TCREUR_Public/051027.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

           Thursday, October 27, 2005, Vol. 6, No. 213

                            Headlines

A U S T R I A

BAWAG P.S.K.: Faces Class Action in Relation to Refco Deal


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: Moody's Cuts Strength Rating to 'E'
ALLGEMEINE HYPOTHEKENBANK: Rating Cut to 'BB+' on BHW Bid
ALULITE LICHTTECHNIK: Appoints Handschumacher Administrator
BORUSSIA DORTMUND: Restructuring EUR89 Million Debt
CARRIER24 GMBH: Muenchen Company Goes Bust

CONPRO-CODING: Proofs of Claim Due Next Month
DAIMLERCHRYSLER AG: 3rd-quarter Net Income Drops to US$910 Mln
FRESENIUS AG: Raising Additional EUR840 Million Capital
IBK AKTIENGESELLSCHAFT: Creditors Meeting Set December
INFORM GMBH: Calls in Administrator from Schultze & Braun

KARSTADTQUELLE AG: U.S. Court Refuses to Admit Wertheim Case
LSL GMBH: Arnsberg Firm Succumbs to Bankruptcy
NATURSTEIN GMBH: Court to Verify Claims November
REALTECH AG: Results in First Nine Months Return to Black
STAND BY: Under Bankruptcy Administration


I R E L A N D

CONOCOPHILLIPS IRELAND: Posts Higher Pre-tax Loss in 2004
JEFFERSON SMURFIT: Anti-trust Watchdog Demands Disposals


I T A L Y

FINPART SPA: Faces Involuntary Bankruptcy Petition


K A Z A K H S T A N

PETROKAZAKHSTAN INC.: Court Okays CNPC's Takeover
PETROKAZAKHSTAN INC.: Gets Securityholders' Nod on CNPC Buyout


L U X E M B O U R G

MILLICOM INTERNATIONAL: Posts US$5.9 Mln Loss for First 9 Months
ORIFLAME COSMETICS: Debt Swells to EUR107.2 Million


N E T H E R L A N D S

LYCOS EUROPE: Hopes to Break even in 2006
ROYAL SHELL: Cancels 1,325,000 'A' Shares
ROYAL SHELL: 3rd-quarter Figures Out Today


P O L A N D

POZMEAT: Receives Offer for Slaughterhouse, Brand Rights
STOCZNIA SZCZECINSKA: Banks Grant US$40 Million Loan


R U S S I A

BUILDER: Undergoes Bankruptcy Supervision Procedure
BUREVESTNIK: Altay Court Opens Bankruptcy Proceedings
CHUVASH-HOP-AGRO-PROM: Declared Insolvent
DOR-SERVICE: Succumbs to Bankruptcy
EKATERINBURGSKIY: Bankruptcy Supervision Procedure Begins

KIRSANOVSKIY: Declared Insolvent
KOROCHANSKAYA REM-TEKHNIKA: Under Bankruptcy Supervision
LOKOSOVSKIY: Hires A. Gulyaev Insolvency Manager
OAO GAZPROM: Fitch Upgrades Ratings to 'BB+'
PLAY SYSTEMS: Period for Filing of Claims Ends Next Month
TIMANO-PECHORSKAYA: Insolvency Manager Takes over Firm
YUKOS OIL: Investors Sue Russian Officials in U.S.


S W I T Z E R L A N D

CONVERIUM AG: A.M. Best Affirms FSR of U.S. Operation
CONVERIUM AG: A.M. Best Affirms Credit Rating at 'bbb+'
STMICROELECTRONICS N.V.: Nine-month Net Income Down to US$83 Mln


U K R A I N E

AGROLINE: Appoints Insolvency Manager
BARVINKIVAGROHIM: Declared Insolvent
PERVOMAJSKE AUTO 10922: Insolvency Manager Takes over Business
PROGRES: Court Grants Debt Moratorium
UKRMETALURGKOMPLEKS: Liquidator Takes over Helm
VELIKOPRAVUTINSKE: Goes into Liquidation


U N I T E D   K I N G D O M

ACORDIS U.K.: Sold to Humber Group
AES DATA: Hires Administrators from B & C Associates
AIRDALE TRADING: Files for Liquidation
AMAZING EMPORIUM: Hires Administrators from Tenon Recovery
ARMADILLO MAINTENANCE: Calls in Liquidator

ASK ENGINEERING: Names P&A Partnership Liquidator
BIRDAWAY-PESTAWAY: Pest Control Specialist Winds up
BLACKSHAWS LIMITED: Creditors' Claims Due November
CALDERHEAD DISTRIBUTION: Beverage Firm Liquidates
CENTERCORE SYSTEMS: Furniture Firm Winds up

CONTINENTAL PRODUCE: Food Producer Appoints Administrator
CROOME CONSERVATORIES: Administrator from Findlay James Moves in
DESIGN (REDBRICK): Calls in Administrator
ENERGIS PLC: OFT Approves Takeover by Cable & Wireless
ENRON CORPORATION: Court Okays TPL Settlement Pact

ENTOURAGE RETAIL: Calls in Administrators from Tenon Recovery
GROUP EVO: IT Company Liquidates
HAWK MANAGEMENT: Management Consultancy Group Folds up
INDUSTRIAL MACHINERY: Goes into Liquidation
KINGSTON SCAFFOLDING: Hires BN Jackson to Liquidate Business

LONGSLOW FOOD: Denies Administration Rumors
LOLLIPOP LEARNING: Administrators Take over Company
MACCESS GROUP: Calls in BDO Stoy Hayward Administrator
MARCONI CORPORATION: Ericsson Won't Guarantee Jobs
MERIDIAN AVIATION: Meeting of Creditors Set Next Week

MERLIN BIOSCIENCES: Investigators Probe Investment in Energist
MG ROVER: 1 in 5 Newer Rovers Defective
MORRIS PACKAGING: EGM Passes Winding-up Resolution
PETER COOK: Business for Sale
POSTAL SUPPLIES: Administrators from Begbies Traynor Enter Firm

POTS2PAINT LIMITED: Names Tenon Recovery Liquidator
RENTOKIL INITIAL: Reclaims Parcels Delivery Business
RETAIL MERCHANDISING: Names Administrators from Elwell Watchorn
SANDS OF SHEFFIELD: Calls in Liquidator
SOUTH WEST: Administrators from Middleton Partners Enter Firm

T F 1 SERVICES: In Liquidation
THRESHOLD FLOORINGS: Hires Administrators from Armstrong Watson
VENDING SOLUTIONS: Liquidator from DS Insolvency Moves in
VIA NET.WORKS: Sells Operations to Interoute for US$18 Mln
WEARSIDE CAB: Goes into Liquidation
XS WHOLESALE: Wholesaler Calls in Administrator

* Mid-market Firms Predict Rise in Company Failures


                            *********


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


BAWAG P.S.K.: Faces Class Action in Relation to Refco Deal
----------------------------------------------------------
Shalov Stone & Bonner LLP, which recently filed a securities
class action on behalf of purchasers of Refco, Inc. (NYSE:RFX -
News) securities, said on Oct. 13 it is expanding its
investigation into the alleged securities fraud at Refco to
include Bawag P.S.K. Group (and related parties), Austria's
fourth-largest bank group.

Earlier this month, just eight weeks after its initial public
offering, Refco announced that Phillip R. Bennett, its Chief
Executive Officer and controlling shareholder, was being placed
on leave of absence and that the company had discovered --
ostensibly through an internal review -- a receivable of US$430
million owed by Mr. Bennett to the company.  The company also
announced that, based on the undisclosed related party
transactions, its prior financial statements should not be relied
upon.

On October 5, 2005, Mr. Bennett asked Bawag for a EUR350 million
(US$419 million) loan, and offered his thirty-four percent stake
in Refco as collateral, according to Guenter Weninger, Bawag's
Supervisory Board Chairman.  Days later Bawag agreed to lend the
money, which was then used to pay down the wrongfully concealed
US$430 million receivable.  Austria's deputy chancellor, Hubert
Gorbach, has recently called for Bawag to be officially
investigated and promised "consequences for the management."
Additionally, Austrian financial watchdog group FMA has launched
a probe into Bawag's involvement with Refco.

Visit http://www.refcoclassaction.comfor more information.

CONTACT:  SHALOV STONE & BONNER LLP
          Thomas G. Ciarlone, Jr.
          Phone: (212) 239-4340
          Fax: (212) 239-4310


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


ALLGEMEINE HYPOTHEKENBANK: Moody's Cuts Strength Rating to 'E'
--------------------------------------------------------------
Moody's Investors Service downgraded to E from D- the financial
strength rating of Allgemeine Hypothekenbank Rheinboden AG
(AHBR).  The unsecured long- and short-term ratings of Baa3 and
P-3 were affirmed with negative outlook.  The Ba1 rating for
subordinated debt was put under review for possible downgrade.

Moody's said that the downgrade of AHBR's FSR reflect the
uncertainties with respect to AHBR following the agreement of its
shareholders BHW (49.9%)and BGAG (50%) to transfer their
shareholdings to a newly formed company.  Deutsche Postbank AG is
acquiring BHW under the condition that it is fully separated from
any risks associated with AHBR.

Moody's noted that it will closely watch the nature and extent of
support that the Deposit Protection Fund of the German Bank
Association is expected to provide in substitution of the support
that has previously been provided by BHW.  It will also closely
monitor the ongoing efforts to conclude an agreement with a
strategic investor on AHBR, which have so far not materialized.
The review for possible downgrade of the Ba1 rating for
subordinated debt reflects the increased vulnerability of
subordinated debt holders.

Moody's said that the downgrade of AHBR's financial strength
rating reflects both its weak financial fundamentals as well as
its dependence from external support

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

          Nicola Venedey, Vice President - Senior Analyst
          Financial Institutions Group
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


ALLGEMEINE HYPOTHEKENBANK: Rating Cut to 'BB+' on BHW Bid
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term and
short-term counterparty credit ratings on Germany-based
Allgemeine Hypothekenbank Rheinboden AG to 'BB+/B' from
'BBB-/A-3' and placed them on CreditWatch with negative
implications.  At the same time, the 'AAA' rating on senior
secured Offentliche
Pfandbriefe and Hypothekenpfandbriefe issued by AHBR were
affirmed.

The downgrade and CreditWatch placement follows the announcement
by Deutsche Postbank AG (Postbank; A/Watch Neg/A-1), the 67%
subsidiary of postal service provider Deutsche Post AG (DP;
A/Watch Neg/A-1), that it plans to acquire BHW Holding AG (not
rated), effective January 2006.  A fundamental condition to close
the agreement is that BHW Holding's 50% stake in AHBR is to be
separated from BHW Holding beforehand, with AHBR totally excluded
from the acquisition and no related risk assumed by BHW Holding
nor Postbank (For further details see the Research Update
entitled "Deutsche Postbank Ratings Remain On CreditWatch
Negative After BHW Acquisition Plans," published Oct. 25, 2005,
on RatingsDirect, Standard & Poor's Web-based credit analysis
system.)

"Therefore, the rating actions on AHBR, which is currently up for
sale, reflects uncertainties on AHBR's future ownership
structure, as well as implications of the BHW takeover for a
previously agreed support mechanism, which will be necessary to
bridge AHBR's earnings shortfalls over the next few years even if
the planned sale of AHBR were not to proceed," said Standard &
Poor's credit analyst Harm Semder.  At this stage it remains
unclear whether AHBR's remaining key shareholder
Beteiligungsgesellschaft der Gewerkschaften AG (BGAG; not rated)
will have to strengthen the support agreement following BHW
Holding's exit from AHBR. Yet, in case of a disposal of AHBR
Standard & Poor's would expect that an acquirer will have to
ensure that support be made available for AHBR to receive
regulatory approval and the approval from the domestic deposit
protection scheme; any agreed final new stipulations would need
to be reviewed by Standard & Poor's to determine any rating
implications.

"This is of paramount importance considering AHBR's poor earnings
outlook and capitalization, and ongoing structural weaknesses in
its eastern German loan portfolio," said Mr. Semder.

Standard & Poor's will continue to review the ratings following
further discussions on the existing support mechanism for AHBR,
developments in its very weak stand-alone financial strength, as
well as developments in the sale process, which is expected to
be concluded within the next few months.

Should the sale proceed, final ratings will reflect the
implications of a new ownership structure and support mechanism,
as well as the sustainability of a revised strategy and business
plan.

The ratings affirmation on AHBR's Offentliche and Hypotheken
Pfandbriefe primarily reflect the Pfandbriefe collateral and
protections afforded by German insolvency and banking laws.  The
collateral continues to be sufficient to absorb potential credit
losses, and pay interest on, and repay principal of the
corresponding Pfandbriefe as they become due, even in the event
of the bank becoming insolvent.  The quality of the collateral
and the adequacy of cash flows are subject to a tightened regular
surveillance by Standard & Poor's, which allows AHBR's
Hypotheken- and Offentliche Pfandbriefe to earn 'AAA' ratings,
irrespective of the counterparty credit ratings on the bank.

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

CONTACT:  ALLGEMEINE HYPOTHEKENBANK RHEINBODEN AG
          Bockenheimer Landstrasse 25
          D-60325 Frankfurt / Main
          Phone: (+49) 69-71 79-0
          Fax: (+49) 69-71 79-100
          Web site: http://www.ahbr.de/


ALULITE LICHTTECHNIK: Appoints Handschumacher Administrator
-----------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against ALULITE Lichttechnik GmbH on September 29.  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 Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting on December 15, 2005, 10:30 a.m. at the district
court of Chemnitz, Saal 28, im Gerichtsgebaude, Fuerstenstrasse
21, in Chemnitz, 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:  ALULITE LICHTTECHNIK GmbH
          Contact:
          Dominic Sacher, Manager
          Annaberger Strasse 73, 09111 Chemnitz

          Markus M. Merbecks, Administrator
          Handschumacher & Merbecks
          Ludwigstrasse 58, 09113 Chemnitz
          Web site: http://www.handschumacher.de


BORUSSIA DORTMUND: Restructuring EUR89 Million Debt
---------------------------------------------------
Football club Borussia Dortmund GmbH & Co. (BvB) is holding talks
with banks to restructure EUR89 million in debt, Handelsblatt
says.

A source privy to the matter said BvB favors U.S. investment bank
Morgan Stanley as banking partner and plans to appoint one of its
executive, Albert Lynch, to the supervisory board at the general
meeting on Nov. 22.

Acting BvB advisor Thomas Tres, who will be named second managing
director, said the debt restructuring is not a recovery measure.
It is meant to cut the number of creditors to one to make the
football club more independent and flexible.

BvB booked EUR79.6 million in net loss in the 12 months through
June, up from last year's EUR67.7 million.  Its ticket sales
dropped 13.8% to EUR17.5 million during the period, while
television revenue slipped 23% to EUR14.9 million after the club
failed to join the European tournament.  Total sales dropped
23.2% to EUR75.3 million, in part due to a lack of significant
sporting success.  The club expects to trim down losses by about
EUR70 million through sale of players and wage cuts.

The club nearly filed for bankruptcy in February after failing to
qualify for the Champions League.  It averted collapse in March
by buying back a stake held by Molsiris, a division of
Commerzbank that bought the club's 95% stake in the stadium.  In
exchange, Molsiris returned EUR52 million to Borussia, reduced
its annual rent, and deferred the EUR15 million rent for 2005 and
2006.

Founded in 1909 by a youth group that split from a Catholic
parish club, Borussia took its name from a local Dortmund
brewery, the Borussia Brauerei.  The club currently ranks eighth
in the German Bundesliga.  It became the first German club to
float on the stock exchange in October 2000.

CONTACT:  BORUSSIA DORTMUND GMBH & CO. KGAA
          Rheinlanddamm 207-209
          44137 Dortmund
          Phone: +49 (2 31) 9 02 00
          Web site: http://www.borussia-dortmund.de


CARRIER24 GMBH: Muenchen Company Goes Bust
------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Carrier24 GmbH on September 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 2, 2005 to register their
claims with court-appointed provisional administrator Hanns
Pollmann.

Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2005, 9:15 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 101, 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 December 13, 2005, 9:00 a.m. at the
district court of Muenchen, Infanteriestr. 5, Sitzungssaal 102.

CONTACT:  CARRIER24 GmbH
          Edisonstr. 16 in 85716 Unterschleissheim

          Hanns Pollmann, Administrator
          Prannerstr. 11, 80333 Muenchen
          Phone: 089/33008090
          Fax: 089/330080999


CONPRO-CODING: Proofs of Claim Due Next Month
---------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against Conpro-Coding GmbH on October 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 9, 2005 to register their
claims with court-appointed provisional administrator Martin
Kienitz.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2005, 10:15 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  CONPRO-CODING GmbH
          Hausberger Str. 60, 32457 Porta Westfalica
          Contact:
          Dirk-Ulrich Neumann, Manager
          Detmolder Str. 175 a, 32545 Bad Oeynhausen

          Martin Kienitz, Administrator
          Ruegenweg 14, 32427 Minden


DAIMLERCHRYSLER AG: 3rd-quarter Net Income Drops to US$910 Mln
--------------------------------------------------------------
DaimlerChrysler AG recorded an operating profit of US$2,216
million in the third quarter, compared with US$1,606 million in
the same period last year.  All automotive divisions contributed
to this positive development.

The Group posted third-quarter net income of US$910 million (Q3
2004: US$1,147 million).  The increase in operating profit was
partially offset by higher income-tax expenses and financial
expenses.  Last year's third-quarter net income was positively
influenced by a tax-free income from the sale of the interests in
Hyundai Motor Company.  Earnings per share amounted to US$0.89
compared with US$1.13 in the third quarter of 2004.

