TCREUR_Public/051025.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, October 25, 2005, Vol. 6, No. 211

                            Headlines

C Z E C H   R E P U B L I C

TUSIMICE I: CEZ to Demolish Power Plant


F R A N C E

CROWN HOLDING: Moody's Rates Proposed Secured Facilities Ba2
PETIT BOY: Falls Under Court Supervision


G E O R G I A

TBILGAZ: Gas Distributor Crashes Under Heavy Debt


G E R M A N Y

DIGITAL DRUCK: Hamburg Court Appoints Administrator
ELEKTRO BRUNO: Creditors Meeting Set December
GIRINDUS AG: Expects Another Loss this Year
IHR PARTNER: Aachen Court to Verify Claims January
MASCHINENFABRIK FRANZ: Under Bankruptcy Administration

ORL VITALMED: Proofs of Claim Due Next Month
SPECTRA COULEUR: Charlottenburg Firm Succumbs to Bankruptcy
STEAG HAMATECH: Nine-month Result Slips into the Red
WESER-HAUS: Claims Filing Period Ends November 23
WINNE GMBH: Duesseldorf Court Calls in Administrator


I R E L A N D

RIVERDEEP GROUP: Moody's Confirms 'B' Ratings


I T A L Y

PARMALAT SPA: New Shareholders Ask Enrico Bondi to Stay
PARMALAT SPA: Bondi May Remain as CEO
PARMALAT SPA: Bondholders Group Disputes Swap's Validity


K Y R G Y Z S T A N

VAVILON: Creditors' Claims Due December
VZRYVPROM: Sets Public Auction Tomorrow


L U X E M B O U R G

STOLT-NIELSEN: Continues Share Buyback Program


N E T H E R L A N D S

ROYAL SHELL: Remaining 'A' Shares Down to 3,999,240,000


R U S S I A

ARS-WOOD: Bankruptcy Supervision Procedure Begins
EDINSTVO: Tambov Court Opens Bankruptcy Supervision Procedure
EVRAZ GROUP: S&P Rates Proposed Notes 'B+'
GAZPROMBANK: Ratings Raised to 'BB-' in Line with Parent
LENINGRADSKOYE FREIGHT: Names A. Radinov Insolvency Manager

MICHURINETS: Insolvency Manager Takes over Business
OAO SIBNEFT: Gazprom Closes Acquisition
ORENBURG-FURNITURE-2: Bankruptcy Hearing Set December
OSTROVSKOYE: Claims Filing Period Ends Next Month
ROMENSK-AGRO-PROM-SNAB: Succumbs to Bankruptcy

RUS': Under Bankruptcy Supervision
UFIMSKIY KRANOSTROITELNYJ: Declared Insolvent
UST-LABINSK-AGRO-TRANS: Court Brings in Insolvency Manager


S W I T Z E R L A N D

SWISS INTERNATIONAL: Sells Loyalty Gate Shareholding


U K R A I N E

ATOMELEKTROMONTAZH: Court Appoints Insolvency Manager
FOBOS TVK: Liquidator Takes over Helm
LAND-FINANCIAL CENTRE: Succumbs to Insolvency
OLEKSANDRIYA' POLYGRAPHIC: Under Bankruptcy Supervision
SAGAJDATSKE HPP: Bankruptcy Supervision Starts
VIRDZHINIYA: Declared Insolvent


U N I T E D   K I N G D O M

APEX FOAM: Calls in Joint Liquidators
ASHTEAD GROUP: Court Denies Appeal on U.S. Unit's Compensation
BARTLETT CATERING: GE Heller Limited Appoints Receiver
BRIAN PARK: Camping, Outdoor Life Equipment Retailer Winds up
CARNOUSTIE GOLF: Chairman Michael Johnston Quits

CENTRAL FREIGHT: Hires Administrators from S. F. Plant & Co.
CITY SERVICE: Files for Liquidation
COMMERCIAL REFRIGERATION: Calls in Joint Liquidators
COMPASS GROUP: U.S. Private Equity Firm Eyes Business
COMPASS GROUP: Suspends Division Head Pending U.N. Probe

CONCEPT CYCLING: Sold to Avocet Sports
CORIANDER UK: Caterer Liquidates
CORUS GROUP: Names New Non-executive Director
COSMIC CAFE: EGM Passes Winding-up Resolution
DEARNE VALLEY: Hires Liquidator

DESIGN CONSTRUCTION: Appoints Administrator from J. Casey & Co.
DRAX GROUP: Shareholders Okay Refinancing
DRAX POWER: Inks 2nd Supply Contract with Sempra Energy
DRAX POWER: Signs Supply Deal with EDF Trading
EASYNET GROUP: Board Recommends GBP211 Million BSkyB Offer

FEDERAL-MOGUL: Sells U.K. Asset to MMC for US$18.8 Mln
FLAXTON GRANGE: Appoints Geoffrey Martin & Co. Administrator
GO FOODS: In Administrative Receivership
HOLDEN MANUFACTURING: Calls in Administrator from Gerald Edelman
JONDEL (BUILDING SERVICES): In Liquidation

MACCESS LTD.: Vehicle Parts Firm Goes into Administration
M AND S POWDER: Creditors Meeting Set Tomorrow
MARCONI CORPORATION: Ericsson, Alcatel Neck and Neck
ME 2 U: Administrators from Begbies Traynor Enter Firm
MEYERS PROPERTY: Names Liquidator

OPUS SYSTEMS: Moore Stephens Administrators Take over Firm
ORIEL BANK: Co-Operative Bank Appoints Baker Tilly Receiver
OVERTURE SYSTEMS: Hires Moore Stephens Administrator
PEARCE SIGN: Calls Mercer & Hole to Liquidate Business
PLANESTATION LIMITED: Creditors Meeting Set Next Week

PLATINUM DIRECT: Travel Firm Winds up
PROFESSIONAL TYRE: Joint Liquidators Move in
RED KITE: Goes into Liquidation
RENTOKIL INITIAL: Raphoe Ends Talks with Shareholders
RIVERSIDE MOTORCYCLES: Appoints Receivers

STATION TAXIS: Calls in Liquidator from Crawfords
STONECARE KNIGHT: EGM Passes Winding-up Resolution
TRINITY MIRROR: Mulls Job cuts to Trim down Cost
U.K. COAL: Harworth Unit Gets Permit to Build Wind Farms
WIGGINS MANAGEMENT: Claims Deadline Expires Next Week
WINDOWCRAFT (EAST ANGLIA): In Liquidation
YORK CITY: Names Administrators from Geoffrey Martin & Co.

* Airlines Howl as Insurers Refuse to Cover Terrorist Attacks

* Large Companies with Insolvent Balance Sheets


                            *********


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


TUSIMICE I: CEZ to Demolish Power Plant
---------------------------------------
Czech power utility CEZ A.S. will liquidate its power plant
Tusimice I next year, according to Interfax.  This will cost
CZK75 million, which will be raised by selling scrap iron.
Tusimice II director, Otakar Tucek, says the plant has about
13,000 tons of scrap iron.

There are currently no plans for the property after the
liquidation; it could be offered to investors, Mr. Tucek says.
He also said CEZ plans to modernize Tusimice II at a cost of
CZK15 billion in March 2007.  The power plant is expected to
operate in the second half of 2010.  CEZ wound down operations in
1998.

CONTACT:  CEZ, A.S.
          Duhova 2/1444
          140 53 Praha 4
          Phone: +420 271 131 111
          Fax: +420 271 132 440
          E-mail: info@mail.cez.cz
          Web site: http://www.cez.cz


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


CROWN HOLDING: Moody's Rates Proposed Secured Facilities Ba2
------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Crown Cork &
Seal, Inc. and its subsidiaries and concurrently assigned Ba2
ratings to US$1.3 billion in proposed senior secured credit
facilities and B1 ratings to US$1.1 billion in proposed senior
unsecured notes associated with a refinancing plan announced by
Crown Holdings, Inc., its ultimate parent holding company
(Crown).  With these ratings actions, the ratings outlook was
also changed to stable from positive.

The upgrade of the ratings acknowledges the company's sustained
improvement in operating results and consistent cash flow
generation being supported by favorable industry fundamentals.
Additionally, the ratings actions reflect the credit transforming
effects of the sale of Crown's plastics closures business
(completed on October 12, 2005) and the significance of interest
expense savings expected pro forma for the proposed refinancing.
The ratings actions also acknowledge the consistent execution of
Crown's stated financial policies and its ability to meet and
exceed Moody's expectations since its major refinancing in 2003
and 2004.

Proceeds from the refinancing along with US$650 million in
proceeds from the sale of the plastic closures business are
intended to refinance existing senior secured credit facilities
and to repay US$1.085 billion 9.50% second lien senior secured
notes due 2011, EUR285 million of 10.25% second lien senior
secured notes due 2011, and US$725 million of 10.875% third lien
senior secured notes due 2013.  (A full list of ratings actions
is presented at the end of this document.)  The borrowers of the
proposed loans and notes are to be Crown Americas LLC and Crown
Americas Capital Corp. (collectively Crown Americas), Crown
European Holdings S.A. (Crown European Holdings), and Crown Metal
Packaging Canada L.P. (Crown Canada).

The ratings of the existing second and third lien notes are
affirmed pending the completion of their tender, at which time
the ratings will be withdrawn.  In the event that the proposed
refinancing is not fully executed and portions of the existing
second and third lien bonds remain outstanding, there could be
negative ratings consequences for the instrument ratings, and
depending upon the level of incremental debt, adjustment to the
corporate family rating could also be warranted.

The existing SGL-1 speculative grade liquidity rating will be
reviewed upon conclusion of the proposed refinancing.

The upgrade of the corporate family rating to Ba3 from B2
reflects management's demonstrated ability and commitment to
improving Crown's operations while simultaneously reducing debt
in an adverse operating environment, as well as the improvement
in Crown's overall enterprise value.  In spite of rising raw
material and energy costs, Crown has improved profitability and
generated cash that has been more than sufficient to fund
business requirements as well as to satisfy required cash
payments for asbestos and pension contributions.  The ratings
also benefit from Crown's scale, geographic diversification,
broad customer base, and its position as the world's largest
maker of food cans and metal vacuum closures, the third largest
maker of beverage cans, and the second largest maker of aerosol
cans.

The ratings are constrained by Crown's financial leverage, which
remains relatively high, and ongoing exposure to asbestos
lawsuits.

The stable ratings outlook reflects further expectation of
consistent organic growth and continuing improvement in Crown's
business profile and free cash generation.  The latter should be
supported by the anticipated reduction in the level of mandatory
cash pension contributions and a level of cash outlays for
asbestos requirements that is consistent with recent trends.
Crown's business position supports strong generation of cash from
operations, which for the twelve months ended June 30, 2005
amounted to over US$400 million, and which is expected to improve
significantly over the next twelve months, as benefits of the
proposed refinancing are realized.  Additionally, the stable
rating outlook reflects Moody's belief that provisions in the
proposed first lien credit facilities, which are to include an
excess cash flow sweep, are supportive of the company's stated
intention to reduce debt.

The ratings or outlook could be lowered, if the company
undertakes actions, such as a large acquisition, that would
materially raise cash flow leverage, or suffers an unexpected
shock from asbestos or other exogenous events, or changes its
operational or financial policies to the detriment of debt
holders.

Pro forma for the proposed transaction, Crown's adjusted free
cash flow to debt (adjusted for operating leases, unfunded
pension liabilities, securitization, and asbestos liabilities) is
expected to improve from about 8% for the twelve months ended
June 30, 2005 to over 10% on a run-rate basis.  Adjusted EBIT
interest coverage is expected to improve from about 1.4x to about
2.1x.  Adjusted total debt to EBITDA is expected to improve from
about 4.7x at June 30, 2005 to about 4.1x at yearend 2006.

The Ba2 rating assigned to the proposed senior secured credit
facilities, which include US$800 million of revolving credit
facilities at Crown Americas, Crown European Holdings, and Crown
Canada and US$500 million in first lien term loans at Crown
Americas and Crown European Holdings, reflects their priority
position in the capital structure and expectation that
outstanding are well protected in a distressed scenario.
Although pro forma for the proposed refinancing the expected
year-end 2005 level of first lien debt in the capital structure
rises from 15% to 37%, the over-collateralization of the first
lien facilities, after giving consideration to the pari passu
EUR460 million (US$557 million) first lien note existing at Crown
European Holdings, warrants notching above the Ba3 corporate
family rating.  The significant level of debt under the first
lien credit facilities and notes and substantial value of the
overall enterprise further support the notching.

The upgrade of the ratings from Ba3 to Ba2 for the existing first
lien notes at Crown European Holdings reflects the benefits of
the collateral and improved overall enterprise value.  The US and
European first lien credit facilities and first lien notes are
guaranteed by parent Crown Holdings, Inc., Crown Cork & Seal
Company, Inc., Crown International Holdings, Inc. and each of the
company's direct and indirect domestic subsidiaries.  Security is
provided by a perfected first priority lien on and pledge of all
of the capital stock and inter-company notes of the company and
each of the direct and indirect subsidiaries of the company,
except that the stock pledge by the foreign subsidiaries for the
US debt is limited to 65% of first tier subsidiaries.

The B1 rating assigned to the proposed US$1.1 billion in senior
notes at Crown Americas reflects their unsecured status,
contractual subordination to the first lien debt, and guarantees
which are limited to the US domestic subsidiaries, all of which
warrant notching below the Ba3 corporate family rating.
Moreover, Crown Americas accounts for only about 22% of Crown's
total assets and about 34% of annual cash flow from operations.

