TCREUR_Public/051028.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, October 28, 2005, Vol. 6, No. 214

                            Headlines

F I N L A N D

METSO CORPORATION: Reports US$95.5 Mln Operating Profit in Q3


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: On Verge of Collapse, Says Report
ALLGEMEINE HYPOTHEKENBANK: On Fitch's Rating Watch Negative
BEYER HOTELBETRIEB: Creditors Meeting Set December
CAB GMBH: Claims Filing Period Ends December 29
EUROMED AG: Succumbs to Bankruptcy

GEOLOGISCHE BOHRWERKZEUGE: Appoints Administrator from Kuebler
GIEBICHENSTEIN IMMOBILIEN: Proofs of Claim Due Next Month
LOPOS TECHNOLOGIES: Hamburg Company Goes Bust
NOMIS-QUARTIER: Court Calls in Administrator
TSA TRANSFORMA: Claims Verification Set February

UEBELACKER ELEKTRO: Augsburg Court Names Pluta Administrator
VOLKSWAGEN AG: Skoda Auto to Sell Cars in Taiwan
WERO BAU: Under Bankruptcy Administration


I T A L Y

FINPART SPA: Declared Bankrupt


K A Z A K H S T A N

ALLIANCE BANK: Fitch Rates Proposed Eurobond 'B+'
ATF BANK: Fitch Assigns Eurobond Final 'B+' Rating
PETROKAZAKHSTAN INC.: CNPC Completes Takeover


N E T H E R L A N D S

HAGEMEYER N.V.: Revenue Increases to EUR1,438 Million in Q3
ROYAL SHELL: Strike Looms Over Planned Pension Scheme Changes
ROYAL SHELL: Buys back 1,150,000 'A' Shares
TELEPLAN INTERNATIONAL: Q3 Results Return to Black


P O L A N D

CENTROZAP SA: Sues Tax Office for PLN100 Million


R U S S I A

BAKERY: Omsk Court Opens Bankruptcy Proceedings
BOLSHEMURASHKINSKAYA: Bankruptcy Supervision Procedure Begins
CRYSTAL: Insolvency Manager Takes over Business
DAROVSKAYA: Succumbs to Bankruptcy
LES-SEL-MASH: Bankruptcy Hearing Set Next Year

MIASSKIY MEAT: Undergoes Bankruptcy Supervision Procedure
MURZITSKOYE: Court Brings in Insolvency Manager
PERMSKIY BRICKWORKS: Declared Insolvent
RESO-RE: Long-term Counterparty Credit Rated 'B+'
WINE-VODKA DISTILLERY: Claims Filing Period Ends November
YAROSLAVSKIY: Deadline for Proofs of Claim November 24


S W I T Z E R L A N D

CABLECOM HOLDINGS: Liberty Global Completes Acquisition


U K R A I N E

COMERCSERVICE: Declared Insolvent
FIRST CRIMEAN: Under Bankruptcy Supervision
MICHURINETS: Succumbs to Bankruptcy
PIVDENNYI BANK: Fitch Assigns Long-term 'CCC+' Rating
SAMBIRSKIJ FURNITURE: Insolvency Manager Steps in
TRAK-MAGISTRAL: Bankruptcy Supervision Begins


U N I T E D   K I N G D O M

ADRIAN SMYTHE: Children's Book Publisher Winds up
ANDREAS RESTAURANT: Files for Liquidation
BIRCHWOOD MARINE: Hires Administrators from F A Simms & Partners
BRITISH ENERGY: Upgraded to 'BB'; Outlook Remains Stable
BURNETTS LIMITED: Restaurant Winds up

CHAROLAIS INVESTMENT: Meeting of Creditors Next Month
CLEARFINISH LIMITED: Joint Liquidators Enter Firm
DAIRY CATERING: Goes into Liquidation
DEREK HOWARD: Hires Joint Liquidators from Begbies Traynor
D P FURNITURE: Furniture Retailer Calls in PwC Administrator

DRIVELINE CONVERSIONS: Falls Under Administration
EAST LIGHT: Administrators from Parkin S. Booth Enter Firm
EDUCOM TRAINING: Calls in Liquidator
ENGINEERING SERVICES: Calls in Vantis Business Recovery
EUROPEAN TECHNOLOGY: Names Deloitte & Touche Administrator

FEDERAL-MOGUL: Settles Dispute with U.K. Administrators
GALLAHER GROUP: Fitch Affirms Ratings, Stable Outlook
GOODWIN AND FORBES: In Liquidation
HI-GLAZE CONCEPTS: Hires Administrator from Stephen Rout & Co.
HULS (UK): Members Decide to Wind up Firm

HYDRA PLC: Creditors Meeting Set Next Week
INDIGO ACTIVE: EGM Passes Winding-up Resolution
JOHN PORTER: Hires Tenon Recovery Administrator
KINGSTON HOLIDAY: Joint Liquidators Take over Firm
MG ROVER: SAIC-Nanjing Ownership Row Remains Unresolved

MICROEMISSIVE DISPLAYS: Unveils Key Board Changes
MILLER CONSULTING: Hires Administrator from Kay Johnson Gee
PATCH REINSTATEMENT: Engineering Firm Winds up
PRISM GRAPHIC: Calls in Armstrong Watson Administrator
QFS CONVENIENCE: Appoints DTE Leonard Liquidator

RENTOKIL INITIAL: 9-month Trading Update Out Next Month
SCOTTISH POWER: Shareholders May Accept 600-pence Offer
SMILES DAYCARE: Files for Liquidation
T & A METAL: Applies for Liquidation
UK WEB: EGM Passes Winding-up Resolution

VICKERS PRESSINGS: Unions, KPMG to Meet Next Week
W C BUTLER: Administrator from Maxwell Davies Enters Firm
W.R. WOOLLEY: Creditors Meeting Set Next Week


                            *********


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


METSO CORPORATION: Reports US$95.5 Mln Operating Profit in Q3
-------------------------------------------------------------
Metso Corporation reports good progress in profitability and net
sales.

-- Metso Corporation's operating profit for the third quarter
    in 2005 was EUR95.5 million, or 9.1% of net sales;

-- The net sales in January-September increased by 16% on the
    corresponding period last year and totaled EUR2,967 million
    (Jan. to Sept./2004: EUR2,559 million).  The operating
    profit was EUR233.5 million, or 7.9% of net sales (EUR91.8
    million and 3.6%);

-- Earnings per share were EUR1.22 (EUR0.53);

-- The order backlog from continuing operations increased by
    21% from the year end, and was EUR2,059 million at the end
    of September (Dec. 31, 2004: EUR1,705 million).  New orders
    worth EUR3,208 million were received (EUR3,062 million in 1-
    9/04);

-- Net cash generated by operating activities was EUR145
    million;

    Return on capital employed (ROCE) was 18.3% (6.6%) and
    return on equity (ROE) 21.4% (11.0%); and

-- Gearing was 25.3% at the end of September (Dec. 31,
    2004: 49.7%).

This interim review is prepared in accordance with the
recognition and measurement principles of the IFRS.  Metso
adopted IFRS at the beginning of 2005.

"Metso Automation's and Metso Minerals' profitability improvement
has previously resulted mainly from internal programs, such as
streamlined cost structure and business concept renewals.  Now
the net sales growth, as well, contributes to their
profitability.  I am also pleased with the profitability
improvement in Metso Paper, which is now starting to see the
benefits of the efficiency programs undertaken in the past two
years," says Jorma Eloranta, President and CEO of Metso
Corporation.

"All and all, the third quarter was the best ever in Metso's
history.  We also estimate that 2005 will be the best year so far
for Metso -- but there is still a lot of development potential in
all our businesses."

Mr. Eloranta notes that the current performance level forms a
good basis for the implementation of the new strategy, which
targets profitable growth.  "We have significantly enhanced our
operational efficiency.  For example, our productivity has
improved substantially.  At the same time, we have developed our
supply chain to make the most of the strong demand in the rock
and minerals processing sector as well as in the gas and energy
industries," Mr. Eloranta says.  In 2006-2008 Metso will seek
annual increase in net sales of some 10% through organic growth
and complementary acquisitions.

The growth prospects are supported by good demand for Metso's
products and services.  "In August, when we introduced our new
strategy and the financial targets for 2006, we estimated that
the favorable market situation will continue also next year.  Our
view of the market development remains positive and we look
confidently into 2006," Mr. Eloranta says.

Short-term Outlook

No material changes are expected in the market situation for
Metso during the last quarter of 2005.

In Metso Paper's markets, the demand for rebuilds and aftermarket
services is expected to continue to be good.  In the markets for
new machinery, there are several tissue machine investments and a
few paper machine and pulping line projects under consideration,
but hardly any board machine investments.

The demand for Metso Minerals' equipment related to aggregates
production is expected to remain good, especially due to
comprehensive road network development projects and other
infrastructure investments.  The demand in the mining industry is
estimated to remain strong, though the shortage of experienced
management and other resources continues to somewhat hold back
the implementation of new investment projects.

Metso Automation's market situation is expected to be good in the
energy, oil and gas industry and satisfactory in the pulp and
paper industry.

Metso Minerals and Metso Automation are expected to clearly
surpass the operating profit targets set for 2005.  Metso Paper's
result will be burdened by the weak profitability of the Tissue
business and restructuring costs, but the positive performance in
the third quarter gives an improved basis for attaining the
operating margin target set for 2005.  It is estimated that Metso
Ventures' operating margin will be lower than its target because
of structural changes and the weak profitability of Metso
Panelboard.

The financial targets set for Metso Corporation in 2005 are an
operating margin of 6% and ROCE of 12%.  It is estimated that
these financial targets will be clearly exceeded.  Metso's
management expects that the Corporation's net sales for 2005 will
increase to approximately EUR4.1 billion and that the operating
profit margin will exceed 7%.  The improved competitiveness of
all of Metso's business areas combined with a mostly positive
market outlook support a continuation of favorable development.

Metso is a global technology corporation serving customers in the
pulp and paper industry, rock and minerals processing, the energy
industry and selected other industries.  In 2004, the net sales
of Metso Corporation were approx. EUR4 billion, and it has some
22,000 employees in more than 50 countries.  Metso's shares are
listed on the Helsinki and New York Stock Exchanges.

                            *   *   *

Standard & Poor's rates Metso Corp. BB+/Stable/B.

CONTACT:  METSO CORPORATION
          Jorma Eloranta, President and CEO
          Phone: +358 204 84 3000

          Olli Vaartimo, Executive Vice President and CFO
          Phone: + 358 204 84 3010

          Johanna Sintonen, Vice President, Investor Relations
          Phone: +358 204 84 3253


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


ALLGEMEINE HYPOTHEKENBANK: On Verge of Collapse, Says Report
------------------------------------------------------------
Allgemeine HypothekenBank Rheinboden AG is facing liquidation
despite several weeks of rescue talks, the Financial Times
reports.

AHBR has been on sale for months, but it has attracted only one
concrete bid.  Bankers say bad debt specialist, private equity
fund Lone Star is interested but only willing to pay EUR400
million (US$479 million).  AHBR incurred huge debt after
suffering from the effects of poor interest rate management four
years ago.

Executives are still trying to see whether they could still sell
the bank.  The report said, another option is to put AHBR into
Germany's mandatory bank safety net, funded by the banking
industry.  The impending failure threatens to break the record
set by Herstatt Bank in 1974 and dent the finances and reputation
of IG Metall, Germany's biggest union, the report said.

AHBR has assets of more than EUR80 billion.  It is owned directly
and indirectly -- through BHW -- by the trade union private
equity holding group BGAG.  BGAG has provided it EUR1.2 billion
in financing, and guaranteed it on a EUR1.2 billion risk
protection scheme.

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


ALLGEMEINE HYPOTHEKENBANK: On Fitch's Rating Watch Negative
-----------------------------------------------------------
Fitch Ratings has downgraded Germany-based Allgemeine
Hypothekenbank Rheinboden's (AHBR) subordinated obligations to
'BB-' from 'BBB-' and placed them on Rating Watch Negative (RWN).
At the same time, the agency has downgraded AHBR's participation
rights (Genussscheine) to 'B+' from 'BBB-' and placed them on
RWN.  AHBR is rated Long-term 'BBB' Short-term 'F3' and Support
'2', all on Rating Watch Evolving.  AHBR's Individual rating is
'E'.

