-house; and better alignment of capacity to demand in the
passenger shuttle service.  Operating revenue in the third
quarter of 2005 was GBP140.8 million, an increase of 1% compared
with the third quarter in 2004.

                      Q3 2005    Q3 2004    2005/2004    Q3 2004

GBP million        Unaudited*  Restated*    % change  Reported**


Shuttle Services       77.9        77.4        +1%          77.7

Railways               58.7        58.6         0%          58.8

Transport activities  136.6       136.0         0%         136.5

Non-transport
activities              4.2         3.6       +14%           3.6

Operating revenue     140.8       139.6        +1%         140.1

- - - - - - - - - - - - - - - - - - - - - - - - -  - - - - - - -
[*] The exchange rate applicable for the year to 30 September
2005 and for the restated year to 30 September 2004 is GBP1 =
EUR1.467.

[**] The equivalent 2004 exchange rate was GBP1 = EUR1.482.
- - - - - - - - - - - - - - - - - - - - - - - - -  - - - - - - -

Shuttle Services

Shuttle service revenue (GBP77.9 million) remains stable (+1%).
This reflects the contrasting evolution of the freight and
passenger shuttle services.

Revenue from the freight shuttle business increased significantly
in spite of a slight reduction in the volume of trucks carried.
The fall in volumes is more than compensated by a rise in average
yield.  The increased average yield is a direct result of the new
freight commercial policy and of Eurotunnel's decision to take
back full control of sales and marketing activity for small and
medium-sized hauliers.  Prior to 16 August 2005, this was
contracted to an external party.

Revenue declined from the passenger shuttle business (cars and
coaches), although volumes increased notably in the coach market.
Revenue from the passenger business continued to be affected by
strong price competition.  The reduction in the capacity of the
Passenger Shuttle Service took effect from 3 September 2005.  By
more closely matching capacity with demand, Eurotunnel has chosen
to improve operating margin, reducing costs and increasing load
factors while maintaining the speed ease and frequency of
services.

Railways

Railways revenue (GBP58.7 million), which includes payments of
GBP16.9 million under the Minimum Usage Contract (MUC) in the
Railway Usage Contract, was stable in the third quarter of 2005.
The volume of rail freight tonnage during the quarter was once
again down (-23%).

Non-transport Activities

Increase in non-transport activities revenue (GBP4.2 million)
relates primarily to the sale of land in Ashford, Kent.

                        About the Company

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

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

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

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

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

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

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


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


AGFAPHOTO GMBH: Negotiations with Photo-Me Collapse
---------------------------------------------------
Creditors of AgfaPhoto GmbH have rejected the offer of British
photo booth operator Photo-Me International Plc, bringing the
company closer to liquidation, The Associated Press says.

Photo-Me, which had shown interest in the photographic chemicals
division and photographic paper production, had reportedly
demanded several concessions from AgfaPhoto.  Insolvency
administrator Andreas Ringstmeier said Photo-Me's draft proposal
was intensively discussed, but it contained too many points that
were "unacceptable."  He did not elaborate.

On October 14, TCR-Europe reported that Mr. Ringstmeier will
entertain offers from shareholders if a deal with Photo-Me flops.
He said several shareholders are interested in acquiring parts of
the business like Japanese subsidiary Fuji.  If this option fails
as well, he will shut down operation and apply for liquidation.

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

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


BERGMANN HAUSTECHNIK: Under Bankruptcy Administration
-----------------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Bergmann Haustechnik GmbH on October 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 11,
2005 to register their claims with court-appointed provisional
administrator Dr. Ulrich Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting on December 16, 2005, 10:00 a.m. at the district
court of Frankfurt (Oder), Muellroser Chaussee 55, 15236
Frankfurt (Oder), Saal 401, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BERGMANN HAUSTECHNIK GmbH
          Industriestrasse 19, 15366 Dahlwitz-Hoppegarten

          Dr. Ulrich Wenzel, Manager
          Grossbeerenstr. 231, 14480 Potsdam


BLUE WALL: Proofs of Claim Due End of the Month
-----------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Blue Wall GmbH on October 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until October 31, 2005 to register their claims
with court-appointed provisional administrator Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2005, 8:45 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BLUE WALL GmbH
          Bilker Allee 49, 40219 Duesseldorf
          Contact:
          Peter Franke, Manager
          Ostendorfstrasse 8, 40239 Duesseldorf
          Stephan Hofer, Manager
          Friedensstrasse 62, 40219 Duesseldorf

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Duesseldorf


CASA NICOLENA: Files for Bankruptcy
-----------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Casa Nicolena Wohnideen und Accessoires GmbH on October
1.  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, 9:55 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:  CASA NICOLENA WOHNIDEEN UND ACCESSOIRES GmbH
          Herderstr. 90, 40237 Duesseldorf
          Contact:
          Nicole Beines, Manager
          Lindemannstr. 94, 40237 Duesseldorf

          Georg Kreplin, Administrator
          Berliner Allee 21, 40212 Duesseldorf


DAIMLERCHRYSLER AG: Will Axe no more than 8,500 Jobs
----------------------------------------------------
CEO-designate Dieter Zetsche brushed aside rumors that the
company may cut more than 8,500 jobs at Mercedes.

In an interview with Bild, Mr. Zetsche said: "The figure 8,500
applies.  It is important for us to further raise productivity at
Mercedes and allow the company to grow in a healthy and
profitable manner."

He said he has no plans of splitting off DaimlerChrysler's
Chrysler business.  "We have grown together by now.  We are one
company and can learn from each other, even across the Atlantic
Ocean."

Last month, DaimlerChrysler AG revealed it will spend almost EUR1
billion to axe 8,500 jobs at its Mercedes division in Germany.
The job reductions, which will be carried out in 12 months, will
affect about 9% of Mercedes' 94,000-strong German workforce.  The
charges, which will be booked in DaimlerChrysler's fourth quarter
results, are not expected to influence the company's goals that
include beating last year's operating profit of EUR5.8 billion.

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com


EGON BUCKLER: Creditors Meeting Set December
--------------------------------------------
The district court of Frankfurt (Oder) opened bankruptcy
proceedings against Egon Buckler & Partner Bruecken- und Tiefbau
GmbH on October 1.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
November 9, 2005 to register their claims with court-appointed
provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2005, 9:00 a.m. at the district court
of Frankfurt (Oder), Muellroser Chaussee 55, 15236 Frankfurt
(Oder), Saal 401, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  EGON BUCKLER & PARTNER BRUECKEN- UND TIEFBAU GmbH
          Gewerbepark - Kirschallee 23, 15326 Lebus

          Udo Feser, Administrator
          Uhlandstrasse 165/166, 10719 Berlin


EPCOS AG: Accelerates Strategic Repositioning
---------------------------------------------
EPCOS AG has decided to sell its Tantalum Capacitors Business
Unit.  Negotiations with the U.S. manufacturer of capacitors
Kemet are already in an advanced stage.

Restructuring and Repositioning

For EPCOS the sale of its tantalum activities -- and thus a part
of its business with standard components -- is a further step in
the reorganization and repositioning of its business.  For
several years the industry has experienced overcapacities and a
high pressure on prices, which makes business with commodity
products increasingly difficult.

EPCOS has made great strides with its measures to adapt the
company to the changing market conditions and to strengthen its
competitiveness.

EPCOS already creates approximately 50% of its value added in
low-cost countries.  The company operates ten manufacturing sites
in Asia, six of them in China.  The Surface Acoustic Wave
Components segment has completed the transfer of its entire
multimedia business to Asia.  The productivity of the new
manufacturing facilities in Asia and Eastern Europe was increased
especially in the past fiscal year 2005.  The cost structure of
the company has thus been continuously improved, and the targeted
cost reductions of the COMPETE program (Cost Management, Process
Excellence, Time Efficiency) are showing results.

Furthermore, EPCOS is concentrating more on customer- and
application-specific products and solutions.  In 2004 the
ferrites activities were streamlined and repositioned.  More than
ever, its focus is now on specific market segments, in particular
on applications in automotive and industrial electronics and in
telecommunications.

Sale of the Tantalum Capacitor Business Unit

The decision to sell the Tantalum Capacitor Business Unit is also
a part of this repositioning of the product portfolio.

The various offers and discussions in the context of the sales
talks resulted in a valuation of the tantalum business below the
book value of the assets applied to the tantalum business.  This
results in an impairment write-down of between EUR40 million and
EUR50 million.

EPCOS expects that the proceeds from the sale will accrue in the
new fiscal year 2006 and then improve the net cash flow by at
least EUR70 million.

Streamlining of the Ceramic Multi-layer Portfolio

In the course of the reorganization of its business EPCOS is also
streamlining its portfolio of ceramic capacitors.  More than ever
the focus is on products with which EPCOS is able to give its
customers clear competitive advantages.  Automotive electronics,
in particular, is one of the markets targeted.

This focus has produced a changed demand structure, which for
part of our inventories means that the sale of these products
will now be more difficult.  EPCOS is responding to the increased
risk for the range of coverage with additional write-downs in Q4
2005.

Business Development in Q4 2005

As business has stabilized sales have developed positively in Q4.
At about EUR340 million they are considerably above that of the
previous quarter (EUR310 million).

Because compared to Q3 2005 the company was able to reduce
inventories considerably, there was hardly an increase in
production volume associated with the increase in sales.
Moreover, the yields of the latest generation of piezo actuators
were unsatisfactory, which in part was due to problems with
incoming materials.  For these reasons, earnings before interest
and tax (EBIT) were not yet able to follow the positive
development in sales.

Because of these developments -- along with the aforementioned
special effects -- EPCOS is expecting an EBIT of between -EUR55
million and -EUR65 million for Q4 of the past fiscal year 2005
(Q3 2005: -EUR 1 million).

The net cash flow in Q4 2005, however, will be clearly positive
at more than EUR30 million -- among other things because of the
above mentioned stock reduction.  The details of the business
development of EPCOS for Q4 and for the entire fiscal year 2005
will be released on November 17, 2005.

About EPCOS

EPCOS AG, a manufacturer of passive electronic components
headquartered in Munich, is market leader in Europe and number
two worldwide.  EPCOS offers a comprehensive portfolio of about
40,000 different products.  The EPCOS Group has design,
manufacturing and marketing facilities in Europe, the Americas
and Asia.

Passive electronic components are found in every electrical and
electronic product -- from automotive and industrial electronics
through information and communications to consumer electronics.
Components from EPCOS store electrical energy, select
frequencies, and protect against overvoltage and overcurrent.

In fiscal 2004 (October 1, 2003, to September 30, 2004), EPCOS
posted sales of EUR1.36 billion.  At September 30, 2004, the
company employed about 15,600 people worldwide.

CONTACT:  EPCOS AG
          St Martin Strasse 53
          81669 Munich
          Phone: +49 89 636 229 88
          Fax: +49 89 636 235 49
          Web site: http://www.epcos.com


FRIEDRICH KROYMANN: Court Calls in Administrator
------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Friedrich Kroymann jun. GmbH + Co. KG Strassen-, Tief-
und Bahnbau on October 1.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until November 3, 2005 to register their claims with
court-appointed provisional administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on November 24, 2005, 8:50 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:  FRIEDRICH KROYMANN JUN. GmbH + Co. KG STRASSEN-, TIEF-
          UND BAHNBAU
          Wacholderstr. 28-30, 40489 Duesseldorf
          Contact:
          Friedrich Heinz Kroymann, Manager

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


HAUTNAH GMBH: Claims Verification Set February
----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Hautnah GmbH Markt-Handel
und -veranstaltungsdienst on September 23.  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 Dr.
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 10:45 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on February 15,
2006, 10:30 a.m. at the same venue.