The upgrade of the ratings from B3 to B2 for the US$700 million
in senior unsecured notes at Crown Cork & Seal Company, Inc. and
the US$156 million at Crown Cork & Seal Finance PLC reflects
improvement of fundamental creditworthiness of the overall
enterprise.  The fact that the claims of the holders of
obligations at Crown Cork & Seal Company, Inc., which guarantees
the obligations of Crown Cork & Seal Finance PLC, are
structurally subordinated to the claims of creditors at the
company's operating subsidiaries resulted in downward notching.

Moody's has assigned these ratings:

(a) US$410 million proposed US Revolving Credit Facility due
    2011, assigned Ba2;

(b) US$350 million proposed European Revolving Credit Facility
    due 2011, assigned Ba2;

(c) US$40 million proposed Canadian Revolving Credit Facility
    due 2011, assigned Ba2;

(d) US$250 million proposed U.S. Term Loan B due 2012, assigned
    Ba2;

(e) US$250 million proposed Euro Term Loan B due 2012, assigned
    Ba2;

(f) US$500 million proposed Crown Americas senior notes due
    2013, assigned B1; and

(g) US$600 million proposed Crown Americas senior notes due
    2015, assigned B1.

Moody's also has taken these actions on existing ratings:

(a) Corporate Family Rating at Crown Cork & Seal Company, Inc.,
    rating raised from B2 to Ba3;

(b) EUR460 million (US$557 million) European Holdings 6.25%
    First Lien Notes due Sep 1, 2011, rating raised from Ba3 to
    Ba2;

(c) US$200 million Crown Cork & Seal Company, Inc. 8.00% Senior
    Unsecured Notes due April 15, 2023, rating raised from B3 to
    B2;

(d) US$350 million Crown Cork & Seal 7.375% Senior Unsecured
    Notes due December 15, 2026, rating raised from B3 to B2l;

(e) US$150 million Crown Cork & Seal 7.50% Senior Unsecured
    Notes due December 15, 2096, rating raised from B3 to B2;

(f) US$156 million (originally US$300 million) Crown Cork & Seal
    Finance PLC Senior Unsecured Notes, due December 15, 2006,
    rating raised from B3 to B2;

(g) US$200 million Crown Americas first lien revolver due
    February 15, 2010, Ba3 rating prospectively withdrawn;

(h) US$200 million European Holdings first lien revolver due
    February 15, 2010, Ba3 rating prospectively withdrawn;

(i) US$100 million Crown Americas first lien letter of credit
    facility due February 15, 2010, Ba3 rating prospectively
    withdrawn;

(j) US$1.1 billion European Holdings 9.5% Senior Secured Second
    Lien Notes due March 1, 2011, B1 rating affirmed until
    execution of tender and then withdrawn;

(k) EUR285 million (US$345 million) European Holdings 10.25%
    Senior Secured 2nd Lien Notes due March 1, 2011, B1 rating
    affirmed until execution of tender and then withdrawn; and

(l) US$725 million European Holdings 10.875% Senior Secured 3rd
    Lien Notes due March 1, 2013, B2 rating affirmed until
    execution of tender and then withdrawn

Crown Holdings, Inc. and its subsidiaries are leading global
manufacturers of steel and aluminum containers for food,
beverage, and consumer products.  Headquartered in Philadelphia,
Pennsylvania, annual revenue for the twelve months ended June 30,
2005 amounted to US$7.5 billion.

CONTACT:  MOODY'S INVESTORS SERVICE (NEW YORK)
          Kendra M. Smith, Senior Vice President
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653

          Joe Morrison, Vice President - Senior Analyst
          Corporate Finance Group
          Phone: (Journalists) 212-553-0376
                 (Subscribers) 212-553-1653


PETIT BOY: Falls Under Court Supervision
----------------------------------------
The commercial court in Pau placed Petit Boy under
court-supervised administration on Oct. 17, Les Echos says.

The children's clothing group will undergo a six-month
observation period to allow the insolvency administrator to look
for a potential buyer, the paper said.  According to an insider,
its problems date back to the time the Desmazieres family sold
the company.  Local bank Banque de Vizille took over and withdrew
the company from the stock exchange in 2003.

Petit Boy employs 350 staff in its operating network of 90 shops.

CONTACT:  GROUPE PETIT BOY
          Chemin des coteaux
          64800 NAY
          Phone: 05 59 61 35 41
          Fax: 05 59 61 90 26
          E-mail: info@petitboy.com
          Web site: http://www.petitboy.com/


=============
G E O R G I A
=============


TBILGAZ: Gas Distributor Crashes Under Heavy Debt
-------------------------------------------------
The Tbilisi City Court's Civil Panel has opened bankruptcy
proceedings against Tbilgaz, says Interfax.

Tax inspectors from the Georgian Finance Ministry have filed the
petition against the gas distributor whose debt had reached more
than GEL200 million (around US$110 million).

The court has also ruled to freeze Tbilgaz's assets for the
duration of the bankruptcy procedure that will be handled by
Tbilgaz General Director Georgy Gvichiani.  Creditors, which
include ITERA International Oil and Gas Company and OAO Gazprom's
Gazexport unit, have three weeks to submit claims.  They will
meet on November 15.  The company's press service revealed
Tbilgaz owes the Georgian state budget more than GEL100 million,
and the Tbilisi City Hall over GEL30 million.

CONTACT:  TBILGAZ
          c/o Ministry of Finance
          70, Irakli Abashidze str.
          Tbilisi 380079, Georgia
          Phone: (+995 32) 22 68 05; 29 20 77
          Fax: (+995 32) 29 23 68

          ITERA INTERNATIONAL OIL AND GAS COMPANY
          Sevastopolsky Prospekt, 28, Bldg. 1
          117209 Moscow
          Phone: +7(095) 411-8500
                 or +7 (095) 788-8500
          Fax: +7(095) 788-8502
          E-mail: inbox@itera.ru
          Web site: http://www.iteragroup.com

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


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


DIGITAL DRUCK: Hamburg Court Appoints Administrator
---------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Digital Druck Gesellschaft fuer digitale Druckproduktion
mbH on September 28.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until November 11, 2005 to register their claims with
court-appointed provisional administrator Herbert Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting on November 14, 2005, 11:55 a.m. at the district
court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355
Hamburg, 4. Etage, Anbau, Saal B 405, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  DIGITAL DRUCK GESELLSCHAFT FUER DIGITALE
          DRUCKPRODUKTION mbH
          Curslacker Neuer Deich 44, 21029 Hamburg
          Contact:
          Holger Hagelstein, Manager

          Herbert Duerkop, Administrator
          Neuer Wall 86, 20354 Hamburg
          Phone: 040/361307-0


ELEKTRO BRUNO: Creditors Meeting Set December
---------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Elektro Bruno Henschke GmbH on October 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 11, 2005 to
register their claims with court-appointed provisional
administrator Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on December 5, 2005, 8:00 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:  ELEKTRO BRUNO HENSCHKE GmbH
          Erkelenzer Str. 182, 41849 Wassenberg
          Contact:
          Adelheid Henschke, Manager

          Johannes Klefisch, Administrator
          Rotter Bruch 6, 52068 Aachen
          Phone: 0241/949740
          Fax: 0241/870203


GIRINDUS AG: Expects Another Loss this Year
-------------------------------------------
Drug and cosmetic ingredients supplier Girindus AG will close
2005 with another negative EBITDA, no thanks to a string of
events that took place this year, Borsen Zeitung says.

According to the company, the takeover by Solvay Organics GmbH
this year, combined with restructuring and start-up costs for new
cosmetics ingredients, will lead to -EUR3.5 million EBITDA this
year.  The group had originally aimed for a positive figure this
year, after last year's -EUR4.9 million.

Based in Bensberg, Germany, Girindus specializes in process
development and the production of innovative drug and cosmetic
actives.  Listed in the Prime Segment of the German Stock
Exchange, with operations in the United States, it employs 140
people, including 50 scientists holding PhDs.

CONTACT:  GIRINDUS AG
          Buchenallee 20
          51402 Bensberg
          Deutschland
          Web site: http://www.girindus.com

          SOLVAY S.A.
          Rue du Prince Albert, 33
          B-1050 Brussels, Belgium
          Phone: +32-2-509-6111
          Fax: +32-2-509-6617
          Web site: http://www.solvay.com


IHR PARTNER: Aachen Court to Verify Claims January
--------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Ihr Partner Deutschland GmbH on October 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 18, 2005 to
register their claims with court-appointed provisional
administrator Dr. Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on November 28, 2005, 10:30 a.m. at the district
court of Aachen, Nebenstelle Augustastrasse, Augustastrasse
78/80, 52070 Aachen, I. Etage, Raum 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 on January 16, 2006, 10:10 a.m. at the
same venue.

CONTACT:  IHR PARTNER DEUTSCHLAND GmbH
          Karl-Heinz-Beckurts-Str. 13, 52428 Juelich
          Contact:
          Norbert Mueschen, Manager

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Duesseldorf
          Phone: 0211/ 49 76 59 0
          Fax: 021149765959


MASCHINENFABRIK FRANZ: Under Bankruptcy Administration
------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Maschinenfabrik Franz Kramer GmbH & Co. KG on September
30.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until November
25, 2005 to register their claims with court-appointed
provisional administrator Johannes Klefisch.

Creditors and other interested parties are encouraged to attend
the meeting on December 19, 2005, 12:00 p.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 on January 16, 2006, 12:00 p.m. at the
same venue.

CONTACT:  MASCHINENFABRIK FRANZ KRAMER GmbH & Co KG
          Stolberger Str. 46, 52249 Eschweiler

          Johannes Klefisch, Administrator
          Rotter Bruch 6, 52068 Aachen
          Phone: 0241/949740
          Fax: 0241/870203


ORL VITALMED: Proofs of Claim Due Next Month
--------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against ORL VITALMED GmbH & Co. Sauerstoff-Therapiezentrum
Krefeld Kommanditgesellschaft on September 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 6, 2005 to register their
claims with court-appointed provisional administrator Dr. Onno
Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on November 28, 2005, 9:00 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ORL VITALMED GmbH & Co. SAUERSTOFF-THERAPIEZENTRUM
          KREFELD KOMMANDITGESELLSCHAFT
          Duesseldorfer Str. 139, 40545 Duesseldorf
          Contact:
          Dr. Hans Michael Strahl, Manager
          Duesseldorferstr. 139, 40545 Duesseldorf

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


SPECTRA COULEUR: Charlottenburg Firm Succumbs to Bankruptcy
-----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Spectra Couleur GmbH on September 28.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until December 27,
2005 to register their claims with court-appointed provisional
administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on November 16, 2005, 9:35 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on February 22,
2006, 9:00 a.m. at the same venue.

CONTACT:  SPECTRA COULEUR GmbH
          Schwarzschildstrasse 6,12489 Berlin

          Hartwig Albers, Administrator
          Luetzowstr. 100, 10785 Berlin


STEAG HAMATECH: Nine-month Result Slips into the Red
----------------------------------------------------
Market difficulties continue to weigh down optical disk
manufacturer STEAG HamaTech, which posted negative pre-tax
figures both in the first nine months and third quarter.

According to Borsen Zeitung, STEAG posted EUR7.5 million in
pre-tax loss for the first nine months, and -EUR5.5 million in
the third quarter up from EUR4.5 million in 2004.  Nine-month
turnover also fell 27% to EUR80.1 million, and to EUR23 million
in the third quarter from EUR29.2 million last year.

STEAG blames the difficult situation in the optical disk market
and forecasts no more than EUR5 million in pre-tax losses this
year on turnover of EUR130 million.  The company will try to save
EUR4 million in personnel and EUR3 million in material costs to
mitigate the loss.  The job cuts will come from the Sternenfels
site, whose 275 work force will be reduced to less than 200.

STEAG (Prime Standard, ISIN DE0007309007) makes equipment for the
production of optical storage media and Advanced Process
Equipment (APE) for the semiconductor industry.

CONTACT:  STEAG HAMATECH AG
          Ferdinand-von-Steinbeis-Ring 10
          75447 Sternenfels
          Web site: http://www.steag-hamatech.com


WESER-HAUS: Claims Filing Period Ends November 23
-------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Weser-Haus GmbH & Co. Betriebs-KG on September 29.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 23,
2005 to register their claims with court-appointed provisional
administrator Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2005, 9:30 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:  WESER-HAUS GmbH & Co. BETRIEBS-KG
          Marienstr. 59, 32427 Minden

          Joachim Walterscheid, Administrator
          Am Kurpark 2, 32545 Bad Oeynhausen


WINNE GMBH: Duesseldorf Court Calls in Administrator
----------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Winne GmbH Malerbetrieb on October 6.  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. Frank
Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting on December 6, 2005, 9:20 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  WINNE GmbH MALERBETRIEB
          Kettelerstr. 26, 41462 Neuss
          Contact:
          Paul Winne, Manager

          Dr. Frank Kebekus, Administrator
          Scheibenstrasse 45, 40479 Duesseldorf


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


RIVERDEEP GROUP: Moody's Confirms 'B' Ratings
---------------------------------------------
Moody's Investors Service confirmed the existing ratings of
Riverdeep Holdings plc and related entities.  The rating action
concludes the review for possible downgrade initiated by Moody's
on 19 July 2005 following Riverdeep's announcement to issue a
senior paid-in-kind (PIK) loan in the amount of US$150 million.
The final issuance amounted to US$175 million.  The outlook on
the ratings remains negative.

Ratings confirmed are:

(a) Riverdeep Holdings plc: B2 corporate family rating;

(b) Riverdeep Group Limited: B3 senior notes; and

(c) Riverdeep Interactive Learning Limited: B1 senior secured
    facility.

Riverdeep's corporate restructuring has resulted in the
establishment of two holding companies outside the restricted
group, thus not directly affecting the position of the holders of
the existing senior notes.  The restricted group is ring-fenced
at the level of Riverdeep Holdings plc where the corporate family
rating of B2 is anchored.