The rating actions follow the receipt of further information on
the nature of the support mechanism put in place for AHBR.  While
there are a number of possible outcomes for AHBR, depending upon
the success of the sale discussions, in Fitch's opinion it
appears likely that in a liquidation scenario the support
mechanism will be restricted to senior unsecured creditors.  The
downgrades reflect Fitch's view that investors in the issuer's
subordinated obligations or Genussscheine are in a materially
weaker position than senior creditors.  The Negative Watch will
be resolved as it becomes clearer how the bank's problems will be
resolved i.e. through a sale or a liquidation.

Reportedly, the bank's owners still expect to successfully
conclude the sale of the bank but are also reviewing alternative
options, including a potential winding down of the bank.
According to AHBR's public statement, its equity capital
including its listed participation rights (Genussscheinkapital)
would be at risk in case of liquidation.

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

          FITCH RATINGS
          Michael Steinbarth, London
          Phone: +44 20 7862 4068
          Thomas von Luepke, Frankfurt
          Phone: +49 69 7680 76150

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


BEYER HOTELBETRIEB: Creditors Meeting Set December
--------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Beyer Hotelbetrieb GmbH on September 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 10,
2005 to register their claims with court-appointed provisional
administrator Jorg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting on December 8, 2005, 11:00 a.m. at the district court
of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer Str.
16, 06112 Halle, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  BEYER HOTELBETRIEB GmbH
          Frankenhauser Strasse 01, 06537 Kelbra
          Contact:
          Ingrid Maria Beyer, Manager

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


CAB GMBH: Claims Filing Period Ends December 29
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against CAB GmbH Color Ausruestung Berlin on
September 30.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
December 29, 2005 to register their claims with court-appointed
provisional administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 9:55 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on February 16,
2006, 9:05 a.m. at the same venue.

CONTACT:  CAB GmbH COLOR AUSRUESTUNG BERLIN
          Kamenzer Damm 80,12249 Berlin

          Hartwig Albers, Administrator
          Luetzowstr. 100, 10785 Berlin


EUROMED AG: Succumbs to Bankruptcy
----------------------------------
The district court of Fuerth opened bankruptcy proceedings
against EUROMED AG on October 1.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 1, 2005 to register their claims
with court-appointed provisional administrator Dr. Michael Jaffe.

Creditors and other interested parties are encouraged to attend
the meeting on November 14, 2005, 11:00 a.m. at the district
court of Fuerth, Zi. 216/II, Dienstgebaude Baumenstrasse 28, at
which time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report on January 16, 2006, 11:00
a.m. at the same venue.

CONTACT:  EUROMED AG
          Europa Allee 1 in 90763 Fuerth

          Dr. Michael Jaffe, Administrator
          Bucher Str. 103, 90419 Nuernberg
          Phone: 0911/240280
          Fax: 0911/2402810


GEOLOGISCHE BOHRWERKZEUGE: Appoints Administrator from Kuebler
--------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Geologische Bohrwerkzeuge GmbH on October 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until November 1, 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 November 21, 2005, 11:00 a.m. at the district
court of Dresden, Saal D131, Amtsgericht Dresden, Olbrichtplatz
1, 01099 Dresden, 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:  GEOLOGISCHE BOHRWERKZEUGE GmbH
          August-Bebel-Strasse 20 in 01809 Heidenau

          Dr. Bruno Kuebler, Administrator
          Kuebler
          Loschwitzer Strasse 3, 01309 Dresden
          Web site: http://www.kuebler-gbr.de


GIEBICHENSTEIN IMMOBILIEN: Proofs of Claim Due Next Month
---------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Giebichenstein Immobilien Besitz GmbH on
September 22.  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 Marlies Greschuchna.

Creditors and other interested parties are encouraged to attend
the meeting on December 5, 2005, 9:45 a.m. at the district court
of Halle-Saalkreis Justizzentrum, Thueringer Str. 16, 06112
Halle, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  GIEBICHENSTEIN IMMOBILIEN BESITZ GmbH
          Gabelsberger Str. 19b, 06114 Halle

          Marlies Greschuchna, Administrator
          Grosser Berlin 14, D-06108 Halle
          Phone: 0345/6828831
          Fax: 0345/6828897


LOPOS TECHNOLOGIES: Hamburg Company Goes Bust
---------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against LOPOS Technologies GmbH on September 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until November 4, 2005 to
register their claims with court-appointed provisional
administrator Ulrich Rosenkranz.

Creditors and other interested parties are encouraged to attend
the meeting on December 9, 2005, 8:35 a.m. at the district court
of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4.
Etage, Anbau, Saal B 405, at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  LOPOS TECHNOLOGIES GmbH
          Ness 1, 20457 Hamburg
          Contact:
          Jorg Fiebelkorn, Manager
          Cranachstrasse 56, 22607 Hamburg
          Dr. Salomon Klaczko-Ryndzium, Manager
          Beckers Treppe 2, 22587 Hamburg
          Manfred Seigis, Manager
          Bismarckstrasse 9, 20259 Hamburg

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


NOMIS-QUARTIER: Court Calls in Administrator
--------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Nomis-Quartier GmbH on September 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 21, 2005 to register their
claims with court-appointed provisional administrator Dirk
Decker.

Creditors and other interested parties are encouraged to attend
the meeting on December 12, 2005, 12:35 p.m. at the district
court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355
Hamburg, 4. Etage Anbau, Saal B 405, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  NOMIS-QUARTIER GmbH
          Kleine Seilerstrasse 1, 20359 Hamburg
          Contact:
          Dr. Dieter Floren, Manager
          Biernatzkistrasse 7, 22767 Hamburg

          Dirk Decker, Administrator
          Speersort 4-6, 20095 Hamburg
          Phone: 303010
          Fax: 30301435


TSA TRANSFORMA: Claims Verification Set February
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against TSA Transforma Schaltanlagen GmbH on October
1.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until December
23, 2005 to register their claims with court-appointed
provisional administrator Dr. Wolfgang Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on November 23, 2005, 9:20 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on February 22,
2006, 9:10 a.m. at the same venue.

CONTACT:  TSA TRANSFORMA SCHALTANLAGEN GmbH
          Suedring 40,21465 Wentorf

          Dr. Wolfgang Schroder, Administrator
          Genthiner Str. 48, 10785 Berlin


UEBELACKER ELEKTRO: Augsburg Court Names Pluta Administrator
------------------------------------------------------------
The district court of Augsburg opened bankruptcy proceedings
against uebelacker elektro-anlagen-technik GmbH on October 4.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until October 24, 2005
to register their claims with court-appointed provisional
administrator Dr. Martin Prager.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 8:35 a.m. at the district court
of Augsburg, Justizgebaude, Sitzungssaal 162, Am Alten Einlass 1,
86150 Augsburg, 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:  UEBELACKER ELEKTRO-ANLAGEN-TECHNIK GmbH
          Meraner Str. 14, 86165 Augsburg
          Contact:
          Peter Uebelacker, Manager

          Dr. Martin Prager
          Pluta Rechtsanwalts GmbH
          Barthstr. 16, 80339 Muenchen
          Web site: http://www.pluta.net


VOLKSWAGEN AG: Skoda Auto to Sell Cars in Taiwan
------------------------------------------------
Volkswagen AG's Skoda Auto unit will start selling cars in Taiwan
December, following a distribution deal with Formosa Automobile
Corporation (FAC), said the Economist Intelligence Unit.

FAC is a subsidiary of Formosa Plastics Group, the biggest
private industrial company in Taiwan.  Formed in 1998 using
technology from South Korea's Daewoo Motor, FAC builds and sells
the Matiz and Magnus car brands.

According to FPG Vice President Seiko Chen, Skoda will deliver
about 2,000 units for sale at the end of 2005.  The figure is
expected to increase by 10%-20% every year.  Under the agreement,
Formosa will distribute Skoda's luxury sedan, the Superb (that
costs US$64,000), Octavia and Fabia models.

FPG, which beat rival Taikoo Motors for the contract, also eyes
to deliver parts for Volkswagen AG.  Taikoo distributes
Volkswagen and Audi models in Taiwan.

                        About the Company

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

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

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

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

          FORMOSA AUTOMOBILE CORPORATION
          3F, No. 201-17
          Tung Hwa N. Road
          Taipei
          Phone: +886-2-271-222-11
          Fax: +886-2-254-676-26
          Web site: http://www.fasc.com.tw


WERO BAU: Under Bankruptcy Administration
-----------------------------------------
The district court of Cottbus opened bankruptcy proceedings
against WERO Bau GmbH on October 10.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 30, 2005 to register their claims
with court-appointed provisional administrator Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting on January 5, 2006, 10:00 a.m. at the district court
of Cottbus, Gerichtsplatz 2, Saal 313, 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:  WERO BAU GmbH
          Berliner Strasse 39 a, 03172 Guben
          Contact:
          Herrn Reiner Orlamuende, Manager

          Thomas Krafft, Administrator
          Jagerallee 37 H, 14469 Potsdam


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


FINPART SPA: Declared Bankrupt
------------------------------
The Milan Bankruptcy Court has declared troubled fashion holding
Finpart S.p.A. insolvent, La Stampa says.

The court likewise upheld CONSOB's refusal to approve Finpart's
restructuring plan, which the stock market regulator says
included a prohibited appeal to the financial sector.
Simultaneously, Milan prosecutors have launched a probe into the
company's alleged fraudulent bankruptcy.

The board of Banca Popolare di Intra, to which Finpart owes more
than EUR170 million, met Wednesday to discuss the court's
decision.

In June, the court gave Finpart two months to draft a
restructuring plan approved by banks and stock market regulator
CONSOB.  The plan, however, got stuck at CONSOB, which refused to
approve the plan because it entails going to the market with a
debt-to-equity offer.  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
===================


ALLIANCE BANK: Fitch Rates Proposed Eurobond 'B+'
-------------------------------------------------
Fitch Ratings has assigned ALB Finance B.V.'s upcoming issue of
notes an expected Long-term 'B+' rating.  The notes are to be use
d solely for financing a deposit with Kazakhstan's Alliance Bank
(Alliance), which is rated Long-term 'B+', Short-term 'B',
Individual 'D', and Support '4'.  The Outlook on the Long-term
rating is Stable.

ALB Finance B.V., a Netherlands-domiciled special purpose vehicle
(SPV), will only pay noteholders principal and interest received
from Alliance.  In addition, Alliance unconditionally and
irrevocably guarantees the timely and full repayment of the notes
in the trust deed between the bank and the trustee, J.P. Morgan
Corporate Trustee Services Limited.  The final rating is
contingent upon receipt of final documentation conforming
materially to information already received.

The terms and conditions of the notes specify that they will rank
at least pari passu with the claims of other unsecured creditors
of the issuer and that the obligations of Alliance under the
guarantee will rank at least pari passu with claims of other
unsecured creditors of Alliance, save those preferred by relevant
(bankruptcy, liquidation etc.) laws.  Under Kazakh law, the
claims of retail depositors rank above those of other senior
unsecured creditors.  At end-H105, retail deposits accounted for
around 16% of Alliance's total liabilities, according to the
bank's unaudited Local Accounting Standards (similar to IFRS)
accounts.

Covenants limit Alliance's dividend payments to 50% of net income
in any particular year and also specify that the terms of all
transactions of more than US$2 million must be concluded on a
market basis.  Alliance also commits to maintaining a total BIS
capital adequacy ratio of 10%, and a cross default clause becomes
applicable in case of overdue debt in excess of US$10 million.

The terms and conditions of the notes contain a negative pledge
clause, which allows for a degree of securitization by Alliance.
In the event of such a securitization, Fitch notes that the
nature and extent of any over-collateralization would be assessed
by the agency for any potential impact on unsecured creditors.

Noteholders will benefit from a put option should one of the
bank's credit ratings be downgraded as a result of an asset sale
by, or a merger of, Alliance.

At end-H105, Alliance was the fifth largest bank in Kazakhstan
with a market share of approximately 6.7% of total sector assets.

CONTACT:  ALLIANCE BANK
          050091 100A, Furmanov str.
          Republic of Kazakhstan
          Phone: +7 (3272) 585 000
                 or +7 (3272) 59 71 91
          Fax: +7 (3272) 597 195
          E-mail: almt@alb.kz
          Web site: http://www.alb.kz

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

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


ATF BANK: Fitch Assigns Eurobond Final 'B+' Rating
--------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based ATF Bank's (ATF)
US$200 million 8.125% eurobond due October 2010 a final Long-term
'B+' rating.

ATF is rated Long-term 'B+' with a Stable Outlook, Short-term
'B', Individual 'D', and Support '4'.