CONTACT:  HAUTNAH GmbH MARKT-HANDEL UND -VERANSTALTUNGSDIENST
          Meyerbeerstr. 124,13088 Berlin

          Dr. Christoph Schulte-Kaubruegger, Administrator
          Genthiner Str. 48, 10785 Berlin


KROYMANN GMBH: Claims Filing Period Ends November 3
---------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Kroymann GmbH on October 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 3, 2005 to register their claims
with court-appointed provisional administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on November 24, 2005, 8:45 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:  KROYMANN GmbH
          Wacholderstr. 28-30, 40489 Duesseldorf
          Contact:
          Friedrich Heinz Kroymann, Manager

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


LAST MINUTE: Hamburg Firm Succumbs to Bankruptcy
------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Last Minute Holiday's Touristik- und Handelsgesellschaft
mbH on September 26.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until November 4, 2005 to register their claims with
court-appointed provisional administrator Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting on December 9, 2005, 8:00 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:  LAST MINUTE HOLIDAY'S TOURISTIK- UND
          HANDELSGESELLSCHAFT mbH
          Geibelstrasse 54, 22303 Hamburg
          Contact:
          Ozcan Mert, Manager
          Max-Brauer-Allee 273, 22769 Hamburg

          Ulrich Rosenkranz, Administrator
          Osdorfer Landstrasse 230, 22549 Hamburg
          Phone: 8078810
          Fax: 80788120


MAXDATA AG: Nine-month Operating Losses Up Threefold
----------------------------------------------------
Maxdata's financial condition has turned from bad to worse, as
losses for the first nine months of the year tripled despite
improvement in turnover, Borsen Zeitung says.

Maxdata posted -EUR18.7 million in EBIT for the nine months to
September, this as turnover increased 0.6% to EUR458.8 million.
For the third quarter alone, EBIT was -EUR9.1 million.

As a result, Maxdata is revising its 2005 forecast anew.  The
company, whose operating result returned to black last year, had
predicted a single-digit loss at yearend, but revised it to a
high single-digit or low double-digit figure.  It still maintains
its EUR700 million turnover forecast for the year.  For 2006,
Maxdata aims to boost its distribution operations and create 100
new jobs.

CONTACT:  MAXDATA AG
          Elbestrasse 12-16
          45768 Marl, Germany
          Phone: +49 (0) 2365 952-2122
          Fax: +49 (0) 2365 952-2125
          E-mail: ir@maxdata.com
          Web site: http://www.maxdata.com


RUNGIS EXPRESS: Founder in Hot Water
------------------------------------
The public prosecutor's office in Bonn is investigating George W.
Kastner, founder and former head of insolvent exotic food
supplier Rungis Express, Suddeutsche Zeitung says.

The probe is in response to allegations that Rungis had allegedly
violated food laws.  In July, authorities discovered that the
company had kept large stock of expired imported meat, some of
which were dated 2001.

Insolvency administrator Andreas Ringstmeier exposed the matter
in his complaint earlier this month.  He accused Mr. Kastner of
defrosting frozen meat "that had gone off," repackaging and
selling them as fresh.  Mr. Kastner is currently under
investigation for allegedly delaying Rungis' insolvency
proceedings.

In July Rungis Express said it aims to break even this year,
notwithstanding high interest payments on EUR16 million debt.
The company filed for insolvency in January following a string of
financial problems.  Its collapse rendered most of its workers
jobless.  Since entering insolvency proceedings, the group is
thought to have cut its debt significantly.

CONTACT:  RUNGIS EXPRESS GESELLSCHAFT FUR FRISCHIMPORTE MBH &
          CO. KG
          Am Hambuch 2
          53340 Meckenheim
          Phone: 02225-883-0
          Fax: 02225-883-300
          E-mail: Info@Rungis-Express.de
          Web site: http://www.rungis-express.de


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


TIM HELLAS: On CreditWatch Negative over Plan to Buy Q-Telecom
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Greek mobile telecommunications operator Tim
Hellas Telecommunications S.A. and related entities on
CreditWatch with negative implications following the announcement
on Oct. 17, of the agreement by Tim Hellas' private-equity
owners, Apax and Texas Pacific Group (TPG), to buy smaller rival
Q-Telecom S.A. for EUR350 million ($419 million).

Standard & Poor's also placed on CreditWatch negative its
outstanding debt ratings on related entities Hellas
Telecommunications (Luxembourg) V (Hellas V) and Hellas
Telecommunications (Luxembourg) III (Hellas III), along with its
'3' recovery rating on Hellas Telecommunications (Luxembourg) V's
EUR925 million senior secured notes.

"The CreditWatch placement reflects the significantly
higher-than-expected agreed price for the acquisition of
Q-Telecom, which was previously anticipated to be about EUR250
million," said Standard & Poor's credit analyst Melvyn Cooke.

While this transaction should enhance Tim Hellas' business
profile by increasing its market share and removing a
fast-growing competitor from the Greek mobile market, the
purchase price and uncertainty related to the funding strategy
and ultimate impact on Tim Hellas' capital structure may lead to
credit measures inconsistent with its current ratings.

Standard & Poor's will resolve the CreditWatch placement after
obtaining clarification of the structure of the funding package
and its impact on Tim Hellas' credit protection metrics.  This is
expected to be clarified over the next few weeks. The amount of
additional debt, as opposed to equity, incurred by the
acquisition will be key in determining the rating impact of the
transaction.

"Any downgrade is likely to be limited to one notch," said Mr.
Cooke, "the ratings may be affirmed, however, if the
transaction's funding results in lease-adjusted credit protection
metrics similar to the current ones and a similarly rapid
de-leveraging profile."

Q-Telecom, owned by Greek IT company Info-Quest S.A., is the
fourth player and latest entrant in the Greek mobile market,
having started commercial operations in June 2002. Since then,
Q-Telecom has aggressively gained market share, essentially in
the prepaid segment and mainly at the expense of Tim Hellas, to
reach over 7% at the end of June 2005.  Apax and TPG are expected
to gain regulatory approval to combine Tim Hellas--of which they
currently own about 80%--and Q-Telecom. Upon regulatory clearance
of the transaction, which is expected during the first quarter of
2006 and is a condition for the acquisition's completion, Tim
Hellas' market share would be boosted to about 27%, from 19% at
the end of June 2005. Q-Telecom had an EBITDA of about EUR25
million in the 12 months ended June 30, 2005, but is expected to
grow substantially over the next few years as it continues to
broaden its customer base.

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:  TIM HELLAS
          60 Kifissias Ave., Maroussi
          15125 Athens, Greece
          Phone: +30-210-61-58-000
          Fax: +30-210-61-08-819


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


W&R MORROGH: Result of Investigation into Collapse Out in Weeks
---------------------------------------------------------------
The two teams that were set up last year to investigate the
collapse of stockbroking firm W&R Morrogh are to report their
findings within weeks, according to The Irish Examiner.

The teams are the Compensation Funding Aspects and the
Legislative and Financial Regulation Aspects.  The first team
will scrutinize the structure of compensation schemes for clients
of the financial services industry, while the second team is
expected to recommend regulatory and legislative frameworks
needed to prevent similar failures.

Members of the group include representatives from the departments
of finance, enterprise, trade & employment, and the Taoiseach's
office, as well as several consumer groups and professional
bodies, including the stock exchange, insurers' and brokers'
groups.

The teams will report their findings to Finance Minister Brian
Cowen, the report said.

W&R Morrogh was wound up in 2001, a month after the firm went
into receivership.  The receivership follows allegations that
junior partner Stephen Pearson defrauded the firm through his
involvement in gambling activities and options.  He was this
month sentenced to two years in prison by the Dublin Circuit
Court.

W&R Morrogh had liabilities of more than EUR10 million when it
collapsed.  Its liquidation cost has now reached nearly EUR6
million.

CONTACT:  W&R MORROGH
          74 South Mall
          Cork City
          Phone: 021 270647
          Fax: 021 277581
          E-mail: wrm@morrogh.com


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


IMPREGILO SPA: Unit Wins US$260 Million Qatar Contract
------------------------------------------------------
Fisia Italimpianti, a 51% owned subsidiary of Impregilo and the
world's leading constructor of environmental systems and
desalination plants, has signed a new contract worth more than
US$260 million, for the supply of seawater desalination plants in
Qatar.

The company is to supply a new desalination plant with a daily
capacity of approximately 140 million liters, with related steam
boilers and auxiliary facilities. The plant will work with a
gas-fired electric power station to be constructed by General
Electric Corporation.

The Qatar contract brings the number of agreements signed by
Fisia in the Middle East in 2005 to three, for an overall value
of more than 900 million dollars; earlier in the year, it signed
a desalination plant construction contract in Abu Dhabi (US$390
million) and a second contract in Dubai (US$250 million).

The new contract was signed just a few days after the success of
Impregilo's EUR3.88 billion bid for the contract for the
construction of the bridge over the Straits of Messina.

Additionally, preliminary work began a few days ago on the third
crossing on the Milan-Genoa high-speed railway line.

The projects confirm the Impregilo Group's Italian and
international leadership in Infrastructures and in the
Environment. They are part of the Group's strategic recovery
plan, which focuses strongly on the core business.

"Now that we have completed our financial re-organization with
the rights issue and short-term debt consolidation, we have all
the resources we need to deploy our full planning and
technological know-how and are therefore in a position to
implement the strategy for the intensive growth of our core
business, approved at the time of the rights issue," commented
Impregilo S.p.A. Chief Executive Officer Alberto Lina.

                            *   *   *

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

In June, Impregilo reached agreements with banks on:

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

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

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

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

Corporate restructuring specialist Lazard Freres & Co. LLC is
advising Impregilo.

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

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


===================
K Y R G Y Z S T A N
===================


AGROINVEST: Sets Proofs of Claim Deadline
-----------------------------------------
LLC Agroinvest, which recently became insolvent, will accept
proofs of claim at Bishkek, Mira Ave. 303 Free Economic Zone
Bishkek until December 6, 2005.  Call (0-502) 36-31-71 for more
information.


ASKA-TESH: Creditors' Claims Due December
-----------------------------------------
Advertising agency Aska-Tesh, which recently became insolvent,
will accept proofs of claim at Bishkek, Mojaiskogo Str. 275 until
December 3, 2005.

CONTACT:  ASKA-TESH
          Bishkek, Mojaiskogo Str. 275


DK KANAL: Gives Creditors Until December 6 to File Claims
---------------------------------------------------------
LLC DK Kanal, which recently became insolvent, will accept proofs
of claim at Panfilov district, Voznesenovka, Lenina Str. 74 until
December 6, 2005.  Call (0-517) 71-95-29 for more information.


ILICHA FARM: Under Bankruptcy Supervision
-----------------------------------------
The Inter-District Court of Chui region for Economic Issues has
commenced bankruptcy supervision procedure on agricultural farm
Ilicha.  Mr. Avtandil Dolbayev has been appointed temporary
insolvency manager.

CONTACT:  Mr. Avtandil Dolbayev
          Temporary Insolvency Manager
          Phone: (0-502) 73-29-43 (mobile)


SHADYKANOV B.A.: Bankruptcy Supervision Starts
----------------------------------------------
The Inter-District Court of Bishkek for Economic Issues commenced
bankruptcy supervision procedure on Private Enterprise Shadykanov
B.A. on August 17, 2005.  Mr. Otkulbek Uluu Mirbek has been
appointed temporary insolvency manager.   Creditors will meet at
Bishkek, Den-Syaopina Str. 18 on October 21, 2005, 10 a.m.

Creditors must submit their proofs of claim and register with the
temporary insolvency manager seven days prior to the meeting.
Proxies must have authorization to vote.

CONTACT:  Mr. Otkulbek Uluu Mirbek
          Temporary Insolvency Manager
          Phone: (0-312) 24-05-45


SMOOTH OPERATOR: Gives Creditors Until December to File Claims
--------------------------------------------------------------
LLC Smooth Operator, which recently became insolvent, will accept
proofs of claim until December 6, 2005.  Call (0-502) 62-49-35
for more information.


STINSCOME: Creditors' Claims Due December
-----------------------------------------
LLC Stinscome, which recently became insolvent, will accept
proofs of claim at Bishkek, L. Tolstogo Str. 10/1 until December
3, 2005.  Call (0-312) 69-42-29 or 42-25-70 for more information.


