TCREUR_Public/051024.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, October 24, 2005, Vol. 6, No. 210

                            Headlines

A U S T R I A

MDM HOLDING: Long-term Rating Raised to 'BB-'


C Z E C H   R E P U B L I C

TELESYSTEM INTERNATIONAL: Posts US$2.5 Mln Q3 Operating Loss


F R A N C E

EUROTUNNEL S.A.: Axes 900 U.K., French Workers


G E R M A N Y

AEV-ANLAGENTECHNIK: Darmstadt Court Calls in Administrator
AGFAPHOTO GMBH: Revives Talks with Photo-Me
BETTENLAND BUENDE: Proofs of Claim Due Later this Month
COMPUTER CENTER: Creditors to Meet November
DEEG GMBH: Under Bankruptcy Administration

GOLLNOW GMBH: Court to Verify Claims December
IHLE GMBH: Aachen Business Goes Bust
INSTITUT FUER FAHRZEUGTECHNIK: Succumbs to Bankruptcy
INTERSHOP COMMUNICATIONS: Completes EUR4.3 Million Rights Issue
MAI TAI: Creditors' Claims Due Wednesday

THOMAS COOK: Lufthansa Not Selling Stake to JV Partner
VOLKSWAGEN AG: Completes Merger with Wolfsburg Unit
ZAPF CREATION: Admits Accounting Errors in 2004 Results


I T A L Y

ALITALIA SPA: Bares Key Financial Targets for next Three Years
PARMALAT SPA: Citigroup to Sell Stake


K Y R G Y Z S T A N

ALIS: Sets Proofs of Claim Deadline
KEKILIK SAI: Creditors' Claims Due December
MIRAT SERVICE: Under Bankruptcy Supervision


N E T H E R L A N D S

KAZKOMMERTSBANK JSC: Upcoming Eurobond Gets Expected 'BB' Rating
KAZKOMMERTSBANK JSC: Tier 1 Issue Rated 'B+'
KAZKOMMERTS FINANCE: Perpetual Loan Notes Rated 'B'
KAZKOMMERTS INTERNATIONAL: S&P Rates Unsecured Notes 'BB'
KONINKLIJKE AHOLD: Solicitations for EUR1 Bln Bond Sale Close
ROYAL SHELL: Cancels 900,000 'A' Shares at EUR24.91 Each


R U S S I A

ALFA BANK: Fitch Affirms Long-term 'B+' Rating
ARAKCHINO: Tatarstan Court Brings in Insolvency Manager
BIRSKIY COMBINE: Claims Filing Period Ends Next Month
CORDON OIL: Succumbs to Bankruptcy
METAL: Insolvency Manager Takes over Business

MOVABLE MECHANIZED: Amur Court Opens Bankruptcy Proceedings
OAO SEVERSTAL: 'B' Ratings Affirmed; Outlook Changed to Positive
PURE WATER: Insolvency Manager Enters Firm
RUSSIAN WOOD: Bankruptcy Supervision Procedure Begins
STROY-TRUST: Undergoes Bankruptcy Supervision Procedure

TENKINSKAYA: Declared Insolvent
VOSKHOD: Bankruptcy Hearing Set Next Year
YUKOS OIL: Lithuania to Raise US$1 Bln to buy out Mazeikiu Stake
YUKOS OIL: Debt Payment Reaches RUB402 Billion


S W I T Z E R L A N D

SAIRGROUP: Drops Claims Against UBS, SAirGroup Finance


U N I T E D   K I N G D O M

ADVANCED CCTV: Files for Liquidation
ALADON LIMITED: Debt Claims Deadline Expires Next Month
ALL FOODS: Hires Administrators from RSM Robson Rhodes
BACHMAYR GROUP: Names Administrators from Begbies Traynor
BROADREACH NETWORKS: Hires Vantis Numerica Administrator

COLLINS & AIKMAN: Wilbur Ross Favored to Acquire Business
COLT TELECOM: Earnings Improve by GBP12.1 Million
CUMEDICA GROUP: Names Begbies Liquidator
EXPRESS LINK: Calls in Administrators from KPMG
GATE GOURMET: Strikes New Deal with British Airways

G H ENGINEERING: Till Morris Administrator Takes over Business
JAMM WORKS: Calls in Joint Liquidators
LANDCRAFT DESIGN: Administrator from Crawfords Enters Firm
LONGWOOD ENTERPRISES: Hires Administrators from KPMG
MACCESS GROUP: Cedes Control to BDO Stoy Hayward

MARCONI CORPORATION: Ericsson Stays Coy on Rumored Acquisition
MEDILANE LTD: Administrators from KPMG Take over Business
MICROJET ENGINEERING: Goes into Liquidation
MULTIHEAT LIMITED: Calls in Administrator from O'Hara & Co.
OLIMPIC LIMITED: EGM Passes Winding-up Resolution

POWERNETICS LIMITED: Hires Administrators from PKF
QXL RICARDO: Reports GBP1.67 Million Half-year Profit
REFCO INC.: U.S. Bankruptcy Hearing Begins
REFCO INC.: Files Updated Case Summary, Unsecured Creditors List
REGUS GROUP: Names New Chief Financial Officer

RENTOKIL INITIAL: Ex-chairman Denies Meeting with Sir Gerry
RENTOKIL INITIAL: Ex-RAC Managing Director Joins Board
R E THORNE: Carter Clark to Liquidate Business
ROTAFORME ENGINEERING: In Liquidation
SCORPION VEHICLE: Applies for Winding-up

ST. GEORGES: Administrators from Hacker Young Enter Company
TOWN & COUNTRY PINE: Names Administrators from Bridgestone
VERTIS DIRECT: Appoints UHY Hacker Young Administrator
WASHINGTON PRECISION: Redundancies Loom as Receivers Take over
WATERFORD WEDGWOOD: Like-for-like Sales Down 7%

WHEEL2WHEEL SCOOTERS: Goes into Liquidation
WM MORRISON: Shakes up Board Committees
WM MORRISON: Books GBP73.7 Million Half-year Losses

* Retailers Group Sees More Fold-ups on High Street


                            *********


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A U S T R I A
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MDM HOLDING: Long-term Rating Raised to 'BB-'
---------------------------------------------
Fitch Ratings has upgraded the Long-term rating of Russia's MDM
Bank and Austria's MDM Holding GmbH to 'BB-' from 'B+'.  At the
same time MDM Bank's National Long-term rating has been upgraded
to 'A+ (rus)' from 'A (rus)'.

Following the upgrade, the Outlook for the Long-term ratings of
MDM Bank and MDM Holding GmbH and the National Long-term rating
of MDM Bank are now Stable.  The other ratings of MDM Bank and
MDM Holding GmbH have been affirmed at Short-term 'B' and
Individual 'C/D'.  The Support rating of MDM Bank and MDM Holding
GmbH have been affirmed at '4' and '5', respectively.

MDM Holding GmbH is the holding company of a group of banks and
securities, leasing and real estate companies known as MDM
Financial Group (MDM), of which MDM Bank, together with its
operating subsidiaries, is the most significant component,
accounting for approximately 96% of group assets, around 88% of
operating revenues and some 98% of equity at end-June 2005.  MDM
Holding GmbH itself undertakes almost no third-party financial
transactions.  Therefore, MDM Holding GmbH's Long-term,
Short-term and Individual ratings are equalized with those of MDM
Bank.

The rating action reflects significant improvements in the bank's
corporate governance structure, its risk management procedures
and the decrease in concentration levels and related-party
transactions.  The Long-term, National Long-term, Short-term, and
Individual ratings also reflect the bank's cautious risk
appetite, sufficient liquidity, sustainable core profitability,
adequate asset quality and reasonable capitalization.  However,
the ratings also consider high concentration levels on both sides
of balance sheet, potential volatility of its earnings (arising
from its securities trading activity) and its still substantial
exposures (albeit capped at 10% of assets) to related companies.

Upward pressure on the ratings of MDM Bank and MDM Holding GmbH
could result from an improvement in profitability, an ongoing
reduction in operations with related parties, further
strengthening of risk management and corporate governance
procedures and further diversification of the bank's business mix
and franchise.  Downward pressure would be most likely to occur
if there was significant asset quality deterioration resulting in
a decrease in capitalization and a sharp decline in
profitability.

MDM's main activity is commercial (including retail) banking and
investment banking.  In addition to MDM Bank (one of Russia's 10
largest banks), the group includes the much smaller MDM Bank St.
Petersburg, MDM Bank Urals and the Latvian Trade Bank.  MDM's
strategy is to grow in defined areas of commercial, retail and
investment banking.  Currently the group's key customers are
medium-sized and large companies, but the focus is on
medium-sized corporates in particular.

CONTACT:  MDM HOLDING GmbH
          MDM FINANCIAL GROUP
          33/1 Kotelnicheskaya nab.
          Moscow 115172
          Russia
          Phone: +7 (095) 797 95 00
          Fax: +7 (095) 797 95 01
          E-mail: enquiries@mdmfinancialgroup.com
          Web site: http://www.mdmfinancialgroup.com

          FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          Alexei Kechko
          Phone: +7 095 956 9901

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


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


TELESYSTEM INTERNATIONAL: Posts US$2.5 Mln Q3 Operating Loss
-----------------------------------------------------------
Telesystem International Wireless Inc. reports results for the
third quarter of 2005 and announces intention to have its common
shares cancelled and delisted from the TSX Ventures Exchange
(TIW) before the end of November.

TIW is operating under a court supervised Plan of Arrangement
which was approved by the Company's shareholders and by the
Superior Court, District of Montreal, Province of Quebec.  The
court supervised Plan of Arrangement was adopted by the Company
to allow the Company to complete the transaction with Vodafone
announced on March 15, 2005, proceed with its liquidation,
including the implementation of a claims process and the
distribution of net cash to shareholders, cancel its common
shares and proceed with its final distribution and be dissolved.

On May 31, 2005, Telesystem International Wireless Corporation
N.V. (TIWC), a wholly owned subsidiary of the Company, completed
the first step of the Plan of Arrangement with the sale to
Vodafone of all its affiliate's interests in MobiFon S.A. and
Oskar Mobil a.s. for a cash consideration of approximately US$3.5
billion.  The unaudited consolidated financial statements
therefore only include the operating results of MobiFon and Oskar
for the first five months of 2005.  Accordingly, operating
results are not comparable to previous year's results.

As of September 30, 2005, substantially all of the Company's
assets consist of US$259.6 million (CA$301.9 million) in cash,
cash equivalents and short-term investments.  Net income for the
quarter, which mainly consists of the excess of interest income
over the corporate operating costs, was US$18 million or US$0.08
per share on a basic and fully diluted basis.

Pursuant to its Plan of Arrangement, TIW intends to file a motion
to seek an order from the Superior Court, District of Montreal,
Province of Quebec to allow the transfer to the
Court-appointed Monitor, KPMG Inc., of all the powers of the
shareholders and directors.

Although the Company will only be able to confirm the date at
which its shares will be cancelled and delisted from the TSX
Venture Exchange once the Court has issued its order, TIW is
targeting such cancellation and the delisting of its shares to
take effect before the end of November and before initiating any
further cash distribution to its shareholders.  Future
distributions, if any, will be made to shareholders of record as
at the close of business on the date of cancellation of the
shares.  Upon cancellation of the shares the right of such former
shareholders to receive future distribution from the
Company, if any, will not be assignable or otherwise
transferable.

Regarding the potential tax consequence in relations with the
cancellation of the shares and any future distributions, the
Company refers its shareholders to the Information
Circular dated April 18, 2005.  The Information Circular is
available at http://www.tiw.ca,http://www.sedar.comor
http://www.sec.gov

Following the delisting of its shares TIW also intends to make
filings with applicable securities authorities in Canada and the
United States to cease to be a reporting company.

Management Discussion and Analysis for the Quarter Ended Sept.
30, 2005

The management's discussion and analysis, dated Oct. 19, 2005,
should be read in conjunction with the accompanying unaudited
consolidated financial statements of TIW for the three and nine
months ended Sept. 30, 2005 and should also be read in
conjunction with the audited consolidated financial statements
and Operating and Financial Review and Prospects contained in
TIW's Annual Report for the year ended December 31, 2004.

The unaudited consolidated financial statements for the nine
months ended Sept. 30, 2005 include the operating results of
MobiFon and Oskar for five months, to reflect the sale to
Vodafone at the end of May 2005.  Since operating results are not
comparable to previous year's results and the only significant
assets of the Company are now cash, cash equivalents and
short-term investments, the discussion and analysis is mainly
focused on the corporate level activities.

These consolidated interim financial statements have been
prepared on a going concern basis and have not been prepared with
the intent to demonstrate amounts to be distributed to
shareholders under the court supervised Plan of Arrangement.
Additional information relating to TIW, including the Company's
annual report on Form 20-F and continuous disclosure documents,
is available on SEDAR at http://www.sedar.comunder Telesystem
International Wireless Inc.  The financial information presented
herein has been prepared on the basis of Canadian GAAP.  Please
refer to Note 17 to our audited consolidated financial statements
for the year ended December 31, 2004 for a summary of the
differences between Canadian GAAP and United States (U.S.) GAAP.

Results of Operations

All revenues and all cost of equipment and services for the first
nine months of 2005 relate to MobiFon's and Oskar's activities in
the first five months of the year.

Selling, general and administrative expenses reached US$2.4
million for the quarter and US$194.1 million for the first nine
months of 2005, including unallocated expenses for corporate and
other activities of US$2.4 million and US$50.3 million
respectively.  Selling, general and administrative expenses
include a non-cash stock based compensation cost of US$40.9
million and nil for the nine and three month periods ended on
Sept. 30, 2005, of which US$38.4 million is included within
corporate and other activities.

The corresponding periods of 2004 had stock based compensation
costs amounting to US$7.7 million and US$3.5 million,
respectively, of which US$5.0 million and US$2.4 million was
included within corporate and other activities.  The
year-over-year increase in the stock based compensation costs for
the first nine months of 2005 is mainly due to the accelerated
vesting of options and restricted share units (RSUs) triggered by
the sale of all the Company's operating assets during the second
quarter.  Also included in the corporate and other activities for
the nine month period ended Sept. 30, 2005 is a US$1.5 million
capital duty expense related to the repatriation of the sale
proceeds from the Company's wholly owned subsidiary TIWC.

Virtually all of the depreciation and amortization for the first
nine months of 2005 relate to MobiFon's and Oskar's activities in
the first five months of the year.  As a result of the foregoing,
operating loss reached US$2.5 million for the third quarter
compared to an operating income of US$77.6 million for the same
quarter last year.  For the first nine months of 2005, operating
income was US$114.9 million, which compared to US$194.1 million
for the corresponding period last year.

Mostly all of the interest expenses for the first nine months of
2005 relate to the subsidiaries sold at the end of May 2005.
Interest income amounted to US$22.0 million for the quarter and
US$32.2 million for the nine months ended on Sept. 30, 2005, of
which US$27.8 million have been earned since we completed the
sale of our indirect interests in MobiFon and Oskar to Vodafone.

As a result of the sale of the Company's operating assets and
subsequent conversion of the majority of the proceeds into
Canadian dollars, the Company's reassessed its functional
currency based on the collective economic factors of the
environment in which the Company now operates and has determined
it to be the Canadian dollar as of June 1, 2005.  This change
from a U.S. dollar functional currency is accounted for on a
prospective basis.  However, the Company continues to present its
consolidated financial statements in U.S dollars.

Foreign exchange loss of US$1.5 million for the third quarter of
2005 on US dollars denominated cash balances is a result of the
strengthening of the Canadian dollar versus the U.S. dollar
during the quarter.

The sale of all our operating assets in May 2005 resulted in a
gain on sale of investments of US$2.22 billion representing the
excess of the proceeds of approximately US$3.5 billion over the
net carrying value of our interest in ClearWave of US$1.3
billion, net of the transaction cost of approximately US$21.2
million.