In the industrial business, DaimlerChrysler was able to maintain
the very solid net liquidity position reached in the second
quarter.

Strong Increase in Unit Sales and Revenues

Due primarily to the market success of new products from the
Mercedes Car Group and the Chrysler Group and a significant
increase in unit sales by the Commercial Vehicles Division,
compared with last year's third-quarter figures, DaimlerChrysler
increased its worldwide unit sales by 9% to 1.2 million vehicles.

As a result of the higher unit sales, DaimlerChrysler's
third-quarter revenues increased by 9% to US$46.0 billion.

At the end of this year's third quarter, DaimlerChrysler employed
a workforce of 388,014 people worldwide (end of Q3 2004:
386,195).

The Mercedes Car Group's third-quarter unit sales of 310,900
vehicles were 6% higher than in 2004.  Revenues reached US$15.1
billion (+3%).

Operating profit surpassed the prior-year level at US$526 million
(Q3 2004: $367 million), continuing its positive earnings trend.
The better profitability was due in particular to the new
products and the efficiency-improving measures.

The positive effects on earnings from increased unit sales were
partially offset by the unfavorable model mix due to the S-Class
model changeover.

In the third quarter of this year, the Mercedes-Benz brand
increased its unit sales by 10% to 282,100 vehicles.  The new
M-Class and B-Class were again very successful, selling 21,300
and 23,000 units, respectively.  Sales of the A-Class soared
compared with the prior-year quarter (+125%), while the E-Class
increased by 3%.  Additional sales stimulus is also anticipated
in the fourth quarter due to the launch of the new S-Class and
the introduction of the R- Class in the United States.

The new S-Class, which sets a new benchmark with approximately a
dozen pioneering innovations, made its world debut at the
Frankfurt Motor Show in September.  Feedback was exceptionally
positive.  Mercedes-Benz also presented the European version of
the R-Class and the ML 63 AMG - the high-performance version of
the new M-Class.

At the end of September, the Board of Management of
DaimlerChrysler AG approved a package of measures to be taken to
reduce personnel levels at the Mercedes Car Group in Germany by
8,500 jobs.  The staff reductions are to be achieved by means of
voluntary severance agreements over the next twelve months.
These measures will help to achieve much-needed advances in
productivity and competitiveness for the Mercedes Car Group.
Most of the anticipated charges of approximately US$1,146 million
are expected to be taken in the fourth quarter of 2005.

Unit sales by the smart brand totaled 28,800 vehicles in the
third quarter (Q3 2004: 36,500).  During the first nine months of
the year, dealers' inventories were reduced significantly.
Third-quarter retail sales amounted to 30,800 vehicles (Q3 2004:
36,000).

The implementation of the measures for the realignment of the
smart business model, initiated on April 1, 2005, is making
progress.  In 2005, smart has already reduced fixed costs by a
quarter.  In addition, the functions of procurement and supply as
well as design and some IT functions have been integrated into
the Mercedes-Benz organization.

The Chrysler Group's worldwide third-quarter retail sales
increased by 13% to 736,200 vehicles.  The increase was due to
the market success of new products as well as the attractive
sales program for employees extended to all customers in the
United States and Canada.  Global unit sales (factory shipments)
were 12% above the prior-year quarter, totaling 663,400 vehicles.

Revenues rose by 12% to EUR12.9 billion; when measured in US$ the
increase was also 12%.

As a result of increased shipments, the Chrysler Group continued
its positive earnings development by posting an operating profit
of US$374 million in a difficult market environment (Q3 2004:
US$262 million).  The positive effects were partially offset by a
slight negative net pricing.

At the Frankfurt Motor Show, the Chrysler Group presented the
Dodge Caliber and the Dodge Nitro, two new models that will be
launched in the U.S. and Europe in 2006.  Two concept vehicles
were introduced: the Jeep Compass and the Jeep Patriot.

In September 2005, the Chrysler Group announced its intention to
license production in China of the Chrysler 300C sedan as well as
a minivan to be sold in the Chinese and Taiwanese markets from
the end of 2006.  An investment of US$362 million is planned for
this project.

Also in September, the division and the National Automobile,
Aerospace, Transportation and General Workers Union of Canada
(CAW) agreed on a three- year contract covering approximately
11,400 employees in Canada.  The new agreement provides for
moderate wage, pension and benefit increases for employees and
allows management more flexibility in staff deployment, which the
Chrysler Group believes will allow for improved productivity in
its plants.

The Commercial Vehicles Division once again increased unit sales
in the third quarter with sales of 210,400 vehicles surpassing
the high level of Q3 2004 by 9%.  Revenues also continued their
rise to US$12.8 billion (+15%).

The division continued the positive trend of this year and
increased its third-quarter operating profit from US$192 million
to US$600 million.  The result for Q3 2004 was impacted by
expenses related to the quality measures and recall campaigns at
Mitsubishi Fuso Truck and Bus Corporation (MFTBC).

The positive development of the truck business also continued in
the third quarter of 2005.  Unit sales by the Trucks Europe/Latin
America business unit (Mercedes-Benz) of 37,000 trucks were
slightly higher than in the same quarter last year (+3%).  Unit
sales by the Trucks NAFTA business unit (Freightliner, Sterling,
Thomas Built Buses, Western Star) increased by 22% to 48,300
vehicles, primarily as a result of strong demand for Class 8
heavy duty trucks.  MFTBC increased its unit sales by 6% to
46,000 trucks and 2,200 buses.  Sales of 64,200 vehicles by the
Vans business unit were 7% higher than in Q3 2004.  The
DaimlerChrysler Buses business unit sold 9,200 vehicles and
chassis, 9% more than in last year's third quarter.

In September, the Commercial Vehicles Division presented the
second generation Mercedes-Benz Travego coach, the Mercedes-Benz
urban and regional bus, the Citaro Low Entry, and the new Setra
regional bus MultiClass 400.

The Financial Services division posted an operating profit of
US$492 million, compared with US$497 million in the prior-year
quarter.  The stable earnings situation in the third quarter was
primarily due to the continuing positive development of risk
costs partially offset by a higher level of interest rates,
especially in the United States, and lower charges from the
involvement in Toll Collect (US$18.1 million; Q3 2004: US$143.5
million).

Contract volume increased by 8% to US$136.7 billion; after
adjusting for exchange-rate effects the increase amounted to 5%.
At the end of the quarter under review, the worldwide portfolio
comprised a total of 6.4 million vehicles.  New business
decreased from US$17.7 billion to US$14.2 billion.

In the "Americas" region, the division increased its contract
volume by 8% to US$99.7 billion.  Adjusted for exchange-rate
effects the growth amounted to 4%.  Contract volume of US$37.0
billion in the region of Europe, Africa, Asia/Pacific exceeded
the high level of last year's third quarter.  In China, Financial
Services received official approval to establish a financing
company.  In Germany, DaimlerChrysler Bank's attractive products
enabled it to further increase the proportion of Group vehicles
sold that are leased or financed by the Group.  Contract volume
grew by 6% to US$17.8 billion. DaimlerChrysler Bank provided
services to 973,000 customers, 7% more than a year earlier.

The toll-collection system for trucks on German autobahns
operates smoothly.

Other Activities achieved a third-quarter operating profit of
US$292 million, compared with US$311 million in 2004.  The
prior-year result included exceptional income from the agreement
reached with Bombardier to settle all disputes relating to the
sale of DaimlerChrysler Rail Systems GmbH (Adtranz).  The
European Aeronautic Defence and Space Company (EADS) made an
increased contribution to the Group's operating profit in the
past quarter, due in part to higher deliveries of Airbus
aircraft.  EADS will publish its third-quarter figures on
November 9, 2005.

The DaimlerChrysler Off-Highway business unit posted
third-quarter revenues of US$620 million, exceeding the last
year's result by 17%.  Incoming orders of US$714 million were
also significantly higher than in Q3 2004 (US$523 million).

In September, DaimlerChrysler reached an agreement with the
minority shareholders of MTU Friedrichshafen to acquire their
11.65% interest in that company, thus increasing
DaimlerChrysler's ownership of MTU Friedrichshafen to 100%.  In
mid-October, the bidding process opened for the intended sale of
MTU Friedrichshafen.

Outlook for Full-year 2005

DaimlerChrysler assumes that dynamic growth in demand for
passenger cars will continue in the emerging markets, while only
slight growth is expected for the markets of North America,
Western Europe and Japan.  Global demand for commercial vehicles
is expected to further increase in the fourth quarter.  Prospects
are still generally positive in the United States, while demand
may weaken slightly in Western Europe.  The Group expects a
slight increase in demand for commercial vehicles in Japan, while
emerging markets should continue their dynamic development.  In
view of further reductions in model lifecycles and continuing
over-capacity, DaimlerChrysler does not expect any alleviation of
the intensely competitive pressure in the automobile industry.

Compared with 2004, DaimlerChrysler still expects a slight
increase in unit sales for full-year 2005.

The Mercedes Car Group is confident that the positive unit-sales
trend will continue in the fourth quarter.  Stimulus is expected
from the M-Class and the B-Class as well as from the new S-Class,
which was launched in Europe in September.  The division assumes
that unit sales for the full year will be of the same magnitude
as in 2004, while retail sales are expected to rise.

The Chrysler Group anticipates a continuation of the tough
competition in the North American market during the fourth
quarter.  Due to the continued success of its attractive
products, the division expects full-year unit sales to surpass
last year's figure.

The Commercial Vehicles Division assumes that unit sales will rem
ain stable in the fourth quarter.  Due particularly to the strong
demand for trucks, unit sales are expected to increase
substantially in full-year 2005.

The Financial Services division anticipates moderate growth in
contract volume in 2005.

EADS expects the recovery of the market for civil aircraft to
continue in the fourth quarter.  Incoming orders in the full year
should significantly exceed last year's figure.  EADS plans to
deliver more than 360 Airbus aircraft in 2005 (2004: 320).

The DaimlerChrysler Group anticipates a significant increase in
revenues in 2005.

Compared with the end of 2004, the Group's workforce is expected
to grow slightly, although the headcount at the Mercedes Car
Group should decrease slightly by the end of this year.  Year-end
employment levels at the Commercial Vehicles Division should be
higher than at the end of last year.

Earnings in full-year 2005 will be impacted above all by the less
favorable dollar-euro exchange rate and hedging rates than in the
prior year, as well as by increases in raw-material prices.  An
additional factor is that over the next twelve months,
DaimlerChrysler expects to incur costs of US$1,146 million in
connection with workforce adjustments at the Mercedes Car Group.
Most of this expense is expected to be recorded in the fourth
quarter of 2005.

DaimlerChrysler assumes that the expenditure for headcount
reductions will be offset by income from special items and
improvements in the ongoing business.  Therefore, the earnings
guidance for full-year 2005 remains unchanged.  The Group
continues to expect a slight increase in operating profit
compared with the prior year (US$7 billion), excluding charges
related to the realignment of the smart business model.

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


FRESENIUS AG: Raising Additional EUR840 Million Capital
-------------------------------------------------------
The Management Board of Fresenius AG, with the approval of the
Supervisory Board, has decided to increase the Company's
subscribed share capital by 4,700,000 new ordinary shares and
4,700,000 new preference shares from approved capital with a
subscription right granted to shareholders.

The new ordinary shares and preference shares will be subscribed
by the members of an underwriting syndicate led by Deutsche Bank
as the Global Coordinator and Dresdner Kleinwort Wasserstein and
WestLB as Joint Bookrunners in line with market practice with the
obligation to offer the new ordinary shares to the existing
ordinary shareholders and the new preference shares to the
existing preference shareholders of Fresenius AG at a
subscription ratio of 9:2.  For a residual amount of up to
113,533 bearer ordinary shares and up to 113,533 bearer
preference shares the subscription rights were excluded.

The subscription prices amount to at least EUR86 per ordinary
share and EUR93 per preference share and may be increased by a
step-up until November 15, 2005.  The final subscription prices
are expected to be announced on November 15, 2005.  The
subscription period is expected to run from November 17 to
November 30, 2005 and trading in the subscription rights is
expected to be established during the period from November 17 to
November 28, 2005.  Fresenius AG expects to generate
approximately EUR840 million of (gross) proceeds from the capital
increase.

The Else Kroner-Fresenius-Foundation has notified that it will
participate in the planned capital increase with an amount of
EUR100 million.  In addition, the proceeds from the disposal of
unused subscription rights will be fully invested.  Allianz
Lebensversicherungs-AG has notified that it will positively
support the planned capital increase.  WestLB has notified that
it will fully exercise its subscription rights.

After issuance of the new shares, the total number of outstanding
ordinary shares of Fresenius AG will increase from currently
20,639,100 to 25,339,100 and the total number of outstanding
preference shares will increase from currently 20,639,100 to
25,339,100.

The new shares are expected to be included in the quotation of
the shares of Fresenius AG at the Frankfurt, Munich and
Düsseldorf stock exchanges as of December 1, 2005 and have full
dividend entitlement for 2005.

The Management Board
Bad Homburg v.d.H., October 25, 2005

                            *   *   *

This release does not constitute or form part of, and should not
be construed as, an offer or invitation to subscribe for,
underwrite or otherwise acquire, any securities of Fresenius AG
(Fresenius) or any present or future member of its group nor
should it or any part of it form the basis of, or be relied on in
connection with, any contract to purchase or subscribe for any
securities of Fresenius or any member of its group or any
commitment whatsoever.  In particular, this release is not an
offer of securities in the United States of America (including
its territories and possessions), and securities of Fresenius may
not be offered or sold in the United States of America absent
registration under the Securities Act of 1933 (which Fresenius
does not intend to effect) or an exemption from registration.

A securities prospectus is expected to be published on November
15, 2005 and will be available free of charge from Fresenius and
the underwriters.

NOT FOR RELEASE/DISTRIBUTION IN THE UNITED STATES

                            *   *   *

Fresenius AG has entered into an agreement to acquire HELIOS
Kliniken GmbH, which is based in Fulda, Germany.  It plans to
finance the acquisitions through a capital increase in the amount
of around EUR800 million and a bond in the amount of around
EUR700 million.  The capital increase from approved capital is
planned to be completed in 2005 with a subscription right granted
to shareholders.

Moody's Investors Service has placed all ratings of Fresenius and
all ratings of HELIOS Kliniken GmbH under review for possible
downgrade following Fresenius' announcement that it has entered
into an agreement to acquire HELIOS for a consideration of EUR1.5
billion.

Ratings under review are:

Fresenius AG

(a) Corporate family rating of Ba2; and

(b) EUR300 million of senior notes rated Ba2.

HELIOS Kliniken GmbH

(a) Issuer rating of Baa3; and

(b) Senior Unsecured Bank Credit Facility rated Baa3.

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


IBK AKTIENGESELLSCHAFT: Creditors Meeting Set December
------------------------------------------------------
The district court of Gera opened bankruptcy proceedings against
IBK Aktiengesellschaft Ingenieurbuero fuer
Heizung-Sanitar-Elektro-Klimatechnik on October 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 18, 2005 to
register their claims with court-appointed provisional
administrator Annegret Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting on December 20, 2005, 10:30 a.m. at the district
court of Gera, Rudolf-Diener-Str. 1, Zimmer 317, 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:  IBK AKTIENGESELLSCHAFT INGENIEURBUERO FUER HEIZUNG-
          SANITAR-ELEKTRO-KLIMATECHNIK
          Tissaer Weg 34, 07646 Stadtroda

          Annegret Schwarz, Administrator
          Helenenstrasse 15, 99867 Gotha


INFORM GMBH: Calls in Administrator from Schultze & Braun
---------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against inForm GmbH CAD/NC Dienstleistungen Prototypen und Formen
on September 30.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have until
November 7, 2005 to register their claims with court-appointed
provisional administrator Dr. Dirk Herzig.

Creditors and other interested parties are encouraged to attend
the meeting on November 29, 2005, 1:00 p.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, in
Chemnitz, 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:  INFORM GmbH CAD/NC DIENSTLEISTUNGEN PROTOTYPEN
          UND FORMEN
          Contact:
          Dr. Detlef Hilbig and Jorg Spies, Managers
          Bornaer Strasse 205, 09114 Chemnitz

          Dr. Dirk Herzig, Administrator
          Schultze & Braun
          Promenadenstr. 3, 09111 Chemnitz
          Web site: http://www.schubra.de


KARSTADTQUELLE AG: U.S. Court Refuses to Admit Wertheim Case
------------------------------------------------------------
As announced by KarstadtQuelle AG's U.S. lawyers, the court of
appeal of the third circuit in Philadelphia/Pennsylvania has
refused to admit an action from the Wertheim estate for trial in
the United States.  The court thus confirmed a ruling on May 20,
2004, in which a New Jersey Federal Supreme Court declared itself
to have no jurisdiction in the case.

"We believe this decision significantly strengthens our legal
position," explained KarstadtQuelle AG spokesman Jorg Howe. "We
have stated from the beginning that the U.S.A. courts have no
jurisdiction in the disputes relating to the Wertheim estate."

"We are now approaching the forthcoming decision of the Federal
Administrative Court in Leipzig with great confidence," he added.

It is likely that the Federal Administrative Court in Leipzig
will decide before the end of the year whether it will admit
Karstadt's appeal against a ruling of the Administrative Court in
Berlin made in March 2005 relating to the return of former
Wertheim properties.  The legal dispute, which has been pending
for several years, relates to claims for restitution in respect
of properties, mainly in the center of Berlin, which formerly
belonged to Wertheim.

