TCREUR_Public/051026.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, October 26, 2005, Vol. 6, No. 212

                            Headlines

B U L G A R I A

CHIMCO AD: New Owner Targets December 20 Relaunch


C Z E C H   R E P U B L I C

VSEOBECNA ZDRAVOTNI: Does not Need Outside Help


F R A N C E

CHARGEURS S.A.: Predicts Net Loss to Double this Year
RHODIA S.A.: Brazil Okays Greenhouse Gas Reduction Project


G E R M A N Y

AVRIO TECHNOLOGIES: Proofs of Claim Due January
BAU- UND SANIERUNG: Creditors Meeting Set December
BRUENING COMPUTERSYSTEME: Claims Filing Period Ends November 11
HEITKAMP-DEILMANN-HANIEL: Selling Assets to Stay Solvent
HIELSCHER GERUESTBAU: Dortmund Court Names Administrator

IMMOBILIENFONDS BILDERBOGENPASSAGE: Succumbs to Bankruptcy
INFINEON TECHNOLOGIES: Munich Employees to Strike
INTERTAINMENT AG: Hearing on HVB Claim Moved Next Month
LAMEY MONTAGE: Court to Verify Claims February
LOGOS GEMEINNUETZIGE: Under Bankruptcy Administration

VICKERS PRESSINGS: Mum on Job Losses After Administration
VOLKSWAGEN AG: Confirms Tie-up Talks with DaimlerChrysler
WOLFGANG HENNIG: Charlottenburg Court Calls in Administrator


I R E L A N D

COLOGNE RE: Closes to New Business After Scandal
SEAFIELD FABRICS: Abandons Youghal Plant


I T A L Y

PARMALAT SPA: Bondi Willing to Stay on
SEAT PAGINE: Names Marco Lucchini, Stefano Curzio Directors


K Y R G Y Z S T A N

IRDO-PAZ: Creditors' Claims Due December
OSH-JANGAK INDUSTRY: Last Day for Filing Claims December 10
SIMURG: Sets Proofs of Claim Deadline


N E T H E R L A N D S

ALLIANCE BANK: Moody's Rates Senior Unsecured Notes Ba2
HAGEMEYER N.V.: Analyst Raises Shares to 'Buy'
ROYAL SHELL: Buyback Scheme Progressing
VERSATEL TELECOM: Reports EUR780 Mln Total Asset as of Sept. 1


N O R W A Y

PAN FISH: Posts NOK81.8 Million Quarterly Profit


P O L A N D

GETIN BANK: Moody's Rates Foreign Currency Deposit BA2/NP


R U S S I A

CONSTRUCTIONAL CONCRETE: Under Bankruptcy Supervision
GAZBANK: Foreign Currency Deposit Rated B2
GUBKINSKIY DAIRY: Court Calls in Insolvency Manager
JFC GROUP: Long-term Corporate Credit Rated 'B-'
KHOLMOGORSKOYE: Succumbs to Bankruptcy

NEW BUILDING: Insolvency Manager Takes over Business
NOVOLIPETSK STEEL: Gets B2 Corporate Family Rating
NURLATSKAYA: Bankruptcy Supervision Procedure Begins
SEVERNOYE: Court Confirms Bankruptcy
STERLIKAMSKIY: Bankruptcy Hearing Set December

TYNDINSKIY: Claims Filing Period Ends Next Month
VERKHNEURALSKIY: Court Brings in Insolvency Manager
ZNAMENSKIY: Omsk Court Opens Bankruptcy Proceedings


U K R A I N E

GUDIMI: Insolvency Manager Steps in
IMSHANSKE: Bankruptcy Supervision Starts
KICHKINE: Under Bankruptcy Supervision
LVIV-MED: Declared Insolvent


U N I T E D   K I N G D O M

ANY METAL: Files for Liquidation
BAE SYSTEMS: Full-year Results Out February
BRITISH AMERICAN: Canadian Unit to Close Manufacturing Sites
BRITISH AMERICAN: Ups Stake in Danish Firm to 32.3%
BURTON SHIPPING: Hires Liquidators from David Rubin & Partners

BUSINESS DEVELOPMENT: Goes into Liquidation
CAPITAL EMPLOYMENT: Hires Administrators from Ernst & Young
CLARISYS LIMITED: Names Begbies Traynor Liquidator
CLIFTON GROUP: Liquidator from BDO Stoy Hayward Moves in
CREDIT CARS: Calls in Liquidator

CROMWELD STEELS: PricewaterhouseCoopers to Liquidate Biz
DAVID LONG: Liquidator from Carter Clark Moves in
ELWELL TURNED: Hires Sanderlings to Wind up Operation
EUROFAB ENGINEERING: Appoints Liquidator
FER DE LIT: Hires Administrators from Kroll Limited

FIRST INDEX: Appoints Liquidator from BDO Stoy Hayward
GAMESROOM LEISURE: Goes into Liquidation
GLOBAL KITCHEN: EGM Passes Winding-up Resolution
GOSHAWK INSURANCE: To Form New Bermuda Reinsurance Group
HTG BIDEAWHILE: Debt Claims Deadline Set Next Month

HUBBARD GROUP: Liquidators from PKF Take over Business
JOHN SHEARD: Calls in Liquidator
JOHN WARD: Glove Distributor Winds up
J R FABRICATIONS: Files for Liquidation
MARCONI CORPORATION: Reaches GBP1.2 Billion Deal with Ericsson

MILLHALL ESTATES: Appoints Liquidator
MMACD LIMITED: Hires Poppleton & Appleby to Liquidate Business
PENHOLD LIMITED: Liquidator from Smith & Williamson Moves in
PETREL SOFTWARE: Hires Liquidators from Menzies Corporate
PRESS COMPONENTS: Butcher Woods to Wind up Operation

REFCO INC.: Sale of Refco Futures to Affect 280 U.K. Jobs
RHODIAN TRANSPORT: In Liquidation
R K FORKNALL: Meeting of Creditors Today
ROBERT WISEMAN: Drops Scottish Milk Takeover Plan
SCOTT TOD: Reports Loss Amid Board Turmoil

SHAPESURF LIMITED: Optical Firm Winds up
STUART HODGES: Sports Boat Builder Liquidates
SYNTHOTECH ELASTOMERS: In Liquidation
VANTAGE POINT: Creditors Meeting Set Tomorrow
WIGGINS FAIRFIELD: Hires Administrators from Grant Thornton
WM MORRISON: To Close Seven U.K. Shops; 500 to Lose Jobs
XAVIER GOURMET: Appoints Vantis Business Recovery Administrator


                            *********


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


CHIMCO AD: New Owner Targets December 20 Relaunch
-------------------------------------------------
Novo Chimco is in talks with Kamibo, owner and operator of the
thermal power plant and water treatment facility at Chimco AD,
Dvenik says.

Novo Director Leonid Berenbaum did not name the price it offered
for the two facilities.  Kamibo also refused to reveal a number,
but confirmed the talks.

The regional court in Vratsa recently approved Novo's
rehabilitation plan for Chimco largely because of Gazexport, a
Russian company that has guaranteed to deliver 500 million cubic
meters of natural gas needed to run the fertilizer plant.

Representatives of Gazexport, according to the report, are now in
Bulgaria to reboot Chimco's plant installations.  Production is
set to resume between December 20, 2005 and January 15, 2006,
Dvenik says.  Gazexport's local Centrix Energy unit will handle
the supply operation.

Under Novo's rehab plan, 25% of Chimco should be up and running
again by yearend.  Novo will also settle Chimco's outstanding
debt, currently exceeding BGL150 million, over a 10-year period
with a three-year grace period.  In return, Novo will become sole
owner, as shares of 7,000 small investors will be cancelled.

In April, Chimco reported an unaudited net loss of BGL80.951
million, or a fourfold increase from last year's BGL20.713
million.  A huge chunk of this loss was caused by a record
depreciation charge amounting to BGL75.064 million.

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


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


VSEOBECNA ZDRAVOTNI: Does not Need Outside Help
-----------------------------------------------
Vseobecna zdravotni pojistovna Ceske republiky (The General
Health Insurance Company) is not facing forced administration
despite financial problems, said Ceskenoviny.

Deputy Health Minister David Rath, following his meeting with VZP
head Jirina Musilkova, said: "We have agreed on steps to save
money and therefore there is no need for forced administration."

Cost-cutting measures are expected to be launched soon to prevent
VZP's debt of over CZK10 billion from ballooning further.  Mr.
Rath cited reduction in hospital fees and expenses for medicine
as part of the scheme.

Ms. Musilkova has told BBC Radio that CZK5 billion a year can be
saved in medicine policy.  Noting Mr. Rath's vow to support the
company, she expects to discuss changes in the health care system
with the minister.  The two are scheduled to meet again Monday.

CONTACT:  VSEOBECNA ZDRAVOTNI POJISTOVNA CESKE REPUBLIKY
          (The General Health Insurance Company)
          Orlicka 4/2020
          130 00 Praha 3
          Czech Republic
          Phone: 221 751 111
          E-mail: info@vzp.cz
          Web site: http://www.vzp.cz


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


CHARGEURS S.A.: Predicts Net Loss to Double this Year
-----------------------------------------------------
Textile group Chargeurs S.A. is withdrawing from its wool combing
activities in North America and Europe, reducing capacity in
Australia and transferring production to China.

These measures, according to Les Echos, are part of a broader
restructuring announced by the company recently to compete with
cheap Chinese textiles.  The plan also includes job cuts,
equivalent to a quarter of the work force at the lone
manufacturing plant in France.

The restructuring, which will cost EUR19 million, will double the
group's net loss this year to EUR50 million, the paper says.  It
forecasts turnover of EUR752 million for the year.

The deluge of Chinese textiles has been hurting Chargeurs.  In
the first half, it posted a -EUR26 million net profit compared to
EUR20 million last year.  Results at the operating level dropped
to -EUR13 million from last year's EUR29 million.

CONTACT:  CHARGEURS
          38 rue Marbeuf
          75008 Paris - France
          Phone: (33-1) 49 53 10 00
          Fax: (33-1) 49 53 10 01
          E-mail: chargeurs@chargeurs.fr
          Web site: http://www.chargeurs.fr


RHODIA S.A.: Brazil Okays Greenhouse Gas Reduction Project
----------------------------------------------------------
Rhodia S.A. has obtained the formal agreement of the Brazilian
authorities with regard to the Group's commitment to reduce
greenhouse gas emissions on its Paulinia site.

This agreement, developed within the scope of the Clean
Development Mechanism (CDM) initiative established by the Kyoto
protocol, follows the South Korean Authorities' approval,
obtained September 30, 2005 on a similar project initiated in
South Korea.  This project is part of the Group's commitments on
Sustainable Development.

This agreement, which is an essential step of the project, allows
Rhodia to file with the UN's Framework Convention on Climate
Change (UNFCCC).  The UNFCCC has the power to finally authorize
the project and grant CDM certificates to Rhodia.

The projects initiated in Korea and Brazil represent the two
major operations developed by Rhodia in order to reduce its
greenhouse gas emissions at a worldwide level between 2005 and
2010.

                        About the Company

Rhodia S.A., based in France, is a global specialty chemicals
company partnering with major players in the automotive,
electronics, fibers, pharmaceuticals, agrochemicals, consumer
care, tires and paints & coatings markets to offer tailor-made
solutions combining original molecules and technologies to
respond to customers' needs.

It generated net sales of EUR5.3 billion in 2004 and employs
20,000 people worldwide.  It is listed on the Paris and New York
stock exchanges.  Its full-year results swung into the red in
2001 with a net loss of EUR213 million (US$183.5 million) after
three profits warning.  The company's stock has deteriorated
since its flotation in 1998.

                        Restructuring Plan

Due to depressed economic environment, continued high
petrochemical raw material prices, persistent weak demand and a
negative effect from the value of the dollar, Rhodia launched
structural action programs designed to improve long-term
profitability.

In 2003, it unveiled a plan of action to refocus business
portfolio, reduce cost and improve financial structure.  A key
part of this plan is a EUR600 million divestiture program aimed
at reducing debt by EUR500 million.  Consolidation of operations
resulted to the closure of 19 production units worldwide.

In December 2003, Rhodia concluded an agreement with 23 creditor
banks for the maintenance of a EUR970 million existing lines of
credit, and an adjustment of covenants to June 30, 2004;
establishment of a EUR758 million new syndicated medium-term
credit line; and a capital increase of approximately EUR300
million.

                         Status to date

The company's net loss after amortization of goodwill for 2004
was reduced more than 50% from EUR1,351 million to EUR625
million, giving the firm hope to return to black in 2006.  Its
overall net loss for the period came to EUR197 million, compared
with a net loss of EUR132 million in the second quarter 2004
(before the taking into account EUR187 million of results from
discontinued operations).

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25


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


AVRIO TECHNOLOGIES: Proofs of Claim Due January
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Avrio Technologies Europe GmbH on October 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 4, 2006
to register their claims with court-appointed provisional
administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2005, 11:05 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 March 1, 2006,
10:20 a.m. at the same venue.