All income tax expense for the nine months ended on September 30,
2005 relate to MobiFon's and Oskar's pre tax income.

As a result of the foregoing, net income for the third quarter of
2005 amounted to US$18.0 million or US$0.08 per share on a basic
and fully diluted basis.  For the first nine months of 2005, net
income reached US$2.28 billion or US$10.41 per basic share,
including a gain on sale of investments of US$10.16 per share.
On a fully diluted basis the net income amounted to US$10.31 per
share, including US$10.06 per share related to the gain on sale
of investments.  That compared to a net income of US$20.7 million
or US$0.14 per share on a basic and fully diluted basis for the
third quarter of 2004 and US$50.3 million or US$0.38 per basic
share and US$0.37 per share on a fully diluted basis for the
first nine months of 2004.

Liquidity and Capital Resources

Operating activities provided cash of US$18.2 million for the
three-month period ended September 30, 2005 compared to US$109.7
million for the corresponding 2004 period.  For the first nine
months of 2005, operating activities provided cash of US$202.0
million compared to US$252.6 million in the corresponding 2004
period.  Most of the cash provided in the nine months ended Sept.
30, 2005 relate to MobiFon's and Oskar's activities in the first
five months of the period.

Investing activities used cash of US$230.4 million for the
quarter ended Sept. 30, 2005 compared to US$94.7 million during
the same period in 2004.  These activities for the third quarter
primarily consist of investments totaling CA$255 million
(US$219.3 million) in short term instruments, which were pledged
as security for potential assessments by taxation authorities.
For the first nine months of 2005, investing activities provided
cash of US$2.97 billion compared to a use of US$230.9 million for
the first nine months of 2004.

Our investing activities in the nine months ended Sept. 30, 2005
consist mainly of the net proceeds from the sale of our operating
assets of US$3.31 billion representing the proceeds paid by
Vodafone of US$3.51 billion less cash and cash equivalents of
ClearWave on the date of sale of US$177.4 million and transaction
costs paid during the period of US$11.2 million.  Shortly after
the completion of the sale the Company proceeded to convert the
proceeds along with its other cash and cash equivalents into
Canadian dollars.

Other than the transaction with Vodafone, investing activities
during the nine month periods consist primarily of the
acquisition of property, plant, equipment and licenses by MobiFon
and Oskar up until the end of May 2005.  Investing activities for
the first nine months of 2005 also included the use of US$6.5
million in connection with the acquisition of the 72.9% of Oskar
Holdings N.V. we did not already own and US$2.5 million in
connection with the acquisition during the third quarter of 2004
of a 15.46% non-controlling interest in MobiFon.  In November
2004, we entered into an agreement in principle to acquire from
non-controlling shareholders 72.9% of Oskar Holdings in exchange
for the issuance of 46.0 million common shares of our treasury
stock.

We incurred US$6.7 million of transaction expenses, of which
US$6.0 million was paid to, Lazard Freres & Co. LLC, bringing the
aggregate value of the transaction to US$521.9 million.  One of
our board members is managing director of an affiliate of Lazard
Freres & Co. LLC. Closing occurred on January 12, 2005 and we
increased our indirect equity interest in Oskar Holdings and
Oskar Mobil to 100%.  Affiliates of J.P. Morgan Partners, LLC,
and AIG Emerging Europe Infrastructure Fund L.P., two of our
significant shareholders at the time of the transaction, were
shareholders of Oskar Holdings and received 17.4 million and 7
million common shares, respectively.

Our existing interest in Oskar Holdings, prior to this
acquisition was reflected in our consolidated financial
statements on a consolidated basis.  The aggregate US$521.9
million purchase for the above transaction exceeded the carrying
value of the net assets acquired by US$432.6 million.  This
excess was allocated to goodwill in the amount of US$475.8
million and US$43.2 million to other fair value net decrements.

During the corresponding 2004 period, investing activities
included the net proceeds from the sale of our direct investment
in Hexacom which amounted to US$21.8 million offset by the use of
US$85.9 million of cash for the acquisition of additional
interests in our subsidiaries including US$40.9 million during
the third quarter of 2004, of which US$36.6 million was in
connection with the cash portion of the acquisition of a 15.46%
non controlling interest in MobiFon.

Financing activities used cash of US$3.56 billion for the third
quarter of 2005 and US$3.61 billion year to date compared to
using cash of US$37.4 million for the third quarter of 2004 and
providing cash of US$9.8 million for the first nine months of
2004.  The third quarter financing activities mainly consist of
the distribution of US$3.58 billion (CA$4.19 billion) to our
shareholders on September 27, 2005, pursuant to the Plan of
Arrangement of the Company and as authorized by the Court,
through a reduction of the stated capital of the common shares of
CA$17.01 per fully diluted common share and a dividend of
CA$1.79 per fully diluted common share to shareholders of record
on Sept. 8 and 21, 2005, respectively.

The third quarter and year to date financing activities of 2005
include proceeds from stock option exercises of US$18.5 million
and 30.8 million, respectively.  The proceeds for the nine month
period ended Sept. 30, 2005 were more than offset by
distributions to non controlling interests of US$15.2 million as
well as by repayments of long term debt of US$44.4 million.  The
repayment of long term debt include the repayment of the Company'
s equity subordinated debentures which were the only long term
debt at the corporate level.

The source of cash provided by financing activities in the nine
months ended September 30, 2004 was US$76.1 million of proceeds
from issuances of our common shares.  These proceeds were
partially offset by US$32.0 million of scheduled repayments of
MobiFon's and Oskar Mobil's senior credit facilities, US$14.2
million of which occurred during the third quarter, the early
redemption of US$2.3 million of MobiFon Holding's senior notes
during the quarter, as well as by US$32.1 million distributed to
minority shareholders of MobiFon, US$20.9 million of which was
distributed during the third quarter.

Cash, cash equivalents and short-term investments totaled
US$259.6 million as of Sept. 30, 2005, which represents the U.S.
equivalent of CA$301.9 million.  Cash equivalents and short-term
investments consist of bank deposit notes and commercial paper.

The Company continues to hold certain reserves in cash, cash
equivalents and restricted short-term investments to meet future
estimated costs and potential liabilities.  The timing and size
of future distributions by the Company depend on its ability to
free up these reserves as it settles or otherwise makes final
determination of its liabilities.  The most significant of these
is a reserve totaling CA$255 million or approximately CA$1.14 per
share for potential tax liability.  The taxation authorities have
not, however, yet assessed the specific amount of their claims
and assessments may not be delivered for several months.  The
Company believes that there are no material amounts owing to
taxation authorities. However, there can be no certainty as to
whether or not the tax authorities will propose adjustments that
may reduce potential future distributions.

Accordingly, there can be no certainty that the Company will be
able to make further distributions or that cumulative
distributions will equal to the Target Return of CA$19.9614 per
share plus Investment Income (as defined in the Information
Circular).  Taking into account the Investment Income of
approximately CA$0.15 earned as of Sept. 30, 2005 and the First
Distribution of CA$18.80 paid on September 27, 2005, the amount
of future distributions should not be expected to exceed
approximately CA$1.31 per share.  TIW does not expect to realize
a material amount of additional Investment Income in periods
subsequent to September 30, 2005.

Selected Consolidated Financial Data

On June 23, 2003, we amended our share capital to implement a one
for five (1:5) consolidation of our common shares.  Following the
consolidation, the number of issued and outstanding common shares
was reduced from 467,171,850 to 93,432,101 while the number of
issued and outstanding preferred shares remained unchanged at
35,000,000 but their conversion ratio was changed from 1 common
share for each preferred share to 1 common share for 5 preferred
shares.  On March 25, 2004, the 35,000,000 issued and outstanding
preferred shares were converted into 7,000,000 common shares.
All share and per share amounts included in the selected
consolidated data shown below have been adjusted to reflect the
share consolidation.

The following represents all equity shares and granted stock
options as at October 14, 2005:

                                                  Common Shares
Common Voting Shares outstanding                    223,096,714
Convertible instruments and other:
Outstanding granted employees and director's stock options 0
                                                  -------------
                                                    223,096,714

About TIW

TIW operates under a court supervised Plan of Arrangement to
complete the transaction with Vodafone announced on March 15,
2005, proceed with its liquidation, including the implementation
of a claims process and the distribution of net cash to
shareholders, cancel its common shares and proceed with its final
distribution and be dissolved.  TIW's shares are listed on the
TSX Ventures Exchange.

Copy of the financial results is available free of charge at
http://bankrupt.com/misc/Tiscali(3Q2005).pdf

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Jacques Lacroix
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca
          Web Site: http://www.tiw.ca


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F R A N C E
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EUROTUNNEL S.A.: Axes 900 U.K., French Workers
----------------------------------------------
Eurotunnel S.A. has completed a major phase of its operational
reorganization.  Following several months of negotiations, the
legal consultation period with staff representatives on the terms
of a plan to safeguard employment, has been completed.  A total
of 900 employees, split approximately between the U.K. and
France, will have left the company by June 2006.  These are
exclusively voluntary redundancies.  Eurotunnel had committed not
to make any compulsory redundancies.

This important reduction in staffing reinforces the company's
financial position without compromising in any way safety or
quality of service, which are the hallmarks of Eurotunnel's
operation.  At the end of the plan, Eurotunnel's headcount will
be brought back to 2,300.  This reorganization reflects a new
business model, which more closely aligns Eurotunnel's transport
capacity to fluctuations in demand.

Jacques Gounon, Eurotunnel chairman and chief Executive, said:
"We need a company that is more flexible, more reactive to our
markets, and more in tune to the needs of our clients.

"It is thanks to this effort that we will be able to maintain and
strengthen our position as cross-Channel market leader.  The
remaining employees whose commitment, motivation and sense of
professionalism I salute, are committed to work together to reach
these objectives and by so doing will ensure the long term
success of this great company."

                        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
          United Kingdom
          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
=============


AEV-ANLAGENTECHNIK: Darmstadt Court Calls in Administrator
----------------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against AEV-Anlagentechnik GmbH on September 27.  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 Marc Schmidt-Thieme.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 11:30 a.m. at the district
court of Darmstadt, Zimmer 10, Gebaude E, Landwehrstrasse 48,
64293 Darmstadt, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AEV-ANLAGENTECHNIK GmbH
          Wolfgang-Schwabe-Weg 7, 64678 Lindenfels
          Contact:
          Wolfgang Schlemmer, Manager

          Marc Schmidt-Thieme, Administrator
          Soldnerstr. 2, 68219 Mannheim
          Phone: 0621/87708-0
          Fax: 0621/8770820


AGFAPHOTO GMBH: Revives Talks with Photo-Me
-------------------------------------------
AgfaPhoto GmbH has resumed talks with Photo-Me International Plc,
whose initial takeover offer it rejected.

Citing a source privy to the matter, Financial Times Deutschland
said creditors rejected the first offer, which contained
provisions they deemed unacceptable.  The source said, "There is
still a real chance of finishing up the deal."

Photo-Me insiders say the failure was due to misunderstanding and
miscommunication.  The British photo booth operator is interested
in AgfaPhoto's photographic chemicals division and photographic
paper production.

Insolvency administrator Andreas Ringstmeier is expected to
entertain offers from shareholders if the Photo-Me talks flop.
Several shareholders are accordingly interested in acquiring
parts of the business like Japanese subsidiary Fuji.  If this
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


BETTENLAND BUENDE: Proofs of Claim Due Later this Month
-------------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Bettenland Buende GmbH on September 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 28, 2005 to
register their claims with court-appointed provisional
administrator Hans-Peter Burghardt.

Creditors and other interested parties are encouraged to attend
the meeting on November 18, 2005, 11:00 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  BETTENLAND BUENDE GmbH
          Ziegeleistr. 38-46, 32257 Buende
          Contact:
          Helmut Schreiber, Liquidator
          Daimlerring 13, 65205 Wiesbaden

          Hans-Peter Burghardt, Administrator
          Bunsenstr. 3, 32052 Herford


COMPUTER CENTER: Creditors to Meet November
-------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Computer Center Burgwedel GmbH on September 26.
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 Ralph Buenning.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2005, 8:40 a.m. at the district court
of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger
Allee 26, 30161 Hannover, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  COMPUTER CENTER BURGWEDEL GmbH
          Hannoversche Str. 27, 30938 Burgwedel
          Contact:
          Rainer Schuetz, Manager
          Ackerrain 38, 30938 Burgwedel
          Juergen Saupe, Manager
          Am Wienkampe, 30916 Isernhagen

          Ralph Buenning, Administrator
          Karl-Wiechert-Allee 1 c, 30625 Hannover
          Phone: 0511/554706-0
          Fax: 0511/554706-99


DEEG GMBH: Under Bankruptcy Administration
------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
DEEG GmbH & Co. KG on October 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 14, 2005 to register their claims
with court-appointed provisional administrator Dr. Jorg
Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting on December 23, 2005, 9:50 a.m. at the district court
of Bonn, Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 2.
Stock, Saal S 2.22, 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:  DEEG GmbH & Co. KG
          Berndorffstr. 6, 50968 Koln
          Contact:
          Ursula Deeg, Manager

          Dr. Jorg Bornheimer, Administrator
          Sporergasse 7, 50667 Koln
          Phone: 0221 - 27 26 12 0
          Fax: 0221 - 27 26 12 99


GOLLNOW GMBH: Court to Verify Claims December
---------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Gollnow GmbH on October 1.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until November 15, 2005 to register their claims with
court-appointed provisional administrator Dr. Jorg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting on December 23, 2005, 10:10 a.m. at the district
court of Bonn, Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn,
2. Stock, Saal S 2.22, 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:  GOLLNOW GmbH
          Josef-Kitz-Strasse 26b, 53840 Troisdorf
          Contact:
          Thomas Gollnow, Manager
          Waldstr. 14, 53842 Troisdorf

          Dr. Jorg Bornheimer, Administrator
          Sporergasse 7, 50667 Koln
          Phone: 0221 - 27 26 12 0
          Fax: 0221 - 27 26 12 99


IHLE GMBH: Aachen Business Goes Bust
------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Ihle GmbH, Sanitare Installation und Warmetechnik on
October 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 14, 2005 to register their claims with court-appointed
provisional administrator Thomas Georg.

Creditors and other interested parties are encouraged to attend
the meeting on December 19, 2005, 9:30 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14, at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  IHLE GmbH, SANITARE INSTALLATION UND WARMETECHNIK
          St.-Joris-Str. 42, 52477 Alsdorf
          Contact:
          Andreas Ihle, Manager

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


INSTITUT FUER FAHRZEUGTECHNIK: Succumbs to Bankruptcy
-----------------------------------------------------
The district court of Darmstadt opened bankruptcy proceedings
against Institut fuer Fahrzeugtechnik Joachim Hohn GmbH on
September 28.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
October 27, 2005 to register their claims with court-appointed
provisional administrator Dr. Alexander Hopfner.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 10:15 a.m. at the district court
of Darmstadt, Zimmer 108, Gebaude E, Landwehrstrasse 48, 64293
Darmstadt, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  INSTITUT FUER FAHRZEUGTECHNIK JOACHIM HOHN GmbH
          Gaussstr. 5, 68623 Lampertheim
          Contact:
          Joachim Hohn, Manager
          Hauptstr. 21, 67251 Freinsheim

          Dr. Alexander Hopfner, Administrator
          Darmstadter Str.43, 64646 Heppenheim
          Phone: 06252/6739988
          Fax: 06252/6739989


INTERSHOP COMMUNICATIONS: Completes EUR4.3 Million Rights Issue
---------------------------------------------------------------
Intershop Communications AG said on Oct. 19 that the rights issue
announced on September 28, 2005 took legal effect by entry in the
commercial register at the Local Court of Gera, Germany.

In the course of the transaction, all of the 4,258,550 new common
bearer shares negotiable under the subscription offer were placed
at EUR1.00 per share, equivalent to a net cash inflow of
approximately EUR4.3 million.