SUZAK TAMEKISI: Sets Proofs of Claim Deadline
---------------------------------------------
LLC Suzak Tamekisi, which recently became insolvent, will accept
proofs of claim at Djalal-Abad, Abdrahmanova Str. 1 until
December 3, 2005.  Call (0-37-22) 5 -35-61 for more information.


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


LEBUS FURNITURE: Christie Tyler Unit Sold
-----------------------------------------
Christie Tyler upholstery company Lebus Furniture has been sold
to Dutch company Globalguide, Cabinet Maker reports.  The new
owner has now secured control of the freehold of its 250,000 sq.
ft. factory from the landlord.  It is expected to sublet around
half of the area that will not be used by the operation.

The new firm will be run by the old management team, led by Jim
O'Donnell.  The team will now handle fewer people after the loss
of 86 employees when the company went into receivership.

Christie Tyler called in receivers, following the successive
collapse of Allders and Courts, two of its biggest customers.

CONTACT:  CHRISTIE-TYLER LIMITED
          Abergarw Road
          Brynmenyn, Bridgend
          Mid Glamorgan CF32 9LN
          Phone: 01656 726 200
          Fax: 01656 726 233
          E-mail: bstitfall@christietyler.co.uk


ROYAL SHELL: Buys Back Further 1,250,000 'A' Shares
---------------------------------------------------
On 19 October 2005, Royal Dutch Shell plc purchased for
cancellation 925,000 'A' Shares at a price of EUR24.83 per share.
It further purchased for cancellation 325,000 'A' Shares at a
price of 1,688.53 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,001,740,000.

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


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


BOBROV-AUTO: Voronezh Court Starts Insolvency Proceedings
---------------------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Bobrov-Auto after finding the open joint
stock company insolvent.  The case is docketed as
A14-11509-2005/112/7b.  Mr. R. Yakovlev has been appointed
insolvency manager.  Creditors have until November 17, 2005 to
submit their proofs of claim to 394026, Russia, Voronezh,
Moskovskiy Pr., 7.

CONTACT:  BOBROV-AUTO
          Russia, Voronezh region,
          Bobrovskiy region, Bobrov

          Mr. R. Yakovlev
          Insolvency Manager
          394026, Russia, Voronezh region,
          Moskovskiy Pr. 7


CHERNOZEMYE: Claims Filing Period Ends Next Month
-------------------------------------------------
The Arbitration Court of Ingushetiya republic commenced
bankruptcy proceedings against Chernozemye after finding the
oil-gas company insolvent.  The case is docketed as A18-943/05.
Mr. D. Pronyushkin has been appointed insolvency manager.
Creditors have until November 17, 2005 to submit their proofs of
claim to Russia, Ingushetiya republic, Nazran, Moskovskaya Str.
4A.

CONTACT:  CHERNOZEMYE
          Russia, Ingushetiya republic,
          Nazran, Moskovskaya Str. 4A

          Mr. D. Pronyushkin
          Insolvency Manager
          Russia, Ingushetiya republic,
          Nazran, Moskovskaya Str. 4A


EVRAZ GROUP: To Refinance Debt Via Bond Issuance
------------------------------------------------
Evraz Group S.A. has unveiled its plans to raise financing
through the placement of a new issue of US$-denominated senior
unsecured notes.

Evraz Group S.A. has mandated ING and UBS Investment Bank as
joint lead managers and joint bookrunners for the issue, to be
placed over the coming weeks.

The proceeds will be used to refinance existing debt as well as
to support company growth via further investment in expanding
operations.

The final terms and timing of the transaction will depend upon
market conditions.

                        About the Company

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

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

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

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

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

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


EVRAZ GROUP: Fitch Assigns Benchmark Bond Expected 'BB-' Rating
---------------------------------------------------------------
Fitch Ratings has assigned Evraz Group S.A.'s proposed benchmark
size US$ denominated senior unsecured notes an expected Senior
Unsecured 'BB-' rating.  The exact amount and maturity of the
notes will be determined at placement.  The final rating is
contingent upon final documentation conforming to information
already received.

Fitch understands that the proceeds will be used to refinance
existing debt as well as to support company growth via further
investment in expanding operations.  This new issue is in line
with Evraz's financial policy to centralize cash and funding
management at the Evraz parent company level.  Many of the terms
of the new unsecured notes are in line with those in Evraz
Securities S.A.'s US$150 million unsecured notes due 2009 ('BB-')
except for new clauses covering subsidiary debt and dividend
payments.  Fitch acknowledges that should the credit profiles of
Evraz's main subsidiary Cyprus-based Mastercroft Ltd.('BB-'
/'B'/Stable) and Evraz diverge materially and/or there is
evidence of a material change in dividend policies between
Mastercroft and Evraz, a rating review may be warranted.

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


EVRAZ GROUP: Corporate Family Rated 'Ba3'
-----------------------------------------
Moody's Investors Service assigned Ba3 corporate family rating to
EVRAZ Group SA and (P)B2 rating to its proposed bond issue.  The
rating on the existing 2006 and 2009 notes issued by EVRAZ
Securities SA was upgraded to B1.  Outlook is stable.

Ratings affected by the upgrade:

(a) B1 Corporate family rating upgraded to Ba3 and assigned to
    EVRAZ Group SA (Corporate Family Rating of Mastercroft is to
    be withdrawn);

(b) B3 rating on EVRAZ Securities SA US$300 million guaranteed
    Senior Unsecured notes upgraded to B1;

(c) B3 rating on EVRAZ Securities SA US$175 million guaranteed
    Senior Unsecured notes due 2006 upgraded to B1.

The Ba3 corporate family rating reflects:

(a) EVRAZ's established position in the domestic steel market,
    particularly, in long products for construction and railway
    sector that are expected to continue to grow;

(b) Company's strengthened business profile due to achieved
    improvement in vertical integration and investments in
    mining assets that, on consolidated level, should provide a
    natural hedge against increasing volatility in raw material
    prices;

(c) The group's progress in consolidating its ownership in the
    key operating companies following acquisition of some of the
    minority stakes, as well as gradual streamlining of the
    layered organizational structure of the group; and

(d) EVRAZ acquisition of new downstream assets and its strategy
    to gain access to European export markets and diversify its
    export of semi-finished steel products from more volatile
    emerging markets.

The corporate family rating also reflects:

(a) The high level of earnings cyclicality due to swings in
    demand for steel products, and EVRAZ's significant exposure
    to production of slabs;

(b) A more aggressive financial policy manifested in increased
    cash outflow to the shareholders in 2004 and 2005 and an
    increased appetite for debt;

(c) The company's interest in acquisitions and its stated
    strategy to enhance the output scale and penetrate new
    export markets, as well as expand its mining operations;

(d) Execution risks associated with integrating recent
    acquisitions in new markets extending EVRAZ's international
    reach;

(e) some contingent exposures associated with shareholder
    lawsuits in the US, tied to an earlier acquisition; as well
    as

(f) challenging operating environment characterized by
    significant political, legal, fiscal and exchange rate
    risks.

Moody's notes a significant growth in the group's absolute
indebtedness; the rating is predicated on the group's ability to
maintain moderate credit metrics (as measured in relation to
total debt and cash flow) going forward.

Structural Considerations

Evraz Group SA is the consolidating entity for the group, which
owns 100% of Mastercroft.  The Corporate Family Rating has been
accordingly assigned to EVRAZ Group SA.

The B1 rating on 2009 and 2006 notes issued by EVRAZ Securities
SA, reflect effective subordination of the notes in relation to
secured bank facilities, raised by operating and trading
companies of the group.  The rating also recognizes the priority
position of the existing notes within the capital structure of
the group in relation to the new notes to be issued by EVRAZ
Group SA.  This position is underpinned by direct joint and
several guarantees provided by the operating companies NTMK,
ZSMK, NKMK (the group's three steel-making facilities and key
cash-generating entities), as well as the trader company Ferro
trade (Gibraltar) and Mastercroft holding company, for the
benefit of EVRAZ Securities SA note holders.

The (P) B2 rating on the new notes, to be issued by EVRAZ Group
SA, in turn, reflects effective and structural subordination of
the instrument, as the notes will be supported by Mastercroft
guarantee, but will not have the added benefit of the guarantees
provided by the operating companies (available to the existing
note holders) and security, provided by the operating companies
to the banks.

At the time of the rating, secured bank debt at the operating
level accounted for approximately half of the consolidated debt
of the group.  Going forward, Moody's expects the group to
increasingly centralize its future indebtedness and reduce
overall subordination.

The position of 2006 and 2009 note holders, in Moody's opinion,
is to be further supported by a substantial structurally
subordinated debt to be raised at the level of EVRAZ Group SA,
allowing for the compression of the ratings' notching to one
notch between the existing and the proposed notes.

What Could Change the Rating Up

Continued resolute performance, prudent management of the balance
sheet, including moderate financial policy in relation to total
debt levels and cash flow generation through the cycle, and
consistency in strategy and financial policy may put upward
pressure on the ratings.

Further simplification of the layered organizational structure of
the group allowing for strengthening of the creditors' position,
and, in the absence of inter-group loans, reduction in secured
debt raised by the group at the level of its operating and
trading subsidiaries, would support revision of the notching.

What Could Change the Rating Down

Further growth in leverage underpinned by an increase in absolute
level of debt or lower than expected cash flow generation as a
result of a continuous reductions in international prices for
semi-finished products or domestic steel prices, as well as a
significant debt-financed acquisition, may put a downward
pressure on the ratings.

Likewise, further strengthening of the secured portion of the
group's debt, or raising lower than expected amount in
structurally subordinated debt at EVRAZ Group SA level, may
affect the notching on the bonds.

Description of the Company

EVRAZ group is Russia's largest vertically integrated steel
company (by volume and assets) that produced 13.7 m tones of
crude steel in 2004.  EVRAZ principal assets are three steel
plants and three iron ore mining and processing facilities, as
well as two coalmines and logistics and trading assets.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Elena Nadtotchi, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          MOODY'S DEUTSCHLAND GmbH (FRANKFURT)
          Michael West, Managing Director
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


INTER-STROY: Under Bankruptcy Supervision
-----------------------------------------
The Arbitration Court of Sakha republic - Yakutiya has commenced
bankruptcy supervision procedure on limited liability company
Inter-Stroy (TIN 1414010372).  Mr. N. Semenov has been appointed
temporary insolvency manager.  A hearing will take place on
November 28, 2005, 8:00 a.m. at Russia, Kazan, Kremlin, Building
1, Entrance 2, Room 12.

CONTACT:  INTER-STROY
          678140, Russia, Sakha republic - Yakutiya,
          Lensk, Obyezdnata Str. 3

          Mr. N. Semenov
          Temporary Insolvency Manager
          677000, Russia, Sakha republic - Yakutiya,
          Yakutsk, Korolenko Str. 28, Office 65

          The Arbitration Court of Sakha republic - Yakutiya
          677000, Russia, Yakutsk, Kurasheva Str. 28


NOVOSIBIRSKIY: Declared Insolvent
---------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Novosibirskiy after finding the factory of
low voltage equipment insolvent.  The case is docketed as
A45-15700/05-29/218.  Mr. Y. Petrushenkov has been appointed
insolvency manager.

CONTACT:  NOVOSIBIRSKIY
          630108, Russia, Novosibirsk region,
          Stantsionnaya Str. 30a

          Mr. Y. Petrushenkov
          Insolvency Manager
          630015, Russia, Novosibirsk region,
          Post User Box 121


ORLOVSKAYA: Insolvency Manager Takes over Business
--------------------------------------------------
The Arbitration Court of Orel region commenced bankruptcy
proceedings against Orlovskaya after finding the specialized
movable mechanized column - 2 insolvent.  The case is docketed as
A48-3286/05-20b.  Mr. A. Makartsev has been appointed insolvency
manager.  Creditors have until November 17, 2005 to submit their
proofs of claim to 303850, Russia, Orel region, Livny, K. Marksa
Str. 106.