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

          Jorg Howe
          Corporate Communications
          Phone: + 49 (0) 201/727-25 38
          E-mail: joerg.howe@karstadtquelle.com


LSL GMBH: Arnsberg Firm Succumbs to Bankruptcy
----------------------------------------------
The district court of Arnsberg opened bankruptcy proceedings
against LSL GmbH Logistik + Service on October 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 5, 2005 to
register their claims with court-appointed provisional
administrator Dr. Wolfgang Kohler.

Creditors and other interested parties are encouraged to attend
the meeting on November 28, 2005, 10:15 a.m. at the district
court of Arnsberg, Eichholzstrasse 4, 59821 Arnsberg, EG, 328, 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:  LSL GMBH LOGISTIK + SERVICE
          Max-Eyth-Str. 10, 59581 Warstein
          Contact:
          Ulrich Luig, Manager
          Viktor Roper Str. 39, 59581 Warstein

          Dr. Wolfgang Kohler, Administrator
          Marktstrasse 22, 59555 Lippstadt
          Phone: 02941-979850


NATURSTEIN GMBH: Court to Verify Claims November
------------------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Naturstein GmbH on September 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors had until October 21, 2005 to register their
claims with court-appointed provisional administrator Axel W.
Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting on November 21, 2005, 8:45 a.m. at the district court
of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  NATURSTEIN GmbH
          Karl-Schmid-Str. 16 in 81829 Muenchen

          Axel W. Bierbach, Administrator
          Schwanthalerstr. 32, 80336 Muenchen
          Phone: 54511-0
          Fax: 54511-444


REALTECH AG: Results in First Nine Months Return to Black
---------------------------------------------------------
REALTECH AG's Group revenue increased in the 1st nine months of
2005 by 6% to EUR36.1 million (1st nine months of 2004: EUR34.0
million).  Software revenue increased by 7% to EUR7.2 million
(EUR6.7 million), while consulting revenue increased by 6% to
EUR28.9 million (EUR27.3 million).

EBITDA (earnings before interest, taxes, depreciation, and
amortization) improved significantly, reaching EUR1.5 million
(EUR0.7 million), while EBIT rose to EUR0.4 million (minus EUR0.9
million).

Net income increased to EUR0.5 million (minus EUR1.2 million),
while earnings per share increased to EUR0.10 (minus EUR0.24). At
the end of September 2005, net cash and cash equivalents were
EUR25.4 million, compared to EUR21.4 million at the end of 2004
and EUR22.2 million at the end of last September.  The company
has achieved a cash flow of EUR3.7 million (EUR2.9 million).

3rd quarter of 2005:

Group revenue is up 7% on the previous year's figure, amounting
to EUR12.0 million (Q3/2004: EUR11.2).  This includes no change
in software revenue, which remained at EUR2.3 million (EUR2.3
million), and a 9% increase in the area of consulting to EUR9.6
million (EUR8.9 million).

Clear increases were recorded for EBITDA, which reached EUR0.9
million (EUR0.4 million), and EBIT, which amounted to EUR0.6
million (minus EUR0.1 million). Net income rose to EUR0.6 million
(minus EUR0.4 million), giving rise to earnings per share of
EUR0.11 (minus EUR0.09).

REALTECH will be publishing its quarterly report for Q3/2005 on
November 3, 2005.

CONTACT:  REALTECH AG
          Industriestrasse 39c
          69190 Walldorf
          Deutschland

          Volker Hensel
          Investor Relations
          Phone: +49 6227 837 500
          Fax: +49 6227 837 9134
          Web site: http://www.realtech.com


STAND BY: Under Bankruptcy Administration
-----------------------------------------
The district court of Muenchen opened bankruptcy proceedings
against Stand by GmbH on September 27.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 29, 2005 to register their claims
with court-appointed provisional administrator Dr. Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting on December 20, 2005, 11:00 a.m. at the district
court of Muenchen, Infanteriestr. 5, Sitzungssaal 102, 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:  STAND BY GmbH
          Muenchen

          Dr. Bruno Kuebler, Administrator
          Konrad-Zuse-Platz 1, 81829 Muenchen
          Phone: 99299-0
          Fax: 99299-299


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


CONOCOPHILLIPS IRELAND: Posts Higher Pre-tax Loss in 2004
---------------------------------------------------------
Annual pre-tax losses at the Irish unit of U.S. oil company
ConocoPhillips rose by 36% to US$17 million despite strong sales
growth, according to The Irish Times.

ConocoPhillips Ireland Ltd., whose accounts were signed off less
than a month ago, reported sales of US$1.079 billion in 2004, up
from US$822.43 million in 2003.  Its operating loss from ordinary
activities was up to US$3.8 million from US$1.25 million.
Retained losses were US$39.57 million at the end of 2004.  The
firm is not paying dividend to shareholders.

The account also showed provision of US$4.46 million last
December for a restructuring program.  In 1993, the company
incurred restructuring costs of US$1.7 million for itself, and
US$2 million for a subsidiary, ConocoPhillips Bantry Bay Terminal
Ltd.  The restructuring program will this year cut 33 jobs at the
company, which employed 215 at the beginning of 2005.

ConocoPhillips Ireland Ltd. owns the assets of former Irish
National Petroleum Corporation.  INPC was bought by the Tosco
Corporation in 2001 for US$20 million.  Tosco subsequently merged
with Philips, forming ConocoPhillips.  The sale of INPC to Tosco
is yet to be fully settled with the state.  Minister for Energy
spokesman Noel Dempsey said the exchequer had yet to realize
US$10 million to US$15 million from assets that still remain in
the INPC.

ConocoPhillips Ireland owns Whiddy oil terminal in Bantry Bay,
and the Whitegate refinery based at Cork harbour.

CONTACT:  CONOCOPHILLIPS
          600 North Dairy Ashford (77079-1175)
          P.O. Box 2197
          Houston, TX 77252-2197
          Phone 281.293.1000
          Web site: http://www.conocophillips.com/index.htm


JEFFERSON SMURFIT: Anti-trust Watchdog Demands Disposals
--------------------------------------------------------
The European Commission has required Jefferson Smurfit to divest
assets in relation to its planned merger with Kappa Packaging,
according to The Sunday Times.

The Commission sent Jefferson Smurfit a letter ordering it to
dispose of Smurfit Solidpack in Loenen, Holland, and Smurfit
Interlok in Port Glasgow to lessen dominance in the area of
solidboard.

The report said the combined group would have a 23% share of the
European paper packaging market and the Commission may seek
further disposals.

                            *   *   *

As reported by TCR-Europe in September, Standard & Poor's Ratings
Services revised the CreditWatch implications for its ratings on
Republic of Ireland-based paper and packaging company JSG
Packaging Ltd. (rated 'B+') and related entities in the Jefferson
Smurfit Group to negative from developing.  Furthermore, the
CreditWatch implications for the various unsecured notes issued
by group entities were also revised to negative from developing.
The CreditWatch implications remain negative for the 'BB-' bank
loan rating on the group's senior credit facilities and 'BB-'
secured debt rating on two outstanding bond issues.

The rating actions followed the announcement by JSG and the Kappa
Packaging group (Kappa Beheer B.V. BB-/Watch Neg/--) that they
have proposed that the two entities be combined.

"If the transaction is completed, the corporate credit rating on
the merged entity is likely to be 'B+' or 'B'," said Standard &
Poor's credit analyst Andreas Kindahl.  "This reflects
expectations of very high leverage in the combined group and weak
credit measures, mitigated by a satisfactory business risk
profile."

In the new entity, proposed to be named Smurfit/Kappa, JSG's
owners will hold 58% and Kappa Packaging's owners will hold 42%
(see also related article on Kappa Packaging on RatingsDirect,
Standard & Poor's Web-based credit analysis system).

Smurfit/Kappa's business risk profile will be satisfactory, as
the group will become the clear market leader in the European
containerboard and corrugated board markets, at almost twice the
size of the second-largest producer (Svenska Cellulosa
Aktiebolaget SCA; A-/Negative/A-2).  Together, Smurfit/Kappa and
SCA will have a strong market share in the European market.  In
addition, the merger provides for substantial synergy effects,
especially in linerboard production.  The group will also benefit
from broad geographical coverage in Europe and a high level of
forward integrated operations.  Industry conditions, however,
remain relatively weak as a result of overcapacity and
higher-than-average input costs, which are putting pressure on
operating margins.

Smurfit/Kappa is expected to be highly leveraged, reflecting
continued ownership by private equity firms, resulting in weak
credit measures.

The CreditWatch on JSG and Kappa Packaging's ratings are expected
to be resolved when the proposed merger has received the
necessary approvals (EU clearance and labor union approval), and
the final capital structure and required asset disposals have
become known.

CONTACT:  JEFFERSON SMURFIT GROUP
          International
          Mark Kenny
          K Capital Source
          Phone: +353 1 631 5500

          Media (Kappa)
          Ben Foster
          Financial Dynamics
          Phone: +44 20 7269 7247

          Media (JSG)
          Brian Bell
          WHPR
          Phone: +353 1 669 0030


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


FINPART SPA: Faces Involuntary Bankruptcy Petition
--------------------------------------------------
Prosecutor Eugenio Fusco has asked the Milan Bankruptcy Court to
declare troubled fashion holding Finpart S.p.A. insolvent, Il
Sole 24 Ore says.

In June, the court gave Finpart two months to draft a
restructuring plan approved by banks and stock market regulator
CONSOB.  Finpart says the plan got stuck at CONSOB, which refused
to approve the plan because it entails going to the market with a
debt-to-equity offer.  CONSOB reasoned that the refusal by
Finpart's auditors to certify its results precludes this option.
The plan proposes to reduce bond debt by 35%, convert another 35%
into new shares, and postpone maturity of the remaining 30% until
2011.

Finpart's problems started in July 2004 after defaulting on
EUR200 million bonds issued by subsidiary Cerruti Finance.  For
the first nine months of 2004, the company, which owns the labels
Andrea Pfister, Cerruti, Maska and Henry Cotton's booked EUR59.5
million in losses, up from -EUR49.7 million in the same period in
2003.  The textile group saw revenue fall by EUR58.4 million in
2003 to EUR245.8 million in 2004, but managed to reduce net
financial debt from EUR357 million in November to EUR347.5
million in December 2004.  The group was able to cut short-term
bank debt by EUR10.8 million in the same period.

CONTACT:  FINPART S.p.A.
          Foro Buonaparte, 51
          20121 Milan, Italy
          Phone: +39-02-72-55-01
          Fax: +39-02-86-46-32-42


===================
K A Z A K H S T A N
===================


PETROKAZAKHSTAN INC.: Court Okays CNPC's Takeover
-------------------------------------------------
PetroKazakhstan Inc. is pleased to announce that the Alberta
Court of Queen's Bench has granted the order approving the
Arrangement involving the acquisition of the Company for US$55.00
cash per share by a wholly owned subsidiary of CNPC International
Ltd.

A copy of the court's order can be viewed at
http://bankrupt.com/misc/Petrokazakhstan_courtCNPC.pdf

PetroKazakhstan Inc. -- http://www.petrokazakhstan.com-- is a
vertically integrated, international energy company, celebrating
its eighth year of operations in the Republic of Kazakhstan.
PetroKazakhstan is engaged in the acquisition, exploration,
development and production of oil and gas, the refining of crude
oil and the sale of oil and refined products.

PetroKazakhstan shares trade in the United States on the New York
Stock Exchange, in Canada on The Toronto Stock Exchange, in the
United Kingdom on the London Stock Exchange, in Germany on the
Frankfurt Exchange under the symbol PKZ and in Kazakhstan on the
Kazakhstan Stock Exchange under the symbol CA_PKZ.

                            *   *   *

Moody's Investors Service on August 24, 2005 placed the Ba3
corporate family rating for PetroKazakhstan Inc. (PKZ) on review
for possible upgrade.  The company, which is the guarantor of the
US$125 million notes issued by PetroKazakhstan Finance B.V.,
announced on August 22, that it has entered into an Arrangement
Agreement with CNPC International Ltd. (CNPCI), which has offered
to buy all outstanding PKZ common shares for US$4.2 billion in
cash.

Moody's rating action is in response to the expectation that a
successful acquisition will have a positive impact on PKZ's
rating considering the stronger credit profile of China National
Petroleum Corporation (CNPC), which is the 100% parent company of
CNPCI.  The closure of the transaction is expected in October
2005.

CONTACT:  PETRO KAZAKHSTAN INC.
          Sun Life Plaza, North Tower
          #1460, 140 4th Avenue S.W. Calgary,
          Alberta, Canada T2P 3N3
          Phone: (403) 221-8435
          Fax: (403) 221-8425
          Web site: http://www.petrokazakhstan.com


PETROKAZAKHSTAN INC.: Gets Securityholders' Nod on CNPC Buyout
--------------------------------------------------------------
PetroKazakhstan Inc.'s securityholders approved the proposed plan
of arrangement pursuant to which a subsidiary of CNPC
International Ltd. will acquire all of the issued and outstanding
common shares of PetroKazakhstan for US$55.00 cash per share.
The transaction was approved by over 99% of the votes cast by
securityholders voting at the meeting.

PetroKazakhstan also appeared before the Court of Queen's Bench
of Alberta to seek the granting of a final order approving the
arrangement.  As previously announced, Lukoil Overseas Kukol B.V.
appeared at the hearing opposing approval of the arrangement.
The Court heard oral submissions from counsel to PetroKazakhstan,
CNPC International, certain shareholders and Lukoil.

The Court reserved its decision as to whether to grant the final
order until October 26, 2005.  If the Court grants the final
order on October 26, 2005, and subject to the satisfaction of the
other conditions contained in the Arrangement Agreement between
PetroKazakhstan and CNPC International, PetroKazakhstan would
file articles of arrangement to give effect to the arrangement on
October 26 or 27, 2005, depending on the time at which the final
order of the Court is rendered on October 26.

PetroKazakhstan Inc. -- http://www.petrokazakhstan.com-- is a
vertically integrated, international energy company, celebrating
its eighth year of operations in the Republic of Kazakhstan.
PetroKazakhstan is engaged in the acquisition, exploration,
development and production of oil and gas, the refining of crude
oil and the sale of oil and refined products.

PetroKazakhstan shares trade in the United States on the New York
Stock Exchange, in Canada on The Toronto Stock Exchange, in the
United Kingdom on the London Stock Exchange, in Germany on the
Frankfurt Exchange under the symbol PKZ and in Kazakhstan on the
Kazakhstan Stock Exchange under the symbol CA_PKZ.

                            *   *   *

Moody's Investors Service on August 24, 2005 placed the Ba3
corporate family rating for PetroKazakhstan Inc. (PKZ) on review
for possible upgrade.  The company, which is the guarantor of the
US$125 million notes issued by PetroKazakhstan Finance B.V.,
announced on August 22, that it has entered into an Arrangement
Agreement with CNPC International Ltd. (CNPCI), which has offered
to buy all outstanding PKZ common shares for US$4.2 billion in
cash.

Moody's rating action is in response to the expectation that a
successful acquisition will have a positive impact on PKZ's
rating considering the stronger credit profile of China National
Petroleum Corporation (CNPC), which is the 100% parent company of
CNPCI.  The closure of the transaction is expected in October
2005.

CONTACT:  PETRO KAZAKHSTAN INC.
          Sun Life Plaza, North Tower
          #1460, 140 4th Avenue S.W. Calgary,
          Alberta, Canada T2P 3N3
          Phone: (403) 221-8435
          Fax: (403) 221-8425
          Web site: http://www.petrokazakhstan.com


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


MILLICOM INTERNATIONAL: Posts US$5.9 Mln Loss for First 9 Months
----------------------------------------------------------------
Millicom International Cellular S.A. (Nasdaq Stock Market: MICC,
Stockholmsbörsen and Luxembourg Stock Exchange: MIC), the global
telecommunications company, revealed results for the quarter and
nine months ended September 30, 2005.

(a) 11% increase in Revenues for Q3 2005 to $261.2 million (Q3
    2004: $235.9 million)

(b) EBITDA for Q3 2005 of $110.8 million (Q3 2004: $117.6
    million)

(c) Profit for Q3 05 of $0.5m (Q3 04: profit of $12.2m) [iv]

(d) Basic Earnings per common share for Q3 05 of $0.01 (Q3 04
    Earnings per share: $0.14) [iv]

(e) 19% increase in Revenues for the nine months to Sept 2005 to
    $791.5 million (2004: $665.8 million)

(f) 8% increase in EBITDA for the nine months to Sept 2005 to
    $359.5 million (2004: $332.1 million)

(g) Loss for the nine months to Sept 2005 of $5.9 million (2004:
    profit of $41.1 million) [iv]

(h) Basic Loss per common share of $0.06 for the nine months to
    Sept 2005 (2004: Earnings per share of $0.51) [iv]

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[iv] Comparative information restated as a result of the adoption
of IFRS 2, "Share-based Payment"
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

President and Chief Executive Officer Mr. Marc Beuls reports:

"Millicom's underlying business grew more strongly in the third
quarter than in the second quarter with an 8% increase in pro
forma revenues.  The pro forma numbers exclude Vietnam, where our
BCC ended in May and include Millicom's joint venture in Honduras
with a percentage ownership of 66.67% to reflect the increase in
ownership from 50% in May 2005.  Pro forma EBITDA was up by 6%
from the second quarter of 2005.  The main driver in revenue
growth was a 13% increase in revenues in Central America, 10% in
South America and the 5% growth in revenues in Africa, which
continue to be our star performers."

"The Latin American market has seen a strong acceleration in
subscriber growth since the launch of GSM and the Tigo brand in
2004, and this has continued to gather momentum as Millicom
continues to take market share in Central America.  In Africa,
Ghana and Senegal were particularly strong markets and Tanzania
is beginning to improve its performance. Millicom has started
operating in two new markets, launching operations in Chad in
October and purchasing the Oasis business in Congo.  Together
these two countries add some 70 million new people under license,
replacing the potential new subscribers lost with the end of our
BCC in Vietnam."