The capital increase was legally effected upon registration in
the Commercial Register at the Local Court of Gera, Germany.  The
new shares are expected to be admitted to the Prime Standard
segment of the Frankfurt Stock Exchange on mid-November 2005.

The new shares will increase the total number of Intershop issued
and outstanding shares by 50%, from 8,517,100 to 12,775,650 and
the Company's share capital has thereby been increased from
EUR8,517,100 to 12,775,650.

The transaction was facilitated by VEM Aktienbank AG,
Munich/Germany.

About Intershop

Intershop Communications AG (Prime Standard: ISH2) --
http://www.intershop.com-- is a leading provider of software
solutions that help organizations evolve their trading
relationships with consumers and business partners online.
Founded in 1992, Intershop has a long tradition of driving
innovation in e-commerce by automating and simplifying sales and
buying processes.

Intershop Solutions enable organizations to consolidate and
manage unlimited online commerce channels on a single platform.
As a result, Intershop customers benefit from reduced operating
expenses and competitive advantages in their online sales
activities.  More than 300 enterprise customers worldwide,
including HP, and BMW, run Intershop Solutions.  Four of the five
largest ecommerce sites in Germany rely on Intershop Solutions:
Otto, Tchibo, Deutsche Telekom, and Quelle.  Intershop is
headquartered in Jena, Germany, and has branch offices in the
United States, and Europe.

                            *   *   *

Intershop did not fare well in the second quarter of the year,
posting EUR1.1 million in losses, a million-euro higher from a
year ago.

CONTACT:  INTERSHOP COMMUNICATIONS
          Intershop Tower
          D-07740 Jena
          Phone: +49-3641-50-0
          Fax: +49-3641-50-1111
          Web site: http://www.intershop.com


MAI TAI: Creditors' Claims Due Wednesday
----------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Mai Tai Gaststatten GmbH on October 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 26, 2005 to register their
claims with court-appointed provisional administrator Dr. Jorg
Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on October 28, 2005, 8:30 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 on November 18, 2005, 8:20 a.m. at the
same venue.

CONTACT:  MAI TAI GASTSTATTEN GmbH
          Hunsrueckenstrasse 22, 40213 Duesseldorf
          Contact:
          Sabine Boonsuntia, Manager
          Dorper Weg 18, 40822 Mettmann

          Dr. Jorg Nerlich, Administrator
          Louise-Dumont-Str. 25, 40211 Duesseldorf


THOMAS COOK: Lufthansa Not Selling Stake to JV Partner
------------------------------------------------------
Deutsche Lufthansa AG has no plans to sell its 50% stake in
Thomas Cook AG, its struggling joint venture with KarstadtQuelle,
AFX News says.

An article by Manager Magazin had claimed the airline is planning
to end the joint venture by selling the stake and carving out its
Condor airline.  A Lufthansa spokesman, who was not identified by
AFX, denied the report: "Currently there are no plans to sell."
KarstadtQuelle called the report speculation.

According to the magazine, both chief financial officers of the
companies had met recently to discuss Thomas Cook's
reorganization.  In August, reports also came out that
KarstadtQuelle is interested in buying out Lufthansa.   The two
equally split ownership of Thomas Cook, Europe's No.2 travel
agency.

CONTACT:  THOMAS COOK AG
          Zimmersmuehlenweg 55
          61440 Oberursel
          Phone: +49-6171-6500
          Fax: +49-6171-652-125
          Web site: http://www.thomascook.de

          KARSTADTQUELLE AG
          Theodor-Althoff-Str. 2
          D-45133 Essen
          Phone: +49-201-727-1
          Fax: +49-201-727-5216
          Web site: http://www.karstadtquelle.com

          DEUTSCHE LUFTHANSA AG
          Von-Gablenz-Strasse 2-6
          D-50679 Cologne, 21
          Phone: +49-69-696-0
          Fax: +49-69-696-6818
          Web site: http://www.lufthansa.com


VOLKSWAGEN AG: Completes Merger with Wolfsburg Unit
---------------------------------------------------
As a result of the merger of Volkswagen Beteiligungs-Gesellschaft
mbH into Volkswagen AG on 13 October 2005, Volkswagen AG directly
holds all ordinary shares previously held by Volkswagen
Beteiligungs-Gesellschaft mbH.  Volkswagen AG from now on holds
12.97% of ordinary shares directly and as of 13 October 2005
continues to exceed the 10% threshold.  The Company is not
entitled to exercise voting rights for treasury stock.

                        About the Company

Headquartered in Wolfsburg, the Volkswagen Group is one of the
world's leading automobile manufacturers and the largest carmaker
in Europe.  In 2004, the group increased the number of vehicles
delivered to customers to 5.079 million (2003: 5.015 million),
corresponding to an 11.5% share of the world passenger car
market.  Group sales rose to EUR88.9 billion (2003: EUR84.8
billion).  Profit after tax in the 2004 financial year amounted
to EUR0.716 billion (2003: EUR1.003 billion).

With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential job
cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief Executive
Bernd Pischetsrieder and Volkswagen brand head, Wolfgang
Bernhard.

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


ZAPF CREATION: Admits Accounting Errors in 2004 Results
-------------------------------------------------------
Doll manufacturer Zapf Creation has opened an internal probe into
alleged accounting errors in its 2004 financial report, Borsen
Zeitung says.

The error, discovered by Rodl & Partner, which signed off the
report, pertains to incorrect entry of expenditures at the
group's U.S. subsidiary.  The internal investigation is headed by
Ernst & Young, which will present the result in four weeks.  U.S.
staff may face criminal prosecution, the report said.

Zapf will likely revise last year's results, which was marked by
several adjustments as distribution problems in the U.S. plagued
the company.  It expects a net loss of EUR4.7 million this year
on turnover of EUR160 million.  This will be the company's first
net loss since floating on April 1999.

In the first half, Zapf booked EUR15.7 million in operating
losses.  The bulk of this came in the second quarter, when the
group absorbed EUR10.5 million in operating loss against a profit
of EUR2.5 million last year.  It attributed the losses to
restructuring costs and a 39% drop in turnover to EUR18.5
million.

Zapf Creation, currently implementing an extensive restructuring,
plans to make cheaper dolls targeting the U.S. market.  The group
also plans to cut 135 of 435 jobs and convert its Italian and
Czech units into pure sales companies.

                            *   *   *

Headquartered in Roedental, Germany, Zapf Creation AG markets
branded play concepts including dolls and a wide range of
accessories that are developed with great attention to quality,
design and play value.  The company's most popular brands are
Baby Born, Baby Annabell and Chou Chou.  The company has 493
employees at 9 locations worldwide and reported sales of EUR173.8
million in 2004.  For the first quarter of 2005, Zapf booked a
net loss of around EUR5.9 million, more than three times its
deficit for the same period in 2004.  The group was expected to
post its first-half results on July 27, 2005.

CONTACT:  ZAPF CREATION AG
          Monchrodener Strasse 13
          96472 Rodental
          Phone: +49-95-63-725-0
          Fax: +49-95-63-725-116
          Web site: http://www.zapf-creation.com


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


ALITALIA SPA: Bares Key Financial Targets for next Three Years
--------------------------------------------------------------
Troubled national carrier Alitalia S.p.A. forecasts an EBITDAR --
earnings before interest, depreciation, amortization and
rentals -- margin of around 14% from 2006 to 2008, AFX News says.

The forecast excludes Alitalia Servizi, the ground unit that will
be spun off and sold to state-owned Fintecna next month.
Alitalia also expects to improve debt-to-equity ratio to 0.3 from
4.1 last year.  Net debt at the end of August stood at EUR2.612
billion.  Alitalia plans EUR1 billion in cumulative investments
through 2008.

                        About the Company

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

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


PARMALAT SPA: Citigroup to Sell Stake
-------------------------------------
Parmalat shareholder Citigroup does not plan to be involved in
the management of the dairy giant, says Reuters, confirming
reports that the bank will dispose of its 3.5% stake gradually.

The Financial Times, which first reported the stake sale, said
Citigroup will also not participate in board elections.  The
bank, along with bondholders and suppliers, which took part in
the EUR20 million debt-to-equity swap, now constitute the
majority in the New Parmalat.  They will meet on November 7 and 8
to elect a new board.  International banks and hedge fund
investors reportedly want to keep Enrico Bondi, the group's
government-appointed administrator, at the reins.

A Banca Intesa-led group of investors is inclined to favor a
possible bid by local rival Granarolo and appoint their own
candidates for the board.  Parmalat returned to the Milan Stock
Exchange earlier this month, after almost two years of absence.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


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


ALIS: Sets Proofs of Claim Deadline
-----------------------------------
LLC Alis, which recently became insolvent, will accept proofs of
claim at Djalal-Abad, Toktogula Str. 7 until December 6, 2005.
Call (0-37-22) 5-59-95 or (0-502) 37-55-06 for more information.


KEKILIK SAI: Creditors' Claims Due December
-------------------------------------------
LLC Firma Kekilik Sai, which recently became insolvent, will
accept proofs of claim at Bishkek, Aini Str. 28/6 until December
3, 2005.

CONTACT:  KEKILIK SAI
          Bishkek, Aini Str. 28/6


MIRAT SERVICE: Under Bankruptcy Supervision
-------------------------------------------
The Inter-District Court of Bishkek for Economic Issues commenced
bankruptcy supervision procedure on LLC Mirat Service on July 5,
2005.  Mr. Maksatbek Sharshenov has been appointed temporary
insolvency manager.  Creditors will meet at Bishkek, Moskovskaya
Str. 151, Room 108 on October 24, 2005.

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. Maksatbek Sharshenov
          Temporary Insolvency Manager
          Phone: (0-312) 47-26-64, 21-67-25


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


KAZKOMMERTSBANK JSC: Upcoming Eurobond Gets Expected 'BB' Rating
----------------------------------------------------------------
Fitch Ratings has assigned Kazkommerts International B.V.'s new
US$1.5 billion guaranteed debt issuance program expected ratings
of Long-term 'BB' (for notes with maturities in excess of one
year) and Short-term 'B' (for notes with maturities of less than
one year).  It has also assigned an expected Long-term 'BB'
rating to the upcoming debut 10-year issue under the program.

The notes under the program are unconditionally and irrevocably
guaranteed by Kazakhstan's Kazkommertsbank JSC (KKB), rated
Long-term 'BB'/Stable, Short-term 'B', Individual 'C/D', Support
3.  The final ratings are contingent upon receipt of final
documentation conforming materially to information already
received.

Issuance under the program will be rated separately.  The program
provides for the issuance of structured (e.g. index-linked)
notes, whose ratings may differ from those assigned to
non-structured notes.

The notes of each series will rank at least pari passu with all
present or future unsecured and unsubordinated obligations of the
issuer and the guarantor, save those preferred by relevant
provisions of law and of general application.  Under Kazakhstani
law, the claims of retail depositors rank above those of other
senior unsecured creditors.  At end-H105, retail deposits
accounted for 10% of KKB's total liabilities, according to the
bank's International Financial Reporting Standards accounts.

Covenants prevent KKB entering into transactions of US$5 million
or more on other than market terms and restrict dividend payments
on ordinary shares to 50% of net income.  The terms and
conditions of the notes also contain a cross default clause
(triggered by default on indebtedness of US$10 million or more)
and a negative pledge clause, the latter of which allows for a
degree of securitization by KKB.  Should any securitization be
undertaken, Fitch comments that the nature and extent of any
overcollateralization would be assessed by the agency for any
potential impact on unsecured creditors.

The terms of each issue of notes will state whether the issuer or
noteholders enjoy call or put options, respectively, in regard to
the notes.  No such options will apply to the upcoming debut
issue.

KKB was the largest commercial bank in Kazakhstan by IFRS assets
at end-H105 and has top three positions in all major market
segments.  One individual controls a majority stake in the bank.
The European Bank for Reconstruction and Development is a
minority shareholder and actively involved in board-level
decision-making.

CONTACT:  KAZKOMMERTSBANK JSC
          135 zh, Gagarin Ave.
          Almaty 480060
          Republic of Kazakhstan
          Phone: (7 3272) 585-101
          Fax: (7 3272) 585-281, 507-072
          E-mail: VJadrikhinsky@kkb.kz
          Web site: http://en.kkb.kz

          U.K. Representative Office
          3rd Floor, Broughton House
          6-8 Sackville St.
          London, W1S 3DG
          Phone: +44 207 494 6081
          Fax: +44 207 494 6070

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

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


KAZKOMMERTSBANK JSC: Tier 1 Issue Rated 'B+'
--------------------------------------------
Fitch Ratings has assigned Kazkommerts Finance 2 B.V.'s (the SPV)
upcoming issue of limited recourse perpetual loan participation
notes an expected Long-term 'B+' rating.  The notes are to be
used solely for financing a subordinated loan to Kazakhstan's
Kazkommertsbank JSC (KKB, rated Long-term 'BB'/Stable, Short-term
'B', Individual 'C/D', Support 3), which is intended to qualify
as Tier 1 capital under Kazakhstani regulations.

The SPV will only pay noteholders amounts (principal and
interest), if any, received from KKB under the loan agreement.
The assignment of the final rating is contingent on receipt of
final documentation conforming materially to information already
received.

The difference between the rating of the notes and KKB's
Long-term rating reflects Fitch's notching policy for senior and
more junior obligations, indicating the higher expected loss for
the latter.  The SPV's claims under the subordinated loan
agreement will rank behind the claims of senior unsecured and
dated, unsecured subordinated obligations of KKB, but equally
with unsecured, perpetual, non-cumulative, subordinated
obligations.  Interest payments under the loan agreement will
cease to be payable if, in the written opinion of the Kazakh
regulator, KKB is not in compliance with minimum regulatory
capital or liquidity requirements, or if payment of interest
would cause the bank not to be in compliance.

The interest rate on the notes will be fixed for the first 10
years, after which it will become a floating rate equal to three
month US$ LIBOR plus a margin.  The margin is expected to be
equal to 150% of the margin of the initial fixed rate over three
month US$ LIBOR.

The subordinated loan agreement gives KKB the right to repay the
loan in full, which would result in a repayment of the notes, ten
years after issuance and on each quarterly interest payment date
thereafter.  However, Kazakhstani regulations currently in force
prohibit the repayment of subordinated debt qualifying as Tier 1
capital.

KKB was the largest commercial bank in Kazakhstan by IFRS assets
at end-H105 and has top three positions in all major market
segments.  One individual controls a majority stake in the bank.
The European Bank for Reconstruction and Development is a
minority shareholder and actively involved in board-level
decision-making.

CONTACT:  KAZKOMMERTSBANK JSC
          135 zh, Gagarin Ave.
          Almaty 480060
          Republic of Kazakhstan
          Phone: (7 3272) 585-101
          Fax: (7 3272) 585-281, 507-072
          E-mail: VJadrikhinsky@kkb.kz
          Web site: http://en.kkb.kz

          U.K. Representative Office
          3rd Floor, Broughton House
          6-8 Sackville St.
          London, W1S 3DG
          Phone: +44 207 494 6081
          Fax: +44 207 494 6070

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

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


KAZKOMMERTS FINANCE: Perpetual Loan Notes Rated 'B'
---------------------------------------------------
Standard & Poor's Ratings Services assigned an indicative 'B'
debt rating based on draft documents to the perpetual loan
participation notes to be issued by Kazkommerts Finance 2 B.V., a
Netherlands-based special-purpose vehicle, to be issued in
October 2005.  The notes have the sole purpose of funding a
perpetual subordinated loan to Kazakhstan-based Kazkommertsbank
(JSC) (KKB; BB/Stable/B).  The loan is intended to qualify as
Tier 1 capital for KKB under local regulatory rules.
The rating assigned to the notes could change if the final
documentation were to differ substantially from the draft version
provided.