CONTACT:  AVRIO TECHNOLOGIES EUROPE GmbH
          Am Borsigturm 13,13507 Berlin

          Ruediger Wienberg, Administrator
          Giesebrechtstr. 1, 10629 Berlin


BAU- UND SANIERUNG: Creditors Meeting Set December
--------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Bau- und Sanierung GmbH Weissenfels on
September 26.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
November 10, 2005 to register their claims with court-appointed
provisional administrator Dr. Lucas F. Flother.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 10:45 a.m. at the district court
of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer Str.
16, 06112 Halle, 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:  BAU- UND SANIERUNG GmbH WEISSENFELS
          Zeitzer Strasse 40, 06667 Weissenfels

          Dr. Lucas F. Flother, Administrator
          Hansering 1, D-06108 Halle
          Phone: 0345/212220
          Fax: 0345/2122222


BRUENING COMPUTERSYSTEME: Claims Filing Period Ends November 11
---------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Bruening Computersysteme GmbH 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 Dr. Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting on December 14, 2005, 1:15 p.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:  BRUENING COMPUTERSYSTEME GmbH
          Haferweg 15, 22769 Hamburg
          Contact:
          Hermann Militzer, Manager

          Dr. Sven-Holger Undritz, Administrator
          Jungfernstieg 51, 20354 Hamburg
          Phone: 808136-212
          Fax: 808136-119


HEITKAMP-DEILMANN-HANIEL: Selling Assets to Stay Solvent
--------------------------------------------------------
Construction group Heitkamp-Deilmann-Haniel (HDH) is planning to
cut jobs and sell assets to improve its liquidity profile, Die
Welt says.

HDH, a merger between Bauunternehmung E. Heitkamp GmbH, Herne and
Deilmann-Haniel GmbH, said its liquidity situation is tense, but
its existence is not under threat.  To ensure it remains solvent,
it will sell Redpath, its Canadian unit employing 1,050, and its
rail construction division, which has 350 workers.  Proceeds will
be used to finance restructuring and close the liquidity gap.

CONTACT:  HEITKAMP-DEILMANN-HANIEL GmbH
          Langekampstrasse 36
          Herne D-44633
          Phone: 49 2325 57 00
          Fax: 49 2325 57 37 55
          Web site: http://www.heitkamp.de


HIELSCHER GERUESTBAU: Dortmund Court Names Administrator
--------------------------------------------------------
The district court of Dortmund opened bankruptcy proceedings
against Hielscher Geruestbau GmbH on October 4.  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. Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on December 4, 2005, 1:30 p.m. at the district court
of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II.
Etage, Saal 3.201, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  HIELSCHER GERUESTBAU GmbH
          Jaegerstr. 66, 44534 Luenen
          Contact:
          Karsten Hielscher, Manager
          Konigsheide 55, 44536 Luenen

          Dr. Sebastian Henneke, Administrator
          Muelheimer Str. 100, 47057 Duisburg
          Phone: 0203/34840
          Fax: 0203/3484510


IMMOBILIENFONDS BILDERBOGENPASSAGE: Succumbs to Bankruptcy
----------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Immobilienfonds Bilderbogenpassage GbR on
October 1.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 30, 2005 to register their claims with court-appointed
provisional administrator Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting on November 2, 2005, 11:00 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report February 22,
2006, 10:15 a.m. at the same venue.

CONTACT:  IMMOBILIENFONDS BILDERBOGENPASSAGE GbR
          Contact:
          Dr. Friedrich Abegg, Manager
          Konigsstr. 2, 14163 Berlin

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


INFINEON TECHNOLOGIES: Munich Employees to Strike
-------------------------------------------------
Semiconductor manufacturer Infineon Technologies is facing a
massive industrial action at its Munich-Perlach site, Suddeutsche
Zeitung says.

Trade union IG Metall said Friday that 92.6% of employees at the
site have voted in favor of the strike.  Infineon, which remains
firm on its decision to close the site in 2007, vows to challenge
it.  Earlier it said it is prepared for any strike, adding
industrial actions cannot change economic realities.  It has
started talks with employees at its Regensburg and Dresden sites
to avoid total interruption.

IG Metall says workers have already accepted the plant's fate and
are now pushing for a severance pay equal to three months' salary
for every year of service.  The amount, however, is higher than
what Infineon is offering.  The plant's closure was first
announced in February by Infineon chief Wolfgang Ziebart, who
cited falling demand for its special microchips and lagging
production technology.

                          About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for automotive, industrial and multi-market
sectors, for applications in communication, as well as memory
products.  With a global presence, Infineon operates through its
subsidiaries in the U.S. from San Jose, CA; in the Asia-Pacific
region from Singapore; and in Japan from Tokyo.  In fiscal year
2004 (ending September), the company achieved sales of EUR7.19
billion with about 35,600 employees worldwide.  Infineon is
listed on the DAX index of the Frankfurt Stock Exchange and on
the New York Stock Exchange (ticker symbol: IFX).

CONTACT:  INFINEON TECHNOLOGIES AG
          P.O.  Box 80 09 49
          D-81609 Muenchen
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com


INTERTAINMENT AG: Hearing on HVB Claim Moved Next Month
-------------------------------------------------------
In the proceeding between HypoVereinsbank and Intertainment AG,
Munich, the presiding judge at the Munich Regional Court I
(Landgericht) adjourned the court hearing after an initial
hearing Friday.  The next court hearing is scheduled for November
10.

                            *   *   *

As reported by TCR-Europe on Sep. 19, HypoVereinsbank filed a
partial claim for payment of EUR10 million against Intertainment
AG and Intertainment Licensing GmbH in a proceeding for
documentary evidence before the regional court (Landgericht)
Muenchen I.  The suit was served on Intertainment AG on the
afternoon of September 13, 2005.  The regional court scheduled a
date for an oral hearing on October 7, 2005.

The partial claim relates to a loan amounting to around EUR14
million taken out by Intertainment Licensing GmbH from HVB, for
which Intertainment AG had given a surety.  The legal
representatives of Intertainment are continuing to assume on the
basis of the ongoing settlement negotiations that the matter will
be included in a mutually agreed, concluding arrangement.

Intertainment maintains the legal position defined in the Annual
Report 2004 and presented at the Annual General Meeting.  It is
assuming that HVB and Intertainment had reached a new arrangement
in relation to the settlement of the residual debt.  The new
arrangement provides for HVB issuing a debt waiver on a deferred
debt basis.  Within the scope of this deferred debt, the loan
originally due on June 30, 2004 was written down in the balance
sheet for the fiscal year ending 2003 in the amount of EUR13,583
million and reported under reserves in accordance with the debt
waiver.  A legal opinion was obtained for an appraisal of the
facts.  This formed the basis for the assessment by the
management of Intertainment.

HVB had called in the loan a number of times, including June 30,
2004, despite the new arrangement.  In the opinion of
Intertainment, this was no longer possible on account of the new
arrangement.

                        About the Company

Intertainment has specialized in acquiring theatrical, video and
television film rights with large commercial potential, which it
markets in Germany and in other European countries (including
Eastern Europe).  Among its customers are the most important
media enterprises.  At the same time Intertainment also acquires
the rights to commercially very viable films for the People's
Republic of China, as this huge market (with about 1.3 billion
people) is currently practically untapped but in the medium term
will realize its big potential.  Through its subsidiary
Intertainment Animation & Merchandising GmbH, it markets
interesting cartoons as well as commercially viable merchandising
rights.

CONTACT:  INTERTAINMENT AG
          Investor Relations
          Osterfeldstrasse 84
          85737 Ismaning
          Germany
          Phone: +49 (0) 89 21699-0
          Fax: +49 (0) 89 21699-11
          E-mail: investor@intertainment.de
          Web site: http://www.intertainment.de


LAMEY MONTAGE: Court to Verify Claims February
----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Lamey Montage GmbH on September 30.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 2, 2006
to register their claims with court-appointed provisional
administrator Joachim Voigt-Salus.

Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2005, 9:15 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 27,
2006, 9:00 a.m. at the same venue.

CONTACT:  LAMEY MONTAGE GmbH
          Oraniendamm 64-72,13469 Berlin

          Joachim Voigt-Salus, Administrator
          Rankestrasse 33, 10789 Berlin


LOGOS GEMEINNUETZIGE: Under Bankruptcy Administration
-----------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against LOGOS gemeinnuetzige
Qualifizierungsgesellschaft mbH on September 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 3, 2005 to
register their claims with court-appointed provisional
administrator Jorg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting on December 1, 2005, 11:15 a.m. at the district court
of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer Str.
16, 06112 Halle, 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:  LOGOS GEMEINNUETZIGE QUALIFIZIERUNGSGESELLSCHAFT mbH
          Grosse Ulrichstr. 29, 06118 Halle
          Contact:
          Harald Flecken, Manager
          Caspar-Olevian-Str. 1, 54295 Trier

          Jorg Riedemann, Administrator
          Muehlweg 47, D-06114 Halle
          Phone: 0345/293900
          Fax: 0345/2939029


VICKERS PRESSINGS: Mum on Job Losses After Administration
---------------------------------------------------------
Vickers Pressings Tolwood Automotive (VPTA) has remained silent
over possible job losses following its administration, said
Business Echo.

"I can't make any comment at all.  I can't say anything about
jobs.  We may be in a position to say more next week," Managing
Director Steve Joyce said.

While administrator KPMG said the car parts manufacturer continue
to operate, it declined to provide details as to the fate of the
firm's 300 employees.  Joint Administrator Richard Fleming said:
"The business is continuing to trade as normal and we hope to
sell it as a going concern."

Earlier this year, VPTA Chief Executive Geoff Marshall revealed
the company intends to maintain employment security by creating
more jobs.  VPTA also eyed increasing sales and doubling
turnover.

Formed in February through the merger of Tolwood Limited and
Vickers Pressings, the company manufactures products used in the
car assembly industry.  Among its biggest clients were Ford and
Nissan.

CONTACT:  VICKERS PRESSINGS TOLWOOD AUTOMOTIVE
          Coatham Avenue
          Aycliffe Industrial Park,
          Newton Aycliffe, Co Durham
          England DL5 6DB
          Phone: 01325 300777
          Fax: 01325 300399
          E-mail: info@tolwood.co.uk
          Web site: http://www.tolwood.co.uk

          KPMG LLP
          1 The Embankment
          Neville Street
          Leeds LS1 4DW
          Phone: (0113) 231 3000
          Fax: (0113) 231 3200
          Web site: http://www.kpmg.co.uk


VOLKSWAGEN AG: Confirms Tie-up Talks with DaimlerChrysler
---------------------------------------------------------
Volkswagen AG and DaimlerChrysler AG are currently in talks over
possible tie-ups, said AFX News.

In an interview with weekly magazine Auto Motor Sport, Volkswagen
Chief Executive Bernd Pischetsrieder revealed the two car
manufacturers have been discussing about a basic agreement on
cooperation projects since 2001.

He said: "We have been talking about it since 2001.  Now the
strategy teams from both sides are talking about a list of
different projects."

The list includes a deal that will see Volkswagen supplying
diesel engines for light vans.  The project is expected to be
completed this year.  Both companies have already been working
together to build Volkswagen's LT Transporter van and
DaimlerChrysler's Sprinter light van.

"The next step (of this light van tie-up) will be Volkswagen
supplying around 120,000 diesel engines annually to
DaimlerChrysler.  Like I said, details of future cooperation are
being discussed," Mr. Pischetsrieder added.  He also disclosed
the possibility of a joint venture between Volkswagen's Polo
model and Chrysler's Dodge Brand.

Earlier this month, DaimlerChrysler ruled out taking a stake in
Volkswagen, leaving the latter still vulnerable to hostile
takeovers.  The Financial Times, along with Frankfurter
Allgemeine Zeitung, has reported that the two rival manufacturers
have discussed taking cross-shareholdings in each other.

FAZ said DaimlerChrysler could take 10% of Volkswagen shares,
while Volkswagen could acquire a 6.9% stake in DaimlerChrysler.
DaimlerChrysler has brushed these reports, according to the
Associated Foreign Press.

A company spokesman admitted the two companies had expressed
their intentions to work together, but the talks had come to
nothing.  Die Welt newspaper has said that DaimlerChrysler eyes
building its next Smart model with Volkswagen, to be released by
2009.

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

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


WOLFGANG HENNIG: Charlottenburg Court Calls in Administrator
------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Wolfgang Hennig und Sohne
Schlosserei-Metallbau GmbH on September 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until December 29, 2005 to register their
claims with court-appointed provisional administrator Christoph
Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2005, 9:15 a.m. at the district court
of Charlottenburg, Amtsgericht 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 23, 2006, 9:00 a.m. at the
same venue.

CONTACT:  WOLFGANG HENNIG UND SOHNE SCHLOSSEREI-METALLBAU GmbH
          Grosse Hamburger Strasse 17,10115 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


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


COLOGNE RE: Closes to New Business After Scandal
------------------------------------------------
Reinsurance firm Cologne Re has put up more than EUR10 million in
reserve to cover legal and professional fees arising from
international securities probe against it, the Irish Times
reports.  The company has also now closed itself to new business.

Cologne Re is the Dublin branch of U.S. insurance firm General
Re.  The U.S. Securities and Exchange Commission earlier banned
Cologne Re's former chief executive John Houldsworth from
practice for conspiring with its main client to falsify reports.
He is found to have helped insurance company American
International Group booked loss reserves of some US$500 million
(EUR420 million) in the fourth quarter of 2000 and first quarter
of 2001, according to the S.E.C.

Mr. Houldsworth was sacked in June.  He could receive up to five
years in prison when he is sentenced in December, the report
said.

Meanwhile, after investigations by U.S. and Irish authorities, it
now emerged at Cologne Re's annual report that transactions
involving the firm's other unidentified counterparties and
individuals are also under probe in Britain by the Financial
Services Authority.

CONTACT:  KOLNISCHE RUECKVERSICHERUNGS-GESELLSCHAFT AG
          Corporate Switchboard
          Cologne: +49 221 9738 0

          Investor Relations:
          Adalbert Bader
          Phone +49 221 9738 559
          Web site: http://www.genre.com/page


SEAFIELD FABRICS: Abandons Youghal Plant
----------------------------------------
Some 40 workers will lose their jobs when Seafield Fabrics shuts
down its plant in Youghal, Co Cork, reports Business world.  The
closure is another blow to the town of Youghal, where many other
employers have left the area.


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


PARMALAT SPA: Bondi Willing to Stay on
--------------------------------------
Enrico Bondi, Parmalat's state-appointed administrator, has
succumbed to requests that he remain at the helm of the
recovering dairy group, The Associated Press says.