CONTACT:  ORLOVSKAYA
          Russia, Orel region,
          Naugorskoye Shosse, 20-A

          Mr. A. Makartsev
          Insolvency Manager
          303850, Russia, Orel region,
          Livny, K. Marksa Str. 106


OSTROGOZHSKIY: Succumbs to Bankruptcy
-------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Ostrogozhskiy after finding the aggregate
factory insolvent.  The case is docketed as A14-5095/2005/50/16b.
Mr. V. Devyatkin has been appointed insolvency manager.
Creditors have until November 17, 2005 to submit their proofs of
claim to 397800, Russia, Voronezh region, Ostrogozhsk, K. Marksa
Str. 61.

CONTACT:  OSTROGOZHSKIY
          397800, Russia, Voronezh region,
          Ostrogozhsk, K. Marksa Str. 61

          Mr. V. Devyatkin
          Insolvency Manager
          397800, Russia, Voronezh region,
          Ostrogozhsk, K. Marksa Str. 61


PRICHULYMSKOYE: Krasnoyarsk Court Brings in Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on open joint stock company
Prichulymskoye.  The case is docketed as A33-9430/2005.  Mr. A.
Shilo has been appointed temporary insolvency manager.

CONTACT:  PRICHULYMSKOYE
          662074, Russia, Krasnoyarsk region,
          Bogotolskiy region, Poultry farm

          Mr. A. Shilo
          Temporary Insolvency Manager
          662074, Russia, Krasnoyarsk region,
          Bogotolskiy region, Poultry farm


SPETS-PROM-MONTAGE: Insolvency Manager D. Antonov Enters Firm
-------------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Spets-Prom-Montage after finding the open
joint stock company insolvent.  The case is docketed as
A27-4897/2004-4.  Mr. D. Antonov has been appointed insolvency
manager.  Creditors may submit their proofs of claim to 650000,
Russia, Kemerovo, Post User Box 981.

CONTACT:  SPETS-PROM-MONTAGE
          650001, Russia, Kemerovo region,
          Polyarnaya Str. 2

          Mr. D. Antonov
          Insolvency Manager
          650000, Russia, Kemerovo region,
          Post User Box 981


TATARSKIY ELEVATOR: Bankruptcy Supervision Procedure Begins
-----------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Tatarskiy Elevator.  The case is docketed as A45-11922/05-10/196.
Mr. B. Lavrushenko has been appointed temporary insolvency
manager.

CONTACT:  TATARSKIY ELEVATOR
          632161, Russia, Tatarstan republic,
          Tatars, Tatarskaya Str. 5

          Mr. B. Lavrushenko
          Temporary Insolvency Manager
          630004, Russia, Novosibirsk,
          Post User Box 19


ZOLOTUKHINKSIY: Bankruptcy Hearing Set December
-----------------------------------------------
The Arbitration Court of Kursk region has commenced bankruptcy
supervision procedure on butter making plant Zolotukhinksiy (TIN
4607000150).  The case is docketed as A35-6636/05-"g".  Mr. M.
Chernyj has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 305026, Russia,
Kursk, Akkumulyator, 20 "B", Office 67.  A hearing will take
place on December 21, 2005, 2:00 p.m.

CONTACT:  ZOLOTUKHINKSIY
          306020, Russia, Kursk region, Zolotukhinskiy region,
          Zolotukhino, Polevaya Str. 7

          Mr. M. Chernyj
          Temporary Insolvency Manager
          305026, Russia, Kursk region,
          Akkumulyator, 20 "B", Office 67


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


SKANDIA INSURANCE: Reveals Details of Standalone Plans
------------------------------------------------------
On 23 September 2005, Skandia Insurance Co. Ltd. said the Board
was of the opinion that Old Mutual's offer was not attractive for
Skandia's shareholders and therefore advised the shareholders of
Skandia to reject it.

Skandia has published a shareholder information document setting
out in greater detail the standalone plans of Skandia, and why it
believes that it is in Skandia shareholders' best interests to
reject this offer and to allow Skandia's management team, led by
Hans-Erik Andersson, to continue to deliver on the plans that
will drive Skandia to create further shareholder value as an
independent entity.

The Board of Skandia believes that the standalone plans for the
company offer greater value, and that the offer represents an
inadequate premium for Skandia shareholders.

Key Points

(a) Skandia has a compelling standalone future driven by growth;

    (i) this is the wrong time to sell;

   (ii) Skandia has undergone significant change and has
        restored focus on profitability and improved governance;

  (iii) Skandia has delivered on an ambitious program during
        2002-2005 and continues to do so;

   (iv) many of Skandia's growth businesses are reaching
        critical scale;

    (v) we expect our plans to deliver strong EV growth and
        improving return on our embedded value; and

   (vi) the next two years offer very promising opportunities;

(b) we believe the Old Mutual Offer does not reflect the
    exciting growth opportunities for our business;

    (i) the Nordic business has turned around and is delivering
        strong profit and sales growth;

   (ii) SkandiaBanken is an integral part of our value
        proposition to customers with exciting and largely
        untapped potential;

  (iii) our U.K., Asia Pacific & Offshore business continues to
        grow strongly, and the U.K. business should be a winner
        from local market reforms;

   (iv) the Europe & Latin America division has grown
        significantly in recent years, becoming  a strong third
        pillar of our business;

    (v) the mutual fund business should reach profitability on
        an IFRS basis in 2006; and

   (vi) IFRS profitability and underlying operating cash flow
        are improving;

(c) Skandia has a strong balance sheet to fund growth;

    (i) Skandia has substantially reduced borrowings, delivering
        a strong balance sheet to fund growth;

   (ii) Skandia has a number of efficient funding options;

  (iii) Skandia's published embedded value does not fully
        incorporate all elements of value;

   (iv) the Turbo Plan sets out a clear path to increase the
        value of Skandia through internal cost and revenue
        synergies;

    (v) changing the way the Skandia group is currently
        organized can generate significant internal synergies;

   (vi) the Turbo Plan was developed to increase efficiencies
        across the group, to build a solid platform for future
        growth and to enhance further our customer propositions
        in local markets, with estimated savings of SEK1.2
        billion p.a.; and

  (vii) On 30 May 2005, the Board instructed management to press
        ahead with the implementation of all aspects of the
        Turbo Plan;

(d) the premium being offered by Old Mutual is wholly
    unacceptable;

    (i) Old Mutual is offering only a 5.5% premium to Skandia's
        share price adjusted for market movements;

   (ii) the 5.5% premium is unacceptable in the context of
        similar transactions where average premiums range from
        25% to 40%;

  (iii) Old Mutual is overstating the value of its offer by
        including in its calculations its interim dividend; and

   (iv) 60% of the Offer is in the form of Old Mutual shares
        which are subject to market risk and a long completion
        period, which could further reduce the premium;

(e) Old Mutual's shares are a different investment from Skandia
    shares with particular risks;

    (i) Old Mutual's shares are exposed to markets with a more
        uncertain outlook;

   (ii) Old Mutual may be subject to significant currency and
        other risks;

  (iii) Old Mutual's insurance business has various unattractive
        risk exposures that Skandia shareholders may want to
        avoid;

   (iv) the proposed combination lacks strategic logic for
        Skandia and may represent significant risk;

    (v) there is no industrial logic to the transaction proposed
        by Old Mutual;

   (vi) the acquisition will increase Old Mutual's indebtedness;

  (vii) we believe that the combined company will be financially
        stretched and will be forced to dispose of businesses;

(viii) the synergy proposals may be overstated and in our view
        the tax synergies would be outweighed by tax
        inefficiencies and opportunity costs;

   (ix) there may be significant revenue and integration risks;
        and

    (x) we believe Old Mutual's strategic proposals are flawed.
        Old Mutual has proposed to sell SkandiaBanken, a core
        part of Skandia's Nordic franchise and an increasingly
        important channel for Skandia's savings and insurance
        products; and

(f) a standalone Skandia can deliver the full benefits of the
    synergies claimed by Old Mutual;

    (i) we can achieve greater benefits ourselves; and

   (ii) the benefits in the Turbo Plan should be allowed to
        accrue completely to Skandia shareholders; Old Mutual
        are not paying for these benefits.

Lennart Jeansson, chairman of Skandia, said: "The Old Mutual
offer is insufficient to compensate shareholders for surrendering
control of a business with such compelling and attractive growth
prospects to create shareholder value.  We believe that Old
Mutual's offer is inadequate and we advise shareholders to reject
this offer and to support Skandia's management team in delivering
their standalone plans."

       Statement of Hans-Erik Andersson, President and CEO

I strongly believe that Skandia has tremendous opportunities to
create value in the years to come.  We have a highly attractive
and well performing group of businesses operating in growing
markets, we have the plans to improve performance further, and we
have the management team and dedicated employees to deliver on
these plans.

We have set out in our shareholder document further detail on our
Turbo Plan, which we estimate will deliver SEK1.2 billion of
increased profits per year over the next five years.  The Plan
was approved by the Board in May.  We have already started the
implementation, which gives us the confidence that we can execute
and deliver on the Plan.

Skandia is a niche player in the long-term savings market, with a
focus on customer service and product development. We are
convinced that our compelling product portfolio and customer
proposition will strengthen our position further in this market
as a standalone company.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

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

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

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


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


AGROTEHCENTR: Under Bankruptcy Supervision
------------------------------------------
The Economic Court of Cherkassy region has commenced bankruptcy
supervision procedure on scientific production enterprise
Agrotehcentr (code EDRPOU 01373768).  Mr. Grigorij Kovelenko has
been appointed temporary insolvency manager.  The company holds
account number 260033734 at JSPPB Aval, Cherkassy regional
branch, MFO 354499.

CONTACT:  AGROTEHCENTR
          20500, Ukraine, Cherkassy region,
          Katerinopil

          Mr. Grigorij Kovelenko
          Temporary Insolvency Manager
          Ukraine, Cherkassy region,
          Betonna Str. 299/55
          Phone: 8 (050) 586-32-02

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


BERKUT: Goes into Liquidation
-----------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against Berkut (code EDRPOU 23125780) on August 29,
2005 after finding the limited liability company insolvent.  The
case is docketed as 42/117 B.  CJSC Krivorizkij Surikovij Zavod
has been appointed liquidator.  The company holds account number
26006980515 at Ukrsocbank, Donetsk regional branch, MFO 334011.

CONTACT:  BERKUT
          8500, Ukraine, Donetsk region,
          Postishev Str. 70

          KRIVORIZKIJ SURIKOVIJ ZAVOD
          Liquidator/Insolvency Manager
          50055, Ukraine, Dnipropetrovsk region,
          Krivij Rig, Nikopolske shose, 201

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


GUTTA-UKR: Files for Bankruptcy
-------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Gutta-Ukr (code EDRPOU 25390812) after
finding the company insolvent.  The case is docketed as 150/11
b-04.  Mr. S. Shkurko (License Number AB 116129) has been
appointed liquidator/insolvency manager.

CONTACT:  GUTTA-UKR
          Ukraine, Kyiv region,
          Vasilkivskij district,
          Glevaha, Vokzalna Str. 2

          Mr. S. Shkurko
          Liquidator/Insolvency Manager
          01030, Ukraine, Kyiv region, a/b 189

          ECONOMIC COURT OF KYIV REGION
          01032, Ukraine, Kyiv region,
          Komintern Str. 165


KOLOS: Insolvency Manager Takes over Helm
-----------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Kolos (code EDRPOU 30863284) on September 1,
2005 after finding the limited liability company insolvent.  The
case is docketed as 2-26/5022-2005.  Ms. Olga Pokidko has been
appointed liquidator/insolvency manager.  The company holds
account number 26006456110360 at JSCB Ukrsocbank, Crimean
regional branch, MFO 324010.

CONTACT:  KOLOS
          Ukraine, AR Krym region,
          Krasnoperekopskij district, Filatovka,
          Krimska Str. 18

          Ms. Olga Pokidko
          Liquidator/Insolvency Manager
          Ukraine, AR Krym region,
          Simferopol, Bela Kuna Str. 33/72

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


LAN: Court Appoints Temporary Insolvency Manager
------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on Agricultural LLC Lan (code EDRPOU
30827267) on July 21, 2005.  The case is docketed as 18/133.  Mr.
Sergij Shapovalov has been appointed temporary insolvency
manager.