The notes are rated three notches below the long-term
counterparty credit rating on KKB, reflecting their subordinated
status; the mandatory deferral of coupon in the event that (in
the written opinion of the Kazakh regulator) KKB has breached, or
would, as a result of payment, breach its minimum capital
adequacy threshold or liquidity ratios; and the speculative-grade
counterparty credit rating on KKB.

The notes will not be included in adjusted common equity, which
is Standard & Poor's core capital measure, but will be included
within the 25% limit of adjusted total equity.

The ratings on KKB reflect the rapid loan growth and significant,
but reducing, concentrations in lending and funding in a
high-risk economic and banking environment.  Furthermore, fast
loan growth has pressurized capitalization, which needs to be
addressed soon. KKB has been using Kazakhstan's improved economic
prospects to its advantage, attracting primary funds as well as
international debt to fund its growing profitable lending
business.  The decision of the European Bank for Reconstruction
and Development (EBRD; AAA/Stable/A-1+) to invest into the equity
of KKB has improved KKB's corporate governance.

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


KAZKOMMERTS INTERNATIONAL: S&P Rates Unsecured Notes 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services assigned an indicative 'BB'
debt rating to a US$1.5 billion senior unsecured note program
issued by Kazkommerts International B.V. -- a Netherlands-based
special-purpose vehicle.  The first tranche under this program,
rated 'BB', will be issued in October 2005.  The program is
guaranteed by Kazakhstan-based Kazkommertsbank (JSC) (KKB;
BB/Stable/B).  The rating assigned to the program could change if
the final documentation differs substantially from the draft
version provided.

The ratings on KKB reflect the rapid loan growth and significant,
but reducing, concentrations in lending and funding in a
high-risk economic and banking environment.  Furthermore, fast
loan growth has pressurized capitalization, which needs to be
addressed soon. KKB has been using Kazakhstan's improved economic
prospects to its advantage, attracting primary funds as well as
international debt to fund its growing profitable lending
business.  The decision of the European Bank for Reconstruction
and Development (EBRD; AAA/Stable/A-1+) to invest into the equity
of KKB has improved KKB's corporate governance.

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


KONINKLIJKE AHOLD: Solicitations for EUR1 Bln Bond Sale Close
-------------------------------------------------------------
Ahold Finance U.S.A., LLC and Koninklijke Ahold N.V. on Thursday
closed solicitations of offers to sell up to EUR1,000,000,000
equivalent of bonds that were launched on 11 October 2005.

Pursuant to the expiration of the Solicitation Period, the
Companies have announced the acceptance of EUR1,000,000,000
equivalent aggregate principal amount of their bonds targeted by
the Solicitations as follows: (please open the link below to view
the table)

Due to the response to the Solicitations, Koninklijke Ahold has
decided to increase the principal amount of the 2008 Notes
accepted for purchase from the previously announced
EUR300,000,000 to EUR436,824,000.

As the aggregate principal amount of 2017 and 2008 Notes offered
for sale exceeded the target principal amounts of the Notes that
the Companies were willing to accept, all valid offers to sell
the 2017, and 2008 Notes have been accepted on a pro rata basis
as described in the Solicitation Memorandum dated 11 October 2005
and using the pro-ration factors detailed above.

All valid offers to sell the 2012 Notes will be accepted in full
by the Companies.  The Companies will announce the relevant
purchase prices for the 2017, 2012 and 2008 Notes.

BNP Paribas and JPMorgan are acting as Lead Dealer Managers.
JPMorgan Chase Bank, N.A. is acting as Tender Agent.  Barclays
Capital and Goldman Sachs International are acting as Co-Dealer
Managers on this transaction.

A full copy of its solicitation result is available free of
charge at http://bankrupt.com/misc/Koninklijkeahold.pdf

                        About the Company

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

                           The Trouble

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

                         Status to date

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

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

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

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

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

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

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


ROYAL SHELL: Cancels 900,000 'A' Shares at EUR24.91 Each
--------------------------------------------------------
On 20 October 2005, Royal Dutch Shell plc purchased for
cancellation 900,000 'A' Shares at a price of EUR24.91 per share.
It further purchased for cancellation 350,000 'A' Shares at a
price of 1,686.75 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,000,490,000.

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
===========


ALFA BANK: Fitch Affirms Long-term 'B+' Rating
----------------------------------------------
Fitch Ratings has affirmed Russia-based Alfa Bank's ratings at
Long-term 'B+', Short-term 'B', Individual 'D', Support '4' and
National Long-term 'A(rus)'.  The Outlooks on the Long-term and
National Long-term ratings are Stable.

The Long-term, Short-term and Individual ratings reflect Alfa's
large (for a Russian privately owned bank) franchise and above
average (for the Russian market) risk management function.  They
also take into account its good asset quality to date, improved
core earnings, and reduced related-party and market risk
exposures.  However, the ratings also consider the moderate
capitalization and concentrated balance sheet of ABH Financial
Ltd. (ABH, the holding company of the financial services group of
which Alfa is the main entity), its potentially vulnerable
liquidity and certain weaknesses in the operating environment.

Upward pressure on the ratings could result from an improvement
in ABH's capitalization, a reduction in loan concentrations,
further diversification of the funding base and continued
enhancement of core earnings.  Downward pressure could result
from a significant deterioration in asset quality or
capitalization, or were liquidity to again come under pressure as
it did in 2004.

Alfa is the largest privately owned bank in Russia.  However, the
assets and corporate loans of the bank and its affiliates at
end-H105 were still equal only to a modest approximate 2.9% and
4.1% of the sector, respectively.  ABH is ultimately owned by
seven individuals, of whom three, including Mikhail Fridman, the
Chairman of Alfa's board, collectively own a 77% stake.  However,
none of them individually owns more than 50%.

CONTACT:  ALFA BANK
          27 Kalanchevskaya Street
          Moscow 107078
          Russian Federation
          Phone: +7 095 929-91-91
                 or 974-25-15
          E-mail: mail@alfabank.ru
          Web site: http://www.alfa-bank.com

          Alfa Capital Markets
          21st Floor, City Tower
          40 Basinghall Street
          London EC2V 5DE
          United Kingdom
          Phone: +44 (0) 20-7588-8500
          Fax: +44 (0) 20-7382-4170
          E-mail: info@alfa-cm.com

          FITCH RATINGS
          James Watson, Moscow
          Phone: +7 095 956 99 01
          Lindsey Liddell, London
          Phone: +44 207 417 3495

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


ARAKCHINO: Tatarstan Court Brings in Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on close joint stock company
Arakchino.  The case is docketed as A65-19683/2005-SG4-16.  Mr.
I. Zakirov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420073, Russia,
Tatarstan republic, Kazan, Sportivnaya Str. 14-19.  A hearing
will take place on December 20, 2005.

CONTACT:  ARAKCHINO
          420079, Russia, Tatarstan republic,
          Kazan, Poselkovyj Per. 31

          Mr. I. Zakirov
          Temporary Insolvency Manager
          420073, Russia, Tatarstan republic,
          Kazan, Sportivnaya Str. 14-19


BIRSKIY COMBINE: Claims Filing Period Ends Next Month
-----------------------------------------------------
The Arbitration Court of Bashkortostan republic commenced
bankruptcy proceedings against Birskiy Combine Of Skimmed Milk
Powder (TIN 0257004173) after finding the open joint stock
company insolvent.  The case is docketed as A07-23566/05-G-ADM.
Mr. A. Shaykhetdinov has been appointed insolvency manager.
Creditors have until November 17, 2005 to submit their proofs of
claim to Russia, Bashkortostan republic, Birsk,
Internatsionalnaya Str. 163.

CONTACT:  BIRSKIY COMBINE OF SKIMMED MILK POWDER
          452455, Russia, Bashkortostan republic,
          Birsk, Internatsionalnaya Str. 163

          Mr. A. Shaykhetdinov
          Insolvency Manager
          Russia, Bashkortostan republic,
          Birsk, Internatsionalnaya Str. 163


CORDON OIL: Succumbs to Bankruptcy
----------------------------------
The Arbitration Court of Primorye region commenced bankruptcy
proceedings against Cordon Oil after finding the limited
liability company insolvent.  The case is docketed as
A51-1994/2005-9-14.  Mr. P. Nikonenko has been appointed
insolvency manager.  Creditors have until November 17, 2005 to
submit their proofs of claim to 690001, Russia, Primorye region,
Vladivostok, Pushkinskaya Str. 35.

CONTACT:  CORDON OIL
          Russia, Vladivostok, Pushkinskaya Str. 35

          Mr. P. Nikonenko
          Insolvency Manager
          690001, Russia, Primorye region,
          Vladivostok, Pushkinskaya Str. 35


METAL: Insolvency Manager Takes over Business
---------------------------------------------
The Arbitration Court of Sakhalin region has commenced bankruptcy
supervision procedure on limited liability company Metal.  The
case is docketed as A59-1823/05-S12.  Ms. L. Lazareva has been
appointed temporary insolvency manager.

CONTACT:  Ms. L. Lazareva
          Temporary Insolvency Manager
          693010, Russia, Yuzhno-Sakhalinsk,
          Tikhookeanskaya Str. 14-35


MOVABLE MECHANIZED: Amur Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Movable Mechanized Column #15 (TIN
2810000203) after finding the open joint stock company insolvent.
The case is docketed as A04-187/03-22/18 "B".  Mr. D.
Kolyadinskiy has been appointed insolvency manager.
Creditors may submit their proofs of claim to 675000, Russia,
Amur region, Blagoveshensk, Pervomayskaya Str. 1, Office 204.

CONTACT:  MOVABLE MECHANIZED COLUMN #15
          Russia, Amur region, Arkharinskiy region,
          Arkhara, Pobedy Str. 52/1

          Mr. D. Kolyadinskiy
          Insolvency Manager
          675000, Russia, Amur region, Blagoveshensk,
          Pervomayskaya Str. 1, Office 204


OAO SEVERSTAL: 'B' Ratings Affirmed; Outlook Changed to Positive
----------------------------------------------------------------
Fitch Ratings has revised the Outlook of Russia-based steel
manufacturer OAO Severstal to Positive from Stable.  At the same
time, the agency has affirmed the ratings at Senior Unsecured
'B+', Short-term 'B' and National Senior Unsecured 'A (rus)'.

The rating action follows Severstal's announcement early this
week that it will not participate in the privatization tender for
Ukraine-based steel manufacturer Krivorizhstal, which could have
cost at least US$2 billion in initial investment.  This, together
with Severstal's unsuccessful tender for a 46.12% stake in
Turkey-based steel manufacturer Erdemir, means that the company's
financial profile will not come under pressure from these
material investments.  The new Outlook also reflects evidence of
synergies from its U.S. acquisition Rouge Industries in February
2004 and continued benefits from low-cost production advantages.

This rating action is in line with Fitch's view outlined in a
comment dated 8 September 2005, which indicated a potential
improvement in the credit profiles of major Russian steel
companies due to increased international relevance through
economies of scale, rising domestic demand, while maintaining
strong financial metrics underpinned by vertical integration and
low-cost production.

Fitch also notes that the global steel industry continues to be
fragmented and Severstal, similar to other Russian majors, has
demonstrated an ability and willingness to pursue selective,
potentially large credit-transforming acquisitions.  Such
acquisitions will continue to be reviewed on a case-by-case
basis.

Severstal is Russia's third largest steel producer and 20th
largest in the world.  The bulk of its production is flat-steel
products.

CONTACT:  OAO SEVERSTAL
          Klara Tsetkin Street 2/3
          RU-127299, Moscow
          Russia
          Phone: +7 (095) 540 77 66
          Fax: +7 (095) 540 77 66
          Web site: http://www.severstalgroup.com

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

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


PURE WATER: Insolvency Manager Enters Firm
------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on limited liability company
Pure Water.  The case is docketed as A79-6703/2005.  Mr. V.
Ivanov has been appointed temporary insolvency manager.  A
hearing will take place on November 1, 2005, 9:00 a.m.

CONTACT:  PURE WATER
          428000, Russia, Chuvashiya republic,
          Cheboksary, K. Marksa Str. 33

          Mr. V. Ivanov
          Temporary Insolvency Manager
          428000, Russia, Chuvashiya republic,
          Cheboksary, Moskovskiy Pr. 14, Apartment 90


RUSSIAN WOOD: Bankruptcy Supervision Procedure Begins
-----------------------------------------------------
The Arbitration Court of Primorye region has commenced bankruptcy
supervision procedure on LLC Russian Wood Industry Company.  The
case is docketed as A51-11241/2005 9-178.  Mr. V. Kosolapov has
been appointed temporary insolvency manager.

CONTACT:  RUSSIAN WOOD INDUSTRY COMPANY
          690105, Russia, Primorye region,
          Vladivostok, Russkaya Str. 65

          Mr. V. Kosolapov
          Insolvency Manager
          690091, Russia, Vladivostok,
          Sukhanova Str. 3, Office 34


STROY-TRUST: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Stroy-Trust.  The case is docketed as A65-15338/2004-sg4-21.  Mr.
Z. Vildanov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 423827, Russia,
Tatarstan republic, Naberezhnye Chelny, Post User Box 22.

CONTACT:  STROY-TRUST
          423234, Russia, Tatarstan republic,
          Bugulma, Gafiatullina Str. 23

          Mr. Z. Vildanov
          Temporary Insolvency Manager
          423827, Russia, Tatarstan republic,
          Naberezhnye Chelny, Post User Box 22


TENKINSKAYA: Declared Insolvent
-------------------------------
The Arbitration Court of Magadan region commenced bankruptcy
proceedings against Tenkinskaya after finding the motor depot
insolvent.  The case is docketed as A-37-2444/05-5B.  Mr. L.
Ermolaev has been appointed insolvency manager.

CONTACT:  TENKINSKAYA
          686050, Russia, Magadan region,
          Ust-Omchug, Stroitelnaya Str. 3

          Mr. L. Ermolaev
          Insolvency Manager
          685000, Russia, Magadan region,
          Proletarskaya Str. 8, Office 317


VOSKHOD: Bankruptcy Hearing Set Next Year
-----------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on municipal unitary
agricultural enterprise Voskhod.  The case is docketed as
A79-7067/2005.  Mr. M. Martynov has been appointed temporary
insolvency manager.  A hearing will take place on January 20,
2006 at 11.00 a.m. at the Arbitration Court of Chuvashiya
republic at Russia, Cheboksary, Lenina Pr. 4, Room 226.

CONTACT:  VOSKHOD
          429801, Russia, Chuvashiya republic,
          Alatyrskiy region, Voskhod

          Mr. M. Martynov
          Temporary Insolvency Manager
          429123, Russia, Chuvashiya republic,
          Shumerlya, M. Zhukova Str. 3, Apt. 4


YUKOS OIL: Lithuania to Raise US$1 Bln to buy out Mazeikiu Stake
----------------------------------------------------------------
The Lithuanian parliament passed a bill Thursday giving the
government authority to obtain a US$1 billion loan to purchase
Yukos Oil's 53.7% stake in Mazeikiu nafta, RIA Novosti reports.
The government plans to resell the stake, possibly to the
Russian-British venture TNK-BP.

Lithuanian Premier Algirdas Brazauskas said the government would
now be able to hold talks on the resale of the stake with TNK-BP
and other bidders.  "There are five or six companies who may
participate in the talks.  We have stated our position that talks
will first be held with TNK-BP.  If these are unsuccessful, we
will hold talks with other potential buyers," he said.

The Lithuanian government will also sell about 30% of the 40.66%
stake in the company that it already owns.  Lithuanian media
reported that in addition to TNK-BP, other companies interested
in the stake include Russian companies LUKoil and Gazprombank,
Kazakhstan's KazMunayGaz, U.S. company ConocoPhillips, Poland's
Orlen, the Swiss venture Vitol and Austria's Baltic Holding.