"Millicom is currently negotiating the sale of its share in
Pakcom, its second operation in Pakistan.  It is interesting to
note that Millicom's growth would have been even higher without
Pakcom.  Millicom has decided to concentrate its investment in
Pakistan into its Paktel business and in total, since 2002,
Millicom has committed $250 million of investment, excluding the
license fee.  Paktel is growing strongly and by the end of the
quarter the business had 945,000 subscribers."

FINANCIAL AND OPERATING SUMMARY

N.B.: Pro forma numbers for current and previous quarters exclude
Millicom's operation in Vietnam, where the BCC ended on May 18,
2005 and include Millicom's joint venture in Honduras with a
percentage ownership of 66.67%, to reflect the increase in
ownership from 50% to 66.67% in May 2005.

(a) Strong subscriber growth with total cellular subscribers at
    7.9 million, an increase of 15% compared to last year, or
    50% on a pro forma basis

(b) 707,000 net new subscribers added in Q3 2005

(c) Revenue of $261.2 million in Q3 2005 only slightly lower
    than record Q1 2005 revenue of which Vietnam comprised 18%

(d) Revenue for Q3 2005 up 11% vs Q3 2004, or 31% on a pro forma
    basis

(e) EBITDA of $110.8 million in Q3 2005

(f) Pro forma EBITDA for Q3 2005 of $112.1m, up 22% from Q3 2004

(g) Operating cash flow for the nine months to September 2005 of
    $260 million, funding significantly higher investments of
    $265 million versus $83 million last year

(h) Net debt excluding the 5% mandatory exchangeable notes of
    $281.9 million with a Net Debt to EBITDA ratio below 1:1
    enabling significant future investment

(i) Cash and cash equivalents of $605 million at end of Q3 2005

(j) Capex of $91.7m for the third quarter and $184.8m for the
    nine months ended September 30, 2005.

(k) Total cellular minutes increased by 19% for the three months
    ended September 30, 2005 from the same quarter in 2004 and
    prepaid minutes increased by 34% in the same period. Total
    pro forma minutes increased by 50% and pro forma prepaid
    minutes by 59%.

(l) At September 30, 2005, managed active subscribers in Iran
    amounted to 406,716.

(m) On September 19, 2005 Millicom acquired Oasis, the GSM
    operation in the Democratic Republic of the Congo from
    Orascom Telecom Holding SAE for US$35 million, bringing
    Millicom's population under coverage in Africa to 146
    million across seven countries.

(n) On October 17, 2005 Millicom launched state-of-the-art GSM
    services including GPRS, EDGE, MMS and E-pin in Chad under
    the brand name Tigo.  Millicom was awarded a 10 year license
    to operate a GSM 900 wireless telephony network in Chad in
    November 2004.

(o) Millicom is currently negotiating the sale of its share in
    Pakcom and a charge of $6 million was taken in the third
    quarter.  Millicom has decided to focus on one business in
    Pakistan as this will bring substantial savings in license
    costs, with Millicom having to pay only $291 million for
    Paktel. It will also enable Management to concentrate
    investment in one business.  Millicom has plans to invest
    substantial amounts; currently it has committed to spend
    over $250 million in Paktel not including the license cost.
    At the end of the third quarter of 2005 Paktel had almost
    945,000 subscribers with an ARPU of $5.

                            *   *   *

Millicom said earlier in May that the year 2004 was one of the
most successful in Millicom's history.  The Company started
seeing the full benefits of its successful balance sheet
restructuring in the previous two years.  It allowed Millicom to
take better advantage of the low mobile penetration in its
markets and to drive growth by combining higher capital
expenditure with a move to GSM technology in a number of key
markets.

A full copy of this press release is available free of charge at
http://bankrupt.com/misc/MillicomIntl.pdf.

CONTACT:  MILLICOM INTERNATIONAL CELLULAR S.A.,
          Luxembourg
          Marc Beuls
          President and Chief Executive Officer
          Phone: +352 27 759 327
          Web site: http://www.millicom.com

          Investor Relations
          Andrew Best
          Phone: +44 20 7321 5022


ORIFLAME COSMETICS: Debt Swells to EUR107.2 Million
---------------------------------------------------
Oriflame Cosmetics S.A. has reported results for the three months
and nine months ended 30 September 2005.

Three-month Results

Sales in local currencies increased by 18% and by 20% in Euro to
EUR170.9 million compared to EUR142.4 million in the same period
last year.  Unit sales were up by 16%.

Sales growth in local currencies was driven by a 14% increase in
the average size of the Sales Force and a 4% productivity
improvement.  Closing Sales Force increased by 13% or 168,600 to
1,503,400 Consultants.

Local currency sales in CIS region and Latin America increased by
27% and 23% respectively.  Sales in Central Europe &
Mediterranean and Western Europe increased by 14% and 7%
respectively while sales in Asia decreased by 4%.

Gross margins decreased to 68.5% (69.2%) reflecting more
merchandising in the CIS and Central Europe & Mediterranean
regions and inventory provisions but offset by continued sourcing
gains.

Operating profit was up to EUR20.8 million (EUR18.4 million)
reflecting increased sales.  However, this was offset by
Oriflame's hedging activities which had a net negative impact of
EUR1.2 million compared to the same period previous year and a
timing difference in the annual gold conferences which had a
negative impact of EUR1.5 million on operating profit as these
were held in the second quarter previous year.  The Operating
margin decreased to 12.1% (12.9%).

Profit before tax increased by 14% to EUR18.1 million (EUR15.8
million).  Results were negatively affected by EUR0.3 million
(EUR0.3 million) in losses on currency exchange.

Profit after tax increased by 9% to EUR16.0 million (EUR14.7
million) and fully diluted earnings per share amounted to EUR0.27
(EUR0.25).

Nine-month Results

Sales increased by 10% both in local currency and in Euro, to
EUR521.0 million (EUR473.4 million).  Unit sales were up by 11%.

Sales growth in local currency was driven by a 7% increase in the
average size of the Sales Force and a 3% productivity
improvement.

Gross margins decreased to 68.5% (69.9%).  Adjusted profit after
tax decreased by 8% to EUR58.4 million (EUR63.2 million).

Cash flow from operating activities decreased to EUR9.7 million
(EUR47.2 million) principally due to an increase in inventories
but also due to lower operating profits.

Operating Highlights

Marketing and Products

The strong product innovation program contributed to the overall
business growth with women's fragrances showing high double-digit
growth.  A major contributor was the new product line "Ice" and
"Fire" inspired by two of nature's powerful elements.  It targets
trendy women with attitude and was presented as catalogue front
cover in various regions.  The romantic "Volare" together with
"Volare Spring flower", the luxury "Giordani Gold" and modern
"Northern light" further fuelled growth in the fragrance
category.

"Milk & Honey" has always been one of Oriflame's top sellers.  In
line with the luxury trend it was re-launched in retro style as
"Milk & Honey GOLD" and sales was encouraging.  A wider
accessories range also boosted sales.

In two major markets -- Poland and Hungary -- Oriflame's "Mother
and Daughter - the Natural Bond Contest" took place for the 4th
respectively 3rd season.  The contest was open to mothers and
their daughters over 16, drawing some 5,000 applicants and gives
a good media boost to further raise brand awareness.

Oriflame's top 300 managers gathered in Spain for a strategy
kick-off in September, the Company's largest management
conference since the 1980's.  In the same month, Oriflame held
it's largest annual gold conference ever for top Consultants in
Italy.

Global Supply

The primary focus for Global Supply continues to be ensuring
product availability to support the sales operations.  During the
third quarter Oriflame has maintained a high level of performance
against the product fulfillment targets in all regions and has
continued to build up inventories during the period in order to
secure service levels.

The Company continues to put considerable effort into reviewing
its processes further to identify opportunities to improve the
overall responsiveness throughout the Supply Chain.  The
integration of the CIS Supply Chain organization with the Central
Supply processes is ongoing and continues to provide Oriflame
with opportunities to both improve service within the Region and
reduce overall costs.

Construction work on the CIS Supply Centre in Moscow is
proceeding well and is on schedule for completion in the first
half of 2006.  In September, it was announced that Oriflame
signed a heads of agreement with the Weckerle Group, the world
leading lipstick moulding machine manufacturer, to form a
strategic partnership for the operation of Oriflame's Colour
Cosmetics Centre on the site.

Construction work is complete on the Chinese manufacturing plant
with final commissioning of building services in progress.  The
building is now occupied and machinery installation and test
manufacturing will commence prior to obtaining final approval
from the Chinese authorities for start-up in the first half of
next year.

Cash Flow & Investments

Cash flow from operating activities amounted to -EUR18.3 million
(EUR8.3 million) during the third quarter and EUR9.7 million
(EUR47.2 million) in the nine-month period.  Operating cash flow
in the nine-month period decreased mainly as a result of EUR7.6
million in lower EBITDA and a build up of inventories to support
service levels.  The increase in inventories had a -EUR36.7
million (-EUR2.8 million) effect on operating cash flow.  This
was partly offset by EUR5.2 million in lower interest and bank
charges paid and EUR3.9 million in lower taxes paid.

Cash flow from investing activities during the first nine months
amounted to -EUR18.0m (-EUR11.0 million).  Oriflame's capital
expenditure program for 2005 is significantly weighted towards
the second half of the year mainly due to the timing of
investments in the CIS Supply Centre and the China manufacturing
facility.

Financial Position

Net interest-bearing debt amounted to EUR107.2 million compared
to EUR92.9 million at the end of the third quarter 2004 and
EUR57.7 million at year-end 2004.  Interest-bearing debt
increased mainly as a result of EUR44.1 million in dividend paid
in May and a EUR36.7 million build up of inventories during the
year.  The Company's shareholders' equity increased by EUR20.0
million during the nine-month period and the debt to equity ratio
amounted to 0.8 (1.1).  Interest cover excluding exceptional
items amounted to 9.5 (8.3) in the nine-month period.

Personnel

The average number of employees during the third quarter 2005 was
4,925 (4,355).

Annual General Meeting

Oriflame's forthcoming Annual General Meeting will be held in
Luxembourg on 19 May 2006.

New Long Term Financial Targets

Following a full business review of the Group, the Board of
Directors adopted new financial targets, which were communicated
at Oriflame's Capital Market Day in Moscow on 8 September 2005.
Oriflame Cosmetics aims to achieve local currency sales growth of
5-10% per annum and within a five-year period an operating margin
of 15%.

Outlook

The outlook for the full year communicated in the interim report
for the first and second quarters of 2005 remains.  In order to
increase sales growth, measures within the areas of marketing,
product development, catalogue development and Sales Force
effectiveness will continue during the remainder of the year.
These measures, together with the operational investments in
Russia and China, are expected to have a negative effect of 2-3
percentage points on operating margins for the full year 2005,
significantly weighted towards the first half of the year.

A number of factors impact sales and margins in-between quarters:

(a) the effectiveness of individual catalogues and product
    introductions;

(b) effectiveness of recruitment programs;

(c) timing of sales and marketing activities;

(d) the number of effective sales days per quarter; and

(e) currency effect on sales and results.

CONTACT:  ORIFLAME COSMETICS S.A.
          20 rue Philippe II
          L-2340
          Luxembourg
          Web site: http://www.oriflame.com

          Magnus Brannstrom, Chief Executive Officer
          Phone: +32 2 357 5529

          Kevin Kenny, Chief Financial Officer
          Phone: +32 2 357 5544

          Patrik Linzenbold, Investor Relations
          Phone: +32 2 357 5675


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


LYCOS EUROPE: Hopes to Break even in 2006
-----------------------------------------
LYCOS Europe, one of Europe's leading Internet portals, announced
its results for the first nine months and the third quarter of
2005.  An increase of 32% to EUR93.2 million in total revenues in
the first nine months (vs. EUR70.5 million in the reference
period 2004) mirror the ongoing successful efforts to widen LYCOS
Europe's customer base.  The EBITDA of -EUR2.3 million diminished
by 57% (vs. -EUR28.7 million in reference period 2004) and by
this represents the best level in the first nine months since
going public in the year 2000.  The ongoing increase in revenues
along with subsequent cost optimization measures are the drivers
for this development, which is also mirrored in the improvement
of net loss by 48% to -EUR18.5 million (vs. -EUR35.4 million in
the reference period 2004).

Excluding restructuring charges, which origin in a cost
optimization program started at the end of 2004, the EBITDA
result would have been -EUR6.9 million in the first nine months
of 2005 compared to -EUR28.0 million in the first nine months of
2004, which is an improvement of 75%.  LYCOS Europe again was
able to raise the gross margin by 24% to 52% (vs. 42% in the
first nine months 2004).  The cost optimization measures have
been deployed by 75% per August 2005 already and will lead to an
annual cost reduction of around EUR30 million with a full impact
in 2006.

In the third quarter of 2005, total revenues amounted to EUR31.7
million, showing an increase of 39% compared to the same period
last year.  EBITDA improved by 93% to -EUR0.5 million, mainly as
an effect of the ongoing cost optimization program and subsequent
revenue growth.  For the same reason, net loss improved by 77%
from -EUR9.0 million in 2004 to -EUR2.0 million in 2005.  Third
quarter's gross margin increased to 52% in 2005 compared with 43%
in 2004.

LYCOS Europe's business model is based on three equally strong
and growing revenue streams that showed a beneficial development
altogether.  Paid services & shopping, interconnect and
advertising contributed to total revenues in the first nine
months of 2005 with 35% (EUR32.2 million, +48% vs. EUR21.8
million in 2004), 33% (EUR30.6 million, +71% vs. EUR17.9 million
in 2004) and 31% (EUR29.4 million, same level as in the first
nine months of 2004), respectively.  A gratifying development in
the third quarter 2005 was achieved in the advertising sector
with an increase of 18% to EUR10.2 million after having faced a
decline in the first quarter 2005 and brought back on track in
the second quarter of 2005.

This relates, besides the positive reach development, to the
successful reorganization of the internal set-up, which has been
distinguished by streamlining and internationalization of sales
units since the beginning of 2005.  Positive developments in the
webhosting and domain business as well as growing shopping
revenues reasoned the growth in paid services and shopping.  The
revenue boost in the interconnect business is driven by the
integration and consolidation of the former Tiscali Sweden access
customer base which had already been acquired in 2004 by Spray
Networks, a wholly owned LYCOS Europe subsidiary.

Even though total revenues increased by 32 percent or by EUR22.7
million, respectively, cost of revenues only slightly increased
by EUR3.7 million to EUR44.8 million in the first nine months
2005.  Therefore the gross margin improved by 24% especially as a
result of continuous cost optimization efforts.

LYCOS Europe succeeded in strengthening the reach of its
pan-European portal network and gained around 5 million new
unique users compared to last year (year-on-year), so that about
20% (23.4 million) of all European Internet users visit the LYCOS
pages on a regular basis.

LYCOS Europe's cash, cash equivalents and deposits amounted to
EUR108.0 million on September 30, 2005, compared to EUR123.7
million on September 30, 2004.  The reduction in the third
quarter of 2005 was EUR3.0 million.

"The Internet business continues to be a sustainable growing
industry especially in the markets of paid services, e-commerce
and advertising.  The LYCOS Europe results mirror these
developments, reveal the prospering set-up of the company and are
a clear indicator that we are on the right track to reach
breakeven in the next year", comments Christoph Mohn (40), CEO of
LYCOS Europe N.V.

Christoph Mohn: "Besides a strong organic growth in paid services
& shopping the turnaround of our advertising business becomes
evident in the third quarter.  Driven by a successful
reorganization of our sales units and a continuous reach growth
we now manage a prospering advertising business with a two-digit
increase compared with last year's quarter.  Moreover, the
international set-up of our European portal network gives us the
opportunity to participate from the trend of increased branding
budgets with an international approach."

In million Euro           9-mo. Ended      9-mo. ended
                          Sept. 30, 2005   Sept. 30, 2004 Change
Total revenues               93.2              70.5         32%
Gross profit                 48.5              29.4         65%
Gross margin                 52%               42%          24%
Operating loss (EBIT)       (20.2)            (39.0)        48%
Net loss                    (18.5)            (35.4)        48%
Net loss per share in Euro   (0.06)            (0.11)       48%
EBITDA                      (12.3)            (28.7)        57%
Cash, cash equiv., deposits 108.0             123.7        (13)%

In million Euro            3-mo. Ended      3-mo. ended
                          Sept. 30, 2005   Sept. 30, 2004 Change

Total revenues                31.7             22.8        39%
Gross profit                  16.4              9.8        68%
Gross margin                  52%              43%         21%
Operating loss (EBIT)         (2.9)           (10.5)       72%
Net loss                      (2.0)            (9.0)       77%
Net loss per share in Euro    (0.01)           (0.03)      77%
EBITDA                        (0.5)            (7.2)       93%

CONTACT:  LYCOS EUROPE N.V.
          Kay Oberbeck, Director PR & IR Europe and Germany
          Phone: +49 (0)5241 8071055
          E-mail: kay.oberbeck@lycos-europe.com


ROYAL SHELL: Cancels 1,325,000 'A' Shares
-----------------------------------------
On 25 October 2005, Royal Dutch Shell plc purchased for
cancellation 925,000 'A' Shares at a price of EUR24.58 per share.
It further purchased for cancellation 400,000 'A' Shares at a
price of 1,662.38 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,996,940,000.