CONTACT:  LAN
          Ukraine, Poltava region,
          Kozelshinskij district, Visoka Vakulivka

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


PROGRES: Bankruptcy Supervision Begins
--------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Agrofirm Progres (code EDRPOU
30912514) on August 2, 2005.   The case is docketed as B
26/100/05.  Mr. Mihajlo Grishin has been appointed temporary
insolvency manager.  The company holds account number
26004076280200 at JSPPB Aval, Dnipropetrovsk branch, MFO 305653.

CONTACT:  PROGRES
          53629, Ukraine, Dnipropetrovsk region,
          Pokrovskij district, Yanvarske

          Mr. Mihajlo Grishin
          Temporary Insolvency Manager
          49027, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a/18
          Phone: (056) 370-96-17

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


SU-108: Declared Insolvent
--------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against SU-108 (code EDRPOU 31550663) on August 26,
2005 after finding the limited liability company insolvent.  The
case is docketed as B 15/181/03.  Mr. Y. Tsibulskij (License
Number AA 779176) has been appointed liquidator/insolvency
manager.  The company holds account number 26005305142999 at
Prominvestbank, Krivij Rig branch, MFO 305493.

CONTACT:  SU-108
          53629, Ukraine, Dnipropetrovsk region,
          Krivij Rig, Prommajdanchik

          Mr. Y. Tsibulskij
          Liquidator/Insolvency Manager
          50027, Ukraine, Dnipropetrovsk region,
          Krivij Rig, a/b 1221

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


YARIVSKIJ GRANKARYER: Proofs of Claim Due Today
-----------------------------------------------
The Economic Court of Rivne region commenced bankruptcy
supervision procedure on CJSC Yarivskij Grankaryer (code EDRPOU
05470710) on July 18, 2005.  The case is docketed as 9/51.  Mr.
O. Franko (License Number AA 669687) has been appointed temporary
insolvency manager.  The company holds account number 26009304025
at JSCB Oshadbank, Rivne branch, MFO 333368.

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

(a) YARIVSKIJ GRANKARYER
    34240, Ukraine, Rivne region,
    Rokitnivskij district, Tomashgorod

(b) Mr. O. Franko
    Temporary Insolvency Manager
    33000, Ukraine, Rivne region,
    Guryev Str. 13

(c) ECONOMIC COURT OF RIVNE REGION
    33001, Ukraine, Rivne region,
    Yavornitski Str. 59


ZLAGODA: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on Agricultural LLC Zlagoda (code EDRPOU
30841831) on July 1, 2005.  The case is docketed as 12/109-B-05.
Ms. Olena Gerasimenko (License Number AB 216829) has been
appointed temporary insolvency manager.

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

(a) ZLAGODA
    74307, Ukraine, Herson region,
    Borislavskij district, Shlyahove,
    Chkalov Str. 25

(b) Ms. Olena Gerasimenko
    Temporary Insolvency Manager
    Ukraine, Zaporizhya region,
    Energodar, Skifska Str. 28/9
    Phone: 8 (06139) 4-35-37

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


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


ACCESS CARE: Applies for Liquidation
------------------------------------
Access Care & Support Services Ltd. informs that a resolution to
wind up the company was passed at an EGM held on Sept. 29 at 21
St Andrews Crescent, Cardiff.

Brendan Eric Doyles of 21 St Andrews Crescent, Cardiff was
appointed liquidator.

CONTACT:  ACCESS CARE & SUPPORT SERVICES LTD.
          30 De Winton St
          Tonypandy
          Mid Glamorgan
          CF40 2RA
          Phone: 01443 224742


ALLDAYS PEACOCK: Hires Administrator from K. J. Watkin & Co.
------------------------------------------------------------
C. H. I. Moore (IP No 8156) of K. J. Watkin & Co was appointed
joint administrator of Alldays Peacock & Co. Limited (Company No
00207144) on Sept. 26.  The company's registered office is at
Emerald House, 20-22 Anchor Road, Aldridge, Walsall WS9 8PH.

Alldays Peacock -- http://www.apco1650.demon.co.uk/index.htm--  
designs and manufactures fans for all applications.  Bob Hockey
is its managing director.  Brian Hibbs and Ross Gordon are sales
managers.

CONTACT:  ALLDAYS PEACOCK AND CO. LTD.
          Winterstoke Road
          Weston super Mare BS23 3YS
          Somerset
          Phone: 01934 636263
          Fax: 01934 623727

          K. J. WATKIN & CO.
          Emerald House
          20-22 Anchor Road
          Aldridge
          Walsall
          West Midlands WS9 8PH
          Phone: 01922 452881
          Fax: 01922 450525
          E-mail: chim@kjwatkin.co.uk


ASTER PRINT: Calls in Liquidator
--------------------------------
F. Quinn, chairman of Aster Print Supplies Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 3 at Days Inn, Leicester Forest East, Leicester LE3 3GB.

Julie Anne Palmer of Middleton Partners, 65 St Edmund's Church
Street, Salisbury, Wiltshire SP1 1EF was appointed liquidator.

CONTACT:  ASTER PRINT SUPPLIES LTD.
          Unit C, Leeside, MerryLees Industrial Estate
          Desford, Leicestershire, United Kingdom
          LE9 9FS
          Phone: 01530 231311
          Fax: 01530 231500
          E-mail: info@asterprintsupplies.com

          MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Phone: 01722 435 192
          Fax: 01722 421102
          E-mail: julie@middletonpartnerssalisbury.co.uk
          Web site: http://www.middletonpartners.co.uk


BRIDGES HEALTH: Members Pass Winding-up Resolution
--------------------------------------------------
I. Cotgrave, the Chairman of Bridges Health And Fitness Limited,
informs special resolution to wind up the company was passed at
an EGM held on Sept. 30 at 38 Main Road, Littleton, Winchester
SO22 6QQ.  Douglas Paul Glenn Walker of Harrisons, 4 St Giles
Court, Southampton Street, Reading RG1 2QL was appointed
liquidator.

CONTACT:  HARRISONS
          4 St Giles Court, Southampton Street,
          Reading RG1 2QL
          Phone: 0118 951 0798
          Fax:   0118 939 4409
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


BRYN REFRACTORIES: Goes into Liquidation
----------------------------------------
B. K. Edwards, director of Bryn Refractories Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 28 at Hodgsons, George House, 48 George Street, Manchester
M1 4HF.

David Emanuel Merton Mond of Hodgsons, George House, 48 George
Street, Manchester M1 4HF was appointed liquidator.

The company sells crematorium linings, furnace linings,
incinerator linings, and refractory linings.

CONTACT:  BRYN REFRACTORIES LTD.
          Unit 13 Thames Trading Centre
          Woodrow Way, Irlam, Manchester
          Lancashire. M44 6BP
          Phone: 0161 7760161

          HODGSONS
          George House
          48 George Street
          Manchester
          Greater Manchester M1 4HF
          Phone: 0161 228 7444
          Fax: 0161 228 735
          E-mail: dmond@hodgsons.co.uk


CAPITAL AUTOMOTIVE: Hires Administrators from Begbies Traynor
-------------------------------------------------------------
Nigel Geoffrey Atkinson and Paul Michael Davis (IP Nos 9, 7805)
of Begbies Traynor (South) LLP were appointed joint
administrators of Capital Automotive Limited (Company No
02777810) on Oct. 5.  The company's registered office is at 14-15
Kingsbury Trading Estate, Barningham Way, London NW9 8AU.

Capital Automotive sells new and used cars, offers service and
repairs (specializes in Chrysler Jeep and Jaguar).

CONTACT:  CAPITAL AUTOMOTIVE LTD.
          151-153 PARK ROAD
          London NW8 7HT
          Phone: 020 7586 2000
          Fax: 020 7722 3542

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


CARDIFF & MULTICULTURAL: Appoints Liquidator
--------------------------------------------
A. Rashid, chairman of Cardiff & Multicultural Arts Development
Limited (t/a Cadmad), informs that a resolution to wind up the
company was passed at an EGM held on Sept. 30 at the offices of
Harris Lipman, Coptic House, 4-5 Mount Stuart Square, Cardiff Bay
CF10 5EE.

John D Cullen of Harris Lipman, Coptic House, 4-5 Mount Stuart
Square, Cardiff Bay CF10 5EE was appointed liquidator.

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

CADMAD is a multicultural arts organization based in Cardiff that
develops and promotes the arts of the diverse cultural groups in
Wales.

CONTACT:  HARRIS LIPMAN
          Coptic House
          4-5 Mount Stuart Square
          Cardiff Bay
          CF10 5EE
          Phone: (029) 2049 5444
          Fax: (029) 2049 5744


CARPETLAND (HASTINGS): Members Opt for Liquidation
--------------------------------------------------
D. R. Burgess, the chairman of Carpetland (Hastings) Limited,
informs special and ordinary resolutions to wind up the company
were passed at an EGM held on Oct. 7 at 132 St Helens Down,
Hastings, East Sussex TN34 2AR.  Peter Roderick Frowde of McCabe
Ford Williams, Bank Chambers, 1 Central Avenue, Sittingbourne,
Kent was appointed liquidator.

Creditors are required on or before November 30, 2004 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), Peter Roderick
Frowde of McCabe Ford Williams, Bank Chambers, 1 Central Avenue,
Sittingbourne, Kent ME10 4AE, the Liquidator of the Company, and,
if so required by notice in writing their debt or claims.

CONTACT:  MCCABE FORD WILLIAMS
          Bank Chambers,
          1 Central Avenue,
          Sittingbourne, Kent ME10 4AE
          Phone: (01795) 479111
          Fax: (01795) 428810
          E-mail: sittingbourne@mfw.co.uk
          Web site: http://www.mfw.co.uk


CONTINENTAL WINE: Calls in Liquidator
-------------------------------------
G. S. Burdett, director of Continental Wine Experts Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 29 at St Faiths Lane, Norwich NR1 1NE.

Andrew McTear of McTear Williams & Wood, 90 St Faiths Lane,
Norwich NR1 1NE was appointed liquidator.

CONTACT:  CONTINENTAL WINE EXPERTS LTD.
          Chapel Street
          Norwich
          NR10 4BQ
          Phone: 01603871444

          MCTEAR WILLIAMS & WOOD
          De Vere House
          90 St Faiths Lane
          Norwich
          Norfolk NR1 1NE
          Phone: 01603 877540
          Fax: 01603 877549
          E-mail: chriswilliams@mw-w.com


DEACON & LITTLEFORD: EGM Passes Winding-up Resolution
-----------------------------------------------------
D. Freeman, chairman of Deacon & Littleford Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 29 at Birmingham Chamber of Commerce, 75 Harborne Road,
Birmingham B15 3DH.

Alisdair J. Findlay of Findlay James, Saxon House, Saxon Way,
Cheltenham Gl52 6QX was appointed liquidator.

CONTACT:  DEACON & LITTLEFORD LIMITED
          Wiltell Road, St. John St.,
          Lichfield, Staffs WS14 9 DX
          Phone: 01543 262193
          Fax: 01543 416199

          FINDLAY JAMES
          Saxon House
          Saxon Way
          Cheltenham
          Gloucestershire GL52 6QX
          Phone: 01242 576555
          Fax: 01242 576999
          E-mail: ajf@finjam.com


DE BAER: Clothing Company Calls in Administrator
------------------------------------------------
Iain John Allan and William Damian Joseph (IP Nos 7310, 9247) of
Smith & Williamson Limited were appointed joint administrators of
de Baer Plc (Company No 02070148) on Oct. 7.

de Baer -- http://www.debaer.co.uk/-- is a corporate clothing
company, supplying major European companies across a wide range
of industries.  It is a wholly owned subsidiary of Harris Watson
Plc.