Mazeikiu nafta owns the only oil refinery in the Baltic states,
an oil export terminal, and the Birzai pipeline.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  A few days after, its main production
unit Yugansk was sold by the government to a little-known firm
OOO Baikalfinansgroup for US$9.35 billion.  The sale was aimed at
paying for a US$27.5 billion tax bill for 2000-2003.  Its
bankruptcy case was dismissed in February.  Yukos has only paid
US$11 billion so far, according to tax authorities.

Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery,
Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew
Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed US$12,276,000,000 in total assets
and US$30,790,000,000 in total debt.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


YUKOS OIL: Debt Payment Reaches RUB402 Billion
----------------------------------------------
Court bailiffs have recouped more than RUB402 billion from Yukos
Oil since the summer of 2004, Sergei Sazanov, deputy director of
the Federal Court Bailiff Service told the press in Moscow on
Thursday.

Still, the oil company owes the government RUB199.3 billion and
bankers US$474 million.  Mr. Sazanov said that on Oct. 4, two
court orders were issued to recover RUB68.9 billion and RUB71.189
billion from the company.

The US$474 million are owed to a consortium of foreign banks.
The ruling confirming the debt was issued by the Moscow
Arbitration Court based on a decision issued by the High Court of
Justice of England and Wales.

Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  A few days after, its main production
unit Yugansk was sold by the government to a little-known firm
OOO Baikalfinansgroup for US$9.35 billion.  The sale was aimed at
paying for a US$27.5 billion tax bill for 2000-2003.  Its
bankruptcy case was dismissed in February.  Yukos has only paid
US$11 billion so far, according to tax authorities.

Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery,
Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R.
Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors, it listed US$12,276,000,000 in
total assets and US$30,790,000,000 in total debt.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


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


SAIRGROUP: Drops Claims Against UBS, SAirGroup Finance
------------------------------------------------------
SAirGroup in debt restructuring liquidation;
Circular no. 7

Ladies and Gentlemen

This circular provides information on the further course of
action concerning avoidance claims

I. Avoidance Claims Against UBS AG from the withdrawal of the
loan of CHF30 million on Aug. 16, 2001

On a block credit agreement dated 4/11 Oct. 1999, UBS granted
SAirGroup a credit facility of CHF102 million for a limited
period of one year.  In two amendment agreements, this credit
facility was reduced to CHF32 million in September 2000 and to
CHF31.4 million on July 19, 2001.  SAirGroup used this credit
facility in the form of fixed advances amounting to CHF30
million.

From July 17, 2001 onwards, the fixed advance was granted by UBS
on a one-day basis only.  UBS terminated this credit facility
with immediate effect on Aug. 16, 2001.  UBS then charged the
final fixed advance of CHF39 million (granted from Aug. 15-16,
2001), plus interest, to SAirGroup's CHF treasury account.
Thereby, a total of CHF30,007,083.35 was debited to this account
with a value date of Aug. 16, 2001.  SAirGroup had a credit
balance of several hundred million francs in its CHF treasury
account with UBS as of Aug. 15-16, 2001, in addition to other
assets in other UBS accounts.

In order to safeguard its rights vis-a-vis UBS, on June 20, 2005
SAirGroup submitted a conciliation petition (Suhnbegehren) for
CHF30,007,083.35, plus interest at 5% since June 20, 2005, to the
competent justice of peace.  The conciliation hearing was held on
Aug. 11, 2005.  UBS is disputing SAirGroup's avoidance claims.
The order (Weisung) issued by the justice of the peace allows
SAirGroup to file an ordinary court action against UBS, and is
valid until Nov. 21, 2005.

Only legal acts on the part of the debtor can be challenged.  The
"repayment" of the fixed advance for CHF30 million from SAirGroup
to UBS resulted from an accounting procedure with UBS.  In legal
terms, this procedure is classified as a set-off: UBS reduced
SAirGroup's credit balance on its CHF treasury account by setting
it off against the debt owed by SAirGroup from the loan.
Consequently, SAirGroup did not undertake any legal action.  The
set-off undertaken by UBS is deemed permissible.

Given the statements made above, the chances of a successful
challenge of the withdrawal of the CHF30 million loan are
regarded as poor.  The liquidation bodies will therefore not be
pursuing this claim further.

II. SAirGroup Finance (NL) B.V.

Investigations have revealed that in the last six months -- and
in the last few weeks, in particular -- before the debt
restructuring moratorium was granted, the flow of funds from
SAirGroup Finance (NL) B.V. to SAirGroup was much greater than
the flow in the opposite direction.  As a result, there are no
indications of transactions that could be challenged on the basis
of voidability where SAirGroup Finance (NL) B.V. is concerned.
Consequently, no avoidance claims can be made in respect of this
relationship.

III. Other avoidance claims

SAirGroup is pursuing the remaining avoidance claims itself for
the time being (see Circular no. 5, section I.12).

IV. Waiver of pursuance of disputed claims

1. General

Each creditor is entitled to request the assignment of the right
to take legal action in respect of those legal claims for which
the Liquidator and the Creditors Committee decide not to further
pursue (Art. 325 in conjunction with Art.260 of the Swiss Debt
Enforcement and Bankruptcy Law (DEBL)).  A creditor who requests
assignment is entitled to assert the legal claim at his own risk
and expense.  In the event that he should win the legal action,
he is entitled to use any award to cover both the costs incurred
and his claims against SAirGroup.  Any surplus would have to be
surrendered to the liquidation assets.  If the  creditor should
lose the action, he is liable for any court and legal fees.

2. Assignment requests by individual creditors

Creditors are hereby offered the assignment of the right to
pursue and action in respect of SAirGroup's avoidance claim
against UBS AG on grounds of the repayment of the loan of CHF30
million on Aug. 16 2001 (see section I above).

Requests for assignment within the meaning of Art. 260 DEBL may
be lodged with the undersigned Liquidator in writing by Nov. 7
2005 at the latest (date of postmark of Swiss post office).  The
right to request assignment will be deemed to be forfeited if
this deadline is not met.

Further information on proceedings is scheduled to be sent out to
creditors in Dec. 2005.

Yours sincerely
SAirGroup in debt restructuring liquidation.

The Liquidator
Karl Wuethrich

Hotline:
Deutsch: +41-43-222-38-30
Francais: +41-43-222-38-40
English: +41-43-222-38-50


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


ADVANCED CCTV: Files for Liquidation
------------------------------------
B. Turner, chairman of Advanced Cctv Mounting Equipment Ltd.,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 4 at Bridgestones, 125-127 Union Street, Oldham
OL1 1TE.

Jonathan Lord of Bridgestones, 125-127 Union Street, Oldham OL1
1TE was appointed liquidator.

The resolution and appointment were confirmed at a creditors
meeting held on the same day.

CONTACT:  ADVANCED CCTV MOUNTING EQUIPMENT LTD.
     Phillips Road, Whiteburk Indstl Est, Blackburn,
          Lancashire BB1 5PG
          Phone: 01254676632

          BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


ALADON LIMITED: Debt Claims Deadline Expires Next Month
-------------------------------------------------------
E. Moubray, the chairman of Aladon Limited, informs that special,
ordinary and extraordinary resolutions to wind up the company
were passed at an EGM held on Sept. 29 at Robert & Stevens, P.A.
of BB&T Building, Suite 1100, One West Pack Square, Asheville, NC
28801, U.S.A.  Lynn Robert Bailey and Alan Roy Limb of Vantis
Numerica, Stoughton House, Harborough Road, Oadby, Leicester LE2
4LP were appointed joint liquidators.

Creditors are required on or before November 4, 2005 to send in
their full names, their addresses and descriptions, full
particulars of their debt or claims, and the names and addresses
of their Solicitors (if any), to Alan Roy Limb, of Vantis
Numerica, Stoughton House, Harborough Road, Oadby, Leicester LE2
4LP, the Joint Liquidator of the Company, and, if so required by
notice in writing their debt or claims.

CONTACT:  VANTIS NUMERICA
          Stoughton House
          Harborough Road
          Oadby
          Leicestershire LE2 4LP
          Phone: 0116 272 8200
          Fax: 0116 271 5472
          E-mail: bob.bailey@numerica.biz
          Web site: http://www.vantisnumerica.com


ALL FOODS: Hires Administrators from RSM Robson Rhodes
------------------------------------------------------
Gerald Clifford Smith and John Neville Whitfield (IP Nos 6335 and
9131) of RSM Robson Rhodes LLP were appointed joint
administrators of All Foods Engineering Services Limited (Company
No 01398882) on Oct. 6.  Its registered office is at Stonewall
Place, Silverdale, Newcastle, Staffordshire ST5 6NR.

The company manufacturers general-purpose machinery.  ML Winkle
it its managing director.

CONTACT:  ALL FOODS ENGINEERING SERVICES LTD.
          Stonewall Place
          Stonewall Industrial Estate
          Newcastle under Lyme ST5 6NR
          Staffordshire
          Phone: 01782 634869

          RSM ROBSON RHODES LLP
          Centre City Tower,
          7 Hill Street,
          Birmingham B5 4UU
          Web site: http://www.robsonrhodes.co.uk


BACHMAYR GROUP: Names Administrators from Begbies Traynor
---------------------------------------------------------
David Paul Hudson and Lloyd Biscoe (IP Nos 008977, 009141) of
Begbies Traynor were appointed joint administrators of Bachmayr
Group Plc (Company No 04270857) on Oct. 10.  Its registered
office is at 90 Gloucester Place, London W1U 6EH.  The company
imports and distributes power tools.

CONTACT:  BACHMAYR GROUP PLC
          Unit F26 Skillion Business Centre,
          London, N18 3SB
          Phone: 00442083456034
          Fax: 00442083456033

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


BROADREACH NETWORKS: Hires Vantis Numerica Administrator
--------------------------------------------------------
Company Names: BROADREACH NETWORKS LIMITED
               (Company No 03984950)

               BROADREACH TRAIN SERVICES LIMITED
               (Company No 4401305)

Simon Elliot Glyn and Jonathan Mark Birch (IP Nos 009159 and
005328) of Vantis Numerica were appointed joint administrators of
these companies on Oct. 10.

Broadreach -- http://www.broadreachnet.com/-- provides Internet
access for people on the move.  It does so through both
fixed-point terminals and wireless hotspots in high footfall,
public locations.  It operates through ReadytoSurf(TM) network.

Broadreach's main market sectors are Rail (customers include
Eurostar, Network Rail and Virgin Trains); Hotels/Leisure
(Travelodge, Quality Hotels, Queens Moat House, Scottish Youth
Hostels) and Retail (Little Chef, Sainsbury's, EAT, BagelFactory,
Virgin Megastores).

CONTACT:  VANTIS NUMERICA
          PO Box 2653, 66 Wigmore Street,
          London W1A 3RT
          Phone: 020 7467 4000
          Fax:   020 7284 4995
          Web site: http://www.vantisnumerica.com


COLLINS & AIKMAN: Wilbur Ross Favored to Acquire Business
---------------------------------------------------------
New York financier Wilbur Ross is the frontrunner to buy the U.K.
and European assets of U.S. automotive acoustics and interiors
manufacturer Collins & Aikman Corporation, according to The
Times.  The purchase price is more than US$1 billion (GBP570
million), the report said.

Mr. Ross plans to include the Collins & Aikman businesses with a
joint venture he recently formed with Lear Corporation.  It would
increase his control of the world's car parts market to 15%.

As reported by TCR-Europe on Oct. 10, joint administrator Simon
Appell told Reuters they have narrowed down the list of bidders
between five to 10 out of 80.

The U.S. parent of Collins & Aikman filed for bankruptcy in May.
The U.K. operation, which accounts for 25% of total global
business, obtained a "group wide" Administration order pursuant
to the jurisdiction of the English High Court in London in July
2005.  Kroll U.K.'s Simon Appell and Alastair Beveridge, among
others, have been appointed joint administrators of each of the
companies.

The companies included in the filing are located in the U.K.,
Austria, Belgium, Czech Republic, Italy, Germany, Luxembourg,
Netherlands, Spain and Sweden and have approximately 4,000
employees in 24 facilities.  Collins & Aikman has 4,000 employees
in 26 plants in nine countries in Europe.  Collins &
Aikman's European operations are expected to continue in the
normal course of business without interruption while the
Administrators assess appropriate options.

Additional information regarding the European group wide
Administration is available at
http://www.collinsaikmaneurope.com/and information regarding the
Chapter 11 reorganization at http://www.collinsaikman.com For
more information, call the Company's toll-free Reorganization
Information Line at 1-866-795-7641; for international callers +1
310-432-4170.

CONTACT:  FINANCIAL DYNAMICS
          Phone: +44 (0)20 7269 7167
          Lucy Thom
          Phone: +44 (0)7712 174690
          Nigel O'Connor
          Phone: +44 (0)7968 095770
          E-mail: collinsandaikman@fd.com

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


COLT TELECOM: Earnings Improve by GBP12.1 Million
-------------------------------------------------
COLT Telecom Group plc has revealed results for the quarter ended
30 September 2005.

Third Quarter Highlights

Compared with Q2 2005:

(a) turnover decreased by 1.5% to GBP311.8 million, mainly
    reflecting the seasonality of revenue.  On a constant
    currency basis, turnover decreased by 2.1%;

(b) non-switched revenues grew by 1.9% to GBP123.3 million;

(c) gross margin before depreciation increased from 33.6% to
    34.6%;

(d) selling, general and administrative expenses were reduced by
    GBP3.7 million to GBP61.9 million;

(e) EBITDA increased by GBP5.1 million to GBP45.9 million;

(f) Free cash flow improved by GBP35.1 million, producing a
    cash inflow of GBP25.4 million; and

(g) India headcount increased by 71 to 455 while Europe
    decreased by 104 to 3,422.

Compared with Q3 2004:

(a) turnover increased by 2.4%.  On a constant currency basis,
    turnover increased by 1.1% and by 3.3% after also excluding
    reductions in fixed to mobile prices;

(b) non-switched revenues grew by 4.6%; and

(c) EBITDA improved by GBP12.1 million despite the costs of the
    India transition.

The Company's financial position continues to be strong, with
cash and cash equivalents of GBP339.6 million at the end of the
quarter.

Chairman Barry Bateman said: ""In challenging market conditions
we have continued to work hard to translate our strategy into
improved results.  We still need to see increased revenue growth
but at the same time I am pleased to see growth in data revenues,
a further improvement in EBITDA and now also positive free cash
flow."

          Report of Chief Executive Jean-Yves Charlier

Conditions in the European telecoms markets continue to be
challenging.  While our voice revenues were affected by the lower
seasonal activity, we grew non-switched revenues and generated a
solid month of bookings in September.  In addition to the major
contracts that we announced earlier this month
(Commerzbank and Nomura), we have just been awarded an important
hosting and managed services contract in Spain valued at more
than EUR9 million over four years.

We are continuing to streamline and take cost out of our
business.  With stable margins and SG&A falling for the third
successive quarter, despite substantial costs of change, we are
now seeing clear benefits from our cost leadership initiatives
and expect more improvement over the next two years.  During the
quarter we transferred 71 positions to India where our offshore
office now has more than 450 people.  We are on track to have 15%
of the company operating out of India by the year-end.

With stable revenues and lower costs, EBITDA improved for the
fourth successive quarter.  As a result of this higher EBITDA,
lower capital expenditure, continued tight management of working
capital and lower interest payments, we saw a GBP25.4 million
free cash inflow.  We remain confident that COLT will be free
cash flow positive on a sustainable annual basis from the second
half of 2005 and have therefore given notice during the quarter
of our intention to retire, before its due date in 2006,
approximately GBP132.5 million of debt."