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


ROYAL SHELL: 3rd-quarter Figures Out Today
------------------------------------------
Royal Dutch Shell plc will release its 3rd quarter 2005 results
at 7:30 a.m. British Summer Time (8:30 a.m. Central European
Summer Time and 2:30 p.m. Eastern Daylight Times) today, October
27, 2005.  The results will be available on at
http://www.shell.com/investorat 7:30 a.m. B.S.T.

Audio Webcast - Media

A live audio Web cast of the 3rd quarter results teleconference
will be available at 11:00 a.m. B.S.T. (12:00 p.m. C.E.S.T. /
6:00 p.m. E.D.T.) on the same day.  The Web cast will be hosted
by Peter Voser, chief financial officer.

Audio Webcast - Analysts

A live audio Web cast of the 3rd quarter results teleconference
will be available at 2:00 p.m. B.S.T. (3:00 p.m. C.E.S.T. / 09:00
p.m. E.D.T.) on the same day.  The Web cast will be hosted by
Peter Voser and David Lawrence, executive vice president Investor
Relations.

                        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


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


POZMEAT: Receives Offer for Slaughterhouse, Brand Rights
--------------------------------------------------------
Bankrupt ZM Pozmeat S.A. may rise from the ashes after several
investors expressed interest in acquiring its assets, Polish News
Bulletin says.

After three failed tenders, the last on Oct. 19, 2005, Pozmeat
receiver Jan Kanecki recently received expressions of interest
for some of the company's properties.  Potential buyers include
Wielkopolska and Lower Silesia for the Pozmeat brand and its
processing unit; and a large German company for the group's
slaughterhouse.  Mr. Kanecki hopes to strike a deal before
winter.  Pozmeat is currently valued at PLN84 million.

Pozmeat fell into liquidation in September 2004 after years of
mudslinging between individual and corporate shareholders, which
traded accusations of over-investing, excessive debt, and
obstruction of plans to improve the situation.  Pozmeat owes
creditors more than PLN90 million, the bulk of which to BPH bank,
one of its corporate shareholders.  In 2003, the company booked
PLN36 million in losses and PLN24 million in revenues.

CONTACT:  ZM POZMEAT S.A.
          61-757 Poznan ul. Garbary
          Zalad Ubojowo-Przetwockzy
          Ul. Poznanka 14, 62-023 Gadki
          Phone: +48 61 817 9300-4
          Fax: +48 61 817 9307
          Web site: http://www.pozmeat.com.pl


STOCZNIA SZCZECINSKA: Banks Grant US$40 Million Loan
----------------------------------------------------
State-owned shipbuilder Stocznia Szczecinska Nowa (SSN) has
secured a renewable US$40 million loan from ABN Amro and ING to
fund the construction of six con-ro-type vessels.

According to Warsaw Business Journal, the credit marks the first
time that SSN has availed of a loan without government guarantee.
SSN President Andrzej Stachura said one of the ships is worth
US$50 million.  SSN has a full order book, worth around US$1.6
billion, until end of 2008.

The government has been guaranteeing SSN loans since 2002, when
the shipbuilder collapsed after failing to secure a bailout
package from creditor banks.  The state can only guarantee SSN
loans until end of 2006, after which the group has to set up its
own system of financing projects.  State guarantees for SSN
currently stand at US$178.66 million.

CONTACT:  STOCZNIA SZCZECINSKA NOWA SP. Z O.O.
          ul.Hutnicza 1
          71-642 Szczecin
          Phone: (+48 91) 459 28 29
          Web site: http://www.ssn.pl

          ABN AMRO HOLDING N.V.
          Gustav Mahlerlaan 10
          1082 PP Amsterdam
          The Netherlands
          Phone: +31-20-628-9393
          Fax: +31-20-629-9111
          Web site: http://www.abnamro.com

          ING GROEP N.V.
          ING House, Amstelveenseweg 500
          1081 KL Amsterdam
          The Netherlands
          Phone: +31-20-541-5411
          Fax: +31-20-541-5412
          Web site: http://www.ing.com


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


BUILDER: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Builder.  The case is docketed as A43-15664/2005 24-270.  Mr. V.
Ivanov has been appointed temporary insolvency manager.

CONTACT:  BUILDER
          607511, Russia, Nizhniy Novgorod region,
          Sergach, Yubileynyj

          Mr. V. Ivanov
          Temporary Insolvency Manager
          191015, Russia, St-Petersburg,
          Kavalergardskaya Str. 6


BUREVESTNIK: Altay Court Opens Bankruptcy Proceedings
-----------------------------------------------------
The Arbitration Court of Altay region commenced bankruptcy
proceedings against Burevestnik after finding the close joint
stock company insolvent.  The case is docketed as A03-11661/04-B.
Mr. V. Pegov has been appointed insolvency manager.  Creditors
have until November 24, 2005 to submit their proofs of claim to
659611, Russia, Altay region, Smolenskiy region, Anuyskoye,
Tsentralnaya Str. 1.

CONTACT:  BUREVESTNIK
          659611, Russia, Altay region, Smolenskiy region,
          Anuyskoye, Tsentralnaya Str. 1

          Mr. V. Pegov
          Insolvency Manager
          659611, Russia, Altay region, Smolenskiy region,
          Anuyskoye, Tsentralnaya Str. 1


CHUVASH-HOP-AGRO-PROM: Declared Insolvent
-----------------------------------------
The Arbitration Court of Chuvashiya republic commenced bankruptcy
proceedings against Chuvash-Hop-Agro-Prom after finding the close
joint stock company insolvent.  The case is docketed as
A79-2604/2005.  Ms. T. Karandaeva has been appointed insolvency
manager.  Creditors have until November 24, 2005 to submit their
proofs of claim to 429900, Russia, Chuvashiya republic,
Mariisnkiy Posad, Nikolaeva Str. 47.

CONTACT:  CHUVASH-HOP-AGRO-PROM
          429900, Russia, Chuvashiya republic,
          Mariisnkiy Posad, Nikolaeva Str. 47

          Ms. T. Karandaeva
          Insolvency Manager
          429900, Russia, Chuvashiya republic,
          Mariisnkiy Posad, Nikolaeva Str. 47


DOR-SERVICE: Succumbs to Bankruptcy
-----------------------------------
The Arbitration Court of Belgorod region commenced bankruptcy
proceedings against Dor-Service after finding the close joint
stock company insolvent.  The case is docketed as A08-6048/05-24.
Mr. V. Krotov has been appointed insolvency manager.

CONTACT:  DOR-SERVICE
          Russia, Belgorod region,
          Gubkin, Voronezhskoye Shosse

          Mr. V. Krotov
          Insolvency Manager
          308023, Russia, Belgorod region,
          Promyshlennyj Pr. 3, Room 23
          Phone/Fax: (0722) 34-13-74


EKATERINBURGSKIY: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on wine-champagne combine
company Ekaterinburgskiy.  The case was docketed as
A60-24112/2005-S11.  Mr. E. Chu has been appointed temporary
insolvency manager.

CONTACT:  EKATERINBURGSKIY
          620041, Russia, Sverdlovsk region,
          Ekaterinburg, Prokhodnoy Per. 1

          Mr. E. Chu
          Temporary Insolvency Manager
          620086, Russia, Kurgan, Sverdlovsk region,
          Ekaterinburg, Posadskaya Str. 21-105


KIRSANOVSKIY: Declared Insolvent
--------------------------------
The Arbitration Court of Tambov region commenced bankruptcy
proceedings against Kirsanovskiy after finding the tinned food
factory insolvent.  The case is docketed as A64-1848/05-21.  Ms.
L. Koptelina has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 129110, Russia, Moscow,
M. Ekaterininskaya Str. 17/21.

CONTACT:  KIRSANOVSKIY
          Russia, Tambov region, Kirsanovskiy region

          Ms. L. Koptelina
          Insolvency Manager
          129110, Russia, Moscow,
          M. Ekaterininskaya Str. 17/21


KOROCHANSKAYA REM-TEKHNIKA: Under Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on open joint stock company Korochanskaya
Rem-Tekhnika.  The case is docketed as A08-6218/05-11.  Mr. N.
Batalygin has been appointed temporary insolvency manager.

CONTACT:  KOROCHANSKAYA REM-TEKHNIKA
          Russia, Belgorod region,
          Korochanskiy region, Alekseevka

          Mr. N. Batalygin
          Temporary Insolvency Manager
          309530, Russia, Staryj Oskol,
          Lenina Str. 66


LOKOSOVSKIY: Hires A. Gulyaev Insolvency Manager
------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy autonomous region
commenced bankruptcy proceedings against Lokosovskiy after
finding the gas-processing factory insolvent.  The case is
docketed as A75-3860/2005.  Mr. A. Gulyaev has been appointed
insolvency manager.  Creditors have until November 24, 2005 to
submit their proofs of claim to 302028, Russia, Orel,
Oktyabrskaya Str. 27.

CONTACT:  LOKOSOVSKIY
          Russia, Khanty-Mansiyskiy autonomous region,
          Tyumen region, Langepas, Prom.Zone

          Mr. A. Gulyaev
          Insolvency Manager
          302028, Russia, Orel,
          Oktyabrskaya Str. 27


OAO GAZPROM: Fitch Upgrades Ratings to 'BB+'
--------------------------------------------
Fitch Ratings has upgraded Gazprom International S.A. Series 1
US$1,250,000,000 structured export notes due 1 February 2020
(XS0197695009) to 'BBB' from 'BBB-'.  The upgrade follows Fitch's
upgrade of OAO Gazprom's, the world's largest gas company, Senior
Unsecured local and foreign currency ratings to 'BB+' from 'BB',
and a change in Gazprom's going concern assessment, which is now
equivalent to a 'BBB' rating compared to 'BBB-' previously.

As a future flow securitization, the transaction relies on the
ongoing existence of Gazprom as well as the continuance of the
business line that produces the securitized receivables.  This
has been evaluated through Fitch's going concern assessment for
Gazprom and Fitch believes there is a close relationship between
such an assessment and this transaction.  The upgrade of
Gazprom's ratings reflects the increase in state-ownership as
well as the increased investment the company has made to its
pipeline infrastructure, which lends support to the company's
ability to supply gas to European off-takers.

On 12 August 2005, Fitch upgraded Senior Unsecured foreign
currency ratings of Gazprom to 'BB+' from 'BB', removed them from
Rating Watch Positive and assigned a Stable Outlook.

Transaction details and surveillance information on this deal are
available at http://www.fitchresearch.com

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

          FITCH RATINGS
          Bernadeta Grzankowska, London
          Phone: +44 20 7417 6258
          Wasif Kazi
          Phone: +44 20 7862 4168

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


PLAY SYSTEMS: Period for Filing of Claims Ends Next Month
---------------------------------------------------------
The Arbitration Court of Chelyabinsk region commenced bankruptcy
proceedings against Play Systems after finding the close joint
stock company insolvent.  The case is docketed as
A76-1741/05-34-03.  Mr. I. Vydrin has been appointed insolvency
manager.  Creditors have until November 24, 2005 to submit their
proofs of claim to 454081, Russia, Chelyabinsk, Geroyev
Tankograda Str. 6.

CONTACT:  PLAY SYSTEMS
          659611, Russia, Chelyabinsk region, Smolenskiy region,
          Anuyskoye, Tsentralnaya Str. 1

          Mr. I. Vydrin
          Insolvency Manager
          454081, Russia, Chelyabinsk region,
          Geroyev Tankograda Str. 6


TIMANO-PECHORSKAYA: Insolvency Manager Takes over Firm
------------------------------------------------------
The Arbitration Court of Komi republic commenced bankruptcy
proceedings against Timano-Pechorskaya (TIN 11005014034) after
finding the drilling company insolvent.  The case is docketed as
A29-6995/05-3B.  Ms. E. Dzhalilova has been appointed insolvency
manager.

Creditors have until November 24, 2005 to submit their proofs of
claim to 167000, Russia, Komi republic, Syktyvkar, Ordzhonikidze
Str. 49a, Room 205.  A hearing will take place on January 19,
2006.

CONTACT:  TIMANO-PECHORSKAYA
          169600, Russia, Komi republic,
          Pechora, Severnaya Prom.Zone 3

          Ms. E. Dzhalilova
          Insolvency Manager
          167000, Russia, Komi republic, Syktyvkar,
          Ordzhonikidze Str. 49a, Room 205


YUKOS OIL: Investors Sue Russian Officials in U.S.
--------------------------------------------------
Holders of Yukos Oil American Depository Receipts have filed a
lawsuit against Russia, companies owned by the state, certain
leaders of these companies, and Russian officials in the U.S.,
reports say.

Thomas Johnson, Jr., a partner with Covington and Burling, which
represents the investors, announced a subpoena against Industry
and Energy Minister Viktor Khristenko at a press conference in
Washington on Tuesday.  No date has been set for Mr. Khristenko
to appear in court.  The civil lawsuit was filed at a Washington
district court.

Mr. Khristenko was named in the lawsuit as board of director of
Gazprom, Yukos' largest shareholder.  Also named were Finance
Minister Alexei Kudrin, Alexei Miller, Farit Gazizzulin, Igor
Yusufov, Sergei Bogdanchikov, Nikolai Borisenko, the Russian
Ministry of Justice, the consulting department of the Russian
government in Washington, and Baikalfinansgroup.

The prosecutors said the defendants conspired to renationalize
Yukos and falsely assured the public it does not intend to do so.
They claim to have lost US$6 billion as a result of the 'de facto
renationalization.'

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

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

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

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

          COVINGTON AND BURLING
          Washington
          1201 Pennsylvania Avenue, NW
          Washington, DC 20004-2401
          Phone: 202.662.6000
          Fax: 202.662.6291
          Web site: http://www.cov.com/index.html


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


CONVERIUM AG: A.M. Best Affirms FSR of U.S. Operation
-----------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating (FSR) of
B- (Fair) and issuer credit rating (ICR) of "bb-" of Converium
Reinsurance (North America) Inc. (CRNA) (Stamford, CT).  A.M.
Best has also affirmed the FSR of B (Fair) and assigned an ICR of
"bb" to Converium Insurance (North America) Inc. (CINA) (Fort
Lee, NJ).  Concurrently, A.M. Best has affirmed the ICR of "b-"
for Converium Holdings (North America) Inc.'s (CHNA) (Stamford,
CT) and the "b-" $200 million 7.125% senior notes due 2023 and
originally issued by Zurich Reinsurance Centre Holdings Inc. The
outlook for all ratings is negative.

The ratings reflect Converium AG's (Converium) (Switzerland), the
parent company, decision to make CINA's operations dormant and
put CRNA into run-off.  Converium has indicated that CINA's
operations will be dormant for the foreseeable future, with no
immediate plans of business activity. The parent is currently
writing all ongoing U.S. business through Converium AG and its
Bermuda branch.

As a result of Converium's decision to run off CRNA's operations
and leave CINA's operations dormant, CHNA is without an actively
operating subsidiary to support required interest payments. A.M.
Best anticipates that Converium will continue to service CHNA's
debt.

For Best's Ratings, an overview of the rating process and rating
methodologies, please visit http://www.ambest.com/ratings

For current Best's Ratings, independent data and analysis on more
than 330 reinsurance companies, please visit
http://www.ambest.com/reinsurance

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source. For
more information, visit A.M. Best's Web site at
http://www.ambest.com

CONTACT:  CONVERIUM AG
          Dr. Kai-Uwe Schanz
          Chief Communication & Corporate Development Officer
          Phone: +41 (0) 44 639 90 35
          Fax: +41 (0) 44 639 70 35

          Zuzana Drozd, Head of Investor Relations
          Phone: +41 (0) 44 639 91 20
          Fax: +41 (0) 44 639 71 20
          Web site: http://www.converium.com


CONVERIUM AG: A.M. Best Affirms Credit Rating at 'bbb+'
-------------------------------------------------------
A.M. Best Co. has affirmed the financial strength rating (FSR) of
B++ (Very Good) and issuer credit rating (ICR) of "bbb+" of
Converium AG (Switzerland) and its main subsidiaries
(collectively referred to as Converium Group or Converium).  The
outlook for all ratings remains stable.

Converium's ratings reflect its very good risk-adjusted
capitalisation, a gradual anticipated recovery in performance and
good client retention in its core markets in Continental Europe.
Offsetting factors are the continuing potential for reserve
volatility and some uncertainty as to strategic direction caused
by the absence of permanent executive managers in certain key
roles within the company.

In 2005 and 2006, A.M. Best anticipates that Converium will
maintain very good risk-adjusted capitalization supported by
reduced business volumes and contributions from net retained
earnings.  In A.M. Best's view, however, the company's
risk-adjusted capitalization is adversely affected by the
potential for volatility in its reserves, despite the substantial
reserve additions made in 2004 and the company's successful
commutations program.  With the ratio of net technical reserves
to non-life net premiums written likely to increase sharply to
over 450% in 2005 (up from 284% in 2004), a relatively modest
reserve movement has the potential to have a significant impact
on the company's performance.

A.M. Best believes that Converium is likely to return to profit
in 2005 (anticipated net income in the region of US$40 million),
reflecting an improvement in its non-life loss ratio to
approximately 80%-85%, down from 90.3% in 2004. However, A.M.
Best anticipates that Converium's performance will be adversely
affected by a marked increase in its operating expense ratio to
nearly 40% in 2005, driven by a reduction in consolidated net
premiums written of 45% to approximately US$2 billion.  In 2006,
A.M. Best believes that the benefits of Converium's cost
reduction program will lead to a decrease in the company's
operating expenses to a more manageable level (anticipated
reduction to between 30%-35%).  The high hurricane activity in
2005 is unlikely to have a major impact on Converium, reflecting
the company's reduced exposure in North America.