Mr. Bondi, whose tenure as administrator ends after a new
management team is installed, said he is willing to stay on as
chief executive officer because major shareholders want "strong
continuity in leadership."  A Parmalat statement quoted Mr. Bondi
as saying, "I have decided to be willing to have my name included
in a list of candidates."  The list will be presented at a board
meeting early next month.

Mr. Bondi described Parmalat's relisting on the Milan Stock
Exchange as a "first step" for the dairy to "recover and create
value."  However, he added, "There is still a lot more to do."

"The value that strong continuity would confer on Parmalat at
this moment was stressed to me in contacts in recent weeks with
representatives of major investors," he said. "My objective is to
secure a clear and strong mandate to lead Parmalat into the next
phase of its development, creating value for shareholders by
establishing the group as the Italian-based consolidator in the
multi-national food sector, with the characteristics and scale
required to be a major global force in the industry."

Mr. Bondi has been instrumental in Parmalat's recovery.  Under
him, Parmalat was reduced to its core dairy and juice units.  He
also launched several multi-billion-euro suits against local and
international companies and banks, which allegedly abetted
Parmalat's collapse by selling bonds despite knowledge of the
group's dire condition.  Some of these defendants are now
shareholders of the New Parmalat after approving a EUR20 billion
debt-to-equity swap.  They deny any wrongdoings, saying they too
are victims of what has been called Europe's Enron.  Mr. Bondi
has also succeeded in bringing Parmalat founder and former head
Calisto Tanzi and 15 others to trial.

Parmalat collapsed in December 2003 after revealing a EUR14
billion hole in its accounts, eight times higher than what it had
initially claimed.

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


SEAT PAGINE: Names Marco Lucchini, Stefano Curzio Directors
-----------------------------------------------------------
A meeting of the Board of Directors of Seat Pagine Gialle under
the chairmanship of Enrico Giliberti on Oct. 11, the Directors
coopted Marco Lucchini and Stefano Quadrio Curzio, following the
resignation of Directors Guido Paolo Gamucci and Alberto
Tazartes.

The Board acknowledged the resignation of Guido Paolo Gamucci who
has taken on stable professional duties abroad on behalf of
Permira, and of Alberto Tazartes who had already announced his
intention of leaving the professional activity.  The Board
expresses its appreciation and thanks for the relevant
contribution that these two outgoing directors have made to the
Company and extends them both best wishes for the future.

To replace Alberto Tazartes, as member of the Company's
Remuneration Committee, the Board has appointed Stefano Quadrio
Curzio, therefore the current members of this Committee are Gian
Maria Gros Pietro (Chairman), Dario Cossutta, and Stefano Quadrio
Curzio.

The Board of Directors also assessed whether Directors Lino
Benassi, Gian Maria Gros Pietro and Marco Reboa met the
requirements of independence, pursuant to Article 3 of the Preda
Code.

Also, the Board, on the instructions of the Chief Executive
Officer, appointed Paolo Cellini as head of the Company's
Internet operations.  Paolo Cellini, who will immediately join
the Seat Group, was Deputy Chairman of the Disney group,
responsible for the European operations of the U.S.-based company
's Internet division, and more recently Chief Executive Officer
of the Buffetti Group.

                            *   *   *

Seat PG reported last month a net loss of EUR46.5 million (net
income EUR10.3 million in H1 2004), reflecting a EUR50.3 million
increase in financial charges (attributable to the payment on the
entire period of the loan contract in April 2004) and a EUR17.0
million increase in taxes (the first half 2004 benefited from a
positive tax effect worth EUR18 million from the sale of the
equity investment in Consodata S.A.).

The company's long-term corporate credit rating, and senior
unsecured debt rating are rated 'BB-' and 'B' by Standard &
Poor's.

CONTACT:  SEAT PAGINE GIALLE
          Communications
          Phone: +39 011 435.3030
          Fax: +39 011 435.3040
          E-mail: Comunicazione.stampa@seat.it

          Investor Relations
          Phone: +39.011.435.2600
          E-maiil: Investor.relations@seat.it

          SEAT PAGINE GIALLE S.P.A.
          Legal and Corporate Affairs
          E-mail: ufficio.societario@seat.it

          BARABINO & PARTNERS
          Phone: +39 02 72 02 35 35
          Fax: +39 02 89 00 519
          Niccolo Moschini
          E-mail: n.moschini@barabino.it


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


IRDO-PAZ: Creditors' Claims Due December
----------------------------------------
IRDO-PAZ, which recently became insolvent, will accept proofs of
claim at Bishkek, Kievskaya Str. 58 until December 10, 2005.
Call (0-502) 32-11-00 for more information.


OSH-JANGAK INDUSTRY: Last Day for Filing Claims December 10
-----------------------------------------------------------
Osh-Jangak Industry, which recently became insolvent, will accept
proofs of claim at Osh, Razzakova Ave. 2/2a until December 10,
2005.

CONTACT:  OSH-JANGAK INDUSTRY
          Osh, Razzakova Ave. 2/2a


SIMURG: Sets Proofs of Claim Deadline
-------------------------------------
Kyrgyz Iranian CJSC Simurg, which recently became insolvent, will
accept proofs of claim until December 10, 2005.  Call (0-312)
51-22-69 for more information.


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


ALLIANCE BANK: Moody's Rates Senior Unsecured Notes Ba2
-------------------------------------------------------
Moody's Investors Service has assigned a Ba2 long-term rating to
the upcoming issue of senior unsecured notes by ALB Finance B.V.,
a wholly owned Netherlands-based SPV of Kazakhstani institution
Alliance Bank.  The issue is unconditionally and irrevocably
guaranteed by Alliance Bank and is governed by English law.  The
amount of the issue is expected to be US$200 million with a tenor
of five years.  The rating is subject to Moody's review of the
final documentation on the issue.  The outlook on the rating is
positive.

The Ba2 rating is based on the fundamental credit quality of
Alliance Bank, the ultimate obligor under the transaction, which
factors in a limited degree of support from the Kazakhstani
authorities in the event of need, given the bank's strengthening
franchise and increasing importance to the national banking
system.  Moody's notes that, while the predictability of such
support is still relatively low, this is captured in the Ba2
rating.

As a guarantor under the terms of the bond issue, Alliance Bank
must comply with certain covenants, such as negative pledge,
limitation on payment of dividends, limitation on mergers and
sale of assets and maintenance of a minimum BIS Capital Adequacy
Ratio of 10%.

Moody's has also changed the outlook on the bank's Ba2 long-term
deposit rating to positive from stable, reflecting Alliance
Bank's strengthening countrywide franchise, which may bring about
an increasing likelihood of support from Kazakhstani financial
authorities.

Moody's has affirmed the bank's E+ financial strength rating and
the positive outlook on this rating, which continues to reflect:

(a) The bank's solid capitalization, which to date has kept pace
    with the rapid asset expansion;

(b) Its currently good asset quality, with a level of impaired
    lending so far in line with that of its peers; and

(c) Its adequate liquidity.

However, the FSR remains constrained by:

(a) The low profitability, as aggressive expansion requires the
    bank to operate on narrow margins;

(b) Concerns over the sustainability of the current franchise in
    the event of the bank bringing its pricing more in line with
    that of other Kazakhstani banks;

(c) The still unseasoned nature of the loan book, with an
    accurate picture of the loan quality being skewed by the
    rapid growth; and

(d) Increasing concentrations in the loan book in 1H2005.  As
    the bank is increasing its reliance on market sources of
    funding, the refinancing risk assumed should also be closely
    monitored.

Alliance Bank is headquartered in Almaty, Kazakhstan, and
reported total assets of US$1.6 billion and capital of US$123
million under IFRS at June 30, 2005.  Subsequently, in October
2005 the bank's shareholders increased its capital by US$73
million.  Following three-and-a-half years of rapid growth,
Alliance Bank ranked fifth largest in Kazakhstan by both assets
and capital as at end-June 2005 (in accordance with figures
reported under local accounting rules), with a 6.7% share of the
system's total assets and 5.1% of shareholders' equity.

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

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


HAGEMEYER N.V.: Analyst Raises Shares to 'Buy'
----------------------------------------------
ING on Oct. 24 upgraded Hagemeyer N.V. shares to buy from hold,
keeping a EUR2.50 price target, Dow Jones reports.  Shares closed
at EUR2.14 during the day.

ING believes the company is set to report positive revenue growth
in third quarter on Oct. 27, 2005, mainly due to its British and
North-American activities.  U.K. turnaround and economic weakness
in U.K. and Germany, however, might drag it down.

As reported by TCR-Europe on Oct. 11, Hagemeyer is bullish on its
profit forecast for the second half of 2005 and for FY2006
following the completion of its turnaround plan.  In a
presentation to investors and analysts, Chief Executive
Rudi de Becker expects an operating profit before exceptionals of
around EUR70 million for the second half.  Its flagship
Professional Products & Services (PPS) division, he said, has
"considerable further upside potential" from 2008 onwards.  He
predicts a return on investment of 9% in 2007 from the unit.

                            *   *   *

Hagemeyer is a value added business-to-business (B2B)
distribution services group, focusing on the markets for
electrical materials, safety and other MRO (Maintenance Repair
and Operations) products in Europe, North America and Asia-
Pacific.  Currently over 18,000 people work for Hagemeyer in 27
countries.

Hagemeyer said in June it reached agreement in principle with a
bank consortium of ABN AMRO Bank, ING Bank, Rabobank and NIB
Capital Bank to refinance and improve existing senior secured
credit facility.  These banks will jointly increase their share
in the credit facility to Hagemeyer with approximately EUR240
million, which allows Hagemeyer to pay down all other 26 lenders
in its current senior credit facility.

In April, the Group reported that total net interest bearing debt
increased from EUR476 million at year-end 2004 to EUR535 million
at March 31, 2005.  Apart from the impact of foreign exchange
movements, the increase in net debt in Q1 2005 is mainly due to
seasonal influences.

CONTACT:  HAGEMEYER N.V.
          Rijksweg 69,
          P.O. Box 5111,
          1410 AC Naarden
          The Netherlands
          Phone: + 31 (0) 35 6957676
          Fax: + 31 (0) 35 6944396
          Web site: http://www.hagemeyer.com


ROYAL SHELL: Buyback Scheme Progressing
---------------------------------------
On 24 October 2005, Royal Dutch Shell plc purchased for
cancellation 700,000 'A' Shares at a price of EUR24.57 per share.
It further purchased for cancellation 275,000 'A' Shares at a
price of 1,662.91 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,998,265,000.

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

                            *   *   *

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

                        About the Company

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

                           The Trouble

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

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


VERSATEL TELECOM: Reports EUR780 Mln Total Asset as of Sept. 1
--------------------------------------------------------------
Versatel Telecom International N.V. filed financial information
with the Chamber of Commerce in Amsterdam on Oct. 21 in order to
comply with its obligation pursuant to section 2:105 par. 4 Dutch
Civil Code in connection with the distribution referred to in
Versatel's press release issued on 14 October 2005.


Balance sheet at September 1, 2005
(before appropriation of net result)
(Currency - thousands of euro)         September 1, December 31,
                                           2005         2004
ASSETS

Fixed assets
Intangible fixed assets                      17,675     20,533
Financial fixed assets                     (147,730)  (114,309)
     Total fixed assets                    (130,055)   (93,776)

Current assets
Accounts receivable.
Group companies                             751,623     692,859

Cash                                        158,476     182,434

Total current assets                        910,099     875,293
Total assets                                780,044     781,517

SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Issued and paid-in capital                   10,406      10,367
Additional paid-in capital                2,346,696   2,345,703
Warrants                                        336         336
Accumulated deficit                      (1,804,159) (1,780,554)
Net result for the period                       (7,388) (23,695)
     Total shareholders' equity [1]           545,891   552,157

Deferred income tax                           114,127   106,782

Convertible senior notes                      115,592   121,103

Accrued liabilities                             4,435     1,475

     Total shareholders' equity and liabilities
                                              780,044   781,517

----------
[1] Total shareholders' equity at September 1, 2005     545,891
    The net results for the period September 1 until
    and including October 14, 2005 will approximately
    be                                                   (7,500)
    The results of the sale of Versatel Germany
    to Ganymed 345 VV GmbH will approximately be        251,000
    Estimated total share holders' equity
    at October 14, 2005                                 789,391

The amount of free distributable reserves available at October
14, 2005 is approximately 778,985. After the interim distribution
of 728,563 an amount of free distributable reserves remain of
approximately of 50,422.

All financial data is unaudited and presented in accordance with
Dutch GAAP

Versatel Telecom International N.V. (Euronext: VRSA).  Versatel,
based in Amsterdam, is a competitive communications network
operator and a leading alternative to the former monopoly
telecommunications carriers in its target market of the Benelux.
Founded in October 1995, the Company has approximately 1,100
employees and holds full telecommunication licenses in The
Netherlands and Belgium.  Versatel operates a facilities-based
local access broadband network that uses the latest network
technologies to provide business customers with high bandwidth
voice, data and Internet services.  Versatel is a publicly traded
company on Euronext Amsterdam under the symbol "VRSA". News and
information are available at http://www.versatel.comor
http://www.tele2.com

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Wouter van de Putte, Head of Investor Relations
          Phone: +31-20-750-2362
          E-mail: wouter.vandeputte@versatel.com

          Cilesta van Doorn, Manager Corporate Communications
          Phone: +31-20-750-1318
          E-mail: Cilesta.vandoorn@versatel.com


===========
N O R W A Y
===========


PAN FISH: Posts NOK81.8 Million Quarterly Profit
------------------------------------------------
Pan Fish A.S.A. delivered a substantial jump in profits in the
third quarter, due primarily to lower costs and a strong market
for farmed salmon.