A copy of the financial results is available free of charge at
http://bankrupt.com/misc/ColtTelecom(Q32005).pdf

CONTACT:  COLT TELECOM GROUP PLC
          Web site: http://www.colt.net

          John Doherty
          Director Corporate Communications
          Phone: +44 (0) 20 7390 3681
          E-mail: jdoherty@colt.net

          Gill Maclean
          Head of Corporate Communications
          Phone: +44 (0) 20 7863 5314
          E-mail: gill.maclean@colt.net


CUMEDICA GROUP: Names Begbies Liquidator
----------------------------------------
Resolutions to wind up Cumedica Group Plc and Cumedica Limited
were passed at an EGM held on Sept. 27 at Elliot House, 151
Deansgate, Manchester M3 3BP.

Paul Stanley of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP was appointed liquidator.

CuMedica Group plc -- http://www.campus-ventures.co.uk-- is
founded by Dr. Chris Underwood.  It has developed a synthetic
biomaterial, which can be used for making implantable medical
devices.

CONTACT:  CUMEDICA GROUP PLC
          Zochonis Building
          Oxford Road
          Manchester
          Greater Manchester
          M13 9PL
          Phone: 0161 276 8318
          Fax: 0161 273 5111
          E-mail: cjunderwood@cumedica.com

          BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


EXPRESS LINK: Calls in Administrators from KPMG
-----------------------------------------------
Brian Green and Paul Andrew Flint (IP Nos 8709, 9075) of KPMG LLP
were appointed administrators of Express Link Ltd. (Company No
01118623) on Oct. 6.  Its registered office is at KPMG LLP, St
James' Square, Manchester M2 6DS.  The company is engaged in
freight transport by road.

CONTACT:  EXPRESS LINK LTD.
          Unit 9, Wharf Street,
          Warrington, Cheshire WA1 2HT
          Phone: 01925-445724

          KPMG LLP
          St James' Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4040


GATE GOURMET: Strikes New Deal with British Airways
---------------------------------------------------
Gate Gourmet signed Thursday a new contract with British Airways,
allowing the caterer to resume supplying meals to the carrier,
Reuters says.

Eric Born, Gate Gourmet's managing director, welcomed the new
deal, saying, "We are very pleased that the deal has been
signed."

Sources privy to the matter said last month BA had offered to
increase the contract value by GBP10 million to GBP140 million
and extended it to 2010, conditioned on the resolution of the row
with workers.

Piqued by Gate Gourmet's decision to cut jobs and hire temporary
seasonal workers, several employees staged a walkout in August,
which resulted in their dismissal and triggered a sympathy strike
by British Airways workers at Heathrow.  This grounded flights
and stranded more than 100,000 passengers.  The dispute also
disrupted normal meal services on BA's short-haul flights.  Gate
Gourmet supplies BA more than 80,000 meals a day.

CONTACT:  GATE GOURMET U.K. & IRELAND
          Phone: 0208 5135013
          Mobile: 07810 561816
          Web site: http://www.gategourmet.com


G H ENGINEERING: Till Morris Administrator Takes over Business
--------------------------------------------------------------
Duncan Roderick Morris (IP No 8693) of The Till Morris
Partnership was appointed administrator of G H Engineering (UK)
Limited (Company No 04561117) on Oct. 4.

CONTACT:  G H ENGINEERING
          14-15 Barking Industrial Park,
          Alfreds Way, Barking,
          Essex IG11 0TJ
          Phone: 02085949623

          TILL MORRIS PARTNERSHIP
          2 Church Street,
          Warwick CV34 4AB


JAMM WORKS: Calls in Joint Liquidators
--------------------------------------
A. Carter, chairman of Jamm Works Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 30 at Royce Peeling Green Limited, The Copper Room, Deva
Centre, Trinity Way, Manchester M3 7BG.

Roderick Michael Withinshaw and Peter Jones, of Royce Peeling
Green Limited, The Copper Room, Deva Centre, Trinity Way,
Manchester M3 7BG were appointed Joint Liquidators.

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

CONTACT:  JAMM WORKS LTD.
          Station House, Station Road
          Mobberley, Knutsford, Cheshire
          WA16 7QJ
          Phone: 01565 873001

          ROYCE PEELING GREEN
          The Copper Room
          Deva Center, Trinity Way,
          Manchester M3 7BG
          Phone: 0161 6080000
          Fax:   0161 608 0001
          E-mail: info@rpg.co.uk
          Web site: http://www.rpg.co.uk


LANDCRAFT DESIGN: Administrator from Crawfords Enters Firm
----------------------------------------------------------
David N. Kaye (IP No 2194) of Crawfords was appointed
administrator for Landcraft Design Limited (Company No 04711563)
on Oct. 7.

Landcraft -- http://www.landcraftdesign.co.uk/-- through
landscape architects Ba hons/Pg dip, designs front and back
gardens, roof terraces, courtyards and public spaces.

CONTACT:  LANDCRAFT DESIGN LIMITED
          56 Crow Hill North
          Middleton Manchester M24 1FB
          Phone: 0800 1957049
          Mobile: 07957 544211
          E-mail: enquiries@landcraftdesign.com

          CRAWFORDS
          Stanton House
          41 Blackfriars Road
          Salford
          Manchester
          Greater Manchester M3 7DB
          Phone: 0161 828 1000
          Fax: 0161 832 1829
          E-mail: akachani@aol.com


LONGWOOD ENTERPRISES: Hires Administrators from KPMG
----------------------------------------------------
Brian Green and Paul Andrew Flint (IP Nos 8709, 9075) of KPMG LLP
were appointed administrators of Longwood Enterprises Ltd.
(Company No 02729617) on Oct. 6.  Its registered office is at
KPMG LLP, St James' Square, Manchester M2 6DS.  The company is
engaged in freight transport by road.

CONTACT:  KPMG LLP
          St James' Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4040


MACCESS GROUP: Cedes Control to BDO Stoy Hayward
------------------------------------------------
Company Names: MACCESS GROUP LIMITED
               (Company No 02207115)

               MACCESS HOLDINGS LIMITED
               (Company No 03722625)

               MACCESS LIMITED
               (Company No 00455353)

Charles MacMillan and Geoffrey Stuart Kinlan (IP Nos 6000, 8268)
of BDO Stoy Hayward LLP were appointed joint administrators of
these companies on Oct. 7.  The company sells motor vehicle
parts.

CONTACT:  MACCESS
          Spen Lane
          Cleckheaton
          West Yorkshire BD19 4PG
          England
          Web site: http://www.maccess.co.uk/

          BDO STOY HAYWARD LLP
          1 City Square
          Leeds
          West Yorkshire LS1 2DP
          Phone: 0113 244 3839
          Fax: 0113 204 1200


MARCONI CORPORATION: Ericsson Stays Coy on Rumored Acquisition
--------------------------------------------------------------
LM Ericsson Chief Executive Carl-Henric Svanberg has refused to
confirm the reported bid for Marconi Corp. plc, despite admission
by people privy to the negotiations, says Reuters.

"They (Marconi) have actively been seeking partnerships or
relationships and there have been rumors about discussions
between them and, I think, every single player," Mr. Svanberg
said.  "I really have nothing to add on this, nothing to comment
on."  He said Ericsson could consider an acquisition in the fixed
networks sector, but he emphasized "there is nothing in
particular we badly need."

Local dailies have reported that Ericsson's offer, the highest
among the bids, guarantees that 80% of Marconi will remain
intact.  It beats the offer of Marconi's Chinese partner Huawei
Technologies, which held talks with the company in August.

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

          LM ERICSSON
          Torshamnsgatan 23, Kista
          SE-164 83 Stockholm
          Sweden
          Phone: +46-8-719-0000
          Fax: +46-8-18-40-85
          Web site: http://www.ericsson.com


MEDILANE LTD: Administrators from KPMG Take over Business
---------------------------------------------------------
Brian Green and Paul Andrew Flint (IP Nos 8709, 9075) of KPMG LLP
were appointed administrators of Medilane Ltd. (Company No
04495663) on Oct. 6.  The company is engaged in freight transport
by road.

CONTACT:  KPMG LLP
          St James' Square
          Manchester
          Greater Manchester M2 6DS
          Phone: 0161 838 4000
          Fax: 0161 838 4040


MICROJET ENGINEERING: Goes into Liquidation
-------------------------------------------
P. Ford, chairman of Microjet Engineering Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 4 at Salisbury House, Station Road, Cambridge CB1 2LA.  Shay
Lettice was appointed liquidator.

Microjet -- http://www.microjeteng.com/contact.html-- was
established in 1983.  It initially catered the small gas turbine
radio controlled aircraft industry, but has since expanded its
technology to include heat/power applications, drones/UAV's and
small missile engines, exhaust ducts, helicopter engines with
integral gearbox, pulse jets, and engines for small aviation
craft.  Microjet is based in the U.K., near Cambridge.

CONTACT:  MICROJET ENGINEERING LTD.
          Unit 4B Lion Works Whittlesford
          Cambridge CB2 4NL United Kingdom
          Phone: (+44) (0)1223 836902
          Fax: (+44) (0)1223 834860


MULTIHEAT LIMITED: Calls in Administrator from O'Hara & Co.
-----------------------------------------------------------
Peter O'Hara (IP No 8371) of O'Hara & Co was appointed
administrator of Multiheat Limited (Company No 04964301) on Oct.
7.  The company's registered office is at Wesley House,
Huddersfield Road, Birstall, Batley, West Yorkshire WF17 9EJ.
Multiheat -- http://www.multiheat.ltd.uk/-- is a team of heating
technicians operating in the North of England.  Its head office
is at Leeds, West Yorkshire.

CONTACT:  MULTIHEAT LIMITED
          Cardinal House
          629, Stanningley Road
          Bramley, Leeds
          West Yorkshire LS13 4EP

          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


OLIMPIC LIMITED: EGM Passes Winding-up Resolution
-------------------------------------------------
G. A. Sylvester, director of Olimpic Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 4 at Piper Thompson, Mulberry House, 53 Church Street,
Weybridge, Surrey KT13 8DJ.  Tony James Thompson of Piper
Thompson, Mulberry House, 53 Church Street, Weybridge, Surrey
KT13 8DJ was appointed liquidator.

CONTACT:  OLIMPIC LTD.
     First Floor, 22 Hill Street
          Richmond, Surrey TW9 1TW
          Phone: 020-8948-4888


POWERNETICS LIMITED: Hires Administrators from PKF
--------------------------------------------------
Edward T. Kerr and Ian J. Gould (IP Nos 9020 and 7866) of PKF
(UK) LLP were appointed joint administrators of Powernetics
Limited (Company No 01142301) on Oct. 7.  The company's
registered office is at Pannell House, 159 Charles Street,
Leicester LE1 1LD.

Powernetics -- http://www.powernetics.co.uk/-- founded in 1970,
designs and distributes power supply equipment to the Rail and
Military marketplaces.

CONTACT:  POWERNETICS LTD.
          Power House
          Jason Works
          Clarence Street
          Loughborough LE11 1DX
          Leicestershire
          United Kingdom
          Phone: +44 1509 214153
          Fax: +44 1509 262460
          E-mail: sales@powernetics.co.uk

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


QXL RICARDO: Reports GBP1.67 Million Half-year Profit
-----------------------------------------------------
QXL ricardo plc has reported results for the six months and
second quarter ended 30 September 2005.

Second Quarter Highlights

(a) revenue increased 64% to GBP2.47 million compared to GBP1.51
    million for the quarter ended 30 September 2004;

(b) operating expenses increased 48% to GBP2.41 million,
    compared to GBP1.63 million for the quarter ended 30
    September 2004;

(c) trading profit of GBP131,000 compared to a loss of
    GBP136,000 in the quarter ended 30 September 2004;

(d) operating profit of GBP11,000 compared to a loss of
    GBP162,000 in the quarter ended 30 September 2004; and

(e) cash balance at 30 September 2005 of GBP2.53 million.

Six-month Highlights

(a) revenue increased 67% to GBP4.99 million compared to GBP2.98
    million for the six months ended 30 September 2004;

(b) operating expenses increased 50% to GBP4.92 million,
    compared to GBP3.29 million for the six months ended 30
    September 2004;

(c) trading profit of GBP158,000 compared to a loss of
    GBP334,000 in the six months ended 30 September 2004; and

(d) operating profit of GBP1.67 million compared to a loss of
    GBP382,000 in the six months ended 30 September 2004.

Mark Zaleski, chief executive officer, said: "I am delighted to
report another strong period of year-on-year growth and our third
consecutive quarter of underlying profitability.  Our cash
position has continued to improve during the quarter, despite
further investment in marketing and technology over the summer.
We look forward to strong growth in the second half of our year."

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

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


REFCO INC.: U.S. Bankruptcy Hearing Begins
------------------------------------------
Bankruptcy hearing against brokerage Refco Inc. started on
Wednesday at the Federal court in Manhattan.  It was attended by
big investors and bankers from all over the world.  The key
creditors who were present represent two funds run by
Chicago-based commodities trader Jim Rogers; several Latin
American banks; and Bawag PSK, an Austrian bank.  Bawag turned
out as Refco's biggest unsecured creditor with a claim of
US$451.2 million.

Refco filed a revised document on Wednesday, which showed it had
US$16.5 billion in assets and US$16.8 billion in liabilities.
Initially, it declared assets of around US$49 billion.

While the firm appears capable of paying creditors, it is
impossible to speculate at this point as to how much creditors
will receive, according to The Wall Street Journal.

"Typically, assets are assigned an accounting value, but they
often sell for a different, usually lower, price," the report
said.

Refco's reputation has been damaged after it disclosed in Oct. 10
that its Chief Executive Phillip R. Bennett had secretly borrowed
US$430 million from the company.  The debt was discovered only
after he paid it.  He has been arrested and charged with
securities fraud.

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


REFCO INC.: Files Updated Case Summary, Unsecured Creditors List
----------------------------------------------------------------
Lead Debtor: Refco Inc.
             One World Financial Center
             200 Liberty Street, Tower A
             New York, New York 10281

Bankruptcy Case No.: 05-60006

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Refco Global Finance Ltd.                  05-60007
      Refco Information Services LLC             05-60008
      Bersec International LLC                   05-60009
      Refco Capital Management LLC               05-60010
      Refco Global Capital Management LLC        05-60011
      Marshall Metals LLC                        05-60012
      Refco Financial LLC                        05-60013
      New Refco Group Ltd., LLC                  05-60014
      Refco Regulated Companies LLC              05-60015
      Refco Finance Inc.                         05-60016
      Refco Capital Holdings LLC                 05-60017
      Refco Capital Markets, Ltd.                05-60018
      Kroeck & Associates, LLC                   05-60019
      Refco Administration, LLC                  05-60020
      Refco Mortgage Securities, LLC             05-60021
      Refco Capital LLC                          05-60022
      Refco F/X Associates LLC                   05-60023
      Refco Global Futures LLC                   05-60024
      Summit Management LLC                      05-60025
      Refco Capital Trading LLC                  05-60026
      Refco Group Ltd., LLC                      05-60027
      Refco Global Holdings LLC                  05-60028
      Refco Fixed Assets Management LLC          05-60029

Type of Business: The Debtors constitute a diversified financial
                  services organization with operations in 14
                  countries and a global institutional and
                  retail client base.  Refco Inc.'s worldwide
                  subsidiaries are members of principal U.S. and
                  international exchanges, and are among the
                  most active members of futures exchanges in
                  Chicago, New York, London, Paris and
                  Singapore.  In addition to its futures
                  brokerage activities, Refco Inc. and its
                  affiliates are major brokers of cash market
                  products, including foreign exchange, foreign
                  exchange options, government securities,
                  domestic and international equities, emerging
                  market debt, and OTC financial and commodity
                  products.