Outside the United States, A.M. Best believes that Converium
maintains strong relationships with its clients (87% of direct
client relationships retained through the 2004-2005 renewal
season).  Converium's involvement with business written through
the Medical Defence Union and Global Aerospace Managers Ltd. in
the United Kingdom is expected to continue, with these two
sources of business likely to form approximately 50% of the
company's specialty account gross premium written in 2005.

The FSR of B++ (Very Good) and ICR of "bbb+" has been affirmed
for the following companies:

(a) Converium AG

(b) Converium Rueckversicherung (Deutschland) AG

(c) Converium Insurance (UK) Limited

(d) The ICR of "bb+" of Converium Finance S.A. has been
    affirmed.

The debt rating of "bbb-" has been affirmed as follows:

Converium Finance S.A. (guaranteed by Converium Holding AG and
Converium AG)-- US$200 million 8.25% guaranteed subordinated
notes, due December 2032

For Best's Debt Ratings, all other Best's Ratings, an overview of
the rating process and rating methodologies, please visit
http://www.ambest.com/ratings

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source. For
more information, visit A.M. Best's Web site at
http://www.ambest.com

CONTACT:  CONVERIUM AG
          Dr. Kai-Uwe Schanz
          Chief Communication & Corporate Development Officer
          Phone: +41 (0) 44 639 90 35
          Fax: +41 (0) 44 639 70 35

          Zuzana Drozd, Head of Investor Relations
          Phone: +41 (0) 44 639 91 20
          Fax: +41 (0) 44 639 71 20
          Web site: http://www.converium.com


STMICROELECTRONICS N.V.: Nine-month Net Income Down to US$83 Mln
----------------------------------------------------------------
STMicroelectronics N.V. has reported financial results for the
third quarter and nine months ended October 1, 2005.

Revenues, Gross Profit, and Margin Review

Net revenues for the third quarter were USUS$2,247 million, up
3.9% sequentially from the USUS$2,162 million reported in the
prior quarter, and 0.7% above the USUS$2,231 million reported in
last year's third quarter.  Sequential sales growth was primarily
driven by wireless and computer peripheral applications, both of
which also experienced strong double digit, year-over-year sales
growth.

Gross profit increased 7.3% to US$766 million from US$714 million
in the second quarter of 2005.  Gross margin was 34.1% in the
third quarter compared to 33.0% in the prior quarter.  Enhanced
product mix and manufacturing performance drove the improvements
in gross profit and gross margin, more than offsetting continuing
price pressure, especially in memory and standard products.

Operating Expenses

Research and development expenses in the third quarter were
US$401 million compared to US$423 million in the prior quarter.
Selling, general, and administrative expenses were US$248 million
for the 2005 third quarter, down from US$255 million in the prior
quarter.  Combined SG&A and R&D expenses in the third quarter
were 28.9% of net revenues, improving from 31.4% in the second
quarter.  The decrease in operating expenses was largely
attributable to specific cost-control actions coupled with
seasonal factors.

Operating Income, Net Income, and Earnings per Share

For the 2005 third quarter, the Company reported operating income
of US$102 million and net income of US$89 million, or US$0.10 per
share.  In the prior quarter the Company reported operating
income of US$12 million and net income of US$26 million, or
US$0.03 per share.

The Company posted US$12 million of impairment, restructuring
charges, and other related closure costs during the 2005 third
quarter.  In the prior quarter, restructuring related expenses
were US$22 million.

In the third quarter, the effective average exchange rate for the
Company was approximately US$1.30 to EUR1, similar to second
quarter levels.

Cash Flow and Balance Sheet Highlights

Net cash from operating activities in the third quarter was
US$475 million compared to US$409 million in the prior quarter.
Capital expenditures were US$284 million in the 2005 third
quarter, compared to US$363 million in the prior quarter.  Net
operating cash flow for the third quarter increased to US$173
million, compared to US$23 million in the second quarter.

At October 1, 2005, ST had cash, cash equivalents, and marketable
securities of US$1.77 billion.  Total debt was US$1.84 billion;
net financial debt was reduced from US$276 million at the end of
the prior quarter to US$71 million at October l, 2005;
shareholders' equity was US$8.4 billion.

            Report of President and CEO Carlo Bozotti

ST's third quarter financial performance, which was well in line
with our outlook, showed sequential improvements in revenues,
gross margin, and earnings per share.  Additionally, we were
pleased by the significant increase in net operating cash flow
resulting from our capital management.

The quarter was also a period of steady progress across all of
our key objectives:

(a) ST had a good level of sequential sales growth in several
    key markets, led by wireless.  The effort to expand the key
    customer base also continued to gain momentum.  In addition,
    reflecting the importance of China and ST's leading presence
    there, we created a new regional organization focused
    exclusively on this key market;

(b) on the product front, we continue to gain traction in the
    acceptance of our new products.  From wireless connectivity
    ASSP solutions to a new wave of high-definition digital
    consumer offerings, we are compiling important design wins
    which will help drive sales and margin improvement in 2006
    and beyond; and

(c) finally, our manufacturing cost-reduction initiatives are
    moving forward steadily and contributed to the improved
    results in the quarter.

In summary, we are on track with our roadmap to improve overall
corporate performance.  Our efforts are starting to become
visible with improvements in most of our key metrics to date.
Nonetheless, there is more work to be done.

Nine-Month Results

Net revenues for the nine months ended October 1, 2005 were
US$6,493 million, an increase of 0.9% over the 2004 nine-month
revenues of US$6,432 million.  Gross profit was US$2,165 million,
or 33.3% of net revenues, compared to US$2,376 million or 36.9%
of net revenues for the 2004 first nine months.

Operating income was US$47 million compared to US$473 million in
last year's nine-month results.  Net income was US$83 million, or
US$0.09 per share, compared to net income of US$414 million, or
US$0.45 per diluted share during the same period last year.

Net income included US$137 million of aggregate charges for
pre-tax impairment, restructuring charges, other related closure
costs, and one-time compensation charges for the period compared
to US$57 million of charges for pre-tax impairment, restructuring
charges and other related closure costs for the same period in
2004.

Research and development expenses were US$1,228 million, compared
to US$1,131 million in 2004.  Selling, general, and
administrative expenses were US$766 million compared to US$702
million in the same period in 2004.

Capital expenditures for the three quarters of 2005 were US$1,211
million, consistent with the 2005 full year capital budget of
US$1.5 billion.

In the nine-month period, the effective average exchange rate for
the Company was approximately US$1.30 to EUR1, compared to
US$1.23 to EUR1 last year.

Outlook

Mr. Bozotti said: "We believe that moderate industry growth will
continue into the final quarter of 2005 and through 2006.  Within
these dynamics, we expect that ST will continue to make solid
progress in improving the performance of the Company thanks to
our ongoing marketing, R&D, and cost actions.

"Accordingly, we expect that ST's sequential revenue growth in
the fourth quarter will be in the range between 3% and 9%.  Gross
margin for the fourth quarter is expected to be about 36%, plus
or minus one percentage point."

CONTACT:  STMICROELECTRONICS N.V.
          39 Chemin du Champ des Filles
          Plan-Les-Ouates
          1228 Geneva, Switzerland
          Phone: +41-22-929-29-29
          Fax: +41-22-929-29-00
          Web site: http://www.st.com


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


AGROLINE: Appoints Insolvency Manager
-------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Agroline (code EDRPOU 31572032) on September
12, 2005 after finding the private enterprise insolvent.  The
case is docketed as 7/85-B.  Mr. Vadim Matviyiv (License Number
AB) has been appointed liquidator/insolvency manager.  The
company holds account number 260063005985 at CB Zahidinkombank,
MFO 303484.

CONTACT:  PRIVATE ENTERPRISE AGROLINE
          43000, Ukraine, Volinska region
          Lutsk, Gordiyuk Str. 47

          VADIM MATVIYIV
          Liquidator/Insolvency Manager
          Ukraine, Volinska region
          Lutsk, Potrebni Str. 45/5

          ECONOMIC COURT OF VOLINSKA REGION
          43010, Ukraine, Volinska region
          Lutsk, Voli Avenue, 54-a


BARVINKIVAGROHIM: Declared Insolvent
------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Barvinkivagrohim (code EDRPOU 05490983) on
July 4, 2005 after finding the open joint stock company
insolvent.  The case is docketed as B-24/72-05.  Izum United
State Tax Inspection has been appointed Liquidator.

CONTACT:  BARVINKIVAGROHIM
          64740, Ukraine, Harkiv region,
          Barvinkivskij district, Gavrilivka

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


PERVOMAJSKE AUTO 10922: Insolvency Manager Takes over Business
--------------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
proceedings against OJSC Pervomajske Auto Transport Enterprise
10922 (code EDRPOU 03113319) on September 6, 2005 after finding
the open joint stock company insolvent.  The case is docketed as
20/17 b.  Mr. Mikola Hajlo (License Number AA 719797) has been
appointed liquidator/insolvency manager.

CONTACT:  PERVOMAJSKE AUTO 10922
          93200, Ukraine, Lugansk region,
          Pervomajs, Zhukov Str. 20

          MIKOLA HAJLO
          Liquidator/Insolvency Manager
          94000, Ukraine, Lugansk region,
          Stahanov, Karbia As

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


PROGRES: Court Grants Debt Moratorium
-------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on agricultural limited liability company
Progres (code EDRPOU 00698006) on August 16, 2005 and ordered a
moratorium on satisfaction of creditors claims.  The case is
docketed as 42/118 B.  Mr. Y. Marchenko (License Number AA
668266) has been appointed temporary insolvency manager.  The
company holds account number 26006301571029 at Prominvestbank,
Dobropillya branch, MFO 334118.

CONTACT:  PROGRES
          84022, Ukraine, Donetsk region,
          Oleksandrijskij district, Ocheretino

          Y. MARCHENKO
          Temporary Insolvency Manager
          83077, Ukraine, Donetsk region,
          Tumanyana Str. 21/3

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


UKRMETALURGKOMPLEKS: Liquidator Takes over Helm
-----------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Ukrmetalurgkompleks (code EDRPOU 24600638) on
September 6, 2005 after finding the close joint stock company
insolvent.  The case is docketed as B 29/15/119/04.  Mr. Sergij
Sidko (License Number AA 419257) has been appointed
liquidator/insolvency manager.

CONTACT:  UKRMETALURGKOMPLEKS
          49000, Ukraine, Dnipropetrovsk region,
          Lenin Str. 15

          SERGIJ SIDKO
          Liquidator/Insolvency Manager
          49600, Ukraine, Dnipropetrovsk region,
          Dzerzhinskij Str. 29, Office 40

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


VELIKOPRAVUTINSKE: Goes into Liquidation
----------------------------------------
The Economic Court of Hmelnitskij region commenced bankruptcy
proceedings against Velikopravutinske (code EDRPOU 31855908) on
July 19, 2005 after finding the limited liability company
insolvent.  The case is docketed as 2/189-B.  Ms. Shashuk Mariya
(License Number HA 199444) has been appointed
liquidator/insolvency manager.

CONTACT:  VELIKOPRAVUTINSKE
          30055, Ukraine, Hmelnitskij region,
          Slavutskij district, V-Pravutin

          ECONOMIC COURT OF HMELNITSKIJ REGION
          29000, Ukraine, Hmelnitskij region,
          Nezalezhnosti Square 1


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


ACORDIS U.K.: Sold to Humber Group
----------------------------------
The Joint Administrators of Acordis U.K. Limited have confirmed
the sale of the business, namely the carbon fiber production
facility and the power station owned by the company to The Humber
Group of companies.

The sale was completed on Monday, 24 October 2005, and will
secure ongoing employment for all of the remaining workforce.

Joint Administrator Ian Brown, of Deloitte & Touche LLP, said:
"Negotiations for this extremely complex sale have been
protracted and completion was only achieved due to the
considerable efforts of the Deloitte team and all parties.  This
is without doubt the best outcome for the remaining 235
employees, suppliers and customers alike."

The purchasers are a combination of senior management from
Acordis and a consortium of private investors led by Richard
Sutton and Paul Snook with funding support from Landsbanki.

CONTACT:  ACORDIS U.K. LTD.
          PO Box 24
          Great Coates
          Grimsby
          Humberside
          Phone: 01472 241241
          Fax: 01472 244564
          Web site: http://www.acordis.com

          DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com

          LANDSBANKI
          Austurstraeti 11
          Iceland
          Phone: (+354) 410 4000
          E-mail: info@landsbanki.is
          Web site: http://www.landsbanki.is


AES DATA: Hires Administrators from B & C Associates
----------------------------------------------------
Filippa Connor (IP No 9188) of B & C Associates was appointed
administrator of Aes Data Limited (Company No 02776222) on Oct.
11.  The company's registered office is at Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA.

CONTACT:  B & C ASSOCIATES
          Trafalgar House
          Grenville Place
          Mill Hill
          London NW7 3SA
          Phone: 0208 906 7730
          Fax: 0208 906 7731
          E-mail: filippa@bcassociates.uk.com


AIRDALE TRADING: Files for Liquidation
--------------------------------------
Resolutions to wind up these companies were passed at an EGM held
on Oct. 4 at Gable House, 239 Regents Park Road, Finchley, London
N3 3LF:

Airdale Trading Limited
Ashcroft Trading Limited
Baybridge Management Limited
Capel Management Limited
Castron Management Limited
Cavendish Solutions Limited
Cohesion UK Limited
Datum Management Limited
Dino Services Limited
Entrust Management Limited

H. J. Sorsky was appointed liquidator.

CONTACT:  SPW POPPLETON & APPLEBY
          Gable House
          239 Regents Park Road
          London N3 3LF
          Phone: 020 8371 5000
          Fax: 020 8346 8588
          E-mail: mike@spwca.com


AMAZING EMPORIUM: Hires Administrators from Tenon Recovery
----------------------------------------------------------
Carl Stuart Jackson and Tina Yearsley (IP Nos 8860, 9298) of
Tenon Recovery were appointed joint administrators of furniture
retailer Amazing Emporium International Limited (Company No
3371549) on Oct. 12.  Its registered office is at 349 Kings Road,
Chelsea, London SW3 5ES.

CONTACT:  AMAZING EMPORIUM INTERNATIONAL LTD.
          349 Kings Road
          Chelsea, London SW3 5ES
          Phone: 020 7351 0511
          Fax: 020 7351 0522
          E-mail: chelsea@amazingemporium.com
          Web site: http://www.amazingemporium.com

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


ARMADILLO MAINTENANCE: Calls in Liquidator
------------------------------------------
D. W. King, director of Armadillo Maintenance Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 7 at Irwin & Company, Station House, Midland Drive, Sutton
Coldfield, West Midlands B72 1TU.

Gerald Irwin of Irwin & Company, Station House, Midland Drive,
Sutton Coldfield, West Midlands B72 1TU was appointed liquidator.

The company repairs and maintains forklift trucks and battery
changing equipment.

CONTACT:  ARMADILLO MAINTENANCE LTD.
     Unit 2, 660 Chester Road
          Birmingham, West Midlands B23 5TE
          Phone: 01213500155

          IRWIN & COMPANY
          Station House
          Midland Drive
          Sutton Coldfield
          Birmingham
          West Midlands B72 1TU
          Phone: 08700 111812
          Fax: 08700 111813
          E-mail: mail@irwinuk.net


ASK ENGINEERING: Names P&A Partnership Liquidator
-------------------------------------------------
S. Bryden, chairman of Ask Engineering Services Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Oct. 6 at 93 Queen Street, Sheffield S1 1WF.

John Russell and Allan Cooper of The P&A Partnership, 93 Queen
Street, Sheffield S1 1WF were appointed Joint Liquidators.

The resolution and appointment were confirmed at a subsequent
creditors meeting.

CONTACT:  ASK ENGINEERING SERVICES LTD.
          Unit 304 J C Albyn Complex Burton Road
          Sheffield South Yorkshire S3 8BX
          Phone: 01142 813131

          THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


BIRDAWAY-PESTAWAY: Pest Control Specialist Winds up
---------------------------------------------------
K. Edwards, director of Birdaway-Pestaway Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 7 at 18 Sapcote Trading Centre, Dudden Hill Lane, London
NW10 2DH.

David Wald of D. Wald & Co, 18 Sapcote Trading Centre, Dudden
Hill Lane, London NW10 2DH was appointed liquidator.

Birdaway Pestaway -- http://www.birdaway-pestaway.co.uk/-- is
founded by Kim Edwards.  It offers bird and pest control
services.

CONTACT:  BIRDAWAY-PESTAWAY LTD.
          28 The Broadway, Darkes Lane
          Potters Bar, Herts, EN6 2HW
          Phone: 0800 085 6354
          Fax: 01707 659 020

          D. WALD & CO.
          18 Sapcote Trading Centre
          Dudden Hill Lane
          London NW10 2DH
          Phone: 020 8451 3939
          Fax: 020 8830 2929


BLACKSHAWS LIMITED: Creditors' Claims Due November
--------------------------------------------------
R. M. Blackshaw, the chairman of Blackshaws Limited, informs that
special, ordinary and extraordinary resolutions to wind up the
company were passed at an EGM held on Oct. 10 at The Mills, Canal
Street, Derby.  Russell John Carman of Bates Weston, The Mills,
Canal Street, Derby was appointed liquidator.

Creditors are requited on or before November 30, 2005 to send in
their names and addresses, with particulars of their debt or
claims, to Russell John Carman of Bates Weston, The Mills, Canal
Street, Derby, the Liquidator of the Company, and, if so required
by notice in writing their debt or claims.