ATF Bank is the fourth largest commercial bank in Kazakhstan by
assets, with around 8% of the banking system's assets at
end-H105.  It provides a broad range of banking services to
corporates and SMEs, and is also growing its retail business,
focusing on higher and middle-income individuals.  It is also
active in the foreign exchange and government securities markets
in Kazakhstan.

CONTACT:  ATF BANK
          Contact:
          Zhanna Bubeyeva
          Phone: 7 (3272) 583072, 583022, 503765
          Fax: 7 (3272) 501995
          E-mail: bubeyeva@atfbank.kz
          Web site: http://www.atfbank.com

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

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


PETROKAZAKHSTAN INC.: CNPC Completes Takeover
---------------------------------------------
PetroKazakhstan Inc. announced that the acquisition of the
Company for US$55.00 cash per share by CNPC International Ltd.
pursuant to a Court-approved Plan of Arrangement has closed.
Shareholders will receive payment for their shares from
Computershare Trust Company of Canada within the next few days.

"We are delighted that the process which we started several
months ago has been successfully concluded," said Mr. Bernard F.
Isautier, Chairman, President and Chief Executive Officer of
PetroKazakhstan.

"CNPC has acquired a business full of opportunities and with
high-caliber employees.  We wish them future success in
Kazakhstan."

As a result of the Arrangement, PetroKazakhstan is now an
indirect wholly owned subsidiary of CNPC.  PetroKazakhstan has
applied to delist its shares from trading 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 and in Kazakhstan on the
Kazakhstan Stock Exchange.

                           *   *   *

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


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


HAGEMEYER N.V.: Revenue Increases to EUR1,438 Million in Q3
-----------------------------------------------------------
(a) Group revenue of EUR1,438 million, organic growth of 4.3% in
    Q3 2005 (HY1 2005: 3.2%);

(b) Q3 2005 organic revenue growth of 4.8% in PPS business,
    based on the same number of working days (HY1 2005: 4.5%);

(c) Revenue decline for ACE business reduced from 12.1% in HY1
    2005 to 3.5% in Q3 2005; and

(d) Outlook for 2005 and beyond reconfirmed

                  Report of CEO Rudi de Becker

Sales growth in our PPS business accelerated from 4.1% in Q2 to
4.8% in Q3.  The main contributors to this positive development
were Germany, where we continued to gain market share, Spain and
North America.  In the U.K., we decided to postpone major sales
initiatives until Q4, and instead to continue to concentrate on
improving gross margins, reducing costs and further streamlining
our newly restructured logistics.  Q3 sales in the U.K. therefore
remained flat.  The combination of excellent customer service
levels, an increase of the sales force of our main U.K. operating
company by almost 50% and the launch of a spectacular sales
campaign in Q4 should lead to improved sales growth in the U.K.
The skies also seem to be brightening for our Agencies and
Consumer Electronics business, where the rate of decline has
considerably decreased in Q3.  Based on the ongoing positive
development of our business during quarter three, we have every
reason to remain confident about 2005 and beyond.

Revenue Development

In the third quarter of 2005, net revenue for the Group was
EUR1,438 million (Q3 2004: EUR1,385 million).  Organic revenue
growth was 4.3% or EUR58 million.

The net effect of divestments and acquisitions led to a reduction
in revenue of EUR19 million, mainly due to the divestments of
Hagemeyer Asia-Pacific Electronics (HAPE) per April 1, 2005 and
of our PPS activities in India in
September 2004.

Foreign exchange rate movements increased net revenue by EUR14
million.  Organic growth for the PPS business was 4.9%
in Q3 2005 (HY1 2005: 4.5%).  Germany, Spain and North America
were the main contributors to this growth.

Financial Position

The Group's net senior debt decreased from EUR297 million as at
30 June 2005 to EUR277 million as at 30 September 2005.  This
decrease in the net senior debt in the third quarter is mainly
the result of the positive cash flow in this period.

Outlook

We reconfirm our outlook for 2005 and beyond.

For 2005, we expect:

(a) To further grow our net revenue, provided our markets do not
    deteriorate;

(b) To achieve savings in operating costs that will at least
    offset inflationary and volume-related cost movements;

(c) To achieve an operating result before exceptional items of
    at least EUR70 million (HY1 2005: EUR10 million);

(d) To meet the financial covenants for the senior credit
    facility as at December 31;

(e) To charge net exceptional items of less than EUR15 million
    in the second half of the year; and

(f) To achieve a positive net result (before possible fair value
    adjustment of the conversion option on subordinated
    convertible bonds) in the second half of 2005.

For 2006, we expect a return to profitability (i.e. a positive
net result before possible fair value adjustment of the
conversion option on subordinated convertible bonds).

For 2007, the objective for our core PPS business remains a
Return on Invested Capital (ROIC) of 9%, versus a current
Weighted Average Cost of Capital (WACC) of 8%.  The eventual
outcome is expected to range between 7 and 10%, depending on the
extent to which we will be able to realize our assumed revenue
growth of 3 to 5% annually and our gross margin improvement
targets.

A copy of Hagemeyer's third-quarter trading report is available
at http://bankrupt.com/misc/hagemeyer_3q2005.pdf

                            *   *   *

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

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

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

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


ROYAL SHELL: Strike Looms Over Planned Pension Scheme Changes
-------------------------------------------------------------
Workers of Royal Dutch Shell plc in the Netherlands have warned
of industrial action against planned changes in the company's
pension scheme, said AFX News.

Labor groups led by CNV and FNV have mulled holding a strike next
week if Shell pursues its proposed reforms that involve raising
the retirement age and forcing employees to contribute to their
pensions.  The changes are set to take effect January 1, 2006.

A spokeswoman for CNV said: "We gave Shell an ultimatum that by
6:00 p.m. on Oct 31, if they don't give in to our demand (to drop
the proposed changes), there'll be a strike."

She added that the planned walkout will also involve NAM, Shell's
50-50 joint venture with Exxon Mobil Corp.  The strike could
paralyze Shell's major facilities including the Pernis refinery,
which produces 416,000 barrels daily as well as the Groningen gas
field and the Moerdijk chemical plant.

Meanwhile, in a statement, Shell expressed regrets over the
unions' negative response towards the planned changes to the
pensions scheme.

It said: "Shell believes that following constructive talks with
the Central Staff Council (COR), a very competitive new pension
scheme with good transitional measures is on the table."

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: Buys back 1,150,000 'A' Shares
-------------------------------------------
On 26 October 2005, Royal Dutch Shell plc purchased for
cancellation 850,000 'A' Shares at a price of EUR24.94 per share.
It further purchased for cancellation 300,000 'A' Shares at a
price of 1,692.82 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,995,790,000.

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


TELEPLAN INTERNATIONAL: Q3 Results Return to Black
--------------------------------------------------
Teleplan International N.V. said the company is continuing on its
successful path of restructuring with costs having reached
competitive levels.  Q3 2005 EBITDA amounted to EUR5.4 million
compared to a loss of EUR4.1 million before restructuring costs
of EUR22.7 million in 3Q 2004.  Net income for the third quarter
2005 was to EUR0.9 million versus a loss of EUR34.5 million last
year.  Earnings per share were EUR0.03 for the third quarter 2005
vs. a loss of EUR1.39 in last year's quarter.  Earnings figures
have increased for the 3rd consecutive quarter, since the start
of the restructuring program, an excellent achievement in a
seasonally slower quarter.

EBITDA for the first nine months of the financial year 2005
amounted to EUR14.1 million compared to a loss of EUR4.9 million
before restructuring costs of EUR28.2 million in the nine-month
period 2004.  Nine-month net income recorded was EUR0.9 million
compared to a loss of EUR47.6 million last year.  Earnings per
share for the first nine months 2005 were EUR0.03 compared to a
loss of EUR1.92 last year.

The improvement in the operational performance becomes even more
visible in the cash flow figure: cash provided by operations
amounted to EUR5.0 million in the first 9 months after a negative
operational cash flow of EUR14.6 million last year.  Excluding
cash outflows of almost EUR6 million related to the restructuring
program, Teleplan's effective cash generation from operations
reached EUR11 million in the first 9 months.

Sales in the third quarter 2005 came in at EUR64.4 million versus
EUR70.3 million last year.  On a comparable basis sales amounted
to EUR65.6 million last year due the divestment of Le Mans
(EUR4.7 million revenue).  Nine-month 2005 revenues amounted to
EUR190.7 million compared to EUR208.9 million for the same period
last year.  On a comparable basis the nine-month numbers have
been EUR193.3 million in 2004.

Balance sheet total on September 30, 2005 was EUR186.7 million
vs. EUR180.4 million at the end of the last financial year.  The
equity ratio increased to 19.6% vs. 16.5%.

The full report on the first nine months and the third quarter
2005 is available on the investor relations section of the Web
site of Teleplan.

CONTACT:  TELEPLAN INTERNATIONAL N.V.
          Werner von Siemensstraat 17
          2712 PN Zoetermeer
          Netherlands
          Mr. Gotthard Haug, CFO
          Phone: + 31 79 330 44 55
          Fax: + 31 79 330 44 66
          Web site: http://www.teleplan.com

          FRENZEL & CO. GMBH
          Charlotte Frenzel
          Unternehmensberatung fur Kapitalmarktfragen
          Phone: +49 6171 50 80 171


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


CENTROZAP SA: Sues Tax Office for PLN100 Million
------------------------------------------------
Steel and iron producer Centrozap S.A. in Katowice is claiming
PLN100 million in damages against the local tax office for
causing its bankruptcy, the Financial Times reports.  The claim
might even increase to PLN140 million after the dismissal of
VAT-tax scam against two of its former employees.

The board of Centrozap decided to declare the steel and
engineering company bankrupt due to heavy tax debt in 2003.
After three years of restructuring, Centrozap's fate abruptly
changed when Voest Alpine Industrieanlagenbau withdrew its
downpayment of EUR4.3 million for a planned PLN120 million joint
contract with the company in Russia.

A TCR-Europe report in 2003 said the company owes the tax office
ZL118 million.  It has managed to pay PLN40 million of the amount
and negotiate another PLN50 million.  A recent report from Warsaw
Business Journal said Centrozap is issuing shares worth PLN180
million to pay debt and improve liquidity.

The company's main activity is foreign trade.  Export and import
include mostly metallurgical products, metals, machinery and
precision industrial goods.  It is one of the biggest foreign
trade companies operating in the field of metal founding and
metallurgy.  The company operates mainly in the European Union
and Central-Eastern Europe.

CONTACT:  CENTROZAP S.A.
          ul. Powstan'cow 34
          40-954
          Katowice
          Polska
          Phone: +48 32 2091177
          Fax: +48 32 2091324
          Web site: http://www.centrozap.com.pl
          E-mail: cent@centrozap.com.pl


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


BAKERY: Omsk Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Arbitration Court of Omsk region commenced bankruptcy
proceedings against Bakery (TIN 5530003944) after finding the
limited liability company insolvent.  The case is docketed as
K/E-110/05.  Mr. I. Katykov has been appointed insolvency
manager.

CONTACT:  BAKERY
          646740, Russia, Omsk region,
          Poltavskiy region, Poltavka

          Mr. I. Katykov
          Insolvency Manager
          644024, Russia, Omsk-24,
          Marksa Pr. 4-209a
          Phone/Fax: (3812) 31-05-27, 31-00-13


BOLSHEMURASHKINSKAYA: Bankruptcy Supervision Procedure Begins
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on fur factory
Bolshemurashkinskaya (TIN 5204000939).  The case is docketed as
A43-23874/2005 24-382.  Mr. S. Kapterov has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 603138, Russia, Nizhniy Novgorod, Post User Box 108.

CONTACT:  BOLSHEMURASHKINSKAYA
          Russia, Nizhniy Novgorod region, Bolshoye Murashino,
          Nizhegorodskaya Str. 1771

          Mr. S. Kapterov
          Insolvency Manager
          603138, Russia, Nizhniy Novgorod region,
          Post User Box 108


CRYSTAL: Insolvency Manager Takes over Business
-----------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
proceedings against Crystal after finding the municipal unitary
enterprise insolvent.  The case is docketed as A19-24815/05-29.
Mr. V. Sokolov has been appointed insolvency manager.  A hearing
will take place on March 9, 2006.

CONTACT:  CRYSTAL
          664007, Russia, Irkutsk region,
          Krasnogvardeyskaya Str. 20

          Mr. V. Sokolov
          Insolvency Manager
          664023, Russia, Irkutsk region,
          Deputatskaya Str. 39-1
          Phone: 8(3952) 533-718


DAROVSKAYA: Succumbs to Bankruptcy
----------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Darovskaya (TIN 4308002921, KPP 430801001)
after finding the poultry farm insolvent.  The case is docketed
as A28-239/05-260/6.  Mr. S. Vershinin has been appointed
insolvency manager.