Chapter 11 Petition Date: October 17, 2005

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Debtors' Counsel: J. Gregory Milmoe, Esq.
                  Skadden, Arps, Slate, Meagher & Flom LLP
                  Four Times Square
                  New York, New York 10036
                  Tel: (212) 735-3770
                  Fax: (917) 777-3770

Financial Condition as of August 31, 2005:

      Total Assets: $16,500,000,000

      Total Debt:  $16,800,000,000

Debtors' Consolidated List of 50 Largest Unsecured Creditors:

   Entity                                           Claim Amount
   ------                                           ------------
Bawag International Finance                         $451,158,506
BAWAG P.S.K.
Bank fur Arbeit und Wirtschaft und
Osterreichische Postsparkasse
Aktiengesellschaft Sietzergasse 2-4 A-1010
Vienna, Austria
P: +43/1/534 53/3 12 10
F: +43/1/534 53/ 2284

Wells Fargo                                         $390,000,000
Corporate Trust Services
Mac N9303-120
Sixth & Marquette
Minneapolis, MN 55497
P: 612-3 16-47727
Attn: Julie J. Becker

VR Global Partners, LP                              $380,149,056
Avora Business Park
77 Sadovnicheskaya NAB. Building 1
Moscow, Russia 115035

Rogers Raw Materials Fund                           $287,436,182
c/o Beeland Management
141 West Jackson Boulevard, Suite 1340
Chicago, IL 60604
P: (312) 264-4375

Bancafe International Bank Ltd.                     $176,006,738
Carrera 11 82-76
Segundo 2
Bogota, Colombia
P: 636-4349

     - and -

Bancafe International Bank Ltd.
801 Brickell Avenue Ph1
Miami, FL 33131
P: 305-372-9909
F: 305-372-1797

Markwood Investments                                $110,056,725
Via Lovanio
#19 00198
Rome, Italy

Capital Management Select Fund                      $109,009,282
Lynford Manor, Lynford Cay
Nassau, Bahamas

Leuthold Funds Inc                                  $107,264,868
Leuthold Industrial Metals, LP
100 North 6th Street Suite 412A
Minneapolis, MN 55403
P: 612-332-9141
F: 612-332-0797
Attn: David Cragg

Rietumu Banka                                       $100,860,048
JSC Rietumu Banka
Reg. No. 40003074497
VAT No. LV40003074497
54 Brivibas str
Riga, LV-1011 LATVIA
P: +371-7025555
F: +371-7025588

Cosmorex Ltd.                                        $91,393,820
CP 8057 28080
Madrid, Spain
P: +34-607-745-555
F: +34-667-706-622

BCO Hipotecario Inv. Turistic                        $85,807,030
(Fidelicomiso Federal Forex Invest)
Av Venezuela
Torre Cremerca, Piso 2
Ofici B2 El Rosal
Caracas, VENEZUELA

VR Argentina Recovery Fund                           $77,710,311
Avrora Business Park
77 Sadovnicheskayanab BLDG 1
Moscow, 115035 Russia

Rogers International Raw Materials                   $75,213,814
c/o Beeland Management
141 West Jackson Boulevard, Suite 1340
Chicago IL 60604
P: (312) 264-4375

Creative Finance Limited                             $65,111,071
Marcy Building, Purcell Estate
P.O. Box 2416
Road Town, British Virgin Islands

Cargill                                              $67,000,000
PO Box 9300
Minneapolis, MN 55440-9300
P: (952) 742-7575
F: (952) 742-7393

JWH Global Trust                                     $50,576,912
c/o Refco Commodity Management Inc.
One World Financial Center
200 West Liberty St., 22nd Floor
New York, NY 10281

RB Securities Limited                                $50,661,064
54 Brivibas Street
LV-1011 Riga, Lativa
P: + 371 702-52-84
F: + 371 702-52-26

Premier Trust Custody                                $49,365,415
Abraham De Veerstraat 7-A
Curacao, Netherlands Antilles

London & Amsterdam Trust Company                     $47,560,980
P.O. Box 10459 APO
3rd Floor
Century Yard
Cricket Square, Elgin Ave.
Grand Cayman, Cayman Island

Stilton International Holdings
Trident Chambers, Wickhams Cay
P.O. Box 146
Road Town, British Virgin Islands                    $46,820,415

Refco Advantage Multi-Manager Fund Futures Series    $41,713,723
c/o Refco Alternative Investments Group
One World Financial Center
200 West Liberty St., 22nd Floor
New York, NY 10281

Banesco NY Banesco Banco Universal C.A.              $39,596,609
Av Urdaneta, Esquina El Chorre, Torre Untbanca
Caracas Venezuela

Josefina Franco Sillier                              $32,862,419
Carretera Mexico-Toluca No. 4000
Col. Cuajimalpa D.R. 0500 Mexico

Rovida                                               $32,831,461
London & Amsterdam Trust Company
P.O. Box 10459 APO
3rd Floor
Century Yard, Cricket Sq.

Caja S.A.                                            $30,950,115
Sarmiento 299 1 Subsuelo (1353)
Buenos Aires, Argentina
P: (54 11) 4317-8900
F: (54 11) 4317-8909

Global Management Worldwide                          $28,976,612
Trident Corp.
Service Floor 1
Kings Court Bay St.
PO Box 3944
Nassau, Bahamas

Abadi & Co. Securities                               $28,046,904
375 Park Avenue, Suite 3301
New York, NY 10152
P: (212) 319 -4135

Refco Winton Diversified Futures Fund                $27,226,697
c/o Refco Global Finance
One World Financial Center
200 West Liberty Street, 22nd Floor
New York, NY 10281

Pioneer Futures, Inc.                                $25,932,000
One North End Ave., Suite 1251
New York, NY 10282

Daichi Commodities Co., Ltd.                         $24,894,833
10-10 Shinsen Cho, Shibuya-Ku
Tokyo, I5O-0045 JAPAN

GS Jenkins Portfolio LLC.                            $24,631,959
c/o Refco Capital Markets
One World Financial Center
200 West Liberty Street, 22nd Floor
New York, NY 10281

Winchester Preservation                              $23,349,765
c/o Joseph D, Freney
Christiana Bank & Trust Co.
3801 Kennett Pike, Suite 200
Greenville, DE 19807

Banco Agri Banco Agricola (PANAMA) S.A.              $22,314,386
Edificio Global Bank
#17, Local F, Calle 50 PANAMA, PA

     - and -

Banco Agricola, S.A.
1RA. Cakke Pte. Y 67 AV. Norte
Final Blvd Constitucion #100
San Salvador, ES

Peak Partners Offshore Master Fund Limited           $22,205,344
P.O. Box 2199
GT Grand Pavilion Commercial Center
802 West Bay Road
Grand Cayman, Cayman Islands

Arbat Equity Arbitrage Fund                          $19,106,989
Trident Corporate Services
1st Floor Kings Court
Bay Street
P.O. Box N3944
Nassau, Bahamas

Renaissance Securities (Cyprus) Ltd.                 $17,820,709
2-4 Arch Makarios
111 Avenue Capital Center, 9th Floor
1505 Nicosia Cyprus

AQR Absolute Return                                  $17,482,100
c/o Caledonian Bank & Trust Ltd.
P.O. Box 1043
GT Caledonian House
Grand Cayman, Cayman Islands

Geshoa Fund                                          $17,319,494
Corporate Center
West Bay Road
Po Box 31106 Smb
GRAND CAYMAN

RK Consulting                                        $14,074,345
7, Kountouriotou Street
14563 Kifissia
Greece

VR Capital Group Ltd.                                $13,690,549
Avrora Business Park
Calendonian House Mary Street
NAB 77 Building 1
MOSCOW, RUSSIA 115035
P: +358 600 41 902

GTC Bank, INC.                                       $12,971,439
Calle 55 Este
Torre World Trade Center
Piso 7
PANAMA GUATEMALA
P: (507) 265-7371
F: (507) 265-7396

Inversiones Concambi                                 $12,799,137
c/o AEROCAV 1029
P.O. BOX 02-5304
MIAMI, PL 33102

Miura Financial Services                             $12,150,213
AV. Francisco De Miranda
TORRE LA
PRIMERA PISO 3
CARACAS VENEZUELA

NKB Investments Ltd.                                 $11,699,430
199 Arch Makarios Ave
196 Makarios III Avenue
Ariel Corner 3rd Floor
Office 301 3030
Limassol CYPRUS

Tokyo Forex Financial Inc                            $11,689,354
Shinjyuku Oak Tower, 35th Floor
6-8-1 Nishishinjyuku
Shinjyuku-Ku, Tokyo JAPAN

Birmingham Merchant S.A.                             $11,215,413
AV. ARGENTINA 4793
PISO 3
CALLAO PERU

BAC International                                    $10,906,506
Calle 43 Qnquillo De Laguar
PANAMA
P: (507) 265-8289
F: 507-205-4031

Total Bank                                           $10,657,732
Calle Guaicaipuro Entre
Av. Principalde
Ias Mercedes
Torre Alianza Piso 9
EL ROSAL, CAACAS, VENEZUELA
P: (0212) 264.72.54/49.42
F: (0212) 266.58.12

Reserve Invest (Cypress) Limited                     $10,499,733
Maximos Plaza
3301 Block 3
3035 LIMASSOL
CYPRUS

Refco Commodity Futures Fund                         $10,166,045
c/o Refco Alternative Investments Group
One World Financial Center
200 Liberty Street, 22nd Floor
New York, New York 10281
P: 877 538 8820
F: 877 229 0005


REGUS GROUP: Names New Chief Financial Officer
----------------------------------------------
Regus Group plc has appointed Stephen Gleadle as Chief Financial
Officer, with effect from 31 October 2005.

Mr. Gleadle was Group Financial Controller of Tarmac plc, after
which he was Finance Director at Synstar plc and Lastminute.com
plc.  He is a chartered accountant.  He replaces Rudy Lobo who
has held the post since October 2003.  Mr. Lobo will assist Mr.
Gleadle during a handover period to the end of the year and then
will take up the role of Group Chief Operating Officer.  He will
remain a board director.

Mark Dixon, chief executive of Regus, said: "I am delighted that
Stephen is taking up the position of Chief Financial Officer with
Regus.  His extensive experience will ensure that he is a
valuable member of our executive team and we look forward to him
contributing to the Group going forward.

"Rudy Lobo has done an excellent job and he will now move to a
more operationally focused role, where his commercial skills will
help to grow Regus into the future."

                        About the Company

Regus is the world's largest provider of outsourced offices with
more than 750 business centers in some 350 cities across 60
countries, including over 90 prime locations across the U.K.  It
serves more than 100,000 clients a day worldwide and employs over
2,000 people.

In September, the group revealed it had a strong first half
performance, both financially and operationally.  It generated
profits from operations of GBP22.3 million (H1 2004: GBP1.9
million loss), after adding back non-recurring integration costs
of GBP3 million (H1 2004: GBPnil) and amortization of intangibles
of GBP1.3 million (H1 2004: GBP0.1 million).  This reflected a
complete turnaround on previous years.

As a result of its continuing strong cash generation, Regus has
made a further early repayment of US$37.25 million against its
US$110 million term loan facility.  Taken together with normal
amortization repayments and a previous early repayment of US$20
million, the amount outstanding on the term loan facility as at
30 September 2005 is US$41.75 million.

CONTACT:  REGUS GROUP PLC
          3000 Hillswood Dr.
          Chertsey
          Surrey KT16 0RS, United Kingdom
          Phone: +44-1932-895-500
          Fax: +44-1932-895-501
          Web site: http://www.regus.com


RENTOKIL INITIAL: Ex-chairman Denies Meeting with Sir Gerry
-----------------------------------------------------------
Sir Clive Thompson, former chairman of Rentokil Initial plc,
denies reports he had been approached by Sir Gerry Robinson in
the latter's pursuit of the struggling firm, The Telegraph says.

Sir Clive, who had served Rentokil for two decades, said: "It's
untrue and I should know. I haven't spoken to him or his advisers
to the best of my knowledge this year."

On Monday, Financial Times reported Sir Gerry had met with Sir
Clive in an effort to gain more knowledge of the group.  Sir
Clive was ousted as Rentokil chairman last year in a boardroom
coup led by new Chairman Brian McGowan.  While Sir Clive said he
had known Sir Gerry for 15 years, he denied having seen the
former Granada boss recently.  "I can't recall that having taken
place at all," he said.

He added he has no intentions of getting involved in any way with
Sir Gerry's Rentokil plans.  Sir Gerry has given himself until
today to gather enough backing to oust Mr. McGowan and Chief
Executive Doug Flynn, and install himself executive chairman.

In return, Sir Gerry wants shares currently worth more than GBP70
million for Raphoe Management Limited wherein he has a 72% stake.
Mr. Flynn, meanwhile, is positive the matter would come "to a
hopefully graceful conclusion" this week.

Earlier, Rentokil noted Raphoe's failure to find support and/or
financing for an offer for the company.  It also said: "Raphoe's
inference that the Board is discussing implementing Raphoe's
proposals -- with or without any changes to Sir Gerry's excessive
package -- is just plain misleading."

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

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

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

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


RENTOKIL INITIAL: Ex-RAC Managing Director Joins Board
------------------------------------------------------
Rentokil Initial plc disclosed Thursday that Edward Brown, 54,
intends to retire from his role as a main board director,
effective 5 January 2006.

Mr. Brown has been a director of Rentokil Initial since July
1998, having joined the Company in 1981, and has held a range of
senior executive positions, culminating in his present one as
Managing Director, Pest Control and Plants.

Chairman Brian McGowan said: "Edward has made a significant
contribution to the Company over many years and, in particular,
the Board recognizes his commitment to the roles of chief
operating officer, marketing director and managing director in
recent times.  The Board accepts his decision to retire with
regret but can understand his wish to do so after nearly 25 years
with the Company.  His commitment and enthusiasm will be greatly
missed. We wish him well in the future."

The Company also announced the appointment of Andy Hobart as
successor to Edward Brown as Managing Director, Pest Control and
Plants Division from 1 December 2005.

Mr. Hobart, 43, joins after five years with RAC during which he
was the Managing Director of a number of support services
businesses.  For the past two years he has been the Managing
Director of the RAC / RBS Joint Venture company Lex Transfleet,
the commercial vehicle contract hire and fleet management
outsourcing services business with 1400 employees and turnover of
GBP160 million.  Prior to this, he held a number of senior
management positions in The BOC Group.

During his period as Managing Director of Lex Transfleet, Mr.
Hobart has delivered a significant improvement in employee
satisfaction, customer service, and a 50% growth in profits.

Chief Executive Doug Flynn, said: "I am delighted to welcome Andy
to his new role.  His experience at RAC in running support
service businesses, combined with his previous international
roles, are extremely appropriate in this time of change and
regeneration at Rentokil Initial.  His achievements in delivering
outstanding performance are impressive.

"The senior management team which we will have in place from
December is the team that I expect to lead the turnaround of this
company and a return to sustainable growth."

                        About the Company

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

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

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

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


R E THORNE: Carter Clark to Liquidate Business
----------------------------------------------
A. Thorne, chairman of R E Thorne Builders & Timber Preservation
Ltd., informs that resolutions to wind up the company were passed
at an EGM held on Sept. 27 at Meridian House, 62 Station Road,
North Chingford, London E4 7BA.

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

CONTACT:  R E THORNE BUILDERS & TIMBER PRESERVATION LTD.
     34 Chingford Mount Road, London E4 9AB
          Phone: 02085274009

          CARTER CLARK
          Meridian House
          62 Station Road
          North Chingford
          London E4 7BA
          Phone: 020 8524 1447
          Fax: 020 8524 1457
          E-mail: recovery@carterclark.co.uk


ROTAFORME ENGINEERING: In Liquidation
-------------------------------------
C. Robinson, director of Rotaforme Engineering, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 4 at Mistry Associates, 6-8 Henry Square, Ashton under Lyne
OL6 7TF.  Manubhai Govindbhai Mistry of Mistry Associates Ltd.
was appointed liquidator.