CONTACT:  BATES WESTON
          The Mills
          Canal Street
          Derby, Derbyshire DE1 2RJ
          Phone: 01332 365855
          Fax: 01332 291294
          E-mail: russellc@batesweston.co.uk


CALDERHEAD DISTRIBUTION: Beverage Firm Liquidates
-------------------------------------------------
D. Price, director of Calderhead Distribution Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 6 at Premier Lodge, Sewardstone Road, Waltham Abbey, Essex
EN9 3QF.

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

CONTACT:  CALDERHEAD DISTRIBUTION LTD.
          4 Verney Road
          London
          Great Britain
          SE16 3DH
          Phone: 020-7231-6410
          Fax: 020-7231-5488

          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


CENTERCORE SYSTEMS: Furniture Firm Winds up
-------------------------------------------
D. Jacobs, chairman of CenterCore Systems Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 7 at Kirkdale House, Kirkdale Road, London E11 1HP.

Zafar Iqbal of Cooper Young, Kirkdale House, Kirkdale Road,
London E11 1HP was appointed liquidator.

CONTACT:  CENTERCORE SYSTEMS LTD.
          56, Marsh Wall
          London
          E14 9TP
          Phone: 020 7513 2988


CONTINENTAL PRODUCE: Food Producer Appoints Administrator
---------------------------------------------------------
Company Names: CONTINENTAL PRODUCE LIMITED
               (Company No 03436372)

               GO SANDWICH (READING) LIMITED
               (Company No 04998266)

               SIMPLY GO LIMITED
               (Company No 04998047)

               SIMPLY SALADS (UK) LIMITED
               (Company No 04354183)

Jonathan Scott Pope and David John Crawshaw of KPMG LLP were
appointed administrators of these companies on Oct. 12.  The
companies' registered office is at KPMG Corporate Recovery, 100
Temple Street, Bristol BS1 6AG.

The companies manufactures food products like cold-assembled
salads and ready meals containing pasta, rice and other grains,
pre-cooked meats, sauces and dressings; and cooked-chilled bulk
pastas packed in a modified atmosphere.

CONTACT:  CONTINENTAL PRODUCE LTD.
          2 The Bay
          Meopham, Gravesend
          Kent DA13 0TD
          United Kingdom
          Phone: (01732) 820021

          GO SANDWICH
          Wellington Industrial Estate
          Old Basingstoke Road
          Reading RG7 1AW
          Berkshire
          Phone: 0118 988 1100
          Fax: 0118 988 1122
          Web site: http://www.gofoods.co.uk

          SIMPLY GO LTD.
          Henry Thomas House, Lakeside
          Llantarnam Industrial Park
          Cwmbran NP44 3HB
          Gwent
          Phone: 01633 833500
          Fax: 01633 833501
          Web site: http://www.gofoods.co.uk

          SIMPLY SALADS (UK) LTD.
          1-2 Locksbrook Court,
          Locksbrook Road, Bath BA1 3EN
          Phone: 01225 312300
          Fax: 01225 460343

          KPMG LLP
          Marlborough House
          Fitzalan Court
          Fitzalan Road
          Cardiff CF24 0TE
          Phone: 029 2046 8000
          Fax: 029 2046 8202
          E-mail: joff.pope@kpmg.co.uk


CROOME CONSERVATORIES: Administrator from Findlay James Moves in
----------------------------------------------------------------
Alisdair J. Findlay (IP No 001226) of Findlay James was appointed
Croome Conservatories & Windows Limited (Company No 04104123) on
Oct. 13. Its registered office is at Findlay James, Saxon House,
Saxon Way, Cheltenham, Gloucestershire GL52 6QX.

Croome Conservatories --
http://www.croomeconservatories.co.uk/-- supplies & installs
conservatories and windows in both PCVu and hardwood.  The
company has outlets in Worcestershire, Herefordshire,
Gloucestershire & Warwickshire.

CONTACT:  CROOME CONSERVATORIES & WINDOWS LIMITED
          Earls Croome Garden Centre
          Worcester Road (A38), Earls Croome
          Phone: 01684 591500
          Fax: 01684 591400

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


DESIGN (REDBRICK): Calls in Administrator
-----------------------------------------
M. C. Kienlen (IP No 9367) of Armstrong Watson was appointed
joint administrator of furniture retailer Design (Redbrick)
Limited (Company No 05078875) on Oct. 7.  The company's
registered office is at Redbrick Mill, 218 Bradford Road, Batley,
West Yorkshire WF17 6JF.

CONTACT:  DESIGN REDBRICK MILL
          Redbrick Mill Ltd, Batley, WF17 6JF
          Phone: 01924 462462

          ARMSTRONG WATSON
          Central House
          47 St Paul's Street
          Leeds LS1 2TE
          West Yorkshire
          Phone: 0113 384 3840
          Fax: 0113 384 3841
          E-mail: mike.lienlen@armstrongwatson.co.uk


ENERGIS PLC: OFT Approves Takeover by Cable & Wireless
------------------------------------------------------
Cable & Wireless plc has noted the Office of Fair Trading's
announcement that it has cleared the acquisition of Energis plc
by the company.

Cable & Wireless Chief Executive Francesco Caio said: "I am
delighted that we can now move towards finalizing our transaction
with Energis."

About Cable & Wireless

Cable & Wireless is one of the world's leading international
communications companies.  It provides fixed and mobile voice,
data, IP (Internet Protocol) and broadband services to business
and residential customers, as well as services to other telecom
carriers, mobile operators and providers of content, applications
and Internet services.  Cable & Wireless' principal operations
are in the United Kingdom, the Caribbean, Panama, Macau and
Monaco.

About Energis

Energis is the number three fixed line telecommunications
operator in the U.K. and the only one focused exclusively on the
largest organizations in the U.K. and Ireland.  Specializing in
building individual solutions for customers, its product
portfolio spans voice, data, Internet, contact center services
and security and is underpinned by a commitment to deliver
superior levels of service.  Major customers include the BBC,
Caudwell communications, RAC, Royal and Sun Alliance, the U.K.
Government, Virgin and Wanadoo.

In August, Cable & Wireless agreed to acquire the entire issued
share capital of Chelys Limited, which owns Energis.  Energis
will be acquired on a debt and cash free basis, save for Energis'
finance lease obligations of approximately GBP37 million, for an
initial cash consideration of GBP594 million.

On completion, Cable & Wireless will inject approximately GBP35
million in cash, which is expected to be recovered within the
first year after completion, to meet Energis' short-term working
capital requirements.

In the third year following completion, Cable & Wireless has
agreed to pay a contingent consideration of between zero and
GBP80 million, payable in cash or shares at Cable & Wireless'
option, dependent on the level of Cable & Wireless' share price.

CONTACT:  ENERGIS PLC
          Media Centre
          Direct Dial: +44 (0)118 919 3499
          Switchboard: +44 (0) 20 7206 5555
          Web site: http://www.energis.com

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


ENRON CORPORATION: Court Okays TPL Settlement Pact
--------------------------------------------------
Enron Capital & Trade Resources Limited, an affiliate of Enron
Corp., and Teesside Power Limited are parties to a Power Purchase
Agreement, dated June 26, 1991, as amended.

Enrici Power Marketing Limited, an affiliate of Enron, and TPL
are parties to a Power Purchase Agreement dated June 26, 1991, as
amended.

On Nov. 29, 2001, ECTRL was placed into administration in the
United Kingdom.

In connection with its subsidiaries' obligations under the PPAs,
Enron issued guaranties in favor of TPL:

       Issue Date     Subsidiary
       ----------     ----------
       06/26/1991     Enrici
       06/26/1991     Enron Power (U.K.) Limited.
       12/31/1998     Enron Europe Limited.
       06/21/2000     ECTRL

On October 11, 2002, TPL filed Claim No. 10784 as a general
unsecured claim against Enron for GBP597,357,687, equivalent to
US$849,263,424, plus contingent unliquidated amounts based on the
ECTRL Guaranty.

TPL filed contingent and unliquidated claims against the Debtors
on account of the other guaranties.  TPL asserts Claim Nos.
10781, 10782 and 10783 with respect to the Enrici, EPL and EEL
Guaranties.

The Reorganized Debtors objected to the Claims.

After arm's-length negotiations, the Reorganized Debtors and TPL
agree that:

    (i) the ECTRL Guaranty Claim will be allowed as a Class 4
        general unsecured claim against Enron for
        US$610,509,800;

   (ii) the Enrici Guaranty Claim will be allowed as a Class 4
        general unsecured claim against Enron for
        US$297,210,478;

  (iii) the EPL Guaranty Claim and EEL Guaranty Claim will be
        disallowed and expunged with prejudice;

   (iv) the amounts of the Allowed Enrici Guaranty Claim and the
        Allowed ECTRL Guaranty Claim include US$1,192,840 and
        US$5,823,625, respectively, for Value Added Tax
        liability under the PPAs based on supplies by TPL to
        ECTRL and Enrici under the PPAs.  TPL will be entitled
        to an increased Class 4 general unsecured claim in the
        event that HM Revenue and Customs determines within 2
        years from the date of the Settlement that TPL's VAT
        liability under the PPAs is greater than the amounts set
        forth; and

    (v) they will mutually release one another from all
        liabilities in connection with the Guaranties.

Pursuant to Rule 9019(a) of the Federal Rules of Bankruptcy
Procedure, the Reorganized Debtors ask the U.S. Bankruptcy Court
for the Southern District of New York to approve their settlement
agreement with TPL.

The Court approved the settlement agreement.

Headquartered in Houston, Texas, Enron Corporation --
http://www.enron.com/-- is in the midst of restructuring various
businesses for distribution as ongoing companies to creditors,
and liquidating remaining operations.  Before the company agreed
to be acquired, controversy over accounting procedures had caused
Enron's stock price and credit rating to drop sharply.

Enron filed for chapter 11 protection on December 2, 2001 (Bankr.
S.D.N.Y. Case No. 01-16033).  Judge Gonzalez confirmed the
Company's Modified Fifth Amended Plan on July 15, 2004, and
numerous appeals followed.  The Confirmed Plan took effect on
Nov. 17, 2004.  Martin J. Bienenstock, Esq. and Brian S. Rosen,
Esq., at Weil, Gotshal & Manges, LLP, represent the Debtors in
their restructuring efforts.  (Enron Bankruptcy News, Issue No.
160; Bankruptcy Creditors' Service, Inc., 15/945-7000)

CONTACT:  ENRON CAPITAL & TRADE RESOURCES
          130 Washington Avenue
          Albany, NY 12210
          Phone: (518) 427-0531
          Fax: (518) 427-0734


ENTOURAGE RETAIL: Calls in Administrators from Tenon Recovery
-------------------------------------------------------------
Carl S. Jackson and Nigel Ian Fox (IP Nos 8860 and 8891) of Tenon
Recovery were appointed joint administrators of Entourage Retail
Limited (Company No 04702339) on Oct. 12.  The company's
registered office is at 55 Roydene Road, Plumstead, London SE18
1PZ.  Entourage Retail offers security services.

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


GROUP EVO: IT Company Liquidates
--------------------------------
Timothy Frank Corfield of Griffin & King, 26-28 Goodall Street,
Walsall, West Midlands WS1 1QL informs that on 10 October 2005 he
was appointed Liquidator of Group Evo Limited by a Resolution of
a creditors meeting.  Group Evo -- http://www.groupevo.co.uk--  
was established in July 2002.

CONTACT:  GROUP EVO LIMITED
          Xtreme House
          King Street
          Dudley
          DY2 8PX
          West Midlands
          Phone: 01384 216128
          Fax: 01384 216129
          E-mail: dave@groupevo.co.uk
          Contact:
          Dave Turner, Director

          GRIFFIN & KING
          26-28 Goodall Street,
          Walsall, West Midlands WS1 1QL
          Phone: 01922 722205
          Fax: 01922 639480


HAWK MANAGEMENT: Management Consultancy Group Folds up
------------------------------------------------------
N. D. Jones, chairman of Hawk Management Systems Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 6 at Ward & Co, Bank House, 7 Shaw Street, Worcester
WR1 3QQ.  Lyn Marie Green of Ward & Co, Bank House, 7 Shaw
Street, Worcester WR1 3QQ was appointed liquidator.  The
appointment was confirmed at a creditors meeting held the same
day.

Hawk Management Systems Ltd. --
http://www.hawkmanagement.co.uk/-- provides health and safety
training courses for managers and employees.

CONTACT:  HAWK MANAGEMENT SYSTEMS LTD.
          21 The Strand
          Bromsgrove
          B61 8AB
          Phone: 01527 577200
          Fax: 01527 577300
          E-mail: mail@hawkmanagement.co.uk

          WARD & CO.
          Bank House
          Shaw Street
          Worcester
          Worcestershire WR1 3DT
          Phone: 01905 25000
          Fax: 01905 26555
          E-mail: aws@ward-co.co.uk


INDUSTRIAL MACHINERY: Goes into Liquidation
-------------------------------------------
Industrial Machinery Services Ltd. informs that resolutions to
wind up the company were passed at an EGM held on Oct. 6 at 65
St. Edmund's Church Street, Salisbury, Wiltshire SP1 1EF.  Julie
Anne Palmer of Middleton Partners, 65 St Edmund's Church Street,
Salisbury, Wiltshire SP1 1EF was appointed liquidator.

CONTACT:  INDUSTRIAL MACHINERY SERVICES LIMITED
          Unit 20 Andover Down Farm
          Andover
          SP11 6LJ
          Hampshire
          Phone: 01264 338389


KINGSTON SCAFFOLDING: Hires BN Jackson to Liquidate Business
------------------------------------------------------------
H. Williams, director of Kingston Scaffolding (UK) Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 5 at Gable House, 239 Regents Park Road, Finchley,
London N3 3LF.  M. Sanders of BN Jackson Norton, 1 Gray's Inn
Square, Gray's Inn, London WC1R 5AA was appointed liquidator.

CONTACT:  KINGSTON SCAFFOLDING (UK) LTD.
          Weylands, Moseley Rd
          Walton-On-Thames, Surrey, KT12 3PN
          Phone: 01932 251817


LONGSLOW FOOD: Denies Administration Rumors
-------------------------------------------
Longslow Food Group Ltd. has brushed aside rumors that it faces
administration after shutting down its North Wales site last
week, said Farmers Weekly.

The group owes 55 direct milk suppliers around GBP1.3 million.
Managing Director Philip Crewe has informed farmers that they
would be paid in four monthly installments until January 2006.

In August, the company lost its contract with retailer Spar.  Mr.
Crewe said this would reduce production by 8 million liters.  "We
looked for alternative business, but with Dairy Crest, Robert
Wiseman Dairies and Dairy Farmers of Britain also aiming for
middle-ground liquid milk markets, we have decided to become a
milk wholesaler," he said.

Meanwhile, Meadow Foods would buy and collect all Longslow milk,
and offer farmers a new contract.  One farmer, Eldon Thomas,
said, however, a deal with Meadow is unsuitable to replace
Longslow's liquid milk agreement.

"It's a hard pill to swallow and we will only get half of what we
are owed for two months.  If the firm does go into administration
we could lose everything," he said.

Mr. Crewe insists the group has the "support of [its] bank and
will restructure as a wholesaler."

Longslow's other sites are at Shrewsbury, Tenbury Wells, Anglesey
and Llandudno Junction.  It has a distribution center in
Manchester.

CONTACT: LONGSLOW FOOD GROUP LTD.
         Station Road
         Mochdre
         Colwyn Bay
         Clwyd LL28 5EF
         Phone: (01492) 549231
         Fax: (01492) 546543


LOLLIPOP LEARNING: Administrators Take over Company
---------------------------------------------------
M. T. Coyne and M. D. Hardy (IP Nos 6575 and 1453) of Poppleton &
Appleby were appointed joint administrators of Lollipop Learning
Limited (Company No 4343772) on Oct. 11.  The company's
registered office is at Poppleton & Appleby, 35 Ludgate Hill,
Birmingham B3 1EH.  Lollipop Learning Limited designs and sells
software.

CONTACT:  LOLLIPOP LEARNING LTD.
          PO Box 10401, Solihull B93 8WA
          Phone: 01564 771009
          Fax: 01564 730097
          Mobile: 07973 369722

          POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Phone: 0121 200 2962
          Web site: http://www.pandabirmingham.co.uk


MACCESS GROUP: Calls in BDO Stoy Hayward Administrator
------------------------------------------------------
Company Names: MACCESS GROUP LIMITED
               (Company No 02207115)

               MACCESS HOLDINGS LIMITED
               (Company No 03722625)

               MACCESS LIMITED
               (Company No 00455353)

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

CONTACT:  MACCESS GROUP LTD
          Unit J2, Plymouth, PL6 8LH
          Phone: 01752 256222

          MACCESS LTD.
          Spen Lane, Gomersal,
          Cleckheaton, West Yorkshire BD19 4PG
          Phone: 01274870241

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


MARCONI CORPORATION: Ericsson Won't Guarantee Jobs
--------------------------------------------------
More than 1,3OO workers at Marconi Corporation plc could lose
their jobs in the GBP1.2 billion takeover deal with LM Ericsson,
the Financial Times says.

Ericsson Chief Executive Carl-Henric Svanberg has said job cuts
were inevitable after the company acquired Marconi's equipment
and international services businesses.  He added the reductions
could affect around 15%-20% of Marconi's workforce.

In another report, Silicon.com quoted Mr. Svanberg as saying:
"When it comes to jobs in the U.K. it is clear we have acquired
Marconi for its abilities, products and competence and they will
bring skills and values to us.  But it is (also) clear that with
a business that is running at a loss restructuring is necessary.
Of course if we didn't do that we couldn't get the profitability,
then we couldn't secure the long-term prospects."