Pan Fish is still scaling up its production volume, and
harvesting levels during the period were 20% lower than in the
third quarter 2004.  Nevertheless, the Group's operating profit
(EBIT) was NOK121 million higher than in the same period last
year.

Pan Fish will continue to expand, both through organic growth and
acquisitions, provided that such growth enhances the company's
strategy of being the lowest-cost producer in the industry, with
a strong focus on operating efficiency.  Pan Fish retains its
positive assessment of the market in the medium term.  At the
same time, fish production costs continue to fall compared with
previous generations, and this will result in increased
profitability in the time ahead.

Highlights

(a) gross operating revenues totaled NOK456.4 million in the
    third quarter 2005, compared with  NOK547.6 million in the
    same period last year;

(b) operating profit before depreciation (EBITDA) amounted to
    NOK133.1 million in the third quarter 2005, compared with
    NOK17.7 million in the corresponding period in 2004;

(c) the Group made a net profit in the third quarter 2005 of
    NOK81.8 million, compared with a loss of NOK66.5 million in
    the third quarter 2004; and

(d) Pan Fish had net interest-bearing debt of NOK1,257.1 million
    at the end of the third quarter 2005 and an equity ratio of
    36.5%.

Chief Executive Atle Eide said: "In many ways this quarter
represents a turning point for Pan Fish.  We have produced a good
financial result, and we have recently made a number of important
strategic acquisitions.

"Given that Pan Fish is still scaling up its production volume, I
am proud to have delivered such a strong improvement in our
performance in the third quarter.  And there is every indication
that the costs associated with the fish currently in production
at our facilities around the world will be even lower when the
time comes to harvest them."

Fish Farming

The fish farming business generated gross operating revenues of
NOK422.4 million in the third quarter 2005, compared with 487.9
million in the same period last year.  Operating profit totaled
NOK99.1 million, compared with a loss of NOK14.0 million in the
same period in 2004.  Production costs for marine-phase fish in
all regions continue to fall substantially, as planned.  Pan Fish
expects to harvest between 15,000 and 16,000 tgw in the fourth
quarter 2005.  This figure will be further boosted by volumes
from Aqua Farms, which is being taken over with effect from 1
November this year.

Value Added Products (VAP)

The VAP business had gross operating revenues of NOK49.4 million
in the third quarter 2005, compared with NOK92.4 million in the
same period last year.  The reduction is due to the winding up of
Vestlax Hirtshals.  The business made an operating loss of NOK
7.0 million, compared with a loss of NOK 7.7 million in the same
period last year. High raw materials prices have put heavy
pressure on margins, but the company is optimistic with regard to
sales during the important Christmas season, and expects improved
results in the fourth quarter.

Outlook

Mr. Eide added: "We are still seeing a buoyant market with strong
demand in both the EU and the U.S.A.  This, combined with a
moderate growth in production volumes, leads us to anticipate a
reasonably balanced market over the next few years. We are also
seeing our production costs falling as planned, making us
steadily more competitive in the marketplace.

"In recent months we have made several important acquisitions,
both in Scotland and Norway, which reinforce our low-cost focus.
We expect the aquaculture industry to undergo significant
restructuring going forward, and Pan Fish will play an active
role in this process."

                        About the Company

Pan Fish is headquartered in Stavanger, Norway.  It grows salmon
and trout for export.  It closed its two-year restructuring in
May with a NOK200 million share issue, and the conversion of
NOK500 million of the company's debt into shares.  It reported
NOK10.4 million operating loss in the first-quarter.

CONTACT:  PAN FISH A.S.A.
          Maskinveien 32,
          P.O. Box 342 Forus
          N-4067 STAVANGER
          Phone: +47 70 11 61 00/+47 9115 2977
          Fax: +47 70 11 61 34
          E-mail: post@panfish.no
          Web site: http://www.panfish.com


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


GETIN BANK: Moody's Rates Foreign Currency Deposit BA2/NP
---------------------------------------------------------
Moody's assigned to Polish Getin Bank S.A. long- and short-term
foreign currency bank deposit ratings of Ba2/Non-Prime, as well
as a financial strength rating (FSR) of D.  All ratings were
assigned stable outlooks.

Getin Bank SA is 99.2% controlled by Getin Holding SA, a company
consolidating financial sector companies in Poland and in Russia
that is ultimately 67.98% controlled by Mr. Leszek Czarnecki, and
that is also publicly listed on the Warsaw Stock Exchange.  Getin
Bank SA is the main asset of Getin Holding SA.

Established in May 2004, Getin Bank SA is the result of the
acquisition by Getin Holding SA of Gornoslaski Bank Gospodarczy
SA from BPH Bank SA and of its subsequent merger with Bank
Przemyslowy SA at end-2004.  Getin Bank SA is in the process of
acquiring Bank Cukrownictwa SA.

Getin Bank SA operates in mortgage lending via DomBank, which was
set up in August 2004, car lending, personal banking, and it
provides banking services to micro and small businesses.  The
bank, whose clients are still largely based in the South West,
mainly targets the "non-conforming," sub-prime, high risk and
high return individual customer segment.  Getin Bank SA's
strategy entails swift organic growth across Poland, particularly
through mortgage lending, and through the development of new
products for its retail clients, like credit cards.  That said,
management is also likely to continue to grow as a result of
targeted, small acquisitions.

Moody's indicated that Getin Bank SA's Ba2/NP deposit ratings
reflect the bank's intrinsic financial strength on a stand-alone
basis, as no external support had been factored into these
ratings.

The rating agency explained that the bank's FSR of D factored in
the established track record of key management board members,
Getin Bank SA's good earnings generation and efficiency
indicators to date, its reasonable solvency ratio target of 12%,
efforts made to diversify the bank's funding mix, and its swiftly
growing market position in mortgage lending.

Furthermore, Moody's commented that the bank's financial strength
rating of D also reflected Getin Bank SA's very modest overall
franchise and scale at this early stage of its development, its
relatively high risk appetite and lack of credit track record,
its aggressive loan growth strategy and its increasing funding
needs going forward, as well as the still early development stage
of the infrastructure underpinning its operations, inter alia, in
the area of risk management.

Going forward, Moody's stated that FSR and deposit rating
upgrades would be driven by evidence of Getin Bank SA's
strengthening market penetration and scale, as well as evidence
that the bank can effectively manage risks and control costs as
it develops.  Conversely, while rating downgrades are less
likely, Moody's noted that a significant deterioration in Getin
Bank's asset quality or evidence of enhanced implementation risk
in relation to the bank's strategy could, among other factors,
put negative pressure on its ratings.

Headquartered in Katowice in Poland, Getin Bank SA had total
assets of PLN4.6 billion (EUR1.1 billion) at end-2004 and posted
a net profit of PLN52 million (EUR12.6 million) at end-2004.

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

          Patricia Dambrine, VP - Senior Credit Officer
          Financial Institutions Group
          Phone:  (Journalists) 44 20 7772 5456
                  (Subscribers) 44 20 7772 5454


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


CONSTRUCTIONAL CONCRETE: Under Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region has
commenced bankruptcy supervision procedure on LLC Factory Of
Constructional Concrete.  The case is docketed as A75-6933/2005.
Mr. A. Kiselev has been appointed temporary insolvency manager.
A hearing will take place on January 30, 2006 at 09.30 a.m. at
the Arbitration Court of Khanty-Mansiyskiy autonomous region at
628012, Russia, Khanty-Mansiysk, Lenina Str. 54/1.

CONTACT:  FACTORY OF CONSTRUCTIONAL CONCRETE
          Russia, Tyumen region, Surgut,
          8th Prom.zone, 2P Str.

          Mr. A. Kiselev
          Insolvency Manager
          628400, Russia, Tyumen region,
          Surgut, Bezverkhova Str. 5


GAZBANK: Foreign Currency Deposit Rated B2
------------------------------------------
Moody's Investors Service has assigned these global scale
ratings, with stable outlook, to Gazbank (GZB): B2 long-term and
Not-Prime (NP) short-term foreign currency deposit ratings and an
E+ financial strength rating (FSR).

At the same time, Moody's Interfax Rating Agency has assigned a
Baa1.ru long-term national scale credit rating (NSR) to GZB.
Moscow-based Moody's Interfax is majority owned by Moody's, a
leading global rating agency.  According to Moody's and Moody's
Interfax, the B2/NP/E+ global scale ratings reflect GZB's global
default and loss expectation, while the Baa1.ru national scale
rating reflects the standing of the bank's credit quality
relative to its domestic peers.

The ratings assigned to GZB reflect the bank's leading positions
in the retail banking market in both deposit-taking and consumer
lending in Russia's Samara region (SR, rated Ba2 by Moody's with
a stable outlook), the good quality of GZB's loan book, the
current high profitability and the lack of any significant
single-party, industry or related-party concentrations.

However, Moody's noted that GZB's ratings are constrained by its
small size, the geographical concentration of operations in the
SR and the bank's low capitalization, which is limiting the
opportunities for growth and franchise strengthening.  Growing
competition from larger Russian banks and subsidiaries of foreign
banks aggressively entering the local retail market and pressure
on liquidity from the rapid expansion in lending represent a
further constraint on the bank's ratings.

According to Moody's, the B2/NP foreign currency deposit ratings
do not incorporate any support in the event of need from either
the bank's shareholders or the SR government given that, while
such support cannot be ruled out, its scope and timeliness are
somewhat uncertain.

Background and Profile

GZB is headquartered in Samara, a large industrial Russian city,
which is located about 1,000 kilometers to the southeast of
Moscow.  The bank was founded in 1993 as a subsidiary of the
Gazprom for the purpose of servicing of its operations in the SR.
In 1995 the bank expanded the scope of its activities by
providing banking services to companies beyond the gas industry,
as well as to local and regional governments.  Starting from 2002
the bank has been developing retail business.

The structure of shareholders has changed since 1993 and now
includes seven prominent local businessmen and politicians, each
owning between 13.42% and 14.41% of the bank's stock.  The bank's
network comprises four branches in the Samara region, two
branches in the neighboring Uliyanovsk region and a branch in the
Krasnodar region in the south of Russia.  The bank reported total
assets of US$272 million and shareholders' equity of US$34
million in accordance with IFRS as of 31 December 2004.
According to Interfax, the bank was ranked 102nd in terms of
total assets and 126th in terms of capital among Russian banks as
at July 1, 2005.

National Scale Ratings

Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks.  NSRs in Russia are
designated by the ".ru" suffix.  NSRs differ from global scale
ratings, as assigned by Moody's Investors Service, in that they
are not globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.

About Moody's and Moody's Interfax

Moody's Interfax Rating Agency specialises in credit risk
analysis in Russia and is 51% owned and controlled by Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets.  Moody's Investors Service is a
subsidiary of Moody's Corporation (NYSE: MCO), which reported
revenues of US$1.4 billion in 2004, employs approximately 2,500
people worldwide and maintains offices in 19 countries.

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

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


GUBKINSKIY DAIRY: Court Calls in Insolvency Manager
---------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous region has
commenced bankruptcy supervision procedure on municipal unitary
enterprise Gubkinskiy Dairy.  The case is docketed as
A81-1245/2005.  Mr. S. Maslovskiy has been appointed temporary
insolvency manager.  A hearing will take place on December 8,
2005, 10:00 a.m.

CONTACT:  GUBKINSKIY DAIRY
          629830, Russia, Yamalo-Nenetskiy autonomous region,
          Gubkinskiy, 2nd location, 47

          Mr. S. Maslovskiy
          Temporary Insolvency Manager
          169607, Russia, Komi republic,
          Pechora, Rusanova Str. 12
          Phone/Fax: 8(82142) 5-13-16


JFC GROUP: Long-term Corporate Credit Rated 'B-'
------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit and 'ruBBB-' Russia national scale ratings to
Russian fruit importer JFC Group Co. Ltd. (CJSC) (JFC). The
outlook is stable.

At the same time, Standard & Poor's assigned its 'B-' senior
unsecured debt rating to the $60 million loan participation notes
recently issued by HSBC Bank PLC.  The notes have the sole
purpose of funding a loan to JFC and mature in 18 months.

JFC is a St. Petersburg-based leading fruit importer with its own
network of distribution centers and terminals throughout Russia.

"The ratings on JFC are constrained by the company's high
exposure to financial risk, marked by challenging liquidity,
limited financial flexibility with considerable working-capital
requirements, and high leverage," said Standard & Poor's credit
analyst Lorenzo Sliusarev.  "These risks are moderated by JFC's
leading market position in Russia, robust business growth,
Russia's favorable market potential, and the company's
competitive advantage of a modern and well-established
distribution and processing infrastructure."

The company's considerable business risk results from its
aggressive expansion plans, lack of operating diversification,
and exposure to volatile commodity markets, which are subject to
political, economic, and competitive risks.

"Standard & Poor's expects JFC to focus on the careful management
of its financial risks as it continues to rapidly increase scale
and cash flow generation," added Mr. Sliusarev. "Given the
company's heavy leverage and weak liquidity position, we expect
JFC to remain focused on the prudent control of capital spending
and operating costs while enhancing operating profitability and
expanding its provision of value-oriented services."

If the company delivers a noticeable improvement in operating
results while continuing to effectively address financial risks,
the outlook could be revised to positive or the ratings raised.
Conversely, a lack of continuing improvement in JFC's challenging
liquidity position or the further deterioration of its limited
financial flexibility and credit protection measures would lead
to a negative rating action.

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


KHOLMOGORSKOYE: Succumbs to Bankruptcy
--------------------------------------
The Arbitration Court of Arkhangelsk region commenced bankruptcy
proceedings against Kholmogorskoye after finding the
repair-technical enterprise insolvent.  The case is docketed as
A05-8222/05-21.  Mr. Y. Pirogov has been appointed insolvency
manager.