CONTACT:  DE BAER PLC
          Polar House, 5 Cranmer Road
          Kennington, London SW9 6EJ
          Phone: 020 7840 3000
          Fax: 020 7840 3033


DRAX GROUP: Dismisses Indicative Offer as Too Low
-------------------------------------------------
Drax Group Limited has disclosed that it has received an
indicative approach from a consortium comprising International
Power plc and Mitsui & Co., Ltd. regarding an indicative offer
for Drax.

Based on IP/Mitsui's assumptions on net debt and the value of an
equity participation offered as part consideration, the proposal
represents a price for the Linked Securities (A2, A3 debt and
equity) of 350% and an implied enterprise value of approximately
GBP2.0 billion.  This price compares with the traded price of
approximately 393% as at close of trading on 17 October 2005
(being the last trading day before the date of IP/Mitsui's
proposal).  The Board believes that the IP/Mitsui's proposal
significantly undervalues the Company.

The indicative approach is to acquire 100% of the equity of
Drax and contemplates the full repayment of A1, A2, A3 and B
debt.  The consideration offered to shareholders would be a
combination of cash and equity.  The cash element of the offer
would come from IP/Mitsui and from new debt facilities to be
arranged by them for Drax.  The equity element will represent a
20% participation in IP/Mitsui's bidding vehicle.  The proposal
is subject to a number of conditions, including due diligence,
financing and IP shareholder approval.  The proposal would be an
alternative to the refinancing and listing proposal made by the
Company.

As previously indicated, in order to ensure that all seriously
interested parties can develop firm and best offers which can be
properly considered by the Board, all parties who have made or
may be considering making an approach are being asked to provide
final proposals to a common timetable by early November 2005.
IP/Mitsui have agreed to participate in the process on this
basis.

This timetable will allow the Company, supported by its advisers,
to evaluate any such proposals against each other and against the
proposed refinancing and listing, while giving interested parties
as much time as practicable to submit firm offers.  As previously
indicated, the Board will consider any such offers with reference
to their value, deliverability and timeliness.  The Company will
also consult as appropriate with its shareholders and their
advisers.

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

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

(This announcement is not for release, publication, or
distribution in or into the United States.)

                        About the Company

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

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

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

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

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

          INTERNATIONAL POWER PLC
          Senator House, 85 Queen Victoria St.
          London
          EC4V 4DP
          Phone: +44-20-7320-8600
          Fax: +44-20-7320-8700
          Web site: http://www.ipplc.com

          MITSUI & CO., LTD.
          2-1, Ohtemachi 1-chome, Chiyoda-ku
          Tokyo, 100-0004, Japan
          Phone: +81-3-3285-1111
          Fax: +81-3-3285-9819
          Web site: http://www.mitsui.co.jp


DURACORD LIMITED: Business for Sale
-----------------------------------
The Joint Administrators, Graham Martin, Laurie Manson and
Michael Horrocks, offer for sale the business and assets of
Duracord Limited and Duracord (Europe) Limited.

Features:

(a) Yarn twisting and weaving operations in Dunfermline;

(b) Substantial dipping plant in Rochdale; and

(c) Established access to domestic and international markets

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Kintyre House
          209 West George Street
          Glasgow G2 2LW
          Phone: [44] (0) 131 5242233
          Fax: [44] (0) 131 2604008
          Web site: http://www.pwc.com

          Alan Brown
          Phone: 0141 245 2222
          Fax: 0141 242 7480
          E-mail: alan.a.brown@uk.pwc.com


ELECTROVALUE LIMITED: Electronic Component Distributor Winds up
---------------------------------------------------------------
D. A. Longland, chairman of Electrovalue Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 29 at Gladstone House, 77-79 High Street, Egham, Surrey
TW20 9HY.

Keith Aleric Stevens of Wilkins Kennedy, Gladstone House, 77-79
High Street, Egham, Surrey TW20 9HY was appointed liquidator.

Electrovalue Ltd. -- http://www.electrovalue.co.uk/-- was
established in Surrey near South West London in 1965.  It
distributes electronic components and associated parts.  Its
customers are predominantly equipment manufacturers and
subcontractors in U.K., Europe, the USA and Canada.  It is also
an appointed distributor of electronic components from Epcos
(formerly Siemens).

The company's component range includes capacitors, ferrites,
varistors, thermistors, resistors, surge arrestors, RF chokes,
inductors, filters, flash tubes and trigger transformers,
semiconductors, relays, connectors, switches and a range of
enclosures, constructional items and tools.

CONTACT:  ELECTROVALUE LTD.
          Unit 5, Beta Way,
          Thorpe Industrial Park, Egham
          Surrey TW20 8RE, England
          UK
          Phone: +44 (0) 1784 433604
          Fax: +44 (0) 1784 433605

          WILKINS KENNEDY
          Gladstone House, 77-79 High Street,
          Egham, Surrey TW20 9HY
          Phone: +44 (0) 1784 435561
          Fax:   +44 (0) 1784 430584
          E-mail: egham@wilkinskennedy.com
          Web site: http://www.wilkinskennedy.com


FIDO FABRICATIONS: Names Begbies Liquidator
-------------------------------------------
M. C. Dunn, chairman of Fido Fabrications Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 28 at Chiltern House, 24-30 King Street, Watford WD18 0BP.

Richard Andrew Segal and Paul Michael Davis of Begbies Traynor
(South) LLP, 32 Cornhill, London EC3V 3BT were appointed
liquidators.

Fido Fabrications -- http://www.fidofabrications.co.uk/#-- is a
London-based company that builds and installs bespoke projects
for exhibitions, events, photo sets and shopfitting.  Its clients
include Bisque Radiators, Evisu, Selfridges, Timebased Events,
DuPont Corian, UK Style, Vitra.

CONTACT:  FIDO FABRICATIONS LTD.
          Units 4-5
          16 Hertford Road
          London  N1 5SH
          Phone: 020 7249 7477
          Fax: 020 7254 0444
          E-mail: info@fidofabrications.co.uk

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


FIMBANK UK: Liquidators from KPMG Move in
-----------------------------------------
At the general meeting of Fimbank UK Limited, the special and
ordinary resolutions to wind up the company were passed.  Jeremy
Spratt and Finbarr O'Connell of KPMG LLP, 8 Salisbury Square,
London EC4Y 8BB, United Kingdom were appointed joint liquidators.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


FLOAT-THE LEEDS: Calls in Joint Liquidators
-------------------------------------------
V. Chew, director of Float - The Leeds Floatation Centre Ltd.,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 26 at 64 North Street, Leeds LS2 7PN.

D. F. Wilson and J. N. R Pitts of Wilson Pitts, Glendevon House,
Hawthorn Park, Coal Road, Leeds LS14 1PQ were appointed Joint
Liquidators.

Leeds Floatation -- http://www.leedsfloat.co.uk/contact.htm--  
was established in November 2004.  It stopped trading on Sept.
27.

CONTACT:  FLOAT - THE LEEDS FLOATATION CENTRE LTD.
          64 North Street
          Leeds
          West Yorkshire
          LS2 7PN
          Phone: 0113 2433800
          E-mail: info@leedsfloat.co.uk

          WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


GENSPARES LIMITED: Appoints Joint Liquidators
---------------------------------------------
J. A. C. Kent, chairman of GENSPARES Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 30 at the offices of Valentine & Co., 4 Dancastle Court, 14
Arcadia Avenue, London N3 2HS.

Robert Valentine and Mark Reynolds of Valentine & Co, 4 Dancastle
Court, 14 Arcadia Avenue, London N3 2HS were appointed Joint
Liquidators.

GENSPARES -- http://www.genspares.co.uk-- is a wholesale
business distributing spare parts to the domestic appliance
trade.  Its database, which registered users can access via its
Web site, contains information on more than 300,000 spare parts
for appliances from leading manufacturers.

CONTACT:  GENSPARES LIMITED
          Megan House/The Chandler Centre, Hythe Quay
          Colchester
          Essex
          CO2 8JF
          UK
          Phone: 01206 791677
          Fax: 01206 794848

          VALENTINE & CO.
          4 Dancastle Court
          14 Arcadia Avenue, London N3 2HS
          Phone: 020 8343 3710
          Fax: 020 9343 4486
          Web site: http://www.valentine-co.com


GOSHAWK INSURANCE: Run-off More Likely After Rating Downgrade
-------------------------------------------------------------
On 14 October 2005, GoshawK Insurance Holdings plc said that
discussions regarding a significant capital injection or a sale
of Rosemont Re, the Company's Bermuda-based operating subsidiary,
had ended.  It was also announced that a likely consequence was
that Rosemont Re would go into run-off.

GoshawK had previously announced on 9 September 2005 that the
rating agency A.M. Best was reviewing the financial strength of
Rosemont Re.

The Company has been informed that as a result of A.M. Best's
review, Rosemont Re's rating has been downgraded from A-
(Excellent) to B (Fair) with a negative outlook.  This will
severely impair Rosemont Re's ability to write existing or new
business and makes the prospect of run-off more likely.

The Board continues to believe that in the last two years, the
risk portfolio, underwriting team and technical ability it has
developed, has value.  It will continue to seek ways to maximize
this value for shareholders.

                        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


HERMETIC RUBBER: Calls in Administrators from Haines Watts
----------------------------------------------------------
Andrew Appleyard and John David Travers (IP Nos 8749, 3492) of
Haines Watts were appointed Hermetic Rubber Company Limited
(Company No 01065143) on Oct. 3.  The company's registered office
is at Hermetic Works, Icknield Port Road, Birmingham B16 0RH.

Hermetic Rubber -- http://www.hermeticrubber.co.uk/-- has been
manufacturing precision rubber products since 1895 from its
central U.K. location.  Originally, Hermetic was named the Self
Sealing Air Chamber Company, manufacturing the products its name
suggest.

CONTACT:  HERMETIC RUBBER CO. LTD.
          Icknield Port Road
          Ladywood
          Edgbaston B16 0RH
          Phone: 0121 456 1475
          Fax: 0121 452 1430

          HAINES WATTS
          Canterbury House
          85 Newhall Street
          Birmingham
          West Midlands B3 1LH
          Phone: 0121 212 4477
          Fax: 0121 212 4459


HFG DRIED: Wholesaler Winds up
------------------------------
HFG Dried Fruit Ltd. has gone into liquidation after more than 40
years in the food industry, said ICC Credit.

Established in 1960, the Boston, Lincolnshire-based company
specialized in the import and distribution of preserved fruits
and nuts to retail, catering and manufacturing customers.

In 1997, HFG booked its biggest profit (more than GBP10 million)
over the last ten years.  Last year, however, the company
incurred losses of GBP803,000, with turnover falling to GBP24
million from GBP30 million in 2003.  Since then, four directors
have left the company.

Matthew Debbage, Head of Product and Marketing, ICC Credit, said:
"In spite of the increase in consumer demand for premium foods,
there are serious casualties within the food industry, and ICC
Credit's recent research reveals that 6% of companies within this
sector are in liquidation."

He added: "Brands such as Hebatco International and DGM3 Ltd. are
in trouble and 7.5% of wholesalers have County Court Judgments
filed against them."

HFG's auditor is Deloitte & Touche; its banker is Bank of
Scotland.

CONTACT:  HFG DRIED FRUIT LTD.
          c/o Harrington Food Group Ltd.
          Marsh Lane, Boston
          Lincolnshire, PE21 7SJ
          Phone: 01759 302365

          Joanne Elizabeth Milner, Liquidator
          Smith & Williamson Limited
          Prospect House, 2 Athenaeum Road
          London N20 9YU

          BANK OF SCOTLAND
          Data Unit, FREEPOST NWW15306
          City House, City Road
          Chester CH88 3YZ
          E-mail: ecommerce@bankofscotland.co.uk
          Web site: http://www.bankofscotland.co.uk

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


HI-TEC HANDLING: Forklift Dealer Hires Administrator
----------------------------------------------------
Paul Michael McConnell (IP No 1084) of Monahans was appointed
administrator of Hi-Tec Handling Ltd. (Company No 03867125) on
Oct. 4.  The company's registered office is at Unit A, Naas Lane,
Quedgeley Enterprise Centre, Gloucestershire GL2 2ZZ.  Hi-Tec
Handling is engaged in hiring and selling forklifts.