Moody's notes that the PIK loan issuance reflects a more
aggressive financial policy in that it facilitated an early
return of funds to the shareholders, otherwise restricted under
the existing bond terms and conditions, which was not originally
factored in the B2 corporate family rating.  Although the PIK
loans are non-cash pay, they do have various covenants, which
largely mirror the existing senior note indenture (this is to
accommodate a potential loan exchange into publicly traded notes
from May 15, 2006).

The PIK loan maturity is six months after the senior note
maturity, less than a customary one-year gap between maturities
of senior and subordinated instruments.  Furthermore, the terms
and conditions of the PIK loan provide for a cross-default into
the restricted group.  However, Moody's notes that the PIK
issuing company's claim against the restricted group is limited
to its equity holding.  In addition, Moody's does not expect and
does not factor into the B2 rating any further changes to the
company's financial policies over the medium term.

Since the B2 rating was assigned a negative outlook in December
2004, the company has achieved visible operational and financial
progress.  Moody's however notes that Q1 2005 results are not
directly comparable with those of Q1 2004 due to the changes in
the retail outsourcing of supplemental education and personal
publishing software to Encore which resulted in a change of the
company's revenue recognition.  In Q2 2005 the company recorded
progress in revenue and EBITDA growth year-on-year, whilst
recording a modest reduction in its generation of cash flow from
operations.  The rating agency acknowledges the company's
financial and operational progress but intends to review the
company's 2005 annual results for a potential change in the
outlook on its ratings.

Headquartered in Dublin, Ireland, Riverdeep provides educational
and personal publishing/productivity software principally in the
U.S. market.  For the three months ended 30 June 2005, the
company reported net revenues of US$35.4 million and EBITDA of
US$18.9 million.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          Jenya Brown, Analyst
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          David G. Staples, Managing Director
          Corporate Finance Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


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


PARMALAT SPA: New Shareholders Ask Enrico Bondi to Stay
-------------------------------------------------------
Foreign shareholders of revived Parmalat S.p.A. want to keep
Enrico Bondi, the government-appointed administrator who guided
the company's debt restructuring, AFX News says.

Mr. Bondi has been instrumental in selling the group's non-core
and non-performing assets; going after financial institutions to
recover billions of euros to repay creditors; and guiding its
return to the stock market.

A group of shareholders, headed by Banca Intesa S.p.A., however,
wants to entertain a takeover offer by local dairy group
Granarolo, Corriere della Sera says.  Granarolo, according to La
Repubblica in a separate report, is planning to use its Vercelli
Specialita Gastronomiche unit as vehicle for its cash-and-paper
bid, with the cash component reportedly valued at EUR1.5 per
share.

Banca Intesa's faction does not include Capitalia S.p.A., which
controls 5.53% of the New Parmalat, Corriere della Sera said.
U.S. bank Citigroup, meanwhile, is not taking part in any deal,
preferring to sell its 3.5% stake.  The three banks, along with
other creditors, now constitute the majority after taking part in
a EUR20 million debt-to-equity swap.  The other
creditors-turned-shareholders are Harbert Distressed Fund with
2.94%; Wells Fargo, 2.09%; and Sanpaolo IMI S.p.A., 1.7%.
Shareholders will meet on Nov. 7 and 8 to appoint a new board.

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


PARMALAT SPA: Bondi May Remain as CEO
-------------------------------------
Parmalat's main man and administrator Enrico Bondi is willing to
remain as the group's chief executive, says Reuters citing a
source privy to the matter.

Parmalat foreign shareholders, particularly international banks
and hedge funds, have asked Mr. Bondi to stay and complete the
company's recovery.  They, however, need to gather enough votes
to support him when Parmalat shareholders meet on Nov. 9 to
appoint corporate officers.

Mr. Bondi has been instrumental in resurrecting Parmalat.
Immediately after taking over in 2002, he disposed of non-core
and non-performing assets, reducing the group's international
presence and market share.  He also launched several
multi-billion-euro suits against a number of institutions for
allegedly abetting Parmalat's collapse by helping it disguise its
true financial condition.  He also made possible a EUR20 billion
debt-to-equity swap that erased the group's liabilities and
turned several companies subject of his lawsuits into
shareholders.  These shareholders are expected to replace Mr.
Bondi with somebody who will take a less litigious stance.
However, Parmalat's new bylaws make it difficult for any new
chief executive to drop the lawsuits initiated by Mr. Bondi.

Mr. Bondi has indicated he would relinquish his position after
completing the restructuring.  His decision could be announced
this week.  If he decides to stay, the forthcoming shareholders
meeting would become a battleground between supporting
bondholders and adversary banks.

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


PARMALAT SPA: Bondholders Group Disputes Swap's Validity
--------------------------------------------------------
A group of Parmalat S.p.A. shareholders is challenging the
validity of the recently concluded EUR20 billion debt-to-equity
swap, AFX News says.

The bondholders filed an appeal before the Bologna Appeals Court,
seeking to overturn the Parma Court's approval of the swap, which
paved the way for Parmalat's return to the stock market.  Named
respondents in the appeal are state-appointed administrator
Enrico Bondi and 15 other groups that benefited from the swap.
The appeal also seeks to cancel the deal.

Under Italian law on company reconstructions, a bondholder appeal
does not suspend the validity of the swap.

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
===================


VAVILON: Creditors' Claims Due December
---------------------------------------
Vavilon, which recently became insolvent, will accept proofs of
claim at Bishkek, Turusbekova Str. 130 until December 10, 2005.

CONTACT:  VAVILON
          Bishkek, Turusbekova Str. 130


VZRYVPROM: Sets Public Auction Tomorrow
---------------------------------------
The bidding organizer and insolvency manager of JSC Vzryvprom
will sell its properties on October 26, 2005, 10:00 a.m. at
Bishkek, Mederova Str. 42, Room 207.  To participate, bidders
must submit the necessary documents on or before October 25,
2005, 2:00 p.m.  Call (0-312) 54-48-08 for more information.


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


STOLT-NIELSEN: Continues Share Buyback Program
----------------------------------------------
Stolt-Nielsen S.A. said that Stolt-Nielsen Transportation Group
(SNTG), a 100% owned subsidiary of SNSA, purchased on Friday
119,600 of SNSA Common Shares on the Oslo Stock Exchange at an
average price of NOK220.00 per share (approximately $33.95 at the
current exchange rate).  The shares were purchased in accordance
with the repurchase program announced on August 25, 2005,
authorizing Company to purchase up to $200 million worth of its
Common Shares or related American Depositary Shares.

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

Total number of Common Shares purchased: 119,600
Total number of Common Shares owned after purchase: 1,263,200
Percentage of issued shares of such class of shares following
such purchase: 1.9%

Including these purchases, the Company has purchased Common
shares totaling approximately $43.5 million under the $200
million repurchase program announced on August 25, 2005.

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

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

About Stolt-Nielsen S.A.

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

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

          Jan Chr. Engelhardtsen
          Phone: (U.K.) 44 20 7611 8972
          E-mail: jengelhardtsen@stolt.com


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


ROYAL SHELL: Remaining 'A' Shares Down to 3,999,240,000
-------------------------------------------------------
On 21 October 2005, Royal Dutch Shell plc purchased for
cancellation 950,000 'A' Shares at a price of EUR24.28 per share.
It further purchased for cancellation 300,000 'A' Shares at a
price of 1,642.33 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,999,240,000.

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
===========


ARS-WOOD: Bankruptcy Supervision Procedure Begins
-------------------------------------------------
The Arbitration Court of Arkhangelsk region has commenced
bankruptcy supervision procedure on close joint stock company
Ars-Wood.  The case is docketed as A05-9191/05-8.  Mr. O. Savin
has been appointed temporary insolvency manager.  Creditors have
until October 24, 2005 to submit their proofs of claim to 163000,
Russia, Arkhangelsk, K. Marksa Str. 31A, Office 56.

CONTACT:  ARS-WOOD
          163000, Russia, Arkhangelsk region,
          Pomorskaya Str. 7

          Mr. O. Savin
          Temporary Insolvency Manager
          163000, Russia, Arkhangelsk region,
          K. Marksa Str. 31A, Office 56
          Phone: 8(8182) 21-59-40


EDINSTVO: Tambov Court Opens Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Tambov region has commenced bankruptcy
supervision procedure on agro company Edinstvo.
The case is docketed as A64-3824/05-21.  Mr. D. Porkhunov has
been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 390013, Russia, Ryazan,
Zavrazhnova Pr. 5, Office 14.

CONTACT:  EDINSTVO
          393667, Russia, Tambov region,
          Zherdevskiy region, Pichaevo

          Mr. D. Porkhunov
          Temporary Insolvency Manager
          390013, Russia, Ryazan,
          Zavrazhnova Pr. 5, Office 14


EVRAZ GROUP: S&P Rates Proposed Notes 'B+'
------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to
the proposed notes issue by Russia-based mining and steel group
Evraz Group S.A. (Evraz; B+/Positive/--).  The amount and terms
of the issue will be determined at placement.

The rating on the bond reflects the corporate credit rating on
Evraz, and on its 100%-owned core subsidiary Mastercroft Ltd.
(B+/Positive/--), which owns controlling stakes in operating
subsidiaries of the group, and has issued an unconditional and
irrevocable guarantee on the proposed bond.

Although--unlike two existing Eurobonds issued by Evraz
Securities S.A.--the new issue will not be guaranteed by the
operating subsidiaries, we do not currently notch the planned
bond rating down from the issuer credit ratings of Evraz and
Mastercroft, as we do not regard recovery prospects as materially
disadvantageous compared with subsidiaries' creditors.

"The complex group structure has already been factored in as one
of the key rating constraints on Evraz and Mastercroft," said
Standard & Poor's credit analyst Elena Anankina.  "The relative
status of various creditor groups is uncertain due to the
weakness of Russia's legal system."

"We expect Evraz to stay comfortably within the covenants that
limit maximum net debt to EBITDA at 3x and minimum EBITDA to
interest at 3x, and to gradually optimize its debt structure by
reducing debt at operating subsidiaries," she added.

The issue proceeds will be used for general corporate purposes,
partial refinancing of existing short-term debt, and investments
in expanding the group operations, including the potential
acquisition of a 50% stake in the coal mining company
Yuzhkuzbassugol.  The latter would help strengthen Evraz's
vertical integration, which is its key competitive advantage.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com It can also be found at
http://www.standardandpoors.com Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

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


GAZPROMBANK: Ratings Raised to 'BB-' in Line with Parent
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and certificate of deposit ratings on
Russia-based Gazprombank -- Joint-Stock Bank of Gas Industry --
to 'BB-' from 'B+'.  At the same time, the Russia national scale
rating on the bank was raised to 'ruAA-' from 'ruA+'. In
addition, the 'B' short-term ratings on the bank were affirmed.
The outlook is positive.

"The rating actions reflect the recent one-notch upgrade of the
long-term corporate credit rating on Gazprombank's parent, OAO
Gazprom, to 'BB'," said Standard & Poor's credit analyst Irina
Penkina.

The Gazprom upgrade was due to its improving operating and
financial performance in 2005, and a perceived improvement in its
ongoing support from the Russian government.

Standard & Poor's expects that Gazprom will retain control over
the bank, and will continue to support it if needed, as reflected
by the positive outlook.

Gazprombank's underlying creditworthiness is constrained by the
bank's own financial profile weaknesses, and the high economic
and industry risks that banks are subject to in Russia.  "The
current ratings will be particularly sensitive to the scope and
profitability of Gazprombank's recurrent commercial business,
better diversification of good quality assets and revenues, and
improved recurrent profitability," added Ms. Penkina.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com It can also be at
http://www.standardandpoors.com Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  GAZPROMBANK
          16, Building 1,
          Nametkina St., 117420, Moscow, Russia

          63, Novocheremushkinskaya St., 117418,
          Moscow, Russia
          Phone: (095) 913-74-74
          Fax: (095) 913-73-19
          E-mail: mailbox@gazprombank.ru
          Web site: http://www.gazprombank.ru


LENINGRADSKOYE FREIGHT: Names A. Radinov Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on open joint stock company
Leningradskoye Freight Auto-Transport Enterprise (TIN/KPP
2341002562 / 234101001).  The case is docketed as
A-32-17562/2005-46/258-B.  Mr. A. Radionov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 353680, Russia,
Krasnodar region, Eysk, Armavirskaya Str. 37, 2nd floor.  A
hearing will take place on December 26, 2005, 3:30 p.m.

CONTACT:  LENINGRADSKOYE FREIGHT AUTO-TRANSPORT ENTERPRISE
          353602, Russia, Krasnodar region,
          Leningradskaya St., Stantsionnaya Str. 5

          Mr. A. Radionov
          Insolvency Manager
          353680, Russia, Krasnodar region, Eysk,
          Armavirskaya Str. 37, 2nd floor


MICHURINETS: Insolvency Manager Takes over Business
---------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on open joint stock company
Michurinets.  The case is docketed as A76-17858/05-55-92.  Mr. Y.
Moskalenko has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 620131, Russia,
Ekaterinburg, Post User Box 99.  A hearing will take place on
December 7, 2005.

CONTACT:  MICHURINETS
          Russia, Chelyabinsk region,
          Kartalinskiy region, Michurinskiy

          Mr. Y. Moskalenko
          Temporary Insolvency Manager
          620131, Russia, Ekaterinburg,
          Post User Box 99


OAO SIBNEFT: Gazprom Closes Acquisition
---------------------------------------
Millhouse Capital on Oct. 20 completed the sale of a 72.66% stake
in Sibneft to OAO Gazprom.  The shares previously controlled by
Millhouse are currently held by Gazprom Finance B.V.