CONTACT:  KHOLMOGORSKOYE
          Russia, Arkhangelsk region,
          Kholmogory, Oktyabrskaya Str. 36

          Mr. Y. Pirogov
          Insolvency Manager
          164260, Russia, Arkhangelsk region,
          Plesetsk, Dzerzhinskogo Str. 70/1


NEW BUILDING: Insolvency Manager Takes over Business
----------------------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on close joint stock company New
Building Technologies.  The case is docketed as A33-16765/2005.
Mr. V. Shmanay has been appointed temporary insolvency manager.

CONTACT:  NEW BUILDING TECHNOLOGIES
          660012, Russia, Krasnoyarsk region,
          Gladkova Str. 4

          Mr. V. Shmanay
          Temporary Insolvency Manager
          660017, Russia, Krasnoyarsk region,
          Post User Box 20647


NOVOLIPETSK STEEL: Gets B2 Corporate Family Rating
--------------------------------------------------
Moody's Investors Service has assigned Ba2 Corporate Family
Rating to OJSC Novolipetsk Steel (NLMK), one of the four largest
Russian steel producers.  The rating outlook is stable.

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, has assigned Aa2.ru long-term national
scale credit rating (NSR) to the Company.  According to Moody's
and Moody's Interfax (Moody's), the Ba2 Corporate Family Rating
is on a global scale reflecting the company's global default and
loss expectation, while the Aa2.ru national scale rating reflects
the standing of the company's credit quality relative to its
domestic peers.

Rating Rationale

The Ba2 corporate family rating reflects:

(a) The cyclical nature of the steel industry and the
    sensitivity of financial results to rising raw material and
    energy prices;

(b) NLMK's lack of integration in coking coal and stated
    aspiration to acquire additional coal assets in the future;

(c) NLMK's relatively high exposure to slabs (lower value-added
    products) which are subject to more price volatility than
    finished products;

(d) The importance of export revenue and the company's exposure
    to protectionist barriers;

(e) Concentration of export revenue with several traders (90%)
    and limited level of transparency with regard to the overall
    group's structure and inter-group cash flows;

(f) Limited level of shareholder transparency and the
    concentrated ownership with management allegedly holding
    around 95% of the company's shares and the resulting
    potential for significant shareholder payments; and

(g) challenging operating environment characterized by
    underdeveloped legal infrastructure, as well as political,
    fiscal and exchange rate risks.

More positively the corporate family rating reflects:

(a) NLMK's established position in the Russian steel market with
    focus on production of high value-added rolled steel;

(b) Its self sufficiency and proximity to iron ore assets and
    recent acquisition of a coal deposit;

(c) NLMK's well-invested assets with limited needs for upgrades

    and technological advantages over the other Russian
    competitors in manufacturing a number of products;

(d) High profitability, underpinned by the share of higher
    value-added products in the sales, better technology and
    efficiency of operations;

(e) Favorable logistics and competitive cost position
    underpinning its positions in the international and domestic
    markers;

(f) NLMK's conservative financial policy to date, reflected in
    low debt levels;

(g) The Company's demonstrated track record of positive free
    cash flow generation throughout the cycle;

(h) Its continuous focus on increasing the higher value added
    content of its product mix underpinned by the magnitude of
    the company's contemplated investments (cumulative US$1.6
    billion over the 2005-2010 period) which also target further
    improvement in operating efficiency.

Moody's further notes that the rating does not factor material
acquisitions in the near future and does not anticipate a
significant change in the financial policy of the company, as
demonstrated to date.

The rating Aa2.ru on Moody's national scale reflects the
company's very strong creditworthiness relative to other Russian
issuers and incorporates the same credit considerations as the
global scale rating.

Liquidity

NLMK maintains good liquidity and at the end of 2Q 2005 reported
US$1.8 billion in cash balances.  The Company further benefits
from US$0.4 billion in committed bank lines.

Rating Outlook

Moody's stable outlook for the rating reflects the view that
notwithstanding expectations of a softer steel markets and a
significant capital investment program, the company's favorable
cost position will enable NLMK to continue to support its solid
balance sheet through significant operating cash flow generation.

Company Summary

NLMK, a Russian open joint-stock company was established as a
state owned enterprise in 1931 and was privatized in 1993, as
part of the Russian privatization program.  NLMK is located in
the Lipetsk region of the Russian Federation, and is the fourth
largest Russian steel producer in terms of tonnage.  NLMK
operates an integrated plant with complete metallurgical cycle
with a total crude steel output of 9.1 million tons (in 2004).
About 73% of NLMK's output is exported, mainly to South East Asia
(representing 21% of exports), the European Union (29%) and North
America (23%).

For the year ending December 31, 2004, NLMK generated revenues
and EBITDA of US$4,539 million and US$2,563 million,
respectively.

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


NURLATSKAYA: Bankruptcy Supervision Procedure Begins
----------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Nurlatskaya.  The case is docketed as A65-9903/2005-SG4-16.  Mr.
P. Protsenko has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420073, Russia,
Tatarstan republic, Kazan, Post User Box 249.  A hearing will
take place on December 6, 2005 at the Arbitration Court of
Tatarstan republic at Russia, Kazan, Kremlin, Entrance 1, Room
16.

CONTACT:  NURLATSKAYA
          Russia, Tatarstan republic,
          Nurlat, Gimatdinova Str. 1B

          Mr. P. Protsenko
          Temporary Insolvency Manager
          420073, Russia, Tatarstan republic,
          Kazan, Post User Box 249


SEVERNOYE: Court Confirms Bankruptcy
------------------------------------
The Arbitration Court of Mordoviya republic has commenced
bankruptcy supervision procedure on auto-transport enterprise
Severnoye.  The case is docketed as A39-5050/05-195/7.  Mr. S.
Kolekin has been appointed temporary insolvency manager.

CONTACT:  SEVERNOYE
          Russia, Mordoviya republic, Saransk

          Mr. S. Kolekin
          Temporary Insolvency Manager
          101000, Russia, Moscow,
          Lubyanskiy Pr. 5, Building 1


STERLIKAMSKIY: Bankruptcy Hearing Set December
----------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on open joint stock company
Sterlikamskiy (TIN 0268030111).  The case is docketed as
A-07-442/05-32-1.  Mr. V. Perepelkin has been appointed temporary
insolvency manager.  A hearing will take place on December 20,
2005, 10:00 a.m. at the Arbitration Court of Bashkortostan
republic.

CONTACT:  STERLIKAMSKIY
          Russia, Bashkortostan republic,
          Sterlitamak, Dzhambula Str. 5

          Mr. V. Perepelkin
          Temporary Insolvency Manager
          450097, Russia, Bashkortostan republic,
          Ufa, Zavodskaya Str. 11
          Phone/Fax: (3472) 53-91-90, 53-82-27, 25-77-77


TYNDINSKIY: Claims Filing Period Ends Next Month
------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Tyndinskiy (TIN 2808015080) after finding the
beef and dairy factory insolvent.  The case is docketed as
A04-188/05-17/20 "B" and A04-188/05-17/17 "B".  Mr. I. Korenev
has been appointed insolvency manager.  Creditors have until
November 17, 2005 to submit their proofs of claim to 680028,
Russia, Khabarovsk, Frunze Str. 126, Office 106.

CONTACT:  TYNDINSKIY
          670013, Russia, Amur region,
          Tyndinskiy region, Tynda, Kirova Str. 1A

          Mr. I. Korenev
          Insolvency Manager
          680028, Russia, Khabarovsk,
          Frunze Str. 126, Office 106
          Phone: 8914-772-71-02, (4212) 35-21-86


VERKHNEURALSKIY: Court Brings in Insolvency Manager
---------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Verkhneuralskiy after finding the milling
plant insolvent.  The case is docketed as A76-20016/05-34-112.
Mr. V. Ivanov has been appointed insolvency manager.

Creditors have until November 24, 2005 to submit their proofs of
claim to 460000, Russia, Orenburg, Gaya Str. 23a.  A hearing will
take place on February 27, 2006, 10:30 a.m. at the Arbitration
Court of Chelyabinsk region.

CONTACT:  VERKHNEURALSKIY
          450000, Russia, Chelyabinsk region,
          Verkhneuralsk, Pervomayskaya Str. 73

          Mr. V. Ivanov
          Insolvency Manager
          460000, Russia, Orenburg,
          Gaya Str. 23a
          Phone/Fax: (3532) 78-38-44


ZNAMENSKIY: Omsk Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Znamenskiy after finding the flax factory
insolvent.  The case is docketed as K/E-113/05.  Mr. V. Nesterov
has been appointed insolvency manager.

CONTACT:  ZNAMENSKIY
          Russia, Omsk region

          Mr. V. Nesterov
          Insolvency Manager
          644122, Russia, Omsk region,
          5th Armii Str. 4, Office 1


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


GUDIMI: Insolvency Manager Steps in
-----------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against Gudimi (code EDRPOU 30902417) on September 8,
2005 after finding the limited liability company insolvent.  The
case is docketed as 7/23-05.  Mr. Mikola Malyar (License Number
AA 116052) has been appointed liquidator/insolvency manager.

CONTACT:  GUDIMI
          42088, Ukraine, Sumi region,
          Romni district, Gudimi

          MIKOLA MALYAR
          Liquidator/Insolvency Manager
          42000, Ukraine, Sumi region,
          Romni, Karl Marks Str. 77/19
          Phone/Fax: 8 (05448) 2-20-71

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


IMSHANSKE: Bankruptcy Supervision Starts
----------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on agricultural limited liability company
Agrofirm Imshanske (code EDRPOU 30712718) on July 8, 2005.  The
case is docketed as 6/58-05.  Mr. Sergij Volovik (License Number
AA 779353) has been appointed temporary insolvency manager.

CONTACT:  IMSHANSKE
          41209, Ukraine, Sumi region,
          Yampilskij district, Imshana,
          Nevskij Str. 57

          SERGIJ VOLOVIK
          Temporary Insolvency Manager
          40030, Ukraine, Sumi region,
          Proletarska Str. 69, 2nd floor

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


KICHKINE: Under Bankruptcy Supervision
--------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on state enterprise Central Military
Tourist Base Kichkine of the Defense Ministry of Ukraine (code
EDRPOU 08527451) on July 5, 2005.  The case is docketed as
26/10026-2005.  Mr. Beletska T. (License Number AA 779225) has
been appointed temporary insolvency manager.  The company holds
account number 26008262611002 at CB Privatbank, Yalta branch, MFO
384726.

CONTACT:  KICHKINE
          98655, Ukraine, AR Krym region,
          Yalta, Livadiya

          BELETSKA T.
          Temporary Insolvency Manager
          98600, Ukraine, Kyiv region,
          Shors Lane, 5a/57

          THE ECONOMIC COURT OF AR KRYM REGION
          95000, Ukraine, AR Krym region,
          Simferopol, Karl Marks Str. 18


LVIV-MED: Declared Insolvent
----------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Lviv-Med (code EDRPOU 20856683) on September
5, 2005 after finding the limited liability company insolvent.
The case is docketed as 6/355-29/289.  Ms. Olga Bobrovitska
(License Number AA 630016) has been appointed
liquidator/insolvency manager.

CONTACT:  LVIV-MED
          79000, Ukraine, Lviv region,
          Medovoi Pecheri Str. 7/56

          OLGA BOBROVITSKA
          Liquidator/Insolvency Manager
          80000, Ukraine, Lviv region,
          Sokal, Makarenko Str. 22

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


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


ANY METAL: Files for Liquidation
--------------------------------
R. L. Gibbard, director and chairman of Any Metal Fabrications
Ltd., informs that resolutions to wind up the company were passed
at an EGM held on Oct. 5 at 22 Laud Street, Croydon CR0 1SU.

Michael Colin John Sanders of BN Jackson Norton, 22 Laud Street,
Croydon CR0 1SU was appointed liquidator.

CONTACT:  ANY METAL FABRICATIONS LTD.
     14 Meadowside Road, Sutton
          Surrey SM2 7PF
          Phone: 02086444141


BAE SYSTEMS: Full-year Results Out February
-------------------------------------------
BAE Systems plc will release its preliminary full-year results
for the year ending 31 December 2005 on 23 February 2006.

                        About the Company

BAE Systems is an international company engaged in the
development, delivery, and support of advanced defense and
aerospace systems in the air, on land, at sea, and in space.

The company designs, manufactures, and supports military
aircraft, combat vehicles, surface ships, submarines, radar,
avionics, communications, electronics, and guided weapon systems.
It is a pioneer in technology with a heritage stretching back
hundreds of years and is at the forefront of innovation, working
to develop the next generation of intelligent defense systems.

BAE Systems has major operations across five continents and
customers in some 130 countries.  The company employs nearly
100,000 people and generates annual sales of approximately US$25
billion through its wholly owned and joint-venture operations.

In June, Fitch Ratings downgraded BAE Systems' Senior Unsecured
and Short-term ratings to 'BBB' and 'F3' from 'BBB+' and 'F2',
respectively and removed them from Rating Watch Negative (RWN).
A Stable Outlook has been assigned.  Approximately GBP3.8 billion
of debt was affected by this rating action.

The downgrade reflects BAE's increased net leverage, as
anticipated in Fitch's rating action commentary dated 7 March
2005, following its US$4.2 billion (GBP2.2 billion) acquisition
of U.S.-based United Defense Industries (senior secured bank
facility rated at 'BB+', Outlook Positive), which closed on 24
June 2005.

CONTACT:  BAE SYSTEMS PLC
          Warwick House, Farnborough Aerospace Center
          Farnborough
          Hampshire GU14 6YU, United Kingdom
          Phone: +44-1252-373-232
          Fax: +44-1252-383-000
          Web site: http://www.baesystems.com


BRITISH AMERICAN: Canadian Unit to Close Manufacturing Sites
------------------------------------------------------------
British American Tobacco plc's Canadian subsidiary is to close
its manufacturing facilities in Canada.