CONTACT:  DAROVSKAYA
          612140, Russia, Kirov region, Darovskoy

          Mr. S. Vershinin
          Insolvency Manager
          610000, Russia, Kirov (region),
          Bolshevikov Str. 89a, 21


LES-SEL-MASH: Bankruptcy Hearing Set Next Year
----------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on Apsheronskiy factory
Les-Sel-Mash (TIN 2325002981).  The case is docketed as
A-32-31544/2005-37/433-B.  Mr. A. Pyatkov has been appointed
temporary insolvency manager.

Creditors may submit their proofs of claim to 350042, Russia,
Krasnodar, Kolkhoznaya Str. 3, Room 208.  A hearing will take
place on February 6, 2006.

CONTACT:  LES-SEL-MASH
          Russia, Krasnodar region, Apsheronskiy region,
          Apsheronsk, Koroleva Str. 112

          Mr. A. Pyatkov
          Temporary Insolvency Manager
          350042, Russia, Krasnodar region,
          Kolkhoznaya Str. 3, Room 208
          Phone: (861) 275-89-30


MIASSKIY MEAT: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on open joint stock company
Miasskiy Meat Combine.  The case is docketed as
A76-16698/05-60-105.  Mr. V. Ivanov has been appointed temporary
insolvency manager.

CONTACT:  MIASSKIY MEAT COMBINE
          456315, Russia, Chelyabinsk region,
          MIass, Zaimochnaya Str. 5

          Mr. V. Ivanov
          Temporary Insolvency Manager
          191105, Russia, St-Petersburg,
          Kavalergardskaya Str. 6


MURZITSKOYE: Court Brings in Insolvency Manager
-----------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Murzitskoye after finding the
grain receiving enterprise insolvent.  The case is docketed as
A43-6284/05-18-222.  Mr. I. Kuznetsov has been appointed
insolvency manager.  Creditors have until November 24, 2005 to
submit their proofs of claim to 603138, Russia, Nizhniy Novgorod,
Post User Box 108.

CONTACT:  MURZITSKOYE
          Russia, Nizhniy Novgorod region,
          Sechenovskiy region, Murzitsy

          Mr. I. Kuznetsov
          Insolvency Manager
          603138, Russia, Nizhniy Novgorod region,
          Post User Box 108


PERMSKIY BRICKWORKS: Declared Insolvent
---------------------------------------
The Arbitration Court of Perm region commenced bankruptcy
proceedings against Permskiy Brickworks after finding the close
joint stock company insolvent.  The case is docketed as
A50-5370/2005-B.  Mr. V. Radchenko has been appointed insolvency
manager.  Creditors have until November 24, 2005 to submit their
proofs of claim to 614025, Russia, Perm, Kolomenskaya Str. 5-116.

CONTACT:  PERMSKIY BRICKWORKS
          Russia, Perm region,
          Pikhtovaya Str. 43/47

          Mr. V. Radchenko
          Insolvency Manager
          614025, Russia, Perm region,
          Kolomenskaya Str. 5-116


RESO-RE: Long-term Counterparty Credit Rated 'B+'
-------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
counterparty credit and insurer financial strength ratings to
Russia-based reinsurer RESO-Re.  At the same time, Standard &
Poor's assigned its 'ruA+' Russia national scale rating to the
company.  The outlook is positive.

"The ratings on RESO-Re reflect its core status within the
RESO-Garantia group," said Standard & Poor's credit analyst
Tatiana Grineva.  "The ratings on RESO-Re therefore reflect the
financial strength characteristics of RESO-Garantia."

The ratings are based on RESO-Garantia's high industry risk, over
which the group has very little control; aggressive investment
strategy, which translates into a weak investment portfolio; and
low capitalization by international standards.  These negative
factors are partially mitigated by RESO-Garantia's strong
competitive advantages in the Russian private lines insurance
market.

The positive outlook reflects Standard & Poor's expectation that
RESO-Garantia's investment profile will become more conservative
in line with new Russian regulatory requirements, which will
become effective in June 2006.  As a result, the ratings may be
raised.  If the group fails to improve the quality of its
investment portfolio, however, the ratings are likely to be
affirmed and the outlook revised to stable. In addition, Standard
& Poor's expects RESO-Re to maintain its core status within
RESO-Garantia, while RESO-Garantia is expected to continue its
controlled profitable growth.

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


WINE-VODKA DISTILLERY: Claims Filing Period Ends November
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region commenced
bankruptcy proceedings against Wine-Vodka Distillery after
finding the open joint stock company insolvent.  The case is
docketed as A43-427 1/2005-18-70.  Mr. A. Raspopin has been
appointed insolvency manager.  Creditors have until November 24,
2005 to submit their proofs of claim to 606574, Russia, Nizhniy
Novgorod region, Koverninskiy region, Semino, Fabrichnaya Str. 1.

CONTACT:  WINE-VODKA DISTILLERY
          606574, Russia, Nizhniy Novgorod region,
          Koverninskiy region, Semino, Fabrichnaya Str. 1

          Mr. A. Raspopin
          Insolvency Manager
          606574, Russia, Nizhniy Novgorod region,
          Koverninskiy region, Semino, Fabrichnaya Str. 1


YAROSLAVSKIY: Deadline for Proofs of Claim November 24
------------------------------------------------------
The Arbitration Court of Primorye region has commenced bankruptcy
supervision procedure on agricultural building combine
Yaroslavskiy.  The case is docketed as A51-6094/2005 21-90B.  Mr.
V. Gusarenko has been appointed temporary insolvency manager.
Creditors have until November 24, 2005 to submit their proofs of
claim to 692271, Russia, Primorye region, Khorolskiy region,
Yaroslavskiy, Lazo Str. 8.

CONTACT:  YAROSLAVSKIY
          692271, Russia, Primorye region, Khorolskiy region,
          Yaroslavskiy, Lazo Str. 8

          Mr. V. Gusarenko
          Temporary Insolvency Manager
          692271, Russia, Primorye region,
          Khorolskiy region, Yaroslavskiy, Lazo Str. 8


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


CABLECOM HOLDINGS: Liberty Global Completes Acquisition
-------------------------------------------------------
Liberty Global, Inc. said it has completed the previously
announced acquisition of 100% of the equity of Cablecom Holdings
AG, for cash consideration of CHF2.826 billion (US$2.185 billion
at October 24, 2005), from a group of selling shareholders led by
Apollo Management, Towerbrook Capital Partners and Goldman Sachs'
affiliates.  Liberty Global financed the cash purchase price by
using a combination of approximately US$1.2 billion of existing
cash and the proceeds of approximately US$1.0 billion from newly
issued debt securities.

Cablecom is the largest broadband cable operator in Switzerland
in terms of subscribers.  With the transaction completed, Liberty
Global adds a major new market to its European footprint, and now
operates the largest broadband cable business in terms of
subscribers in 11 of its 14 European markets.

About Liberty Global, Inc.

Liberty Global (Nasdaq: LBTYA - News, LBTYB - News, LBTYK - News)
owns interests in broadband distribution and content companies
operating outside the continental United States, principally in
Europe, Asia, and the Americas.  Through its subsidiaries and
affiliates, Liberty Global is the largest broadband cable
operator outside the U.S. in terms of subscribers.  Based on the
Company's consolidated operating statistics at June 30, 2005
(other than NTL Ireland which we consolidate but do not control),
Liberty Global's networks passed approximately 23.5 million homes
and served approximately 14.9 million revenue generating units,
including approximately 10.7 million video subscribers, 2.5
million broadband Internet subscribers and 1.8 million telephone
subscribers.

                            *   *   *

Moody's Investors Service has initiated a review for upgrade on
the debt ratings of Cablecom Holdings after the announcement that
Liberty Global will acquire 100% of the company.  Moody's will
factor in its review the issuance of EUR550 million paid-in-kind
(PIK) loan at the level of United ACM Holdings Inc., a holding
company outside the restricted group.  Concurrently, Moody's
assigned a definitive B2 rating on the company's senior secured
notes.

Ratings affected were:

Cablecom Luxembourg SCA:

(a) B2 Senior secured notes in the amount of CHF 390 million and
    EUR200 million maturing 2010;

(b) B2 Senior secured notes in the amount of EUR375 million
    maturing 2012; and

(c) Caa1 Senior notes in the amount of EUR290 million maturing
    2014.

Moody's decision to initiate the review for upgrade reflects
Cablecom's continued robust operational and financial
performance, which resulted in the consolidated leverage of 5.1x
Total Debt to EBITDA as of 30 June 2005.  Furthermore, in its
review Moody's will consider the potential operational and
financial benefits for Cablecom from becoming a part of the pan-
European cable operator, UnitedGlobalCom, Inc.

At the same time, Moody's acknowledges that the issuance of the
PIK loan will result in a material increase in Cablecom's
consolidated leverage (including the PIK loan) from c. 5.1x to c.
7.6x Total Debt to EBITDA on a LQA basis at United ACM Holdings
level.  Moody's notes that the terms and conditions of the
existing notes would have prohibited additional debt issuance
within the restricted group.  The rating agency will therefore
consider this increased leverage in its analysis of the corporate
family rating.  Moreover, the review will focus on the
positioning of the corporate family rating within the overall
group.

The PIK loan issuance is outside the restricted group thus
limiting the negative impact of the additional debt on the
existing notes.  Furthermore, Moody's understands that there will
not be any changes to the terms and conditions of the restricted
group's indebtedness.  Therefore, any PIK interest payments on
the loan will be subject to the restricted payments test as
embedded in the terms and conditions of the existing notes.
Moody's also notes that the PIK loan will have a cash interest
component, which will be pre-funded for approx.  28 months of
debt service at the issuance of the loan.  Moody's assumes that
there will be no change in Cablecom Holdings S.a.r.l.'s and
Cablecom Luxembourg GP S.a.r.l.'s claim on Cablecom Luxembourg
S.C.A., which Moody's currently understands to be equity-based.

Following the change in the ownership, a change in control clause
will be triggered in Cablecom's existing debt instruments
including the CHF150 million undrawn revolving bank facility.  In
the event any of the notes and/or the revolving facility is put
for repayment/replacement, it is Moody's expectation that
Cablecom intends to finance these pre-payments from committed
financing.  Furthermore Moody's understands that the committed
financing will rank pari-passu with the senior secured notes.

Additionally, Moody's notes the optional call redemption of the
senior secured notes in October 2005.  It is Moody's expectation
that the notes are unlikely to be called by the company thus
limiting refinancing risk.

CONTACT:  LIBERTY GLOBAL, INC.
          Web site: http://www.lgi.com
          Christopher Noyes, Investor Relations - Denver
          Phone: (303) 220-6693

          Bert Holtkamp, Corporate Communications - Europe
          Phone: +31 20 778 9447

          Dennis Okhuijsen, Investor Relations - Europe
          Phone: +31 20 778 2964


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


COMERCSERVICE: Declared Insolvent
---------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Comercservice (code EDRPOU 30723302) on
September 12, 2005 after finding the limited liability company
insolvent.  The case is docketed as 15/619-b.  Mr. Yurij Tukman
(License Number AB 116285) has been appointed
liquidator/insolvency manager.  The company holds account number
26009001911 at JSPPB Aval, Kyiv region regional branch, MFO
322904.

CONTACT:  COMERCSERVICE
          01034, Ukraine, Kyiv region,
          Prorizna Str. 4-A

          YURIJ TUKMAN
          Liquidator/Insolvency Manager
          10011, Ukraine, Kyiv region, a/b 209
          Phone: (044) 490-88-79

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


FIRST CRIMEAN: Under Bankruptcy Supervision
-------------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on LLC First Crimean Industrial Company
(code EDRPOU 30975312) on July 29, 2005.  The case is docketed as
20-8/243.  Mr. Dragojtsev Atik (License Number AA 779320) has
been appointed temporary insolvency manager.

CONTACT:  FIRST CRIMEAN INDUSTRIAL COMPANY
          99029, Ukraine, AR Krym region,
          Sevastopol, Ganeral Ostryakov Str. 141-A/47

          DRAGOJTSEV ATIK
          Temporary Insolvency Manager
          Ukraine, AR Krym region,
          Sevastopol, P. Korchagin Str. 34/22

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


MICHURINETS: Succumbs to Bankruptcy
-----------------------------------
The Economic Court of AR Krym region commenced bankruptcy
supervision procedure on Agricultural LLC Michurinets (code
EDRPOU 00850193) on June 6, 2005.  The case is docketed as
2-26/11780-2005.  Mr. Pavlo Mojstrenko (License Number AB 216996)
has been appointed temporary insolvency manager.