Sibneft's Board of Directors resolved on Oct. 21 to suspend the
powers of outgoing company president Eugene Shvidler.  The Board
named Alexander Ryazanov, deputy chief executive of OAO Gazprom,
as acting president of Sibneft.

The Board of Directors also resolved to hold an extraordinary
meeting of shareholders on December 23, 2005.  Shareholders will
be asked to vote on the dismissal of the current board of
directors, the election of a new board of directors, the
dismissal of the current president of Sibneft and the selection
of a new company president.  The record date for shareholders
eligible to participate in the meeting is October 24, 2005.

In addition, the Board resolved to cancel Sibneft's agreement
with OAO Registrator R.O.S.T. for management of its shareholder
register. The company's new registrar will be ZAO SR-DRAG.

Eugene Shvidler thanked members of the Board of Directors and all
of Sibneft's employees for years of successful work together.

"Together, we created one of the best companies in Russia, with
outstanding prospects for further development," Mr. Shvidler
said.  "I wish you and the new Sibneft management continued
success, industry leadership and achievement."

CONTACT: OAO SIBNEFT
         John Mann
         Phone: +7 (095) 777-3116, 777-3182
         Fax: +7 (095) 777-3114
         E-mail: JohnM@sibneft.ru
         Web site: http://www.sibneft.com


ORENBURG-FURNITURE-2: Bankruptcy Hearing Set December
-----------------------------------------------------
The Arbitration Court of Orenburg region has commenced bankruptcy
supervision procedure on limited liability company
Orenburg-Furniture-2.  The case is docketed as A47-9422/2005
14GK.  Mr. A. Tsukanov has been appointed temporary insolvency
manager.  A hearing will take place on December 21, 2005, 10:30
a.m.

CONTACT:  ORENBURG-FURNITURE-2
          Russia, Orenburg region,
          Mebelnaya Str. 32

          Mr. A. Tsukanov
          Temporary Insolvency Manager
          460021, Russia, Orenburg region,
          60-letiya Oktyabrya Str. 1/1, Room 410


OSTROVSKOYE: Claims Filing Period Ends Next Month
-------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on open joint stock company
Ostrovskoye.  The case is docketed as A12-14874/05-s58.  Ms. O.
Chirkova has been appointed temporary insolvency manager.
Creditors have until November 24, 2005 to submit their proofs of
claim to 400005, Russia, Volgograd region, Lenina Pr. 102-106.

CONTACT:  OSTROVSKOYE
          403391, Russia, Volgograd region,
          Danilovskiy region, Ostravskaya St

          Ms. O. Chirkova
          Temporary Insolvency Manager
          400005, Russia, Volgograd region,
          Lenina Pr. 102-106


ROMENSK-AGRO-PROM-SNAB: Succumbs to Bankruptcy
----------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Romensk-Agro-Prom-Snab (TIN 2822000173) after
finding the open joint stock company insolvent.  The case is
docketed as AO4-1598/05-4/61 "B".  Ms. I. Lagutina has been
appointed insolvency manager.  Creditors have until November 17,
2005 to submit their proofs of claim to 675000, Russia, Amur
region, Blagoveshensk, Shimanovskogo Str. 46/2.

CONTACT:  ROMENSK-AGRO-PROM-SNAB
          Russia, Amur region, Romnenskiy region,
          Romny, Trudovaya Str. 2

          Ms. I. Lagutina
          Insolvency Manager
          675000, Russia, Amur region,
          Blagoveshensk, Shimanovskogo Str. 46/2


RUS': Under Bankruptcy Supervision
----------------------------------
The Arbitration Court of Chukotskiy autonomous region commenced
bankruptcy proceedings against Rus' after finding the close joint
stock company insolvent.  The case is docketed as A80-24/2005-B.
Mr. O. Syskov has been appointed insolvency manager.

CONTACT:  RUS'
          689450, Russia, Chukotskiy autonomous region,
          Anadyr, Vostochnyj Location, 1/7, Section 18

          Mr. O. Syskov
          Insolvency Manager
          680000, Russia, Khabarovsk,
          Dzerzhinskogo Str. 28


UFIMSKIY KRANOSTROITELNYJ: Declared Insolvent
---------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Ufimskiy Kranostroitelnyj Factory (TIN 0273030237).  The case is
docketed as A07-25216/05-G-PAV.  Mr. A. Abakarov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 450077, Russia,
Bashkortostan republic, Ufa, Engelsa Str. 1/1.  A hearing will
take place on February 27, 2006.

CONTACT:  UFIMSKIY KRANOSTROITELNYJ FACTORY
          450043, Russia, Bashkortostan republic,
          Ufa, Frontovykh brigad Str. 48/5

          Mr. A. Abakarov
          Temporary Insolvency Manager
          450077, Russia, Bashkortostan republic,
          Ufa, Engelsa Str. 1/1


UST-LABINSK-AGRO-TRANS: Court Brings in Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Ust-Labinsk-Agro-Trans (TIN 2356007080) after
finding the open joint stock company insolvent.  The case is
docketed as A-32-6078/2005-2/86B.  Mr. M. Bendikov has been
appointed insolvency manager.  A hearing will take place on
November 23, 2005, 2:30 p.m.

CONTACT:  UST-LABINSK-AGRO-TRANS
          Russia, Krasnodar region,
          Ust-Labinsk, Shaumyana Str. 1


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


SWISS INTERNATIONAL: Sells Loyalty Gate Shareholding
----------------------------------------------------
Swiss International Air Lines is selling its stake in Loyalty
Gate Ltd., Europe's leading provider of services for frequent
flyer programs, to London-based International Customer Loyalty
Programmes, the world's number one airline loyalty marketing
agency.  Swiss International holds 57.2% of Loyalty Gate shares.
The minority shareholders have also agreed to the sale.

Loyalty Gate Ltd. has managed the Swiss TravelClub frequent flyer
program for Swiss International.  Following SWISS's decision to
transfer Swiss TravelClub to Miles & More, Europe's leading
frequent flyer program, as of April 1, 2006, SWISS and the other
Loyalty Gate Ltd. shareholders have agreed the sale to ICLP.

As a globally active specialist in customer loyalty programs,
ICLP will expand Zurich-based Loyalty Gate Ltd. as Europe's
leading developer and manager of frequent flyer programs in
Central Europe.

CONTACT:  SWISS INTERNATIONAL
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com


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


ATOMELEKTROMONTAZH: Court Appoints Insolvency Manager
-----------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Atomelektromontazh (code EDRPOU 32506861) on
August 29, 2005 after finding the limited liability company
insolvent.  The case is docketed as 19/106(05).  Mr. Oleksandr
Potapov (License Number AA 799120) has been appointed
liquidator/insolvency manager.

CONTACT:  ATOMELEKTROMONTAZH
          71500, Ukraine, Zaporizhya region,
          Energodar, a/b 101

          Mr. Oleksandr Potapov
          Liquidator/Insolvency Manager
          71500, Ukraine, Zaporizhya region,
          Energodar, a/b 118

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


FOBOS TVK: Liquidator Takes over Helm
-------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Fobos TVK (code EDRPOU 33252693) on September
12, 2005 after finding the limited liability company insolvent.
The case is docketed as 6/201-29/236.  Mr. Oleg Vinyarskij
(License Number AA 487814) has been appointed
liquidator/insolvency manager.  The company holds account number
26002000537001 at CB Nadra, Lviv regional branch, MFO 325978.

CONTACT:  FOBOS TVK
          054, Ukraine, Lviv region,
          Shevchenko Str. 36

          Mr. Oleg Vinyarskij
          Liquidator/Insolvency Manager
          79020, Ukraine, Lviv region,
          Varshavska Str. 66/21

          ECONOMIC COURT OF LVIV REGION
          79010, Ukraine, Lviv region,
          Lichakivska Str. 81


LAND-FINANCIAL CENTRE: Succumbs to Insolvency
---------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against East-Ukrainian Land-Financial Centre (code
EDRPOU 32123020) on September 14, 2005 after finding the limited
liability company insolvent.  The case is docketed as 42/142 B.
Ms. Yuliya Gnut has been appointed liquidator/insolvency manager.

CONTACT:  LAND-FINANCIAL CENTRE
          83016, Ukraine, Donetsk region,
          Peredova Str. 6/2

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


OLEKSANDRIYA' POLYGRAPHIC: Under Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on OJSC Oleksandriya' Polygraphic
Techniques Plant (Code EDRPOU 02424843) on September 1, 2005.
The case is docketed as 10/167.  Mr. O. Serdyuk (License Number
AA 630105) has been appointed temporary insolvency manager.

CONTACT:  OLEKSANDRIYA' POLYGRAPHIC TECHNIQUES PLANT
          28000, Ukraine, Kirovograd region,
          Oleksandriya, Kirovogradske shose, 157

          Mr. O. Serdyuk
          Temporary Insolvency Manager
          Ukraine, Kirovograd region,
          Oleksandriya, Chervonogo Kozatstva Str. 41/2

          THE ECONOMIC COURT OF KIROVOGRAD REGION
          25006, Ukraine, Kirovograd region,
          Lunacharski Str. 29


SAGAJDATSKE HPP: Bankruptcy Supervision Starts
----------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on OJSC Sagajdatske HPP (code EDRPOU
00955503) on August 5, 2005.  The case is docketed as 10/88.  Ms.
Ovsij Yanina (License Number AB 176160) has been appointed
temporary insolvency manager.  The company holds account number
26006710197670 at JSCB Ukrsocbank, Poltava regional branch, MFO
331014.

CONTACT:  SAGAJDATSKE HPP
          36014, Ukraine, Poltava region,
          Zhovtneva Str. 43

          Ms. Ovsij 0yanina
          Temporary Insolvency Manager
          36014, Ukraine, Poltava region,
          Ostrovskij Str. 24/1

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


VIRDZHINIYA: Declared Insolvent
-------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Virdzhiniya (code EDRPOU 14334271) on May 17,
2005 after finding the limited liability company insolvent.  The
case is docketed as 23/683-b.  Mr. S. Borisenko (License Number
AA 630112) has been appointed liquidator/insolvency manager.

CONTACT:  VIRDZHINIYA
          04209, Ukraine, Kyiv region,
          Ozerna Str. 8-a

          Mr. S. Borisenko
          Liquidator/Insolvency Manager
          Ukraine, Kyiv region,
          Derevoobrobna Str. 5

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


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


APEX FOAM: Calls in Joint Liquidators
-------------------------------------
A. Steggall, chairman of Apex Foam Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Sept. 30 at
South Suffolk Business Centre, Alexandra Road, Sudbury, Suffolk
CO10 2ZX.

Ian Bull of Ian Bull & Co, South Suffolk Business Centre,
Alexandra Road, Sudbury, Suffolk CO10 2ZX and S. J. Wainwright of
Poppleton & Appleby, 32 High Street, Manchester M4 1QD were
appointed Joint Liquidators.

Apex Foam was established in 1993.

CONTACT:  APEX FOAM LTD.
          10 Piperell Way
          Haverhill
          CB9 8PH Suffolk
          Phone: 01440 714715
          Fax: 01440 714009
          Web site: http://www.apexfoam.fsnet.co.uk
          Contact:
          Hayley Isaacs, Managing Director

          IAN BULL & CO
          South Suffolk Business Centre
          Alexandra Road
          Sudbury
          Suffolk CO10 2ZX
          Phone: 01787 374667
          Fax: 01787 319980
          E-mail: ian@teambull.co.uk


ASHTEAD GROUP: Court Denies Appeal on U.S. Unit's Compensation
--------------------------------------------------------------
Ashtead Group plc disclosed Friday that the North Carolina Court
of Appeals has dismissed an appeal by Head & Engquist Equipment
LLC (H&E) against an earlier ruling in which Ashtead's U.S.
subsidiary, Sunbelt Rentals Inc., was awarded damages of US$15
million plus recovery of its legal costs and pre and post
judgment interest.

The award is currently secured by a letter of credit in the
amount of US$20.1 million lodged by H&E with the Court.  H&E has
the right to challenge the judgment of the Court of Appeal on or
before 22 November 2005.

The events subject to litigation date back to 2000, in the period
immediately prior to Sunbelt's acquisition of BET USA, when H&E
executed a plan to develop its aerial work platform rental
business by raiding over 100 staff from the BPS division of BET
USA, to open competing rental stores in seven major markets
served by BPS.

The US$20 million award has not been reflected in Ashtead's
accounts but all Sunbelt's litigation costs have been expensed.

                        About the Company

Registered in the U.K., Ashtead is a leading provider of rental
equipment in the U.K. and the U.S. through its a-Plant and
Sunbelt subsidiaries.  As at financial year ending April 30,
2005, the group generated annual revenues of GBP523.7 million and
EBITDA of GBP169.7 million.  Net debt stood at GBP493.2 million.

In July, Ashtead completed its refinancing, which included:

(a) the raising of approximately GBP70 million before expenses
    through the Placing and Open Offer of approximately 73.4
    million New Ordinary Shares at 95.5 pence per share; and

(b) the raising of US$250 million (approximately GBP142
    million), before expenses, by the issue of New Senior Loan
    Notes, which carry an interest rate of 8 5/8% and will be
    repayable in full in August 2015.

From the proceeds of the refinancing, Ashtead has now repaid the
Convertible Loan Note at a discount of approximately 11% and will
redeem GBP42 million of the existing Senior Loan Notes, which
carry interest at a rate of 12%.

Together these transactions have further deleveraged the balance
sheet and reduced borrowing costs; further extended the average
debt maturity to approximately 7 years; avoided the potential
dilution to existing shareholders which would occur if the
Convertible Loan Note were to convert into equity; broadened the
investor base; and facilitated the payment of dividends in the
future.