Imperial Tobacco Canada has decided to close its cigarette
factory in Guelph, Ontario, in 2006 and its fine cut/roll-your
own and leaf processing operations in Aylmer, Ontario, in 2007,
as a result of the ongoing decline in sales industry-wide.

Since 2000, the company's volumes have declined 38%.  Imperial
Tobacco Canada will transfer production to British American Tobac
co Mexico's Monterrey plant.  Mexico is one of the parties to the
North American Free Trade Agreement (NAFTA).

As a result of the closures, approximately 650 employees will be
directly affected -- comprising 555 jobs in Guelph, 80 in Aylmer,
and approximately 15 in Montreal head office -- depending on the
final impact of the plant closures.

This announcement will create restructuring charges of
approximately GBP200 million during the next three years, with
the largest portion to be taken before the end of 2005.  Annual
savings, once full benefits have been realized, would be
approximately GBP40 million.

                        About the Company

British American Tobacco is the world's second largest quoted
tobacco group with more than 300 brands in its portfolio.  It
holds robust market positions in each of its regions and
maintains leadership in more than 50 of the 180 markets where it
operates.

The Group has 81 cigarette factories in 64 countries, producing
some 853 billion cigarettes in 2004.  The Group also has 9 Other
Tobacco Products (OTPs) factories in 7 countries, which
manufacture cigars, roll-your-own and pipe tobacco.  Its
companies, including associated companies, employ more than
90,000 people worldwide.  In 2004, it had turnover of GBP34,255
million and net revenue of GBP12,410 million.

In July, the company revealed plans of closing its Southampton
factory within 18-24 months, which will result in the loss of
some 530 jobs.  This is part of its GBP160 million restructuring
effort.

The Southampton operation, which manufactures primarily for
export, announced in June that 25% of its production would be
localized to factories in Singapore and Korea.

In Ireland, its unit, PJ Carroll & Co Ltd., has also decided to
stop manufacturing at its cigarette factory in Dundalk, Co.
Louth, employing 66 people.

The company said: "We appreciate that this is a difficult step
but the companies are committed to doing all they can to mitigate
the impact of job losses."

CONTACT:  BRITISH AMERICAN TOBACCO PLC
          Globe House, 4 Temple Place
          London
          WC2R 2PG, United Kingdom
          Phone: +44-20-7845-1000
          Fax: +44-20-7240-0555
          Web site: http://www.bat.com

          IMPERIAL TOBACCO CANADA
          3711 Saint-Antoine Street
          Montreal (Quebec)
          Canada H4C 3P6
          Phone: (514) 932-6161, ext. 4918
                 1-800-932-9326
          Fax: (514) 932-3993
          Web site: http://www.imperialtobaccocanada.com


BRITISH AMERICAN: Ups Stake in Danish Firm to 32.3%
---------------------------------------------------
British American Tobacco has exercised its pre-emption rights
over part of Andresen Holdings' shareholding in Skandinavisk
Tobakskompagni (STK).  As a result, the Group's shareholding in
STK will increase from 26.6% to 32.3% at a purchase price of
EUR140 million (GBP95 million).

STK has been an associate company of British American Tobacco
since 1972.  STK, a privately controlled company, is among
Denmark's largest international businesses and mainly engaged in
the production and sales of tobacco products.

British American Tobacco was advised on this transaction by
Deutsche Bank AG London Branch and HSBC Bank plc.

                        About the Company

British American Tobacco is the world's second largest quoted
tobacco group with more than 300 brands in its portfolio.  It
holds robust market positions in each of its regions and
maintains leadership in more than 50 of the 180 markets where it
operates.

The Group has 81 cigarette factories in 64 countries, producing
some 853 billion cigarettes in 2004.  The Group also has 9 Other
Tobacco Products (OTPs) factories in 7 countries, which
manufacture cigars, roll-your-own and pipe tobacco.  Its
companies, including associated companies, employ more than
90,000 people worldwide.  In 2004, it had turnover of GBP34,255
million and net revenue of GBP12,410 million.

In July, the company revealed plans of closing its Southampton
factory within 18-24 months, which will result in the loss of
some 530 jobs.  This is part of its GBP160 million restructuring
effort.

The Southampton operation, which manufactures primarily for
export, announced in June that 25% of its production would be
localized to factories in Singapore and Korea.

In Ireland, its unit, PJ Carroll & Co Ltd., has also decided to
stop manufacturing at its cigarette factory in Dundalk, Co.
Louth, employing 66 people.

The company said: "We appreciate that this is a difficult step
but the companies are committed to doing all they can to mitigate
the impact of job losses."

CONTACT:  BRITISH AMERICAN TOBACCO PLC
          Globe House, 4 Temple Place
          London
          WC2R 2PG, United Kingdom
          Phone: +44-20-7845-1000
          Fax: +44-20-7240-0555
          Web site: http://www.bat.com

          SKANDINAVISK TOBAKSKOMPAGNI A.S.
          Tobaksvejen 4
          DK-2860 Soborg
          Denmark
          Phone: 39 55 62 00
          Fax: 39 55 63 01
          E-mail: info@st.dk
          Web site: http://www.st.dk

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

          HSBC BANK PLC
          8 Canada Square
          London E14 5HQ
          Phone: +44 (0)20 7991 8888
          Web site: http://www.hsbc.com


BURTON SHIPPING: Hires Liquidators from David Rubin & Partners
--------------------------------------------------------------
Company Names: BURTON SHIPPING LIMITED
               (Company No 03700591)

               CHASEFIELD CONSULTANTS LIMITED
               (Company No 03119195)

               RACKART ENTERPRISES LIMITED
               (Company No 03511940)

               TEXTER IMPORT/EXPORT LIMITED
               (Company No 03706815)

               THISTLE COMMERCIALS LIMITED
               (Company No 03699712)

G. Davis, the chairman of these companies, informs special and
extraordinary resolutions to wind up the companies were passed at
an EGM held on Oct. 13 at the 1st Floor, 26-28 Bedford Row,
London WC1R 4HE.  Paul Appleton of David Rubin & Partners, 1st
Floor, 26-28 Bedford Row, London WC1R 4HE was appointed
liquidator.

Creditors are required on or before November 14, 2005 to send in
their names and addresses with particulars of their debt or
claims and the names and addresses of their Solicitors (if any),
to Paul Appleton of David Rubin & Partners, 1st Floor, 26-28
Bedford Row, London WC1R 4HE, the Liquidator of the Companies,
and if so required by notice in writing their debt or claims.

CONTACT:  DAVID RUBIN & PARTNERS
          26-28 Bedford Row, London WC1R 4HE
          E-mail: info@davidhornerandco.co.uk
          Web site: http://www.davidhornerandco.co.uk


BUSINESS DEVELOPMENT: Goes into Liquidation
-------------------------------------------
A. Thompson, chairman of Business Development Workshop Limited,
informs that resolutions to wind up the company were passed at an
EGM held on July 29 at Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP.

Roderick Graham Butcher of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP was appointed liquidator.

CONTACT:  BUSINESS DEVELOPMENT WORKSHOP LTD.
          E2 Hagley Court North
          Brierley Hill
          DY5 1XF
          Phone: 01384-484121

          BUTCHER WOODS
          79 Caroline Street
          Birmingham
          West Midlands
          E-mail: rod.butcher@butcher-woods.co.uk
          Phone: 0121 236 6001
          Fax: 0121 236 5702


CAPITAL EMPLOYMENT: Hires Administrators from Ernst & Young
-----------------------------------------------------------
Company Names: CAPITAL EMPLOYMENT LIMITED
               (Reg No 03532241)

               COMPLIMENTARY CARE SERVICES LIMITED
               (Reg No 03900300)

               CORINTH HEALTHCARE LIMITED
               (Reg No 03898037)
               Previous Name of Company: Pinco 1335 Limited.

               CORINTH HEALTHCARE SERVICES LIMITED
               (Reg No 01186991)

               CORINTH MEDICAL SERVICES LIMITED
               (Reg No 01340452)
               Previous Names of Company: Ace Translations
               Limited; Smile Healthcare Services Limited.

               CORINTH MEDISTAFF LIMITED
               (Reg No 04594123)
               Previous Name of Company: BroomCo (3082) Limited.

               JPM SERVICES LIMITED
               (Reg No 03065734)

Royal Bank of Scotland Plc appointed Maggie Mills and Roy Bailey
(Office Holder Nos 5318, 8357) of Ernst & Young joint
administrative receivers of these companies on Oct. 13.  These
companies are engaged in recruiting healthcare professionals.

CONTACT:  CAPITAL EMPLOYMENT LTD.
          Crown House,
          North Circular Road,
          London NW10 7PN
          Phone: 02089612020

          CORINTH HEALTHCARE LTD.
          5 Thebald Court
          Thebald Street
          Borehamwood WD6 4RN
          Hertfordshire
          Phone: 020 8207 0234
          Fax: 020 8207 6894

          CORINTH HEALTHCARE SERVICES LTD.
          The Coach House,
          19 Newport Road,
          Stafford, Staffordshire ST16 1BA
          Phone: 01785256434

          CORINTH MEDICAL SERVICES LTD.
          158 Buckingham Place Road,
          London SW1W 9TR
          Phone: 020-7901-8500

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


CLARISYS LIMITED: Names Begbies Traynor Liquidator
--------------------------------------------------
Clarisys Limited informs that a resolution to wind up the company
was passed at an EGM held on Sept. 27 at Taylor Fry, 70 Conduit
Street, London W1S 2GF.

Lloyd Biscoe of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG was appointed
liquidator.

Clarissys --
http://clarisys-crm.com/html/body_clarisys-uk.html\-- was
founded in 2001.  It operates in English, German, French and
Danish.  It has carried out assignments in the USA, Europe, the
Middle East and Asia.

CONTACT:  CLARISYS LIMITED
          Cumberland House
          80 Scrubs Lane
          London NW10 6RF
          United Kingdom
          E-mail: clarisys@clarisys-crm.com
          Phone: +44 (0) 208 960 8715
          Fax: +44(0) 208 969 9768

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


CLIFTON GROUP: Liquidator from BDO Stoy Hayward Moves in
--------------------------------------------------------
E. Organ, the chairman of Clifton Group (Holdings) Limited,
informs special, ordinary and extraordinary resolutions to wind
up the company were passed at an EGM held on Oct. 6 at 14-16
Queen Square, Bristol BS1 4NT.  Jeremiah Anthony O'Sullivan and
Stephen Anthony John Ramsbottom of Bishop Fleming, 14-16 Queen
Square, Bristol BS1 4NT were appointed joint liquidators of the
company.

Creditors are required on or before November 17, 2005 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their Solicitors (if any), to Stephen Anthony John Ramsbottom
of Bishop Fleming, 14-16 Queen Square, Bristol BS1 4NT, the Joint
Liquidator of the company, and, if so required by notice in
writing their debt or claims.

CONTACT:  BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


CREDIT CARS: Calls in Liquidator
--------------------------------
K. Fox, chairman of Credit Cars UK Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Oct. 4 at
The Harlington Centre, Fleet Road, Fleet, Hampshire GU51 3BY.

Robert James Thompson of Rendell Thompson, 32 Aldershot Road,
Fleet, Hampshire GU51 3NN was appointed liquidator.

CONTACT:  CREDIT CARS UK LTD.
          1a Victoria Road, Waterlooville
          Hampshire PO7 7ET
          Phone: 02392232610


CROMWELD STEELS: PricewaterhouseCoopers to Liquidate Biz
--------------------------------------------------------
At the meeting of Cromweld Steels Limited on Oct. 12, the special
and ordinary resolutions to wind up the company were passed.  Tim
G. Walsh and Jonathan Sisson of PricewaterhouseCoopers LLP,
Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT have been
appointed joint liquidators of the company.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Cornwall Court, 19 Cornwall Street,
          Birmingham B3 2DT
          Phone: [44] (121) 200 3000
          Fax:   [44] (121) 200 2464
          Web site: http://www.pwc.com


DAVID LONG: Liquidator from Carter Clark Moves in
-------------------------------------------------
D. Long, director of David Long Associates Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 27 at Meridian House, 62 Station Road, North Chingford,
London E4 7BA.

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

CONTACT:  DAVID LONG ASSOCIATES LTD.
          33 Parkgate Rd
          London
          SW11 4NP
          Phone: 020 72285600

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


ELWELL TURNED: Hires Sanderlings to Wind up Operation
-----------------------------------------------------
P. G. Elwell, chairman of Elwell Turned Parts Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 4 at Church Steps House, Queensway, Halesowen, West
Midlands B63 4AB.

Paul John Webb of Sanderlings LLP, Sanderling House, 1071 Warwick
Road, Acocks Green, Birmingham B27 6QT was appointed liquidator.

CONTACT:  ELWELL TURNED PARTS LIMITED
          33 Brickhouse Lane South
          Great Bridge
          Tipton
          West Midlands
          DY4 7HJ
          United Kingdom
          Phone: 0121-557 9299
          Fax: 0121-557 5483


EUROFAB ENGINEERING: Appoints Liquidator
----------------------------------------
S. Bone, chairman of Eurofab Engineering Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 3 at Travel Lodge Hotel, A1 Southbound, Middleton, Tyas
Lane, Scotch Corner.

J. N. Bleazard of XL Business Solutions Ltd., 46 Moorlands
Business Centre, Balme Road, Cleckheaton BD19 4EW was appointed
liquidator.