CONTACT:  HI-TEC HANDLING
          Unit A, Naas Lane
          Gloucester GL2 5ZZ
          Phone: 01452 721050

          MONAHANS
          38-42 Newport Street
          Swindon
          Wiltshire SN1 3DR
          Phone: 01793 521231
          Fax: 01793 512188
          E-mail: paulm@monahans.co.uk


JEWELLERY WORKSHOP: Names Tenon Recovery Liquidator
---------------------------------------------------
T. Bloom, chairman of Jewellery Workshop Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 28 at 73 Baker Street, London W1U 6RD.

S. R. Thomas and S. J. Parker of Tenon Recovery, 73 Baker Street,
London W1U 6RD were appointed Joint Liquidators.

CONTACT:  JEWELLERY WORKSHOP LTD.
          5 Dalkeith Arc
          Bournemouth BH1 1EN
          Phone: 01202 551194
          Fax: 01202 551194

          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


MARCONI CORPORATION: Alcatel Mum on Rumored Bid
-----------------------------------------------
Alcatel has refused to comment on a weekend press report that it
is mulling a bid for Marconi Corp. plc, said AFX News.

Mail on Sunday, citing unnamed sources, reported both Siemens AG
and Alcatel are considering a bid.  A spokesman for Alcatel said:
"We don't comment on this kind of rumor."

The paper also said LM Ericsson has tabled the highest bid for
Marconi, eclipsing the offer made by Marconi's Chinese partner
Huawei Technologies.  A deal with Ericsson will keep 80% of
Marconi intact and the rest spun off.

Marconi spokesman David Beck declined to comment on what he
called speculations, the same line adopted by Ericsson's vice
president of markets and external communications.

Marconi last month confirmed it was still in talks with possible
buyers, but did not name names or provide details.  Dealers
speculated the company has received an approach from Huawei.  The
two held discussions in August, which many believe would result
in a takeover, valuing Marconi at over GBP600 million (EUR864
million).

Headquartered in Warwickshire, Marconi is a former broad-based
industrial concern, which transformed itself into a telecoms
equipment maker hoping to benefit from the dotcom boom.  When the
technology bubble collapsed four years ago, Marconi shocked the
market with a profits warning that cut much of its share value.
In an effort to avoid collapse, the company entered into a scheme
of arrangement that made the Corp. part of the business of the
new holding company.  The scheme of arrangement took effect May
2003.  Its efforts to recover from the crisis was dealt a blow in
April when it failed to win work in BT's GBP10 billion upgrade of
U.K. infrastructure.

CONTACT:  MARCONI CORPORATION PLC
          4th Floor Regents Place
          338 Euston Rd
          London NW1 3BT
          Phone: +44-20-7493-8484
          Fax: +44-20-7493-1974
          Web site: http://www.marconi.com

          ALCATEL
          54, rue La Boetie
          75008 Paris, France
          Phone: +33-1-40-76-10-10
          Fax: +33-1-40-76-14-00
          Web site: http://www.alcatel.com


MCO IMPORTS: Files for Liquidation
----------------------------------
M. Davey, chairman of Mco Imports Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Sept. 28 at
the offices of Express by Holiday Inn, Guardian Way, Exeter
Business Park, Exeter EX1 3PE.  Alisdair J. Findlay of Findlay
James, Saxon House, Saxon Way, Cheltenham GL52 6QX was appointed
liquidator.

CONTACT:  MCO IMPORTS LIMITED
          35-37 Queen Street, Newton Abbot
          Devon TW12 2AL
          Phone: 01626337529

          FINDLAY JAMES
          Saxon House
          Saxon Way
          Cheltenham
          Gloucestershire GL52 6QX
          Phone: 01242 576555
          Fax: 01242 576999
          E-mail: ajf@finjam.com


MG ROVER: Fund Saves 700 West Midland Jobs
------------------------------------------
Over 700 West Midland jobs have been rescued by a fund
established to aid companies affected by MG Rover's collapse,
said icBirmingham.

The Advantage Transition Bridge Fund (ATBF) has lent GBP2.6
million to 11 firms that have been struggling since the
carmaker's Longbridge site was shut down.  Paul Wheeler, chief
executive of ATBF, said: "We are proud to have helped as many
companies in such a short period of time."

The fund is also offering GBP18 million to help the companies
diversify, acquire new equipment and settle cash flow troubles.
"This gives the companies valuable breathing space and also
enables them to implement diversification plans and productivity
improvements which will underpin their future competitive
position," he said.

The ATBF is a non-profit organization with members and directors
coming from banks and professional firms.  Jointly financed by
Advantage West Midlands and the Department of Trade and Industry,
the fund offers loans of GBP50,000 to GBP500,000 to viable
businesses that encountered problems in the aftermath of Rover's
demise.  Repayment period is up to three years, depending on the
requirements of a company's rehabilitation plan.

Cannock-based Stafford Rubber Company, which employs 150 people,
received GBP200,000.  Rover's collapse has brought GBP1 million
in losses to the firm that manufactures sound deadening pads,
seals, gaskets and anti-vibration pads.  Financial Director Alan
Challinor said: "About 15% of our business was with MG Rover.  We
have had help from the wage replacement scheme, but the biggest
help was the loan we got."

MG Rover produces automobiles under the Rover and MG brands,
together with engine maker Powertrain Ltd.  The company has been
facing huge losses in recent years, reaching GBP64.1 million in
2004, which it blamed on reduced sales.

Previously owned by Phoenix Venture Holdings, the company
collapsed on April 8 after a tie-up with China's largest
carmaker, Shanghai Automotive Industry Corporation (SAIC) failed
to materialize.  Days later, eight European subsidiaries followed
the company into bankruptcy.  In July, Nanjing bought the assets
of both MG Rover and Powertrain for GBP53 million.  Rover's
administration is expected to continue until next year, with over
2,000 MG Rover cars still to be sold.

CONTACT:  MG ROVER GROUP LIMITED
          Longbridge, Bickenhill
          Birmingham
          B31 2TB, United Kingdom
          Phone: +44-121-475-2101
          Fax: +44-121-482-2403
          Web site: http://www1.mg-rover.com

          NANJING AUTOMOBILE (GROUP) CORPORATION
          General Management Division
          Phone: 86-25-3432671
          Fax: 86-25-3111295 3417873
          E-mail: bnj3111037@jlonline.com
          Web site: http://www.nanqi.com.cn


MICROTECH GROUP: Calls in Liquidator from CBA
---------------------------------------------
U. Malik, chairman of Microtech Group Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 29 at Express Holiday Inn, Waterfront Quay, Salford Quays,
Manchester M5 2XW.  Neil Charles Money and Geoff Robbins of CBA,
Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS
were appointed Joint Liquidators.

CONTACT:  MICROTECH GROUP LTD.
          Unit 9E, Stockton Close
          Minworth Industrial Park
          Sutton Coldfield
          West Midlands
          B76 1DH
          Phone: +44 (0) 121 351 7317
          Fax: +44 (0) 121-313 1008

          CBA
          435 Lichfield Road
          Aston Birmingham B6 7SS
          Phone: (0121) 326 0880
          Fax: (0121) 328 6456
          E-mail: bham@cba-insolvency.co.uk
          Web site: http://www.cba-insolvency.co.uk


MORTGAGELINK CONSULTANTS: Tenon Recovery to Liquidate Biz
---------------------------------------------------------
J. L. Harris, chairman of Mortgagelink Consultants UK Ltd.,
informs that a resolution to wind up the company was passed at an
EGM held on Sept. 27 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 the same
day.

CONTACT:  MORTGAGELINK CONSULTANTS UK LTD.
          Link House, 2a Newgate Street, Morpeth,
          Northumberland, NE61 1BA
          Phone: 01670-511002

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


NIVADA MODES: Clothing Firm Winds up
------------------------------------
Kevin Dodgeon, director and shareholder of Nivada Modes Ltd.,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 4 at The Best Western Leyland Hotel, Leyland
Way, Leyland, Preston PR25 4JX.  Timothy Hargreaves of T.H.
Associates Insolvency Practitioners, Towngate House, 116-118
Towngate, Leyland PR25 2LQ was appointed liquidator.  Nivada
Modes manufactures ladieswear.

CONTACT:  NIVADA MODES LTD.
          29-31 Mowbray Drive,
          Layton
          Blackpool
          Lancashire
          FY3 7UN
          Contact:
          Kevin Dodgeon
          Phone: 01253 301521
          E-mail: kevin.dodgeon@ukgateway.net


NORTH EASTERN: Electrical Contractor Contacts Administrator
-----------------------------------------------------------
A. H. Tomlinson (IP No 006585) of Tomlinsons was appointed
administrator of North Eastern Electrical Plc (Company No
2699329) on Oct. 5.  The company's registered office is at
Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3
3EL.

CONTACT:  NORTH EASTERN ELECTRICAL PLC
          Irwell House,
          40-42 Frederick Road,
          Salford, Lancashire M6 6NY
          Phone: 01617459111

          TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


PAUL GASCOIGNE: PR Firm Winds up
--------------------------------
The public relations company of former England football player
Paul Gascoigne has gone into liquidation.  The resolution to wind
up the company was passed on Sept. 27.  A Glasgow court appointed
Rob Caven of Grant Thornton liquidator.

Mr. Gascoigne set up the company in the late 1980s.  The firm
receives income from his commercial and promotional activities,
including sponsorship, personal appearances and his
autobiography.  The liquidator said recent significant reduction
in promotional activities resulted to losses at the company.  The
firm used to make a profit of around GBP500,000 a year.  It owes
around GBP100,000 to the Inland Revenue, HM Customs and Excise,
and a private financial adviser.

CONTACT:  GRANT THORNTON (UK) LLP
          95 Bothwell Street, Glasgow G2 7JZ
          Web site: http://www.grant-thornton.co.uk


PLATINUM BATTERIES: Hires Administrators from BDO Stoy Hayward
--------------------------------------------------------------
Christopher Kim Rayment and Anthony Peter Supperstone (IP Nos
6775, 2703) of BDO Stoy Hayward LLP were appointed joint
administrators of Platinum Batteries Limited (Company No
04045572) on Oct. 5.

CONTACT:  PLATINUM BATTERIES LTD.
          Unit 1 Riverside Industrial Estate
          Atherstone Street, Fazeley,
          Tamworth, Staffordshire B78 3RW
          Phone: 01827 288 555
          Fax: 01827 285 888
          E-mail: info@platinumbatteries.com
          Web site: http://www.platinumbatteries.co.uk/

          BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham, B3 3SD
          Phone: 0121 200 4600
          Fax: 0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


PROGRESSIVE AUTOMOTIVE: In Liquidation
--------------------------------------
D. R. Trevett, chairman of Progressive Automotive (International)
Ltd., informs that resolutions to wind up the company were passed
at an EGM held on Oct. 4 at 65 St Edmund's Church Street,
Salisbury, Wiltshire SP1 1EF.  Julie Anne Palmer of Middleton
Partners, 65 St Edmund's Church Street, Salisbury, Wiltshire SP1
1EF was appointed liquidator.

CONTACT:  PROGRESSIVE AUTOMOTIVE (INTERNATIONAL) LTD.
          Hillview
          Gaunts Common
          Wimborne, Dorset BH21 4JR
          Phone: 01258841215

          MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Phone: 01722 435 192
          Fax: 01722 421102
          E-mail: julie@middletonpartnerssalisbury.co.uk
          Web site: http://www.middletonpartners.co.uk


P T MARINE: Calls in Liquidator from P&A Partnership
----------------------------------------------------
P. Tubey, chairman of P T Marine Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 29 at Holiday Inn Derby/Nottingham, Bostocks Lane,
Sandiacre, Nottinghamshire NG10 5NJ.  John Russell and Allan
Cooper of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF
were appointed Joint Liquidators.