CONTACT:  ASHTEAD GROUP PLC
          King's Court, 41-51 Kingston Rd.
          Leatherhead
          Surrey KT22 7AP, United Kingdom
          Phone: +44-1372-362-300
          Fax: +44-1372-376-610
          Web site: http://www.ashtead-group.com


BARTLETT CATERING: GE Heller Limited Appoints Receiver
------------------------------------------------------
GE Heller Limited appointed Jason James Godefroy and Andrew
Gordon Stoneman (Office Holder Nos 9097, 8728) of Menzies
Corporate Restructuring joint administrative receivers of
Bartlett Catering Equipment Limited (Reg No 04106869) on Oct. 10.
The company's registered office is at 43-45 Portman Square,
London W1H 6LY.

Bartlett Catering -- http://www.bartlettcatering.co.uk/-- is an
independent manufacturer of catering equipment in the U.K.

CONTACT:  BARTLETT CATERING EQUIPMENT LTD.
          171 Camford Way,
          Sundon Park,
          Luton, Beds LU3 3AN
          Phone: 01582 847462
          Fax: 01582 566172

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


BRIAN PARK: Camping, Outdoor Life Equipment Retailer Winds up
-------------------------------------------------------------
B. Park, director of Brian Park Camping Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 3 at 19 Silent Street, Ipswich IP1 1TF.

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

CONTACT:  BRIAN PARK CAMPING LTD.
     Chattisham Place, Chattisham
          Ipswich, Suffolk IP8 3QD
          Phone: 01473652404

          MCTEAR WILLIAMS & WOOD
          90 St Faiths Lane,
          Norwich NR1 1NE
          Phone: 01603 877540
          Fax: 01603 877549
          E-mail: mail@mw-w.com
          Web site: http://www.mw-w.com


CARNOUSTIE GOLF: Chairman Michael Johnston Quits
------------------------------------------------
Michael Johnston has been forced to resign as chairman of
Carnoustie Golf Hotel & Resort, according to The Herald.  HM
Revenue & Customs filed for his sequestration with the Court of
Session in July.  He resigned as director Aug. 25.

The sequestration is understood to have settled out of court a
GBP2 million lawsuit against Mr. Johnston by his former
associates.  It left Lord Fraser of Carmyllie, the hotel chief
executive Martin Delaney, and Johnston's wife, Jenny as directors
of the company.

Carnoustie Golf Hotel has been losing money since it opened in
1999.  Its 2004 accounts, filed in June, reported an annual loss
of GBP709,457, bringing accumulated losses to GBP5.9 million.
Its bank overdraft and net debt climbed from GBP10.3 million to
GBP10.5 million in the 12 months to March 31 last year.
Shareholders' funds fell from GBP2 million to GBP1.2 million.

Company shareholder gambling and leisure operator, County
Properties, wrote off GBP2.1 million of investment at its annual
report.  The firm owns 25% of the company.

Carnoustie Golf was put up for sale on the market for GBP14
million last year.

CONTACT:  CARNOUSTIE GOLF COURSE HOTEL & RESORT LIMITED
          The Links, Carnoustie, DD7 7JE, Scotland
          Phone: +44 (0) 1241 411999
          Fax: +44 (0) 1241 411998
          E-mail: enquiries@carnoustie-hotel.com
          Web site: http://www.carnoustie-hotel.com/


CENTRAL FREIGHT: Hires Administrators from S. F. Plant & Co.
------------------------------------------------------------
Simon Franklin Plant and Daniel Plant (IP Nos 9155, 9207) of S.
F. Plant & Co were appointed joint administrators of Central
Freight Limited (Company No 04973576) on Oct. 10.  The company's
registered office is at Lutomer House, 100 Prestons Road, London
E14 9SB.

CONTACT:  CENTRAL FREIGHT LTD.
          47 Lyndworth Road Stirchley
          Birmingham B30 2UG
          United Kingdom
          Phone: 0121-6841459/07855 948 638 (24 hours)
          Web site: http://www.centralfreight.co.uk/

          S. F. PLANT & CO.
          Lutomer House Business Centre
          100 Prestons Road
          London E14 9SB
          Phone: 0207 538 2222
          Fax: 0207 538 3322


CITY SERVICE: Files for Liquidation
-----------------------------------
M. Reeve, chairman of City Service Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 30 at Waterton Park Golf Club, The Balk, Walton, Wakefield,
West Yorkshire NF2 8QL.

Andrew Fender of Sanderlings LLP, Sanderling House, 1071 Warwick
Road, Acocks Green, Birmingham B27 6QT was appointed liquidator.

Chemex City Service -- http://www.cityservice.co.uk-- is the
London division of Chemex International, a chemical
service-support company.  The group has a network of over 100
distribution depots throughout the U.K. and Europe.  Chemex
International is part of The Victoria Business Group.  It has
collective turnover approaching GBP30 million, the third largest
of its kind in Europe.

Chemex City installs electrical wirings.

CONTACT:  CITY SERVICE LIMITED
          P.O. Box 36
          Orpington
          BR6 6ZD
          United Kingdom
          Phone: +44 01689 819956


COMMERCIAL REFRIGERATION: Calls in Joint Liquidators
----------------------------------------------------
Commercial Refrigeration Ltd. informs that resolutions to wind up
the company was passed at an EGM held on Sept. 30 at 58 Queen
Square, Bristol.

Simon Robert Haskew and Ian Edward Walker of 58 Queen Square,
Bristol BS1 4LF were appointed Joint Liquidators.

Commercial Refrigeration -- http://www.commercialireland.com
-- sells refrigeration, air conditioning for the catering and bar
industries.

CONTACT:  COMMERCIAL REFRIGERATION LTD.
          Mullinabro Business Centre,
          Mullinabro,
          Ferrybank,
          Waterford,
          Ireland
          Phone: (051) 875441/2
          Fax: (051) 878172


COMPASS GROUP: U.S. Private Equity Firm Eyes Business
-----------------------------------------------------
A U.S.-based private equity firm is interested in buying Compass
Group plc, said the Sunday Times.

Without naming sources, the paper added Clayton, Dubilier & Rice,
Inc. has already sought advice from investment banks about a
possible bid for the catering firm, which is valued at GBP3.77
million.  No formal appointment has been made yet.

Reuters, in another report, said Compass shares topped the
blue-chip leader board Monday, rising 2.9% following the news of
a potential buyout.

Both companies were not immediately available for comment.

Meanwhile, the United Nations said Friday it was suspending
Compass as a registered vendor pending the results of a probe
into alleged corrupt buying practices involving its subsidiary
Eurest Support Services.  On its part, Compass has suspended
Peter Harris, the chief executive officer of its U.K. & Ireland,
Middle East and Africa division.

The company has already released three profits warning in 12
months.  The latest, on September 28, warned shareholders that
full-year profit before tax, goodwill amortization and
exceptional items could fall 10% to GBP580 million.

The group also revealed that Chief Executive Mike Bailey will
step down next year.  It also intends to dispose of its Select
Service Partner (SSP) travel-concessions business to focus on
support services and contract catering operations.

In April, shareholders pressured Mr. Bailey to justify the
group's second profit warning in just seven months.  This came as
British schools reconsidered their contracts with Scolarest, a
subsidiary of the company, which provides one in 10 school meals
in Britain.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com


COMPASS GROUP: Suspends Division Head Pending U.N. Probe
--------------------------------------------------------
Further to Compass Group plc's announcement of 10 October 2005,
it has instructed Freshfields Bruckhaus Deringer to conduct an
investigation into the relationships between Eurest Support
Services (ESS), IHC and the United Nations.

Pending progress in that investigation, the Company has decided
that Peter Harris, the chief executive officer of the Group's
U.K. & Ireland, Middle East and Africa division, should be
suspended.  His responsibilities will be taken over by Gary
Green, chief executive officer of the Americas Division, on an
interim basis.

                            *   *   *

Earlier this month, Financial Times reported that Compass has
become entangled in the probe into alleged corrupt buying
practices at the United Nations.  A U.S. federal investigation
into the contract caterer was "still ongoing," according to a
spokeswoman from the U.S. embassy in London.

The inquiry is another blow to the company, which has already
released three profits warning in 12 months.  The latest, on
September 28, warned shareholders that full-year profit before
tax, goodwill amortization and exceptional items could fall 10%
to GBP580 million.

The group also revealed that Chief Executive Mike Bailey will
step down next year.  It also intends to dispose of its Select
Service Partner (SSP) travel-concessions business to focus on
support services and contract catering operations.

In April, shareholders pressured Mr. Bailey to justify the
group's second profit warning in just seven months.  This came as
British schools reconsidered their contracts with Scolarest, a
subsidiary of the company, which provides one in 10 school meals
in Britain.

CONTACT:  COMPASS GROUP PLC
          Compass House
          Guildford Street
          Chertsey
          Surrey
          United Kingdom
          KT16 9BQ
          Phone: +44 1932 573 000
          Fax: +44 1932 569 956
          Web site: http://www.compass-group.com

          FRESHFIELDS BRUCKHAUS DERINGER
          65 Fleet St.
          London EC4Y 1HS
          United Kingdom
          Phone: +44-20-7936-4000
          Fax: +44-20-7832-7001
          Web site: http://www.freshfields.com/en.asp


CONCEPT CYCLING: Sold to Avocet Sports
--------------------------------------
The joint administrators of Concept Cycling Group Ltd. have
confirmed the sale of the business and assets of Concept Cycling
Limited, two stores of Wheelbase (U.K.) Limited and the assets of
Acorn Sports & Leisure (U.K.) Limited on 13 October 2005 to
Avocet Sports Limited.

Paul Flint and Brian Green from KPMG Corporate Recovery were
appointed joint administrators of the above companies, all
dealing in the sale of cycles and cycle accessories, on 7
September 2005.

All members of staff at Concept Cycling Ltd.'s Worsley site have
transferred to Avocet Sports Limited.  The companies' operations
in Oldham, Stockport and Haworth are likely to close in due
course and 96 redundancies have had to be made.

Brian Green said: "We are delighted to have completed this sale
and wish the purchaser every success for the future.  We are
still in negotiations with potential purchasers with regards to
the sale of the final Wheelbase store based in Staveley, Cumbria,
and hope to be able to announce a deal soon."

Concept Cycling Limited, which employed 150 people, is involved
in the assembly and wholesale of bicycles from sites in Worsley,
Oldham and Stockport.  The firm has an annual turnover of
approximately GBP22 million.  Its brands include Viking and
Sentinel.

Acorn Sports & Leisure (U.K.) Limited is based in Howarth, West
Yorkshire, and is a wholesaler of bicycles and accessories,
including brands such as Acorn, Axcs and Concept 2.  The firm had
25 employees and last year, had a turnover of circa GBP6 million.

Wheelbase (U.K.) Limited sold bicycles from three shops in
Stockport, Kendal and Lytham St. Annes.  The firm had an annual
turnover of circa GBP2.5 million and employed a total of 30
people.

CONTACT:  CONCEPT CYCLING GROUP LTD.
          7-8 Shield Drive, Wardley Industrial Estate,
          Manchester, Lancashire M28 2QB
          Phone: 01617285533

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

          Katy Broomhead, Corporate Communications
          Phone: 0161 246 4623
          Mobile: 07775 708917
          E-mail: katy.broomhead@kpmg.co.uk


CORIANDER UK: Caterer Liquidates
--------------------------------
L. Sodhi, director of Coriander (UK) Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 3 at 3000 Manchester Business Park, Aviator Way, Manchester
(Airport), M22 5TG.

The company is into takeaway and outdoor event catering.

David Hole was appointed liquidator.

CONTACT:  CORIANDER (UK) LTD.
          Unit 10/118 Bury New Rd, Manchester, M8 8EB
          Phone: 0161-839 1117

          David Alexander Hole
          3000 Manchester Business Park, Aviator Way
          Manchester (Airport) M22 5TG


CORUS GROUP: Names New Non-executive Director
---------------------------------------------
Corus Group plc has appointed Noel Harwerth as a non-executive
director with effect from 1 November.  Ms. Harwerth is currently
non-executive director of Royal & SunAlliance Insurance Group
plc, partnership director of Tube Lines and Metronet, and deputy
chairman of Sumitomo Mitsui Banking Corporation Europe.

At Corus, she will also become a member of both the Audit and the
Health, Safety & Environment Committees.

Jim Leng, chairman of Corus, said: "Noel's background and
experience in international finance will add to the skills of our
board as we look to build and develop the Company.  We are
delighted she has accepted our invitation to join the Corus
board."

                        About the Company

Corus Group Plc is one of the world's largest metal producers
with a turnover of over GBP9 billion and major operating
facilities in the U.K., the Netherlands, Germany, France,
Norway, Belgium and Canada.

Corus' four divisions comprising Strip Products, Long Products,
Aluminium and Distribution & Building Systems provide innovative
solutions to the construction, automotive, rail, general
engineering and packaging markets worldwide.  Corus has over
48,000 employees in over 40 countries and sales offices and
service centers worldwide.

Corus was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V.  It suffered five years ago from the
crisis in British manufacturing, which prompted it to shake up
management, close plants, cut jobs, and sell assets to lower
debt.  Its debt was thought to stand at GBP1.6 billion in 2002.

After posting net loss of GBP458 million in 2003, it embarked on
a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It returned
to operating profit in the first quarter in 2004.  The recent
recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com


COSMIC CAFE: EGM Passes Winding-up Resolution
---------------------------------------------
M. Turner, chairman of Cosmic Cafe Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 4 at Maclaren House, Skerne Road, Driffield, East Yorkshire
YO25 6PN.

Andrew James Nichols of Redman Nichols was appointed liquidator.
The appointment was confirmed at a creditors meeting held on the
same day.