CONTACT:  MICHURINETS
          96180, Ukraine, AR Krym region,
          Dzhankoj district, Mirnivka,
          Internatsionalna Str. 41

          PAVLO MOJSTRENKO
          Temporary Insolvency Manager
          95000, Ukraine, AR Krym region,
          Simferopol, Lebedev Str. 15

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


PIVDENNYI BANK: Fitch Assigns Long-term 'CCC+' Rating
-----------------------------------------------------
Fitch Ratings has assigned ratings to Ukraine's Pivdennyi Bank of
Long-term 'CCC+', Short-term 'C', Individual 'D/E' and Support
'5'.  The Outlook for the Long-term rating is Stable.

The Long-term, Short-term and Individual ratings reflect
Pivdennyi's small size by international standards, modest
capitalization, significant concentration levels on both sides of
the balance sheet, modest and decreasing core profitability as a
result of margin pressures and growth in expenses, potentially
vulnerable liquidity and potentially unstable funding base.
However, they also reflect its reasonable asset quality to date
and moderate level of market risk.

Upward pressure on Pivdennyi's ratings could result from a
reduction in concentration levels, better capitalization and
liquidity, a successful development of its franchise and an
improvement in its operating environment.  Downward pressure on
the ratings could result from deterioration of capitalization or
a worsening of asset quality.

Pivdennyi was established in 1993 and was purchased by the
current shareholders in 1994.  Since then, the bank has
diversified its franchise and at end-H105 was the 18th-largest
bank in the country.  Control of the bank is ultimately in the
hands of two individuals who also own industrial, agricultural,
real estate and trading assets.  Pivdennyi's core business lies
in corporate and retail banking with the majority of its
franchise in the Odessa region.  At end-H105, the bank had 66
branches and outlets.

CONTACT:  PIVDENNYI BANK
          vul. 9 Sichnya, 15
          Phone: (0552) 42-51-60

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

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


SAMBIRSKIJ FURNITURE: Insolvency Manager Steps in
-------------------------------------------------
The Economic Court of Lviv region commenced bankruptcy
proceedings against Sambirskij Furniture Combine (code EDRPOU
00274890) on September 6, 2005 after finding the enterprise
insolvent.  The case is docketed as 6/302-4/233.  Mr. Vitalij
Koval (License Number AA 485230) has been appointed
liquidator/insolvency manager.

CONTACT:  SAMBIRSKIJ FURNITURE
          82000, Ukraine, Lviv region,
          Starij Sambir, Listopadova Str. 24

          VITALIJ KOVAL
          Liquidator/Insolvency Manager
          79034, Ukraine, Lviv region,
          Listopadna Str. 11/25

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


TRAK-MAGISTRAL: Bankruptcy Supervision Begins
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Trak-Magistral (code EDRPOU
31451115).  The case is docketed as 43/582.  Mr. S. Dyachenko
(License Number AB 216945) has been appointed temporary
insolvency manager.  The company holds account number
260053012054 at JSB National Investments, Kyiv region branch, MFO
300498.

CONTACT:  TRAK-MAGISTRAL
          Ukraine, Kyiv region,
          Volinska Str. 66-A

          Mr. S. Dyachenko
          Temporary Insolvency Manager
          03055, Ukraine, a/b 149
          Phone/Fax: 8 (044) 236-11-17

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


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


ADRIAN SMYTHE: Children's Book Publisher Winds up
-------------------------------------------------
A Manchester company that published "drugs and safety awareness
books" aimed at school children has been wound up following a DTI
investigation.

Adrian Smythe Publishing Ltd. (ASP) called businesses throughout
the U.K. to secure sponsorship for books it published.  The
company claimed that in return for donations, they would
distribute books dealing with issues such as drug use, bullying
and Internet safety.

The company gave the impression that it was primarily engaged in
a charitable or official child safety campaign.  In reality it
was a commercial enterprise selling the books for profit.  The
proceeds from the sponsorship deals were spent mainly on
commissions to telesales staff and other running costs.

The DTI's Companies Investigation Branch found that over 5,500
sponsors had been contacted and the company had secured
sponsorship payments approaching GBP600,000.  This required the
company to supply some 88,000 books, but investigators found that
over 65,000 books had not been distributed as promised.

                            *   *   *

The registered office of the company is 3rd Floor, Beehive Mill,
Jersey Street, Manchester, M4 6JG.  It later carried on business
from Gainsborough House, Portland Street, Manchester M1.  It had
telesales offices at Strawberry Studios, Waterloo Street,
Stockport, and Capitol House, Churchgate, Bolton.

Adrian Smythe Publishing Limited was incorporated in September
2003.

The petition was presented on 6 September 2005 under s124A of the
Insolvency Act 1986 following enquiries under Section 447 of the
Companies Act 1985.

The Official Receiver has been appointed liquidator of the
company and will be responsible for investigating the
circumstances of the company's failure.

The company's business was very similar to that of Anderson
Clarke Publications Limited which was wound up in the public
interest by the Secretary of State in April 2005 following an
investigation under s447  of the Companies Act 1985 by Companies
Investigation Branch.  Although the directors of the companies
were different, certain key personnel, advisors, and distributors
were common to both companies, and the telesales scripts were
found to be identical.

All public enquiries concerning the affairs of the company should
be made to the Official Receiver at:

     Official Receiver Public Interest Unit
     North PO Box 326 1st Floor Boulton House
     17-21 Chorlton Street Manchester M60 3ZZ
     Phone: 0161 934 4182
     E-mail: piu.north@insolvency.gsi.gov.uk


ANDREAS RESTAURANT: Files for Liquidation
-----------------------------------------
S. Constantinides, chairman of Andreas Restaurant Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Oct. 6 at 4 Shakespeare Road, London N3 1XE.  Stewart
Trevor Bennett of Berg Kaprow Lewis LLP, 35 Ballards Lane, London
N3 1XW was appointed liquidator.

CONTACT:  ANDREAS RESTAURANT LTD.
          22 Charlotte St
          London
          W1T 2NB
          Phone: 020 7580 8971

          BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


BIRCHWOOD MARINE: Hires Administrators from F A Simms & Partners
----------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss (IP Nos 9252,
9291) of F A Simms & Partners Plc were appointed joint
administrators of Birchwood Marine Limited (Company No 4580998) o
n Oct. 14.  The company's registered office is at Insol House, 39
Station Road, Lutterworth, Leicestershire LE17 4AP.  Birchwood
Marine builds and repairs pleasure and sports boats.

CONTACT:  BIRCHWOOD MARINE LTD.
          Common Road
          Sutton-in-Ashfield
          Nottinghamshire NG17 2JU
          United Kingdom
          Phone: (01623) 515133
          Fax: (01623) 440328
          Web site: http://www.birchwood.co.uk

          F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


BRITISH ENERGY: Upgraded to 'BB'; Outlook Remains Stable
--------------------------------------------------------
Fitch Ratings has upgraded both British Energy Group plc's (BEG)
and British Energy Holdings plc's (BEH) Senior Unsecured ratings
to 'BB' from 'BB-'.  The Outlook remains Stable.  The rating of
BEH's amortizing bonds, guaranteed by the group's material
operating subsidiaries is also upgraded to 'BB' from 'BB-'.

Steve Durose, Fitch's U.K. utilities analyst, said: "The upgrade
reflects the positive developments of the extension to the
scheduled lifetime at the Dungeness B power station and Fitch's
expectation that wholesale electricity prices are likely to
remain high in the short- to medium-term."

BEG is a price-taking generator with a low proportion of variable
costs and thus has a very high exposure to a fall in wholesale
prices.  For such companies, Fitch rates through the cycle of
prices rather than adjust ratings with the wholesale market's ebb
and flow.  However, the agency believes that there is some
evidence to indicate that higher wholesale electricity prices
might be sustained in the medium term: the decline of North Sea
gas and the reliance on more expensive continental gas; the
introduction of carbon costs into the market; lower generation
reserve margins; and clean spark spreads (i.e. the economic
profitability of gas-fired power stations) that are not
attractive enough to encourage significant new build.

However, British Energy group has historically had levels of
unplanned outages at its nuclear stations, which the current
management has described as "unacceptable".  The group's
Performance Improvement Programme aims to significantly increase
station reliability but it is too early to judge whether this
program will deliver the desired results.  Due to its
sub-investment grade status, the company is required to post
significant collateral for wholesale market sales.  These
collateral requirements are a significant call on the company's
cash resources and prevent the longer-term hedging of the group's
expected generation output.  Such longer-term hedging would be
beneficial to the credit profile of the group.  The ratings also
reflect the presence of a cash sweep, which will require the
group to make payment to the government-owned Nuclear Liabilities
Fund (NLF) of 65% of adjusted net cash flow.

In the event of an insolvency, BEH's bonds rank behind amounts
owed: (i) to the NLF; (ii) to the bank providing the GBP60
million receivables facility; (iii) on certain decommissioning
liabilities not included in the NLF arrangement; and (iv) to
collateralized trading parties.  In addition, lenders to the
group's Eggborough Power Ltd. have security over its shares and
assets and thus these assets will not be available to bondholders
in an insolvency.

In support of the ratings is significant cash reserve coverage
for operations and maintenance overspend or debt service and a
fixed charge coverage covenant of 2.0x.  In addition, the group
cannot pay a dividend unless a target amount of cash reserves is
achieved (GBP490 million plus the amount by which collateral
exceeds GBP200 million).  However, the company can replace the
target amount with a committed facility (subject to complying
with the fixed charge coverage covenant), which Fitch views as a
weakness in the protection for bondholders.

CONTACT:  BRITISH ENERGY GROUP PLC
          Systems House
          Alba Campus
          Livingston
          EH54 7EG
          Phone: +44 (0)1506 408700
          Fax: +44 (0)1506 408888
          Web site: http://www.british-energy.com

          FITCH RATINGS
          Steve Durose, London
          Phone: +44 (0)20 7417 4308
          Isaac Xenitides
          Phone: +44 (0)20 7417 4300

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


BURNETTS LIMITED: Restaurant Winds up
-------------------------------------
Burnetts Ltd. informs that resolutions to wind up the company
were passed at an EGM held on Oct. 7.  John Kelmanson and Elias
Paourou of The Kelmanson Partnership, Avco House, 6 Albert Road,
Barnet, Hertfordshire EN4 9SH were appointed Joint Liquidators.

CONTACT:  BURNETTS LTD.
          1 Lumley St, London, W1K 6TT
          Phone: 020 7491 7188

          THE KELMANSON PARTNERSHIP
          Avco House
          6 Albert Road
          Barnet
          Hertfordshire EN4 9SH
          Phone: 020 8441 2000
          Fax: 020 8441 3000
          E-mail: ep@kelpart.co.uk
                  tkp@kelpart.co.uk


CHAROLAIS INVESTMENT: Meeting of Creditors Next Month
-----------------------------------------------------
Creditors of Charolais Investment Company Ltd.(t/a Bunker Bar -
Company No 04484905) will meet on November 16, 2005, 10:00 a.m.
at Moore Stephens LLP, 1 Snow Hill, London EC1A 2DH.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Phillip Sykes and David Rolph, joint
administrators of Moore Stephens LLP, 1 Snow Hill, London EC1A
2DH not later than 12:00 noon, November 15, 2005.

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


CLEARFINISH LIMITED: Joint Liquidators Enter Firm
-------------------------------------------------
K.B. Druce, chairman of Clearfinish Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 7 at Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue,
London N3 2HS.  Robert Valentine and Mark Reynolds of Valentine &
Co, 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS were
appointed Joint Liquidators.

CONTACT:  CLEARFINISH LIMITED
          43 Gatwick Road, Crawley, West Sussex RH10 9RD
          Phone: 01293-453070

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


DAIRY CATERING: Goes into Liquidation
-------------------------------------
Dairy Catering Services Limited informs that a resolution to wind
up the company was passed at an EGM held on Oct. 4 at RMT,
Gosforth Park Avenue, Newcastle upon Tyne NE12 8EG.  A. A.
Josephs and L. A. Farish of RMT, Gosforth Park Avenue, Newcastle
upon Tyne NE12 8EG were appointed Joint Liquidators.