Under the deal, which will also see the transfer of 6,670 Marconi
employees to Ericsson, the latter will obtain Marconi's optical
networks operations, the bulk of its network access unit, and its
international services business.  These ventures bring in a total
of GBP1 billion in yearly sales.  Marconi will be left with a
services business, which will be renamed Telent and will
concentrate on the U.K. market.

Telegraph, in another report, quoted Marconi Chief Executive Mike
Parton as saying Telent is eyeing redundancies of less than 100
among 2,100 staff it will retain.  Most of these employees will
be based in the U.K., with only around 100 to be assigned in
Germany.  They will provide basic installation and maintenance
services.

Telent will also absorb Marconi's existing net cash of GBP275
million, and receive Ericsson's final payment of GBP223 million,
of which GBP100 million will cover tax on the transaction and
restructuring costs.

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

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


MERIDIAN AVIATION: Meeting of Creditors Set Next Week
-----------------------------------------------------
Creditors of Meridian Aviation Group Limited (Company No
04310110) will meet on October 31, 2005 at 11:00 a.m.  It will be
held at Bond Partners LLP, The Grange, 100 High Street, London
N14 6TG.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to T. Papanicola, administrator of Bond Partners LLP,
The Grange, 100 High Street, London N14 6TG not later than 12:00
noon, October 28, 2005.

CONTACT:  MERIDIAN AVIATION LTD.
          First Point, Buckingham Gate
          London Gatwick Airport
          Crawley RH6 0NT
          West Sussex
          Phone: 01293 897111
          Fax: 01293 897311

          BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400


MERLIN BIOSCIENCES: Investigators Probe Investment in Energist
--------------------------------------------------------------
Authorities have raided Energist International in relation to the
investigations of the Serious Fraud Office and the City of London
police into Merlin Biosciences, according to IC Wales.

The report said investigators are looking into the equity
investment the biotechnology venture capital firm made into
Energist in 2003 from its fund III.  There is no suggestion
Energist is involved in any wrongdoing, it said.

Energist International is one-third owned by Merlin.  It
manufactures pulsed-light hair-removal equipment.  Merlin's
founder Sir Christopher Evans, chairs Energist.  Mark Clement,
who is Merlin's chief executive, is a non-executive director.

Merlin Biosciences, founded by Prof. Evans in Cambridge in 1996,
manages funds totaling EUR450 million.  Merlin owns more than 40
biotech companies -- including Ark Therapeutics, BioVex,
Cyclacel, KinderTec, Microscience, PanTherix, ReNeuron and
Vectura.  Investors of the first Merlin Fund LP will redeem their
investments in 2007.

CONTACT:  MERLIN BIOSCIENCES LIMITED
          33 King Street
          St. James's
          London, SW1Y 6RJ
          United Kingdom
          Phone: + 44 (0) 20 7811 4000
          Fax: + 44 (0) 20 7811 4001
          E-mail: enquiry@merlin-biosciences.com
          Web site: http://www.merlin-biosciences.com/


MG ROVER: 1 in 5 Newer Rovers Defective
---------------------------------------
An estimated one in five MG Rovers built during the last three
years has mechanical problems.  According to Warranty Direct, an
independent automotive warranty provider, 29% of these defects
are electrics-related.  Complaints ranged from illuminating
warning lights to fan and window motors malfunction.

Transmission defects account for 25% of the reported failures,
forcing owners to pay up to GBP3,872 in repair fees.  Warranty
Direct noted newer Rovers have been plagued by six times as many
troubles in their fuel systems than units aged four to six years
old.

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

Previously owned by Phoenix Venture Holdings, the company
collapsed on April 8 after a tie-up with China's largest
carmaker, Shanghai Automotive Industry Corporation (SAIC), failed
to materialize.  The crisis has left around 150,000 owners
without manufacturer or dealer-backed warranty protection.  In
July, Nanjing bought the assets of both MG Rover and Powertrain
Ltd. for GBP53 million.

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

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


MORRIS PACKAGING: EGM Passes Winding-up Resolution
--------------------------------------------------
C.T. Morris, director of Morris Packaging Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 7 at Rogers Evans, 20 Brunswick Place, Southampton SO15 2AQ.
T. C. Evans of Rogers Evans, 20 Brunswick Place, Southampton SO15
2AQ was appointed liquidator.

CONTACT:  MORRIS PACKAGING LTD.
          3A Telford Road
          Ferndown Industrial Estate Wimborne
          Dorset BH21 7QN
          Phone: 01202 892623
          Web site: http://www.packaging-uk.co.uk

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


PETER COOK: Business for Sale
-----------------------------
The Joint Administrators, Derek Howell and Rob Lewis, offer for
sale the business and assets of Peter Cook International Plc, a
supplier of furniture components based in Oxfordshire.

Features:

(a) Annual turnover around GBP7 million;

(b) Stock with book value of GBP1.4 million;

(c) Principal leasehold premises - 26,000 sq. ft.; and

(d) Established customer base.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          31 Great George Street
          Bristol BS1 5QD
          Phone: 0117 929 1500
          Fax: 0117 925 0406.
          Web site: http://www.pwc.com
          Contact:
          Stephen Hall
          E-mail: stephen.g.hall@uk.pwc.com


POSTAL SUPPLIES: Administrators from Begbies Traynor Enter Firm
---------------------------------------------------------------
David Moore (IP No 7510) and Donald Bailey (IP No 6739) of
Begbies Traynor were appointed joint administrators of Postal
Supplies Direct Limited (Company No 4957433) on Oct. 5.  Its
registered office is at Maritime Business Park, 3 Sovereign Way,
Dock Road, Birkenhead CH41 1DL.  Postal Supplies retails
packages.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


POTS2PAINT LIMITED: Names Tenon Recovery Liquidator
---------------------------------------------------
M. G. Kirby, director of Pots2paint Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 7 at Highfield Court, Tollgate, Chandlers Ford, Eastleigh,
Hampshire SO53 3TZ.  Carl Stuart Jackson and Nigel Ian Fox of
Tenon Recovery, Highfield Court, Tollgate, Chandlers Ford,
Eastleigh, Hampshire SO53 3TZ were appointed Joint Liquidators.

CONTACT:  POTS2PAINT LTD.
          Pots2paint
       21, Hampstead House, Town Centre
        Basingstoke
      RG21 7LG
          Phone: 01256 355557

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


RENTOKIL INITIAL: Reclaims Parcels Delivery Business
----------------------------------------------------
Rentokil Initial plc has disclosed that its parcels delivery
business Initial City Link will, over a period of time, cease to
operate on a franchised basis.

This is another important step forward in Rentokil Initial's
development.  The change will return full control of Initial City
Link to the Company and should deliver better returns for our
shareholders while maintaining or improving service to Initial
City Link's customers.  Franchisees, who collectively have an
estimated annual profit of GBP5 million, will be offered a fair
price for their businesses and will be given plenty of time to
plan the transition.

The franchise model used by Initial City Link has been in place
since the early 1990's largely unchanged and the franchisees have
played an important part in its growth.  However, thanks to
recent investment in franchiser sales and marketing and a renewed
focus on personnel, better growth is being experienced in Initial
City Link's controlled and operated branches than in those of the
franchisees.  When combined with the opportunity to develop the
business and address the increasingly complex demands of
customers, a decision to move towards owning the network makes
strong commercial sense.

Following consultation with individual franchisees, Initial City
Link plans to make offers to purchase their businesses over a
period of time.  Franchisees' employees will be invited to join
the Rentokil Initial group.

Initial City Link has 70 franchise territories of which it
already controls and operates 25.  Initial City Link will be
working closely with its franchisees to ensure a smooth transfer
of service for customers.  The changes planned should ultimately
result in Initial City Link customers experiencing an enhanced
service.

Initial City Link is one of the leading parcel delivery companies
in the U.K.  It specializes in premium next day parcel delivery
and has outgrown the market every year for the last ten years.
In 2004, Initial City Link's turnover was GBP223 million and
profit GBP31.3 million.  Sales in the franchise network not owned
by Initial City Link amounted to GBP197 million last year.

Initial City Link already employs 2,179 people across the country
and on average delivers 854,000 parcels a week to businesses and
households across the country.

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


RETAIL MERCHANDISING: Names Administrators from Elwell Watchorn
---------------------------------------------------------------
David John Watchorn and Paul Anthony Saxton (IP Nos 8086, 6680)
of Elwell Watchorn & Saxton LLP were appointed joint
administrators of Retail Merchandising Design Limited (t/a RMD -
Company No 3213427) on Oct. 17.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street,
          Sileby, Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax: (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


SANDS OF SHEFFIELD: Calls in Liquidator
---------------------------------------
Sands of Sheffield Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Oct. 5 at Hewitts Chartered
Accountants, 60 Scotland Street, Sheffield S3 7DB.  M. C.
Hepworth of Hepworth Joyce Associates Ltd., Unit 2, Clarke Hall
Farm, Aberford Road, Wakefield WF1 4AL was appointed liquidator.

CONTACT:  SANDS OF SHEFFIELD LTD.
          3 Muirpark, Dalkeith, EH22 3JG
          Phone: 0131 660 6436


SOUTH WEST: Administrators from Middleton Partners Enter Firm
-------------------------------------------------------------
Michael Francis Stevenson and Julie Anne Palmer (IP Nos 008154,
008835) of Middleton Partners were appointed joint administrators
of building contractor South West Renovation Limited (Company No
03275925) on Oct. 17.  The company's registered office is at 65
St Edmunds Church Street, Salisbury, Wiltshire SP1 1EF.

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


T F 1 SERVICES: In Liquidation
------------------------------
D. Ronan, director of T F 1 Services Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 7 at 20 Winmarleigh Street, Warrington, Cheshire WA1 1JY.
Robert W Keating of R W Keating & Co, 20 Winmarleigh Street,
Warrington, Cheshire WA1 1JY was appointed liquidator.

CONTACT:  T F 1 SERVICES LTD.
     3 Knights Road, Hoo, Rochester, Kent ME3 9DW
          Phone: 01634255234


THRESHOLD FLOORINGS: Hires Administrators from Armstrong Watson
---------------------------------------------------------------
M. C. Kienlen (IP No 9367) of Armstrong Watson was appointed
administrator of Threshold Floorings Limited (Company No
04901222) on Oct. 12.  The company's registered office is at
Marston Gate, South Marston Business Park, Swindon, Wiltshire SN3
4TQ.

Threshold Floorings -- http://www.thresholdflr.co.uk/-- has
dedicated office and warehouse premises at South Marston Park,
Swindon, providing easy distribution access to all parts of the
U.K. via the main motorway routes.

CONTACT:  THRESHOLD FLOORINGS LTD.
          Marston Gate
          South Marston Business Park
          Swindon, Wiltshire SN3 4TQ
          Phone: 01793 764301
          Fax: 01793 765319
          E-mail: sales@thresholdflr.co.uk

          ARMSTRONG WATSON
          Central House
          47 St Paul's Street
          Leeds LS1 2TE
          West Yorkshire
          Phone: 0113 384 3840
          Fax: 0113 384 3841
          E-mail: mike.lienlen@armstrongwatson.co.uk


VENDING SOLUTIONS: Liquidator from DS Insolvency Moves in
---------------------------------------------------------
N. A. Richmond, chairman of Vending Solutions (UK) Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 5 at 29 King Street, Newcastle under Lyme,
Staffordshire ST5 1ER.  Martin Williamson of DS Insolvency
Services Ltd, 29 King Street, Newcastle under Lyme, Staffordshire
ST5 1ER was appointed liquidator.  The appointment was confirmed
at a creditors meeting held the same day.

CONTACT:  VENDING SOLUTIONS (UK) LTD.
          Cheshire House,164 Main Rd, CREWE, CW4 8JP
          Phone: 01477 532 117

          DS INSOLVENCY SERVICES LTD.
          29 King Street
          Newcastle-Under-Lyme
          Staffordshire ST5 1ER
          Phone: 01782 614618
          Fax: 01782 717287
          E-mail: mwilliamson@dsinsolvency.co.uk


VIA NET.WORKS: Sells Operations to Interoute for US$18 Mln
----------------------------------------------------------
VIA NET.WORKS, Inc. completed the sale of substantially all of
its operating assets to Interoute Communications Holdings S.A.
and certain of its affiliates for US$18.1 million, of which US$5
million was advanced to the Company prior to the closing under an
interim financing facility.

In the asset sale, Interoute acquired all of the Company's
remaining business operations comprised of its PSINet Europe
operations in Germany, France, Belgium, Switzerland and the
Netherlands and its VIA NET.WORKS operations in France, Germany
and Spain, as well as certain assets pertaining to VIA's
centralized back office and technical support systems.

The sale was closed shortly after the Company's special meeting
of its shareholders in which the requisite shareholder vote was
obtained to approve the asset sale.  At the special meeting,
shareholders holding 67% of the Company's total outstanding
voting shares approved the proposal regarding the asset sale,
representing 99% of all proxies represented and votes cast at the
meeting.

                       Company Dissolution

Also, at the special meeting, VIA's shareholders approved a plan
providing for the voluntary dissolution of the Company.  VIA
intends to file a certificate of dissolution with the Delaware
Secretary of State within two weeks.  Pursuant to the plan of
dissolution, VIA will liquidate its remaining assets, satisfy or
make reasonable provisions for its remaining obligations and make
distributions to its shareholders of all remaining proceeds.  If
the Company's board of directors determines that liquidation and
dissolution is not in VIA's best interests and the best interests
of its shareholders and creditors, our board of directors may
direct that the plan of dissolution be abandoned or may amend or
modify the plan of dissolution to the extent permitted by
Delaware law.

The Company further noted that it will begin immediately to use
the net proceeds of the sale transaction to pay down its
significant outstanding obligations to creditors and vendors.

VIA NET.WORKS, Inc. (Euronext: VNWI) (OTC: VNWI.PK) --
http://www.vianetworks.com/-- provides business communication
solutions to small- and medium-sized businesses in Europe.
Through its VIA NET.WORKS and PSINet Europe brands, it offers a
comprehensive portfolio of business communications services,
including hosting, security, connectivity, networks, voice and
professional services.

At June 30, 2005, VIA NET.WORKS' balance sheet showed a
US$874,000 stockholders' deficit, compared to US$32,605,000 of
positive equity at Dec. 31, 2004.

CONTACT:  VIA.NETWORKS INC.
          1117 BM Schiphol
          Amsterdam, Virginia RG1 3AR
          Phone: +31 20 502 0000
                 +1 703 464-0608


WEARSIDE CAB: Goes into Liquidation
-----------------------------------
D. R. Knox, chairman of Wearside C A B Money Advice Service,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 5 at 70 Suffolk Street, Hendon, Sunderland, Tyne
and Wear SR2 8AD.  Gordon Smythe Goldie and Allan David Kelly of
Tait Walker, Bulman House, Regent Centre, Gosforth, Newcastle
upon Tyne NE3 3LS were appointed Joint Liquidators.

CONTACT:  WEARSIDE C A B MONEY ADVICE SERVICE
     70-71 Suffolk Street
          Sunderland, County Durham SR2 8AD
          Phone: 01915655135

          TAIT WALKER
          Bulman House,
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Phone: 0191 285 0321
          Fax:   0191 284 9117
          E-mail: advice@taitwalker.co.uk
          Web site: http://www.taitwalker.co.uk


XS WHOLESALE: Wholesaler Calls in Administrator
-----------------------------------------------
John Dean Cullen (IP No 9214) of Harris Lipman LLP was appointed
administrator of XS Wholesale Limited (Company No 4628094) on
Oct. 11.  The company's registered office is at Unit 6-7,
Tollgate Close, Cardiff CF11 8TN.

CONTACT:  HARRIS LIPMAN LLP
          Coptic House,
          4-5 Mount Stuart Square,
          Cardiff Bay CF10 5EE


* Mid-market Firms Predict Rise in Company Failures
---------------------------------------------------
More than half of U.K. mid-market businesses expect company
insolvencies to rise over the next 12 months, according to
research published by PricewaterhouseCoopers.

Manufacturers in particular are gloomy about their sector
prospects, with three quarters predicting a growth in business
failures in the next year.  Less than one in seven businesses
believe that insolvencies will actually fall in the next year.

The analysis of business attitudes conducted by the Business
Recovery practice at PricewaterhouseCoopers also revealed that
complying with regulation is regarded as the number one threat to
the financial stability of British business.  Three out of ten
businesses see regulation as being a major financial risk
followed closely by consumer confidence levels.  Surprisingly,
given the level of company pension deficits, less than 5% of U.K.
businesses regard the cost of meeting pension obligations as a
major threat.

The amount of corporate debt is also seen as a significant
problem for the financial health of U.K. plc.  Nearly one in five
companies regard their current debt levels as the biggest threat
to their survival.  Construction companies are particularly
concerned about the extent of corporate gearing with four out of
ten citing it as the biggest threat to their stability.

Colin Haig, partner in the Business Recovery Services team at
PricewaterhouseCoopers, said: "Rising levels of corporate debt
and record low levels of consumer spending are twin perils facing
struggling British business.  We are seeing lots of companies who
are already showing signs of distress looking nervously at rising
raw material prices, and the cost of increased regulation.

"The impact of the new Pension Protection Fund levy has yet to
make it in on to company radar screens but it could be a 'double
whammy' for businesses that are already in difficulty.  Companies
who are already cash strapped should start planning now so that
they are well placed to deal with the levy when it arrives."

The research was carried out in August 2005 by Continental
Research.  Interviews were conducted with a nationally
representative sample of 501 managing directors, financial
directors and other senior managers of businesses with an annual
turnover of over GBP50,000.

CONTACT:  PRICEWATERHOUSECOOPERS
          Web site: http://www.pwcglobal.com/uk

          Colin Haig
          Phone: 020 7212 4386

          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485


                            *********


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
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