CONTACT:  COSMIC CAFE LTD.
          Park Street, Selby
          North Yorkshire YO8 4PN
          Phone: 01757-700495

          REDMAN NICHOLS
          Maclaren House
          Skerne Road
          Driffield
          East Yorkshire YO25 6PN
          Phone: 01377 257788
          Fax: 01377 249119
          E-mail: andrew.nichols@redman-nichols.co.uk


DEARNE VALLEY: Hires Liquidator
-------------------------------
K. Shaw, director of Dearne Valley Logistics Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 7 at XL Business Solutions, 46 Moorlands Business Centre,
Balme Road, Cleckheaton BD19 4EW.  J. N. Bleazard of XL Business
Solutions Ltd., 46 Moorlands Business Centre, Balme Road,
Cleckheaton BD19 9EW was appointed liquidator.

CONTACT:  DEARNE VALLEY LOGISTICS LTD.
          63 Tomlinson Rd, Barnsley, S748DH
          Phone: 01226 744227

          XL BUSINESS SOLUTIONS LTD.
          Moorlands Business Centre
          Balme Road, Cleckheaton, West Yorkshire BD19 4EW
          Phone: 01274870101


DESIGN CONSTRUCTION: Appoints Administrator from J. Casey & Co.
---------------------------------------------------------------
Susan Joy Casey (IP No 009278) of J Casey & Co. was appointed
administrator of Design Construction & Maintenance Services
Limited (Company No 04272231) on Oct. 10.  The company's
registered office is at Forum House, Stirling Road, Chichester
PO19 7DN.

CONTACT:  DESIGN CONSTRUCTION & MAINTENANCE SERVICES LTD.
          10 Bridge Industries
          Fareham PO16 8SX
          Phone: 01329 826607

          J CASEY & CO
          Forum House
          Stirling Road
          Chichester
          West Sussex PO19 7DN
          Phone: 01243 528500
          E-mail: suec@jcasey.com


DRAX GROUP: Shareholders Okay Refinancing
-----------------------------------------
Drax Group Limited has received irrevocable undertakings from
shareholders, regarding the proposed refinancing and listing, to
a level comfortably exceeding the 75% threshold that formed a
condition of the undertaking.  In addition, Drax has also
received the necessary lender consents (including A1 lenders) and
shareholder consent to proceed with the proposed schemes.

Accordingly, the Board intends to continue with preparations for
the refinancing and listing of Drax in accordance with the
current timetable, with the next step being the publication of
the scheme documentation by the end of October 2005.

In parallel, the Board will continue to consider proposals
received from third parties and, as recently announced, has
established a process to enable interested parties to submit
their firm offers by early November.  The irrevocable
undertakings were designed to enable consideration of such
offers.

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

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

                        About the Company

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

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

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

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

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


DRAX POWER: Inks 2nd Supply Contract with Sempra Energy
-------------------------------------------------------
Drax Power Limited has signed a contract with Sempra Energy
Europe Ltd. for the supply of 150MW of power and delivery of 1
million tonnes of coal over the next two years, starting April
2006.

This is the second contract to be signed with Sempra this year
and brings the contracted supply to a total of approximately
300MW including coal and an allocation of carbon.

Dorothy Thompson, chief executive of Drax Power, said: "We are
pleased to have successfully concluded the contract for power and
coal.  In doing so we have taken a further step towards
delivering against our stated objective for hedging our forward
margin."

Bill Winget, managing director of Sempra Energy Europe Ltd.,
said: "We appreciate the opportunity to have closed this deal in
recent weeks with Drax.  These deals reinforce Sempra's
commitment to trading and structuring multiple commodities in the
energy field."

Sempra Energy Europe Ltd. is a subsidiary of U.S. company, Sempra
Energy (BBB+, NYSE ticker SRE).  With a presence in the U.K.
market that dates back to 1999, Sempra Energy Europe Ltd. is a
significant physical and financial player in power, gas, CO2,
oil, LNG, metals, coal and freight.

                        About the Company

Drax Power Limited is an independent company owned by a number of
financial institutions.  It owns Drax Power Station, the largest,
cleanest and most efficient coal fired power station in the U.K.
The output capacity from the station's six generators is 4,000MW,
supplying some 7% of the U.K.'s electricity needs.

In 2002, Drax Power fell into crisis with the collapse of its
largest customer, U.S.- based power giant TXU Europe.  However,
the company has already reached a settlement with the U.S. firm,
which involves net compensation of GBP333 million in three
payments until 2006.  It earlier received an initial distribution
of GBP214.2 million from the administrators of TXU Europe.

CONTACT:  DRAX POWER LIMITED
          Drax Power Station
          PO BOX 3
          Selby
          North Yorkshire
          YO8 8PQ
          Phone: +44 (0) 1757 618381
          Fax: +44 (0) 1757 618504
          Web site: http://www.draxpower.com

          SEMPRA ENERGY EUROPE LIMITED
          111 Old Broad Street
          London EC2N 1SE
          United Kingdom
          Phone: +44 (0)20 7847 1234
          Fax: +44 (0)20 7847 1235


DRAX POWER: Signs Supply Deal with EDF Trading
----------------------------------------------
Drax Power Limited has signed a contract with EDF Trading Ltd.
for the supply of 300MW of power, the delivery of 2.1 million
tonnes of coal and 1 million tonnes of CO2 over the next two
years, starting April 2006.

Dorothy Thompson, chief executive of Drax Power, said: "We are
pleased to have successfully concluded the contract for power,
coal and carbon.  In doing so we have taken a further step
towards delivering against our stated objective for hedging our
forward margin."

                        About the Company

Drax Power Limited is an independent company owned by a number of
financial institutions.  It owns Drax Power Station, the largest,
cleanest and most efficient coal fired power station in the U.K.
The output capacity from the station's six generators is 4,000MW,
supplying some 7% of the U.K.'s electricity needs.

In 2002, Drax Power fell into crisis with the collapse of its
largest customer, U.S.- based power giant TXU Europe.  However,
the company has already reached a settlement with the U.S. firm,
which involves net compensation of GBP333 million in three
payments until 2006.  It earlier received an initial distribution
of GBP214.2 million from the administrators of TXU Europe.

CONTACT:  DRAX POWER LIMITED
          Drax Power Station
          PO BOX 3
          Selby
          North Yorkshire
          YO8 8PQ
          Phone: +44 (0) 1757 618381
          Fax: +44 (0) 1757 618504
          Web site: http://www.draxpower.com

          EDF TRADING LIMITED
          71 High Holborn
          London WC1V 6ED
          Phone: +44 (0)20 7061 4000
          Fax: +44 (0)20 7061 5000
          E-mail: enquiries@edftrading.com
          Web site: http://www.edftrading.com


EASYNET GROUP: Board Recommends GBP211 Million BSkyB Offer
----------------------------------------------------------
The Boards of British Sky Broadcasting Group plc (BSkyB) and
Easynet Group plc have agreed to terms of a recommended cash
offer, to be made by Lazard and Morgan Stanley on behalf of the
Offeror, a wholly owned subsidiary of BSkyB, for the entire
issued and to be issued share capital of Easynet.

The Offer is 175 pence in cash for each Easynet share, valuing
the entire issued share capital of Easynet at approximately
GBP211 million.

The Offer represents a premium of:

(a) approximately 81% to the Closing Price of 96.5 pence for
    each Easynet share on 14 October 2005, the last business day
    prior to the commencement of the Offer Period; and

(b) approximately 38% to the Closing Price of 127 pence for
    each Easynet share on 20 October 2005, the last business day
    prior to the date of this announcement.

The Easynet Directors, who have been so advised by ABN AMRO,
consider the terms of the Offer to be fair and reasonable and
unanimously recommend that Easynet Shareholders accept the Offer,
as the Easynet Directors have irrevocably undertaken to do (or
procure to be done) in respect of their own beneficial interests
and holdings.

In providing advice to the Easynet Directors, ABN AMRO has taken
into account the commercial assessments of the Easynet Directors.
BSkyB has received irrevocable undertakings to accept the Offer
from the Easynet Directors and certain other Easynet Shareholders
in respect of, in aggregate, 19,175,334 Easynet shares,
representing approximately 15.9% of the issued share capital of
Easynet.

BSkyB has also received a letter of intent to accept the Offer
from GAM London Limited in respect of 7,100,000 Easynet shares,
representing approximately 5.9% of the issued share capital of
Easynet.  Accordingly, BSkyB has received irrevocable
undertakings and a letter of intent to accept (or procure the
acceptance of) the Offer in respect of, in aggregate, 26,275,334
Easynet shares, representing approximately 21.8% of the issued
share capital of Easynet.

BSkyB believes that the acquisition of Easynet will bring it:

(a) an established presence in U.K. broadband:

    (i) a leading position in Local Loop Unbundling in the U.K.
        with 232 local exchanges unbundled;

   (ii) managerial and technical expertise to expand this local
        infrastructure through the unbundling of additional
        exchanges; and

  (iii) ownership of key parts of a national network, giving it
        control over the quality and availability of services to
        customers and the ability to offer differentiated and
        innovative products;

(b) an attractive source of new revenues and new customers for
    BSkyB as a result of involvement in a fast growing segment
    of the U.K. communications sector.  The number of U.K.
    broadband connections increased from approximately 4.4
    million to 8.1 million, an increase of 86% in the twelve
    months to 30 June 2005, and is projected to continue to grow
    further in the future; and

(c) the opportunity to build on its nearly 8 million DTH
    subscriber relationships.

The Offer Document and Form of Acceptance are being posted to
Easynet Shareholders (and, for information only, to Easynet
Optionholders), although the Offer is not being made, directly or
indirectly, in or into the United States, Canada, Australia or
Japan.  Copies of the Offer Document and the Form of Acceptance
are available from Capita Registrars at Corporate Actions, P.O.
Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3
4TH, from Lazard at 50 Stratton Street, London W1J 8LL and from
Morgan Stanley at 25 Cabot Square, Canary Wharf, London E14 4QA.

BSkyB Chief Executive James Murdoch said: "The offer reflects the
exciting opportunities that now exist to combine quality
entertainment with significant high-speed connections.
Entertainment is at the core of Sky's success.  Easynet's
innovative network and technological expertise perfectly
complement Sky's strengths in programming and in making
technologies easy to use.  We see value for families in moving
well beyond just another triple play to offer a new level of
connected entertainment and communications services."

Easynet Chief Executive David Rowe said: "We believe that this
offer is in the interests of Easynet's shareholders, customers
and employees.  This is a great opportunity to accelerate
Easynet's local loop footprint, capture market share for next
generation broadband services and support new and existing
corporate and public sector customers."

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

          BRITISH SKY BROADCASTING GROUP PLC
          Grant Way, Isleworth
          London TW7 5QD
          United Kingdom
          Phone: +44-20-7705-3000
          Fax: +44-20-7705-3453
          Web site: http://www.sky.com

          LAZARD & CO., LIMITED
          Joint Financial Adviser to BSkyB
          Trevor Nash
          Peter Warner
          Sarah Carter
          Phone: +44 (0)20 7187 2000

          MORGAN STANLEY & CO. LIMITED
          Joint Financial Adviser to BSkyB
          Scott Matlock
          Daniel Bailey
          Hugo Baring
          Phone: +44 (0)20 7425 5000

          DEUTSCHE BANK AG LONDON
          Joint Corporate Broker to BSkyB
          Charlie Foreman
          Bill Frith
          Phone: +44 (0)20 7545 8000

          GOLDMAN SACHS INTERNATIONAL
          Joint Corporate Broker to BSkyB
          Matthew Westerman
          Neil Chugani
          Phone: +44 (0)20 7774 1000

          ABN AMRO CORPORATE FINANCE LIMITED
          Financial Adviser to Easynet
          Tom Willett
          Phone: +44 (0)20 7678 8000

          HOARE GOVETT LIMITED
          Corporate Broker to Easynet
          Ranald McGregor Smith
          Lee Morton
          Phone: +44 (0)20 7678 8000
          Hudson Sandler
          Andrew Hayes
          Sandrine Gallien
          Wendy Baker
          Phone: +44 (0)20 7796 4133


FEDERAL-MOGUL: Sells U.K. Asset to MMC for US$18.8 Mln
------------------------------------------------------
Scotta E. McFarland, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub, P.C., in Wilmington, Delaware, relates that
T&N Limited, Federal-Mogul Sintered Products Ltd. and Federal-
Mogul Camshaft Castings, Ltd., own two foundries in a 26-acre
land located in Lydney, England.

The U.K. Debtors also own 41.65 acres of land that T&N acquired
decades ago in anticipation of expanding the operations of the
Lydney Foundries.  The expansion never occurred.

The 41.65-acre land currently houses a nine-hole golf course that
Lydney Golf Club leased from F-M Sintered since 1983.  The
current golf club lease allows F-M Sintered to terminate the
lease on three-month notice with a payment of GBP25,000 or
US$44,000.

F-M Camshaft began winding down its operations and closing Lydney
Foundry 1 in 2004.  With this and in light of the Debtors'
current focus on developing their manufacturing operations at
other facilities, the retention of the Lydney Property no longer
fits with the Debtors' business plan for the U.K. Debtors, Ms.
McFarland tells the Court.

Hence, the Debtors decided to sell the Lydney Property,
consisting of:

    a. Lydney Foundry 1;

    b. the 10.5-acre land surrounding Lydney Foundry 1; and

    c. the 41.65-acre land, on which the golf course presently
       sits.

The Debtors are retaining Lydney Foundry 2 and 15 acres of
surrounding land for ongoing operations.

                  Marketing the Lydney Property

In December 2003, the Debtors enlisted the services of U.K. real
property broker, Nelson Bakewell, to market the Lydney Property.
In February 2004, Nelson Bakewell estimated that the Lydney
Property might be worth GBP3,300,000 or US$5,800,000.