CONTACT:  DAIRY CATERING SERVICES LIMITED
          Station Appr, Team Valley Trad Est
          Gateshead, Tyne & Wear NE11 0ZF
          Phone: 0191-487-1144


DEREK HOWARD: Hires Joint Liquidators from Begbies Traynor
----------------------------------------------------------
K. H. Goertz, chairman of Derek Howard Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 7 at Regency House, 21 The Ropewalk, Nottingham NG1 5DU.
Richard A. B. Saville and Peter A. Blair of Begbies Traynor,
Regency House, 21 The Ropewalk, Nottingham NG1 5DU were appointed
Joint Liquidators.

CONTACT:  DEREK HOWARD LIMITED
          Weddington Terrace, Nuneaton
          Warwickshire CV10 0AG
          Phone: 02476325418

          BEGBIES TRAYNOR
          2-3 Pavilion Buildings
          Brighton
          Sussex BN1 1EE
          Phone: 01273 747847
          Fax: 01273 747743
          E-mail: geoff.rhodes@begbies-traynor.com


D P FURNITURE: Furniture Retailer Calls in PwC Administrator
------------------------------------------------------------
Company Names: D P FURNITURE EXPRESS LIMITED
               (Company No 03078560)

               D P WHOLESALE LIMITED
               (Company No 04867367)

               DURHAM PINE LIMITED
               (Company No 03078562)

               SPINCO LIMITED
               (Company No 04795111)

Ian David Green and Ian David Stokoe (IP Nos 9045, 6587) of
PricewaterhouseCoopers LLP were appointed joint administrators of
these companies on Oct. 17.  The companies' registered office is
at Unit H, Colima Avenue, Hylton Riverside, Sunderland SR5 3XF.

CONTACT:  DP FURNITURE EXPRESS
          10 The Stonebow
          York YO1 7NY
          North Yorkshire
          Phone: 01904 625125

          PRICEWATERHOUSECOOPERS LLP
          Benson House
          33 Wellington Street
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax: [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


DRIVELINE CONVERSIONS: Falls Under Administration
-------------------------------------------------
T. Papanicola (IP No 005496) of Bond Partners LLP was appointed
administrator of Driveline Conversions Limited (Company No
04687986) on Oct. 17.  The company's registered office is at The
Grange, 100 High Street, London N14 6TG.  Driveline Conversions
manufactures motor vehicle bodies.

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


EAST LIGHT: Administrators from Parkin S. Booth Enter Firm
----------------------------------------------------------
Robert M. Rutherford and Jonathan R. Booth (IP Nos 6852, 7486) of
Parkin S. Booth & Co. were appointed joint administrators of East
Light And Colour Limited (Company No 04016308) on Oct. 12.  The
company's registered office is at 44 Old Hall Street, Liverpool
L3 9EB.  East Light supplies window blinds.

CONTACT:  PARKIN S. BOOTH & CO.
          44 Old Hall Street,
          Liverpool L3 9EB
          Phone: 0151 236 4331
          Fax:   0151 255 0108
          E-mail: lp@parkinsbooth.co.uk
          Web site: http://www.parkinsbooth.co.uk


EDUCOM TRAINING: Calls in Liquidator
------------------------------------
M. I. Razaq, director of Educom Training Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 10 at 50 Newhall Street, Birmingham B3 3QE.  Gagen Dulari
Sharma of Sharma & Co., 50 Newhall Street, Birmingham B3 3QE was
appointed liquidator.

CONTACT:  EDUCOM TRAINING LTD.
          208 Warwick Rd, Sparkhill, Birmingham
          B11 2NB
          Phone: 0121-772 5848

     SHARMA & CO.
          50 Newhall Street
          Birmingham
          West Midlands B3 3QE
          Phone: 0121 248 5007
          Fax: 0121 248 5010
          E-mail: gagen@sharmaandco.com


ENGINEERING SERVICES: Calls in Vantis Business Recovery
-------------------------------------------------------
T. Purrett, chairman of Engineering Services to Insurers Limited,
informs that subjoined resolutions were passed at an EGM held on
Oct. 13 at Catherine House, Boundary Way, Hemel Hempstead,
Hertfordshire HP2 7RP.  Peter N. Wastell of Vantis Business
Recovery, Torrington House, 47 Holywell Hill, St Albans,
Hertfordshire AL1 1HD was appointed liquidator.

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


EUROPEAN TECHNOLOGY: Names Deloitte & Touche Administrator
----------------------------------------------------------
Lee Antony Manning and Neville Barry Kahn (IP Nos 006477, 008690)
of Deloitte & Touche LLP were appointed joint administrators of
European Technology Consultants Limited (Company No 03019319) on
Oct. 13.  The company's registered office is at 24 Chiswell
Street, London EC1Y 4TY.

CONTACT:  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


FEDERAL-MOGUL: Settles Dispute with U.K. Administrators
-------------------------------------------------------
On September 26, 2005, Federal-Mogul Corporation and several of
its constituencies in their Chapter 11 bankruptcy proceedings
reached an agreement with the administrators of Federal-Mogul's
U.K. affiliates, which would allow Federal-Mogul to retain the
businesses and other assets of its U.K. affiliates in exchange
for certain monetary amounts and reserves.

                The U.K. Global Settlement Agreement

The U.K. Global Settlement Agreement, according to James E.
O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, in Wilmington, Delaware, is a comprehensive resolution
of disputes between the Plan Proponents and the Administrators as
to the reorganization of the U.K. Debtors.  Those disputes, which
have centered on the valuation of and the law applicable to
asbestos personal injury claims and pensions-related claims
against the U.K. Debtors, have been a primary obstacle to
confirmation of the Plan and the successful conclusion of
cross-border plenary insolvency proceedings.

As a result of those disputes, the Administrators have for some
time been engaged in efforts to market and sell the assets and
businesses of the U.K. Debtors pursuant to U.K. insolvency laws.
In the view of all parties, the non-consensual liquidation of the
U.K. Debtors was less desirable than a coordinated and consensual
reorganization of the U.K. Debtors pursuant to the U.S. and U.K.
insolvency laws.

The U.K. Global Settlement Agreement resolves the parties'
disputes and thereby avoids the liquidation of the U.K. Debtors
and a clash of U.S. and U.K. jurisdictions, Mr. O'Neill says.
The U.K. Global Settlement Agreement thus removes a principal
obstacle to confirmation of the Plan and opens the path towards
the successful conclusion of the cross-border insolvency
proceedings.

The U.K. Global Settlement Agreement, in sum, provides for the
prompt and coordinated resolution of the U.K. administration
proceedings.  Specifically, the Administrators have agreed to
propose and recommend schemes of arrangement or company voluntary
arrangements for the U.K. Debtors in accordance with the terms of
the U.K. Global Settlement Agreement.

The CVAs or Schemes, if approved by the requisite vote of
creditors in accordance with U.K. insolvency laws, will provide
for the resolution and treatment of most claims against the U.K.
Debtors with the notable exception of U.S., Canadian and certain
other "rest of world" current and future asbestos personal injury
claims against the U.K. Debtors and Intercompany Claims.

The resolution and treatment of the U.S. APICs will instead be
dealt with pursuant to the Plan and, specifically, the Section
524(g) asbestos trust to be created pursuant to the Plan, Mr.
O'Neill explains.  For all other claimants against the U.K.
Debtors, the U.K. Global Settlement Agreement provides that they
will be entitled to the distributions they are to receive
pursuant to the CVAs or Schemes.

The U.K. Global Settlement Agreement provides for certain
reserves and payments to be established and made pursuant to the
CVAs or Schemes.  These reserves and payments will be funded by:

    (a) the substantial cash owned by the U.K. Debtors and
        controlled, under the laws of the United Kingdom, by the
        Administrators; and

    (b) the proceeds of certain intercompany loan notes held by
        T&N Limited.

                         Funds                         Maximum
                        Required         Maximum       Value of
                          For            Value of      Non-U.K.
                       Clause 8(e)      Section 75   Intercompany
  Company                Reserve          Claim         Claim
  -------              -----------      ----------   -----------
  F-M Friction       GBP52,060,000   GBP32,890,000             -
  F-M Eurofriction         930,000         110,000             -
  F-M Sealing            2,730,000       1,410,000             -
  F-M Sintered           7,480,000       5,150,000             -
  F-M Aftermarket        7,150,000       4,390,000             -
  F-M Sealing            3,000,000       9,180,000     GBP80,000
  F-M Bradford           3,600,000      19,260,000       970,000
  F-M Camshaft           5,300,000       4,140,000             -
  F-M Camshafts          4,500,000       2,900,000             -
  F-M Powertrain         1,800,000       3,810,000        10,000
  F-M Systems              940,000         150,000             -
  TBA Industrial         6,450,000      11,580,000             -
  F-M Engineering          500,000               -             -
  F-M Technology         3,460,000       3,290,000             -
  F-M Bridgwater         4,840,000       4,120,000        50,000
  F-M RPB Shoreham         990,000               -             -
  F-M Ignition           7,000,000               -    36,500,000
  F-M Sealing (Cardiff)  3,000,000               -    18,610,000
  F-M Sealing Systems      240,000               -             -
                       -----------    ------------  ------------
                    GBP115,970,000  GBP102,380,000 GBP56,220,000

Other noteworthy provisions of the U.K. Global Settlement
Agreement include:

    a. A U.K. Asbestos Trust or Trusts will be established for
       the purpose of making payments to holders of current and
       future asbestos-related personal injury claims against
       the U.K. Debtors by persons domiciled in the United
       Kingdom and Australia, as well as so-called Cape claims
       against T&N.

    b. In consideration for the treatment of the claims of the
       Pension Protection Fund under the U.K. Global Settlement
       Agreement, which claims will arise once the
       Administrators have summoned meetings of the members and
       creditors of the U.K. Debtors to consider and vote on
       CVAs for those companies, the Pension Protection Fund
       agrees that it will not seek to recover pension
       shortfalls from any of the Debtors or their affiliates
       and certain parties associated with the Debtors, and will
       release the Debtors, their affiliates, and those
       associated entities from any claims relating to the
       pension schemes.

    c. Federal-Mogul will grant certain indemnities under the
       U.K. Global Settlement Agreement, which will be entitled
       to administrative expense status in the U.S. Chapter 11
       cases.

    d. The Plan Proponents will support approval of the CVAs or
       Schemes for the U.K. Debtors consistent with the U.K.
       Global Settlement Agreement, and the Administrators and
       the Pension Protection Fund will support the Plan.

The U.K. Effective Date is required to occur no later than
February 28, 2006, although the date may also be extended.  The
U.K. Effective Date, importantly, is not conditioned on the prior
or concurrent effectiveness of the Plan.

The full text of the U.K. Global Settlement is available at no
cost at http://bankrupt.com/misc/UKGlobalSettlement.pdf

Federal-Mogul and its affiliated U.S. Debtors and the
Administrators for the U.K. Debtors ask Judge Lyons to:

    (a) authorize, but not require, the Debtors to enter into
        and perform their obligations under the U.K. Global
        Settlement Agreement; and

    (b) recognize and defer to the insolvency laws and
        procedures in the United Kingdom by authorizing:

        (1) the U.K. Debtors to take any and all actions
            necessary and appropriate to give effect to the CVAs
            or Schemes to be proposed and recommended by the
            Administrators in the United Kingdom in respect of
            the U.K. Debtors, in accordance with the provisions
            of the Companies Act 1985 and the Insolvency Act
            1986, should those CVAs or Schemes become effective
            in accordance with U.K. law; and

        (2) the claims of all creditors of the U.K. Debtors,
            except holders of U.S. APICs and Intercompany
            Claims, to be satisfied under the CVAs or Schemes,
            after a process of proving or allowing those claims
            in accordance with U.K. law and procedure, provided
            that those CVAs or Schemes become effective in
            accordance with U.K. law.

                           Progress Made

Mr. O'Neill relates that on September 30, 2005, the Pensions
Regulator in the United Kingdom granted a clearance, which states
in effect that the Pensions Regulator will not pursue claims
against the Debtors or the reorganized Debtors on account of the
U.K. Debtors' two largest pension schemes.

That clearance, together with the agreement of the Pension
Protection Fund in the United Kingdom to the U.K. Global
Settlement Agreement, constitute the agreement of the pension-
related parties in the United Kingdom to the U.K. Global
Settlement Agreement, whose approbation is an essential element
of a successful resolution of the U.K. Debtors' administration
proceedings.

Additionally, the Administrators have filed applications in the
U.K. Court seeking directions that:

    (1) the Administrators may, or are at liberty to, propose
        the CVAs or Schemes to give effect to the terms of the
        U.K. Global Settlement Agreement; and

    (2) the holders of future asbestos personal injury claims
        against the U.K. Debtors are both capable of being bound
        and having their claims compromised by the CVAs or
        Schemes and may prove their claims in a U.K. liquidation
        proceeding.