CONTACT:  EUROFAB ENGINEERING LTD.
          97 Moy Road
          Moy
          Dungannon
          BT71 7DX
          Tyrone
          Phone: 028 8778 9966
          Fax: 028 8778 9977
          Web site: [REDACTED]

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


FER DE LIT: Hires Administrators from Kroll Limited
---------------------------------------------------
Charles Peter Holder (IP No 9093) and Stuart Charles Edward
Mackellar (IP No 6883) of Kroll Limited were appointed joint
administrators of Fer De Lit Limited (Company No 02956506) on
Oct. 14.  Its registered office is at Sanderson House, Station
Road, Horsforth, Leeds LS18 5NT.

Fer de Lit -- http://www.ironbed.com/-- retails and manufactures
furniture.  It trades as 'Feather & Black' and 'The Iron Bed
Company'.

CONTACT:  KROLL LIMITED
          Wellington Plaza,
          31 Wellington Street,
          Leeds LS1 4DL
          Web site: http://www.krollworldwide.com


FIRST INDEX: Appoints Liquidator from BDO Stoy Hayward
------------------------------------------------------
W. Burke, chairman of First Index Group Limited, informs that the
subjoined special resolution to wind up the company was passed at
an EGM held on Sept. 30 at 26 Parsippany Road, Whippany, NJ 07981
New Jersey, USA.  Martha H. Thompson of BDO Stoy Hayward LLP,
Kings Wharf, 20-30 Kings Road, Reading, Berkshire RG1 3EX was
appointed liquidator of the company.

CONTACT:  BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


GAMESROOM LEISURE: Goes into Liquidation
----------------------------------------
A. Battams, director of Gamesroom Leisure Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 26 at Wilson Pitts, 102 Beverley Road, Hull HU3 1YA.  D. F.
Wilson and J. N. R. Pitts were appointed Joint Liquidators.

CONTACT:  GAMESROOM LEISURE LTD.
          Unit 4 Main Rd, Gilberdyke., Brough, HU15 2SW
          Phone: 01430 448849


GLOBAL KITCHEN: EGM Passes Winding-up Resolution
------------------------------------------------
M. Daltrey, director of Global Kitchen Studio Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 4 at Devonshire House, 1 Devonshire Street, London
W1W 5DR.  Mark Richard Phillips and Murzban Khurshed Mehta of
Citroen Wells, Devonshire House, 1 Devonshire Street, London W1W
5DR were appointed Joint Liquidators.

Global Kitchen -- http://www.globalkitchens.co.uk-- has more
than 20 years experience in supply and fitting, plumbing and
electrical, to tiling and flooring and general building work.

CONTACT:  GLOBAL KITCHEN STUDIO LTD.
          48 Rectory Grove
          Leigh on Sea
          Essex
          SS9 2HA
          Phone: 01702 475533
          Fax: 01702 477558

          CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


GOSHAWK INSURANCE: To Form New Bermuda Reinsurance Group
--------------------------------------------------------
GoshawK Insurance Holdings plc and Rosemont Re have agreed heads
of terms with Don Kramer, formerly vice chairman of ACE Ltd. (and
a founder of both NAC Re Corporation and Tempest Reinsurance
Ltd.) on behalf of a consortium of private equity investors, who
are intending to incorporate a new Bermuda reinsurer with capital
of not less than US$750 million.

It is intended that the Investors will pay Rosemont Re a fixed
up-front payment of approximately US$2.5 million for its existing
infrastructure and 8% commission payments based on the renewing
Rosemont Re business as it is bound by the new reinsurer in 2006.
There is no certainty as to the amount potentially due under
these commission payments, but the Directors anticipate
approximately US$4 million to US$7 million may become due.  There
is provision for certain existing Rosemont Re staff to remain
available to provide run-off services to Rosemont Re.

A transaction will be subject to a number of conditions,
including:

(a) signing definitive legal documentation;

(b) approval of the transaction by GoshawK shareholders; and

(c) incorporation, capitalization, licensing and rating of the
    new reinsurer by the Investors.

Should the conditions attaching to a transaction not be met,
Rosemont Re is unlikely to receive value for its franchise.
Rosemont Re remains exposed to the potential impact of further
hurricane activity.

Following completion, Russell Brooke and Jon Beck will resign as
directors of GoshawK and Rosemont Re.

As a consequence of recent events, Rosemont Re is now in run-off.
As stated previously, there can be no certainty as to either the
value or timing of payments to the Company's shareholders in
run-off.

                        About the Company

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

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

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

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


HTG BIDEAWHILE: Debt Claims Deadline Set Next Month
---------------------------------------------------
M. G. Wood of HTG Bideawhile Limited informs that special
resolution to wind up the company was passed at an EGM held on
Oct. 13 at 16 The Havens, Ransomes Europark, Ipswich IP3 9SJ.
David Merrygold and Philip Long of PKF (UK) LLP were appointed
joint liquidators of the company.

Creditors are required on or before November 18, 2005 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any), to David Merrygold and, if
so required, by notice in writing their debt or claims.

CONTACT:  PKF
          16 The Havens
          Ransomes Europark
          Ipswich, Suffolk IP3 9SJ
          Phone: 01473 320700
          Fax: 01473 320800
          E-mail: david.merrygold@uk.pkf.com


HUBBARD GROUP: Liquidators from PKF Take over Business
------------------------------------------------------
M. I. Paxman of Hubbard Group Services Limited, informs that
special resolution to wind up the company was passed at an EGM
held on Oct. 13 at 16 The Havens, Ransomes Europark, Ipswich IP3
9SJ.  David Merrygold and Philip Long of PKF (UK) LLP were
appointed joint liquidators of the company.

Creditors are required on or before November 18, 2005 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), David Merrygold
of PKF, 16 The Havens, Ransomes Europark, Ipswich, Suffolk IP3
9SJ, the Joint Liquidator of the Company, and, if so required by
notice in writing their debt or claims.

CONTACT:  PKF
          16 The Havens
          Ransomes Europark
          Ipswich, Suffolk IP3 9SJ
          Phone: 01473 320700
          Fax: 01473 320800
          E-mail: david.merrygold@uk.pkf.com


JOHN SHEARD: Calls in Liquidator
--------------------------------
J. C. Clayton, chairman of John Sheard Limited, informs that the
special and ordinary resolutions to wind up the company were
passed at an EGM held on Oct. 13 at Wilmot Hall, Golden Butts
Road, Ilkley LS29 8HS.  Malcolm Edward Fergusson of Fergusson &
Co Ltd, 5-7 Northgate, Cleckheaton, West Yorkshire BD19 3HH was
appointed liquidator of the company.

CONTACT:  FERGUSSON & CO LTD.
          5-7 Northgate, Cleckheaton,
          West Yorkshire BD19 3HH


JOHN WARD: Glove Distributor Winds up
-------------------------------------
A. Ward, chairman of John Ward & Sons (Stourbridge) Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 3 at Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP.

Roderick Graham Butcher of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP was appointed liquidator.  The appointment was
confirmed at a creditors meeting held on the same day.

CONTACT:  JOHN WARD & SONS (STOURBRIDGE) LTD.
          P.O. Box 12 Gainsbough Trading Estate
          Stourbridge
          West Mids
          DY9 7NB
          United Kingdom
          Phone: 01384374284

          BUTCHER WOODS
          79 Caroline Street
          Birmingham
          West Midlands
          E-mail: rod.butcher@butcher-woods.co.uk
          Phone: 0121 236 6001
          Fax: 0121 236 5702


J R FABRICATIONS: Files for Liquidation
---------------------------------------
C. F. Rolfe, chairman of J R Fabrications Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 4 at Comfort Inn, Victoria Parade, Ramsgate, Kent CT11 8DT.
Ruth Duncan of Maxwell Davies, 16 Caring Lane, Maidstone, Kent
ME14 4NJ was appointed liquidator.

CONTACT:  JR FABRICATIONS LTD.
          Unit 6 Woodruff Business Centre
          Terminus Road
          Chichester
          PO19 8PH
          West Sussex
          Phone: 01243 533073


MARCONI CORPORATION: Reaches GBP1.2 Billion Deal with Ericsson
--------------------------------------------------------------
The Board of Marconi Corporation plc has agreed to the proposed
disposal of Marconi's telecommunications equipment and
international services businesses to LM Ericsson for
approximately GBP1,200 million.

Specifically, Ericsson will acquire:

(a) the Marconi trademark, other trade names and other
    intellectual property rights related to the Disposed
    Business;

(b) Marconi's Optical Networks business;

(c) the majority of Marconi's Access Networks business;

(d) Marconi's Data Networks equipment and services business
    based predominantly in North America; and

(e) Marconi's international services businesses including its
    non-U.K. Telecommunications Services (IC&M) activities, its
    Value Added Services (VAS) activities in the Middle East and
    its Wireless Software Services business.

Marconi will be renamed telent plc to reflect its new focus as a
strong services provider to telecommunications and enterprise
customers and will retain its listing on the London Stock
Exchange.  telent will be Ericsson's preferred services partner
in the UK.

telent will retain:

(a) the U.K. Telecommunications Services business (IC&M);

(b) the U.K. and German Value Added Services (VAS) businesses;
    and

(c) the System X product and support business along with the
    payphones business.

Ericsson will pay approximately GBP1,200 million to Marconi in
cash for the Disposed Business, subject to certain closing
adjustments.  The purchase price represents a multiple of
approximately 1.3 times revenues for the Disposed Business for
the financial year ended 31 March 2005.  In addition, Marconi
will retain its Net Cash as at 31 December 2005 (which, as at 30
September 2005, amounting to GBP275 million).

As soon as practicable after completion, the Directors intend to
return 275 pence per ordinary share (approximately GBP577 million
based on Marconi's Current Basic Shares) of the proceeds to
Marconi's shareholders through the Return of Cash.  This is
broadly equivalent to the Marconi share price as at 5 August
2005, the last business day before Marconi confirmed it was in
discussions with third parties about potential business
combinations.  The Return of Cash is expected to take place in
the first quarter of 2006.

Marconi's shareholders will also continue to own 100% of the
equity of telent plc.  In the financial year ended 31 March 2005,
telent had revenues of GBP336 million and Adjusted Operating
Profit of GBP37 million (before any adjustments arising as a
result of the Disposal).

Marconi has also focused on ensuring that the entitlements of the
approximately 69,000 members of the U.K. Pension Plan are
protected.  After extensive discussions with the Trustee and the
Pensions Regulator, Marconi has agreed to make a cash
contribution of GBP185 million to the U.K. Pension Plan shortly
before the proposed Return of Cash.  An additional GBP490 million
will be retained in an escrow arrangement for the potential
benefit of the U.K. Pension Plan.

Over time the Directors believe that a more competitive secondary
market for pension fund assets and liabilities may develop and
telent, while continuing to protect members' entitlements, may be
able to dispose of its pension assets and liabilities, enabling
the business to achieve its full value.

The Disposal is principally conditional upon:

(a) Marconi obtaining the approval of its shareholders at an
    Extraordinary General Meeting, which is expected to be held
    on or about 21 December 2005; and

(b) the transaction receiving clearance from certain competition
    authorities.  Completion is expected to take place by the
    end of January 2006, although the effective date of
    completion is 1 January 2006 under the Memorandum of
    Agreement.

           Statement of Marconi Chairman John Devaney

Over a period of several years we have had conversations with a
number of potential partners regarding the necessary
consolidation in our industry.  In Ericsson, we have found a
partner that has the scale and global reach to take our equipment
business forward in a way that we would not have been able to do
alone.

The transaction delivers value to shareholders to whom we plan to
distribute 275 pence per ordinary share and who will continue to
own telent plc, our existing strong U.K. services business.
telent will be Ericsson's preferred services partner in the U.K.,
adding to the scale of telent's growing business.  Our
accumulated network knowledge and local expertise will give
telent an exciting future in a growing market.

The proposed Ericsson transaction also enables us to take steps
towards resolving our U.K. Pension Plan issue while protecting
the benefits of the approximately 69,000 members of our Plan.

        Statement of Marconi Chief Executive Mike Parton

Despite the major upheavals in our industry over the last four
years, we have continued to develop and bring to market truly
world class products.  The proposed transaction with Ericsson
fully recognizes the significant value of Marconi's excellent
product portfolio, and the people who are responsible for taking
those products forward.

The next stage for management will be to build on telent's
existing strength in services to ensure the business enjoys a
successful start as an independently listed company.  In
addition, management will continue to manage legacy liability
issues and the U.K. Pension Plan with a view to freeing further
cash for release to shareholders.

   Statement of Ericsson Chief Executive Carl-Henric Svanberg

The acquisition of the Marconi businesses has a compelling
strategic logic and is a robust financial case.  As fixed and
mobile services converge, our customers will substantially
benefit from this powerful combination.

Ericsson and Marconi know each other well and have had a
successful partnership for over ten years.  We bring together two
pioneering telecom companies with a combined heritage of more
than two centuries in the industry.  Both companies have a rich
history of innovation that has brought many of the technologies
to market that are commonplace in our lives today. We look
forward to welcoming so many of Marconi's talented employees to
Ericsson.

Morgan Stanley & Co. Limited, Lazard & Co. Limited and JPMorgan
Cazenove Limited are acting as financial advisors to Marconi.
Enskilda Securities is acting as financial adviser to Ericsson.