The U.K. Debtors received advice that the value of the Lydney
Property would be significantly higher if the property is
redeveloped into a residential site.

Consequently, the U.K. Debtors began the process of rezoning the
Lydney Property for residential use.  According to Ms. McFarland,
the efforts have been largely successful but now are in the
stages where the actual developer must negotiate with local
authorities to have specific proposals approved.

The U.K. Debtors marketed the Lydney Property through the
national real estate press in England and a site-specific Web
site for other brokers and interested parties to view relevant
documentation.  Among other offers received, Nelson Bakewell
recommended MMC Development Limited's offer.

                         Sale Agreement

On August 5, 2005, T&N, F-M Sintered, and F-M Camshaft entered
into a sale agreement with MMC for GBP10.7 million or US$18.8
million.

The full text of the Sale Agreement is available at no cost at
http://bankrupt.com/misc/LydneySaleAgreement.pdf

The salient terms of the Sale Agreement are:

A. Purchase Price

   Aside from the US$704,000 Deposit it has paid, MMC will pay:

   a. US$5.8 million on the Completion Date, which is 10 days
      after all necessary consents to the sale of the Lydney
      Property are received;

   b. US$5.3 million on:

      * August 31, 2006; or

      * 60 days after the date on which local zoning
        authorities have approved of the rezoning proposals to
        allow MMC to build homes on the Lydney Property; and

   c. US$7 million one year after the date that the preceding
      US$5.3 million was due.

   MMC's financial obligations are unconditional and are to be
   secured by the English equivalent of a second-priority lien
   on the Lydney property behind MMC's lenders.

B. Overage

   MMC will also pay an additional US$4.4 million if it will be
   able to obtain zoning authority consent for additional
   development on the 10.5-acre Foundry land.

   As for the portions of the purchase price for the Lydney
   Property that are not to be paid immediately by MMC, the
   Overage is secured by the English equivalent of a second
   priority lien on the Lydney Property behind MMC's lenders.

C. F-M Camshaft Operations

   F-M Camshaft will enter into a lease with MMC to allow it
   to continue limited operations at Lydney Foundry 1 in
   exchange for a nominal sum -- one peppercorn per annum.  F-M
   Camshaft expects to maintain administrative offices, a
   canteen, and some facilities used for blending sand and
   inert material at Lydney Foundry 1 for the near term or
   until those operations can be relocated.

   The lease term runs until December 31, 2006.  The Debtors do
   not presently expect F-M Camshaft to continue any operations
   at Foundry 1 beyond 2006.

The U.K. Administrators have advised the Debtors of no financial
charges against the property.

                Possible Amendments to DIP Facility

Ms. McFarland informs the Court that the Debtors have discussed
with Citicorp USA, Inc., as Administrative Agent for the Debtors'
financing facility, concerning a non-material amendment that will
effect certain limited modifications to the negative covenants in
the DIP Facility.  The modification will allow the Debtors to
accept the installment payments called for under the Sale
Agreement consistent with the terms of the DIP Facility.

Although the amendment has not yet been finalized or approved by
the necessary lenders under the DIP Facility, the Debtors
anticipate that both finalization and approval of the amendment
will occur prior to October 28, 2005, and in any event prior to
the closing of the sale, Ms. McFarland notes.

Thus, the Debtors ask the Court to:

    a. approve the sale of the Lydney Property to MMC; and

    b. permit F-M Camshaft to enter into a leaseback
       arrangement, pursuant to which MMC will lease a portion
       of the Lydney Property to F-M Camshaft.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some US$6
billion.  The Company filed for chapter 11 protection on Oct. 1,
2001 (Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed US$10.15 billion in
assets and US$8.86 billion in liabilities. At Mar. 31, 2005,
Federal-Mogul's balance sheet showed a US$2.048 billion
stockholders' deficit.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.
(Federal-Mogul Bankruptcy News, Issue No. 95; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


FLAXTON GRANGE: Appoints Geoffrey Martin & Co. Administrator
------------------------------------------------------------
Stephen Hull and Geoffrey Martin (IP Nos 0/008321/01 and
0/002207/01) of Geoffrey Martin & Co were appointed joint
administrators of printer company Flaxton Grange Limited (Company
No 02640029) on Oct. 11.  The company's registered office is at
St James's House, 28 Park Place, Leeds LS1 2SP.  Flaxton Grange's
trading name is Joshua Barrington & Co.

CONTACT:  FLAXTON GRANGE LTD.
          Unit 4 Birch Park,
          Huntington Road,
          York, North Yorkshire YO31 9BL
          Phone: 01904-756900

          GEOFFREY MARTIN & CO.
          St. James's House
          28 Park Place
          Leeds
          West Yorkshire LS1 2SP
          Phone: 0113 244 5141
          Fax: 0113 242 3851
          E-mail: geoffrey.martin@geoffreymartin.co.uk


GO FOODS: In Administrative Receivership
----------------------------------------
Bank of Scotland appointed Jonathan Scott Pope and David John
Crawshaw (Office Holder Nos 9334, 8814) of KPMG LLP joint
administrative receivers of Go Foods Limited (Reg No 02705055) on
Oct. 12.  The company's registered office is at KPMG Corporate
Recovery, 100 Temple Street, Bristol BS1 6AG.  Go Foods
manufactures food products.

CONTACT:  GO FOODS LTD.
          Henry Thomas House,
          Lakeside, Cwmbran, Gwent NP44 3HB
          Phone: 01633833500

          BAKER TILLY
          Marlborough House, Victoria Road South,
          Chelmsford, Essex CM1 1LN
          Phone: 01245 354 402
          Fax: 01245 490 243
          Web site: http://www.bakertilly.co.uk


HOLDEN MANUFACTURING: Calls in Administrator from Gerald Edelman
----------------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman (IP Nos 8924, 1593) of
Gerald Edelman Business Recovery were appointed administrators of
Holden Manufacturing Limited (Company No 2719233) on Oct. 5.  The
company's registered office is at Kent House, Station Road,
Ashford, Kent TN23 1PP.

CONTACT:  HOLDEN MANUFACTURING LTD
          Wymbush
          Milton Keynes MK8 8DA
          Buckinghamshire
          Phone: 01908 563636

          GERALD EDELMAN BUSINESS RECOVERY
          25 Harley Street
          London W1N 2BR
          Phone: 020 7299 1400
          Fax: 020 7637 1440
          E-mails: bhoffman@GeraldEdelman.com
                   insolvency@edelman.co.uk


JONDEL (BUILDING SERVICES): In Liquidation
------------------------------------------
W. J. Yellop, director of Jondel Building Services Ltd., informs
that a resolution to wind up the company was passed at an EGM
held on Jondel (Building Services) Limited at 76 New Cavendish
Street, London W1G 9TB.  Jeremy Berman of Berley, 76 New
Cavendish Street, London W1G 9TB was appointed liquidator.

CONTACT:  JONDEL BUILDING SERVICES LTD.
          19-20 Hanover Street
          London
          W15 1YR
          London
          Phone: 020 7491 9434
          Fax: 020 7491 9254

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


MACCESS LTD.: Vehicle Parts Firm Goes into Administration
---------------------------------------------------------
Maccess Ltd. has gone into administration after posting losses of
GBP18 million in 2003, said ICC Credit.

Established in 1948, Maccess specializes in the wholesale, supply
and distribution of motor vehicle accessories and parts.
It booked its largest profit in 2000 (over GBP10 million).

On October 7, the company appointed Charles MacMillan and
Geoffrey Stuart Kinlan, both of BDO Stoy Hayward, as joint
administrators, joining more than 250 out of 5,034 companies in
the vehicle accessories industry that are in liquidation and/or
administration.

Matthew Debbage, Head of Product and Marketing, ICC Credit, said:
"Within the Vehicle Accessories sector, 5% of registered
companies are in liquidation.  This compares unfavorably with the
4% average across all sectors.  The volumes of unsatisfied court
actions are also high."

He added: "It's interesting to note that prestigious players such
as National Tyre Service and Unipart Automotive have 51 live
judgments between them, representing claims of GBP138,000."

NatWest Bank plc is the company's bank, and KPMG its auditor.

CONTACT:  MACCESS LTD.
          Waterside Court, Crewe Road Baguley
          Wythen Shawe
          Manchester M23 9BE
          Phone: 01619024000
          E-mail: sales@maccess.co.uk
          Web site: http://www.maccess.co.uk

          BDO STOY HAYWARD LLP
          1 City Square
          Leeds LS1 2DP
          Phone: 0113 244 3839
          Fax: 0113 204 1200
          E-mail: leeds@bdo.co.uk
          Web site: http://www.bdo.co.uk

          NATWEST BANK PLC
          Customer Relations
          Freepost NAT12685
          Borehamwood WD6 1BR
          Phone: 0800 50 50 50
          Web site: http://www.natwest.com

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


M AND S POWDER: Creditors Meeting Set Tomorrow
----------------------------------------------
The creditors of M and S Powder Enamellers Limited (Company No
01625870) will meet on October 26, 2005 at 11:00 a.m.  It will be
held at KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A. W. Graham, joint administrator of KPMG LLP, 2
Cornwall Street, Birmingham B3 2DL not later than 12:00 noon,
October 25, 2005.

CONTACT:  M AND S POWDER ENAMELLERS LTD.
          Greenhough Road, Lichfield,
          Staffordshire WS13 7AU
          Phone: 01543256188
          Fax: 01543255458

          KPMG LLP
          2 Cornwall Street
          Birmingham
          West Midlands B3 2DL
          Phone: 0121 232 3000
          Fax: 0121 232 3500


MARCONI CORPORATION: Ericsson, Alcatel Neck and Neck
----------------------------------------------------
LM Ericsson and Alcatel are locked in a close fight for Marconi
Corporation plc, the Sunday Telegraph says.  Without revealing
sources, the paper said final offers for the company are due next
Tuesday.  The winner will be announced on the same day.

Meanwhile, according to Britain's pensions regulator, Marconi's
U.K. pension fund deficit is four times larger than the GBP109
million currently reflected in its accounts.  It ruled that the
successful bidder must meet the deficit.  The impact of the
irregularity on Marconi's final takeover price remains unclear.

LM Ericsson Chief Executive Carl-Henric Svanberg has refused to
confirm the speculation, despite admission by people privy to the
negotiations.  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.
A spokesman for Alcatel has said the company does not comment on
rumors.

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

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


ME 2 U: Administrators from Begbies Traynor Enter Firm
------------------------------------------------------
Simon Robert Haskew and Ian Edward Walker (IP Nos 8988, 6537) of
Begbies Traynor were appointed administrators of greeting card
retailer Me 2 U Trading Limited (Company No 04677302) on Oct. 11.
The company's registered office is at 58 Queen Square, Bristol
BS1 4LF.

CONTACT:  BEGBIES TRAYNOR
          58 Queen Square,
          Bristol BS1 4LF
          Phone: 0117 929 4800
          Fax:   0117 922 0114
          Web site: http://www.begbies.com


MEYERS PROPERTY: Names Liquidator
---------------------------------
A resolution to wind up the company was passed at an EGM held on
Sept. 28 at The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG.  Anthony Bakonyvari of Ansers,
Suite 3, Warren House, Main Road, Hockley, Essex SS5 4QS was
appointed liquidator.

CONTACT:  MEYERS PROPERTY SERVICES LTD.
          Unit 26, Laurence Industrial Estate
          Eastwoodbury Lane
          Southend-On-Sea Essex SS2 6RH
          Phone: (01702 420077)


OPUS SYSTEMS: Moore Stephens Administrators Take over Firm
----------------------------------------------------------
Jeremy Willmont and Phillip Sykes (IP Nos 9044, 6119) of Moore
Stephens LLP were appointed administrators of holding company
Opus Systems Limited (Company No 03782950) on Oct. 12.  The
company's registered office is at 3 Furzeground Way, Stockley
Park, Uxbridge UB11 1JH.

CONTACT:  OPUS SYSTEMS LTD.
          3 Furzeground Way,
          Stockley Park,
          Uxbridge, Middlesex UB11 1JH
          Phone: 02086061700

          MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


ORIEL BANK: Co-Operative Bank Appoints Baker Tilly Receiver
-----------------------------------------------------------
Co-Operative Bank Plc appointed Stephen Mark Quinn and Lindsey
Jane Cooper of Baker Tilly joint administrative receivers of
private school Oriel Bank High School Educational Trust Limited
(Reg No 771215) on Oct. 4.

CONTACT:  ORIEL BANK HIGH SCHOOL
          12 Devonshire Park Road Davenport
          Stockport SK2 6JP
          Phone: 0161 483 2935

          BAKER TILLY
          Brazennose House,
          Lincoln Square,
          Manchester M2 5BL
          Phone: 0161 834 5777
          Fax:   0161 835 3242
          Web site: http://www.bakertilly.co.uk


OVERTURE SYSTEMS: Hires Moore Stephens Administrator
----------------------------------------------------
Jeremy Willmont and Phillip Sykes (IP Nos 9044, 6119) of Moore
Stephens LLP were appointed administrators of Overture Systems
Limited (Company No 03873995) on Oct. 12.  The company's
registered office is at 3 Furzeground Way, Stockley Park,
Uxbridge UB11 1JH.

Overture Systems -- http://www.overture-systems.com/-- (formerly
known as TIA Systems) is an insurance systems provider.  It
distributes and implements TIA(R) Application (The Insurance
Application developed and owned by TIA Technology A/S).  It was
established in 2000 and has implemented the TIA(R) Application in
more than five companies across the globe.  It is backed by Opus
and Peter De Haan, and managed by Paul Hughes.