The U.K. Court has scheduled a hearing on those applications for
directions, Mr. O'Neill says.

Mr. O'Neill adds that the Plan Proponents and the Administrators
have negotiated, agreed upon, and executed a Cooperation
Agreement on tax-related matters contemplated under the
Settlement Agreement.

Moreover, the Debtors are in well-advanced discussions with
Citicorp USA, Inc., as Administrative Agent for the Debtors' DIP
financing facility, concerning the amendment to the DIP Facility
necessary to enable the Debtors to fund an offer for certain
intercompany loan notes, Mr. O'Neill relates.

                        Actions to be Taken

The Plan will be amended to provide that creditors of the U.K.
Debtors, other than U.S. APICs and Intercompany Claims, will have
their claims satisfied from the distributions they have received
or will receive under the CVAs or Schemes.

Claims against the U.K. Debtors will not be treated under the
Plan absent consensual arrangements between the Plan Proponents
and applicable parties.  Instead, the treatment provided by the
CVAs or Schemes will be granted comity under the Plan.

                      Proceedings Envisioned

According to Mr. O'Neill, the Administrators will, after receipt
of appropriate directions from the U.K. Court, propose CVAs or
Schemes to, among other things, establish reserves and make the
payments to creditors called for in the U.K. Global Settlement
Agreement.

The CVAs or Schemes are the mechanisms by which the U.K. Debtors
will exit from their U.K. administration proceedings and function
much like a plan of reorganization does in a U.S. chapter 11
proceeding, Mr. O'Neill explains.  The CVAs or Schemes will
specify the mechanisms, among others, for proving and allowing
claims and how the dividends, which creditors are to receive on
account of their claims, will be calculated.

The CVAs, Mr. O'Neill says, will contain a short explanation why,
in the opinion of the Administrators, the CVA is desirable and
why the companies' creditors may be expected to concur with the
CVA.  The creditors will vote as a single class to approve the
CVA, with approval requiring a majority vote in excess of
three-fourths in value of creditors voting on the resolution.

In addition, more than one-half in value of the shareholders
voting at the shareholders' meeting for each company must vote to
approve the proposed CVA.  If the votes are obtained, the CVA
will become effective and binding upon all creditors, whether or
not they voted in favor of the CVA, without further action from
the U.K. court, provided that no challenge is made to the CVA
under Section 6 of the Insolvency Act 1986.

If Schemes for the U.K. Debtors are proposed, in accordance with
the provisions of Sections 425 and 426 of the Companies Act 1985,
the Schemes will be prepared and distributed to creditors along
with an explanatory statement and a notice of a meeting of
creditors to consider the Schemes.

Under the Schemes, the creditors of each of the U.K. Debtors for
whom Schemes are proposed will be divided into classes.  Each
class of creditors will separately vote on the Scheme for the
relevant U.K. Debtors, with a majority in number representing
three-fourths in value of those voting at each meeting needing to
accept the Scheme.

Assuming the votes are obtained, Mr. O'Neill explains, the
Schemes will be presented to the U.K. Court for sanction.  If
that sanction is granted, the Schemes will become effective upon
filing with the U.K. Companies Registry and will bind all
creditors of the U.K. Debtors to whom the Schemes are applicable,
whether or not they voted at the meetings.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of US$6
billion.  The Company filed for chapter 11 protection on Oct. 1,
2001 (Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood; and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from creditors, they listed US$10.15 billion in assets
and US$8.86 billion in liabilities.  At Mar. 31, 2005,
Federal-Mogul's balance sheet showed a US$2.048 billion
stockholders' deficit, compared to a US$1.926 billion deficit at
Dec. 31, 2004.  Federal-Mogul Corp.'s U.K. affiliate, Turner &
Newall, is based at Dudley Hill, Bradford.  (Federal-Mogul
Bankruptcy News, Issue No. 96; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


GALLAHER GROUP: Fitch Affirms Ratings, Stable Outlook
-----------------------------------------------------
Fitch Ratings has affirmed Gallaher Group plc's 'BBB' Senior
Unsecured and 'F2' Short-term ratings.  The Outlook remains
Stable.

The ratings continue to reflect Gallaher's joint leadership
position in the highly cash-generative U.K. market (representing
46% of FY04 group profit including associates) and delivery of
very dynamic results in the promising CIS region (9%).  The
ratings also take into account the group's good balance of stable
operations and those with growth potential, as well as the
marginal but supportive distribution business (10%).  Its
financial flexibility is constrained by a slightly high leverage
for the rating level and smaller net free cash flow than its
major competitors, although these are mitigated by management's
cautious attitude to acquisitions or share buybacks.

With an increase in group EBITA by 3.9% in FY04 and 1.8% in H105,
recent group performance has been satisfactory despite
significant challenges to domestic tobacco market sales posed by
aggressive tax increases introduced in Germany, Austria and
France between 2003 and 2005, and has been aided by business and
geographic diversification.  Overall, the reduced profit in
Continental Europe was compensated by better performance from its
CIS and U.K. operations.  Also, in Germany, the group's
leadership in the countercyclical generics cigarette business has
partly offset the reduced revenues in its vending machine
operations.

Leverage, measured in terms of net debt/EBITDA has been slowly
decreasing to 3.1x at FYE04 from the 4.7x peak in FY01 (due to
the acquisition of Austria Tabak).  For FYE05, however, Fitch
expects net debt/EBITDA to reduce only slightly as the relatively
small current annual net free cash flow generation of
approximately GBP150 million has been largely exhausted by
acquisition spending in FY05.  This year Gallaher acquired three
Spanish companies for EUR105 million (GBP70 million) and, for
GBP70 million cash from BAT, the rights in newly acceded EU
countries Malta and Cyprus for the B&H and Silk Cut brands and
for Silk Cut in Lithuania.

Gallaher's EBITA/net interest cover (as per the company's
definition) was at 5.4x in H105, a level that is closer to the
6.0x threshold at which the company may initiate a share buyback
program.  However, management has reassured investors that it
intends to continue to defend a conservative balance sheet
structure.  Although Gallaher remains the only European tobacco
company that has no share buyback program in place, its equity
price valuation is relatively high, which appears to defend it
from regular rumors of takeover.

Given that Gallaher may be involved in predatory or predator
action, bondholders should be aware that bond documentation
(approximately GBP1.9 billion debt currently outstanding)
contains the standard negative pledge clauses.  Certain bonds
benefit from step-up rating change clauses that provide for a
higher coupon to be paid in case of downgrade to a sub-investment
grade rating.  No change of ownership protection is included in
the documentation.

CONTACT:  GALLAHER GROUP PLC  (NYSE: GLH [ADR])
          Members Hill, Brooklands Road
          Weybridge
          Surrey KT13 0QU, United Kingdom
          Phone: +44-1932-859777
          Fax: +44-1932-832792
          Web site: http://www.gallaher-group.com

          FITCH RATINGS
          Giulio Lombardi, London
          Phone: +44 (0) 207 417 6314
          Britta Holt
          Phone: +44 (0) 20 7417 4022

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


GOODWIN AND FORBES: In Liquidation
----------------------------------
B. Goodwin, director of Goodwin & Forbes Contractors Ltd.,
informs that a resolution to wind up the company was passed at an
EGM held on Oct. 10 at Layton Lee & Co, 6 Manchester Road, Buxton
SK17 6SB.  Gordon Allan Mart Simmonds of Simmonds & Company,
Crown House, 217 Higher Hillgate, Stockport, Cheshire SK1 3RB was
appointed liquidator.

CONTACT:  GOODWIN & FORBES CONTRACTORS LTD.
     Waterswallows Road, Green Fairfield, Buxton,
          Derbyshire SK17 7JB
          Phone: 0129822669


HI-GLAZE CONCEPTS: Hires Administrator from Stephen Rout & Co.
--------------------------------------------------------------
Stephen Mark Route (IP No 6062) of Stephen M. Rout & Company was
appointed administrator of Hi-Glaze Concepts Limited (Company No
2834543) on Oct. 17.  The company's registered office is at 12
Signet Court, Swanns Road, Cambridge CB5 8LA.

Hi-glaze Concepts Limited --
http://www.hi-glazeconcepts.co.uk/-- specializes in the design,
supply and installation of bespoke glazed Atria, roof lights,
roof windows and associated vertical glazing.  It has links with
VITRAL, manufacturer of roof glazing systems.

CONTACT:  HI-GLAZE CONCEPTS LIMITED
          The Willows, Silver Street,
          Kedington, Suffolk, CB9 7QG
          United Kingdom
          Phone: 01440 762014
          Fax: 01440 707939
          Mobile: 07712 883880
          E-mail: info@hi-glazeconcepts.co.uk

          STEPHEN M. ROUT & COMPANY
          12 Signet Court
          Swanns Road
          Cambridge
          Cambridgeshire CB5 8LA
          Phone: 01223 329392
          Fax: 01223 329123
          E-mail: smrout@aol.com


HULS (UK): Members Decide to Wind up Firm
-----------------------------------------
D. C. M. Andrews, director of Huls (UK) Limited, informs that
special, ordinary and extraordinary resolutions to wind up the
company were passed at an EGM held on Oct. 12 at 42 Brook Street,
London W1K 5DB.  Julie Patricia Vahey of the firm of Benedict
Mackenzie, 5-6 The Courtyard, East Park, Crawley, West Sussex
RH10 6AG was appointed liquidator.

CONTACT:  BENEDICT MACKENZIE
          The Courtyard
          East Park
          Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mail: m.fillmore@benemack.com


HYDRA PLC: Creditors Meeting Set Next Week
------------------------------------------
The creditors of Hydra Plc (Company No 3395514) will meet on
October 31, 2005, 10:30 a.m. at Fisher Partners, Acre House 11-15
William Road, London NW1 3ER.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. Katz, administrator of Fisher Partners, Acre
House 11-15 William Road, London NW1 3ER not later than 12:00
noon, October 28, 2005.

CONTACT:  FISHER PARTNERS
          Acre House
          11/15 William Road
          London NW1 3ER
          Phone: 020 7388 7000
          Fax: 020 7380 4900
          E-mail: skatz@hwfisher.co.uk


INDIGO ACTIVE: EGM Passes Winding-up Resolution
-----------------------------------------------
A. W. H. Oppenheim, director of Indigo Active Ltd., informs that
a resolution to wind up the company was passed at an EGM held on
Oct. 12.  Alexander Gardner Taggart of AG Taggart & Co., Baltic
Chambers, 50 Wellington Street, Glasgow G2 6HJ was appointed
liquidator.

CONTACT:  INDIGO ACTIVE LTD
          Unit 10 Universal Marina
          Crableck Lane
          Sarisbury Green
          Southampton
          Hampshire
          SO31 7ZN
          Phone: 01489 565660
          Fax: 01702 203685


JOHN PORTER: Hires Tenon Recovery Administrator
-----------------------------------------------
Ian William Kings (IP No 7232) of Tenon Recovery was appointed
administrator of John Porter (Newcastle) Limited (Company No
00261908) on Oct. 12.

CONTACT:  JOHN PORTER (NEWCASTLE) LTD.
          St Lawrence Road
          Byker
          Newcastle upon Tyne NE6 2HP
          Tyne and Wear
          Phone: 0191 265 6016
          Web site: http://www.johnporter.co.uk

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


KINGSTON HOLIDAY: Joint Liquidators Take over Firm
--------------------------------------------------
Mike Douglas, chairman of Kingston Holiday Homes Limited, informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 28 at Jacksons Jolliffe Cork, Lowgate House,
Lowgate, Hull HU1 1EA.  Matthew Colin Bowker and David Antony
Willis of Jacksons Jolliffe Cork, Lowgate House, Lowgate, Hull
HU1 1EL were appointed Joint Liquidators.

CONTACT:  KINGSTON HOLIDAY HOMES LTD.
          Unit 5 Central Park, Cornwall Street, Hull, HU8 8AN
          Phone: 01482.580058
          E-mail: mike@kingstonholidayhomes.co.uk
          Web site: http://www.kingstonholidayhomes.co.uk
          Contact:
          Mike Douglas
          Hamid Ghadamian


MG ROVER: SAIC-Nanjing Ownership Row Remains Unresolved
-------------------------------------------------------
Shanghai Automotive Industry Corporation (SAIC) is ready to
pounce on MG Rover's new owner if it infringes its intellectual
property rights to two Rover models.