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

          Press Inquiries
          David Beck
          Phone: +44 20 7306 1490
          E-mail: david.beck@marconi.com

          Charles Cook
          Phone: +44 20 7861 3928
          E-mail: ccook@bell-pottinger.co.uk

          Zoe Sanders
          Phone: +44 20 7861 3887
          E-mail: zsanders@bell-pottinger.co.uk

          Investor Inquiries
          Salim Alam
          Phone: +44 20 7306 1324
          E-mail: salim.alam@marconi.com

          Karen Keyes
          Phone: +44 20 7306 1345
          E-mail: karen.keyes@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

          Press Inquiries
          Ase Lindskog, Head of Media Relations
          Phone: +46 8 719 9725
          E-mail: press.relations@ericsson.com

          Ilyana Guzman, Manager Media Relations
          Phone: +46 8 757 0781
          E-mail: press.relations@ericsson.com

          Investor Inquiries
          Gary Pinkham, Head of Investor Relations
          Phone: +46 8 719 0000
          E-mail: investor.relations@ericsson.com

          MORGAN STANLEY & CO. LIMITED
          25 Cabot Square
          Canary Wharf
          London E14 4QA
          Phone: +44-207-425-8000
          Fax: +44-207-425-7832
          E-mail: msimenquiry@morganstanley.com
          Web site: http://www.morganstanley.com

          LAZARD & CO. LIMITED
          50 Stratton Street
          London W1J 8LL
          Phone: +44 (0) 20 7187
          Fax: +44 (0) 20 7072 6000
          Web site: http://www.lazard.com

          JPMORGAN CAZENOVE LIMITED
          20 Moorgate
          London EC2R 6DA
          Phone: +44 (0)20 7588 2828
          Fax: +44 (0)20 7155 9000
          Web site: http://www.jpmorgancazenove.com

          ENSKILDA SECURITIES
          Nybrokajen 5
          SE-103 36 Stockholm
          Sweden
          Phone: +46 8 52 22 95 00
          Fax: +46 8 52 22 97 60
          E-mail: info@enskilda.se
          Web site: http://www.enskilda.se


MILLHALL ESTATES: Appoints Liquidator
-------------------------------------
Millhall Estates Limited informs that a resolution to wind up the
company was passed at an EGM held on Oct. 5 at 601 High Road,
Leytonstone, London E11 4PA.  Harjinder Johal and George Michael
of Ashcrofts, 601 High Road, Leytonstone, London E11 4PA were
appointed liquidator.

Millhall Estates is an independent agency specializing in the
letting and management of residential property.

CONTACT:  MILLHALL LETTINGS
          206 High Road
          Leytonstone
          London E11 3HU
          Phone: 020 8555 8968
          Fax: 020 8555 8971
          E-mail: millhallestates@btconnect.com


MMACD LIMITED: Hires Poppleton & Appleby to Liquidate Business
--------------------------------------------------------------
MMACD Limited informs that a resolution was passed to wind up the
company at an EGM held on Oct. 4 at Poppleton & Appleby, The Old
Barn, Caverswall Park, Caverswall Lane, Stoke on Trent ST3 6HP.
Robert Michael Young and Ian Michael Rose of Poppleton & Appleby,
The Old Barn, Caverswall Park, Caverswall Lane, Stoke on Trent
ST3 6HP were appointed Joint Liquidators.

CONTACT:  MMACD LTD.
     33 Summerfields, Dalston, Carlisle
          Cumbria CA5 7NW
          Phone: 01228521098


PENHOLD LIMITED: Liquidator from Smith & Williamson Moves in
------------------------------------------------------------
F. Penas III, chairman of Penhold Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 3 at 25 Moorgate, London EC2R 6AY.  Stephen Robert Cork of
Smith & Williamson Limited, 25 Moorgate, London EC2R 6AY was
appointed liquidator.  The appointment was confirmed at a
creditors meeting held the same day.

CONTACT:  PENHOLD LTD.
     3a Carlos Place, London W1K 3AW
          Phone: 020-7602-9954

          SMITH & WILLIAMSON LIMITED
          Web site: http://www.smith.williamson.co.uk


PETREL SOFTWARE: Hires Liquidators from Menzies Corporate
---------------------------------------------------------
At an EGM, Technoguide AS, the shareholder of Petrel Software
Limited, informs special, ordinary and extraordinary resolutions
to wind up the company were passed.  Paul David Williams and
Jason James Godefroy of Menzies Corporate Restructuring, 43-45
Portman Square, London W1H 7LY were appointed joint liquidators
of the company.

Creditors are required on or before January 20, 2006 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of debts or claims, and names and
addresses of Solicitors (if any) to Paul David Williams and, if
so required, by notice in writing their debt or claims.

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


PRESS COMPONENTS: Butcher Woods to Wind up Operation
----------------------------------------------------
G. D. Draper, chairman of Press Components Co. Limited, informs
special, ordinary and extraordinary resolutions to wind up the
company were passed at an EGM held on Oct. 13 at Arbor House,
16-18 Broadway North, Walsall WS1 2AN.  Roderick Graham Butcher
of Butcher Woods, 79 Caroline Street, Birmingham B3 1UP was
appointed liquidator.

CONTACT:  BUTCHER WOODS
          79 Caroline Street,
          Birmingham B3 1UP


REFCO INC.: Sale of Refco Futures to Affect 280 U.K. Jobs
---------------------------------------------------------
Almost 300 jobs in the U.K. will go if Refco Futures, the
brokerage unit of U.S. firm Refco Inc., is sold.

The Mail on Sunday said most of the 280 jobs employed in the U.K.
will move to the new owner if the sale pushes through. Reports
say, Interactive Brokers Group LLC now holds the highest bid for
Refco Futures at US$858 million, topping the US$828 million
lodged by DIGL Inc., a Delaware company formed by Dubai
Investment Group LLC and billionaire Ronald Burkle's Yucaipa Cos.

The auction for Refco's asset is set Nov. 9.  Bankruptcy judge
Robert Drain has set a maximum breakup fee of US$5 million.
Refco has the option of refusing to participate in the auction
and proposing a sale of different assets.

Refco had a regulatory capital of US$746 million when it filed
for bankruptcy on Oct. 17.  Its reputation has been damaged after
it disclosed on Oct. 10 that Chief Executive Phillip R. Bennett
had secretly borrowed US$430 million from the company.  The debt
was discovered only after he paid it.  He has been arrested and
charged with securities fraud.

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

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


RHODIAN TRANSPORT: In Liquidation
---------------------------------
I. Dixon, chairman of Rhodian Transport Ltd., informs that
resolutions to wind up the company were 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.

CONTACT:  RHODIAN TRANSPORT LTD.
     Millennia Park, Thornes Road
          Wakefield, West Yorkshire WF2 8PW
          Phone: 01924373001


R K FORKNALL: Meeting of Creditors Today
----------------------------------------
The creditors of R K Forknall & Sons Limited (Company No
03780979) will meet on October 26, 2005 at 10:30 a.m.  It will be
held at PKF (UK) LLP, Pannell House, 159 Charles Street,
Leicester LE1 1LD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to I. J. Gould, joint administrator of PKF (UK) LLP,
Pannell House, 159 Charles Street, Leicester LE1 1LD.

CONTACT:  RK FORKNALL AND SONS LTD.
          Unit 9 Melton Road
          Thurmaston, Leicester LE4 8BX
          Leicestershire
          Phone: 0116 260 3446
          Fax: 0116 260 3447

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


ROBERT WISEMAN: Drops Scottish Milk Takeover Plan
-------------------------------------------------
Further to the announcement on 19 October 2005 by the Office of
Fair Trading to refer the proposed purchase of the fresh liquid
milk business of Scottish Milk Dairies Limited to the Competition
Commission, the Board of Robert Wiseman Dairies plc will not
proceed with the acquisition.

                        *   *   *

In August, the company agreed to acquire the trade and certain
assets of the fresh liquid milk business of Scottish Milk Dairies
Limited, a wholly owned subsidiary of First Milk Limited, for
GBP0.9 million.

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

                        About the Company

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

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

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

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


SCOTT TOD: Reports Loss Amid Board Turmoil
------------------------------------------
Scott Tod plc, the cash-machine operator whose chief executive
was ousted two months ago, has reported an annual loss of almost
GBP4 million.  It had GBP399,000 in profit last year.

Former CEO Nick Tod has been replaced by chief operating officer
Lawrence Watts, the company also announced.  Mr. Tod, son of the
firm's founder, Roger, is now seeking to restore his position,
and unseat David Massie, the chairman who removed him.  He has
requested an extraordinary meeting, and gave the company 21 days
to call it, The Guardian reported.

Scott Tod operates 2,200 cash machines.  It blamed its trouble on
heavy criticism from the press on cash machines that charges fees
on withdrawal, and on poor business decisions.

CONTACT:  SCOTT TOD PLC
          Elvicta Business Park
          Crickhowell, Powys NP8 1DF, United Kingdom
          Phone: +44-1873 811 634
          Fax: +44-1873 811 552
          Web site: http://www.scott-tod.com/


SHAPESURF LIMITED: Optical Firm Winds up
----------------------------------------
S. Fatania, director of Shapesurf Ltd., informs that resolutions
to wind up the company were passed at an EGM held on Sept. 27 at
Suite B1, White House Business Centre, Forest Road, Kingswood,
Bristol BS15 8NH.  Simon John Lowes of Rogers Evans was appointed
liquidator.

CONTACT:  SHAPESURF LTD.
     Dormer Cottage, Butt Green, STROUD
          Gloucestershire GL6 6QS
          Phone: 020-7935-0873

          ROGERS EVANS
          20 Brunswick Place
          Southampton
          Hampshire SO1 2AQ
          Phone: 023 8033 5888
          Fax: 023 8033 4400
          E-mail: tevans@rogersevans.co.uk


STUART HODGES: Sports Boat Builder Liquidates
---------------------------------------------
S. Hodges, chairman of Stuart Hodges Boat Builders Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 3 at Sanderling House, 1071 Warwick Road, Acocks
Green, Birmingham B27 6QT.  Paul John Webb of Sanderlings LLP,
Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27
6QT was appointed liquidator.

CONTACT:  STUART HODGES BOAT BUILDERS LTD.
          Manor Farm Hall Lane Hankelow
          Crewe
          Cheshire
          CW3 0JB
          England
          Phone: +44 (0) 1270 812217


SYNTHOTECH ELASTOMERS: In Liquidation
-------------------------------------
I. Higson, chairman of Synthotech Elastomers Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 30 at hjs Recovery, 12-14 Carlton Place,
Southampton, Hampshire SO15 2EA.  Gordon Johnston of hjs
Recovery, 12-14 Carlton Place, Southampton, Hampshire SO15 2EA
was appointed liquidator.

Synthotech Elastomers --
http://www.synthotech-rubber.co.uk--makes rubber products, seals
and gaskets from prototype development to high or low volume
injection & compression molding.  It specializes in diaphragms,
rubber to metal bonding, anti-vibration products, silicone and
viton molding, liquid silicone molding.

CONTACT:  SYNTHOTECH ELASTOMERS LIMITED
          Mangham Road
          Barbot Hall Industrial Estate
          Rotherham
          South Yorkshire
          S61 4RJ
          United Kingdom
          Phone: (01709) 363705
          Fax: (01709) 369165

          HJS RECOVERY
          12-14 Carlton Place
          Southampton
          Hampshire SO15 2EA
          Phone: 023 8023 4222
          Fax: 023 8023 4888
          E-mail: gordon.johnston@hjsaccountants.co.uk


VANTAGE POINT: Creditors Meeting Set Tomorrow
---------------------------------------------
The creditors of Vantage Point Europe Limited (Company No
05126589) will meet on October 27, 2005 at 10:30 a.m.  It will be
held at Middleton Partners, 48 Langham Street, London W1W 7AY.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to S. P. J. Wadsted, joint administrator of Middleton
Partners, 48 Langham Street, London W1W 7AY not later than 12:00
noon, October 26, 2005.

                            *   *   *

Vantage Point -- http://www.vantagepoint.co.uk/-- was
established in 1996 to advise and work in partnership with blue
chip clients wishing to integrate corporate events within a wider
motivational or marketing strategy.

CONTACT:  VANTAGE POINT LTD.
          Olympic House
          196 The Broadway
          Wimbledon, London SW19 1RY
          Phone: 020 8542 8100
          Fax: 020 8542 8102
          E-mail: enquiries@vantagepoint.co.uk


WIGGINS FAIRFIELD: Hires Administrators from Grant Thornton
-----------------------------------------------------------
Joseph Peter McLean (IP No 8903) and Andrew David Conquest (IP No
5329) of Grant Thornton UK LLP were appointed joint
administrators of property developer Wiggins Fairfield Limited
(Company No 02848423) on Oct. 5.  The company's registered office
is at The Old Control Tower, Manston Road, Manston, Kent CT12
5TW.

CONTACT:  WIGGINS FAIRFIELD LTD.
          35 Berkeley Square,
          London W1J 5AB
          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


WM MORRISON: To Close Seven U.K. Shops; 500 to Lose Jobs
--------------------------------------------------------
More than 500 people could lose their jobs as Wm Morrison
Supermarkets plc plans to shut down seven stores next month,
Bloomberg News reports.

Spokesman Ben Howes revealed four of the affected sites are in
London, while the rest are in Newcastle and Halesowen in England,
and Bathgate in Scotland.  The chain, which booked its first ever
loss last week, owns 257 stores and employs 150,000.

Mr. Howes added: "The stores we are closing are very small and
we've found it difficult to get planning permission to expand
them."  About 80 people work in each of the seven outlets, he
noted.

Morrison is experiencing difficulty integrating Safeway, the
US$3 billion business it acquired last year.  Since the
acquisition, it has issued five profits warning in over a year.
In September, it unveiled plans to shut down three distribution
depots, confirming fears of job cuts.  The decision, which would
affect sites in Aylesford, Bristol and Warrington, could leave
2,500 workers jobless.  The announcement came amid talks with GMB
and the Transport & General Workers unions regarding job security
for the chain's distribution employees and just days after
Morrison averted a three-day workers strike by agreeing to
initiate national wage bargaining.

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


XAVIER GOURMET: Appoints Vantis Business Recovery Administrator
---------------------------------------------------------------
Nigel Hamilton-Smith (IP No 2093) and Simon Glyn (IP No 9159) of
Vantis Business Recovery were appointed joint administrators of
Xavier Gourmet (UK) Limited (Company No 05315379) on Oct. 4.  The
company manufactures and supplies cakes.

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


                            *********


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
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or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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