CONTACT:  OVERTURE SYSTEMS
          3 Furzeground Way
          Stockley Park
          Uxbridge, Middlesex UB11 1JH
          Phone: +44 (0) 208 606 1799
          Fax: +44 (0) 208 606 1800

          MOORE STEPHENS
          1 Snow Hill,
          London EC1A 2EN
          Phone: 020 7334 9191
          Fax:   020 7248 3408
          Web site: http://www.moorestephens.co.uk


PEARCE SIGN: Calls Mercer & Hole to Liquidate Business
------------------------------------------------------
D. Gilbert, Joint Administrator, for and on behalf of Pearce
Signs Group Limited, informs that a resolution to wind up the
company was passed at an EGM held on Sept. 27 at 8 Baker Street,
London W1U 3LL.  Christopher Laughton and John Anthony Dickinson
of Mercer & Hole, International Press Centre, 76 Shoe Lane,
London EC4A 3JB were appointed Joint Liquidators.

CONTACT:  PEARCE SIGN SERVICES LTD.
     12 Poverest Road, Orpington, Kent BR5 2TP
          Phone: 01689892500

          MERCER & HOLE
          International Press Centre,
          76 Shoe Lane, London EC4A 3JB
          Phone: +44 (0) 20 7353 1597
          Fax: +44 (0) 20 7353 1748
          DX: 469 London/Chancery Lane
          E-mail: london@mercerhole.co.uk
          Web site: http://www.mercerhole.co.uk


PLANESTATION LIMITED: Creditors Meeting Set Next Week
-----------------------------------------------------
The creditors of Planestation Limited will meet on November 1,
2005 at 3:30 p.m.  It will be held at The Thistle Hotel,
Cardington Street, Euston, London NW1 2LP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A Conquest, joint administrator of Grant Thornton
House, Melton Street, Euston Square, London NW1 2EP not later
than 12:00 noon, October 31, 2005.

CONTACT:  GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


PLATINUM DIRECT: Travel Firm Winds up
-------------------------------------
S. C. Uren, director of Platinum Direct Holidays Ltd., informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 6 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:  PLATINUM DIRECT HOLIDAYS LTD.
          P.O. Box 6605, Basingstoke, RG23 8WZ
          Phone: 0871-200 0920

          PIPER THOMPSON
          Mulberry House,
          53 Church Street, Weybridge,
          Surrey KT13 8DJ
          Phone: 01932855515


PROFESSIONAL TYRE: Joint Liquidators Move in
--------------------------------------------
J. Griffin, director of The Professional Tyre & Wheel Company
Limited, informs that resolutions to wind up the company were
passed at an EGM held on Oct. 5 at Wilson Pitts, Glendevon House,
Hawthorn Park, Coal Road, Leeds LS14 1PQ.  D. F. Wilson and J. N.
R. Pitts were appointed Joint Liquidators.

CONTACT:  THE PROFESSIONAL TYRE & WHEEL COMPANY LIMITED
          4ABC Hillam Court
          Hillam Road
          Canal Road
          Bradford
          West Yorkshire
          BD21QN
          United Kingdom
          Phone: 0044 01274 371177
          Fax: 0044 01274 395095


RED KITE: Goes into Liquidation
-------------------------------
C. Harper, chairman of Red Kite Event Management Ltd., informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 4 at 21-23 Station Road, Gerrards Cross,
Buckinghamshire SL9 8ES.  Helen Timothe Phillips of 21-23 Station
Road, Gerrards Cross, Buckinghamshire SL9 8ES was appointed
liquidator.

CONTACT:  RED KITE EVENT MANAGEMENT LTD.
     Old Coal Yard, Spurlands End Road, High Wycombe,
          Buckinghamshire HP15 6HX
          Phone: 01494714740


RENTOKIL INITIAL: Raphoe Ends Talks with Shareholders
-----------------------------------------------------
Rentokil Initial plc has noted the announcement by Raphoe
Management Limited that it has ceased discussions with Rentokil
shareholders.  Rentokil welcomes the end to the distraction of
recent weeks and is pleased that management can now focus its
full attention on improving the company's performance.

Doug Flynn, chief executive of Rentokil, said: "I am pleased that
we can now continue undistracted with the challenge of returning
Rentokil to where it should be.  We have a lot of work to do, but
our recovery plan is absolutely on track and we are clear on what
we need to do to restore Rentokil Initial to profitable growth."

In a separate statement, Raphoe Management said that on 17
October 2005, it announced it was continuing discussions with
Rentokil shareholders against a background of having agreed to
the principle of a framework of performance criteria to be met in
order for the financial arrangements set out in its statement of
8 September to apply.

These discussions have continued until Friday [October 21, 2005]
morning, but have regrettably not resulted in an agreement being
reached that was satisfactory to the parties involved.
Accordingly they have been terminated.

Sir Gerry Robinson said: "I am sorry that we have not found the
right way forward.  This was a genuine attempt to make a change
with the existing shareholders staying involved.  This has been
an unsettling time for employees of Rentokil Initial and I
apologize for that.  I wish them and Doug Flynn every success for
the future."

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


RIVERSIDE MOTORCYCLES: Appoints Receivers
-----------------------------------------
Gary Steven Pettit and Peter John Windatt (IP Nos 1413, 008611)
of BRI Business Recovery and Insolvency were appointed
administrators of Riverside Motorcycles Limited (Company No
04384521) on Oct. 6.  The company's registered office is at
100-102 St James Road, Northampton NN5 5LF.

CONTACT:  RIVERSIDE MOTORCYCLES LTD.
          139 Putney Bridge Rd.
          London, Greater London SW15 2PA
          Phone: 020 88773434

          BRI BUSINESS RECOVERY AND INSOLVENCY
          100-102 St James Road,
          Northampton NN5 5LF
          Phone: 01604 754352
          Fax: 01604 751660
          E-mail: pwindatt@briuk.co.uk


STATION TAXIS: Calls in Liquidator from Crawfords
-------------------------------------------------
Station Taxis (Darlington) Limited informs that a resolution to
wind up the company was passed at an EGM held on Oct. 2 at Unit
1, Wards Yard, Albert Hill, Darlington.  David Norman Kaye of
Crawfords, Stanton House, 41 Blackfriars Road, Salford,
Manchester M3 7DB was appointed liquidator.

CONTACT:  STATION TAXIS (DARLINGTON) LIMITED
          Web site: http://www.stationtaxisdarlington.co.uk/

          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


STONECARE KNIGHT: EGM Passes Winding-up Resolution
--------------------------------------------------
N. Yung, chairman of Stonecare Knight Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 4 at 41 Castle Way, Southampton SO14 2BW.  S. J. Adshead of
Fanshawe Lofts, 41 Castle Way, Southampton SO14 2BW was appointed
liquidator.  The appointment was confirmed at a creditors meeting
held the same day.

CONTACT:  STONECARE KNIGHT LTD.
          Wood End
          Prospect Road
          Alresford
          Hampshire
          SO24 9QF
          Phone: 01962 732433
          Fax: 01962 735373
          E-mail: enquiries@stonecareknight.co.uk

          FANSHAWE LOFTS
          41 Castle Way
          Southampton
          Hampshire SO14 2BW
          Phone: 023 8023 3522
          Fax: 023 8023 3504
          E-mail: sa@fanshawe-lofts.co.uk
                  arf@fanshawe-lofts.co.uk


TRINITY MIRROR: Mulls Job cuts to Trim down Cost
------------------------------------------------
Trinity Mirror, publisher of newspapers Daily Record and Sunday
Mail, considers axing 770 employees to cut cost, The Daily
Telegraph says.

Chief Executive Sly Bailey warned employees through e-mail that
the publisher is considering redundancies to stay afloat amidst a
sluggish advertising market.  A company spokesman said, "We are
reviewing a number of possible actions to support our businesses,
which may include redundancies, in what is a challenging period
for the entire media industry."

"We are currently in consultation with our employees and their
representatives and it is too early to give an indication of the
likely outcome of this review," he added.

Unions estimated that five to seven percent of Trinity Mirror's
11,000-strong workforce could be declared redundant.  The last
job cuts, involving 550 employees, occurred in 2003.  The paper
has already restricted hiring to essential posts.  Jeremy Dear,
general secretary of the National Union of Journalists, called
the redundancies "an obscene and short-term reaction to economic
fears."

With more than 500 media brands in its portfolio, Trinity Mirror
is U.K.'s largest newspaper publisher.  Its titles include 240
local and regional newspapers, five national newspapers and four
sports titles, as well as over 60 Web sites and a variety of
magazines, directories and exhibitions.  There are no plans to
sell any of these, a source told The Telegraph.

CONTACT:  TRINITY MIRROR PLC
          One Canada Square
          Canary Wharf
          London E14 5AP
          Phone: 020 7293 3000
                 020 7510 3000
          Web site: http://www.trinitymirror.com


U.K. COAL: Harworth Unit Gets Permit to Build Wind Farms
--------------------------------------------------------
Harworth Power, a subsidiary of U.K. COAL plc, has been granted
permission by Darlington Borough Council to erect its first wind
farm at the company's Royal Oak site in County Durham, on land
that was formerly part of the U.K. COAL Southfield surface mine.

The wind farm will consist of three turbines each, of which will
produce approximately 1.3 MW and represents the first step in a
phased approach over the next two years to gain planning for a
portfolio of approximately 40 turbines with a capacity of 80 MW.

Harworth Power currently has 32MW of installed generation
capacity, which utilizes surplus mine methane.  The planning
permission will add further capacity of 4MW, enough to provide
electricity for around 3000 houses, producing savings of
approximately 5200 tonnes of carbon each year.

                        About the Company

U.K. Coal sprang from the remains of British Coal after the
latter's sale in 1994 to RJB for GBP815 million.  It was renamed
U.K. Coal after the departure of RJB boss Richard Budge in 2001.
Its market valuation is about GBP185 million.

The company lost GBP51.6 million last financial year as output
fell.  It produced 14 million of coal last year, well below 1995
when it produced 37 million tons.  The Doncaster-based company
mines more than 60% of the coal produced in the U.K.  U.K. Coal
sold production forward under contract, causing it to miss out on
soaring coal prices driven by the industrialization of China.

CONTACT:  U.K. COAL PLC
          Harworth Park, Blyth Rd., Harworth
          Doncaster
          South Yorkshire DN11 8DB, United Kingdom
          Phone: +44-1302-751751
          Fax: +44-1302-752420
          Web site: http://www.ukcoal.com


WIGGINS MANAGEMENT: Claims Deadline Expires Next Week
-----------------------------------------------------
Creditors of Wiggins Management Services Limited will meet on
November 1, 2005 at 2:30 p.m.  It will be held at The Thistle
Hotel, Cardington Street, Euston, London NW1 2LP.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to A Conquest, joint administrator of Grant Thornton
House, Melton Street, Euston Square, London NW1 2EP not later
than 12:00 noon, October 31, 2005.

CONTACT:  WIGGINS MANAGEMENT SERVICES LTD.
          35 Berkley Square,
          London W1J 5AE
          Phone: 020-7495-8686

          GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


WINDOWCRAFT (EAST ANGLIA): In Liquidation
-----------------------------------------
M Herbert-Okey, director of Windowcraft (East Anglia) Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 4 at 90 St Faiths Lane, Norwich NR1 1NE.  Chris
Williams of McTear Williams & Wood, 90 St Faiths Lane, Norwich
NR1 1NE was appointed liquidator.

CONTACT:  WINDOWCRAFT (EAST ANGLIA) LTD.
          Norwich
          Norfolk NR3 3UE
          Phone: 01603 418004

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


YORK CITY: Names Administrators from Geoffrey Martin & Co.
----------------------------------------------------------
Stephen Hull and Geoffrey Martin (IP Nos 0/008321/01,
0/002207/01) of Geoffrey Martin & Co were appointed
administrators of York City Printers Limited (Company No 2134253)
on Oct. 11.  Its registered office is at St James's House, 28
Park Place, Leeds LS1 2SP.

York City -- http://www.yorkcityprinters.com/-- offers high
quality lithographic printers in York City.

CONTACT:  YORK CITY PRINTERS
          Unit 4, Huntington Road
          Birch Park
          York YO31 9BL
          North Yorkshire
          Phone: 01904 620490
          Fax: 01904 612923
          E-mail: info@yorkcityprinters.com

          GEOFFREY MARTIN & CO.
          St. James's House
          28 Park Place
          Leeds
          West Yorkshire LS1 2SP
          Phone: 0113 244 5141
          Fax: 0113 242 3851
          E-mail: geoffrey.martin@geoffreymartin.co.uk


* Airlines Howl as Insurers Refuse to Cover Terrorist Attacks
-------------------------------------------------------------
Small European airlines are in danger of going bust as insurers
propose changes to policies that would make airlines liable for
damages caused by terrorist attacks, The Independent reports.

Insurers have already warned airlines they will exclude damage to
aircraft caused by nuclear weapons and "dirty bombs" or chemical
explosives that spread radioactive contaminants.  Earlier this
year, a group of London-based insurers started withdrawing cover
for aircraft 'hulls.'

The condition is potentially dangerous to the airlines.  First,
the cost of replacing an aircraft damaged in a terrorist attack
could be as high as GBP100 million, which is enough to bankrupt
many small airlines.  Second, airlines could be forced to ground
planes or breach terms in the Warsaw convention covering civil
aviation that requires passengers to be insured under the
airline's own cover to operate.

The underwriters at Lloyd's of London in June formed the Aviation
Insurance Clauses Group, which plans to introduce changes to
standard insurance policies to exclude "war, hijacking and other
perils."  A leading insurer said it is necessary because damages
such as this could cost billions of pounds and bankrupt an
insurer.

The International Air Transport Association and the Association
of European Airlines have called on the European Commission to
intervene.


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

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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


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