According to Reuters, SAIC has not ruled out legal action to
prevent Nanjing Automobile (Group) Corporation from building the
Rover 25 small car and Rover 75 saloon models.  SAIC has already
won the rights to these models from an earlier agreement with MG
Rover.

This contradicts earlier reports that the two rivals were close
to settling their ownership row over MG Rover.  Both Chinese
firms wooed MG Rover after its collapse in April, but Nanjing
secured the deal with a GBP53 million offer in July.

David Waller, Midlands regional chairman and senior partner at
Rover administrator PricewaterhouseCoopers, earlier said an
agreement between SAIC and Nanjing was near.  He stressed that
although there was still a question over the intellectual
property rights, he was hopeful that the two companies would come
to a resolution soon.

Rover's administration is expected to continue until next year,
with over 2,000 MG Rover cars still to be sold.  Nanjing has
unveiled plans to restart operations at Rover's Longbridge plant
by 2007, creating up to 1,200 jobs in the process.  It has also
agreed to build sports cars at the plant with GB Sports Car
Company, while SAIC is still assessing the viability of
assembling cars in the U.K.

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

          SHANGHAI AUTOMOTIVE INDUSTRY CORPORATION
          489 Wei Hai Rd.
          Shanghai, 200041, China
          Phone: +86-21-2201-1888
          Fax: +86-21-2201-1777
          Web site: http://www.saicgroup.com


MICROEMISSIVE DISPLAYS: Unveils Key Board Changes
-------------------------------------------------
MicroEmissive Displays Group plc has revealed the following
changes to the Board with immediate effect.

Bill Miller (currently chief operating officer) has been
appointed chief executive officer (CEO).  Bill Campbell
(currently CEO) has been appointed executive director of Business
Development.

Alan Bennie has resigned as Finance Director but will remain
until the end of January 2006 as the Company's financial
controller.  The Board is in the process of recruiting a new
Finance Director.

                        About the Company

MicroEmissive Displays (MED) was founded in 1999 with the aim of
developing and commercializing a new microdisplay technology
using the revolutionary polymer organic light emitting diode
(P-OLED) materials.  MED has raised three rounds of venture
capital funding between 2000 and 2003.  In late 2004, MED floated
on the Alternative Investment Market of the London Stock
Exchange.  MED employs around 40 people, mainly at its
headquarters in Edinburgh, Scotland.  It has sales offices in
Taiwan and Japan.

In June, Microemissive Displays' co-founder and chief technical
officer Dr. Jeff Wright resigned.  Chief Executive Bill Campbell
said his departure, which he stressed was reached "by mutual
consent," will not affect the production of its flagship product:
the micro-displays.

However, Mr. Wright's exit came following an announcement from
the company that volume production will be delayed by six months.
A senior official at the company revealed that
Mr. Wright had become disillusioned with the company's failure to
develop a sustainable and effective manufacturing process.

In April, the company reported that turnover for the year to 31
December 2004 was GBP12,443 (2003: GBP12,321).  Operating costs
in the year increased by GBP1.2 million (37%) to GBP4.4 million
(2003: GBP3.2 million) due to the expansion in MED's operating
activities following the completion during H1 2004 of its pilot
production line.  Costs incurred in the development of the
production process were a significant factor in the increase in
the loss for the year to GBP4.4 million (2003: GBP3.3 million).

CONTACT:  MICROEMISSIVE DISPLAYS GROUP PLC
          Scottish Microelectronics Centre
          West Mains Road
          Edinburgh
          EH9 3JF, United Kingdom
          Phone: +44-131-650-7764
          Fax: +44-131-650-7761
          E-mail: info@microemissive.com
          Web site: http://www.microemissive.com


MILLER CONSULTING: Hires Administrator from Kay Johnson Gee
-----------------------------------------------------------
Jonathan Elman Avery-Gee (IP No 001549) of Kay Johnson Gee was
appointed administrator of Miller Consulting Limited (Company No
04293524) on Oct. 19.  The company's registered office is at
Griffin Court, 201 Chapel Street, Manchester M3 5EQ.

CONTACT:  KAY JOHNSON GEE
          Griffin Court
          201 Chapel Street
          Salford, Manchester
          Greater Manchester M3 5EQ
          Phone: 0161 832 6221
          Fax: 0161 834 8479
          E-mail: traceyshanley@kayjohnsongee.com


PATCH REINSTATEMENT: Engineering Firm Winds up
----------------------------------------------
D. Plows, director and chairman of Patch Reinstatement Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Oct. 10 at 22 Laud Street, Croydon, Surrey CR0 1SU.
Michael Colin John Sanders of BN Jackson Norton, 1 Gray's Inn
Square, Gray's Inn, London WC1R 5AA was appointed liquidator.

CONTACT:  PATCH REINSTATEMENT LIMITED
          208 Abbotsbury Road, Morden, Surrey SM4 5JS
          Phone: 02082864060


PRISM GRAPHIC: Calls in Armstrong Watson Administrator
------------------------------------------------------
M. C. Kienlen (IP No 9367) of Armstrong Watson was appointed
administrator of Prism Graphic Resources Limited (Company No
03832433) on Oct. 14.  The company's registered office is at 102
Kirkstall Road, Leeds, West Yorkshire LS3 1JA.

CONTACT:  PRISM GRAPHIC RESOURCES
          Unit 4 Cedan Ho
          102 Kirkstall Rd
          Leeds LS3 1JA
          United Kingdom
          Phone: 0113-228 4402
          Fax: 0113 2284426
          Web site: http://www.prism-gr.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


QFS CONVENIENCE: Appoints DTE Leonard Liquidator
------------------------------------------------
Ian McClelland, director of QFS Convenience Foods Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 23 at The Holiday Inn, Lodge Lane,
Newton-le-Willows, Merseyside WA12 0JG.  J. M. Titley of DTE
Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT was
appointed liquidator.  The resolutions and appointment were
confirmed at a creditors meeting held the same day.  The company
makes snack products and ready meals.

CONTACT:  QFS CONVENIENCE FOODS LTD.
          QFS House, Langley Road
          Burscough Industrial Estate
          Burscough, Lancashire L40 8JR
          Phone: 01704 897434
          Fax: 01704 892728
          E-mail: qfsfoods@aol.com
          Contact:
          Ian McClelland

          DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


RENTOKIL INITIAL: 9-month Trading Update Out Next Month
-------------------------------------------------------
In accordance with a new policy of providing quarterly trading
updates, Rentokil Initial plc will provide an update on trading
during the nine months to 30 September 2005 on Thursday, 3
November 2005.  This will replace the trading update for the
first ten months of 2005 previously scheduled for 29 November
2005.

                        About the Company

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

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

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

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


SCOTTISH POWER: Shareholders May Accept 600-pence Offer
-------------------------------------------------------
Two of Scottish Power plc's biggest investors are ready to accept
an offer as low as 600 pence per share from E.ON AG, said the
Independent.  This values the company at GBP11.2 billion.

Last week, a top shareholder said a 600 pence per share offer is
a "reasonable level."

Meanwhile, Angelos Anastasiou from stockbroker Williams de Broe
said: "A bid of around 590 pence a share should be a reasonable
premium.  If the Scottish Power board did not recommend this kind
of offer, they would struggle to convince long-suffering
shareholders.  E.ON shareholders would also balk at the company
paying a high number."

Shareholders may even agree on a bid under 600 pence, according
to city analysts.  However, the figure would likely disappoint
the board of Scottish Power, led by Chief Executive Ian Russell.

In September, E.ON confirmed it has approached Scottish Power for
a possible takeover.  It said that a significant bid premium was
already built into Scottish Power's share price, effectively
freeing the German group from including a large takeover premium
in its bid.  E.ON was also riding on the idea that if it ends its
interests, Scottish Power's share price would drop.

Analysts earlier expected that Scottish Power would become prey
to takeover proposals since it revealed the sale of its U.S. unit
Pacificorp to American investor Warren Buffett in May.   Mr.
Russell had stressed that Pacificorp was central to its
international strategy and had repeatedly brushed aside rumors of
the unit's disposal.

CONTACT:  SCOTTISH POWER PLC
          1 Atlantic Quay
          Glasgow
          G2 8SP, United Kingdom
          Phone: +44-141-248-8200
          Fax: +44-141-248-8300
          Web site: http://www.scottishpower.plc.uk

          E.ON AG
          E.ON-Platz 1
          40479 Duesseldorf
          Germany
          Phone: +49 2 11 - 45 79 - 0
          Fax: +49 2 11 - 45 79 - 5 01
          E-mail: info@eon.com
          Web site: http://www.eon.com


SMILES DAYCARE: Files for Liquidation
-------------------------------------
R. Chudasama, director of Smiles Daycare Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 5 at Strathdon, Derby Road, Nottingham NG1 5FT.  John
Phillip Walter Harlow of HKM LLP, The Old Mill, 9 Soar Lane,
Leicester LE3 5DE was appointed liquidator.

CONTACT:  SMILES DAYCARE LIMITED
          Plough Lane, Nottingham, Nottinghamshire NG1 1GP
          Phone: 0115 924 3003

          HKM LLP
          The Old Mill,
          9 Soar Lane,
          Leicester LE3 5DE
          Phone: +44(0) 116 242 5100
          Fax:   +44(0) 116 242 5200
          Insolvency Fax: +44 (0) 116 242 5201
          Web site: http://www.hkm.co.uk


T & A METAL: Applies for Liquidation
------------------------------------
T. Reilly, chairman of T & A Metal Services Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 10 at Butcher Woods, 79 Caroline Street, Birmingham B3 1UP.
Roderick Graham Butcher of Butcher Woods, 79 Caroline Street,
Birmingham B3 1UP was appointed liquidator.

CONTACT:  T & A METAL SERVICES LIMITED
          Unit 15, Kings Norton Business Centre
          Birmingham, West Midlands B30 3HY
          Phone: 01564822266

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


UK WEB: EGM Passes Winding-up Resolution
----------------------------------------
S. J. Peacock, director of UK Web Pages Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Oct. 3 at Stanton House, 41 Blackfriars Road, Salford, Manchester
M3 7DB.  Alex Kachani of Crawfords, Stanton House, 41 Blackfriars
Road, Salford, Manchester M3 7DB was appointed liquidator.

CONTACT:  UK WEB PAGES LIMITED
          89 Marsden Road, Blackpool, Lancashire FY4 3BY
          Phone: 01253796060

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


VICKERS PRESSINGS: Unions, KPMG to Meet Next Week
-------------------------------------------------
Talks between unions and administrators of Vickers Pressings
Tolwood Automotive (VPTA) are set next week, said the Evening
Gazette.  This is understood to be part of their joint bid to
save the jobs of over 300 workers.

Formed in February through the merger of Tolwood Limited and
Vickers Pressings, the company manufactures products used in the
car assembly industry.  It employs 111 at its Newton Aycliffe
site, 195 at Newcastle, and 61 at smaller depots in the Midlands.

While VPTA remained silent over the possible job losses following
its administration, Joint Administrator Richard Fleming, of KPMG,
said: "The business is continuing to trade as normal and we hope
to sell it as a going concern."

Meanwhile, Gerry Hunter, regional officer for the Amicus union,
said: "We have been in touch with the administrators and will
have a meeting next Tuesday.  VPTA has got a wonderful customer
base in the automotive industry and in aerospace."  He added they
also want to find a buyer to "keep these two really good
companies alive and well."

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

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


W C BUTLER: Administrator from Maxwell Davies Enters Firm
---------------------------------------------------------
Ruth Ellen Duncan (IP No 9246) of Maxwell Davies was appointed
administrator of W C Butler Limited (Company No 4576862) on Oct.
17.  Its registered office is at Unit 14, Sherwood House,
Walderslade Centre, Walderslade Road, Chatham, Kent ME14 4NJ.  W
C Butler handles civil engineers and public works contract.

CONTACT:  MAXWELL DAVIES
          16 Caring Lane
          Bearsted
          Maidstone
          Kent ME14 4NJ
          Phone: 01622 737 791
          Fax: 01622 737761
          E-mail: ruth.duncan@maxwelldavies.co.uk


W.R. WOOLLEY: Creditors Meeting Set Next Week
---------------------------------------------
The unsecured creditors of W.R. Woolley & Co. Ltd. will meet on
November 2, 2005 at 12:00 noon.  It will be held at 6C Church
Street, Reading, Berkshire RG1 2SB.  Creditors who want to be
represented at the meeting may appoint proxies.  Proxy forms must
be submitted together with written debt claims to 6C Church
Street, Reading, Berkshire RG1 2SB not later than 12:00 noon,
November 1, 2005.


                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
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Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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