P T Marine -- http://www.ptmarine.uk.com/-- builds narrowboat
shells and sailaways.

CONTACT:  P T MARINE LTD.
          Phone: 01283 558322
          E-mail: enquiries@ptmarine.uk.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


ROBERT WISEMAN: Watchdog to Review Proposed Scottish Milk Merger
----------------------------------------------------------------
The Board of Robert Wiseman Dairies plc has noted the
announcement by the Office of Fair Trading to refer the proposed
purchase of the fresh liquid milk business of Scottish Milk
Dairies Limited to the Competition Commission.  The Board of
Wiseman are disappointed that a referral is considered necessary
and are considering the implications for the proposed purchase.

In August, the company said it has agreed to acquire the trade
and certain assets of the fresh liquid milk business of Scottish
Milk Dairies Limited, a wholly owned subsidiary of First Milk
Limited.  The total cost of the acquisition will be circa GBP0.9
million and is subject to an assessment of the volume of milk
transferring.  The consideration will be satisfied in cash.

SMD currently supply around 10 million liters per annum,
approximately 2% of the fresh liquid milk in Scotland, from their
dairy and depot in Hamilton, near Glasgow.  In the last financial
year, which ended 31 March 2005, the turnover of the fresh liquid
milk business of SMD amounted to GBP4.6 million.

Wiseman currently supplies around 1.3 billion liters and has 22%
of the market in Great Britain and views this as a strategic
acquisition that will benefit the business along with existing
and future customers.

                        About the Company

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

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

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

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


SHIPLEY DIAL: Calls BWC Business to Liquidate Operation
-------------------------------------------------------
A. Blackwell, chairman of Shipley Dial Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 3 at BWC Business Solutions, 8 Park Place, Leeds LS1 2RU.
David L Cockshott and Paul A Whitwam of BWC Business Solutions, 8
Park Place, Leeds LS1 2RU were appointed Joint Liquidators.

CONTACT:  SHIPLEY DIAL LTD.
          Unit 4g, Wharfedale Road, Bradford
          West Yorkshire BD4 6SG
          Phone: 01274651600

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


SOUTH MANCHESTER: Appoints Liquidators
--------------------------------------
M. Garside, director of South Manchester Maintenance Services
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 4 at 35 Waters Edge Business Park,
Modwen Road, Manchester M5 3EZ.  John C Sallabank and Paul R
Boyle of Harrisons, 35 Waters Edge Business Park, Modwen Road,
Manchester M5 3EZ were appointed Joint Liquidators.

CONTACT:  SOUTH MANCHESTER MAINTENANCE SERVICES LIMITED
          Atlantic Business Centre
          Atlantic Street, Altrincham, Cheshire
          Phone: 0161 942 1000

          HARRISONS
          35 Water Edge Business Park,
          Modwen Road, Manchester M5 3EZ
          Phone: 0161 876 4567
          Fax:   0161 876 4554
          E-mail: info@harrisons.uk.com
          Web site: http://www.harrisons.uk.com


SPARKSTART LIMITED: Appoints Cranfield Recovery Administrator
-------------------------------------------------------------
Tony Mitchell (IP No 8203) of Cranfield Recovery Limited was
appointed administrator of Sparkstart Limited (Company No
01573662) on Oct. 10.  The company's registered office is at 2
Hawkes Drive, Warwick CV34 6LX.

CONTACT:  CRANFIELD RECOVERY LIMITED
          2 Hawkes Drive
          Warwick
          Warwickshire CV34 6LX
          Phone: 01926 450414
          Fax: 01926 831126


SWAN HUNTER: State Auditors Probe Alleged Illegal Payment
---------------------------------------------------------
The National Audit Office will look into a multi-million-pound
contract the Ministry of Defense entered with Swan Hunter last
year, according to The Express on Sunday.

A probe will focus on an GBP84 million "secret" payment the
government made to Swan Hunter for two naval ships.  Defense
industry sources called the payment "a bung disguised as a
contract for extra work."  The deal saved Swan Hunter from
bankruptcy.

Tyneside's last shipbuilder has been struggling for years because
of a lack of orders.  The yard lost its glamour in the early 90s
when warship-building contracts expired.  It is now seeking fresh
government funding worth up to GBP50 million.

Swan Hunter has been in operation for three decades now and
employs 700 people.  It recently laid off 100 as work on Royal
Fleet Auxiliary Lyme Bay is close to completion.

CONTACT:  SWAN HUNTER (TYNESIDE) LTD.
          Wallsend
          Newcastle NE28 6EQ, United Kingdom
          Phone: +44-191-295-0295
          Fax: +44-191-262-0374
          Web site: http://www.swanhunter.com/
          Jaap A. Kroese, Chairman
          Jan C. Veldhuizen, Managing Director
          Norman Frederick Brownell, Commercial Director


SWAN PUBLISHING: Appoints Tenon Recovery Administrator
------------------------------------------------------
Carl Stuart Jackson and Nigel Fox (IP Nos 8860, 8891) of Tenon
Recovery were appointed joint administrators of Swan Publishing
Limited (Company No 5063351) on Oct. 10.  Its registered office
is at Highfield Court, Tollgate, Chandlers Ford, Eastleigh,
Hampshire SO53 3TZ.  The company publishes journals and
periodicals.

CONTACT:  SWAN PUBLISHING LTD.
          4-5 Greenwich Quay,
          Clarence Road, London,
          London, SE8 3EY
          Phone: 020 8469 9700
          Fax: 020 8469 9704

          TENON RECOVERY
          Highfield Court, Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ
          Phone: 023 8064 6464
          Fax: 023 8064 6666
          E-mail: southampton@tenongroup.com
          Web site: http://www.tenongroup.com


T.F.T. SPECIALIST: Goes into Liquidation
----------------------------------------
R. Trout, chairman of T.F.T. Specialist Home Deliveries, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 28 at O'Hara & Co, Wesley House, Huddersfield Road,
Birstall WF17 9EJ.  Peter O'Hara and Simon Weir of O'Hara & Co,
Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ were
appointed Joint Liquidators.

CONTACT:  TFT SPECIALIST HOME DELIVERIES LTD.
          Unit 4, Normanton, WF6 1QT
          Phone: 01924 899624

          O'HARA & CO.
          Wesley House
          Huddersfield Road
          Birstall
          Batley
          West Yorkshire WF17 9EJ
          Phone: 01924 477449
          Fax: 01924 475262
          E-mail: insol@ohara.co.uk


THREEFOLD COMMUNICATIONS: Liquidator Moves in
---------------------------------------------
E. R. Coplin, chairman of Threefold Communications Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 30 at the offices of Horwath Clark Whitehill
(Yorkshire) LLP, Pelican House, 10 Currer Street, Little Germany,
Bradford, West Yorkshire BD1 5BA.  Mark N. Ranson of Horwath
Clark Whitehill (Yorkshire) LLP, North Lane House, 9B North Lane,
Headingley, Leeds LS6 3HG was appointed liquidator.

CONTACT:  THREEFOLD COMMUNICATIONS LTD.
          Number 33 Manor Row, Bradford, West Yorkshire
     Phone: 01274 737373

          HORWATH CLARK WHITEHILL (YORKSHIRE) LLP
          North Lane House, 9B North Lane,
          Headingley, Leeds LS6 3HG
          Phone: 0113 274 0404
          Fax: 0113 274 3780
          Web site: http://www.horwathcw.com


TXU EUROPE: High Court Clears way for Creditors Distribution
------------------------------------------------------------
Law firm Allen & Overy said the High Court's decision dismissing
claims by two TXU creditors clears the way for KPMG Corporate
Recovery to distribute over GBP350 million to creditors using
company voluntary arrangements (CVAs).

"The judgment emphatically confirms CVAs are available in all
appropriate types of restructuring and insolvency.  It is also
good news for the creditors who have been waiting for nearly
three years in what has been one of the market's largest and most
complex insolvencies," said Mark Sterling, Partner in Allen &
Overy's Restructuring Practice.

The challenge to CVAs was filed under section 6 of the Insolvency
Act 1986 (the Insolvency Act) against Energy Holdings (No. 3)
Limited (in liquidation) (EH3) and Energy Group Overseas BV (in
administration) (EGO B.V.) and was dismissed by the High Court on
9 September 2005.  Confidentiality restrictions on the judgment
were lifted this week following settlement of potential
litigation with TXU Corp.

The Insolvency Act allows a period of 28 days for a creditor to
apply to the Court for a company voluntary arrangement (CVA) to
be set aside.  Such a challenge was received by KPMG LLP partners
Phil Wallace and Finbarr O'Connell, the joint administrators of
EGO B.V.; and Jim Tucker and Jeremy Spratt, the joint liquidators
of EH3.  SISU Capital Fund (and other funds managed by SISU
Capital Limited) and UNUM Life Insurance Company of America (and
other funds managed by Provident Investment Management LLC)
sought to have the CVAs of EH3 and EGO BV set aside on the
grounds of unfair prejudice and/or material irregularity and
further sought the removal of the KPMG LLP partners as
officeholders of EH3 and EGO B.V.  All of these applications were
dismissed.

The applicants have confirmed that they will not be appealing
against any aspect of the judgment.  The applicants are now
required to pay the legal costs of the proceedings, to be
assessed, and to make an interim payment in respect of these
costs of GBP3.5 million.

The CVAs of EH3 and EGO B.V. are two of 16 inter-conditional CVAs
of companies in the TXU Europe Limited group in respect of which
Allen & Overy LLP advised Phil Wallace and Jim Tucker of KPMG LLP
jointly with Cadwalader, Wickersham & Taft LLP.  The Allen &
Overy team was lead by partners Marc Florent, Mark Sterling and
Katrina Buckley.

CONTACT:  ALLEN & OVERY
          Contact:
          Campbell McIlroy
          E-mail: campbell.mcilroy@allenovery.com
          Phone: +44 20 7330 2783


TYNE AND WEAR: Names Administrator from Tenon Recovery
------------------------------------------------------
Ian William Kings (IP No 7232) of Tenon Recovery was appointed
administrator of Tyne and Wear Engineering Co. Ltd.(Company No
01401905) on Oct. 6.  The company's registered office is at Tenon
Recovery, Tenon House, Ferryboat Lane, Sunderland SR5 3JN.  Its
trading name is M.J.M Engineering.

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


WHITEHEADS FABRICS: Administrator Takes over Company
----------------------------------------------------
A. H. Tomlinson (IP No 006585) of Tomlinsons was appointed
administrator of Whiteheads Fabrics Limited (Company No 1981583)
on Oct. 6.  Its registered office is at St John's Court, 72
Gartside Street, Manchester M3 3EL.  The company wholesales
textiles.

CONTACT:  WHITEHEADS FABRICS LTD.
          Unit 14, Hazelwood Close
          Hazelwood Trading Estate
          Worthing BN14 8NP
          West Sussex
          Phone: 01903 212222
          Fax: 01903 821158
          Web site: http://www.whiteheadsfabrics.co.uk/

          TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


XTERNAL DIMENSIONS: Calls in Administrator
------------------------------------------
Joanne Marie Wright and Adrian John Wolstenholme (IP Nos 009152,
008995) of Kroll Limited were appointed joint administrators of
Xternal Dimensions Limited (Company No 03721856) on Oct. 7.  The
company's registered office is at Lichfield Centre, North
Birmingham, Heart of the Country Village, Swinfen, near
Lichfield, Staffordshire WS14 9QR.

CONTACT:  XTERNAL DIMENSIONS LIMITED
          Lichfield Centre, North Birmingham
          Heart of the Country Village,
          Swinfen, Near Lichfield
          Staffordshire WS14 9QR
          Phone: 01543 483031
          Fax: 01543 480094
          E-mail: lichfield@xdl.co.uk
          Web site: http://www.xternaldimensions.co.uk/home.html

          KROLL BIRMINGHAM
          Aspect Court
          4 Temple Row
          Birmingham B2 5HG
          United Kingdom
          Phone: 44 (0) 121 212 4999
          Fax: 44 (0) 121 212 4944
          Web site: http://www.krollworldwide.com


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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