CONTACT:  ROTAFORME ENGINEERING
          Empire Works
          Oldham Rd., Failsworth
          M35 9AB Manchester England
          United Kingdom

          MISTRY ASSOCIATES LTD.
          6-8 Henry Square
          Ashton-Under-Lyne OL6 7TF
          Phone: 0161 343 8228
          Fax: 0161 343 8334
          E-mail: manumistry@aol.com


SCORPION VEHICLE: Applies for Winding-up
----------------------------------------
F. Taylor, chairman of Scorpion Vehicle Security Systems Ltd.,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 29 at CLB Coopers, Century House, 11 St Peter's
Square, Manchester M2 3DN.  Diane Hill and Mark Terence Getliffe
of CLB Coopers, Century House, 11 St Peter's Square, Manchester
M2 3DN were appointed Joint Liquidators.

CONTACT:  SCORPION VEHICLE SECURITY SYSTEMS LTD
     Siemens Road, Irlam, Manchester, Lancashire M44 5AH
          Phone: 01617772177


ST. GEORGES: Administrators from Hacker Young Enter Company
-----------------------------------------------------------
Andrew Andronikou and Peter Alan Kubik (IP Nos 1253 and 9220) of
UHY Hacker Young were appointed joint administrator of St.
Georges Cars limited (Company No 05303614) on Oct. 10.  The
company's registered office is at 19 Station Road, Addlestone,
Surrey KT15 2AL.

CONTACT:  ST.GEORGES CARS
          5 Caxton Place
          Bridge Street
          Newport Gwent NP204BN
          Phone: 01633 244 400

          UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159


TOWN & COUNTRY PINE: Names Administrators from Bridgestone
----------------------------------------------------------
Jonathan Lord and Robert Cooksey (IP Nos 9041 and 9040), both of
Bridgestones were appointed joint administrators of Town &
Country Pine (UK) Limited (Company No 03971274) on Oct. 5.  The
company sells household goods.

CONTACT:  TOWN & COUNTRY PINE
          Upper Grove Street,
          Leamington Spa,
          Warwickshire CV32 5AN
          Phone: 01926885233

          BRIDGESTONES
          125-127 Union Street
          Oldham
          Lancashire OL1 1TE
          Phone: 0161 785 3700
          Fax: 0161 785 3701
          E-mail: rlc@bridgestones.co.uk


VERTIS DIRECT: Appoints UHY Hacker Young Administrator
------------------------------------------------------
Andrew Andronikou, Ladislav Hornan and Peter Kubik (IP Nos 1253,
2059, 9220) of UHY Hacker Young were appointed joint
administrators of Vertis Direct Marketing Services (Leicester)
Limited (Company No 02721767) on Oct. 5.  The company's
registered office is at St Alphage House, 2 Fore Street, London
EC2Y 5DH.

Vertis Europe -- http://www.vertisinc.co.uk/-- established in
2001, offers marketing and advertising services, including
marketing technology, direct mail, fulfillment and creative
production services.  The company has a staff of more than 1,000.
It is located across the U.K. at Croydon, Leicester, London and
Swindon.

CONTACT:  VERTIS DIRECT MARKETING SERVICES
          1-2 Stafford Cross
          Stafford Road
          Croydon, Surrey CR9 4PD
          United Kingdom
          Phone: +44 (0) 20 8253 7000
          Fax: +44 (0) 20 8688 1211

          UHY HACKER YOUNG
          St Alphage House,
          2 Fore Street, London EC2Y 5DH
          Phone: 020 7216 4600
          Fax: 020 7638 2159


WASHINGTON PRECISION: Redundancies Loom as Receivers Take over
--------------------------------------------------------------
Over 30 workers could lose their jobs as Washington Precision
Engineering Limited enters receivership, said Newcastle Evening
Chronicle.

Staff were told last week to go home after the firm, which builds
machine parts for BAE Systems and Westland Helicopters, called in
receivers from PKF.  One of the oldest factories in the
Washington area, the company has not been receiving enough orders
to continue operations.  Its parent company Hyde Precision
Components Ltd. has also withdrew its support.

One worker said: "We were told at 4:00 p.m. on Tuesday.  We were
told the company was failing and we were to leave the premises.
We were all shocked.  The bosses said they had thought the
company was not doing too badly."

Paul Ashworth of PKF has warned of redundancies while they are
looking for buyers.  He said: "It is likely we will be asking
employees to remain.  Probably not all the employees.  It is a
case of saving the business through someone buying it or it will
close down."

CONTACT:  WASHINGTON PRECISION ENGINEERING LIMITED
          c/o Hyde Precision Components Ltd.
          Oldham Street, Denton
          Manchester M34 3SA
          Lancashire
          Phone: 0161 337 9242
          Fax: 0161 335 0787
          Web site: http://www.hydeprecision.com

          PKF (U.K.) LLP
          Farringdon Place, 20 Farringdon Rd.
          London EC1M 3AP
          United Kingdom
          Phone: +44-20-7065-0000
          Fax: +44-20-7065-0650
          Web site: http://www.pkf.co.uk


WATERFORD WEDGWOOD: Like-for-like Sales Down 7%
-----------------------------------------------
         AGM Statement of Chief Executive Peter Cameron

Our restructuring began in earnest in August when we received the
proceeds of our EUR100 million rights issue.  I remain optimistic
of the long-term effects of the restructuring and, equally
important, a number of new business initiatives.

We have highly motivated people in new assignments throughout our
four companies.  We are contemporizing our ranges and have a
wealth of new product to launch over the coming months across
each of our great brands: Rosenthal, Royal Doulton, Waterford and
Wedgwood.

I am confident that the restructuring will significantly lower
our costs.  And our new business initiatives are positioned to
increase our revenues.

Trading in the period from the end of the financial year in March
remained challenging, not least because we had not begun to
implement our restructuring plan until recently.  Like-for-like
sales in the half were down about 7% on the prior year.  This is
in line with the trend as announced on 16 June at the time of our
preliminary results.  Actual Group sales are running ahead of
last year because of the Royal Doulton acquisition.

                            *   *   *

Waterford Wedgwood's 7 for 11 Rights Issue of 1,691,857,115
Rights Issue Units, at EUR0.06 per unit to raise approximately
EUR101 million gross of expenses, closed at 11.00 a.m. on 18
July 2005.

The Company received valid acceptances in respect of 528,540,678
Rights Issue Units from Qualifying Stockholders, representing an
aggregate take-up of approximately 31.24% of the total number of
Rights Issue Units offered.  Birchfield Holdings Limited (a
company owned and controlled by Sir Anthony O'Reilly and Peter
John Goulandris, the Chairman and Deputy Chairman respectively),
which underwrote 100% of the Rights Issue, is subscribing for the
balance of 1,163,316,437 Rights Issue Units in accordance with
the terms of the Underwriting Agreement.

The proceeds will be used to finance a major restructuring
program which is expected to cost around EUR90 million, including
EUR6.5 million which has already been spent.  Targeted annualized
cost savings from the restructuring program are EUR90 million.
The proceeds of the Rights Issue will also improve the Group's
liquidity.

CONTACT:  WATERFORD WEDGWOOD PLC
          Barlaston, Stoke-on-Trent
          Staffordshire
          United Kingdom
          Phone: +44 (0)1782 282686
          Fax: +44 (0)1782 204666
          E-mail: marni.shapiro@waterfordwedgwood.com
          Web site: http://www.waterfordwedgwood.com


WHEEL2WHEEL SCOOTERS: Goes into Liquidation
-------------------------------------------
S. Crane, chairman of Wheel2wheel Scooters Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 26 at Britannia Hotel, St James Street, Nottingham NG1 6BN.
Stephen Patrick Jens Wadsted of Middleton Partners was appointed
liquidator.

CONTACT:  WHEEL2WHEEL SCOOTERS LTD.
          Web site:
          http://www.wheel2wheelscooters.co.uk/index.htm

          MIDDLETON PARTNERS
          6b Middleton Place
          London W1W 7AY
          Phone: 020 7908 6190
          Fax: 020 7908 6191


WM MORRISON: Shakes up Board Committees
---------------------------------------
The Board of Wm Morrison Supermarkets Plc has unveiled changes to
its Board committees, which will take immediate effect.

Audit Committee

Paul Manduca will replace David Jones as Chairman.  Mr. Jones
will continue to be a member of the committee along with Brian
Flanagan, Susan Murray and Nigel Robertson.

Remuneration Committee

Susan Murray will replace David Jones as Chairman.  Mr. Jones
will continue to be a member of the committee along with Brian
Flanagan, Paul Manduca and Nigel Robertson.

Nomination Committee

Sir Ken Morrison will continue to chair the Nomination committee.
The other members will remain unchanged as Brian Flanagan, David
Jones, Paul Manduca, Susan Murray and Nigel Robertson.

Further to the recent appointment of Brian Flanagan, Paul
Manduca, Susan Murray and Nigel Robertson to the Board of Wm
Morrison Supermarkets Plc, the company confirms that there is
nothing further to disclose under 9.6.13 of the Listing Rules.

                        About the Company

Founded in 1899 by William Morrison, the company has grown from a
single egg and butter stall in Bradford market to become the
U.K.'s fourth largest, and rapidly growing supermarket chain.
With over 150,000 people working in stores, factories,
distribution centers and its head office, the company serves more
than 10 million customers weekly.

In May, Wm Morrison stated clearly that it was not in a position
to provide reliable guidance on the level of profitability for
the year as a whole.  Since that time, the market has produced a
wide range of profit estimates for the year 2005/6.  While
detailed forecasting work was underway, the Board believed the
guidance for profit before tax, exceptionals and goodwill for the
current year will fall within the range GBP50 million to
GBP150 million.

The Board reiterated that in 2006/7 there remains every
indication that financial performance will improve significantly
following completion of the conversion process and as the
benefits of the actions taken to normalize the cost structure of
the business are reflected in improving margins.

CONTACT:  WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.co.uk


WM MORRISON: Books GBP73.7 Million Half-year Losses
---------------------------------------------------
Wm Morrison Supermarkets plc has reported interim U.K. GAAP
results and trading update for the 25 weeks to 24 July 2005.

Operational Summary

(a) store conversion process will complete by end of 2005;

(b) optimization of the new business now the priority, full
    details of optimization plan to be presented in March 2006;
    and

(c) good progress on corporate governance.

Financial Summary

(a) total turnover GBP5,853.7 million, up 4.7%;

(b) operating profit, pre exceptionals GBP50.7 million (2004:
    GBP168.9 million);

(c) exceptional items GBP118.8 million (2004: GBP21.8 million);

(d) loss before tax GBP73.7 million (2004: profit of GBP121.6
    million);

(e) net debt at 24 July 2005 GBP1,120.1 million (2004:
    GBP1,609.7 million);

(f) operating cash flow GBP326.6 million, down 2%;

(g) interim dividend maintained at 0.625 pence per share; and

(h) Like-for-like sales up 5.4% (1.7% excluding fuel) in last 12
    weeks.

Chairman Sir Ken Morrison said: "The conversion of Safeway stores
to Morrisons, and disposal of those that do not fit our operating
model, has continued at pace.  Converted stores saw a 23%
increase in customers, emphasizing the strength of Morrisons
service and value.  Optimizing our performance in the newly
converted stores and throughout the business will provide real
opportunities for material improvement."

The Group began the period with 498 stores, 190 of which traded
as Morrisons.  Two new stores were opened, at Hamilton and
Auchinlea, and 88 were converted from Safeway to Morrisons.  A
further 67 Safeway stores were divested, to leave the Group at
the end of the period with 433 stores, of which 280 traded as
Morrisons.

Total turnover, excluding VAT, was GBP5,854 million, a year on
year increase of 4.7%.  The result included a full 25 weeks
trading from Safeway, whereas the previous year's result
contained only the 20 weeks post acquisition.  As a result of
divestments 442 stores on average were traded in the period
compared with an average estate of 602 in the prior year (both
figures excluding the BP joint venture).  Additionally,
approximately 50 store weeks were lost as a result of closures
while conversion activity took place.

Inevitably, in a period of great change, the underlying trading
picture has been difficult to read.  The business has been
impacted by the forced divestment of 52 stores required by the
OFT as part of its clearance for the acquisition of Safeway, the
further divestment of 129 stores that did not fit the Morrisons
model and the unavoidable disruption to trading caused by the
stores conversion program.  In addition, the market backdrop has
been exceptionally competitive.

Despite these factors, total like for like sales were up 5% year
on year, or 2.6% excluding fuel.  Morrison's success over many
years has been driven by high footfall in the stores, and it is
pleasing to report that stores converted to Morrisons saw a 23%
increase in customer numbers post conversion.

Operating profit before exceptional items was GBP50.7 million,
compared to GBP168.9 million in the prior year.  Margins were
24.4%, down by 0.4%, reflecting both the full effect of moving
premium priced Safeway stores to Morrisons value and the impact
of strong, lower margin, fuel sales.  Staff costs rose by 0.5% of
sales and overheads by 1.2% as the costs of integrating the two
businesses were felt.

Exceptional costs were GBP118.8 million, compared with GBP21.8
million in the prior year.  The largest component was the
conversion costs of stores: rebranding, and refurbishing Safeway
stores and retraining staff to apply Morrison's service
standards.

Cash flow was strong, with the result that the Group operated
with much reduced net debt in the period, with closing debt of
GBP1,120 million compared with GBP1,610 million a year
previously.  The reduction reflects proceeds from the store
disposal program, which more than offset the investment
requirements associated with the conversion of stores to
Morrisons.  As a result, net interest payable was GBP17.9 million
compared with GBP29.1 million in the previous year.

The Board has maintained the interim dividend at 0.625 pence per
share, and this will be paid on 5 December 2005 to shareholders
on the register on 28 October 2005.

Trading Update for 12 weeks to 16 October 2005

Since 24 July 2005, a further 48 stores have converted from
Safeway to Morrisons and 31 stores have been divested.

Like for like sales for the continuing business increased by
5.4%, or 1.7% excluding fuel.

Stores now converted to Morrisons (from Safeway) saw like for
like sales for the period post conversion increase by 13.7%, or
11.0% excluding fuel.  The commensurate increase in customer
numbers was 14.2%.

Continuing Safeway stores awaiting conversion saw like for like
sales increase by 4.7%, or 2.8% excluding fuel.

Like for like sales in the core Morrisons estate decreased by
0.6% and excluding fuel were down 5.2%.  This continues to be
driven by the one-time impact of divesting large stores to
competitors as required by the OFT, creating some cannibalization
of core stores, turnover as neighboring Safeways convert to
Morrisons.

Outlook

As previously reported, the Board commissioned KPMG to assist in
the review of the Group's financial forecasting procedures.
Based on the completion of this work the Board confirms that its
previous profit guidance for 2005/06 remains appropriate, albeit
with an expectation that profit before tax, exceptional items and
goodwill will be towards the lower end of the range.

We remain confident that the optimization process will deliver
significant financial benefit.  It is clear that perfecting our
game in the newly converted stores, being able to focus again on
our core business, rationalizing the supply chain and bringing
head office together in one place will provide real opportunities
for material improvement.

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

CONTACT:  WM MORRISON SUPERMARKETS PLC
          Hilmore House
          Thornton Road
          Bradford
          West Yorkshire
          England
          BD8 9AX
          Phone: +44 1274 494166
          Fax: +44 1274 494831
          Web site: http://www.morereasons.co.uk


* Retailers Group Sees More Fold-ups on High Street
---------------------------------------------------
The chairman of British Retail Consortium, Michael Wemms, warns
of further closures on the high street.

Speaking to more than 500 guests of the British Property
Federation, Mr. Wemms, who is also chairman of department store
House of Fraser, said: "We've already seen some quite sizeable
businesses go to the wall and, if nothing changes, more will
follow."

The federation is the trade body for the country's big landlords
and commercial property investors.  Mr. Wemms criticized the
system of upward-only rent review of commercial property
landlords.  He said this caused "continued inflation" in
retailers' cost base and deflation in prices.  DP Furniture
Express, Furnitureland, Courts, and Allders have already
succumbed to insolvency.  MFI said this month it plans to close
20 stores.


                            *********


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

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